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SECTIONS—SECTION
ONE
INCLUDING
,
.
,
Bank &
....
Quotation Section
Railway & Industrial
Railway Earnings Section
COPYRIGHTED IN 1921 BY WILLIAMS. DANA
COMPANY, HEW YORK.
VOL 113.
issued Weekly
$10.00 Per Year
•
Section
^
,
Electric
Bankers'Convention Section
Railway Seolm
City Section
State and
ENTERED AS SECOND-CLASS
MATTER JUNE 23.
1879, AT THE POST OFPICE AT NEW YORK, NEW
YORK. UNDER THE ACT OP MARCH
3, 1879.
NEW YORK, NOVEMBER
26,
Jftnanctal
1921.
-
NO. 2944.
jfinatufal
jrfttanrial
CHARTERED 1822
HARVEY FISK & SONS
tfHE FARMERS' LOAN & TRUST
Harris,Forbes & Ce
Pine Street, Corner William
NEW YORK
INCORPORATED
COMPANY
32 NASSAU ST., NEW YORK
16, 18, 20 and 22 William Street
OTHER OFFICES
10 Drapers
17 EAST 45TH
475 Fifth Avenue, at 41st Street
NEW
BOSTON
YORK
;
)
ST.; NEW YORK
CHICAGO
BOSTON
HARRIS
TRUST
>
CARE
OF
OF
ESTATES
GOVERNMENT,
SECURITIES
SAVINGS
deal
'
BANK
v:/-';.
fiscal agents for munici¬
as
palities
MUNICIPAL,
and
corporations
and
in
Government, munici¬
pal, railroad and public utility
PUBLIC UTILITY AND
BONDS
INDUSTRIAL SECURITIES
DOMESTIC AND FOREIGN BANKING
&
'
CHICAGO
Act
MANAGEMENT
Ino.
'
PHILADELPHIA
BUFFALO
Gardens, London, E. C.
HARRIS, FORBES &. CO.,
FOR
List
INVESTMENT
Application
on
Cable Address SABA, NEW YORK
FOREIGN
EXCHANGE
LETTERS
OF
COMMERCIAL
AMERICAN EXPRESS COMPANY
CREDIT
LETTERS
INTERNATIONAL
r;
ACCEPTANCES
Established 1810
SECURITIES
The
LONDON
PARIS
Mechanics
FOREIGN
and
Metals
COMMERCIAL
National Bank
Member Federal Reserve System
and
New
York
Clearing
Established
OF THE CITY OF NEW YORK
House
EXCHANGE
LETTERS OF CREDIT
65
BROADWAY
NEW
Telephone
YORK
Whitehall 2000
1874.
Capital, Surplus, Profits
John L. Williams & Sons
-
Deposits, June 30,1921
$27,000,080
$196,000,000
BANKERS
Corner 8th ad Main Streets
Foreign Exchange
RICHMOND, VA.
Baltimore
R.
Bond
Trust
Service
Department
Edward B. Smith & Co
Membera New York and!
Stock
Correspondents:
Philadelphia
Exchange!
LANCASTER WILLIAMS & CO.. Inc.
GARFIELD
Investment Securities
NATIONAL BANK
23rd
STREET,
where
FIFTH
Crosses
Broadway
51,000,000
.
A
Philadelphia
AVENUE
Bank for
Surplus,
-
SI,000,000
the Builders of Business
•any
The Chase National Bank
of the
U.S.Goyernment
City of New York
57
Capital, Surplus &
Loans
Undivided
Wholesalers io
Banks andBrokers
Profits
$15,000,000
SURPLUS AND
OFFICERS
A.
BARTON
Pittsburgh
Detroit
Samuel H. Miller
Carl J. Bchmidlapp
Gerhard M.
100
Broadway
Dahl
Reeve Schley
St. Louis
Cashier
Henry W. Cannon
Member Federal Reserve
N.
William P. Hoily
Newcomb Cariton
A. Barton Hepburn
Frederick H. Ecker
Eugene V. R. Thayer
Carl J. Schmidlapp
Gerhard M.
Guy E. Tripp
President
George H. Baylor
DIRECTORS
James N. Hill
LAW.
William E. Purdy
Albert H. Wiggin
John J. Mitchell
of Philadelphia
A.
Assistant Vice-President!
Edwin A. Lee
Barr
Comptroller
57th St. & Fifth Ave.
First National Bank
Wm.
Board
President
Andrews
Thomas Ritchie
1
WIGGIN.
Sherrill Smith
Fifth Avenue Office
CHARTER NO.
HEPBURN
M. Hadden Howell
Alfred C.
Robert I.
Chicago
.
H.
Vice-Presidents
Main Office
[Exclusively in Government Bonds
Boston
20,578,000
290,959,000
Chairman of the Advisory
The Oldest House in America
Dealing
New York
PROFITS
DEPOSITS (Sept. 6, 1921)
$26,000,000
CEChilds&Co.
.
BROADWAY
CAPITAL
ALBERT
*
New Yokd
The New York
Y.
System and
Clearing House Association
"
Daniel O. Jackling
Charles M. Schwab
Andrew
Dahl
Fletcher
Wm. Boyce Thompson
Reeve Schley
Kenneth F. Wood
Samuel H. Miller
H. Wendell Endicott
Edward R. Tinker
William M. Wood
Edward T. Nichols
Jeremiah Milbank
itnn*ti
Btatoet* of foreign
Inbeftnunt Son
If
vo
[VOL. 118.
THE CHRONICLE
ti
MORGAN & CO,
P.
Maitk^'^PPel& Co
62 WILLIAM
of Broad
Wall Street, Corner
new york
all Investment Securities.
Orders executed for
philadelphia
co.,
&
ybexel
Corner of 5th
and Chestnut Streets
co., london
fcobgan, grenfell &
negotiate and
of Corporations and
Issue Loans.
Bills
of Exchange,
Letters
paris
The
KIDDER, PEABODY & CO.
115 DevMshta St
18 Broad St
BOSTON
NEW YORK
Transfers,
Telegraphic
of Credit
Commercial and Travellers
on
co.,
&
harjes
■morgan,
Act as agents
Broad Street
No. 22 Old
STREET
HEW YORK
Cxtfrrag*
National Provincial & Union Bank
England, Ltd., London,
of
Letters of Credit
14 Place Vendome
Messrs.
Securities bought and
Principal Places In Mexico.
Commercial Credits.
Foreign Exchange.
Cable Transfers.
Agents for the
all
Travelers, available In
Circular Letters for
of the world.
parts
Mallet Freres & Cie, Paris,
and
sold on Commission,
on
Bank of Australasia.
travelers' lettebs of cbedit
BROTHERS & CO, LTD,
BARING
LONDON
BROWN BROTHERS & CO.,
»"
1
'
■
'■
'
ALEX. BROWN &
August
'J
1
'
Belmont & Co.
« EXCHANGE
Bono* |
NEW YORK
Piuadixphia
PLACE, NEW YORK
Members New York Stock
Exchange.
Agents and Correspondents
SONS, Baltimore
of the
LAZARD FRERES
ROTHSCHILD,
Messrs.
London, Paris and Vienna
19
ISSUE LETTERS OF CREDIT
Securities
Investment
Foreign Exchange
Deposit
Available in all parts
Draw bills
Accounts
of the world.
of Exchange and make
Nassau Street
new york
for Travelers
Telegraphic
FRERES
LAZARD
0
Commercial Credits
Execute orders for
the purchase and sale
of
LAZARD BROS, ft CO.,
Bonds and Stocks.
Old
11
Travelers' Credits
& CO.
3E0WN, SHIPLEY
JfcNDON
Brothers
RAILROAD
Co., (Espana)
Securities
Madrid
Co., Ltd., Antwerp
&
Mayence
Cie,
Freres
6c
Exchange
Bought and Sold on
CAR
TANK
Ltd., London
Foreign
Laxard
Equipment Bonds
Paris
Broad Street
Laxard Brothers 6c
Laxard
CIE,
ft
PilletWUl
Rue
Transfers
Commlsslea
of Credit
Letters
T. Suffern Taller
INDUSTRIAL
James G. Wallace
iittiville Kane
Company
Freeman &
TAILER5©
Members New York
Stock Exchange
NEW YORK
M PINE STREET,
10 Pine Street, New
IMnroml&Co.
York
New
Philadelphia
York
Pittsburgh
Investment
Securities
& Co.
Lawrence Turnure
Wllaalngtae
Washington
Baltimore
64-66 Wall Street,
New York
Investment^ Securitieo
and sold on com¬
mission.
Travelers' credits, available through¬
out the United States, Cuba, Puerto Rico, Mexico,
Central America and Spain.
Make collections
In and issue drafts and cable transfers on above
Investment securities bought
Winslow, Lanier & Co,
59 CEDAR STREET
NEW
YORK
Received
Subject
on
Bought
to
Deposits,
and
Sold
Bankers:
London
Midland
Paris
Allowed
Philadelphia and
countries.
BANKERS.
®®po»its
Members
New York,
Draft,
Bank,
London Joint City &
Pittsburgh Stock Exchanges
Limited.
Bankers: Heine & Co.
Interest
Securities
on
Commission.
&
Graham. Parsons
foreign Exchange, Letters of Credit
436 CHESTNUT
30
ST.
PINE ST.
NEW
PHILADELPHIA
HUTH & CO.
YORK
New Yoih
Securities
Investment
80 Pine Street
Purchase
Foreign Bonds &
Bonds for
Deal In and
Investment
Issues
of
MUNICIPAL BONDS.
bonds
and
Cable Transfers on
notes
of
AND
RAILROADS, UTILITIES
Kean, Taylor & Co.
INDUSTRIAL
CORPORATIONS
FREDK HUTH ft CO., London
and
on
the Continent of
Europe.
of
Pittsburgh
NewYork
Investment Seouritfea,
Foreign Exohangs,
Commercial Credits,
ESTABLISHED
Cable Address
VALUE
"Graco." Philadelphia.
HEIDELBACH, ICKELHEIMER & CO.
37 William Street.
John Munroe & Co.
80
PINE
STREET,
NEW
YORK
BOISSEVAIN & CO.
BROADWAY, NEW YORK
Members of the New York Stock Exchange
52
Letters of Credit for
Travelers
Foreign Exchange,
Cable Transfers -
JettBMTdal Credits
Y
.
r MUNROE ft CO*,
PARIS
N.
Y.
STOCK
EXCHANGE
purchase and sale o!
Stocks and Bonds.
investment securities
Deposit Accounts
,
MEMBERS
Execute orders for
j Y
PAD
commercial department
foreign
exchange
MESSRS. PIERSON &
CO.
Amsterdam, Holland.
Foreign Exchange
Bought and Sold.
Commercial and Travelers' Credit!
available in all parts of the world. ♦
Issue
Nov. 26
1921.]
the chronicle
in
investment attb financial Rouses
Goldman, Sachs & Co.
60 Wall Street
Lee, Higginson & Co.
Investment Bankers
60
BOSTON
421 Chestnut Street
SAN FRANCISCO
Boston
Hageb
&
Congress Street
CHICAGO
14 Montgomery Street
INVESTMENT SECURITIES
PHILADELPHIA
411 Olive Street
ST. LOUIS
New York
Millett, Roe
NEW YORK
187 So. La Salle Street
Hoge Bulldini
Ullding
SEATTLE, WASH.
Title Insurance Building
LOS ANGELES, CAL.
MEMBERS
Members of New York and
Chicago
Stock Exchanges
.Chicago
NEW YORK STOCK EXCHANGE
Higginson & Co.
Commercial Paper
80. Lombard St.
Securities
bought and sold
London. E. C.
commission
on
Foreign Exchange
Commercial & Travelers' Letters
available
in all parts of the
52 WILLIAM ST.
of
NEWKVORS
Credit
world
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
EQUIPMENT
BONDS
Investment Securities
Bonds
Short Term Notes
MEMBERS
NEW
YORK,
CHICAGO
BOSTON AND
STOCK
EVANS, ST ILLMAN & CO.
Memberi New York Stock
Direct
wires
to
all
Acceptances
EXCHANGES
principal markets
60
Exchange
BROADWAY
NEW
iain
Office: National City
Uptown Branch: 42n<l
YORK
St.
Banc
ft
Bnocuaf
Madison Av
Offices in 50 Cities
Boston
Chicago
Detroit
Portland
Providence
Established
Robinson & Co:
1888
Investment Securities
U. S. Government Bonds
Investment Securities
W. A. Harriman & Co.
J. & W. Seligman & Co.
26
Exchange Place
New Yarfe
Members New York Stock Exchange
INCORPORATED
NS_54 Wall Street
Niw York
Boston
Conservative
Sybacusi
NEW YORK
Investment Securities
Yielding 6%
Distributers
Underwriters
Howe, Snow,
Investment
GRAND
BAJSTTCEJELS
MEMBERS
Houghteling &Co.
Bankers
MICH.
RAPIDS,
8%
Peabod^
Corrigan & Bertles
EarseyBros.&Ca
to
EST. 1865
PHILADELPHIA STOCK EXCHANGB
INC. 1918
10 So. La Salle St.
Investment
See
Madison
DAVIS & CO., LTD.
Securities
Chicane
Ava.,
Naw York
1421 CHESTNUT STREET
BANKERS' BROKERS
PHILADELPHIA
New York
Buenes
Marshall Field, Glore, Ward & Co.
137 SOUTH
LA
SALLE
STREET
Sao Paolo
Aires
Santos
Rio de Janeiro
Montevideo
ALDRED & CO.
40
Argentina Pesos
Foreign
Exchange
Uruguayan
Brazilian
Pesos
Wall
Street
New York
Mllreis
CHICAGO
Argentine Cedulas
Bonds
14 WALL STREET
NEW
YORK
Fiscal Agents for
Uruguayan Cedulas
Public Utility and Hydro-EIectrit
Dollar &
Peso
Companies
Sterling Issues
PESO
COUPONS PURCHASED
49 Wall St.
Tel. Hanover 394
RAILROAD, INDUSTRIAL,'.
FOREIGN
H.
T.
HOLTZ &
CO.
HARPER
INVESTMENT
MUNICIPAL BONDS
& TURNER
FOR INVESTMENT
INVESTMENT
BONDS
GOVERNMENT/
AND
BANKERS
✓
,
STOCK EXCHANGE
BUILDING
Y
.
•
f
J
WALNUT STREET ABOVE BROAD
39 SOUTH
;
LA
SALLE STREET
CHICAGO
V
,
Parker &
PHILADELPHIA
Members Philadelphia Stock Exchange
T'
•
»
!
*
49 Wall Street,
;; *
Company
New YoHfc
"ihi'.
[VOL. 11S.
OHBONICLB
THE
IV
^financial
jjftrmnnal
I'ilBUKdAl
^
Investment Bankers
ESTABROOK & CO.
Members New York and
Stock Exchanges
offered
are
chase & company
Power and Light Securities
Boston
Issued by companies with long
of substantial earnings.
iNVESTMENT SECURITIES
records
organi¬
zation to those desiring detailed infor¬
mation or reports on any of the com¬
panies with which we are identified.
BONDS
We extend the facilities of our
BOSTON
15 State Street,
-
24 Broad Street,
NEW YORK
SPRINGFIELD
{PROVIDENCE
BOSTON
19 CONGRESS ST.
ELECTRIC BOND AND SHARE CO.
HARTFORD
*
(Paid
Capital
up
Surplus,
and
'
$24,500,000)
BORG & CO.,
SIMON
York Stock Bxchano*
Mtmbiri of N*w
U •• 48 Cedar Street
Broadway
J. S. FARLEE & CO.
New York
-
MUNICIPAL AND RAILROAD
New York
•
•
71
66
-f?:.;'''':
BONDS
NEW YORK
BROADWAY
B8T. 1882
For Conservative Investment
HIGH-GRADE
Tel. 9695-9699
INVESTMENT SECURITIES
R. L.
Day & Co.
35 Congress
ESTABLISHED 1868
New York
St., Boston
Bowling Green
Investment Bonds
Correspondents
REMICK, HODGES & CO.
6 Nassau
St., N. Y.
YORK STOCK EXCHANGE
MEMBERS NEW
Deal in
Bonds
Underlying Railroad
:'y) and
TtH-exempt
Guaranteed & Preferred
^Railroad & Telegraph Co.
PARKINSON & BURR
Stocks*
Members of the New York and
Boston Stock Exchanges
STOCKS AND BONDS
beoght
and
sold
casta,
for
conservative
carried
or
William R.fompton fa
INVESTMENT BONDS
so
terms.
Inactive and undated securities.
53
Xnqnlrles invited.
State
BOSTON
Street
14 Wall
Street, New York
.
Cincinnati
New Orleans
St. Louis
Chicago
finch & tarbell
Members New York Stock Exchange.
110 BROADWAY,
NEW YORK
'
We\will be
BONDS
& 3m
Founded
1797
inquiries
glad to
receive
dealers
from
on
Standard Foreign Bond issues.
Baker, Ayling & Young
BOSTON
Seasoned
STROUD & CO.
43
Exchange Place, New York
1429 Walnut
Investments
St., Philadelphia
PHILADELPHIA
30 Pine Street
(JERTRON, GRISCOM & CO. INC.
New York
H.MOUNTAGUE VICKERS
Wall
49
Street
INVESTMENT SECURITIES
46 Wall
Land Title
Street
Bonds
A
Building
PHILADELPHIA
NEW YORK
Guaranteed Stocks
INVESTMENTS
Survey of the
OIL INDUSTRY
A. B. Murray a
A brief summary
•
I•
future
of
the
of the
Ijamjes ^alcult %uc.
World's
14 Wall Street
Phone 10f3 Becter
Co.
New York
FOUNDED 1854
Municipal, Railroad,
Second largest Industry
Public Utility
Free
on
FACTORS
request
and
Industrial Securities
R.C.M EGARGEL
&.
Main Office
Co
225 4th Ave
27 Pine Street
*•--
-
Cable Address
«
~
New York
WATKINS & CO.
7 Wail
v
i, LCt- 'i
•
New York
I—
Quomakel
Street
NEW YORK
40 State St.
BOSTON
•M
^
Nov. 26
1921.]
THIEBHEOHICLE
.S*T
Catiabtan
Canadian
THE CANADIAN BANK
OF COMMERCE
BANK OF MONTREAL
Government and Municipal
Eatablished
over
100
Yeare
HEAD
Bonds
These
bonds
offer
exceptional
oppor¬
tunities for sound investment.
If pur¬
chased now they will yield from
fill
6% to
Head
request.
Sir
Assistant
517,403,162
Incorporated
MEREDITH, Bert., President.
GORDON, G.B.E., Vlqe-Pree.
STEPHENSON,
i,J
Office—MONTREAL
made at all points.
Traveler** Cheques and Letters of
Credit Issued
available In all parts of the world.
At
In
Parie,
Bank
of
Banking and Exchange business
description transacted with Canada.
and Newfoundland.
London, England, and
at Mexico
Montreal
City.
(France).
LONDON
In the United States—New
York (64 Wall
Street), Chicago, Spokane, San Francisco—
OFFICE—2 Lombard
West Indies. British Guiana
Africa—The
Colonial
Bank
Jl'&'Jltxuzs
The
e>
£ Corporation
Lloyd's
Bank,
-;f
Limited.
Capital Paid Up
United Financial Corporation
Limited
Securities
TMforie
Montreal
VUrtoriaUC
England,
Scotland,
Established 1869
(5an<adia.rt
Toronto
of
of
ROYAL BANK OF CANADA
.
Z4Tkcartway
Bank
Bank
0
Cjfcibfiahcd 1*89
Atcmfccr* Toronto Stock
&nc1u*i00
w?vcrnTTumt. Municipal
SVSfV
Street. R. O
The
and : West
(of
London),
(In which an interest is owned by the Bank
Montreal)
of
af
BANKERS IN GREAT BRITAIN
British American Bank
(owned and controlled
by the Bank of Montreal).
-v-wV
■
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collect!?* e
Frederick Williams-Taylor
General Manager.
Throughout Canada
STREET, NEW YORK
Toronto, Winnipeg, Montreal, London, Eng.
.
General Manager, H. V. F.
Joate.
New York Office, 16
Exchange Plaee
F. B.
FRANCIS,
1
; ,
C. L. FOSTER,
lAgents
C. J.
Branches and Agencies;
■
Wood, Gundy &Co.
14 WALL
$15,000,
President, Sir Edmund Walker.
O.V.O.. LL.D., D.O
General Manager. Sir John
Alrd.
1,501,646
Total Assets
United States funds
on
$22,000,000
Undivided Profits
SIR CHARLES
115.000,
RESERVE
Capital Paid Up
SIR VINCENT
Principal and interest payable in
Full Particulars C-21
OFFICE. TORONTO
PAID UP CAPITAL
J
Government,
and
Provincial,
Corporation
Direct
General Manager
O. E. NEILL,
CWc&fp
Canadian
21,000.000
500,000,000
Head Office
Montreal
SIR HERBERT S.
HOLT, President
E. L. PEASE, Vice-Pres. & Man.
INVESTMENT BANKERS
Municipal
$20,000,000
Reserve Funds
Total Assets.,
720 Branches throughout CANADA and NEW¬
FOUNDLAND,
in
CUBA,
PORTO
RICO,
DOMINICAN REPUBLIC,
HAITI, COSTA
RIGA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST
INDIES, BklTISH
HONDURAS and BRITISH GUIANA.
Bonds
ARGENTINA—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Pau
URUGUAY—Montevideo.
SPAIN—Barcelona.
RNETT,
¥ «IIS
€r O)
CO
\
112 St. James Street, MONTREAL
Toronto
Ottawa
London, Eng.
LONDON OFFICE—Princes
Street, E. O.
NEW YORK AGENCY—68 William
St.
F. T. Walker and J. A.
Beatson, Agents.
FRENCH AUXILIARY:
The
Canada
(J.
flpbcoHotbdlStodfcdhjr^e •
IV St. jfobo Street
Montreal
STOCK AND BOND BROKERS
R.
A.
Daly
&
Co.
THE DOMINION BANK
Paid
CANADIAN
CANADIAN
MUNICIPAL
AND
CORPORATION
Bank
Bank of Toronto
New York
TORONTO, ONT.
Government, Provin¬
cial, Municipal and Corporation
ALWAYS
bonds
or
Department
unlisted
or
,
Broadway
Agent
CANADIAN
AND
FOREIGN
EXCHAN
BOUGHT AND SOLD
sell
LETTERS
Bought—Sold—Quoted
OF CREDIT
GREENSHIELDS & CO.
Montr eel Stock Exchange.
in
Csmediem
Bond
Issuei.
Members
Dealers
17 St.
John Street, Montreal
CANADIAN
GOVERNMENT
and
inactive
Municipal Bonds
stocks*
Correspondence Solicited
'
I
CANADIAN
Mac Kay—Mac Kay
INVESTMENT SECURITIES
Offerings on Bequest
C.
P.
R.
Bldg.
TORONTO, ONT
Correspondence Invited
Adrian
Hi
Muller & Son
McDonagh, Somers & Co,
Dominion Bank
AUCTIONEERS
OFFICK
No.
SS
WILLIAM
Corner Pine
Building
TORONTO, CANADA
CANADIAN!
STREET
Street
Regular Weekly Sales
or
BONDS
Nesbitt, Thomson & Co.
Limited.
Stocks
and
Bonds
EVERY WEDNESDAY
At the
Exchange Sales Rooms
14-16 Veaey
Street
I
TRAVELERS' AND COMMERCIAL
Bonds
or
Aj
London Branch, 78 Cornhill
S. L. Jones. Manager
refer to the Financial Chron¬
wish to buy
General Mana
51
O. S. Howarc
Building
Canadian
Trading
Clarence A. Bogert.
President
Building
7,819,00
126,000,0
...
Sir Edmund Osier,
TORONTO. CANADA
when you
1
Assets
Invited.
H. R. BRERETON & CO.
Dominion
Total
AND CORPORATION BONDS
Correspondence
HEAD OFFICE, TORONTO
Up Capital
$6,000,00
Reserve Funds & Undivided Profits
GOVERNMENT, MUNICIPAL
BONDS
icle
Royal Bank
(France), PARIS, 28 Rue de
Quatre-Septembre.
Canadian
Municipal, Public Utility ft
Industrial
bonds
MS St. James St., MONTREAL
Hamilton
Toronto
London, Ont.
^Emilius Jarvis & Co.
INVESTMENT BANKERS
Established 1891
[VOL. 113.
CHBONICLE
THE
VI
.foreign
LONDON JOINT CITY AND
New Zealand
and
Australia
BANK OF
CHAIRMAN
(ESTABLISHED 1817.)
HfMfM Fund
...
ttMrn Liability of
4tf rotate Assets 31st
The
624,826.000
17,125,000
Proprietor®-- 24,826,000
March, 1921-1378,462,443
Paldl-Up Capital—
Right
McKENNA
DIRECTORS i
166,777,000
Paid-up Capital
£38,116,815
-
Capital
Subscribed
LINES,
General Manager.
OSCAR
-
10,860,565
-
10,860,565
Reserve Fund
868 BRANCHES and AGENCIES In
the
Australian States, New Zealand, FIJI, Papua
(New Guinea) and London.
The Bank transacts
rrerr
Head
HEAD
London Office
Office
Atlantic Offices
" Aquitania
:
"
WALES
AND
ENGLAND
IN
OFFICES
EC.A
STREET, LONDON,
THREADNEEDLE
5,
1J550
BROAD STREET, LONDON. E.C.2.
OVERSEAS BRANCH: 65 & 66, OLD
STREET. E. C. 2
SYDNEY
OFFICE:
OVER
THREADNEEDLE
39,
GEORGE STREET
371,322,381
.
Deposits (June 30th, 1921)-
description of Australian Banking Business,
Produce Credits arranged.
wool and other
,
WOOLLEY
W.
E.
HYDE
F.
MURRAY
B.
S.
t
R.
Hon.
JOINT MANAGING
..........
LIMITED
BANK
MIDLAND
NEW SOUTH WALES
" Berengaria
" Mauretania "
"
AFFILIATED BANKS'
BELFAST BANKING CO. LTD.
CHE UNION BANK OF
Capital Paid Up
Caserve Fund
tsserve Liability of
£9,000,000
£7,500.000
£2,500,000
£2.750,000
Bank
The
-
-
baa 42 Branches In VICTORIA, 38 In
WALES, 19 In QUEENSLAND. 14
AUSTRALIA. 20 In WESTERN AUS¬
SOUTH
SEW
SOUTH
TRALIA.
LAND.
Banking Facilities
in Italy
£5,000,000
Proprietors
SCOTLANO
OVER 160 OFFICES IN
incorporated 1880.
Established 1837.
Capital Authorized...
Capital Issued..—
in
THE CLYDESDALE BANK LTD.
IRELAND
OVER 110 OFFICES IN
AUSTRALIA, Limited
3 In TASMANIA and 48 In
Total. 182.
Head Office: 71, Corahtll,
and
London, E.G.
Asst. Mgr., W.
Manager, W. J. Essame.
A BUSINESS EXECUTIVE
Our
A4Lalng.
Secretary, G. T. Tobltt.
capable head for
of your
any one
Departments
can
branches in
own
vice of
exceptional breadth and
-
completeness.
be
BRANCHES
FOREIGN
obtained by inserting a
80 cities
throughout Italy enable us to
offer a commercial banking ser¬
NEW ZEA¬
small
New
Constantinople
London
York
And several affiliations
ad in the Classified Department
the
throughout
world.
THE
of the
BANCA COMMERCIALEITALIANA
Commercial Banking Company
New York Agency,
of Sydney
FINANCIAL CHRONICLE
Authorized
LIMITED
inside back
Incorporated in New South Wales.
Capital
Paid-Up
Reserve Fund
Reservo Liabilltyjof Proprietors
-
$80,000,000
Capital fully paid
cover.
$31,200,000
.
.
Resources
£2,000,000
2,040,000
2,000,000
'i.
$62,400,000
Surplus
faces the
Our Classified Department
Established 1834.
62-64 William St.
Capital
-
.
.
.
$1,286,817,065
MILAN, ITALY
Head Office:
£6,040,000
Drafts
payable
on
Letters
and
demand,
of
Credit are Issued by the London Branch on the
Head Office.
Branches and Agencies of the Bank
In Australia and elsewhere.
Bills on Australasia
negotiated or collected.
Remittances cabled.
South Wales
Hsad Offlcs, Sydney, New
London Office:
II.
Birchln
Lane.
Street.
Lombard
B. O.
NATIONAL BANK OF INDIA Limits International Banking
Rankers to the Government in
Africa and Uganda
London, B. C
rlead Office: 26, Bishopsgate.
tranches
In
India.
Oolony
and at
British Bs«
Burma.
Ceylon, Ksay
Aden and Zanzibar,
Capital
<4,000,006
Pald-Up
Capital
£2,000,000
Reserve Fund
—<2,600.000
The Bank conducts every description of bankie
and exchange business.
/
Subscribed
Corporation
STREET, NEW TORK CITY.
WALL
60
610,000,009
Capital and Surplus
$4,000*006
Profits
Undivided
Branches
In
Pranclsso
London
Lyons
San
China
Java
Panama
India
Philippines
Santo
Japan
Straits
Spain
Domingo
Settlements
Lincoln Menny Oppenheimer
BANKERS
GERMANY
FRANKFORT-o-M.,
Cable
Address
"Openhym"
Hong Kong & Shanghai The Mercantile Bank of India Ltd
Ht15,000,000
(Hongkong Currency)
Reserve Fund In Silver (Hongkong
Curr.)H$21,600,000
£2,500,000
Reserve Fund in Gold Sterling
INVESTMENT SECURITIES
Head
BANKING CORPORATION
1
Paid up Capital
DRAFTS
ISSUE
AND
LETTERS OF CREDIT
BILLS PAYABLE IN
NEGOTIATE OR COLLECT
FOREIGN
EXCHANGE
-JAPAN. PHILIPPINES. PTE AITS
TLEMENTS, INDIA, JAVA AND SLAM.
CHINA.
J.
A.
JEFFREY,
HEAD OFFICE,
Company,
86
Agency
LOTHAR BERKS,
Paid Up
LEO
SORGER,
Sub-Agent
New
of London, Limited
39
Telegraphic
London.,,
$21,166,626
4,233,328
Capital
2,600,000
N. CVETNIC,
Sub-Agent
J.K.200,000,000
50,000,006
New York
Cable Address "Jugobanl*
CORNHILL
Address, Udisco: London.
Capital Authorized &
Capital Paid Up
Reserve
Subscribed_$10,000,000
6,000,000
6,000,000
Fund
$5
£1 STERLING
($5=£1 STERLING.)
NOTICE la hereby given that the
INTEREST
allowed
for
money
on
RATES OP
Deposit are
HAROLD
OF
deposit are as follows:
At
WADE.
Manager
Call, 3 Per Cent.
At
Approved Bank 8c Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; ana for fixed periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
PHILIP
HEREBY GIVEN that the
INTEREST allowed for money
IS
NOTICE
RATES
follows:
3% per annum at call.
3at 7 and 14 days' notice.
25 Broadway,
Agency,
York
on
Reserve-
York
LONDON, E. C.
Reserve Fund
as
Subscribed Capital
Malay States, China and Mauritius,
R. A. Edlundh, 64 Wall Street.
ments, Federated
Limited
Capital
Agsnt
New
London, E.C. 3
Capital Authorized
.£3,000,000
Capital Paid Up
£1,050,000
Reserve Fund and Undivided Profits—£1,227,638
Branches In India, Burma, Ceylon, Straits Settle¬
Discount The Union Discount Co.
Gable Address—Natdls
ZAGREB
St..
Wall
CORNHILL
Subscribed
New York
36
National
The
BANK OF JUGOSLAVIA, Ltd.
Agent,
SET¬
Office
15 Gracechurch St.
3
to
7
Days' Notice, 3 K
Per Cent.
Company discounts approved Bank
Mercantile Acceptances, receives Money on
The
and
De¬
posit and effects Purchases and Sales or Govern¬
ment Stocks, Treasury Bills,
Shares and other
Securities on the usual terms.
CHRISTOPHER
R.
NUGENT,
Manager.
Nov. 26 1921.]
THE
CHBONICLB
VII
Jfotefgtt
Sttefsn
BANCO DI ROMA
:ESTABLISHED 1880
Head
Office:
;
Capital Fully Paid and Surplus
Total Resources
-
•
■
Rome, Italy
Banqoe Nationale de Credit
$35,000,000
$1,000,000,000
Over
Capital
(Five Lire—One Dollar)
»
More than 250 Branches
throughout Europe, Asia
500,000,000
Surplu.
fr«.
Depo.it.
and Africa
fr<.2,420,000,000
The November Number of Our
Head Office
;: MONTHLY BULLETIN
-
.v y
PARIS
containing information of business developments in Italy of
interest to American Bankers, is
ready for distribution.
Copy mailed
350 Branches In Franoe
4
Kindly address
request.
upon
92,000,000
Branohes
In
the
Rhenish Frovinoas
Rodolfo Bolla
American
One
Wall
GENERAL BANKING BUSINESS
Representasive
Street
New
York
The NATIONAL PROVINCIAL and
UNION BANK OF
■
ENGLAND,
■
HEAD
OFFICE:
15,
Subscribed
Paid
Up
Reserve
=■=
LONDON,
846,547,080
-
Commercial
8 217,235,400
-
GO.
ENGLAND.
-
Capital
Fund
&
IN Paul Street, HEW YORK
£1.)
Capital
BROTHERS
1833.
BISHOPSGATE,
($5
KONIG
Limited.
Established
and
Travellers
844,390,205
Letters of Credit
on
Every
THE
BANK
description
of
HAS NEARLY ONE
together
with
Banking
THOUSAND
Agencies
ia
Business
OFFICES
all
IN
of
parts
transacted.
ENGLAND
the
AND
KONIG
WALES,
BROTHERS, LONDON
World.
and
NEDERLANDSCHE HANDEL-MAATSCHAP
ROTTERDAM
NATIONAL BANK
of EGYPT
Head Office—Cairo
IF YOU ARE A
Established
under
Egyptian Law
June, 1898, with the exclusive right to
issue Notes payable at sight to bearer.
BANK MAN
Capital, fully paid
Reserve
and
are
tions,
seeking
use
Financial
fied
and
new
connec¬
consult
Chronicle
Department
Fund
6
Classi¬
AND
7
WILLIAM
Capital
Fund
.
.
.
I0,0OG,6C
.
....
.
m.r.
.
Deposits (Nov. 1920)
.
1,700,09
1,000,00
.
...
41,000,01
Head Office, 14 Gsorgs Street,
Edinburgh
Alex. Bobb, Gen'l Manager
Magnus Irvine, SeorstBVt
ST.,
London Office, 62 Lombard Street
LONDON, E. C., 4, ENGLAND.
Glasgow Office, 118 Buchanan Street
288 Branohes and Sub Offices throughout Booties
(opposite
inside back cover.)
Capital
Reserve
AGENCY
KING
Established 1810
Subscribed
Paid up
£2,000,000
LONDON
the
£3,000,000
COMMERCIAL BANK OF SCOTLAND, LM
New York Agents
BANQUE GUYERZELLER
American Exchange National Bank
SOCIETE ANONYME
ZURICH
established 1814
The NATIONAL BANK
Paid up
-
of SOUTH AFRICA, Ltd.
y
de banque
Capital Frs. 6,000,000
'
•
societe generale alsacienne
..
•
■'
'•
•'
'
■
-
Fondee In 1881
Every desoriptkm of banking business
Siege social:
r
Over
100
transacted.
Branches in Africa
Strasbourg
4, Rue Joseph Massol
Ionian
Paid Up Capital and Reserves exceed
$21,000,000
banking
verses
facility
for transaction
with Greece, where It has been established for
80
years,
and
has
Branches throughout
the
Country.
Also at Alexandria,
Cairo. Ac., In Egypt.
Head Office: Basildon House,
and bankers Its superior
fecilltle efor the extension of trade and
merce
Capital. 100 millions de francs antlaremea
Incorporated by Royal Charter.
Offers
Offernftte American banks
Bank, Limited
cam-
between this country and Africa.
every
Moorgate Street,
New York Agency
>
-
LONDOft,
44 Beaver St.
80 Agences notamment
■ULHOUSE
a
METZ
COLOGNE
3AYENCI
LDDWIGSHAFEN
FRANCFORT
E. C. I.
SARREBRUCK
English Scottish and Australian Bank, Ltd
5
PRAGUE
Head
Office:
CREDIT
Prague,
BANK
Czechoslovakia.
Branahe ithroughout Chechoslovakia,
E. C.
£3,000,000
1,085,000
2,495,525
0
Paid-up Capital
1,247,762 10
Further Liability of Proprietors_ 1,247,762 10
Remittances made Dy
Bills
Established
Id
1870
Head Office:
GracecHurch St., London,
•
CsK 111,000,000
BOUGHT and SOLD
-
Telegraphic Transfer.
Negotiated or forwarded for Collection,
anking and Exchange business of every de¬
scription transacted with Australia.
Capital and Reserves
FOREIGN MONEY
Authorized Capital
Reserve Fund
Subscribed Capital
E. M. J ANION,
Manager
HANDY and HARMAN
Est.
09 CEDAR
1867
STREET
NEW YORK
Telephone 4337-8 John
Ranker* aim JBrobew ©tugfbe Jieto
gork
CHICAGO
■ ILWAUKH
EDGAR, RICKER &
East Water and
[Vol, 118.
OHEONIOLH
THE
vni
CHICAGO
Investment Securities
CO.
Mason Streets
& CO.
A. G. BECKER
MILWAUKEE, WIS.
Distributed
&
Underwritten
137 So. La Salle Street
Marinette & Menom.
?|;v|Chicago
Paper Co.
Federal Securities
71/28, due 1936 %sj
First
BONDS
Corporation
Commercial Paper
38 South Dearborn
Street
CHICAGO
and Wisconsin
Investment
St. Louis
York
New
Milwaukee
of
financing
San Francisco
Industries.
Los
Angeles
Seattle,
"
JAMES
Securities
D.
Lacey Timber Co.
Bought and Sold.
Greenebaum Sons
based
InVftStmftnf Company
expert
verification
of underlying assets
First Wisconsin Company
Safe Investments Since 1855
Investment Securities
S. B. Cor. LaSalle
WISCONSIN
MILWAUKEE
BONDS
TIMBER
always
upon
881 SOUTH MICHIGAN AVE.,
CHICAGO
snd Madison Sts.
Safe First Mortgage
Real Estate Serial Bonds
ance
Banks,
Investments for
Suitable
Insur¬
Companies, Estates and Individuals
Approved and Recommended by the
BANKING
OLDEST
& STITT
INVESTMENT BONDS
CHICAGO
IN
HOUSE
SCOTT
111
W.
Monro* St.
CHICAGO
Second Ward Secnrities Co.
Second Ward Savings
MUNICIPAL BONDS
Bank Bldg,
First Mortgage
MILWAUKEE
108 So. La
:
<■?;.
■
Corporation Bonds
Short Term
Salle St
Industrial Nota
CHICAGO
Emerson & Co.
Hyney,
Specialists In
89 South
Issues
CHICAGO
La Salle St
Gammack,Ray&Co.!Nc.
Wisconsin Municipals
and
Specializing in
High Grade Investments
A. O.
Slaughter & Co.
Railroad
and
Industrial
Member*
Bonds and Notes
Exchangs
Ohicaso Stock Exchange
Chicago Board of Trade
New York Stock
818
I
WEST MONROE STREET
Street,
CHICAGO, ILLINOIS
km***'
grLTuwifu-tnArtiAr *****A * nr A a
South La Salle
108
ILL.
CHICAGO.
INDIANAPOLIS
"
Fletcher American Company
Powell, Garard & Co.
INDIANAPOLIS
Capital
-
39
Specialising in Indiana and Indlp sp¬
ills Corporation and
SPRINGFIELD, ILL.
INVESTMENT SECURITIES
11,500,000
South
Salle Street
La
Chicago
828
Philadelphia
Chestnut St.
Matheny, Dixon, Cole & Co.
Mnnlolpa! benda
SPRINGFIELD,
ILLINOIS.
«■! stocks.
Dealers
srr,r bonds
BREED, ELLIOTT & HARRISON
INDIANAPOLIS
ifineAnnatl
Chicago
Detroit
Milwaukee
Municipal
and
and
Illinois
in
Corporation Bonds
Mortgages
Farm
SHIPKEt ( COMPfNT
Formerly
Investment Securities
Municipal Bonds
Indiana
SHAPKEB. WALLER ft
£18
SOUTH
SALLE
LA
DENVER
GO.
STREET
CHICAGO
Municipal and
Corporation Securities
Corporation Bonds
CHRISTIAN & PARSONS CO,
Commercial
NEWTON TODD
Collateral
Local Securities and
Indieni Corporation
Ul Lemcka Bldg.
H. WADE
Second Floor U. 8.
Loans
COMPANY
National Bank Bids.
DENVER
Investment Securities
Bonds and Stocks
INDIANAPOLIS
WILL
INVESTMENT BANKERS
Paper
Cblcafo, IB.
m S. Li SaSt SL
■INNEAPOLIS
SOUTH
BEND, IND.
L.Kaufmann&Co State Bank
Goss-Geyer-Ross Company
rOREIGN
SECURITIES DEPARTMENT
(^Aica^o,
//-£
GOVERNMENT, MUNICIPAL &
CORPORATION BONDS
Foreign
Exchange
Securities
a
and
Foreign
Specialty.
ESTABLISHED
^MUNICIPAL
SOUTH BEND, IND.
.
'corporation bonds"
1 COMMERCIAL PAPER*/ '
.
Union Trust Bids.
IQ!Q
RAILROAD
MINNEAPOLIS
.
SXJJ/teC
Nov. 26 1921.]
THE
CHRONICLE
IX
JSanfcew anb JBrofeeM (Shitaibe fitto got*
CLEVELAND
Members of Detroit Stoek
Exchange
The Gundling-Jones
Company
Harris Small & Lawsop
STOCKS—BONDS—NOTES
180 CONGRESS
ST.,
INVESTMENT SECURITIES
W
DETROIT
HANNA BUILDING.
Charles A. Pa reel Is A Co.
PENOBSCOT BUILDING,
DETROIT, MIC
CLEVELAND
Members Detroit Stook
Ezoh&nge
OTIS & COMPANY
Stocks
Acceptances
HUGHES, GORDON, BRASIE & CO.
Bonds
Member* of New York, Boston, Cleveland,
Chicago
and Detroit 8tock Exchanges, the New York
Cotton Exchange and the Chicago Board
High Grade Bonds
Richard Brand Company
Specializing Detroit Securities
We
invite
inquiries
your
of Trade.
CLEVELAND
!fsw York
Oolumbus
Boston
Detroit
Toledo
Denver
BANK BLDG.
DETROIT
1721-3. Dime Bank Bldg.,
Detroit
Akron
Dayton
DIME
Cincinnati
Youngetown
Colorado Springs
WHITTLESEY, McLEAN & CO.
CINCINNATI
Municipal Bonds Corporation Bonds
THE
StLIPFEL-WASHBURN - BERKLEY
CHANNER A SAWYER
Stocks
INVESTMENT SECURITIES
CO,
Members Detroit Stock Exchange
INVESTMENT SECURITIES
2084 Penobscot Building
Union Trust Bldg.,
Ind Floor National City Bldg.
DETROIT
CINCINNATI. OHIO
CLEVELAND, O,
Day ton
Ohio
Warran
Bucyrus
Securities—Municipal Bonds
New
York
Stocks and
Bonds
FENTON, DAVIS & BOYLE
Listed
Unlisted
-
Investment
DEALERS IN
Inactive
-
INVESTMENT SECURITIES
Stocks & Bonds
Chicago
Detroit
Bankers
Grand Rapids
IRWIN, BALLMANN & CO.
ALBERT
FOYER
Laador Naws Bldg.
828-380-881 Walnut
CLEVELAND, O.
St.
KEANE, HIGBIE & CO.
CINCINNATI, OHIO
MUNICIPAL BONDS
DETROIT
TOLEDO
EDGAR
FRIEDLANDER
DEALER
TUCKER, ROBI SON A CO
Successors to
Cincinnati
NEW YORK
481 GRISWOLD ST.
120 BROADWA
IN
Securities
CINCINNATI
KAY & CO.
Inc.,
OHIO
David Roblson Jr. be Bona
INVESTMENT
BANKER
Bankers—Established 1870
Penobscot Bldg.
Muldpil, RtHroad ad CorporatioB Bonis
Gardner
Bulldlns.
DETROIT, MICR.
COLUMBUS. OHIO
Toledo and Ohio Securities
Members
Detroit
Stock
Exchange
TOLEDO. OMK<
W. W. CARY
CO.
Members Columbus Stock Exchange
20
MUNICIPAL BONDS
GARDNER
East Broad
COLUMBUS, OHIO
BUILDING
TOLEDO
GEORGE M. WEST & COMPANY
columbus service
Graves, Blanchet & Thomburgh
Established 1898
INVESTMENT BANKERS
UNION TRUST BLDG.
OHIO
PITTSBURQH
GORDON
&
INVESTMENT
DETROIT,
Members Detroit Stock Exchange
COMPANY
W. A. HAMLIN A CO.
BANKERS
Members
Detroit
Stock
Exchange
iembers Pittsburgh Stock Exchange
ARE
YOU
Union Bank Building,
Phone
Court
PITTSBURGH, PA.
Motor Stock., Public Utilitiea & OII>
3264-5
X010 Penobscot Bldg.,
DETROIT, MICK
seeking
occupation
9
as a trader
or
have
you
LYON, SINGER A CO.
INVESTMENT
Common wealth
Bldg.,
Pennsylvania
Then
you
facilities
by
Financial Chronicle
facing the inside back
Members Detroit Stack Exchange
Bldg.,
-
DETROIT
-
Cherry•'
the
Classified Department
The
Bonds
Municipal, Government A
Corporation Bonda
Penobscot
A. E.
of
Municipal
should avail of the
afforded
I no.
BANKERS
PITTSBURGH
Securities of Pittsburgh District
need for one
Joel Stockard A Co.,
INVESTMENT BANKERS
cover.
MASTEN A CO.
Established
1801
New York Stock Exchange
Boston Stock Exchange
Members] Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
B23 Fourth Ave.,
Pittsburgh, Pa
Branch Office—
Wheeling, W. Va.
WATLING.LERCHEN & COMPANY
Michigan Municipal Bonds
Local Corporation Bonds and
We
Invite
Stocks
Inquiries
DETROIT
{embers
Detroit
Stock Exchange
[VOL. 113.
CHBONICLE
THE
gtanfcenf anb fBtofcet* ©utsfbe i?eto gorfc
PACIFIC
PACIFIC
COAST
Howard Throckmorton
■ACON
COAST
Pacific Coast Securities
W. M. DAVIS & COMPANY
Southern
bonds
CALIFORNIA SECURITIES
Municipal Bonds
AND
Guaranteed Stocks
ef MUNICIPALITIES AND
Government
Bonds
CORPORATIONS
Municipal
.Corporation
GEORGIA
MACON
having substantia] assets
and earning
power.
Francisco
San
ATLANTA
Alaska
Commercial Building
WILLIAM R. STAATS CO.
THE ROBINSON-HUMPHREY CO.
LOS ANGELES
SAN
Quotations
PASADENA
FRANCISCO
Established
1894.
Information Furnished on
and
Pacific Coast
AND
MUNICIPAL
Securities
Established
CORPORATION
BONDS
1868
Hunter,Duuin
SUTRO & CO.
Co.
QBORQIA
ATLANTA
INVESTMENT BROKERS
Members
San Francisco
San Francisco Stock
and Bond Exchange
It Montgomery St.
Private Wire
AUOUSTA
GOVERNMENT
UNICIPAL
MUNICIPAL AND
JOHN W. DICKEY
D/^VMFVC
DVJlNL/O
CORPORATION
PORTLAND, ORli
Augusta, Ga«
,
Issues
California
Specialty
a
Southern Securities
'
•
HALL & COMPANY
Lesal and Paolflo Coast
Saourltlss
Santa Barbara
WM. E. BUSH & CO.
Augusta, Ga.
SOUTHERN SECURITIES
Wa specialize In California
PALLAS.
'
Diego
Oakland
Municipal
'
'
' '
■
Francisco
San
Angeles
!
•
V
•
.
PORTLAND. ORIS OB
BUILDING
11 WIS
San
Pasadena
Los
INVESTMENT BONDS
"t
■stabUshsd 1S8«.
TEXAS
&
COTTON MILL STOCKS
Corporation
BONDS
NORTH
CAROLINA
RILEY A THOMAS
BREG, GARRETT A CO. DRAKE,Van
Nuys Building
LOS
Municipal Bonds
Wachovia Bank & Jrnst Company
ANGELES
Farm and City Mortgages
BOND
Texas and Oklahoma
North Carolina
101
DALLAS, TEXAS
Praetorian Bldg.,
R. H. M0ULT0N & COMPANY
CALIFORNIA
MUNICIPALS
and
Bonds
American
Reynolds Tobacco Company Securities
Winston-Salem, N. C.
LOS ANGELES
Title Insurance Building,
Texas Municipal
R. J.
DEPARTMENT
Municipal Notes and Bondst
San Francisco
Natl Bank Bldg.,
W. F. SHAFFNER & CO.
Warrants
of Entire Issues
yielding from 6% to 8%
Distributors
•
We
solicit
inquiries from
and
banks
dealers,
CHAPMAN DE WOLFE CO.
investors
851*888
GEO. L. SIMPSON & CO.
SAN
Montgomery Street,
CALIF.
Winston-Salem, N. C.
Southern Investment
FRANCISCO,
Securities
Stocks and Bonds
DALLAS
Information
and
Quotations
on
all Paefifls
Coast Securities
gPABTANBUBQ,
I.
C.
Members San Francisco Stock & Bond Rxchangs
iliton-Lumsdc
Houghton-Lumsden & Company
A. M. LAW & CO., Inc.
NASHVILLE
SOUTHWESTERN
DEALERS IN
MUNICIPAL BONDS
American
DALLAS, TEXAS
Main
i
Exchange Place.
at
Stocks and
National
Securities Company
Specialty
SPARTANBURG, S. C.
NASHVILLE, TENN.
SAN ANTONIO.
Bonds
Southern Textiles a
Railroad and Corporation Securities
TEXAS
Tennessee Municipal Bonds
J. E.JARRATT& COMPANY
Investment Bankers
A BUSINESS
Caldwell & Company
SOUTHERN
Tel.
Municipal Bonds
San Antonio. Texas
EXECUTIVE
MUNICIPALS
Telep. Oo. 5s
Nashville Chattanooga & St. Louis By.
Nashville & Decatur By,
Nashville Railway A Light Oo. Securities
Cumberland
&
NASHVILLE, TENN.
814 Union Street
ST.[LOUIS,fMO
Bldg.
817 Security
ALABAMA
NORFOLK, VA.
and capable
COMPANY
BANKERS
MUNICIPAL
Investment Bankers
AND
CORPORATION BONDS
& CO.
Established 1898
BIRMINGHAM. ALABAMA
SOUTHERN
MOTTU
NORFOLK. VA.
Correspondents: E. & C. Randolph, New Tors
any
of your Departments
can
be obtained through
the
Financial Chronicle
Classified
MARX &
head for
one
(opposite
Department
inside
back
cover).
Use and Consult
It.
Nov.
26-1921.]
THE
CHRONICLE
XI
Danker* «nb Stoker* ©ottibe
fltin Pork
Philadelphia
Creating—
Building—
Maintaining—
THAYER, BAKER
& CO.
STEADY
€.m.eiarka»eo.
INCOME
BANKERS
from soud
investment
by the
Byllesby
Ten
521
INVESTMENTS
Chestnut
..Established 1837
Commercial Tru.t Bid,.J
Payment
St., Philadelphia
PHILADELPHIA
Plan
Members New York and
is
clearly
booklet
described
CC-5
on
sent
Philadelphlft
in
Stock
free
BORDEN & KNOBLAUCH
request.
Exchanges
American Gas & Elee. Co. Securities
H. M.
119
Byllesby & Co.
S.
Incorporated
New York
111
STREET
Philadelphia Stook Exchange
208 S. LaSalle St.
Providence
10
Members
Chicago
Broadway
FOURTH
PHILADELPHIA
Boston
Weyboaaet St.
Pennsylvania Tax Free Bonds
14 State Street
Boles&Westwood
Members Philadelphia Stock Exchange
PAUL & CO.
Memberi
geo. b. edwards
1421
VI
Securities
Chestnut Street
PHILADELPHIA
INVESTMENTS
EOS
Investment
Philadelphia Stock Exchano•
Trinity Place, NEW YORK, N. Y.
SALE—Timber, Coal, Iron, Ranch
UmI nth
Confidential
Negotiations
Investigations
Settlements and
urchases of Property.
(Jolted States
West Codies
BiMq,
•
PHIUBELPHI!
ST. LOUIS
and
Telephone Locoit 4721
other properties.
Herndon Smith
Charles W. Meere
William
H.
Burg
Canada
SMITH, MOORE & CO.
NSW ORLEANS
INVESTMENT BONDS
509
OLIVE
ST.,
ST. LOUIS, MISSOUR
BONDS
Hibernia
st.
Securities
Company
louis service
mark c. steinberg & co.
[Incorporated]
Members New York Stock
New Orleans
Exchange
Members St. Louis Stock Exchange
300
N.
Broadway
Municipal
ST. LOUIS
Railroad
PROVIDENCE
Public
Dealers in High Grade In¬
vestment
mercial
BODELL & CO.
Securities, Com¬
Paper, and Bank
10
Utility
Industrial
WEYBOSSET STREET
Acceptances.
PROVIDENCE
I
,
•
York
New
Boston
Harrison, Smith &. Co.
NEWAJ^JLJ^
INVESTMENT SECURITIES
New York Office
CONSERVATIVE
44 Pine Street
121 SOUTH 5TH STREET
INVESTMENT SECURITlEi
PHILADELPHIA
List upon request
Direct Private Wire Service
F. M. CHADBOURNE & CO
FIREMEN'S
INSURANCE
NEWARK.
N
BUILDING
J.
s. a. trufant
INVESTMENT
SECURITIES
LOMBARD 6100
The United States Life
Frederick Peirce
BONDS
718
Common Street
Member of New
Orleans
Stock
Insurance Co.
NEW
THE
CITY
Organised 1850.
stocks
-
Oil
Properties and
Timberi Lands,
Leases
and
Plantations
Real Estate
Phones—Main 4078
Dollars Paid
te
Policy¬
USE AND CONSULT
JOHN
Country
New Orleans, La.
Long Distance $8
Non-Participating Policies enly.
Over Forty-Tire Million
In
j. edw. crusel & co.
784 Common Street
YORK.
Texas
and
MENT
Chestnut Street, Philadelphia
holders
securities
Louisiana, Arkansas
NEW
INVEST-
<
ORLEANS, LA.
bonds
OF
(\
V'V/#
1421
Exchange
IN
Sir
FOR
P.
MUNN,
M.
The Financial Chronicle
D., PRESIDENT
Classified
Good
territory
open
for
high
dam
under
Company.
Address Home Office. 105-107
direct
Avenue. New York Oity.
contracts
Department
personal
producers,
with
the
Fifth
(Opposite
Inside
Back
Cover)
[VOL. 118.
CHRONICLE
THE
XII
Bond8, Notes and
Bronson & Co.
Theodore L.
Members New
120
Godchaux
Sugars
Oil Companies
Oklahoma Gas & Elec. 8s, 1931
1952
Wisconsin Gas & Elec. 5s,
Preferred
Central Aguirre Sugar
Utilities
Southern
Conservative
New York
Rector 7S80
Bank
National
Chase
York Stock Exchange
Broadway,
Phone
Preferred Stocks of
6s, 1929
Elec. Lt. & Power 5s, 1933
General
Union
Inc:
Gas & Elec.
Bklyn., Queens Co. & Sub. 5s, '41
Lighting
Kings Co. Elevated RR. 4s, 1949
Brooklyn City Railroad '
Mississippi Valley G. & E. 5s, 1922 Brooklyn Union Elevated 5s, 1950
Safety Car Heating &
Gulf Oil Corp. 7s, 1933
Humble Oil & Ref. 7s, 1923
1925-1931
S. O. of New York 7s,
Vacuum Oil Co 7s, 1936
We have actual markets
at all times in
York and Brooklyn
securities local to New
IferlieU Urotfyera
Phones Rector
6922-3
to
Philadelphia
CARL H. PFORZHEIMER & CO.
Dealers in
and
public Utility &Ecuritles
111 Sroabway. Neto $ork
9723-7
Phones
Private
0980-8
Standard Oil Securities
25 Broad St., N,Y.
Phone* 4860-1-2-3-4 Broad
Boston
For Sale
1st 5%,
Cedars
&
1st 5%,
Co.
6%, due 1926
Shawinigan Water & Power Co.
l®t
5%, due 1934
United Light & Railways
Electric Co.
1st 5%, due 1932
Union Railway Gas &
5%, due 1939
due 1922
Gas Light Co.
Milwaukee
1st
Electric Co.
due 1956
1st 6%,
Kansas Gas
Co.
Northern States Power
due 1953
Cincinnati Gas &
Co.
8%, due 1922
due 1941
Rapids Mfg. & Power
1st 5%,
«
Municipal Gas
Appalachian Power Co.
.
4%, due 1927
Co.
Elec. Co.
Salt Lake City Union
Depot & R. R. Co.
First Mortgage
A. O. Smith 6s,
due Nov.
1924
Central Power & Light 6s,
1, 1938
1946
Electric 5s, 1952
Havana
5s
Telephone Broad 3500
Utility 5s, 1925
Lincoln Gas & Electric 5s, 1941
Peerless Truck & Motor 6s, 1925
Kansas Electric
Spencer Trask & Co.
Springfield Railway & Light 5s, 1933
Duluth Edison Preferred
I
25 Broad Street,
Oklahoma Gas & Electric Preferred
•
MEMBERS
E. F. Leland & Co.
New York
61 Broadway
Col. 5s, 1932
Chic. Milw. & St. P. Eur. 4s, 1925
Denver
City Tramway 5s, 1933
St. Louis
Members Chicago Stack
Exchange
Exchange
Cleveland
Guaranteed Railroad Co.
STOCKS
Bought—Sold—Quoted
Central Aguirre
National Sugar
Fajardo Sugar
Savannah Sugar
Federal Sugar
Savannah Pfd.
INVESTMENT BONDS
Telegraph Co.
Cuban-American Sugar Pfd.
Manati
1953
Trinity Bldg. Corp. 5I/2S, 1939
Two Rector St. Corp. 6s, 1935
23rd St.
CHICAGO
Stock
Yerk
DIRECT WIRES TO
Chicago.
Seaboard Air Line 7s, 1923
Tacoma Eastern RR. 5s,
Trade.
Sugar Securities
American Can Deb. 5s, 1928
BelPm Bay & Brit.
Chicago Stock Exch.
N. Y. Stock Exch.
N. Y. Cotton Exch. Chicago Bd. of
New
and other Financial Centres.
Bowling Oreen 2940
Phone
Members
New York
BOSTON
ALBANY
Sugar Pfd.
STOCKS
Pfd.
India Sugar Finance Pfd.
South Porto Rico Sugar
Weat
Gwynne Bros.
Cuba Co. Debenture 6s, 1955
Refining 6s, 1924
1939
India Sugar 7s, 1929
Federal Sugar
Members N. Y. Stock
Francisco Sugar 1st 6s,
Ry. Ref. Imp. 5s, 1962
West
GUARANTEED
FARR & CO.
JOSEPH EGBERT
New York Stock Exchange
Front St., New York
Telephone John 6428
Members
Exchange
INVESTMENT
BONDS
STOCKS
Phone Broad 5270
25
New York
St.
Broad
133
2
Rector
Tel. Rector 9261
St., N. Y.
Specialist in all
Appalachian Power Co. 7s, 1936
Canadian Securities
Adirondack Power & Light Pref.
Gas & Electric Pref.
Cincinnati Gas Transportation 5s, 1933
American
Cincinnati Gas & Electric 5s, 1956
Colorado Power Co. Pfd.
Indiana Natural Gas & Oil 5s, 1936
Electric
Long
Northwestern
Ohio
Kansas Gas
Island Lighting 5s, 1936
Nevada-California Electric 6s,
Power
Electric 6s,
7s,
Bond
1946
1935
Nebraska
1455
Share Pref.
&
14561 Bowling Green
1457
1458]
& Electric Pref.
Pref.
Power
alfred f. i ngold&co.
Niagara Falls Power Pref..
New Central
1951
14541
Telephone
74
Coal Capital Stock
Rochester Railway & Light 5s, 1954
Toledo Trac.,
Southern
Gas
Y.
California Edison Pfd.
Standard
Broadway, N.
Northern States Power Pfd.
Light & Power 7s, 1922
Utah Securities 6s, 1922
West
Power
Penn
7s, 1946
Utah
Power
&
&
Electric Pref.
Light Pfd.
GLOVER & MACGREGOR
345
Fourth Ave., PITTSBURGH, PA.
Amer. Wat.
EARLE
2
RECTOR
ST.,
N. Y.
A.
MILLER & CO.
TEL.
RECTOR
8060-1-2-3-
Wks. & Elec. 5s, 1934
Gulf Oil Corporation 7s, 1933
West Penn Power 7s,
1946
Armstrong Cork 7s, 1931
Nov. 26
1921.]
THE
CHRONICLE
XIII
Amer Wat. Wks. & El. 5s, 1934
Assoc. Gas & Elec. 6s, 1941
Wanted
J. K. RICE, JR. & CO.
.
25
Continental Motors Serial 7s
American
Brass
1
100
American Piano Com.
130
Det., Tol. & Ironton 5s, 1964
Bliss, E. W., Common
&
Pfd.
General
300
Hudson
&
100
Kirby Lumber Com.
Island Refining
100
Nat.
100
Corp. 7s, 1929
Lake Shore Elec. 5s, 1933
Drug Stores
Remington Type.
100
Com.
&
&
St.
100
Ward
Pfd.
30
Com.
Baking Com. &
Lehigh Valley Coal Sales
50
Pfd.
200
2d Pfd.
Louis Bridge 1st Pfd.
100
Del., Lack. & West. Coal
General Baking Com.
100
Baking Com. & Pfd.
Hale & Kilburn 1st 6s, 1929
RR.
& Pfd.
National Fuel Gas
Niagara Insurance
Pyrene Mfg.
6M
Sen
500
Singer Mfg. Ltd.
Pfd.
50
Sen
West
Chiclet 6s
Va.
Pulp & Paper
Magnolia Petroleum 6s, 1937
Manhattan Gas & El. 6s, 1927
For Sale
Chatham & Phenix Bank Stock
100
50
Man.
50
'
J:K.Rice,Jr.&,Co.
•
86 Wall
Mengal Box Serial 7s
St., New York
Phones John 4000
4010 and 5915
to
5919
to
National Oil Co. 7s, 1922-25
7s
Commonwealth Power,
Railway & Light
Rio de Janeiro External 6s
Tuscaloosa Ry. & Util. 6s, 1940
Wabash
Valley Elec. 5s, 1936
Wash; & Ida. W. L. & P. 6s, 1941
F air banks
Ford
Morse
Motor
of
We Will
RAILROAD
Buy
SECURITIES
Goodyear T. & R.,
com.
& pfd.
com.
&
r
■'
,r
V:
v
,
'.v-.
v
*
.
Private Wires to, CHICAGO -PHILADELPHIA -ST. IDUI5
frireraigm-nn-gnrr- ni-UFLAND-ggAHD £ahd5
f-
.
.•
120
Broadway,
25 Broad St.
NEW YORK
Zieley Processes
Specialize in
Securities
Stock & Rights
::•*
MIDDLE ST.,
Private
V
Seaboard Air Line ref. 4s, 1959
4y2sy 5s & 6s,
a
••
Balto. & Ohio Cinn. Tol. 4s, 1959
Canadian Govt. &
MUNICIPAL
Members
St., N.Y.
Phone 6780 Rector
Corp. Sec.
MILLER & COMPANY
C. C. Kerr & Co.
S Rector
BONDS
120
N.
Y.
and
Phila.
Broadway, N. Y.
Stock Exchange
Phone 7500
Recto
B. J.Van Ingen&Co.
46 Cedar St.
New York
Telephone John 6364
Railroad
Bond
Public
Dept.
Ogdensburg & Lake Champ. 4s
Ulster & Delaware 4s
Specialize
in
South American Bonds
Cities Service Issues
Empire Gas & Fuel Bonds
Toronto, Hamilton & Buffalo 4s
Rutland, Toluca & No. 4s
Wash. Ohio & Western 4s
Toledo
HERBERT M. SOLOMON & BRO.
Terminal
Norfolk
M.
BROAD
&
4j/£s
Southern
5s,
1954
K. & T. Prior Lien 5s
So. Ry. M. & O. Coll. Tr. 4s
STREET, NEW YORK
Mobile
Cotton
Grace S.
Island
Consolidated Electric 5s, 1955
Federal Lt. & Traction 5s, 6s & 7s
Great Western Power 6s, 1949
S.
O.
Mills
7s,
1927
1930
7s,
1925
Smith 6s,
Industrial Stock
Titusville
Iron
Pfd.
Works Pfd.
Phillips Petroleum 73^8
New
Massachusetts Baking
NEW
6495
YORK
John
England Bakeries
Baking Com. & Pfd.
Street, New York
Philadelphia Phone, Locust
Dept.
1957
572
Offerings
of Santa Catherina
*6s, 1944
Bank Stock
Dept.
Guaranty Trust
Surety
American
Bankers Trust
Chase National Bank
New York Trust
CARRUTHERS, PELL
15 Broad
& Pfd.
Share
Toronto 6s, 1927
Ontario (Hydro) 4s,
Manitoba 6s, 1946
Wanted
Southern Cal. Edison 5s and 6s
General
Com.
&
Kansas Gas & Elec. Pfd.
Nebraska Power & Light Pfd.
Southwestern Pr. & Lt. Pfd.
Dept.
New Orleans Great Northern 5s
Phone
Lt.
Pfd.
Carolina Pr. & Lt. Com. & Pfd.
Colorado Power Com. & Pfd.
Ft. Worth Power &
Light Pfd.
State
Pacific Light & Power 5s, 1942, '51
34 PINE ST.,
&
Bond
Municipal Bond Dept.
1924
Consumers Chemical
Vanderhoef & Robinson
Pr.
Electric
Alberta
Refining 7s, 1929
National
A.
6s,
Madison River Power 5s
United Ry. Investment 5s, 1926
Amer.
Saskatchewan 6s, 1927
43^s, 1924
Industrial Bond Dept
Adams Express 4s, 1947 & 1948
Canada Southern 5s
Utility Dept.
Offerings Wanted
Canadian Bond
Telephone Hanover 5731
.
11
PORTLAND, ME.
Bought, Sold & Quoted
15
-
Gr. Trk. Pac. 3s & 4s, all issues
issues
Wire to Potter Bros. & Co., New York
We
k
Tel. Broad 7740
NEW YORK
Cuban Govt.
BEYER & SMALL
MS
'
Baltimore & Ohio 5s, 1995
WANTED
Province of Nova Scotia Bonds
Maine
'J:'".
'
Members New York Stock Exchange
MERRILL, LYNCH & CO.
Province of New Brunswick Bonds
We
•
Hartshorne & Battelle
Traders' Telephone: 7683 Rector
OFFERINGS
•; '*"•••;•
v"
.
pfd.
Morion Lachenbruch&Cq
42 Broad Street. NewYork
CO.
Illinois Cent. Stock Coll. 4s
Industrial Finance Motor Prod
Packard Motor
Sell
or
Canada
■
Republic Motor Truck
&
CO.
Phones 5161 to 5169 Hanover
Ball. Phone, St. Paul 9389
F.
[VOL. IIS.
CHBONICLE
THE
XIV
Ohio Valley
J. LISMAN & CO.
Stock Exchange
Members New York
Lev.
I
/
Acquackanonk Water Co. 5s
BROADWAY, NEW YORK
61
Water Co. 5s
City & Ft. L. Water Bonds
Peoria Water-Works 4s
& 5s
1948 Birmingham Water Co. 5s, 1939
Clinton, Iowa, Water Co. 5s
Augusta Aiken & Elec. 1st 5s, 1935
Roch. & Lake Erie Water Co. 4s
Central Arkansas & Eastern 1st 5s, 1940
N. Y. Interurban Water Co. 5s
Central Vermont Refunding 5s,
1930
Alabama Tenn. & Nor. P. Lien 6s,
Racine Water Co. 5s
Chic. Terre Haute & So. East. 5s, 1960
WE DEAL IN
RR.
Cuba
Wichita Water Co. 5s
Indianapolis & West. 1st 5s, 1965
Cinn.
5s,
Impr.
&
Equip.
Laurel Railway & Light 6s
Queens County Water Co. 5s
St. Joseph Water Co. 5s, 1941
City Memphis & Birm. 5s, 1934
Kansas
District Ctfs.
Emmett Irrig.
1960
Marq. Houghton & Onton. Gen. 6s, 1925
Missouri Kansas & Texas (All Issues)
.
Peoria
Railway
Terminal
1st 4s,
H. C. SPILLER & CO.
1937
INCORPORATED
Stephenville No. & So. Texas 1st 5s, 1940
Western N. Y. & Penna. 1st 5s, 1937
AND ALL RAILROAD AND
Water
17
63 Wall St.,
St.,
New York City
Boston 9, Mass.
FOREIGN SECURITIES
Grand
Trunk
Pacific
3s,
1962
Argentine Govt. 4s and 5s
Grand
Trunk
Pacific
4s,
1955
Brazilian Govt. 4s, 4^8 and 5s
American
Grand Trunk Western 4s,
1950
Costa Rica 5s
American Tobacco Scrip
Canadian
Nor.
Ry.
4s,
Atlantic
4s,
MacAndrews & Forbes
1955
Japanese Govt. 4s, 43^8, and 5s
Northern
Uruguay
Grand Trunk Pac. Br. L. 4s, 1939
Canada
Babcock & Wilcox
Cuban Govt. 4^s, 5s and 6s
1930
Cigar
Weyman-Bruton
5s,
1919
Securities
Specialists in All Tobacco Securities
co.
cassel, nunes
Exchange
Bristol it Bauer
Telephone Bowling Green 5963-4-5-6
l2oBfoa.duJa.y b££Phane- Rector 4594
Members New York Stock
60
Broadway N. Y.
Canada Nor.
6V2S, 1946
Grand Trunk Pac. 3s, 1962
Nor. West. Bell 7s, 1941
North. Ont. Lt. & Pr. 6s, 1931
"Soo" 6i/28, 1931
West. Union 6V£s> 1936
N. Y. Chic. & St. L. 2nd 6s, '31
Rio deJ. Tr., L. &
NEWBORG & CO.
P.# 5s, 1935
Shaw'n'gn Wat. & Pr. 5s&5V2S
Wisconsin Cent. Ref. 4s, 1959
CONSTABLE & K. L>. FLEMING xJR.
FLEMING
WW.
CONSTABLE.
66 Broadway,
Tel. Bowl. Green 7270
N.Y.
So. Pac. San Fran.
Term. 4s, 1950
Denv. & Rio Grande Consol 4s, 1936
Wichita Falls & No. W. Ref. 5s, 1940
N.
Chic.
Y.
L. 2d M.
& St.
6s,
1931
Members New York Stock Exchange
60
BROADWAY, N. Y.
Telephone 4890 Bowling Green
PRIVATE
WIRE
TO
8T
Abraham & Co
L0UI8
cMembers Neu/ York Stock
Akron
Peoples Tel. Co. 6s, 1926
Amer. Pr. & Lt. 6s, & 8s
Exchange
27 U/illiam Street. Neu; York
Telephone: Broad. 3785
railroad
Appalachian Pr. 5s & 7s
Bell Tel. Co., Canada, 5s & 7s,'25
securities
HAVE
Carolina Pr. & Lt. 5s, 1938
Evansv. Indianap. &
YOU
Charleston
Colorado Pr. 5s, 1953
Central Foundry
BANK FIXTURES
Cuban Tel. Co. Conv. 5s, 1951
Home Tel. & Tel.
&
Michigan Central Air Line 4s, 1940
Beech
FOR SALE ?
5s, 1947
Southwestern Pr. & Lt. 5s & 8s
GILMAN
Carolina 5s, 1946
Cb. 1st 6s, 1931
Montgomery & Erie 1st 5s, 1926
Spokane 5s, '36
Southern Calif. Tel.
Terre Haute 7s, 1950
& Western
Then consult the Financial
Chronicle
REYNOLDS
ment
Securities
34 Pine Street
New York City
'Phone 5691-4 John
Investment
Classified
(opposite
back
1st 4s,
1936
Raymond M. Smith & Co.
Incorporated
Investment
Depart¬
inside
Creek rr.
CEDAR
43
Securities
STREET
NEW
Telephone 3723 John
cover).
1960
Cuba RR. Imp. & Equip. 5s,
N. Y. Pa.
GARDNER
&
1935
and Ohio 4.^8
Penn. Water &
1940
Caddo Central Oil
CO.
Tel. Rector 7430
20 BROAD STREET, N. Y.
YORK
1930
Power 5s
& Ref. 6s
Butte Anaconda & Pac. 5s,
Ruberoid Co. 8s,
1944
1936
Chestnut & Smith Com. & Pfd.
Commonwealth Habel
Chicago & Alton 3s
^1949 Chicago & Eastern 111. 6s_1934
B'klyn Un. Gas Conv. 7s_1929 Long Island Con 4s
.1931
St. L. S. W. 2d 4s
1989
N. Y. Ch. & St. L. 4s....1931
Dallas & Waco 5s
1940
Atl.y Knoxville Nor. 4s___2002
L. & N. Col. 5s...
1931
Ruberoid Co.
S. & N. Ala. 5s
1936
DUNHAM & CO.
43
Exchange Place,
New York
Telephone 8300-16 Hanover
Nov. 26
1921.]
THE
Arkansaw Water Co. 6s
Birmingham (Ala.) Water Co. 5s
Butler (Pa.) Water Co. 5s
CHBONICLE
BROOKLYN UNION ELEVATED RR. CO. 1st
5s, 1950
CENTRAL UNION GAS COMPANY 1st
5s, 1927
FORT STREET UNION DEPOT CO. 1st
'
4%s, 1941
Clinton (la.) Water Co. 5s
JOPLIN UNION DEPOT COMPANY 1st
4y2s, 1940
KINGS COUNTY ELEVATED RR. CO. 1st
4s, 1949
NEW AMSTERDAM GAS COMPANY CONSOL.
E. St. L. & Interurban Water Co. 5s
NEW YORK &
Joplin (Mo.) Water Co. 5s
THIRD AVENUE RAILWAY COMPANY 1st
5s, 1937
ULSTER & DELAWARE RR. CON.
5s, 1928; 4s, 1952
WESTCHESTER LIGHTING COMPANY 1st 5s, 1950
City of New Castle (Pa.) Water Co. 5s
Chattanooga Water Co.
6s
Wichita (Kan.) Water Co. 5s
Muncie
St.
(Ind.) Water Co. 5s
5s, 1948
QUEENS ELEC. LIGHT & POWER 5s, 1930
Joseph (Mo.) Water Co. 5s
Warren (Pa.) Water Co. 5s
Racine
Wm. Carnegie Ewen
(Wis.) Water Co. 5s
Indianapolis Water Co. 4^s and 5s
Huntington (W. Va.) Water Co. 5s
Tel. Rector 3273-4-5-6
2 Wall
HOTCHKIN & CO.
telephone
53 State St.,
Main 460
Boston 9,
Mass.
Underlying
BULL & ELDREDGE
Members
of the
New
10 Broad St., N.
WANTED
Street, New Yor
York
Y.
Stock
Tel.
Railroad
Exchange
Bond*
Rector 8400
Akron
Peoples Tel. 6s, 1925
A. T. & T. Conv.
43^s, '33, $100 Bonds
SPECIALISTS
Bell Tel. of Canada 7s, 1925
Central Dist. Tel. 5s, 1943
Home Tel. & Tel. of
Spokane 5s, 1936
Houston Home Tel. 5s, 1935
Foreign Government Bonds
New York
Michigan State Tel. Pfd.
Stock
Mountain States Tel. & Tel. Stock
Michigan State Tel. 5s, 1924
Ohio State Tel. 5s, 1944
Ohio State Tel.
Conv.
IN
Short Term Securities
.
New
York
Federal
WOOD, STRUTHERS & CO.
City Bonds
State
Farm
Bonds
Loan
Canadian
8
Bonds
Nassau Street
NEW YORK
Bonds
Dec. 1922
Ohio State Tel. "Serial" 7s, 1922-25
7s,
Southern Bell Tel. & Tel. 5s, 1941
Toledo Home Tel. 5s, 1922
T. L.
52
MacDonald
Broadway, N. Y.
Tel. Broad 2357-8-9
Akron Can. & Youngs. Ry. 6s, 1930
Denver & Rio Gr. Adj. 7s, 1932
Int. Gr. Nor. Ry, 5% Notes, 1914,
Investment
defaulted.
For
Sale
;•
M.K. & T.
Ohio River El. Ry. & Power 5s, 1925
American Wtr. Works & Elec.
7% 1st Preferred Stock
v
Phon. Hanov.r «UT
Davies, Thomas&Co.
Members N.
Amer. Type Founders, preferred
BILLO
87 Wall St., N. Y.
1917
Southern Pipe Line
Childs Co. common
631/z
OTTO
Toledo Peoria & Western 4s,
Wisconsin Edison 6s, 1912
National Fuel Gas
Dividends payable quarterly
at
Securities
Louisv.,Ky., Ry. & Lt. 5s, 1949
6% Notes, 1916, defaulted
,
Shares
200
'
BROAD
STREET^
NEW
Stock
Exchange
New Yuri
Telephone Recto# 8880
Chas. E. Dovle & Co.
30
Y.
5 Nassau St.
YORK
Telephones 7106, 7107,' 7108, 7109 Broad
Arizona
Power
6s,
Consumers Elec.
1933
Lt.
& Pr. 5s, 1936
Georgia Carolina Power 5s, 1952
Knoxville Railway & Light 5s, 1946
Kingston Gas & Electric 5s, 1952
American Can Co. Deb. 5s, 1928
Beech Nut Pack. Co. 7s? 1922-23-24-25
Madison
Kansas
River
Power
5s,
1935
Rochester Railway & Light 5s,
1954
St. Louis
Springf. Peoria Ry. 5s, 1*939
United Fuel Gas 6s & 7^s
United Light & Railway 5s, 1932
U. S. Public Service 6s, 1927
Western
WE
ARE
INTERESTED
IN
New Orleans
I
Securities
City Power & Light 8s, 1940
Locomotive & Mach. of Mont. 4s, '24
Pennsylvania Pr. & Lt. Co. 7s, 1951
Rochester Gas & Elec. Co. 7s, 1946
U.S.Steel Corp.50-yr.5s,'51,Ser.AtoF
Dayton Pr. & Lt. Com. & Pref.
J. S. Bache & Co.
Member8 New York Stock Exchange
New York
Light & Power 5s, 1925
Tel., 6400 Broad
BRANCHES and CORRESPONDENTS
Louis Levenson
Public Utility—Industrial
Short
Tartn
Tel. Broad 4931
Bonds
Securities.
M.
&
Eastern
5s,
1942
KT. & T. 2d 4s, '90 Dutch Ctfs.
Mo.
Kan.
&
Tex.
Ext.
5s,
1944
Wich. Falls & Northw. 5s, '39&'40
Evansv. & Terre H. Gen. 5s, 1942
New Orleans Gt.
Northern 5s, '55
Wabash, Tol. & Chicago 4s, 1941
Kan. City Clint. & Springf. 5s, '25
Bluff Point Land & Impt. 4s, 1940
Albany
Cincinnati
Baltimore
Buffalo
New York City
Pittsburgh
Cleveland
Chicago
Rochester
Kansas City
New Orleans
Boston
SECURITIES
111 Broadway
International Gt. Northern 5s, '14
Kan. & Tex. of Tex. 5s, 1942
Kan.
INVESTMENT
27 William St., N. Y.
Mo.
Mo.
EDWIN BANCKER & CO.
St. Louis
Syracuse
.
Philadelphia
Troy
Rector 0944-6-6
Salt Lake
City Union Depot & RR. 5s
Atchison Convertible 43,
Canada
Southern 5s
Baltimore & Ohio 6s,
Buffalo &
1924
Lien
& Pr. 5s, 1942
43^s
&
5s
1923
1917, Ctfs.
Terminal
Railway 5s, 1930
Granby 8s
& Peninsular
6s,
Toledo St. L. & West, 4s,
1st
Coal
Portland
Stephenville N. & S. Texas 5s
Wabash
Lt.
Advance Rumely 6s
Susquehanna 4s
Florida Cent.
Portland Ry.,
Consolidation
1955
4s
Fairmont Coal 5s
Chicago Elev. 6% Notes,
Two
Rector
Mexican
1919
Street 6s
Govt.
5s
(small denom.)
Missouri Kansas & Texas Issues
WOLFF & STANLEY
Telephone Rector 2920
72
Trinity Place, N. Y.
SAM'L
Phone 5380-1-2-3 Broad
GOLDSCHMIDT
25 Broad Street
THE
XVI
[VOL. 113.
CHKONICLE
fi"iHiTin"iiiii'iiiinintiiiii'iiiiTH'iriiniiiiinriiiiniii'irii
ti
'M""
I""" "'-i'
g&TTRADING DEPARTMENT
The World's Best Bonds
TELEPHONE RECTOR 4061
unusual
Some
w
BONDS
STOCKS
H
A
V
Beaver Board 8sy 1933
O
Liggett'* lntern'1 Com. "A"
VI
Caloric
D
Mich. Stamping
large speculative return through advance ef
Consol. Utilities 8s, 1925
Cincinnati Abattoir 8s, 1925
Buckeye Pipe Line
Brighton Mills ,,
Bucyrus Co. Pfd.
Foundation Co.
exchange.
Hershey Choc. 7^s, 1930
Holden Evans SS. 7s, 1924
Welch Grape Juice 8s, 1931
Co.
111
CHICAGO
Central Vermont 5s, 1930
Ilium. 5s, 1939
Portland Street Ry. 5s, 1930
and
Boaton
7 WALL STREET
NEW YOB
SOME EN8.BLDG.
OHICAGO
Costa Rica 5s
Chinese Government 5s
Akron, Canton & Younst'n 6s
Des Moines & Ft Dodge 4s
Inquiries Invited
A. R. Smith & Company
•7
Exchange Place, N. Y. Tel. Rector 6700
CHUCKS
Building
BONDS OF
CLEVELAND. OHIO
YORK
COWEN & CO.
FOREIGN
V
C.
BONDS
RUSSIA
CURRENCIES
Royalties Co.
Bought,
and
N
60 Beaver St., N.
16-18
New York
Exchange Place
We
have
orders in
Advance Rumely Co.
WANTED
U. S.
6s, 1925
Light & Heat Corp. 6s, 1935
Inquiries invited from
banksp brokers and dealers
Georgia & Alabama Railway 5s, 1945
$100,000
Northern
Raymond & Company
Ry.
60
5% Notes, 1914, def.
Wall
St.
(Hanover 7940), New York,
and
Stock
Exchange
Bldg.,
Angeles, Calif.
Los
Jerome B. Sullivan
FOREIGN
GOVERNMENT,
JC. Cg\
MUNICIPAL &
Of VJLI.
R.R. BONDS
44 BROAJD STREET, NEW YORK
Detroit Edison Deb. 7s,
Securities
Corp. General Com.
Hydraulic Steel 8s, 1931
5u34-6
7130-4:
Tel. Broad 1723-4;
OFFERED
1928-29-30
Southern California Edison 6s, 1944
Southern Calif. Edison Com. & Pfd.
American
HANSON & HANSON
Light & Traction 6s, 1925
Guaranteed Stocks
Write
SUTRO BROS. & CO.
120
Investment Securities
BROADWAY, NEW YORK
Telephone: Rector 7350
Tel.Whitehall 1006
72 Trinity Place,N.Y.
Bonds
Foreign
NEW YORK
Great
Bowling Green 2538
Y.
Telephone: Bowling Green 3841-55
HEYWOOD BROOKS & CO.
Internat.
POLAND
R.A.SOICH &CO.
UNDERWRITERS
149 BROADWAY
AND
Nehemiah Friedman & Co.
Sold
Quoted.
AUSTRIA,
GERMANY,
IM1
United
New York
from Banks and Brokers
ALL
A.
1884
Japanese Govt. 4s, 4%s & 5s
Argentine Govt. 4s & 5s
Brazilian Govt. 4s, 4%s & 5s
Buenos Aires 6s, 1926
Cuba Impt. 5s, 1960
Goodyear Tire & Rubber Pref.
C.
t
Exchange PI.
Goodyear Tire & Rubber Com.
IS Broadway
Com¬
countries
York
SECURITIES
Naw York, Chicago
Stock Exchanges
the
MELHUISH & CO.
43
BABC0CK, RUSHT0N & CO.
fiembers
invest¬
Trust
Circular L-867 on request
Bought, Sold A Quoted
West Penn Power 5s, 1946
In
Established
New
legal
are
Banks,
Trustees
DEPT.
Broadway
Cleveland Elec.
and
panies
bonds
Savings
of Issue.
RASMUSSEN & COMPANY
N
These
for
ments
Greenwich Bleach. 1st 6s, 1923
.
UNLISTED
NEW
obtalnedl
be
may
Bonds,
E
E
values
European Government and Municipal!
giving high yields, and a very
in
c
Members of New
York Stock Exchange
for Quotation Sheets.
3o$epb Walker 5 Sons
Members New York Stock Btdutno*
New York
91 Broadway
New
EVERY
INVESTMENT
BANKER
and
Jersey
Securities
BROKER
NEEDS
•
_
JI
Security Dealers of North America
OUTWATER & WELLS
15 Exchange
Place
Tel. 20 Montgomery
Jersey City, N. J.
Contains names,
addressee, firm members, class of securities dealt in, bank
references, long-distance telephone number of and the exchanges or prestige giving
organizations to which security dealers of the United States and Canada belong.
PRICE
SEND IN YOUR
FOREIGN
$3
BONDS'
Argentine 4s & 5s
Brazil 4s, 4)4s & 5s
French 4s, 5s & 6s
ORDER NOW
Italian 5s
Delivery January, 1922
FINANCIAL
PUBLICATION DEPARTMENT
MAXIMUM
Uruguay 5s, 1919
Costa Rica 5s, 1911
"Profit
PRODUCTION
on
CO.
Quantity Sales"
DUNHAM
Telephone John 2475
& CO.
SPECIALISTS
Suite 803, 49 Maiden Lane, New York City
43
Exchange Place, New York,
Telephone 8300-16
Hanover
Nov. 26
1921.]
THE
CHRONICLE
XVII
Western N. Y. & Pa. RR. 1st 5s, 1937
N. Y. & Erie RR. 2d Mtge. 5s, 1939
Rome. Wn. & Ogden.
P. C. C. & St. L. Ry.
United Kingdom SVfes, 1929
3^8, 4s, 5s, '22
Cons.4
*40-42
1937
Baltimore & Ohio 6s, 1929
Argentine Government 4c & 5c
Phila. & Reading RR. 1st 5s, 1933
Chic. Rock Isi. & Pac. Ref.4s, 1934
Brazilian Govt. 4c, 43^c & 5c
Lehigh Valley RR. Annuity 4*^8
Chic. Burl. & Quincy Jt.
Lehigh Valley RR. Annuity 6s
Illinois
Pine Creek RR.
New York
Telephone 6s, 1941
Southern
Railway Cons. $s,
1st 6s,
1932
Central
Biddle & Henry
Fifth
South
104
York
Chestnut
410
Members
of
& 5c
Mexican Government 4c & 5c
1994
Uruguay 5c, 1919
Members Nets York Slock
20 Broad
Call Canal 8487
Exchange
Tel.
Street, New York
Rector 9830
"
CO.
Sl
St.,
New
Stock
.
City of Tokio 5c
Japanese Govt. 4s,
L. M. PRINCE & CO
Street
Established 1865
BIOREN
1955
Refg. 4s,
Philadelphia
Pried* Wire to Neve
6)^s, '36
Philadelphia
York
and
Missouri Kansas &
Philadelphia
Exchanges.
Texas
Little Schuylkill RR. & Navig. Co.
City of Montreal North 6s, 1956
Govt, of Newfoundland
Railway Co.
All
Issues
Pittsb. Ft. Wayne & Chicago, Pref.
Chicago & Eastern
Pennsylvania Tank Line Equipments
Illinois RR. Co.
Roanoke Traction & Light 5s, 1958
All
(All Issues)
Province of Manitoba 6s, 1946
\
Province of Nova Scotia 6s, 1936
Province of British Columbia 6s, 1941
Issues
Province of Saskatchewan
53^s, 1946
Consolidated Lt., Ht. & Pow. 5s, 1946
Indiana Service Corporation
Syracuse Rapid
Pittsburgh
Union
of
West.
Pfd.
Philadelphia
Lombard 6414
Philadelphia Block Exchange
Land Title Bldg., Philadelphia
Members
CANAL 4846
Yark Telephone
Denver
&
5s,
Adj. 7s, 1932
1938
Augusta Terminal 1st 6s, 1947
Reading J. C. Coll. 4s, 1951
Chicago & Northwestern 6s, 1929
Consolidated Gas 7s, 1925
f
So. Pac., Frisco Term. 4s, 1950
Ogdensburgh & Lake Champ. 4s, 1948
Duluth & Iron Range 5s, 1937
Minneap. & St. Louis Cons. 5s, .1934
Indiana Illinois & Iowa 4s, 1950
Des Planes Valley 4)^s, 1947
Peoria
(Southern Lines)
Manitoba 4s,
Fort Scott 6s,
1928
West Shore Reg'd 4s, 2361
West Virginia
3)^8, 1939
Georgia-Carolina Pr.
1st
5s,
1952
Prince & Whitely
Ry. & Term. 1st 4s, 1937
1951
Members N. Y. Stock
52
Broadway
New York
WB,o.dS?.A,LR°AD ^°N«w York Clt,
Exchange
173 Orange St.
New Haven
Private wires to
Philadelphia, Baltimore,
Richmond, New Haven
Telephone: Broad 8484
ARTHUR C. RICHARDS & CO.
1933
Chic. & No. West. Ext. 4s, 1926
Chicago Railways 1st 5s, 1927
S. P. LARKIN & CO.
4s, 1939
PHILADELPHIA
BLDG.
Keystone: Main 6711
Bell: Lorn. 7056
Grande
1st
Southern Indiana Ry. 1st 4s,
WANTED
DREXEL
Rio
Central
Mobile & Ohio New 6s, 1927
MSCovm&Co.
Manila RR.
Union Bank Bldg., Pittcburgb
Direct Private Wire Connection.
Iowa
Hershey Chofc. 7 He, 1930
Sun Company Issues
Duquesne Light 7>4», 1936
New
HOLMES & CO.
York and Pittsburgh Stock Exchanges.
Broadway New York.
Stock
Power Issues
Penn.
61
Nets
FLEMING
Lafayette Building
Telephone
1950
Gen. 5s, 1997
Railways
Pennsylvania
GEORGE N.
SSI
Members
5s, 1953
Pittsburgh 5s,
Traction of Pittsburgh
Eastern
J. H.
1924
1st 5s,
General
Railways
Traction
Southern
Securities
Transit 1st 5s, 1946
Brothers Co.
Harrison
Amer. Tel. & Tel. Coll. 4s, 1929
Mortgage Bond Co.
Braden
Chase National Bank
Bank of Manhattan Co.
BONDS
FRANK J.
'
Ches. & Potomac Tel. 5s, 1943
Columbia Gas & El. 1st 5s, 1927
Chic. & N. W. Ext. 4s, 1926
DILLON
M.
NEW YORK, N. Y
71 Broadway
Copper 6s, 1931
3^8, 1929
Central Pacific
Tel. 6460 Bowling Green
New York
Government
WILL
Municipal
BUY
OR
Rio Grande & Western 1st 4s,
Willys Corp. 1st pfd. or ctfs.
■
Maxwell Motors undep. com. & 1st pfd.
H. H. Franklin Mfg. Com. and Pfd.
Railroad
Telephone.41/^s, 1939
Peoria & Eastern 1st 4s, 1940
SELL
Southern Bell Tel
& Tel.
'39
1941
Carlisle Tire Corp. Com. and Pfd.
Rolls-Royce Pfd.—Chalmers 6s
Corporation
Motor
Stocks
McKinley & Morris
Specialists
Tire and Rubber Stock*
Member* New York Stock Exchange
G.H.WALKER & CO.
Member* New
SO
York Stock Exchange
Cass Ave. & F. G. Ry. 4!/£s, 1922
Compton Hgts. U.D.&M.T. 5s,'23
OLIVE
Tel.
Tel. John 5020
St., N, Y.
NEW YORK
Bowling Green 2150 to 2157
Pacific Gas & Elec. 7s, 1940
Chicago Rys. 1st 5s, 1927
N. Y. Central Ref. 4%s, 2013 N. Y. State Rys. 4V£s, 1962
B. B. & R. Knight 7s, 1930
Southern Ry. Cons. 5s, 1994
Pennsylvania Co. 4s, 1952
Stock Exchange
ST LOUIS.
ST.
B. & O. P. L. E. & W. Va. 4s'41 N. Y. Telephone 6s, 1941
Lehigh Coal & Nav. 4%s, 1954 Consumers Power 7s, 1930
Consumers Power 7s, 1935
Lake Shore & M. S. 4s, 1928
Con. 4s & 5s, 1938
>o
ew
.
SIXTY BROADWAY
Canada South. 1st 5s, 1962
& CO.
Members St. Louis
509
Nasaau
Co.
ST. LOUIS
Broadway and Locust
STIX
R.B. Hathaway &
York Cent. Ref.
C. & Mem. Ry.
4l/^s, 2014
Vilas &
& B. 5s, 1929
Hickey
Members of New
Montgomery
Telephone
Broad S068
Bros.
25 Broad
New
St.,
York
49
Railroad
Dept. Tel.
York Stock Exchange
Wall St., New York
Hanover 8317
Public Utility Dept. Tel. Hanwver Itl
THE
xvin
wywiiiiiaaaMwm'wwwuHiiHwni'im"*nffi{TH«>Trfr«rTfiTwrntnirift.1,' ■« jr**X-'«M.nin.<TC.r<.
i^TRADI
[Vol. 113.
CHRONICLE
.
.
—-
;r ,r.i;
NG DEPARTMENT ftp
B. & 0.
Specialists in
Ch. Burl. &
French Govt. 4s, 5s & 6s
>
Italian Govt. Consol. 5s
Republic of Uruguay 5s, 1919
Province of Buenos Aires 5s
State of Sao Paulo 5s, 1944
State of Sao Paulo 8s, Guilder Is.
Argentine Govt. 4s & 5s, all issues
Braz. Govt. 4s, 434s & 5s, all issues
Belgium Govt. Internal 5s
i
British Govt. 4s, 5s, all issues
Chinese Govt. Reorganization 5s
Costa Rica 5s, 1958
Members New
York
Imp. 5s, 1928
Wabash 1st 5s, 1939
ARTHUR E. FRANK & CO.
Telephone Rector 970
Members of New York Stock Exchange
Chicago—-Milwaukee—London—Liverpool—Paris
100
Tel. Rector 5300
Broadway, n. Y.
Private Wires to principal cities of United States and Canada
|
—
■
■
'
.
1
;
.
|.
4s, 1958
gen.
St. L.-S. F.P.L. 4s & 5s, 1950
Stock Exchange
Broadway, New York
4V2s, 1930
Q.
& R. G.
Denv.
PYNCHON & CO.
111
(Tol. & Cin.) 4s, 1959
Ches. & Ohio
BONDS
FOREIGN
v
Shawinigan Wat. & P. Co. 5s, 534s»
Duquesne Light Co. 6s, 7348
Denver Gas & Elec. Co. 1st 5s, 1949
,
.
Denv. G. & E. L. Co. 1st Ref.
WE
OFFER
IMMEDIATE DELIVERY
FOR
THE
INDUSTRIAL
MUNICIPAL BONDS
434s (Gen. Elec. Co.)
Bad. Anilin 434s
Hamburg Amer. Line 434s
Hamburg 4s & 434s
Leipzig 6s
Prague 4s
North German
4792
Municipal Bonds
434s
$100,000 Boonton, N. J., 5^/2%
All Foreign Securities
BOUGHT
—
SOLD
December
QUOTED
—
60 State St.,
Boston, Mass.
Telephone
Fort Hill 6194
Krupp 5s
Vienna 4s & 5s
Price
R.
BAUER &, CO.
M.
25
BROAD STREET,
Phones—Broad
416.
417.
S«78f
on
1922-1951
Application.
c. w. whitis a co.
NEW YORK
658.
& Go.
A. Watson
e.
BONDS
A. E. G.
Berlin 4s
5s, 1951
FOLLOWING:
bonds
investment
4308
new york city
street
cedar
85
Representatives of/ Anglo Austrian Bank. Vienna and all its branches
IHardy & Co., G.m.b.H. BERLIN
Republic of Panama 5s, 1944
'
N, Y. Tel. 6s, 1941
WM. KLUMPP & CO.
Chicago & Eastern Illinois R. R.
Pine
45
New
Street
York
Tel. John 5180
Missouri, Kansas & Texas Ry.
Specialists in
CHICAGO
AH Issues, Old & New
SECURITIES
ROBERTS, HISCOX & COMPANY
BOUGHT—SOLD—QUOTED
29
South
La
Salle
CHICAGO,
Mason City & Ft.
New
*
■
r-J
1
Dodge 4s, 1955
Orleans-Great Northern
5s
1
Street
ILL.
y
WE WILL BUY
Utica Gas & Electric 7^8
Utica Gas & Electric 5s
Kirby Petroleum
Mohawk Valley Investment
Corp.
Organized Under New York 8tate Banking Lawn
225
WM.
Genesee
Utica, N. Y.
St.
C. ORTON & CO.
Specialists in Reorganization Securties
54
Wall
St., New York
Government,
Public
Tel.
Hanover
9690-9697
When Purchasing
Municipal,
Utility
Railroad
Industrial
Bonds
Find
out
first
if
they
fundamentally sound. For
Investment bonds
dollar
to
A. B. Leach &
the
Co., Inc.
bUad.Iphl.
Soranton
St., New York
105 So
La Salle St.,
security of
Chicago
Cl.nl.ndi
Detroit
Hertford
Pitt.bur.h
St. Lout.
any
established
608 Chestnut
Boeton
will send you an up
unbiased
opinion
on
bond issue.
Investment Registry of America, Inc.
Investment Securities
n Cedar
we
date
are
one
Mlnnaapoll.
Milw.uk..
Street,
1910
Philadelphia
2sTov. 26 1921.]
THE
XIX
CHEONICLE
^financial
engineer*
R. J.
Reynolds
Tobacco
A Well Seasoned External
B
Sterling Issue
i
Stock
5% Gold Bonds 1904
Rio de Janeiro
Bought & Sold
(Federal District).
This bond, which
is
an
external obligation of the Federal
which includes within its borders
District of Rio de Janeiro,
MacQuoid
to ember t
14 Wall
<&
Coady
Stock
York
New
capital city of Brazil, is on an annual income basis, at
present
is
Exchange
over
prices
of
ing advantage
WE
United
Certificates
States
Winchester
Co.
1st
Barnsdall 8s, 1931
Brazilian Light &
bond
Indebtedness
of
yield
The
to
Pfd.
maturity
opportunity of tak¬
in sterling ex¬
present depreciation
of the
well-seasoned
change and at the same time investing in a
IN
INTERESTED
ARE
7y2%.
over
8%.
Investment in this security affords the
Rector 9970
Tel.
St., N. Y.
the
backed by the
faith, and credit of one of the most im¬
portant districts of South America.
Traction 6s,
1922
and
Circular
price upon request.
Inquiries Invited
Josephthal & Co.
Members New York Stock Exchange
120
Rector 5000
Tel.
Broadway
American Express Company
65
The Youngstown
The
Brier
Steel
Trumbull
The
YORK
Company
Steel
Hill
BROADWAY—NEW
Sheet & Tube Co
Company
The Robert W. Forcier Co.
Mahoning Bank BIdg.,
501-2
OHIO.
YOUNGSTOWN,
TOLEDO, ST. LOUIS and WESTERN
Gulf Oil
Corporation
Oil
Humble
&
RAILROAD CO.
Co.
Ref.
STOCKHOLDERS' PROTECTIVE COMMITTEE
Magnolia Petroleum Co.
Notice to Stockholders
:
of the entire issue of both common and preferred stock
has been deposited with Empire Trust Company, 120 Broadway, New York,
the Depositary of the Stockholders' Protective Committee under the
Agreement constituting the Committee dated December 15th, 1914,
the original of which Agreement is lodged with the Depositary.
The Committee has extended the time for depositing stock without
Over 96 per cent
DUNN & CARR
penalty until December 1, 1921J and has mailed notice thereof to all stock¬
Texas
Houston,
holders whose addresses
are
known.
deposit their stock with the above
later than December 1, 1921, in order
to enable them to participate in the settlement made by the
Committee for the benefit of all depositing stockholders.
Stockholders
should
named Depositary not
CANADIAN
BOUGHT AND
\
Dated, New York, November 22, 1921.
E& BONDS
JULES
S.
BACHE, Chairman,
WALTER S. CRANDELL,
SOLD
G.
EDMUND
Sterling Bond Corporation, Limited
136 St. James
St., Montreal, Can.
COLGATE
E. P.
HAMERSLY,
HOYT,
WALTER C. TAYLOR,
Protective Committee.
Goetz, Secretary,
Broadway, New York.
42
CINCINNATI SECURITIES
Westheimer & Company
New
Members of the
York
We Are
MD.
ANSAS &
1
M ISSOURI Km EXAS
United Lidht & Railways Co.
1st
&
Mtge.
Refunding
Due June
To
Gold
5%
Specializing in
Exchange
BALTIMORE,
OHIO
CINCINNATI,
Stock
Cincinnati Stock Exchange
Chicago Board of Trade
Baltimore Stock Exchange
New ISSUES
Bonds.
1932.
1st,
yield 7.45%.
All Denominations and Scrip
GIBSON & COMPANY, Inc.
INVESTMENT
Correspondents
of
E.
BANKERS
M.
Hamlin
&
Co.
Stock Exchanges
St., Springfield, Mass.
Members of New York and Boston
877
Main
Upon request
Analytical
the
Texas
we
will forward
Circular,
which
a
copy
gives
of
details
our
of
Reorganization Plan of the above system.
Municipal Bonds
High Yield
Short-Term County
J.
141
Note*
L. ARLITT
Broadway.
Tel
New
Rector
4814
Auabtr TexasBankers'
Hartshorne &, Battelle
Iembers
York
AooccCatiau
25 Broad Street
New
York
:
Stock
Exchange
New York
THE
XX
[Vol. 113.
CHRONICLE
jNnanrtal
jflnantlal
A Commercial Bank
Moline
Plow
Notice to holders and
-
v
Company
Ever
demands of whatsoever character against, and to the holders
and
an
of all classes of stock of,
owners
From
founded,
was
the
years ago,
time to
time,
de¬
new
partments
have been added,
extending
and
Bank's
widening
service,
but
the
it
has
always remained first of all
Creditors of the Moline Plow
Company other than those holding
become parties to said reorganization Plan
commercial
and
bank,
mercial banking its
a
com¬
principal
% activity.
To-day this Bank is recognized
holding negotiable instruments other than the Seven Per
Cent Serial Gold Notes Series "C," "D," "E" and "F," dated September
1,1918,
Company.
commercial banking.
hereby notified that:
and
Agreement by signing copies of said Plan and Agreement and
indicating under their signatures the amount and nature of their claims
and depositing the said copies so signed with the Central Trust Com¬
pany or Illinois, 125 West Monroe Street, Chicago, Illinois, Depositary,
on or before the 12th day of December, 1921.
sixty
Merchants
big end of its business has been
deposited
designated depositaries claims of creditors of all classes
assenting to the Plan and Agreement of Reorganization of Moline Plow
Company, dated September 22, 1921, in an aggregate of more than
ninety-six per cent (96%) of the outstanding claims of creditors against
said Company; and that the time for deposit of all notes, claims, ac¬
counts and demands of whatsoever character against, and all classes of
stock of, Moline Plow Company has been extended to and including
December 12, 1921.
Creditors
Chicago
than
more
YOU ARE HEREBY NOTIFIED that there have been
may
Trust
Moline Plow Company,
with the various
negotiable instruments
The
and
Bank of
Illinois Corporation.
You and each of you are
since
Loan
of all notes, claims, accounts and
owners
as
become parties to said reorganization Plan and Agreement
by signing a copy of said Plan and Agreement and depositing it and such
instuments with the Central Trust Company of Illinois, 125 West
Monroe Street, Chicago, Illinois, Depositary, on or before the 12th day
of December, 1921.
"V
.w;''
of
one
the
leading
trust
may
companies of the United States
in volume of commercial busi¬
ness
•■
.
Holders of Seven Per Cent Serial Gold Notes, Series "C," "D," "E"
and "F," issued under an Agreement dated September 1,1918, between
and
holdings of bank de¬
posits.
Moline Plow
Company and Central Union Trust Company of New
Trustee, may become parties to said reorganization Plan and
Agreement by depositing their notes with the interest coupons due
September 1, 1921? and subsequent thereto, with the Central Trust
Company of Illinois, 125 West Monroe Street, Chicago, Illinois, as
Depositary, or with The National City Bank of New York, 55 Wall
Street, New York City, as agent of said Depositary, in either case,
on or before the 12th
day of December, 1921.
York
as
Owners
or
BOARD OF
>:v.
CLARENCE A. BURLEY, Attorney and
Capitalist.
MARSHALL
Glore,
.
FIELD,
Ward
&
Marshall
Field,
Company.
ERNEST A. HAMILL, Chairman Corn
holders of the First Preferred Stock of the Moline Plow
Exchange National Bank.
Company, of the Second Preferred Stock of said Company and of the
Common Stock of said Company may become parties to said Plan and
Agreement by signing a copy of said Plan and Agreement and depositing
it and their said stock with the Central Trust Company of Illinois, 125
West Monroe Street, Chicago, Illinois, Depositary, on or before the
12th day of December, 1921.
Said certificates when so deposited shall
be assigned in blank by the persons in whose names
they stand.
Dated November 21,
'
DIRECTORS
HALE
HOLDEN.
President
Burlington & Quincy
MARVIN
Co.
Chairman
HUGHITT,
Chi¬
Railway Co.
& North Western
cago
Chicago
RR.
EDMUND D. HULBERT, President.
CHAUNCEY
Field
Trustee Marshall
KEEP,
Estate.
1921.
FRANK 0.
CYRUS
WETMORE, Chairman,
PERCY H. JOHNSTON,
R. I. BARR,
H.
McCORMICK,
Chairman
International Harvester Company.
JOHN
v
J.
MITCHELL,
Chairman
of
Board.
RONALD M.
^
BYRNES,
C. P. COFFIN,
Reorganization Committee.
LYMAN A. WALTON, Secretary,
38 South Dearborn
Street,
Chicago, Illinois.
LEVINSON, BECKER, SCHWARTZ & FRANK,
Street,
Chicago, Illinois.
Counsel for Reorganization Committee.
of out-of-town
In
addition
foreign,
of
the
JOHN
G.
Field
RYERSON,
Chairman
SHEDD,
&
President Marshall
Company.
SMITH, Chairman of Advisory
ALBERT
P.
SOPER,
President
Soper
Company.
A.
SPRAGUE,
Warner
&
Chairman
Co.
Represent You
Pittsburgh
I
'
i
'•
completely organized department for the service
banks, firms and individuals.
to
a complete
banking service, both domestic and
knowledge of the financial and industrial affairs
Pittsburgh District is at your disposal.
our
MELLON NATIONAL BANK
PITTSBURGH, PA.
Capital and Surplut
L.
Joseph T. Ryerson k Son,
Sprague,
'
a
Pull¬
-
A Bank to
m
EDWARD
Lumber
Street,
Chicago, Illinois.
Depositary.
President
Committee.
125 West Monroe
m
RUNNELLS,
Company.
JAMES
CENTRAL TRUST COMPANY OF
ILLINOIS,
We maintain
S.
man
ORSON
76 West Monroe
In
JOHN
-
-
%11,000,000.00
"Identified with Chicago's
Progress Since 1857"
Capital and Surplus,
$15,000,000
Nov. 26
1921.]
THE
CHRONICLE
xxi
Jffnanrtal
New Income Tax Law
An
We have
prepared for the
Explanatory Analysis
use
of
our
customers
the New Income Tax Law which has
signed by the President.
an
explanatory analysis of
just been enacted by Congressjand
v
This analysis contains tables and charts and
shows graphically
of operation of the Income Tax under the
Revenue Act of 1921.
We shall be
pleased to send to investors
and also to assist
as
much
as
possible
on
the method
a copy of this analysis,
interested in the practical
request
anyone
interpretation of the Act.
Ask for
our
Income Tax Booklet E-3
Harris, Forbes & Company
Pine
Street, Corner William, New York
r
He Knows
Every Mail
•
\
Route Out of CleTT eland
ND
he's
in
our
Transit
his first consideration.
route and best train to
"Save
a
Department.
He
can
hurry
tell in
your
a
Speed!
That's
second the best
out-of-town items.
day" is his slogan—ana sometimes he
saves
two
o~
three.
As
high
as one
ment and every
Wouldn't it be
hundred thousand checks
a
single check catches the first
a
day have
not
correspondents
appeal strongly to
write you
our
Transit Depart¬
were
actually
lingering along the roadf
Then there's the interest to consider—for because of
are able to handle them for
we
us
through
satisfaction to you to know that
your ou -of-town items
being collected post-haste and
Let
gone
train out of CI veland bound for destination.
our
upon
prompt press ntation of checks
attractive terms which will
very
you.
about this.
Capital and Surplus $33,000,000
*
The Union Trust
Cleveland
Company
[Vol. 11S.
CHRONICLE
THE
xxii
JBanfe Statements
Companies
Jtotite*
REPORT OF THE CONDITION OF THE
BETHLEHEM STEEL CORPORATION
UNITED STATES TRUST COMPANY
i
Secured Serial Seven Per Cent
November,
the Secured
Notes, Series
D, of Bethlehem Steel Corporation, ls&ued
under the Trust Indenture, dated July 15,
1918,
between Bethlehem Steel Corpora¬
tion, Bethlehem Steel Company and Bank¬
Trustee.
Trust Company, as
HEREBY GIVEN that Bethle¬
hem Steel Corporation has elected to exercise
its right to redeem, and will redeem and pay,
on
January 16. 1922. all of its Secured Serial
Seven Per Cent Gold Notes of Series D then
NOTICE
RESOURCES.
Notes of Ser¬
date, January
of said Notes of Series
D are requ'red on said redemption date to present
them for redemption and payment at the office
of Bankers Trust Company, No. 16 Wall Street,
in the Borough of Manhattan, in the City of New
York; and that on presentation and surrender
thereof with coupons maturing on July 15. 1922,
at said office as aforesaid said Notes of Series I)
will be redeemed and paid at 100% of the prin¬
cipal amount thereof and interest accrued to said
outstanding; that interest on said
ies D will cease on said redemption
$100,000 00
Bank
the
for
of
provisions
the
with
D
Series
said
right
to
exchange said
Consolidated Mortgage
Thirty-Year Sinking Fund Six per Cent Gold
Bonds, Series A, of said Corporation, due August
1, 1948, now pledged under said Trust Indenture,
wtti continue up to said redemption date, January
16, 1922.
The holder of any one or more of said
Notes of Scries D upon the surrender thereof at
said office of Bankers Trust Company on or be¬
fore said date, will be entitled to receive in ex¬
change therefor one or more bonds of said Series
A of such
aggregate principal amount (which
shall be $1,000 or a multiple thereof) that such
bonds, taken at a price to yield six and one-half
per cent per annum (computed according to the
tables or bond values specified in said Trust
Indenture), will equal the principal amount of
the Notes so surrendered
for exchange, with
a cash adjustment of accrued interest, and with
a payment in cash by said
Corporation of that
part of the principal amount of the Notes for
which bonds cannot be delivered upon any such
exchange.
Application will be made for the list¬
ing of said bonds, Series A, upon the New York
Stock Exchange,
Private
7,649,367 13
securities
discounts
and
Loans
and
bond
by
secured
deed
mortgage,
discounts
and
36,250 00
secured
by
other
purchased
bills
and
discounts
by collateral—i
not secured
Bank
Other
11,100,766 09
5,052,643 76
...
viz.:
by W.
STEEL
1,000,000 00
viz.:
$70,996,912 56
—
$12,000,000 00
3,773,675 43
of
NEW
YORK
OF
CITY
Bank
and
YORK
of
In
$9,503,208.04
335,977.93
of
other
the
LIABILITIES
payment
Undivided
Due
13,315,081 84
follows:
as
York
New
State
Savings Banks
Due
2,643,101 21
1
.$5,500,000.00\ $5,855,645.25
355,645.25/
profits
Deposits, preferred,
Other certificates of de¬
New
$4,138,051.62
York
State
Savings & Loan Asso¬
companies,
trust
$5,500,000.00
Surplus:
Surplus fund
de¬
thirty days
ciations, Credit Unions
9,076,522 22
and Land Bank.
52,119,108 26
Extend total deposits
Other liabilities, viz.:
for
taxes, ex¬
41,563.09
'
books
at
business
New
above
York
Other
647,665 27
by
28,963 60
1,104,128 87
950,000.00
deposits secured
pledge of assets.. 2,139,403.20
Not preferred, as follows:
Deposits
subject
to
a
check
Time
$70,996,912 56
Total
48,736,817.59
deposits,
certifi¬
cates and other
the
which
depos¬
legally
within
required
thirty days
Jtnanrtal
has
of
payment
cannot
be
in
of
or
.....
Estimated unearned dis¬
County
committee
depositary
1,402,350.88
Deposits by the State of
close of
on
deposits due as
administra¬
tor, guardian, receiver,
executor,
trustee,
$427,500 00
etc
date....
THE
Demand
165,770.90
deposit
of
the
United
with before
States,
required to
YORK
Other
complied
be
association shall be authorized to
business of Banking;
NOW THEREFORE I, D. R. CRTSSINGER,
bradf$d
"THE
BANK
OF
METROPOLITAN
THE
CITY
OF
the
CITY of NEW YORK
In the
NEW
YORK
and
State of NEW
authorized to
YORK"
YORK
pass
40,325.96
checks
235,684.40
out¬
Including
similar checks of other
is
officers..
Banking
Certified
provided in Section Fifty-one hundred ana
sixty-nine of the Revised Statutes of the United
_
checks
Unpaid dividends
Due
States.
trust
1,019,562.62
15,123,228.70
2,862.00
companies,
banks and bankers
CONVERSION
of
with 6 branches in
hattan,
1
County
branch
"Metropolitan
Bank"
the Borough of Man¬
and
in
the
State of New York,
Borough of Brooklyn,
Kings and State of New York.
TESTIMONY
WHEREOF
witness
my
hand and
Seal of ofTice this
TWENTYFOURTH day of SEPTEMBER, 1921.
D. R. CRISSINGER,
Comptroller of the Currency.
Bureau.
Seal of the Comptroller of
the Currency. Treasury Department.)
loans secured by obli¬
9
4
yspain ^ 0
^ MADRID.
C
Ten-Year
Six
Cent
Per
Gold
Notes.
Pursuant to Article V. of the Trust Agreement,
dated
September 14, 1912, made by the Utah
Securities Corporation with the undersigned as
Trustee, to secure the Ten-Year Six Per Cent
2,000,000.00
.$2,000,000.00
gations of U. S
Acceptances of drafts payable at a fu¬
ture date or authorized by commercial
BARCELONA'S#
letters of credit.
9,503,208.04
.....—
Other liabilities, viz.:
/'SEVILLE
Reserves for taxes,
ex¬
#
VALENC^ppgv/f
penses,
$175,040.16
etc
Accrued interest enter¬
on
books at close of
business
Corporation
79.467,991.70
Rediscounts other than
ed
Utah Securities
...
Rediscounts, viz.:
IN
(Currency
4,943,469.16
Extend total deposits
County of
on
above date
80,234.82
Accrued Interest not en¬
tered on books at close
IN FRANCE
of
business
date
Paris
Our
American
Gold Notes of the said Utah Securities Corpora- i
all
branch
business
places
men
in
above
on
12,262.04
—
Estimated unearned dis¬
202,470.51
counts...
470,007.53
direct
Guaranty Trust Company of New York, I
as Trustee thereunder, invites proposals in writing
for the saie to it of the said notes at not exceeding
101 and accrued interest, for which purchase
tion.
said
.
C
books
standing,
as
and
of
withdrawable
Cashiers'
In
County of
the business of
commence
certificates
only on presentation of
NATIONAL
NEW
528,901.58
Deposits
manch 1;
Comptroller of the Currency, do hereby certify
that
certificates of
deposit
an
the
commence
$102,796,852.52
_
stock.1
Capital
ly be required within
Due
13,786.20
Total
of which cannot legal¬
posit
above
on
195,989.56
796,590 84
certifi¬
deposits,
posits,
business
date
12,767,807 07
check
and
$182,203.36
en¬
secured
by a pledge of assets.
Not preferred, as follows:
subject
to
Deposits
cates
above date
on
tered on books at close
.
Othor deposits
books at close of
on
Accrued Interest not
tor,
guardian,
re'
ceiver, trustee, com¬
mittee or depositary- 11,789,112 86
Time
9,167,230.11
Other
YORK"
the
8,588.82
472,600.00
6,321.23
anticipations
business
deposits due as
executor, administra¬
NATIONAL
NEW
26,824,862.42
.
$2,545,709.98
buildings. _i
compiled with all the provisions of the Statutes
State
purchased
Customers' liability on
ed
$1,830,892 22
Savings Banks
counts
NEW
bills
Bonds and mortgages owned
its,
THE
and
by collateral
Accrued interest enter¬
Accrued Interest entered
METROPOLITAN
CITY
NEW
discounts
Other assets, viz.:
appear that
OF
15,286,418.71
;■
ities, per contra)
Due New York State
CURRENCY.
the
Loans,
Less
Other
Washington, D. C., September 24, 1921.
WHEREAS,
by
satisfactory
evidence
pre¬
sented to the undersigned. It has been made to
The
other
2,552,031.21
Preferred, as follows:
on
BANK
264,300.00
and discounts secured by
acceptances (see liabil¬
Deposits:
12021.
OF
or
15,773,675 43
CORPORATION,
COMPTROLLER
Loans
6,628,670.19
4,221,647.60
by bond
other real
secured
discounts
mortgage, deed
estate
collateral
Other real estate
$2,000,000 00
Capital stock...
Surplus:
Surplus fund
Undivided profits
TREASURY DEPARTMENT.
OF
securities
and
Real estate, viz.:
penses,
OFFICE
securities...'...$2,407,022.59
Public
Loans
Overdrafts
552,102 93
close of business on above date
Reserves
No.
4,814,662.09
ments, viz.:
not secured
Accrued Interest entered on books at
banks and bankers..
HARTMANN, Treasurer.
F.
companies
collateral
buildings
assets,
8,106,937.59
Due from other banks, trust
and bankers
and
Bonds and mortgages owned.
Real estate,
_.$26,531,250.62
28,538.42
26.559,789.04
Private
32,734,405 50
collateral
Loans,
next
ings
Stock and bond Invest¬
real
other
or
estate collateral. .;—
Loans
and checks
day's clear¬
Exchanges
New York less offsets
11,102,367 13
Dated, Nerw York, November 23, 1921.
BETHLEHEM
1,839,821.00
Due from the Federal Reserve Bank of
$3,453,000 00
Public securities
LIABILITIES.
of
$74,951.78
pecie
Other cash items
Stock and bond investments, viz.:
Total
PRIVILEGE.
day of
1921.
5,018,377 15
offsets
less
redemption date.
Notes
the fifteenth
on
Other currency authorized by the Laws
of the United States
for
4,300,000 00
.....
approved reserve depositaries,
Due from
16, 1922; that the holders
In
accordance
Trust
Indenture
of business
close
Cash items, viz.:
Specie (gold certificates)
.
Due from The Federal Reserve
of New York, less offsets..
IS
CONVERSION
the
RESOURCES
business on the 15th day of
1921.
-
at the close of
To each and every holder of
Serial Seven Per Cent. Gold
ers
at
November,
REDEMPTION.
OF
THE BANK OF AMERICA
OF NEW YORK
Gold Notes, Series D.
NOTICE
CONDITION OF
REPORT OF THE
Trustee
has
deposit One Million !
Three Hundred Twenty Thousand Five Hundred ,
Thrfee and 3-100 Dollars ($1,320,503.03).
Sealed proposals will be received by the under- '
signed at Its office. No. 140 Broadway, New York
City, until 12 o'clock noon on Friday, Decem¬
ber 2nd, 1921.
Notice of purchase of notes will be mailed on
now
on
December 2nd, 1921, and the notes so purchased
must
be delivered to the undersigned before the
close of business on December 9th, on which date
Interest will
WILLIAM
Dated,
NEW
C.
November
YORK.
POTTER,
17.
1921.
President.
$102,796,852.52
Total
Other branches in
Spain
Jfmanrtal
Argentina
Bradford
Chile
Manchester
Peru
Mexico
Uruguay
^
.
| (I 07
\J */Q
JL
Anglo-South American
"Bank., limited
NewvYork Agency, 49 Broadway
cease.
GUARANTY TRUST COMPANY
OF
banking contact with
parts of France.
Head
Office, London
COMPOUNDED SEMI-
ANNUALLY on investments In monthly paymeuts
or
lump
sums;
Safety; Real Estate Security; Tax-Exempt;
State
Supervision.
OKMULGEE
Okmulgee
Send for
Details.
BUILDING & LOAN
ASS'N
Oklahoma
'■&
'
■
'
Nov. 26
1921.]
THE
CHRONICLE
XXIII
®rust Companies
%ux\ %xfz %nmxmct & Jntst € 0.
52
WALL
STREET, NEW YORK
Receives Deposits
Subject to Check
Allows Interest
Daily Balances.
Will
on
otherwise.
or
Manages Property and Collects Income
Agent tor Owners.
A Trust
Grants Annuities
Company of Moderate Size Which Makes
STATEMENT—At the
Close of Business
on
as
Favorable Terms.
Specialty of Personal Trusts.
a
November 15,
on
assets
1921,
liabilities
Estate..
Real
for Fixed Periods and
or
Accepts Trusts created by
Bonds and Mortgages
Bonds and Stocks, viz.:
Public Securities (Inc. U.S. Bonds $1,463,022.16)
Private Securities
Loans on Collaterals
Bills Receivable (Inc. U. S. Ctfe. $755,915.31)
Cash in Company's Vaults
Cash on Deposit
—Accrued Interest, Rents, Suspense Account, &c—
Overdrafts...
/
$2,000,000.00
2,932,554.92
Capital...............................
Surplus Fund and Undivided Profits
Deposits
Annuity Fund
Interest due Depositors, Taxes, &c
3.036.926.61
9.070,351.75
6,459,876 49
$1,000,000.00
2,760,580.19
24.962,284.82
1,983,204.59
398,780.17
4,433 615 31
1,82 v .994 43
973.5P4.48
288 886 38
37,57940
...
$31,060,849.77
$31,060,849.77
TRUSTEES
Frederic W. Stevens
Cleveland H. Dodge
Howard Townsend
Edward J. Hancy
Stuyvesant Fish
Thomas Denny
Alfred E.
Henry Parish
Edmund L. Baylies
Columbus O'D. Iselin
Lincoln Cromwell
Moses Taylor
Nicholas Biddle
Joseph H. Ohoate, Jr.
Edward M. Townsend
William M. Cruikshank
Edwin G. Merrill
EDWIN
HENRY PARISH,
ZEGER W.
LOUIS
van
ZELM,
ZELM,
van
G.
MERRILL, President
JOHN C.
Vice-President
Vice-President
Stotoenb*
Dtoibtttiin
JSibtoenb*
UNION PACIFIC RAILROAD COMPANY WINSLOW, LANIER &, CO
Quarterly Dividend of
A
$2.50
this
payable
share
per
on
the
Common
ftockholders of record at 3 p. m. Thursday,
)ecember 1, 1921.
EDWARD G. SMITH, Treasurer.
New York, N. Y., November 10, 1921.
CANADIAN PACIFIC RAILWAY COMPANY.
At
102.
meeting of the Directors held to-day the
quarterly dividend of two and one-half
a
usual
per cent on the Common Stock for the quarter
ended 30th September last, being at the rate of
seven
per cent per annum from revenue and
three per cent per annum from special income
account, was declared payable 31st December
next,
shareholders
to
record
or
at
3
p.
m.
on
1st December next.
ERNEST ALEXANDER. Secretary.
Montreal, Nov. 14, 1921.
THE CHESAPEAKE & OHIO RAILWAY CO.
61
59 CEDAR STREET
Stock
Company has this day been declared,
on
Tuesday, January 3, 1922, to
DIVIDEND NO.
NEW YORK
THE FOLLOWING COUPONS AND DIVI¬
DENDS ARE PAYABLE AT OUR BANKING
The Board of Directors has to-day declared a
of TWO PER CENT upon the
DIVIDEND
will
not
& Pitts. Rd. Co. Special Guarantee
Betterment Stock Div., quarterly 1%.
Cleveland
Marion County,
Indiana, 3M& Refunding Bonds.
Randolph County, Indiana, Sinking Fund.
DECEMBER 3rd, 1921.
Marion County, Indiana, Funding 3J^s.
DECEMBER 10TH, 1921.
Marion County, Indiana, Refunding 4s.
DECEMBER 15TH, 1921.
i
Indianapolis, Indiana, School Building Bonds.
DECEMBER 30TH, 1921.
Indianapolis, Indiana, Refunding 4s.
A. TREVVETT, Secretary.
The American Sugar
Refining Company
Preferred .Dividend
On the Preferred Stock
of
one
m
being die 120*1* consecutive dividend
tHereon;
payable
January, 1922,
on
the
on
the third day of
stockholders of record
first day of December, 1921.
DIVIDEND NO. 2
A DIVIDEND of one dollar and fifty cents
($1.50) per share on the Capital Stock of this
Company has been declared, payable at the
Treasurer's Office, No. 165 Broadway, New
York, N. Y., on January 20, 1922, to stockholders of record at three o'clock P. M., Tuesday,
December 20, 1921.
The stock transfer books
will not be closed for the payment of this dividend.
Cheques will be mailed only to stockholders who
have filed dividend orders.
HUGH NEILL, Treasurer.
New York, November 17, 1921.
American
Telephone & Telegraph Co.
Thirty-Year
Trust
Gold
Five
Cent
Per
Collateral
December
Due
Bonds
1
1946.
to
Coupons from
terms
The Transfer Books will not close.
EDWIN T. GIBSON.
Secretory
on
agency
of
these
December
the
Bonds, payable by their
1921,
1,
Company
at
In
New
the
office
York
or
or
In
Boston, will be paid in New York at the Bankers
Company. 16 Wall Street, or in Boston
Trust
at
Swift & Company
Union Stock Yards,
The Merchants National
H.
Dividend No. 144
On account of annual meeting, transfer books
will be closed from Dec, 111 1921, to Jan, 5, 1922,
both inclusive.
C. A. PEACOCK. Secretary
of record at the
have
THE
UNITED
12th, 1921.
FRANK J. FAHEY, Treasurer.
Boston, Nov. 18th, 1921.
GENERAL ELECTRIC COMPANY.
Notice is hereby given that a dividend of two
dollars per share has been declared, payable in
cash
on
January 14, 1922, to stockholders of the
General Electric Company of record at the close
a
Company of record at the close of business hours
on December 8, 1921.
Stockholders will be paid
the cash value of fractional shares arising out of
such stock dividend, based upon the market price
of the stock at the close of business on Decem¬
ber 8.
1921, except as to those who request scrip
certificates
for
fractions
By order of the Board of Directors.
M.
LIMA
Philadelphia, September 14, 1921.
have this day declared a quar¬
one and
three-quarters per
cent
per share)
on the Preferred
Stock of this Company, payable December 15,
1921, to holders or Preferred Stock of record at
the close of business November 30, 1921.
mailed.
I. W.
WESTOVER.
Secretary.
WORKS.
INCORP.
York City.
Sept. 29, 1921.
The Board of Directors has this day declared a
dividend of seven
(7%) per cent, upon the
Common Stock of the Company, payable in
LOCOMOTIVE
17 East 42 nd Street, New
installments, as follows:
l%% December
1,
1921, to stockholders of
record at the close of business Nov. 15,1921.
l%% March 1, 1922, to stockholders of record at
the close of business February 15, 1922.
1%% June 1, 1922, to stockholders of record at
the close of business May 15, 1922.
l%% September
1,
1922, to stockholders of
record at the close of business August 15,
L. A. LARSEN,
Vice-President and Treasurer.
Office of
CO.
dividend of
(87 H cents
be
F.
v1922.
The Directors
Checks will
of shares.
The stock transfer books will not be closed.
Bank.
N. W. Comer Broad and Arch Streets,
terly
Tnursday, December 8, 1921.
dividend of two per cent has been
been declared, payable in stock of the Company
at par on January 14, 1922, to stockholders of tne
BLAIR-SMITH, Treasurer.
Office of
GAS
IMPROVEMENT
close of business
December
Chicago
Dividend of TWO DOLLARS ($2.00) pershareon
the capital stock of Swift & Company, will be
paid on January 1,1922. to stockholders of record,
December 10,1921, as shown on the books of the
Company.
Directors
Boston, Mass., on Decem¬
19th, 1921, to stockholders
ber
Also that
PACIFIC OIL COMPANY
dividend
and three -quarters per cent,
of
Board
of business nours on
close.
Checks will be mailed to stockholders at the
addresses recorded on the books of the Company.
The
to-day declared a stock dividend
of 10%, payable from the office
of the Old Colony Trust Com¬
pany,
DECEMBER 1st, 1921.
Cleveland & Pitts. Rd. Co. Regular Guaranteed
Stock Dividend, quarterly \%%.
capital stock of the Company, payable January 3,
1922, to stockholders of record December 2, 1921.
books
Gillette Safety Razor Co.
HOUSE DURING THE MONTH OF DECEM¬
BER, 1921:
Broadway, New York, Nov. 18, 1921.
Transfer
VEDDER, Secretary
ALGERNON J. PURDY, Asst. Secretary
WILLIAM B. AUSTIN, Asst. Secretary
CHARLES ELDREDGE, Asst. Secretary
Vice-President
ERNEST H. COOK, Vice-President
of
Stephen P. Nash
Lewis Spencer Morris
?
Paul Tuckerman
W. Emlen Roosevelt
J.
Marling
MORRIS, Treasurer.
GREENE & CO., Managers
Boston, Mass:
The quarterly dividend of 1 % % on the preferred
stock of International Cotton Mills has been
LOCKWOOD,
declared payable
December 1, 1921,
of the Transfer Agents, the Old
office
at the
Colony
Company, Boston, Mass., to stockholders
of record at the close of business November 26,
Trust
1921
INTERNATIONAL COTTON MILLS,
ALLAN B. GREENOUGH, Treasurer.
[VOL. 113.
CHKONTCLE
THE
XXIV
®ru*t Companies
Equitable
t1??
trust company
i
OF NEW YORK
Krech,
W.
Alvin
President
Condition at the Close of Business
November 15, 1921
'
assets
Cash
on
Hand and in Banks
....
Exchanges for Clearing House
Due from Foreign Banks
•
.
Bonds and Mortgages
.
.
...
.
$28,150,158.78
25,860,555.06
8,194,148.78
1,652,350.00
.
•
•
.
....
.
.
.
.
•
•
13,131,905.87
6,040,371.82
20,107,583.21
33,043,348.80
21,336,339.64
55,921,963.64
Public Securities
Short
Term
Investments
Other Stocks
and Bonds
Demand Loans
Time
.
.
••••••••.••••
Loans
•
.
.
Bills Discounted
Acceptances (Less Anticipa¬
Customers' Liability on
24,970,187.96
tions)
Real
3,406,742.56
Estate
27,758,977.56
Foreign Offices
Accrued Interest Receivable and Other Assets
.
2,229,096.72
.
$271,803,730.40
liabilities
$12,000,000.00
16,502,742.59
206,458,795.56
26,760,694.71
3,000,000.00
Capital
Surplus and Undivided Profits
.
....
.
.
Deposits (Including Foreign Offices)
Acceptances (Less in portfolio)
.
.
.
.
.
.
.
Notes Payable and Rediscounts
Accrued Interest Payable, Reserve for Taxes, and
Other Liabilities
.
7,081,497.54
.
.
$271,803,730.40
37 Wall Street
222
Madison Ave. at 45th St.
London—3 King William St., E.
XHbffeenb*
THE
MONTANA
PREFERRED
POWER
COMPANY.
DIVIDEND
STOCK
quarters per cent.
been declared,
has
NO.
December
14,
%) on the Preferred Stock
payable January 3rd, 1922,
PREFERRED
|
COMMON
The
Cent
1921.,
STOCK DIVIDEND NO. 37.
A dividend of three-quarters of one per cent.
COMMON
(H%) on the Common Stock has been declared,
payable January 3rd,
1922,
to
record at the close of business
stockholders of
on
December
14,
on
WALTER
DUTTON,
the
DIVIDEND NO. 66.
dividend of One Per
Preferred
MARTIN
Board
Treasurer.
New York, October 18, 1921.
Directors of the Martin-Parry
Corporation has this day declared a dividend of
fifty cents (60c.) a share on the capital stock of the
corporation, payable December 1, 1921, to stock¬
holders of record at the close of business November
15, 1921.
The transfer books will not be closed.
F.
M.
and
the
regular
ies will be paid January 3rd,
of record as they appear at
December 7,
1921.
1922, to sharenolders
the close of business
The transfer books will not
bo closed
EDWARD C. PLATT. Treasurer.
PARRY CORPORATION
of
shares
quarterly dividend of One and One-Half Per Cent
on the Common shares in The Mackay Compan¬
Dated
November
25 Broadway, New York.
The
DIVIDEND NO. 72.
SMALL, President.
REPUBLIC
ist,
IRON
PREFERRED
1921.
& STEEL COMPANY.
DIVIDEND NO. 73.
meeting of the Board of Directors of the
Republic Iron & Steel Comoany, the regular
quarterly dividend of l%% on the Preferred
atock was declared, payable January 2, 1922, to
stockholders
of record
December
15th, 1921.
Books remain open.
I .
RICHARD
JONES, JR., Secretary.
At
a
Every
Investor
quarterly
regular
Checks will be mailed.
1921.
COMPANIES.
THE MACKAY
37.
to stockholders of record at the close of business
on
financial
XMbftetibs
A regular quarterly dividend of one and three-
Broadway
Paris—23 Rue de la Pais
C. 4
THE
Should Have
INVESTOR'S
POCKET
272 Page
Booklet
MANUAL
issued Monthly
5,000 high and low records and statistical
description of 400 corporations, important
facts,
earnings, dividends, etc.
Will be
furnished
FREE by any investment house
OR we will furnish
reliable houses who will supply
FREE
monthly copies OR for 30c latest
issue will be sent direct by FINANCIAL!
PRESS,-.Publishers, 116 Broad^St.. N. Y.
to
investors on request
names
of
Nov. 26
THE
1921.]
XXV
CHRONICLE
Companies
Condensed Statement of Condition
as
reported
Sept 6,
on
1921
the State Banking Department
to
RESOURCES
1
Cash
on
$ 41,019,243.86
Hand and in Banks
Exchanges for Clearing House
.
.
19,734,388.13
•
•
•
60,878,207.46
13,920,247.63
97,400,286.88
12,668,236.90
Demand Loans
Time Loans
on
U. S. Government Securities
Other Time Loans and Bills
Discounted
U. S. Government Securities (at market
New York State and
.
.
value)
Municipal Bonds
.
(at market value)
i
Other Bonds (at market value)
.
.
'
(at market value)
.
Bonds and Mortgages
Real Estate
.
.
.
Liability
.
.
'
•
•
•
...
.
.
•
.
19,427,450.88
and Other
•
.
.....
on
.
......
Accrued Interest and Accounts
Customers'
,
.
Stock of Federal Reserve Bank
Stocks
13,680,857.18
•
.
•
Receivable
Acceptances
.
«
.
3,015,501.46
1,117,000.00
8,908,772.22
3,511,704.46
12,299,777.00
.
$307,581,674.06
LIABILITIES
Capital . . .
Surplus Fund.
.
.
•
...
.
•
•
.
.
.
...
.
.
•
•
•
.
.
.
.
•
•
•
•
Undivided Profits
Unpaid Dividends
Deposits.
.
Payable
.
Checks
.
•
•
.16,730,090.35
.
420,052.14
.
.
.
......
.
.
•
•
•
•
•
.
Outstanding Acceptances
.
.
.
.
.
.
.
.
.
Reserved for Taxes, Etc
1,000.00
235,305,279.58
.
•
.
Unearned Interest
11,250,000.00
8,262,170.36
.
Certified and Other Outstanding
Accrued Interest
■■•'$ 20,000,000.00
.
410,375.59
2,223,819.16
12,978.886.88
$307,581,674.06
Downtown Office:
16
Wall Street
Fifth Avenue Office:
at
42nd Street
Paris Office: 3 & 5
57th Street Office:
at Madison Avenue
Place Vendome
THE
XXVI
CHRONICLE
[Vol. 113.
Jftnandal
Reorganization of
Missouri, Kansas & Texas Ry. Company
A Plan and Agreement dated November 1, 1921, for the Reorganization of
Missouri, Kansas & Texas Railway
Company, under which the undersigned will act as Reorganization Managers, has been approved and adopted
by the Protective Committees giving the notices printed herewith.
Holders of the following securities may become parties to the Plan and Agreement by depositing their securities with
respective Depositary specified below:
the
First Mortgage
Four Per Cent. Gold Bonds of Missouri, Kansas & Texas Railway Company (or Certificates of
Deposit therefor of United States Trust Company issued under Agreement, dated December 31, 1915), with Columbia
Trust Company, No. 60 Broadway, New York.
Second
Mortgage Four Per Cent. Gold Bonds of Missouri, Kansas & Texas Railway Company with Central Union
Company of New York, No. 80 Broadway, New York.
Trust
First and
Refunding Mortgage Four Per Cent. Gold Bonds of Missouri, Kansas & Texas Railway Company with
Guaranty Trust Company of New York, No. 140 Broadway, New York.
General
Mortgage Four and One-half Per Cent. Gold Bonds of Missouri, Kansas & Texas Railway Company
Company, No. 100 Broadway, New York.
with The New York Trust
Two-Year Secured Gold Notes
of New York, No. 80
of
Missouri, Kansas & Texas Railway Company with Central Union Trust Company
Broadway, New York.
First Mortgage Extension Five Per Cent. Gold Bonds of Missouri, Kansas & Texas
Railway
States Mortgage and Trust Company, No. 55 Cedar Street, New York.
Company with United
St. Louis Division First Mortgage
Refunding Four Per Cent. Gold Bonds of Missouri, Kansas & Texas Railway
Company with The Farmers' Loan and Trust Company, No. 22 William Street, New York.
First Mortgage Four Per Cent.
America
Gold Bonds of The Kansas City & Pacific Railroad Company with The Bank of
(Franklin Trust Company), No. 44 Wall Street, New York.
First
Mortgage Five Per Cent. Gold Bonds of Missouri, Kansas & Oklahoma Railroad Company with United State8
Mortgage and Trust Company, No. 55 Cedar Street, New York.
First Mortgage Five Per Cent. Gold Bonds of The Missouri, Kansas & Eastern
Railway Company
Trust Company, No. 60 Broadway, New York.
Second
Tyith Columbia
Mortgage Five Per Cent. Gold Bonds of The Missouri, Kansas & Eastern Railway Company with Columbia
Company, No. 60 Broadway, New York.
Trust
First
Mortgage Five Per Cent. Gold Bonds of The Missouri, Kansas & Texas Railway Company of Texas with
Empire Trust Company, No. 120 Broadway, New York.
'•
First Mortgage Five
Per Cent. Gold Bonds of The Dallas & Waco
Railway Company with The Equitable Trust
Company of New York, No. 37 Wall Street, New York.
First Mortgage Five Per Cent. Gold Bonds of The Wichita Falls and Northwestern
Trust Company, No. 16 Wall Street, New York.
Railway Company with Bankers
First Lien Collateral Trust Five Per Cent. Gold Bonds of The Wichita Falls and Northwestern
with The National City Bank of Chicago, No. 105 S. Dearborn
Railway Company
Street, Chicago, Illinois.
First
and Refunding Mortgage Five Per Cent. Gold Bonds of The Wichita Falls and Northwestern
Railway
Company with United States Mortgage and Trust Company, No. 55 Cedar Street, New York.
First Mortgage Four Per Cent.
Gold Bonds of The Boonville Railroad Bridge Company with Metropolitan Trust
Company of the City of New York, No. 60 Wall Street, New York.
First
Mortgage Six Per Cent. Trust Bonds of Southwestern Coal & Improvement Company with The Farmers'
Company, No. 22 William Street, New York., "
Loan and Trust
(
Holders of Certificates of
Deposit representing the following bonds, who shall not exercise any right of withdrawa
Agreement under which such Certificates of Deposit were issued, will, in the event that said Plan and Agreement
of Reorganization shall become
binding and conclusive on holders of Certificates of Deposit issued under such Agreement,
become parties to said Plan and Agreement of
Reorganization without the issue of new Certificates:
under the
Missouri, Kansas & Texas Railway Company
Second Mortgage Four Per Cent. Gold Bonds.
,
(Dutch Committee Certificates—Agreement dated March 22,
St.
Louis Division First
1916.)
Mortgage Refunding Four Per Cent. Gold Bonds.
(The Farmers' Loan and Trust Company Certificates—Agreement dated November
•
.
10,
1915.)
(United States Mortgage and Trust Company Certificates—Agreement dated March 1,
1916.)
Missouri, Kansas & Oklahoma Railroad Company
First Mortgage Five Per Cent. Gold Bonds.
'
The Wichita Falls and Northwestern
.
Railway Company
First Mortgage Five Per Cent. Gold Bonds.
(Bankers Trust Company Certificates—Agreement dated August
1,
1917.)
Holders of Certificates of Deposit
representing the following bonds, who shall not exercise any
under the respective Agreements under which such Certificates of
Deposit were issued, will become
and
Agreement of Reorganization without the issue of
new
right of withdrawal
parties to said Plan
Certificates:
Missouri, Kansas & Texas Railway Company
First and Refunding
Mortgage Four Per Cent. Gold Bonds.
(Guaranty Trust Company of New York Certificates—Agreement dated January 20, 1916.)
General Mortgage Four and One-Half Per Cent. Gold Bonds.
(The New York Trust Company Certificates—Agreement dated October
Two-Year Secured Gold Notes.
m
1,
1915.)
(Central Union Trust Company of New York
Certificates—Agreement dated September 30, 1915.)
The Kansas
First
City & Pacific Railroad Company
Mortgage Four Per Cent. Gold Bonds.
(The Bank of America
The
Wichita
Falls
or
and
Franklin
Trust
Company Certificates—Agreement dated April 5,
Northwestern
1916.)
.»
■
1
Railway Company
First Lien Collateral Trust Five Per Cent.
Gold Bonds.
(The National City Bank of Chicago Certificates—Agreement dated December 12, 1916.)
First and
Refunding Mortgage Five Per Cent. Gold Bonds.
(United States Mortgage and Trust Company
Certificates—Agreement dated December 1,
The
Dallas
First
&
Waco
Railway Company
Mortgage Five Per Cent.
Gold Bonds.
(The Equitable Trust Company of New York
•
1916.)
or
Amsterdamsche Bank Certificates—Agreement dated February
1, 1917.)
Nov. 26
THE
1921.]
CHRONICLE
XXVH
Jfittandal
REORGANIZATION
OF
MISSOURI,
Southwestern Coal & Improvement
First Mortgage Six Per Cent. Trust
KANSAS
COMPANY—(Continued)
I
Company
Bonds.
RAILWAY
& TEXAS
#
'
(The Farmers' Loan and Trust Company Certificates—Agreement dated January 18,
1916.)
Holders of Certificates of
Deposit representing the following bonds issued under the Agreements mentioned below1
may become parties to said Plan and Agreement by presenting their said Certificates of Deposit to the Depositary herein¬
above specified for bonds of such class to be stamped as assenting to said Plan and Agreement of Reorganization:
Missouri,
Kansas
& Texas
Railway Company
Second Mortgage Four Per Cent. Gold Bonds.
(Central Union Trust Company of New York Certificates—Agreement dated December 23, 1915.)
First Mortgage Extension Five Per Cent. Fifty-Year Gold Bonds.
);.• V-'
t
/
i
(United States Mortgage and Trust Company Certificates—Agreement dated January 10, 1916.)
The
Missouri, Kansas & Eastern Railway Company
Mortgage Five Per Cent. Gold Bonds.
First
(Columbia Trust Company Certificates—Agreement dated April 3, 1916.)
:
The
Missouri, Kansas & Texas Railway Company of Texas
First Mortgage Five Per Cent. Gold Bonds.
(Empire Trust Company Certificates—Agreement dated March
14,
1916.)
*
Holders of Certificates of Deposit for First Mortgage Four Per Cent. Gold Bonds of
The Boonville Railroad
Bridge Company issued#under the Agreement dated April 19, 1916, and endorsed as assenting to the Supplemental Agree¬
ment dated April 27, 1920, who shall not exercise any right of withdrawal under said Agreement, will become parties to
said Plan and Agreement of Reorganization without the issue of new Certificates.
Holders of such Certificates of Deposit
not so endorsed may become
parties to said Plan and Agreement of Reorganization by presenting their Certificates to
Metropolitan Trust Company of the City of New York to be so endorsed.
v:.;
Stockholders of Missouri, Kansas & Texas Railway Company may participate in the reorganization by
depositing their stock with The Equitable Trust Company of New York, 37 Wall Street, New York.
Depositing
stockholders must pay $20 per share of Preferred Stock and $25 per share of Common Stock deposited, the first
instalment, viz: $8 per share of Preferred Stock and $10 per share of Common Stock, at the time of deposit, and
the balance
as
provided in the Plan and Agreement.
All securities deposited must be in negotiable
in blank for transfer or be
accompanied by proper
•
form and stock certificates and registered bonds must be duly endorsed
transfers in blank duly executed.
All securities, including stock certifi¬
cates, must be properly stamped for transfer in New York.
All bonds and notes must bear all unpaid appurtenant coupons
maturing on and after October 1, 1915.
Certificates of Deposit deposited under the Plan must represent bonds with all
unpaid appurtenant coupons maturing on and after October 1, 1915.
Deposits, both of securities and stock, must be made on or before January 7, 1922, after which date no deposits
will be received
except upon such terms and conditions as the Reorganization Managers may determine.
Speyer & Co., J. & W. Seligman & Co., Hallgarten & Co* and The Equitable Trust Company of New York
have, as stated in the Plan, undertaken to form a Syndicate, of which they will be Managers, to underwrite the cash payments
required from stockholders under the Plan.
.
Copies of the Plan and Agreement of Reorganization
from the Reorganization
Managers.
Dated New
may
York, November 23, 1921;
J. & W.
.
.
be obtained from any of the above named Depositaries or
1
,
,
Hallgarten & Co.
Seligman & Co.
Reorganization Managers.
To
Holders
of
Certificates of Deposit for
Kansas & Texas Railway Com
Mortgage
Four Per Cent
Gold
Bonds,
issued
under the
Deposit
Agreement, dated December 23, 1915, be-
[ween the
Holders of
undersigned
Committee
said bonds who should
Notice
is
Bonds, issued under the
dated January 20, 1916, be¬
undersigned Committee and
Holders of said bonds who should become
er
tary
parties thereto:
November
Trust
under
1,
Company of New York, the Deposi
said
Agreement
dated
December
23,
The Committee recommends the acceptance
said Plan and Agreement by the holders of
said
certificates
Holders
of
of
deposit.
certificates
of
deposit under said
December 23, 1915, may obtain
the benefits of said Plan and Agreement, subject
to the provisions thereof, by presentnig their said
certificates of deposit to Central Union Trust Com¬
pany of New York, at its office at 80 Broadway,
New York, N. Y., on or before January 7, 1922, to
be stamped as assenting to said Plan and Agree¬
ment
Any holder of a certificate of deposit so
stamped shall be conclusively and finally deemed
to have assented to said Plan and Agreement which
Agreement dated
shall be
binding
of
Each
and
and each and every such holder shall be irrevoc¬
ably bound and concluded by said Plan and Agree¬
for all purposes unless he shall, on or be¬
fore the 23rd'day of December, 1921, file with
Guaranty Trust Company of New York at its of¬
fice at 140 Broadway in the City of New York
written notice of his dissent from said Plan and
Agreement,
transfer
ganization Managers under said Plan and Agree¬
subject to said Plan and Agreement the
bonds represented by the certificates of deposit
so stamped.
Each and every holder of a certificate of deposit
issued under said Agreement dated December 23,
1915, not so presented for stamping on or before
the 7th day of January, 1922, is required to with¬
draw said bonds represented by said certificate of
deposit and to pay his pro rata share of all in¬
debtedness, obligations,
liabilities, compensation
and expenses incurred or approved by the Com¬
ment
New
EDWIN
D.
J.
E.
POMEROY,
LEWIS
P.
J.
G. MERRILL,
Chairman,
MATHESON,
L.
CLARKE,
GOODHART,
GEORGE
E.
ROOSEVELT,
Committee.
Central
Depositary:
Company of New York,
Broadway, New York.
Union
80
Trust
of
closed
23,
1921,
to
the
business
close of
pany
that copies of said Plan and Agreement have been
lodged with The New York Trust Company, the
Depositary under said Agreement dated October 1,
1915, and with its Agent in Amsterdam, Holland.
Each
its
Dated'
office
100
at
Broadway,
mailing
holders
with
its
said
by
of
Committee
the
certificates
of
to
such
dissenting
deposit of written
Agreement has been
no¬
de¬
operative and effective have exercised the
right of withdrawal conferred by said Agreement,
shall be conclusively presumed to have withdrawn
any such dissent and to have assented to
said
Plan and Agreement,
and shall be conclusively
bound thereby.
The transfer books for the transfer of regis¬
tered certificates of deposit will be closed from the
close of business on November 28,
1921, to the
opening of business on January 3, 1922.
Dated New York, November 23, 1921.
tice
that said
Plan
and
clared
OTTO
T.
BANNARD,
Chairman,
JAMES N. JARVIE,
J. R. NUTT,
the opening of business on January
ANDREW
York, November 23, 1921.
J.
MILLER,
SANDERSON,
CUTLER,
BERTRAM
Committee.
C. POTTER,
WILLIAM
or
Agent, a written notice of his dissent therefrom,
the form prescribed by said Agreement dated
October 1, 1915, on or before the 14th day of
December, 1921, or who, having so filed notice
of dissent, shall not within twenty days after the
HENRY
New
holder of a certificate of de¬
every
in
November
on
and
posit under said Agreement dated October 1, 1916,
who shall not have filed with the Depositary at
deposit will
registered certificates of
from
of Missouri, Kansas & Texas Railway Com¬
has been adopted and approved by the un¬
dersigned Committee by not less than a majority
vote of all the members of the Committee, and
zation
1922.
3
Depositary:
Chairman,
CHARLES A. PEABODY,
The
WILLIAM A. DAY,
S. MARSTON,
New
100
York
Trust
Broadway,
Company,
New York.
E.
A.
A.
JACKSON,
HOYT,
COLGATE
To
Holders
of
Certificates
Missouri, Kansas
&
Texas
York,
of
Deposit for
Railway Com-
Pany General Mortgage Gold Bonds, issued
Cent Sinking Fund Four and One-Half
er
the Agreement
dated October 1,
1915, between the undersigned Committee
under
and
Holders
of
become parties
Notice
ment
is
dated
said
bonds
Holders of Certificates* of
Deposit for
Missouri, Kansas & Texas Railway Com¬
pany Two-Year Secured Gold Notes, issued
under the Agreement, dated September 30,
1915, between the undersigned Committee
and
Holders
of said
notes
who should
become parties thereto:
To
Committee.
Depositary:
Guaranty Trust Company of New
140 Broadway, New York.
York, November 23, 1921.
W.
of his desire to withdraw from
dated January 20, 1916.
books of the Depositary for the
and
said Agreement
The transfer
mittee.
Dated
of a certificate of de¬
ment
be
on
any
holder
every
under said Agreement dated January 20,
1916, shall be conclusively presumed to have as¬
sented to and ratified said Plan and Agreement
and said assent and ratification shall be deemed
to
have
been
conferred
and
irrevocably given
posit
authorized the Committee to transfer to the Reor¬
have waived
hereby given that a Plan and Agree¬
1921, for the Reorganiza¬
Missouri, Kansas & Texas Railway Com
pany has been adopted and approved by the un¬
designed Committee, and that a copy of said Plan
and
Agreement has been
filed with Guaranty
Trust Company of New York, the Depositary un¬
der said Agreement dated January 20, 1916.
tion
such holders for all purposes,
right of withdrawal given by
the Agreement of December 23, 1915, and to have
to
is
Notice
ment dated November 1,
1915.
of
<
the
tween
become
a Plan and Agree¬
1921, for the Reorgani
zation
of
Missouri, Kansas and Texas Railway
Company has been adopted and approved by the
undersigned Committee, and that a copy of said
Plan and Agreement has been filed with Central
Union
for
Com-
Refunding Mortgage Four
PanyCent Gold
First and
hereby given that
dated
Railway
Texas
&
Deposit
of
Certificates
Agreement,
and
parties thereto:
ment
of
Missouri, Kansas
Second
Pany
Holders
To
fab Missouri,
who
should
thereto:
hereby given that a Plan and Agree¬
November 1, 1921, for the Reorgani¬
Notice
ment
is
dated
zation of
hereby given that a Plan and Agree¬
1921, for the Reorgani¬
November 1,
Missouri, Kansas & Texas Railway Com¬
has been adopted and approved by the un¬
dersigned Committee and that a copy of said
Plan and Agreement has been filed with Central
Union Trust Company of New York, the Deposi¬
tary under said Agreement dated September 30,
pany
1915.
[Vol. 118.
CHRONICLE
THE
XXVIII
jf manual
Any holder of a certificate of deposit who on or
the 13th day of December, 1921, shall sur¬
his certificate of deposit to the Deposi¬
before
render
negotiable
in
tary
form
23, 1921, to
13, 1922.
Dated New
comply otherwise
September 30,
and
RAILWAY COMPANY—
KANSAS & TEXAS
MISSOURI,
OF
REORGANIZATION
tljp opening of business
■■■■';■.
' ...
York,
November
23,
EDWIN S. MARSTON,
EDMUND ZACHER,
with the terms of the Agreement of
FREDERIC
be
entitled
withdraw
to
the
Chairman,
Notice
thereby.
All Depositors who shall not within said
period exercise said right shall be conclusively
and finally deemed for all purposes to have as¬
sented
to
and adopted the Reorganization Plan
and Agreement, and to have authorized the un¬
dersigned Committee to transfer to the Reorgani¬
zation Managers constituted under said Reorgani¬
zation Plan and Agreement subject to said Re¬
organization Plan and Agreement the Two-Year
Secured Gold Notes represented by such certifi¬
cates of deposit.
Dated New York, November 23, 1921.
EDWARD
J.
Y.
G.
Chairman,
To
Holders
Trust
Company of New York,
Broadway, New York.
80
of
Certificates
of
Deposit
-
for
Missouri, Kansas & Texas Railway ComFirst Mortgage Extension Five Per
Cent Gold Bonds, issued under the agree[inent, dated January 10, 1916, between the
E undersigned Committee and Holders of
k- said
bonds who should become parties
i
S
pany
t
thereto:
Notice
,
is
hereby given that a Plan and Agree¬
November 1, 1921, for the Reorgani¬
Missouri, Kansas & Texas Railway Com¬
pany has been adopted and approved by the un¬
dersigned Committee, and that a copy of said
Plan and Agreement has been filed with United
States Mortgage and Trust Company, the Deposi¬
tary under said Agreement dated January 10,
1910.
The Committee recommends the accept¬
ance
of said Plan and Agreement by the holders
of said certificates of deposit.
'
" I
Holders of certificates of deposit under said
Agreement dated January 10, 1916, may obtain the
benefits of said Reorganization Plan and Agree¬
ment subject to the provisions thereof by present¬
ing their certificates of deposit to United States
Mortgage and Trust Company at its office at 55
Cedar Street, New York, N. Y., on or before the
Tth day of January, 1922, to be stamped as as¬
senting to said Reorganization Plan and Agree¬
ment.
Any holder of a certificate of deposit so
stamped shall be conclusively and finally deemed
to
have assented
to said
Plan and Agreement,
which
shall be binding on such holder for all
purposes, to have waived any right of withdrawal
given by the Agreement of January 10, 1916, and
ment
dated
zation
to
of
have
authorized
the
Committee
to
transfer
withdraw
said bonds represented
by said certifi¬
deposit and to pay his pro rata share of all
indebtedness, obligations, liabilities, compensation
and expenses incurred or approved
by the Com¬
cate of
mittee.
New
York, November 23,
Committee.
States
55
Depositary:
Mortgage and Trust Company,
Cedar Street, New York.
Holders of Certificates of Deposit for
Missouri, Kansas & Texas Railway ComSt. Louis Division First
Mortgage
fff Refunding Four Per Cent Gold Bonds,
issued under the
Agreement, dated No15 vember 10,
1915, between the undersigned
«
Y>m"1Jttee and Holders of said bonds who
should
Notice
ment
become parties thereto:
is
hereby given that a Plan and Agree¬
November 1, 1921, for the
Reorgani¬
Missouri, Kansas & Texas Railway Com¬
dated
zation
of
has been adopted and approved by the un¬
dersigned Committee, and that a copy of said
Plan
and Agreement has been filed
with
The
pany
Fanners'
Loan
and
Trust Company, the
Deposi¬
tary under said Agreement dated November 10,
1915, at the office of said Depositary, 22 William
Street, Borough of Manhattan, City of New York.
Holders
of
certificates of deposit under
said
Agreement of November 10, 1915, will be con¬
clusively presumed to have assented to said Plan
and Agreement and the same shall be and become
effective
and
binding
on
all
Notice
such
holders
unless
the holders of certificates of
deposit issued and
outstanding under said Agreement of November
10, 1915, representing more than 50% in amount
of the bonds deposited under said
Agreement of
is
hereby given that a Plan and Agree¬
November 1, 1921, for the Reorgani¬
Missouri, Kansas & Texas Railway Com¬
of
positary at its office at 22 William Street, Bor¬
ough of Manhattan, New York City, written no¬
dissent from said Plan and Agreement in
the manner in said Agreement of November
10,
1915, prescribed.
transfer
of
books
registered
be closed from
of
the
Depositary for the
certificates of deposit will
the close of business
on
members
of
the
Committee
and
by said Agreement dated April 5, 1916, on or be¬
fore the
17th day of December, 1921, or who,
having so filed notice of dissent, shall not, with¬
in twenty days after the mailing by the Commit¬
tee to such dissenting holders of
certificates of
deposit of written notice that said Plan and Agree¬
ment has been
declared operative and effective
have exercised the right of withdrawal conferred
by said Agreement, shall be conclusively presumed
to have withdrawn any such dissent and to have
assented to said Plan and Agreement and shall be
conclusively bound thereby.
The transfer books of the Depositary for the
transfer of registered certificates of deposit will
business
the close of
be closed from
New
November 23,
York,
November
Plan and Agree¬
1, 1921, for the Reorgani¬
Kansas & Texas Railway Com¬
has been adopted and approved by the un¬
dersigned Committee, and that a copy of said
Agreement has been filed with Columbia
Trust Company, the Depositary under said Agree¬
ment dated April 3, 1916.
The Committee recom¬
mends
the acceptance of said Plan and Agree¬
by the holders of said certificates of deposit.
of
certificate
of
deposit under said
Agreement dated April 3, 1916, may obtain the
benefits of said Reorganization Plan and Agree¬
ment
subject to the provisions thereof by pre¬
senting their certificates of deposit to Columbia
Trust Company, at its office at 60 Broadway, New
York, N. Y., on or before the 7th day of January,
1922, to be stamped as assenting to said Reor¬
ganization Plan and Agreement
Any holder of a
ment
Holders
certificate
of
deposit so stamped shall be conclu¬
sively and finally deemed to have assented to said
Reorganization Plan and Agreement which shall
be
binding on such
holder for
all purposes,
to have waived any right of withdrawal given by
the Agreement of April 3, 1916, and to have au¬
thorized
the undersigned
Committee to transfer
to the Reorganization Managers constituted under
said Reorganization Plan and Agreement subject to
said Reorganization Plan and Agreement, the First
Mortgage 5% Gold Bonds of The Missouri, Kan¬
sas
& Eastern Railway
Company represented by
the certificates of deposit so presented for stamp¬
ing.
Each and every holder of a certificate of de¬
posit issued under said Agreement dated April 3,
1916, not so presented for stamping on or before
the 7th day of January, 1922, is required to with¬
draw said Bonds represented by such certificates
of deposit and to pay his pro rata share of all in¬
debtedness,
obligations,
liabilities, compensation
and expenses incurred or approved by the Com¬
mittee.
New
Dated
November
on
November 23,
York,
1921.
JOHN W. STEDMAN, Chairman,
CHARLES E. CHASE,
G. HERMANN KINNICUTT,
1922.
Dated
a
November
23, 1921, to the opening of business on January 3,
MILLIGAN,
EDWARD
1921.
CHARLES
EDWARD C.
DELAFIELD,
Chairman, "3
LOUIS M. CHILDS,
&
STUART S. FURMAN,
ft*
G.
WOODWARD,
Committee.
,
THOMAS C.
L.
EDMUND
TEMPLE,
ZACHER,
44
Bank
Certificates
of
Holders
To
Company
Deposit
Five
1916,
1,
Committee
between the under¬
and
Holders
bonds who should become parties
Notice
for
Railroad
Per Cent
issued under the Agreement,
dated March
signed
Mortgage
First
Gold Bonds,
of
Oklahoma
&
Missouri, Kansas
of
said
thereto:
is
hereby given that a Plan and Agree¬
ment dated November 1, 1921, for the Reorgani¬
zation of Missouri, Kansas & Texas Railway Com¬
pany has been approved and adopted and assented
to by the undersigned Committee, and that copies
of said Plan and Agreement have been filed with
United States Mortgage and Trust Company, the
Depositary under said Agreement dated March 1,
Any registered holder of a certificate of deposit
said Agreement dated March 1, 1916, may
within thirty days from the date of the first pub¬
lication of this notice file with said Depositary a
under
notice
in
writing that such holder dissents from
and Agreement of Reorganization.
If
period of thirty days after the first
publication hereof registered holders of outstanding
certificates of deposit representing 50% in face
amount of the bonds deposited under said Agree¬
ment dated March 1, 1916, shall not so file notice
said
Plan
said
of
dissent, or if at any time within the thirty
days above limited the registered holders of 51%
in amount of the outstanding certificates of de¬
posit issued under said Agreement of March 1,
1916, shall file with said Depositary notice of
their approval of or consent to said Plan and
Agreement, then in either such case said Plan and
Agreement shall be binding on all holders of said
certificates of deposit who shall not within said
thirty-day period exercise the right of withdrawal
conferred by the Agreement of March 1, 1916, all
of whom shall be conclusively deemed for all pur¬
poses to have assented to said Plan and Agreement
and
be
bound and concluded
irrevocably
of Deposit for
Texas Railway
Company of Texas First Mortgage Five Per
Cent Gold Bonds, issued under the De-
To Holders of Certificates
The
Missouri, Kansas &
Depositary:
of America,
Wall Street, New York.
The
Depositary:
Columbia Trust Company,
60 Broadway, New York.
*9
Committee.
by the
Eosit Agreement, dated March 14, 1916,
the undersigned Committee and
etween
The transfer
is
Notice
ment
hereby given that
November
dated
zation
of Missouri,
of
Holders
United
States
55
certificates
under
said
the
provisions thereof, by presenting their certifi¬
of deposit to Empire Trust Company, at its
at 120 Broadway, New York, on or before
January 7, 1922, to be stamped as assenting to
said Plan and Agreement.
Any holder of a cer¬
tificate of deposit so stamped shall be conclu¬
sively and finally deemed to have assented to said
Plan and Agreement which shall be binding on
such holder for all purposes, to have waived any
right of withdrawal given by the Agreement of
March 14, 1916, and to have authorized the Com¬
mittee to transfer to the Reorganization Managers
under said Plan and Agreement, subject to said
Plan
and
Agreement the bonds represented by
the certificates of deposit so stamped.
Each and every holder of a certificate of deposit
issued
under said
Agreement dated March 14,
1916, not so presented for stamping on or before
the 7th day of January, 1922, is required to with¬
draw said bond and coupons represented by said
certificate of deposit and to pay his pro rata share
of
all
compensation, expenditures, expenses and
liabilities of the Committee as estimated by the
cates
chargeable to the bonds and coupons so
Committee
surrendered.
New
York,
November 23,
1921.
JULES S. BACHE, Chairman,
LEROY W. BALDWIN,
GEORGE C. VAN TUYL, JR.,
VALENTINE P. SNYDER,
Committee.
Depositary:
Empire Trust Company,
120 Broadway, New York.
HAMER,
Wollman
Depositary:
Mortgage and Trust Company,
Street, New York.
certificates of
deposit
office
W. McCLENCH,
TIMPSON,
Cedar
of
Agreement dated March 14, 1916, may obtain the
benefits of said Plan and Agreement, subject to
WILLIAM
Committee.
Plan and Agree¬
by the holders of said
Agreement
deposit.
JOHN W. PLATTEN, Chairman,
DONALD G. GEDDES,
W.
a
1921, for the Reorgani¬
has been adopted and approved by the un¬
dersigned Committee, and that a copy of said
Plan and Agreement has been filed With Empire
Trust Company, the Depositary under said Agree¬
ment
dated
March
14,
1916.
The Committee
recommends the acceptance
of
said
Plan
and
registry books of certificates of
deposit will be closed from the close of business
on November 23, 1921, to the opening of business
on January 3,
1922.
Dated New York, November 23, 1921.
JAMES
H,
Kansas & Texas Railway Com¬
pany
or
JOHN
bonds who should become
Holders of said
parties thereto:
Dated
same.
tice of
transfer
the
all
of
that copies of said Plan and Agreement have been
lodged with Bank of America (Franklin Trust
Company), the Depositary under said Agreement
dated April 5, 1916.
Each and every holder of a certificate of deposit
under said Agreement dated April 5, 1916, who
shall not have filed with the Depositary at its of¬
fice at 44 Wall St., New York City, a written no¬
tice of his dissent therefrom, in the form prescribed
November 10, 1915, shall within
thirty days after
the 2nd day of December, 1921, file with said de¬
The
bonds who
thereto:
parties
dated
ment
within
To
if
become
hereby given that
Missouri,
Plan and
York.
1916.
1921.
Chairman,
ECKER,
JOHN H. MASON,
FREDERICK H.
United
Company,
New
Committee and Holders of said
should
of
pany
Trust
pany First Mortgage Four Per Cent Gold
Bonds, issued under the Agreement, dated
April 5, 1916, between the undersigned
to
the Reorganization Managers under said Plan and
Agreement, subject to said Plan and Agreement,
the bonds represented by the certificates of de¬
posit so stamped.
Each and every holder of a certificate of
deposit
issued under said Agreement dated
January 10,
1916, not so presented for stamping on or before
the
7th day of January,
1922, is required to
Dated
and
Street,
To Holders of Certificates of
Deposit for
The Kansas City & Pacific Railroad Com-
vote
HASKELL,
Depositary:
Union
Loan
William
22
has been adopted and approved by the un¬
dersigned Committee by not less than a majority
Committee.
Central
Farmers'
The
pany
R. TINKER,
WALKER,
WADE,
T.
Depositary:
'
is
dated
zation
Committee.
zation
FESTUS J.
FREDERICK
ment
ALLEN,
represented
Notes
WILLARD V. KING,
HAROLD STANLEY,
W.
Agreement, dated April 3, 1916, between
the undersigned Committee and Holders
said bonds who should become parties
thereto:
of
L.
1915, with respect to withdrawals shall thereupon
January
on
1921.
&
Wollman,
Counsel.
Holders of Certificates of Deposit for
The
Dallas
& Waco Railway Company
To
First Mortgage Five Per Cent Gold Bonds,
issued under the Agreement, dated Febru¬
ary
1917,
1,
between
the
_
undersigned
Committee and Holders of said bonds who
To
Holders
The
of
Certificates
Bonds,
Deposit
for
& Eastern Railway
Mortgage Five Per Cent
issued under the Deposit
Missouri, Kansas
Company.!* First
Gold
of
should
Notice
ment
become parties thereto:
is
hereby given that
dated November
1,
a Plan and Agree¬
1921, for the Reorgani-
\
Nov. 26
1921.]
THE
CHRONICLE
xxix
jHnancial
REORGANIZATION
zation
OF
MISSOURI,
of
Missouri, Kansas & Texas Railway Com¬
pany has been adopted and approved by the un¬
dersigned Committee, and that a copy of said
and shall be bound
certificates
of
deposit issued
under
Plan
and to have assented
and
to
and
ratified
bonds
THEODORE
H.
BANKS,
Chairman,
HENRY E. COOPER,
FRANK S. GANNON,
WILLIAM
C.
LANGLEY,
Committee.
Depositary:
Equitable Trust Company of New York,
37 Wall Street, New York.
Siebert & Riggs, Counsel.
The
johnston,
king,
'
Committee.
Depositary:
The National City Bank of
Chicago, '
105 S. Dearborn
Street, Chicago.
Holders of
The Wichita
Certificates of Deposit for
Falls & Northwestern Rail¬
Company
way
First
Mortgage
Five
Per
Cent Gold Bonds, issued under the Agree¬
dated August 1,
between the
undersigned Committee and Holders of
said
bonds
who
should
become
parties
ment,
1917,
thereto:
Notice
is
hereby given that a Plan and Agree¬
November 1, 1921, for the Reorgani¬
Missouri, Kansas & Texas Railway Com¬
pany has been adopted and approved by the un
dersigned Committee, and that a copy of said
dated
ment
zation
Plan
of
and
Agreement has been filed with Bankers
Company, the Depositary under said Agree¬
1, 1917.
Any registered holder of a certificate of deposit
under said Agreement dated August 1, 1917, may
within thirty days from the first publication of
this notice, file with Bankers Trust Company at
its office at No. 16 Wall Street, New York, a
Trust
dated August
ment
written
notice
dissent
of
from
said
Plan
amount
of
file
proval
and
Holders
of
said
bonds
parties thereto:
become
Notice
is
hereby given that
a
who
the
Plan
The
the close of
3, 1922.
Dated
business
on
the opening of business
November
on
January
V.;
•
New
York,
November
OSCAR
L.
23,
1921.
GUBELMAN,
Chairman,
OLIVER
C.
FULLER,
GEORGE,
AUSTIN McLANAHAN,
DAVID R. FORGAN,
HENRY W.
Committee.
Depositary:
Company,
Bankers Trust
16
Wall
Street,
New
York.
Holders of Certificates of Deposit for
The Wichita Falls & Northwestern Railway
To
Company First Lien Collateral Trust Five
Per Cent Gold
Bonds, issued under the
dated December 12, 1916, be¬
tween
the
undersigned
Committee
and
Holders of said bonds who should become
parties thereto:
Agreement,
Notice
ment
zation
is
hereby given that
a
Plan and Agree¬
dated
of
November 1, 1921, for the Reorgani¬
Missouri, Kansas & Texas Railway Com¬
has been adopted and approved by the un¬
dersigned Committee, and that a copy of said
and Agreement has been filed with The Na¬
tional City Bank of Chicago, the Depositary un¬
der said Agreement dated December 12, 1916.
Any holder of a certificate of deposit under
said Agreement dated December 12, 1916, may,
at any time within thirty days after the first pub¬
lication of this notice, upon surrender to the De¬
positary of his certificate of deposit, properly en¬
dorsed, and upon compliance otherwise with all
the terms and conditions of said Agreement dated
December 12, 1916, with respect to withdrawals,
withdraw from said Agreement dated December
12, 1916 ; and thereupon he shall be entitled to
receive the bonds represented by his certificate
pany
Plan
deposit.
All depositors who, within such thirty
days, do not so withdraw shall be conclusively
deemed to have waived any right of withdrawal
and to have assented to said Plan and Agreement
of
of
Dated
obligations,
Committee
books
of
the
registered
expenses
provided
to
and
by
Depositary for the
deposit will
certificates of
close of business
from the
New
November
on
Jan. 3,1922.
on
York, November 23,
ROBERT
1921,
STRUTHERS, JR., Chairman,.
■•■r
*
>
J
Committee.-
v.
-■
7*7
Depositary:
Trust Company of the City o$t
New York,
.-.YY. 7 X y/YY'7;,"
60 Wall Street, New York.
Metropolitan
:
ment
dated November 1, 1921, for the
Reorgani
of Missouri, Kansas & Texas
Railway Com
has been adopted and approved by the un
dersigned Committee, and that a copy of said
Plan and Agreement has been filed with United
States Mortgage and Trust
Company, the Deposi¬
tary under said Agreement dated Dec. 1,1916.
before
or
required
as
JOSEPH E. FLETCHER,
WM. IVES WASHBURN,
pany
Any holder of a certificate of deposit under said
Agreement dated December 1, 1916, may within
thirty days after the first publication of this no¬
tice
withdraw
cember
its
1,
York
said
said
from
1916,
office
at
55
said Agreement
dated De¬
by filing with the Depositary at
Street in the City of New
Cedar
written notice of his
dissent
from
said
Plan
Agreement and of his desire to withdraw from
Agreement dated December 1, 1916, and from
Plan
and
such notice of
wise
with
Agreement and upon the filing of
dissent, and upon compliance other¬
all
the
terms
and
conditions
of
said
Agreement dated December 1, 1916, with respect
to withdrawals, he shall be entitled to receive from
the Depositary upon surrender to the
Depositary
of the certificates of deposit held
by him, a num¬
ber and amount of bonds equal to those
specified
in the certificates of deposit so surrendered
by
him.
In the absence of any such express written
dissent, filed by any depositor within said period
of thirty days, his assent to and ratification of
said
Plan and Agreement shall be conclusively
and finally assumed.
The
transfer
transfer
be
of
closed
books
registered
from
of the Depositary for the
certificates of deposit will
the close of business
23,1921, to the opening of business
Dated New
on
on
November
Jan. S3,1922.
York, November 23, 1921.
ELISHA
J.
R.
J.
A.
WALKER,
H.
G.
H.
Chairman,
Holders of Certificates of Deposit for
Southwestern Coal & Improvement Com-
6any First Mortgagethe Agreement, Trust
Six Per Cent dated
onds, issued under
January
18,
1916,
signed
Committee
Notice is
SIMPSON,
States
tion
of
vote of all the members of the Committee and that
copies
filed
of
said
with
The
who
shall
ment
not
ment
said
bonds
who
should
a
said Agreement of April 19, 1916, endorsed as
assenting to the Supplemental Agreement dated
April 27, 1920, who shall not within ten days
the 30th day of November, 1921, exercise
right of withdrawal conferred by the Agree¬
of April 19, 1916, in the manner and upon
the terms therein provided shall be conclusively
deemed to have finally assented to and adopted
said Plan and Agreement and shall be bound by
all the terms and provisions thereof for all pur¬
poses ;
provided, however, that if prior to said
30th day of November, 1921, the holders of not
less than 60% in amount of all the said bonds
represented by such certificates of deposit shall
file with said Depositary a written instrument in
form satisfactory to the Committee, ratifying and
approving said Plan and Agreement, said Plan
and Agreement
shall forthwith become binding
upon all the holders of said certificates of deposit
so
endorsed without the aforesaid right of with¬
after
ment
drawal.
Holders
of certificates of deposit issued under
April 19, 1916, not so endorsed
assenting to the Supplemental Agreement dated
April 27, 1920, may obtain the benefits of said
Reorganization Plan and Agreement subject to the
provisions thereof by presenting their certificates
of deposit to the Depositary under the Agree¬
ment of April 19, 1916, at its office at 60 Wall
Street, New York, N. Y., on or before the 7th day
of January, 1922, to be endorsed as assenting to
the Supplemental Agreement dated April 27, 1920.
Any holder of a certificate of deposit so endorsed
shall be conclusively and finally deemed to have
waived
any
right of withdrawal given by the
Agreement of April 19, 1916, and to have author¬
ized the Committee to transfer to the Reorganiza¬
the Agreement of
Farmers'
Loan
on
have exercised the right of withdrawal con¬
ferred by said Agreement, shall be
conclusively
presumed to have assented to said Plan and Agree¬
ment and shall be conclusively bound thereby.
The transfer books of the
Depositary for the
of
registered certificates
closed from the close
Dated
of
New
York,
of
business
deposit will
on
November
Jan. 3,1922.
on
November 23,
1921.
JAMES C. COLGATE, Chairman,
CHARLES FEARON,
PAUL APPENZELLAR,
LAWRENCE BARNUM,
Committee.
Depositary:
The
Farmers'
,
and Trust Company,
Street, New York.
Loan
William
22
To Holders of Preferred Stock
of
Missouri, Kansas
and Common
Texas
&
Rail¬
Company, and Holders of Certificates
of
Deposit for such stock issued under
the Deposit Agreement dated September 29,
1915, between the undersigned Committee
way
and
Holders
of
said
stock
become parties thereto:
Notice is
hereby given that
who
should
Plan and Agree¬
ment dated November 1, 1921, for the Reorganisa¬
tion of Missouri, Kansas & Texas Railway Com¬
pany has been adopted and approved by the Un¬
dersigned Committee and that a copy of said Plan
and Agreement has been filed with The Equitable
Trust Company of New York, the Depositary un¬
der said Agreement dated September 29,
1915.
The undersigned Committee recommends the ac¬
ceptance of said Reorganization Plan and Agree¬
a
ment.
the
as
with The
tive
Plan and Agree¬
the City of New York, the Depositary under said
Agreement dated April 19, 1916.
Holders of certificates of deposit issued under
been
Com¬
January 18, 1916, before the close of
the 7th day of December, 1921, ot
so filed notice of dissent, shall not,
within twenty days after the mailing
by the Com¬
mittee to such dissenting holders of certificates
of deposit of written notice that said Plan and
Agreement has been declared operative and effec¬
dated November
and
have
Trust
who, having
Stock
Committee, and that a copy of said
Agreement with the written adoption
and approval of not less than a majority of the
members of said Committee endorsed thereon, has
been filed with Metropolitan Trust Company of
Plan
have filed
23, 1921, to the opening of business
Mortgage Four Per Cent Gold Bonds,
issued under the Agreement, dated April 19,
1916, between the undersigned Committee
and
dated
business
First
thereto:
hereby given that
Agreement
Loan
Trust Company at its offioe at 22 William
Street, New York, a written notice of his dissent
therefrom, in the form prescribed by said Agree¬
65 Cedar Street, New York.
is
and
Farmers'
and
Depositary:
Mortgage and Trust Company,
Holders of
become parties
Plan
the Depositary under said Agreement dated
January 18, 1916.
Each and every holder of a certificate of
deposit
under said Agreement dated
January 18, 1916,
pany,
WALKER,
and
,
a
Missouri, Kansas & Texas Railway Com¬
has been adopted and approved by the un¬
dersigned Committee by not less than a majority
To Holders of Certificates of Deposit for
The Boonville Railroad Bridge Company
Notice
hereby given that
pany
Committee.
United
the
under¬
Holders of said
Plan and Agree¬
ment dated November 1, 1921, for the
Reorganiza¬
be
LEIGH,
between
and
bonds who should become parties thereto:
transfer
KEMP,
WALTER
To
dersigned
from
the
the
on
are
coupons represented by
upon payment of their
deposit
of
of
transfer
and Agree¬
be closed
1921, to
of
share
be closed
1, 1921, for the Reorgani¬
zation of Missouri, Kansas & Texas Railway Com¬
pany has been adopted and approved by the un¬
23,
1922,
Agreement of April 19, 1916.
transfer
should
in either such case said Plan and Agreement
be binding on all holders of certificates of
deposit, who shall not within said thirty-day pe¬
riod exercise the right of withdrawal conferred
by the Agreement of August 1, 1917, all of whom
shall be conclusively deemed for all purposes to
have assented thereto and
shall
be
irrevocably
bound thereby.
The transfer books of the Depositary for
the
transfer of registered certificates of deposit will
shall
January,
zation
the
then
rata
compensation
Company First and Refunding Mort¬
Five Per Cent Gold Bonds, issued
the Agreement, dated December
1,
1916, between the undersigned Committee
with
or
of
certificate
pro
under
and
outstanding certificates of deposit
the Depositary notice of their ap¬
consent to said Plan and Agreement,
such
way
Agreement.
If within said period of thirty days,
registered holders of outstanding certificates of
deposit representing 50% in face amount of the
deposited bands shall not so file notice of dissent,
or if at any time within the
thirty days above lim¬
ited the registered holders of more than 50% in
shall
day
withdraw^ the bonds and
gage
and
To
mcb.
c. P.
presented for endorsement
so
7th
the
Holders of Certificates of Deposit for
The Wichita Falls & Northwestern Rail¬
said
by such certificates of deposit
York, November 23, 1921.
New
Managers, subject to the Reorganization Plan
Agreement, the bonds and coupons represent¬
thereby.
Holders of such certificates of de¬
posit not
LANSING,
■'r* •'
1
ed
To
purposes,
represented
Dated
V!;
23,1921, to the opening of business
Agreement,
which shall be binding on
and to have author¬
ized the undersigned Committee to transfer to the
Reorganization Managers
under
said Plan and
Agreement subject to said Plan and Agreement the
■
H.
h.
•..v.-;-:''"
of
drawal,
1921.
COMPANY—
tion
and
■
23,
_
V/
>
of certificates
such holders for all
-v
Chairman,
PUELICHER,
H. C.
QUARLES,
:c. R. ERWIN,
'
said Agreement dated February 1, 1917, who shall
have exercised, within the period of thirty
*
November
ROSCOE U.
J.
not
days commencing on November 23, 1921, the date
the first publication of this notice (or, in case
of deposit issued by Amsterdamsche
Bank, within the period of thirty days commenc¬
ing on the date of the first publication of this
notice in Amsterdam, Holland), the right of with¬
drawal conferred by said Agreement of
February
1, 1917, shall be conclusively and finally deemed
to have irrevocably
waived such right of with¬
York,
O1
•
of
'
-
New
Dated
RAILWAY
by all the terms and conditions
thereof.
Plan and Agreement
has been
filed with The
Equitable Trust Company of New York, the De¬
positary under said Agreement dated February
1, 1917.*
: ;;\v'•/
' V: -• ■
Holders
KANSAS & TEXAS
Holders
of
Preferred
Stock and
Common
Stock
of
Missouri, Kansas k Texas Railway Company
may participate in the reorganization in the man¬
ner provided
in said Plan and Agreement.
Hold¬
of certificates of deposit under said Agreement
September 29, 1915, may arrange for the
deposit under said Plan and Agreement of the
stock represented by such certificates of deposit
and the issue of Participation Warrants as pro¬
vided in said Plan and Agreement, by surrender¬
ing their said certificates of deposit, endorsed in
blank, to The Equitable Trust Company of New
York, the Depositary under said Agreement dated
September 29, 1915, on or before the 7th day of
January, 1922, and paying to said Depositary, at
the time of such surrender, the amount of the pay¬
ment required by said Plan and Agreement at the
time of the deposit of such stock thereunder, viz.,
$10 per share of Common Stock and $8 per share
of Preferred Stock deposited, together with the
amount of any taxes payable in respect of the sur¬
render of said certificates of deposit or the deposit
of such stock under said Plan and Agreement.
Dated New York, November 23, 1921.
ers
dated
ALVIN
W.
KRECH,
Chairman,
CHARLES HAYDEN,
SAMUEL A. MITCHELL,
JOSEPH
ALFRED
J.
W.
SLOCUM,
SMITHERS,
Committee.
Depositary:
The Equitable Trust Company of New York,
37 Wall Street, New York.
THE
XXX
fVm.. 113
CHRONICLE
jfittaiuial
Chicago and Eastern Illinois Railroad Company
Reorganization
The
ment
Plan and Agree¬
Illinois Railroad
dated March 31, 1921, do by this notice declare that such Plan and
undersigned as Reorganization Managers under the
for the reorganization of the Chicago and Eastern
Company
Agreement
are now
operative.
HOLDERS OF THE FOLLOWING BONDS—
Chicago &
Evansville
Evansville
Evansville
(5) Chicago &
(6) Evansville
(1)
(2)
(3)
(4)
Eastern Illinois General Consolidated and First Mortgage5%, due
& Terre Haute First General Mortgage 5%, due 1942
& Terre Haute Mt. Vernon Branch Mortgage 6%, due 1923
& Terre Haute Sullivan County Coal Branch Mortgage 5%, due
Eastern Illinois Refunding and Improvement Mortgage 4%, due
& Terre Haute Refunding Mortgage 5%, due 1941
heretofore deposited
not
1937
1930
1955
with the respective depositaries under the Plan, who desire
participate under the Plan may, on or before December 8, 1921, deposit their said
bonds with all unpaid coupons attached with the UNITED STATES MORTGAGE
AND TRUST COMPANY as Depositary under the Plan at its office, No. 55 Cedar
to
Street, New York City, and
HOLDERS
OF
AND COMMON STOCK of Chicago & Eastern
(Old Company) not heretofore deposited with The
PREFERRED
Railroad
Illinois
receive appropriate certificates of deposit therefor.
Company
Equitable Trust Company of New York who desire to participate in the Plan must
on or before December 8,
1921, deposit their said stock with The Equitable Trust
Company of New York as Depositary under the Plan and receive therefor appro¬
priate certificates of deposit,
(1) All holders iof such certificates of deposit and (2)
all holders of certificates of deposit heretofore issued by THE EQUITABLE TRUST
COMPANY OF NEW YORK representing Preferred or Common stock of the
Chicago and Eastern Illinois Railroad Company
(Old Company) who have not
made the initial payment thereon
in accordance with the Plan will be permitted to participate in the Plan, but only if
on or before December 8, 1921, they pay in New York funds to THE EQUITABLE
TRUST COMPANY OF NEW YORK, as Depositary under the Plan, at its office
No. 37 Wall Street, New York City, the sum of $30.15 per share of such old stock.
Such certificates of deposit must be presented to such Depositary at the time of
such payment for notation of payment thereon.
heretofore assented to the Plan or who have not
HOLDERS
OF
CERTIFICATES
OF
DEPOSIT issued by THE EQUITABLE
representing Preferred or Common stock
TRUST COMPANY OF NEW YORK,
of
Chicago and Eastern Illinois Railroad Company (Old Company) who have
have made the initial payment of $5 per
of old stock in accordance with the Plan, shall, on or before December 8, 1921,
the
heretofore assented to the Plan and who
share
in New York funds to THE EQUITABLE TRUST COMPANY OF NEW
as Depositary under the Plan at its office No. 37 Wall Street, New York
City, the sum of $25 per share of such old stock.
Such certificates of deposit must
be presented to such Depositary at the time of such payment for notation of pay¬
pay
YORK
ment
thereon.
The General
Mortgage Bonds of the New Company which under the
Plan
on com¬
pletion of the reorganization are to be issued on account of payments by holders of
certificates of deposit or certificates of stock above referred to will carry all coupons
maturing on and after May 1 1922, but the coupons payable November 1, 1921, will
be detached and canceled, the amount of the same being equal to the adjustment of
interest
payable
on
All holders of bonds
deferred payments in accordance with the terms of the Plan.
or
stock
or
of certificates of deposit who do not
make the deposit
required under the Plan on or before December 8, 1921, will forfeit all
right of participation in the reorganization except upon such terms and under such
conditions as may in each case be prescribed by the undersigned as Reorganization
and payment
Managers.
•
KUHN, LOEB & CO.
Dated, New York, N. Y.,
November 21, 1921.
Reorganization Managers
Nov. 26
1921.]
THE
CHRONICLE
XXXI
jfinancial
Railroad Bonds Are
Coming Back
The real turn in the high-grade railroad
bond
months
market
but
ago,
occurred
prices
average
representative railroad bonds
far below intrinsic values.
getting under
of
have started
still
are
It is
sold at
116; in 1920 they sold below
In view of this I situation
study
of
the
twenty-year
of
better
typical issue reflected the
downward trend
the upgrade for a
on
types
railroad
should
period for the whole bond market.
thought in mind
revised and rewritten the
it
years
may
reflect the upward trend which is just
of
the
timely
be
for
investor and dealer.
every
anew
securities
For the
coming twenty
long
over
years
This
confi-
we
series of years,
since Lake Shore 33^s
twenty
66.
For
way.
dently believe that high-class bonds
many
With this
have completely
we
new
(1921)
Edition of
Moody's Rating Book and Analyses
of Railroads
which
is
Every
bond
for
description
delivery.
and
tations than
mort-
have
which issues
large
a
be
and addi-
arrangement
purchased
changes
tions, the book is made far
more con-
Many
and
useful
to
the
under
Among
other
things,
it
ten-year price
investor
should sell
contains
a
ago
of all quotable
range
stocks
user.
and
bonds,
to-day
bonds
the
are
and
what
which
looked
conditions
of
longer
no
secure
five
secure;
which looked doubtful then,
showing
ex-
advantageously be made,
can
years
many
are
un-
deniably good to-day.
high and low quotations for each
Every stock and bond issue in
year.
7,
,
the
book
«
*
,
,
,.
rated,
is
,
mL
to
its
,
road
.,
bonds
which
-n
.
.
it
of investors hold rail-
ten years ago
7
e
they bought five
will give
,
.
,
.
.
T
him
a
supplementary
ser-
of current earnings, monthly bulletins
of
new
ratings and rating revisions.
Every investor ought to know how his bonds
or
,
these prob..
.
,
vice in the form of monthly bulletins
at much higher quo-
Every banker
n
answer
lems for every investor, besides which
.,
■
Thousands
•
i his volume will
,
according
position and security.
or
an
important to know which issues should
and
ratings have been revised.
venient
the
are
and which he should hold; it is equally
new
railroad
prices
improved,
been
By the
As
expanded; classifications
or
number of
to-day.
recovering it is important to know
digest in the volume has been
gage
rewritten
•
ready
now
are
bond dealer ought to know how
rated.
we
rate
the bonds he underwrites, buys or sells.
Over
15,000
buy
a
institutions
bond
nowadays
and
our
The
other
bond
until they have
our
never
ascertained
rating.
price of this Steam Railroad Edition is $20
complete set of
investors
first
per
copy,
delivered.
The
four Rating Books, including Public Utilities, Industrials
and Government Debts
at
$80
per
set.
Send for
(foreign and domestic), as well as Railroads, is supplied
Subscriptions filled in the order of their receipt.
specimen
pages
of this
nevj
and important edition.
Moody's Investors Service
35 Nassau
BOSTON
101 Milk Street
Street, New York City
PHILADELPHIA
/
Real Estate Trust
Building
CHICAGO
First National Bank Building
[VOL. 113.
CHRONICLE
THE
XXXII
financial
$22,779,300
City of Marseilles
City of Lyons
City of Bordeaux
$7,409,100
$7,409,200
$7,961,000
i
Six Per Cent Gold Bonds
(Non-Callable)
Due November
Dated November 1, 1919
Principal and interest payable at the
gold coin without deduction
Interest
office of Messrs. Kuhn, Loeb & Co., New York City, in
for any French governmental, municipal or other
payable May 1 and November
United States
French taxes, present or future.
Coupon Bonds in denomination of $1,000, $500
1.
These Bonds are listed on the New York
1, 1934
and $100.
Stock Exchange
city issuing the
THE above bonds are part of an authorized issue of $15,000,000 for each city, the remaithese of which was
nder cities,
Each issue is the direct
sold in 1919.
of
them, to
necessary
the interest
pay
obligation, and only external loan, of the
French Republic has agreed to
The Government of the
or
or any
principal of the loan in gold in New York, to furnish them and
(in exchange for bank notes or other
exportation for said
same.
undertake, in order to permit
each of them, if
currency) with gold in the amount needed, and authorize its
purpose.
municipalities, the finances of these cities, and the authority to
under the control and supervision of the French
National Government.
Unddr this supervision the municipal authorities of Lyons, Marseilles and Bordeaux
have followed a conservative fiscal policy establishing the credit of the cities upon a sound basis.
by the laws of France governing
As established
borrow money,
The three cities
ancient times
levy taxes and execute the annual budgets are
are
on
Originally established in
the largest and most important trade centers of France.
among
natural
steadily to their present importance, because of
main trade routes they have grown
industrial condition has been strengthened
substantially since 1914 by additional facilities provided for the extra war traffic they were called upon to handle,
by their increase in population and the expansion of business.
Situated far from the zone of hostilities, their
economic advantages.
Lyons ranks
center of
next
Paris
to
finance, trade and
as
a
manu¬
facturing. Her chief manufactures
of
are
silk,
and in production of
these articles she leads the world.
The
population of the city has kept
pace
an
with her industries, showing
increase from 523,796 in 1912 to
over
BORDEAUX
MARSEILLES
LYONS
maritime
leading
the
Marseilles,
city of the Mediterranean, is one of
the greatest
natural seaports of the
world and is the southern terminus
of
the
France.
from
largest
railway
system
in
The population has grown
1912
in
550,619
about
to
pean
offering forms part of
an
terminus of many lines trad¬
the British
the chief
Isles.
industry.
Dillon, Read & Co.
we
consider
Orders
reliable.
have
This
been
While
not
received
advertisement
obtained from sources which
guaranteed, it is accepted by us as accurate.
in
Shipbuilding is
The population
261,678 in 1912 to
(estimated) in 1918.
To Net about 7.65%
The information contained in this advertisement has been
of
excess
appears
as
a
the
amount
matter
finest
It is the Euro¬
external loan of $15,000,000 for each of
their only external debt.
and Interest.
86%
Atlantic
ing with the Americas, Africa and
about 305,000
these cities, constituting
Price
harbors in France.
has grown from
750,000 (estimated) in 1918. i
600,000 (estimated) in 1918.
The present
Bordeaux is the principal
port, and has one of the three
of
offered.
record.
Nov. 26
1921.]
THE CHRONICLE
YVYTIl
AAAJl* X
^financial
$6,000,000
Union Tank Car Company
7% Cumulative Preferred Stock
Preferred
Quarterly dividends
being paid
are
both Assets and Earnings
the first days of March, June, September and December.
on
after June 1, 1925, at
to
as
the option of the Company
Redeemable
at 115% and accrued dividend.
SHARE CAPITALIZATION:
'
•
Authorized
Stock
Common
This
For
.
.
Outstanding
$12,000,000
$12,000,000
25,000,000
,7% Cumulative Preferred Stock (par $100)
12,000,000
(par $100)
offering is part of the issue sold by the Company in 1920.
information regarding the Preferred Stock and the business
of the Hems of which have been summarized as follows:
we
refer to
a
letter from the Company,
some
BUSINESS:
The business of the Company is the
leasing of tank cars under con¬
petroleum oil shippers. The Company was a subsidiary of the Standard
Company (New Jersey) until the dissolution of the latter in 1911.
tracts to
Oil
GROWTH:
The Company is the largest individual owner of tank cars in the
States, its ownership increasing from 11,881 cars on January 1, 1913,
29,689 on November 15, 1921.
United
to
ASSETS:
The Balance Sheet as of June 30, 1921, after
deducting all liabilities
ranking ahead of the Preferred Stock, shows total net assets of $35,507,026,
equivalent to $295 per share on the Preferred Stock.
EARNINGS:
The Net Income after allowance for
Federal Taxes
applicable to the preceding
depreciation and after deducting
was as follows:
year,
1920
1919
1918
1917
1916
$3,393,053.01
$3,818,288.72
$1,756,626.53
$3,709,516.47
$2,081,765.61
For'the above five years the Net Income averaged over 3.50 times the annual
dividend requirements on the total outstanding Preferred Stock, and for the
year
1920
was over
four times said dividend requirements.
The Net Income, similarly computed, for the six months ended June 30,
1921,
notwithstanding that the business of the Company is always lighter during the
first half of the year, was $854,473, which is alone more than a whole
year's
dividend requirements on the Preferred Stock.
PROPERTY:
The property
is free of mortgage
or
lien except that 6,700
cars
of
the total 29,689 cars owned, are pledged as security for
$12,012,000 Equipment
Trust Notes now outstanding, for which a semi-annual sinking fund is
provided.
*
We
Listed
offer the
on
the New
York
above Preferred Stock,
Stock
Exchange
subject to prior sale, at
$103 Per Share
The above
price is flat and the Preferred Stock carries the dividend accruing from December 1.
Circular
Blair U Co.,
Inc.
The Equitable
on
Request.
Dominick & Dominick
Trust Company of New York
The statements contained in this advertisement, while not guaranteed, are obtained from
The entire above issue
having been applied fort this advertisement
sources
appears as
which
a
we
believe to be reliable.
matter of record only.
[Vou 118.
CHRONICLE
THE
XXXIV
Jffnantial
New Loan
FEDERAL INCOME TAXES
EXEMPT FROM ALL
$3,205,000
CITY OF SEATTLE
I
Washington
POWER
MUNICIPAL LIGHT AND
6%
GOLD BONDS
Due
Dated November 1, 1921
as
Shown Below
Principal and semi-annual interest, May 1st and November 1st, payable in gold
at the fiscal agency of the State of Washington in New York City, or at
the office of the City Treasurer in Seattle, at the option of the
Holder. Coupon bonds, with the privilege of registration
as
to principal alone or
both principal and
interest, denomination $1,000.
Exempt from all taxation in the State of Washington
Eligible
Security for county and city deposits in Washington
as
STATEMENT
FINANCIAL
(As officially reported)
$489,900,234
Property (estimated)
Value of Taxable
Actual
Assessed Valuation for purpose of
taxation.
Bonded Debt (including this issue)..!
Total
Bonds
Net
$244,950,117
*
$44,600,800
34,921,436
self-supporting (including this issue)
Bonded
9,679,364
Debt.........
Population, 1910, U. S. Census
237,979
1920,
"
"
(Increase 33%)....315,652
In
the
opinion of counsel these bonds are an obligation of the City of Seattle, the
principal and interest being payable from the gross revenues of the Municipal
Power
plants.
They
are
Light and
issued to provide funds for the purpose of making certain addi¬
tions and extensions thereto.
J.
•
■■
;
Legal opinion of Chester B. Masslich, Esq.
MATURITIES
AND
PRICES
(Accrued interest to be added)
YIELDING ABOUT
YIELDING ABOUT 5.70%
5.75%
$214,000 Nov. 1, 1932 @ 102.375
$209,000 Nov. 1, 1927 @ 101.25
214,000
"
1, 1928 @ 101.375
214,000
"
1, 1929 @ 101.625
214,000
"
1, 1930 @ 101.75
214,000
"
214,000
214,000
214,000
214,000
1, 1931 @ 101.875
"
"
"
"
1, 1933 @ 102.625
1, 1934 @ 102.75
1, 1935 @ 102.875
1,
^36 @ 103.00
YIELDING ABOUT 5.65%
$214,000 Nov. 1, 1937 @ 103.625
214,000
"
1, 1938 @ 103.75
214,000
"
1, 1939 @ 103.875
214,000
214,000
Circular
"
"
1, 1940 @ 104.00
1, 1941 @ 104.125
jully describing the above bonds will be furnished upoin request.
R. M. GRANT & CO.
31
Nassau St., New York
(
Chicago
The data and statements
in
this advertisement
information which we regard
as
were
obtained from
reliable, and, while they
All of these bonds have been sold.
r
St. Louis
Boston
This
ac
are
official reports
not
guaranteed,
opinion based upon
believe them to be correct.
or are our
we
is for record purposes
only.
Nov. 26
1921.]
THE
CHRONICLE
Jfinaittfal
As this entire issue has been
New
xxxv
■
sold, this advertisement
appears
matter of record only
as a
Issue
$20,000,000
Consolidated Gas Company of N ew York
One Year Secured
Secured
Dated
by pledge of stock of The New York Edison Company
December
Interest
7% Gold Notes
Due December 1,
1921
1,
payable June 1 and December 1, 1922.
Principal and interest payable at The National
Coupon Notes in denominations of SI,000.
City Bank of New York.
1922
Notes
are
not callable.
L
CHARLES E.
The Consolidated Gas
'
does
of
MITCHELL and AUGUSTUS V.
Company of New York, directly and through its subsidiaries,
practically the entire
Manhattan
Westchester
HEELY, Trustees
gas
and electric light and
and The Bronx, New York
County, serving
a
power
business in the Boroughs
City, and in large parts of Queens and"%i
present estimated population of 4,000,000.
12® The $20,000,000 One-Year Secured 7% Gold Notes will be the
direct
obligations of the Consolidated Gas Company of New York,
and will be secured by
par
value, of the capital stock of The New York Edison Company,
the present
The
funded
debt
dividend rate
of
Five-Year Secured
the
excess
notes of
of
on
which is 7%
per annum.
Company will consist of these Notes and $25,000,000
7% Convertible Gold Bonds, due February 1, 1925.
The value of the property
in
pledge with the Trustees of $28,000,000,
the funded
of the Consolidated Gas Company owned in fee is largely
debt.
The
Company also
subsidiary companies and $132,232,171,
owns
par
outstanding stocks.
The Notes
are
$54,794,160 bonds and
value,
or over
v-7l'Y'vY:
followed by $100,000,000, par
98%, of their
"
'V-
value, dividend paying capital stock
outstanding in the hands of the public.
Notes
are
offered for delivery, if,
as
and when issued and received by
us,
subject to approval of counsel.
Price 1007& and accrued interest,
The National
yielding 6.08%
City Company
•
1
Main Office: National City Bank Building
Uptown Office: National City Building.
The above information is derived from
as
reliable.
sources
which
we
(42nd St. at Madison Ave.)
regard
We do not guarantee but believe it to be correct.
THE
XXXVI
[Vol. 113.
CHRONICLE
jfinanrial
New Issue
(
Exempt from all Federal Income Taxes
Tax Free in
Pennsylvania
$11,200,000
Commonwealth of Pennsylvania
Series "D"
Registered
Dated
December
Redeemable
as a
Due December 1, 1951
1921
1,
thereafter,
Coupon Bonds
or
whole at 100 and accrued interest, on December 1, 1936, or any interest
upon
sixty days' published notice.
June
period
Principal and semi-annual interest,
and December 1, payable in Philadelphia.
1
Coupon Bonds, $1,000 denomination, or registered bonds in denomination of $1,000, $5,000, $10,000,
$25,000, $50,000 and $100,000, interchangeable.
This issue,
Series "D," is the last of
vania Bonds, issued for Highway
a
total issue of $50,000,000 Commonwealth of Pennsyl¬
Improvement, and which is the only outstanding debt of
the Commonwealth.
The Commonwealth of
any
Pennsylvania under its Constitution cannot issue
additional bonds except by Constitutional amendment, the adoption
of which would require
several
$1,000,000 for deficiency in
invasion
Since the
or
years,
revenue
with the exception of not exceeding
or
bonds for the
purpose
of repelling
insurrection.
adoption of Constitutional Amendment
on
bonds, the Commonwealth has repurchased $1,500,000
November 5, 1918, authorizing these
par
value for sinking fund
purposes.
Legal Investment for Savings Banks and Trust Funds in New York, Pennsylvania,
New
Jersey, Massachusetts and all other Eastern States
These Bonds constitute
a
issued for the purpose of
direct
obligation of the Commonwealth of Pennsylvania, and
are
constructing highways.
Price 106 and Interest,
Legal opinion of Messrs.
Yielding
Townsend, Elliott &
more
than 4.20%
Munson, Attorneys, Philadelphia, Pa.
Negotiable Interim Certificates will be ready for delivery about December 2,
1921.'
First National Bank
New
William R. Compton Co.
West & Co.
Biddle & Henry
York
Estabrook & Co.
Harrison, Smith & Co.
Remick, Hodges & Co.
-
-
Redmond & Co.
Hannahs, Ballin & Lee
Nov. 26
1921.]
THE
CHRONICLE
i XXXVII
^financial
This advertisement originally appeared over the name
of The New York Herald and is one of the "Educational
Talks on Bonds" which
that newspaper is publishing.
The advertisement is reprinted by permission.
BONDS
11
of Greater New York's Transit
There
are
some
twenty-eight different issues of first lien
or
Companies
"underlying" Bonds of New York
City's traction companies outstanding to-day.
Interest in traction securities of New York has remained dormant for
condition ©f the traction situation.
some
years
because of the unsettled
New York
and
just
so,
City can no more do without adequate transit facilities than it can do without light and heat,
the established transportation arteries of New York are as permanent as its streets.
Eventually the problem must be solved whereby the carriers of this great city will
operating basis.
go
back
practical
on a
Of late interest in New York's traction situation has revived by the recent announcement of a Plan of
Readjustment for the city's Street Railroads by the Transit Commission appointed by the Legislature.
The Transit Commission's Plan.
1
This
Plan
suggests
among
other things:
I. Unification of all the traction
II.
III.
lines—subway, elevated and surface.
Ownership by the City of New York,
Operation by three operating companies under the management and control
one
holding | company,
of
IV. Surrender of all existing
franchises and leases of whatever nature.
And further suggests that, in
acquiring title to the existing companies for the city, only those lines which are adaptable
to the Unified System would be retained.
All existing corporations, their franchises, interleases and securities to be
gradually eliminated or extinguished, except such underlying liens carrying a low rate of interest and deemed advisable
not to disturb.
Existing securities, with such exceptions, to be replaced by an Issue of Bonds of the newly created
holding company (rate 5% per annum)
representing a "fair and honest valuation" of the properties acquired.
The
management of each of the three operating companies to be vested in a Board of Directors elected by the holders of the
Bonds issued in exchange for their respective securities and properties.
,
The
"fair valuation"
basis announced
arrangements will be attempted,
or
is significant in that it voices a reasonable assumption that
be upheld, which border on confiscatory measures.
can
no
Points to consider in connection with
the Underlying Traction Bonds:
1.
The
2.
Indispensableness to the community of the line
traffic .density.
position of the issue in question—whether underlying
or
junior Hen.
which the Bonds rest.
on
Comparative
."Y
3.
Reproduction value of the property, including actual valuations of the roadways, rightof-ways, operating equipment and all physical property essential to the operation of the line.
4.
Actual value of all real estate owned
respect
to
by the company, and the position of the Bonds in
real estate owned but not necessarily essential to the operation of the road.
5.
Actual earnings and
6.
Immediate and future outlook.
A number of the
expenses
over
a
period of time
as
shown by the Balance Sheet.
Underlying New York traction issues, considered investment Bonds of good rating, may
position with the advancing general Bond
merit careful consideration because of their ostensible "out-of-line"
market.
"
•
_
In the
of notable issues of underlying
Bonds of New York CityHraction companies, assessed
taxable valuations of real property behind the Bonds are adequate to cover more than the full in¬
debtedness represented by the underlying issues.
In some other cases the margin of equity is very
much in excess of the underlying bonded debt.
case
With Bonds of this general character it is
are to be selected.
particularly
a
question of keen analysis and careful choice
if the most desirable issues
With this point
to
in* mind, investors who would examine the possibilities of Traction Bonds should be careful
making a choice.
know the facts before
As
Specialists in these securities
lying Bond owned
or
we
ask
you to
send for the status and description of
directlv interested in and confer with
us as to
any
Under¬
its present market position.
Carnegie Ewen
Specialist in the Underlying Bonds of the
New York
2
City
Traction
Companies
New York City
Wall Street
Telephone Rector 3273
THE
XXXVIII
[VOL. 113.
CHRONICLE
/fiuttttoi
The
,
Market"
The
"In
speculating public
market"
not be "in the
may
during these critical times of readjustment—but this
does not
apply to the investing public with idle
money
ready to be set to work.
financial woods
The
Chicago there
money
are
into safe,
Thousands
legitimate investments.
will
them
readers
1,200,000
and in
of investors,
numbers ready to put their
vast
sane,
of
full
are
of
The
found
be
News,
Daily
Chicago
the
among
which, with 400,000 daily circulation, reaches 7 out of
every
9 English-speaking
Taken
who
as
follow
persons
in Chicago.
class, the business
a
The
men
and investors
Daily News Financial Page
the
are
largest, richest, most influential body of "prospects" in
Chicago.
Financial
Page
regularly because they have full confidence in it.
And
They
follow
Daily
The
News
they have confidence in its advertisements.
The very
is
good
its
sufficient
and
proposition
believe
fact that "The Daily News
attracts.
they're
reason
Chicago
playing
safe
financial advertisements,
The
Daily
fraudulent
The
News
or
would
for
runs
the ad,"
response
prospective
when they
if
the
investors
respond
to
because they know that
not
knowingly
accept
a
unsafe financial advertisement.
Chicago Daily News
First in
Chicago
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
Bank &
NO. 2944
SATURDAY, NOVEMBER 26, 1921
VOL. 113.
Railway Sectknb
City Sectio©
Week ending November 19.
'Jke (Chronicle
For
1921.
Six
$10 00
6 00
Months
European Subscription (Including postage)
European Subscription six months (including postage)
Canadian Sulwriotlrm (including postage)..
NOTICE.—On
of the
account
13 50
7 75
11 50
—
In the rates of exchange
and advertisements must be made
fluctuations
remittances for European subscriptions
to New York funds.
of
Terms
45 cents
On
request
Chicago Office— 19 South La Salle Street, Telephone State 5594.
London Office—Edwards A Smith,
B.
COMPANY,
DANA
Front, Pine and
Drapers' Gardens. E. C.
1
Cincinnati
Cleveland
92,
Detroit
Milwaukee
...
Indianapolis
Columbus.......
Peoria
Grand
Rapids...
97,800,000
34,512.408
20,230,000
14,227,600
12,614,805
5,480,808
7,256,272
Publishers,
made up by telegraph, &c., Indicates that the total bank
Lexington
Youngstown
South
Bend
Bloomington
Mansfield
Decatur
850,000
3,212,483
1/00,000
3,846,318
1,300, 00
1,251,989
1,960,866
1,366.080
1,292,564
1,144,674
718,693
893,296
Lansing
Jacksonville, 111.
2,178,000
Per
/ 1920.
297,147
600,0(0
261,909
Owensboro.
corresponding week last year.
Ann Arbor
Adrian
ending to-day
$7,782,523,838 last week and $7,201,858,244 the
310,298
Tot. Mid .West
250,000,000
199,013,590
*115,000,000
93,200,000
*100,000,000
*126,000,000
65,898,705
37,803,635
Philadelphia...
Boston
__
Kansas
City
St. Louis
San Francisco
Pittsburgh
•••••••
-
.........
Detroit
...
New Orleans..
$3,185,976,780
424,289,602
323,725,481
215,559,974
138,990,454
106,363,304
109.600,000
159,731,611
94,306,406
55.197,200
Francisco...
—18.7
Los Angeles
—17.8
Seattle
—22.8
Portland...
—7.7
—20.1
—12.4
—8.7
...
Spokane
....
Salt Lake City...
Tacoma
Oakland
—17.5
Sacramento
—30.1
San
—31.5
Diego
Fresno
...
Stockton
Ten
Other
—18.3
...
$4,806,637,812
1,035,413.208
$5,842,051,020
1,359,837,224
Pasadena
—14.5
$3,925,697,451
885,046,927
$4,810,744,378
cities, five days..........
cities, five days.
San Jose
—17.7
Reno
Yakima
Total all cities, five
All cities, one day
days..
1,303,267,423
—4.1
Long Beach
Santa Barbara...
$6,114,011,801
Total all cities for week
*
2,000,000
4,875,129
1,491,175
1,305,639
1,365,000
1,720,795
1,929,268
1,394,619
829,996
956,679
1,500,000
652,496
635,835
180,258
404,178
976,710,146 1,122,3 >6,281
939,453,201
177,569,483
64,344,000
45,849,859
38,145,606
14,076,419
23,851,943
4,778,144
136,830,375
33,780,000
45,286,323
34,760,224
9,098,564
19,289,519
9,880,075
8,556,968
8,203,801
4,880,713
2,076,700
3,867,409
2,292,046
973,690
1,058,356
1,397,000
—5.0
—21.1
—12.8
—4.1
+43.6
—20.0
—33.0
—17.9
—13.4
—6.6
+ 45.2
—56.1
—6.6
+45.0
—23.3
2,043,733
2,000,000
1,241,794
1,115,222
1,226,872
1,162,230
1,120,976
950,876
.
580,000
933,504
1,166,034
539,870
315,930
83,848
971,628
Cent.
San
$2,590,000,000
348.781,521
—13.0 1,114,739,201
2,899,2571 —11.2
2,228,455
—4.7
9,349,000 —40.7
900,000
—5.5
4,881.014 —34.2
5,544,000
Lima
clearings of all the clearing houses of the United States for the week
New York
1918.
568,776,717
64,698,540
97,281,710
87,081,747
32,063,651
13,647,000
11,583,000
13,909,398
5,892,601
5,947,178
4,340,682
4,033,049
1,894,482
1,888,588
7,467,000
1,000,000
3,205,341
4,158,4911+24.6
Danville.
CLEARING HOUSE RETURNS.
1921..
1919.
666,272,521
67,389,935
121,939.528
117,000,000
31,010.275
17,681,000
13,806,400
15.940.364
5,461,830
7,121,503
6,059,628
4,856,549
2,000,000
1,639,111
12,314,000
\
1,100.000
4,289,714
2,100,000
2,800,000
1,861,468
1,514,268
,
1,300,000
1,730,062
1.611.487
1,503,849
752,196
1,007.515
1,700,000
727,228
487,186
'
80,000
681,646
5,181,903
Quincy
WILLIAM B. DANA COMPANY. Presi¬
dent, Jacob Seibert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
D. RlggB; Secretary, Herbert D. Seibert.
Address of all. Office of the Company.
Chicago.
—8.l'
—8.0
—3 .4|
132,000,000 —25.9
34,477,780
+1.0
16,339,000 +23.8
14,717,400
—3.3
16,477,148 —23.4
4,801,861| +14.1
6,354,836 +14.2
4,507,488
—9.3
2,575,730
2,123,477
Fort Wayne
Akron
Canton
Published every Saturday morning by
Clearings—Returns by Telegraph.
Week ending November 26.
637,710,667
68,823,346
140,479,581
Evans ville
Springfield, Ohio.
The following table,
00.00 )
4,087,936
Dayton....
Rockford
Depeyster Streets. New York.
have been $6,114,011,801, against
or,
Dec.
Springfield, 111...
Advertising
transient display matter per agate line
Contract and Card rates
WILLIAM
586,193,373
63,297,517
Chicago
Toledo
following Supplements—
RailwayA Industrial (semi-annually)
Electric Railway (semi-annually)
Bankers' Contention (yearly)
Subscription includes
Quotation (monthly)
Railway Earnings (monthly)
Stats and City (semi-annually)
Bank and
1920.
Advance
Subscription—Payable in
Year
One
For
of
Inc.
WEEKLY
PUBLISHED
Terms
Clearings at—
$7,201,858,244
—15.1
152,200,000
102,141,000
34,031,519
33,856,771
11,495,101
17,327,557
3, 00,000
13,429,399
6,758,304
o,043, 74
6,881,765
4,831.309
4,006,114
2,274,484
2,234,964
795,215
4,409,489
1,063,441
182,100,000
94,821.000
37.549,334
40,050,388
14,444,852
21,800,000
4,832,478
11,225,557
9,069,210
5.500,000
2,500,000
8,093,306
3,142,323
9,903,357
7,107,200
4,065.628
2,402,416
2,236,639
7,846,100
2,157,068
800,000
2,908,320
2.629,529
886,963
4,250,414
2,314,037
1,056,497
703,569
997,787.
404,269,997i
450,798,583
" —10.3
416,387,820
"311,053,786
145,000,000
73,796,923
35,806,339
35,820,770!
Total Pacific..
211,930,381
99,125,239
52,877,447
—31.6
214,772,354
48,943,443
29,636,056
—26.8
265,730,192
52,896,033
63,302,958
23,684,610
30,072,377
7,921,808
17,778,337
11,288,793
9,833,007
16,697,605
3,964,110
5,762,869
2,624,380
3,600,000
1,126,815
Estimated.
will be given next Saturday.
Kansas City
to-day, clearings being made up by the clearing houses
the last day of the week has to be in
Minneapolis
The full details for the week
We cannot furnish
them
covered by the above
at noon on Saturday, and hence In the above
Omaha
all
St.
cases
estimated, as we go to press Friday night.
Detailed figures for the week ending Nov.
Paul
Duluth
St.
Week ending
November 19.
Sioux
1921.
1920.
or
Dec.
....
Joseph
Des Moines
Clearings at—
Inc.
27,566,633,
6,572,777
Denver
19 show:
City
Wichita
1919.
1918.
Topeka
Lincoln
$
%
Cedar
Rapids...
457, 000.000
492,283,122
—10.7 5,462,044,714 3,905.426,048
—7.2
478,321,375
496,373,521
Colorado
*157 300,000
40 613,910
190,631,781
48,094,305
—17.5
166,784,476
Pueblo
Buffalo
—15.6
Albany
4, 200.000
4,852,221
17,632,946
11,461,534
4,310 083,295 4,827,794,348
York
New
Philadelphia
Pittsburgh
158,122,943
25,810,586
5,191,641
17,810,951
8,796,924
4,211,592
Syracuse...
4 661,575
Reading
Wilmington
3 036,587
2 400,061
Wilkee-Barre
2 973,761
5,917,166
4,406,673
2,588,142
3,005,632
3,067,885
Wheeling
5 266,201
6.228,896
Trenton
4, 263,361
3,979,258
+ 7.1
45,048,900
5,260,070
17,856,513
10,932,588
5,449,167
4,496,887
2,655,642
4.006,082
3,494,494
5.440,904
3,782,020
York
1,369,182
—8.5
1,468,813
2,854,541
1,500,530
1,305,118
1,126,900
1,041,292
2,705,570
—11.2
2,432,044
3,249,791
1,167,084
2,220,124
—13.4
1,005,966
1,423,323
1,681,784
20 239.863
Washington.:
Rochester
9 728,774
Scranton,
4 784,136
Erie
1, 252,222
2, 535,513
Greensburg
1, 300,000
Chester
1. 101.864
1, 107,300
Bingham ton
Altoona
1, 122,670
Lancaster..
2, 702,535
592,313
Montclair
Bethlehem
2,655,233
642,392
3,92.5,128
Huntington
1,987,421
Jamestown
1,237,776
Harrisburg
3,906,960
2,403,460
1,070,4.54
4,000,000
5^048,053.291
5.688,818,042
3.56. 000,000
376,928,012
14,350,500
9,790,494
6,317,374
5,282,580
2,500,000
4,308,278
Total Middle-
—13.4
+ 14.7
—15.1
—19.1
—15.4
+ 5.8
+ 17.3
—20.1
—3.1
—15.6
—0.9
+ 7.8
—0.1
—8.1
5,193,870
Fargo
Springs
Billings-
2,100,000
4,464,666
900,000
Tot. oth. West.
St.
Louis
New
Orleans....
Louisville
Houston
Galveston
Memphis
1,065,600
1,100,196
840,300
Fort
929,544
2,434,372
...
Richmond
2,557,650
455,747
461,563
—32.4
Worth
Atlanta
Savannah
Nashville
Norfolk
+ 15.6
...
Providence
13, 659,300
9 957,678
Hartford
New Haven
5 ,.560,661
Springfield
4 738,322
Portland...
2, 300,000
3 ,984,356
Worcester
1 835,648
River
Fall
1,603,127
1,593,924
1,635,325
373,456,379
13,088,200
7,998,484
5,229,926
3,858,931
—10.3
5,084.384
—8.0
2,650,000
4,508,046
3,878,457
2,364,763
1,293,481
Oklahoma
2,700.000
4,283,038
Austin
2,400.512
Vicksburg
—12.0
810,000
—2.5
840,000
700,000
—20.1
924,920
699,509
Lynn
300,000 Not included
*
Estimated
on
—15.4
—19.5
12,812,126
24,689,716
—41.0
38,553,022
13,371,985
42,773,155
27,547,438
93,480,188
93,078,029
14.094,205
28,125,271
14,299,530
20,267.116
7,972,833
10,955,885
3,484,446
13,408,315
8,281,044
4,000,000
week.
1,419,582
1,701,888
2,449,749
1,840,767
418,073,223
Total
20,502,452
66,868,846
62,883,751
8,315,924
25,263,882
11,317,839
21,072,725
3,380,316
12,444,095
3,480,212
—2.3
—38.5
—20.3
—21.7
—33.2
—26.6
—32.6
+ 12.2
—46.4
—22.5
—0.9
—12.1
8,426,252
—16.8
3,600,000
—16.7
2,358,847
29,842,171
—15.2
405,967
—7.2
—4.4
2,438,697
19,235,731
4,000,000
2,400,000
519,555
692,287
13,325.075
3,835,587
7,432,183
2.761,954
6,391,411
6,163,044
3,738,927
1,446,435
10,407,327
2,400,000
2,800,000
434,793
6,097,313
17,034,644
35,000,000
4,858,250
—10*3
5,842,355
566,5 0,119
680,920.884
—16.8
828,830,768
597,426,634
7,782,523,838 8,896,783,907
—12,5
9,686,448,428 7,345,404,698
-14.6
4,224,403,774 3,439,978,649
2,502,132
Southern
Outside N.
2,000,000
424,440
633,320
—21.6,
+24.8:
10,018,215
659,114
2,737,460
8,727,294
27,000,000
2,950,355
6,431,520
all
3,400,000
.
31,374,454
4,358,621
Muskogee
Total
505.140,138
—16.7
12,679,461
650,000
Shreveport
in total
the basis of the last officially reported
28,282,010
7,463,565
24,120,092
12,618,890
53,269,176
49.233,709
5,553,139
18,546,008
7,628,999
177,757,931
65,180,475
21,949,228
16,172,497
6,766,252
23,860,031
14,980,348
64,088,848
69,166,850
6,774,701
17,501,439
v
Dallas
—5.4
16,851,256
4,244,164
1,856,784
Tulsa
1,157,196
2,9.54,356
429,231,166
—9.6
23,398,367
Macon
0,000
406,133,067
—24.6
—33.8
2,000,000
Mobile
924,569
,504,631
Total New Eng.
65,516,122
29,585,568
—8.8
7,011,661
3,000.000
Charleston
7
1 ,439.649
444,172,454
3,447,746
Rock
Chattanooga
Bangor
Stamford
Lowell
+ 53.0
833,329
—15.3
11,143,899
Jackson
Little
Holyoke
2 438.253
—26.5
1,973,819
3,107,190
696,677
818,094
549,731
618,085
186,784,021
89,153,362
9,639,542
2,890,693
1,239,370
New Bedford
—2.9
526,215,184
Jacksonville
—12.0
—7.5
0.9
—16.9
—10.0
1,813,682
451,130,581
14,474,700
9,577,158
6.941,829
+ 14.5
+38.6
—14.8
—25.6
158,150,602'
Augusta
—11.3 6,295,135,317 4,635,025,399
+ 1.7
2,553,417:
2,143,905
+ 21,1
—29.0
—25.6
142,400,000
49,373,552
26,746,526
22,672,006
23,645,818
Birmingham
—2.3
—4.8
—28.0
2,418,201
3,270,040
—17.3
—5.6
—56.1
12,464,839
9,454,873
7,010,284
13,145,175
3,209,305
4.506,111
2,057,332
3,287,260
1.073,088
1,266,250
449,118
548,185
2,123,134
1,890,459
—61.7
1,406,873
1,574,433
3,5b8,l 7
821,865
Aberdeen
14,973,650
56,636,686
18,818,480
26,631,503
18,424,875
16,575,698
9,312,518
8,123,010
8,122,637
3,073,035
3,914,337
524,668,951! —27.4
500,000
Helena
—7.0
45,891,739
380,807/218
380,522
Hastings
Waterloo
—32.5
631,781
694,091
1,308,625
1,904,517
2,624,869
1,934,078
1.
Fremont..
Knoxville
Boston
8,979,394
11,449,645
4,979,692
9,783,231
2,734,668
3,351,644
2,038,210
2,731,959
1.042,269
931,254
—25.5
Y.J3,772,440,543
4,068,989,559
+ 2.6i
—59.0;
—62.2
—10.4
5,824.971
11,939,333
49.451.742
1111
THE
CHRONICLE
[Vol. 113.
corporate incomes that will go to the tax collectors.
Besides
this, there
other forms of taxes
are
porations—the Federal
We devote
18 pages
over
publication of the full
and
tax
law
revenue
Congress the
of the
porations is taken by Government in taxes.
matter is made
It will be found
on
surtax rates
inclusive.
been
now
ate
The final vote
boxed
back
the
©n
and forth
tax
between
Congress and then through
was
bill, fought
taken in the Senate
a
the
two
Wednesday, just
Thanksgiving, and thus the special
closed, to lapse into the regular one on Dec.
bulky bill—it will be found in a subsequent
pages
this
on
again to 50%, and when the
up
a
separate vote by the House
was taken, with
minority of the Republicans, in com¬
the Democrats, was able to force the
a
bination with
in time
acceptance of the 50% rate.
session
year
5.
ished
will be
intently examined to discover coherent and
intelligent meanings, and until it has been thus sub¬
taking half of all incomes in
|200,000, after such incomes have first
part of
of very fine print—
Thus, in the fourth
after the cessation of hostilities, the Govern¬
ment will be
The
65%.
was
32%, but the Sen¬
particular proposition
the result that
of
conference committee,
on
issue, and occupies 18
itself
and
Houses
for
this
jacked the rate
bill went to conference
over
law, which
replaced by the law of 1921,
The House proposed to cut this to
TEE FINANCIAL SITUATION.
The
the personal incomes of individuals.
on
The maximum surtax rate under the 1918
has
ap¬
cor¬
by the retention of the high
worse
2267 to 22*84,
pages
Tak¬
that close to one-fifth of the net income of
pear
by
week.
present
cor¬
ing these other taxes into consideration, it will
new
enacted
as
on
stock tax, for in¬
stance—not to speak of the real estate taxes.
to-day to the
text
capital
by
excess
of
been dimin¬
Federal corporation tax of 12%% and by
a
State corporation taxes of
varying percentages,
as
well
as
jected to analysis the precise net result will remain
levy
upon
unknown.
personal income tax laws of the different States.
After
dawdling over the matter for months, noth¬
ing worth while has been accomplished. Some taxes
have been eliminated
burdensome
business
craved
trade
and
on
or
and
ones
reduced, but not tthe most
those
industry.
behalf of the
activities,
now
has been denied.
weighing heaviest
The
relief
so
country's sorely oppressed
atrophied by destructive taxes,
The
excess
peal of which both parties
profits taxes, to the
re¬
committed, are to be
out, to be sure, but not until the lapse of an¬
other year.
They are still to apply on the current
were
cut
year's income, and
as
the taxes to be assessed
on
this
income will not be
payable until next year, the bur¬
den of these excess
profits taxes will have to be
borne all
return.
on
through 1922, constituting to that extent
incubus
an
business
on
The
yield of this
the poor business of
much smaller than its
revival
excess
and
delaying its
profits tax, based
1921, will of
course
preceding, but whatever the amount, the very fact
that the
country's industries lie prostrate makes it
all the harder that
any profits tax should be exacted
at all.
in the
regular corporation tax, which has been
raised from
10% to 12%%. The Senate had actual¬
ly provided for an increase to
15%, but in confer¬
ence
the House
its
own
on
the small
rate.
thinking that
was
able to force the
The additional
corporations, and there
on
many
acceptance of
2%% will fall heaviest
is
At
is
for
this
extra
of the
ex¬
profits tax would have been.
all
events,
inordinately
easy
reason
corporations, both large and
small, the added exaction by reason of
2%% will be greater than continuation
cess
another, and this
incomes will be further increased by the
sustained revival in business
Government absorbs the yearly surplus
as
Senator
Smoot,
conference
one
of the conferees, signed the
report reluctantly, after first refusing,
because it seemed to him
subject
a
less evil than
it has been; he thinks it
as
leaving the
some
improve¬
ment, and that its defeat would leave business
unsettled
more
only
temporary measure, saying that "it is not the
a
bill the
people want, not the bill they
the bill
nor
even
concerning the future, yet he calls it
they
entitled to,
are
finally going to get."
Senator
Penrose, professing to find "some good points" in
the bill, but also
dropping a warning (of which the
are
country should take notice) that the bonus is not
covered and will
require "extensive levies" in addi¬
tion, calls the bill "a temporary makeshift."
But in its
be
workings,
substantial
no
as we
have shown, there will
lightening of burdens.
ability of the President to obtain
reduction is to be
deplored.
ed out anew—what
a
The in¬
proper surtax
Mr. Kahn lately point¬
ought not to need
much
so
ex¬
planation—that most of the liquid capital of the
Besides, even as to future years, the relief is to be
only partial, for the repeal is coincident with an in¬
crease
or
income of the nation in this fashion.
be very
yield in the years immediately
long
kind
one
It is idle to talk of
any
so
on
earnestly
other taxes of
to bear in
of
function for
.
.
.
The
supply of funds for pioneering and devel¬
oping has
run
dry under the action of these taxes,
are
reduced to
adequate extent." Mr. Harding urged the
an
same upon
Congress, pointing out how industry is hampered
and
employment prevented by these destructive bur¬
dens ;
his failure is not
him
still
12%%, 17% of
necessary
in development, he truthfully said, "has
and this will continue until those
period of business depression such
Federal income tax of
savings and cannot be haz¬
been wofully cut into by existing surtaxes.
source
a
4%%, making
new
as
pioneer work; this
on
progress
a
as the
country is now experiencing.
It should be
remembered that the Federal
income tax is in addi¬
tion to the State income taxes on
corporations.
In
New York the
corporate income tax is
with the
arded
to
corporate income tax of
12%%
high for peace times, and will not be
a
nation is held in trust
for
doing
so
much
proof that he lacks influence,
the ancient obsession
intended rebuke
an
constitutional
a
as
duty,
it is
a
or
against wealth persists.
imagined that the
very
rich
can
even
sign that
It is
be made to pay
nearly all the taxes, and that whatever is wrested
from them
common
gives
an
lightens by
people.
so
much the troubles of the
Congressman Frear of Wisconsin
instance of this density of mind, for he
asked his fellow members if
they thought they could
Nov. 26
THE
1921.]
back and not need
go
President
32%
to
more
than
the income which would be used in
perforce must refrain
ness,
work which will
this
sense a
entering
ing materials, and with due allowance made there¬
for it is
In
vote to rob wealth is a vote to smother
in the
good results of the special session, after mak¬
and General Dawes have
more
Dow Service
fault lies
erection of
have either not
that of
the
As
the other
fully comprehended, or have not been
waiting to
see
tric
The public attitude has been
whether Congress will lighten
to go
dawdle for
now
us
that
ter
back and tells
may
and
industrial
breakdown.
both
occasion to
gether, the
dealers
The
The greater our
our senses
strength.
public must insist
make its demand
on
in
real tax revision and
who fail to heed the demand must be retired to
An aroused and angry
vate life!
must
see
aside to the end that
savings and income
free to meet the world's need of new
may
for the United States for
be left
riod
ther
when construction work
marked
thereto
tion
when
in
an
On the other
unimportant.
contemplated out¬
the pe¬
As regards the specific showing
year ago.
by individual cities in October, the citing of
few of the
leading cities in each division especially
In
England, Boston, Springfield, Worcester and
report
a
notable
increase
in
activity,
though this was largely offset by a marked curtail¬
ordinarily shows a
Heretofore, this
ment of
operations at Hartford and Manchester. Iijl
the Middle
rule, the only excep¬
Division, however,
we
find evidence of
quite general activity,. Washington, Baltimore, At¬
readily recalled having been in 1919,
effort to catch up somewhat with
cases
section of the country, as is evidenced by
Lawrence
tendency to slow down.
has been the almost unbroken
a
New
fur¬
gain in activity—this, too, at the season of the
year
most
distinguished in that way will have to suffice.
operation statistics
was a
in
1920, with the de¬
lay aggregates not far from double that for
capital, instead
October, 1921,
v
October, did the
for
available
the fact that for all the cities the
made
the building
are
results fall below those of
in every
swept
a
feature in
returns
crease
being eaten up by taxes.
The
,
hand, marked activity was the feature of the month
public sentiment
to it that all obstructive forces are
that the late autumn building
only 63 cities, out of the 202 from
note that at
1921
pri¬
now
proved itself to be firmly grounded.
indicating how general has been the expansion
which
unmistakably known, and what is
products, structural iron, glass and
Furthermore, basic building material
building operations, as compared with a year ago,
we
those members of either House of Congress
more,
of
•As
the New York State Depart¬
reports an increase in employment in
reported to be replacing stocks with far
are
trend has
clear and
we may sap our own
should keep
by which
steel
alacrity
more
help to save Europe and ourselves to¬
more we
avoid follies
clear.
are
Confirming this projected win¬
program,
house trim.
be somewhat overstated, and Europe is not
interest and
building
iron and
The depend¬
merely waiting upon us; yet our duty agrees with
our
price of lumber has been advanced
30% recently.
ment of Labor
Europe depends on America to save it from
financial
ence
comes
Altogether
disposition to consider this building trend
a
wholesale
some
r
investigator
hospitals,
for
projects, plans
especially remarkable, in view of the fact that
as
the
expedient cannot be accepted as an answer to the
One and another
these definite
there is
it must be taken
need.
in
Aside
erected
be
expenditure of $2,500,000.
an
ported to be coming out in fair volume.
in the regular session, for even this "temporary"
up
frame dwellings, elec¬
steam-heated, to
churches, and other institutional buildings, are re¬
We have allowed it to
months, and
seven
400 two-story,
lighted and
from
at the work and do it ade¬
quately and without delay.
commuting distance of New York, and
covers
Brooklyn at
load, and by howr much, rather than an unmis¬
takable demand
upwards of 1,000 homes in five different
cities within
repeatedly urged, the people
fully stirred, or both.
Indicating this, the
Building Reports call attention to two
One of these involves the simultaneous
vember 1.
has
an
been
has
gigantic housing projects launched locally since No¬
The
largely in the failure of the people to call
"Chronicle"
campaign
mapped out for the winter.
Congress has not seen the truth and has not com¬
single month
a
evidence to indicate that
building
active
unusually
in what will become fact; but
the members to account for their derelictions.
greater volume of opera¬
country's history.
plied with the mandate given it a year ago.
the
a
before involved in
ever
And there is much
The President
valiantly worked for cut¬
ting expenses, and they have really accomplished
much in fact and
hardly to be questioned that the permits
issued in October covered
tions than
ing all due allowances, are meagre.
an
easing off in the prices of some descriptions of build¬
industry and halt progress.
The
required to fi¬
But within recent months there has been
1920.
upon
give industry an opportunity.
as
put under contract dur¬
ing the month, that distinction falling to April of
deprived of
developing busi¬
from
announced
the construction work
nance
He probably does
not know that the overtaxed rich man,
amount of funds
the
letter from the
justify themselves in voting for only
the maximum surtax.
as
a
3233
CHRONICLE
City, Jersey City, Paterson, Trenton, Roches¬
lantic
the
fur¬
shortage in housing accommodations—construction
ter, Philadelphia and Pittsburgh in particular
work
nishing totals far in excess of those for a year ear¬
vor
of
having during the war been sidetracked in fa¬
war
activities—activity
out the fall and
was
lowing summer.
turns are of like
The reason for the present excep¬
tion to the rule
is found in the circumstance that
determined and
From the Middle
lier.
the rule through¬
winter, continuing well into the fol¬
cago,
as
Louisville, Cleveland, Milwaukee and Dayton,
are
Los
persistent effort is being made, de¬
West, too, many of the re¬
import, especially those from Chi¬
those from
such Pacific
Coast localities as
Angeles, Long Beach, San Francisco, Oakland,
spite the high cost of labor, to relieve as speedily as
Pasadena
and
possible the housing shortage (which still exists in
construction
Portland.
In
work has been
the
South,
likewise,
speeded up, with Bir¬
Nashville, El
gains,
while representing the "Other
Western" section,
tober, 1921, aggregate of contemplated building ex¬
Kansas City, Denver, Minneapolis, St. Paul, Wichpenditures does not establish a new high record in
certain
mingham, Oklahoma City, Memphis,
sections), tax-exemption legislation being an
inducement to that end.
Strictly speaking, the Oc¬
.
Paso
and
Galveston
showing
conspicuous
THE
2224
ita and Des Moines stand forth
For Greater New
creases.
which
permits
were
prominently in in¬
York, the operations for
issued in October record a very
considerable increase
lier,
CHKONICLE
over
the total for a year ear¬
borough sharing therein, with the aggre¬
every
[Vol. 113.
line, 'Briand Defends France's Militarism.'" From
London
came
Premier
the statement that "in
Briand's
speech
before
conference, London morning
on
Washington
follow the
newspapers
respective attitudes which they have maintained to¬
gate for all covering an intended outlay of no less
wards France's
policy in keeping
than
is
of
$54,755,807, against only $12,504,924 in Octo¬
commenting
the
section
one
a
opinion which
big
army.
There
in France
sees
a
For the coun¬
ber, 1920, and $24,495,348 in 1919.
militaristic, revengeful spirit, and another which is
try, exclusive of this city (201 cities) the contem¬
constantly distrustful of Germany and consequently
plated expenditure under the contracts given out
regards France
aggregate $125,328,661, against $87,637,923 last year.
a
Consequently, for the country
returns furnish
—our
as a
total of
a
building construction work of $180,084,468,
million
and
dollars
than
more
when materials
were
covering the
vorable exhibit.
aggregate for 1919,
first
American
State
compila¬
our
tangible results in
proposals
Hughes
morning.
before
aggregate, in fact, is the larg¬
fair
on
naval
a
holiday by the Washington
said that "the
when the
contracted for
tor in
lay.
increasing the
sum
potent fac¬
of the contemplated out¬
Greater New York's total, at 362 million dol¬
here
the
as
only two weeks
logical
toward
millions
involved in this
above the 1916
aggregate.
the
indicate
a
building returns at hand for the month
lack of
activity in operations,
with recent years,
compared
due mainly to the failure of
terial and labor costs to
Advices from the
as
drop to
a
reasonable basis.
Dominion, in fact, indicate that
activity simply awaits
price
proper
adjustment.
For the month of October the
contemplated
reported for 45 cities
that of
a
ma¬
was
outlay
only nominally under
due to considerable activity in
year ago,
Montreal and in York
the ten months the
Township, Ontario, but for
same
cities show estimated
penditures of only 79 million dollars,
under those for the like
or
ex¬
19 millions
of which
same
Pending the delivery of Premier Briand's speech
on
day, the European cable advices contained
relative¬
taken
Mon¬
comment
regarding what had already
place at that gathering.
There was special
interest in advance
on
what the head of the French
delegation would
say.
Of the general trend of his
speech there could have been little question. It was
certain
that he would maintain that France must
protect herself against Germany. This—and
he did say,
for he declared that France
to reduce her
army
grams
one-half.
was
In
generally favorable.
Tuesday evening it
was
Adverse criticism
London and Berlin.
this
In
was
more-
willing
The European cable¬
indicated that the speech
ceived in France.
favorably
was
re¬
heard in
country the comment
a
will
as
pression.
dispatch from Paris
workmen.
have
Washington Conference."
"this
over
address
at
the
the
The dispatch added that
caption, embodying the
sense
It
was
kept 4,000
of satisfaction
the
on
don
preclude extended discussion. The only
exception to this favorable tone is taken by the Com¬
munist paper, 'L'Humanite,' which-uses the head¬
wages
was
Sheffield
In
a
Lon¬
set forth in
of the
of
Admiralty
"Action of
part as follows:
Admiralty in suspending construction of four
new
capital ships
Kingdom to-day
disarmament.
swer' to the
works
to
The loss to
and
years,
Great Britain toward the action
order
a
is estimated at
Saturday evening the attitude
was
as
It
hailed throughout the United
the first contribution to real
was
regarded
as an
'adequate an¬
Shipyards and steel
Hughes proposals.
regarded the step somewhat
as
a
calamity
business, but both workers and employers openly
recognized the necessity of the action."
Lord
Curzon, British Minister for Foreign Af¬
fairs, at
a
public luncheon in London on Thursday,
spoke what
were
characterized then as "plain words
France," according to cablegrams from that
centre
yesterday.
comment
and in
rope on
France
in
Apparently what he said caused
Government circles in England
than
any
other observations in Eu¬
the Washington conference.
"If France
Curzon said:
an
employed for from two and
and each major contract would
Tyne also will suffer severely."
cablegram
the
ago
involved in suspension
£15,000,000 in the next three
and the
would not in the
speech is hailed here, comprises al¬
only comment, the cabled text arriving so
to
wages
Clyde alone in
most the
as.
few weeks
calculated that this work would
men
with which the
late
a
hard blow to several thousand
a
half to three years,
more
was
French Premier's
The loss of
of the work will be
caption in the Paris morning newspapers
the
assigned only
part of the Government plan to fight trade de¬
a
—to
of
correspondent added that "at
recognized that it is unfortu¬
aggravate the unemployment situation, as the
contracts had been
said that " Trance speaks
through the mouth of Briand' is the almost universal
account
total of £32,000,000,
have meant sub-contracts to 200 firms.
period of 1920.
at the Limitation of Armaments Conference
new
a
has already been paid
nately inevitable that the suspension of naval work
workers
ly little
The
it is
time
sum
As to the money
stated that "the four
was
to have cost
trifling
a
to contractors."
the
representatives have adopted
order, it
were
only
has been received
of the attitude the
Hughes proposals."
super-Hoods
Canadian
by Parliament and
ago
consequence
British Government's
lars, exceeds that of 1920 by 110 millions, and is 160
correspondent
of this order for the cessation
news
of naval construction authorized
was a
week ago this
The New York "Times"
margin the total for the like ten months of 1920,
higher cost of materials
a
made there the day
was
contractor^ to suspend all work on the four
conference."
a
from the
capital ships of the super-Hood type, pending
new
the decision
period, exceeding by
from London
came
Announcement
fa¬
a very
Europe
presented by Secretary of
as
by the British Admiralty that "it had noti¬
fied the
1921 to date
recorded for the
ever
80
pionth in 1920,
202 cities makes
same
The
or
higher.
For the calendar year
est
the
15 millions above the
some
tion
for
The
whole—202 cities
projected cost for
justified in keeping prepared for
as
possible fresh attack."
isolated
or
would fail to
were
individual policy
long
run
In part Lord
to attempt to adopt
of
her
own
she
injure Germany and she
protect herself.
In what lies the real
strength and protection of our great ally across the
channel?
It does
not consist
in the valor of her
Not. 26
1921.]
soldiers, great
THE
that is.
as
It does not consist in the
strength of her armies, potent
as
not consist in the inexhaustible
It does not consist
in the
even
CHRONICLE
they
It does
are.
spirit of her people.
justice of her
cause.
2225
meeting will take place in the Prime Minister's offi¬
cial
residence, 10 Downing Street."
early in the week.
It exists in the fact that the conscience of the world
to have been
and the combined
thorities.
physical force of the world—and
in that I include America—will not tolerate the
dangerous
which
poAver
has
to the peace
into
many
Court of
not
rattled
the
perpetual
men¬
always
sword in the scabbard and which is
ace
re¬
in the heart of Europe of a great and
appearance
of the world.
a
We shall convert Ger¬
peaceful member of the International
a
Europe only if the great Powers combine
merely to enforce the Treaty but to make it clear
that
no
policy of retaliation
or revenge
would be
More
rioting at various points in Ireland
stated
Those disturbances
less
or
reported
was
said
were
put down quickly by the military
Wednesday morning
that
"heavy
bombers and
au¬
Belfast dispatch
a
casualties
were
inflicted by
in fresh riots at Belfast to¬
gunmen
day" [Tuesday].
The committee of the British Cabinet held
ference
tives.
on
a
con¬
Wednesday with Sinn Fein representa¬
Following the adjournment, according to
Associated Press dispatch, "the Irish situation
described in Government circles
hopeless.'"
an
was
'critical, but not
as
The correspondent outlined the situa¬
tolerated
tion
to
George explained to the Sinn Feiners that the Gov¬
by them and that they will assist Germany
play her part provided she shows sincerity and
good-will.
So long as Great Britain, France and
Italy hold together I
sole
hopeful of this result. The
am
question of the recovery of the
world is not the old idea of
individual Power.
There is not much
isolation, after all.
of Powers
as
a
to
splendor in
whole."
Associated
an
any
It is harmonious co-operation
Press
speech, according
cablegram from Paris last
The correspondent said in part:
French Government is
ernment
follows:
as
"Premier
willing to apply strong moral
was
to Ulster and to offer Sir James
deeply aroused
over
"The
the
warn¬
Lloyd
pressure
Craig, Premier of
Ulster, attractive financial inducements to persuade
him to agree to the only possible settlement—an allIreland
But if
Parliament.
these
rejected, either by the Sinn Fein
proposals
or
in Parliament which would include
her will.
The Government
Ulster to accept would
in defiance of the
were
Ulster, he de¬
clared, the Government would not introduce
France resented Lord Curzon's
e\'ening.
of the
peace
splendid isolation by
that moment
at
Act
any
Ulster
against
explained that to force
require the sending of troops,
pledges of all parties against phys¬
ing given to France by Lord Curzon, the British
ical
Secretary for Foreign Affairs, in his address in
question further with the Ulster Premier
London
day, after which Sir James will return to Belfast
yesterday and his criticism of the French
coercion.
Mr.
policy at the Washington armaments conference.
for the
formal
It
ment."
At that
was
explained in official circles to-day, however,
that France
regards A. J. Balfour
ain's official
representative at the Washington con¬
as
Great Brit¬
ference and that his and not Lord Curzon's
would
be
ment."
accepted
In
a
as
London
that of the British Govern¬
dispatch the assertion
made that "the British
press
stand taken
York
to-day agreed with the
against limitation of her military
Premier
Briand, Avho sailed from New
storing
rifles
was quoted as saying
France, rest assured she will help in re¬
peace
in the world.
If
France has
some
left, it is because she is forced to keep them—
the rack."
beginning of the week the reply of the Ul¬
Government had not been
dispatches it
circles
tions
that "the
toward
ment."
was
a
as more
week ago
in
of
official
Government
reply rejects the Cabinet
realization
an
all-Ireland
cable dis¬
that will be "read by the Ulster Premier
day and issued simultaneously in London."
acterized
as
being in
a
any
statement
result of the
place
The
char¬
was
"grave and critical stage."
The late cable advices last
evening did not contain
to whether it had changed
as
as a
coming together of the two Premiers.
Definite word
ing through
York "Times" that
Speakers to meet Nov. 29."
by their respective
The Associated Press
on
Sunday
morn¬
Germany would pay the January
Speaking of the departure of the Repara¬
tions Commission from German
capital, the
corre¬
spondent said that "when it became absolutely clear
to the Wirth Government that the next two install¬
ments must be
paid
a
they would be made."
specialists generally
to-day that "both Houses of the Ul¬
from Berlin
February installments of her reparations obli¬
the other
It became known in Bel¬
ster Parliament have been called
came
special Berlin dispatch to the New
Parlia¬
hopeful than
more
a
sugges¬
said that "the situation
delicate but
when Parliament closed."
fast
no
According to Lon¬
not denied
One correspondent
regarded
of the British
published, and
statement relative to it issued.
is
a
statement was
a
situation before the conference took
and
Cabinet to the latest proposals
don
meeting, according to
in the Parliament of Northern Ireland next Tues¬
gations.
At the
ster
Fri¬
re-opening of the Northern Parlia¬
patch from London last evening,
drawn up
on
yesterday for France,
that "as to
on
was
by Lord Curzon, severely criticising the
French attitude
resources."
opinion
Lloyd George will discuss the
ceived
last
given that
assurance was
He added, however, that "on
hand, the Wirth Government and German
no
counter
are
disappointed that they
assurances
subsequent payments.
of
relief
Germany's next
as
re¬
regards
move
will be
again to attempt to float foreign reparation loans
based
the old idea of combined credit action by
on
German
industry, agriculture
world."
Relative to the steps that
and
the
banking
would be taken
correspondent said that "in addition to receiving the
to raise the money,
report of the Ulster Cabinet
the Irish negotia¬
"The
German
tions, the Parliament will deal with the transfer of
their
impossible proposals that the State railroads
various
Governmental
services
Parliament to the North
London heard the next
the Ulster
on
from
Ireland
the
Imperial
legislative body."
day that "Sir James Craig,
Premier, has accepted Mr. Lloyd George's
invitation to meet him
talk
on
the Irish
Wednesday for
question."
It
was
an
informal
stated that "the
the "Times" representative said:
industrials
should be turned
over
with which to meet
have backed
In a let¬
they have again expressed
Avillingness to participate in
their
from
to them in return for credits
reparation payments.
ter to Chancellor Wirth
to the
down
a
plan to furnish credit
Government, but have not yet made known
new
terms, which, however, include the far uer.
THE
2326
conditions that State
CHBONICLE
enterprises, including the rail¬
busi¬
ness lines, instead of piling increasing deficits on
the already heavy deficit of the budget.
The prob¬
lem of reorganizing
and operating the railroads
profitably on modern big business lines has been
roads, must be operated at a profit on modern
submitted
Council for
Economic
National
Committee
Socialization
the
to
the
of
full report and
a
recommendations, with the proviso that their Char¬
acter
,
tampered with.
State railroads must not be
as
co-operating
The leaders of industry and labor are
in the
In
subsequent dispatch the Berlin representa¬
a
tive of the
same
said that "the Government is
paper
still, however, without any dependable plan for pay¬
the first fixed
ment of
500,000,000 gold marks
reaching plans for the development of Russian
sources
visit there is the culmination of
cussions in which
secrets of the
German
less,
covered
The
the 15th of January.
on
Government estimates made the total
payments, due Nov. 15 and Feb. 15,
580,000,000 marks; but the sum may be
ago,
before the industrial credit arrangement was
acute issue in German
an
politics.
It
was
true that the invitation
was
to
said that
Stinnes to
to London did not emanate from Lloyd George
go
personally, still it originated in England and with
the Prime Minister's consent."
*
Discussion of the "new Wirth
in the Reichstag Committee
It
tax
on
000,000 marks annually, about the
new
debt."
war
proposals, the New
"The
estimated
being
at
week
same
"Times"
York
correspondent
if it is adopted, and if its
program,
tax burden
of
amount as
In explaining the tax
annual
made
a
calculated that "it would yield 95,000,-
was
Germany's total
said:
program" be¬
Taxation
yield reaches expectations, will impose
already
a
of
He also said that "the
program."
entirely by deliveries in kind, the value
of deliveries
topics
the
This 580,000,000 marks may be regarded
tendency.
as
of
one
reparations installment of
the last export statistics show a declining
as
mysterious Essen industrialist that
arrangements for the visit were made a month
ago.
amount to
prominent Americans have taken
reparation loan is
Stinnes's London
26% of exports, one.of which fell due this month, is
follows:
long series of dis¬
a
first
gan
of both variable
re¬
His
It is denied here by persons initiated into the
part.
position regarding the variable payments equaling
as
by England, America and Germany.
while it
attempt to solve this problem.**
[Vol. 113.
an
additional
nearly 1,600 marks on each
German, which to-day is somewhat
more
than the
600,000,000; but the fixing of prices is not corn-
average
pi ete.**
tinuing his outline and observations, he said: "Par¬
Commenting
Press
the situation the Associated
upon
handed to
the
Reparations
communication
"A
said:
correspondent
Commission
by Dr.
month's
between
to be
taxation
foreign credits
re¬
quired to meet the January reparations payment to
the
Allies, has been received by the public
as con¬
burdened
ment possesses no
of actual confiscation.
period of
a
in which to meet its obliga¬
grace
tions.
The
without
answering the
Commission
left
yesterday for Paris
communication,
cial quarters the belief is expressed
be
in
forthcoming from Paris.
Berlin official
days
that it
ago,
but in offi¬
that
a
reply will
The belief has prevailed
circles, since its arrival here ten
the primary object of the com¬
was
mission to obtain at first hand
base its attitude for
an
an
idea
on
which to
adjustment of Germany's
reparations payments subsequent to the falling due
of
the
January and February installments."
cablegram from Berlin the next day it
that
"the
Allied
was
In
a
stated
Reparation Commission will not
reply for the present to the communications handed
it
by Dr. Wirth, the German Chancellor, last week,
concerning Germany's willingness to seek foreign
credit in order to meet the
ment to the Allies.
January reparations
members of the Commission favored
Chancellor
and
pay¬
It is said that while the French
Wirth's
be
better
This view
was
to
of old and
that
shared
letter
unanswered.
by the British and Italian
members of the Commission."
are
was
reported here
a
week ago this afternoon
Hugo Stinnes, the prominent German capital¬
ist, had gone to London "to conduct negotiations
the
reparations problem with
Premier
George and British financial representatives."
eral
Lloyd
Sev¬
days later, however, the Berlin representative
short
Germany under the new program.
Caesarian financial
a
an¬
It is ad¬
operation is need¬
ed, and quickly, if Germany is not to default
on
her
January and February reparation payments, with
fatal, far-reaching consequences."
Minister of Finance Hermes,
Taxation
agree on
these points, viz.:
try from her
no
own resources
"1. That Germany must
to bring her budget into
2. That this would be
order.
ent
reparation conditions
respite
had not
speaking before the
Committee, said that it would certainly
was
impossible if the
were
pres¬
3. That
maintained.
to be expected so long as Germany
proved that she had done everything possi¬
regularize her finances."
from
the
departmental
He added that "esti¬
financial
directors
showed the deficit for 1921 would amount to
asserted that "the
161,-
The Finance Minister further
000,000,000 marks."
000 marks
a
reparations burden would be felt
yearly expenditure of 234,000,000,-
this
on
account."
In another address before the Taxation Commit¬
tee, the Finance Minister said in part:
ernment
money
has
lenders, particularly in England, on how the
world market would react to the
long-time credits.
of
tions have not
Hugo Stinnes's trip to London is to discuss far-
"The Gov¬
already taken steps to sound foreign
of the New York "Herald" claimed that "the
purpose
money
The Government tax experts
fully in the 1922 budget, when Germany would have
that
over
opportunity in the
schemes for raising
still insufficient to plug the hole in Ger¬
to reckon with
It
no
on
The pro¬
many's budget and finance reparations.
mates
the
burden
hoped-for 95,000,000,000 paper marks
mitted that
ble to
leave
a
incomparably less in England and France
Yet these
sharp reply to
a
new
than it will be in
nually
It is cal¬
comparative study shows that the ta£
a
burden is
communication, the American
Belgian members expressed the opinion that it
would
say
43,000,000,000
apparently overlooks
gram
compromise
a
masses.
in the form of indirect taxes.
consumers
Con¬
property in the form of direct
on
and the other
way
get
skilled mechanic."
approximately 52,000,000,000 marks is
firming the belief popularly held that the Govern¬
illusions regarding its ability to
a
capital and the consuming
culated that
ernment's
seek
of
ticularly interesting is the attempt at
Wirth, the Chancellor, telling of the German Gov¬
willingness to
wages
come
question of taking
These soundings and conversa¬
to
a
conclusion
as
yet.
We of
Nov. 26
the
THE
1921.]
Government,
industrial and
well
as
CHKONICLE
representatives of the
as
banking world, had an opportunity of
here last
2337
evening through
Associated Press dis¬
an
patch from Tokio.
getting in touch with prominent bankers and finan¬
ciers in
England, America and other countries, and
many a
step has been taken to clarify the question
from
the
ment
was
standpoint."
money-lenders'
The state¬
said to have been made in Berlin
yester¬
day that "the English banking firm of Rothschild
has declared its
willingness to provide German cred¬
it to the amount of
only
on
£10,000,000 to £15,000,000, but
the understanding that the loan be taken
by the British public within
In
Berlin
a
offices in
year."
shields
Germany
of
were
Consular
the American
set up outside the build¬
leading European centres
5% in London, Berlin and
Belgium; 5}^% in Paris, Denmark and Sweden; 6%
in Rome, Norway and Madrid;
4^% in Holland, and
4% in Switzerland.
In London private discounts
are
quoted at 4@4)^% for short bills (unchanged), and
3
15-16@4% for three months,
week.
Money
week ago.
3*4%
There has been
discounts
in
Paris
and
shade easier
was a
comparison with 334%
m
j
against 4% last
as
call in London
on
and declined to
cablegram under date of Nov. 21 it
"the
stated
was
a
up
Official discount rates at
continue to be quoted at
change in
no
open
Switzerland from
a
market
5% and
434%, respectively.
ings to-day for the first time since relations were
broken off between
The Consuls
ready to
official busi¬
carry on
The German Government has been
ness.
to
Germany and the United States.
are now
requested
recognize thirteen Consuls provisionally, all of
whom have taken up
that
the
after American
to turn
their duties, despite the fact
Spanish Consuls, who have been looking
interests, have received
the
over
directions
no
Another small
gain in gold
reported this week
total
expanded £286,000,
reserve
as
result of
a
cut
£281,000.
Deposits, however,
Government's
hence the
proportion of
A week
the
as
expanded;
were
liabilities fell to
reserve to
the
ago
well
as
loans,
temporary
reserve
ratio stood at
18.47% and for the week of Nov. 10 at 18.27%.
"Soviets
This
Open
the
was
ciated Press
New
York
Bank
on
a
caption that appeared over
week
State bank
was
Bank, with
a
to pay
time
from that
on
The correspondent
and
3% interest
was
exactly
which the Soviet Govern¬
took
all
over
The institution gave
Russian
the
notice of its intention
current accounts and 5% on
on
the
corresponding
There
Loans
000, although loans
£1,251,000.
with
a
notes
1919
in
708,000
at the opening, which marks
mony
a
decided step
changed economic policy, as the bank adver¬
tises that it will make loans to
corporations and in¬
dividuals, deal in exchange and handle accounts,
guaranteeing them free from confiscation
Government,
which desires
to
This
Branch banks will be opened soon in
other
and
Russian
commercial
centres.
Siberian
It
is
an¬
gold
against £14,598,year
before that.
£123,307,000.
A
year
£127,964,815 and
were
in
with £74,106,764 and £80
compares
years ago,
respectively.
Clear¬
£658,631,000
were
the
Bank's
minimum
previous figure.
statement of
-
No change has been made in
a year ago.
discount rate from
We append herewith
5%, the
a
tabular
comparisons of the principal items of
the Bank of England returns:
'
BANK
OF ENGLAND'S COMPARATIVE
1921.
1920.
Nov. 23.
Nov. 24.
£
£
methods in its effort to effect economic reconstruc¬
tion.
of
compares
As to loans the total is £82,-
and two
capitalistic
restore
reduced
comparison with £679,282,000 last week and £675
the
by
as
ings through the London banks
tinuing his account of the opening and outline of
in the
outstanding
one
stock
and £87,901,616 in 1919.
£23,583,000,
£86,693,965.
the institution's
was no cere¬
year
£14,588,-
were
£128,438,365, which
and £19,657,651 the
year ago
570,000.
policy, he said: "There
Street's
Note circulation amounts to
ago
£18,046,000.
other securities
on
£124,112,851 last
In
11.83%.
was
augmented
Threadneedle
Reserves stand at
036
it
1920
£4,466,000 in public deposits,
were
hand aggregates
on
080,300
guard at the main door." Con¬
deposits
of
Government securities increased
on
correspondent was that "two work¬
with rifles stood
week
decline of
was a
other
but
Another feature that attracted the
deposits.
attention of the
men
con¬
full staff of old-time
happened that the date
so
nationalized
banks."
was
yesterday (Nov. 18), "a new
ago
banking officials and clerks."
ment
Asso¬
opened in Moscow in the premises of
Union
noted that "it
an
prominent
a
The information
newspaper.
a
four years
Capitalistic Plan."
dispatch from Moscow in
veyed that
the old
a
a
further reduction in note circulation, which item was
16.88%.
equipment to the Americans."
was
by the Bank of England, this time of £5,169, while
Circulation
15,601,000
Other deposits
1918.
NOV.2Q.
Nov. 27.
1917.
Nov. 28.
£
123.307,000 127,964,815
Public deposits
STATEMENT.
1919.
17,989,416
£
£
86,693,965
65,990,450
43,077,010
19,307,967
30,427,890
41,526,139
124,082,000 105,314.613 100,989,141 143,749,163 122,742,622
Govt, securities
nounced that the bank will handle
exchange, applying the old laws to them until
enactments
formulated.
are
The
buying
new
power
of
50.313,000
52,401,073
38,334,536
Other securities....
82.570,000
74,106,764
80,080,300 100,992,330
91,342,329
Reserve notes & coin
foreign bills of
23,583,000
14,598,036
19,657,651
31,879,592
bullion...128.438,365
124,112,851
87,901,616
75,845,656
56,506.642
16.88%
11.83%
16^%
16.20%
19.40%
5%
7%
6%
5%
5%
Coin and
dard
as
to
isting in
an
paper
ruble is to be readjusted,
equalize salaries and avoid absurdities
many
ex¬
departments where the monthly sal¬
aries, fixed long
of
the stan¬
ago, are
employee for
a
insufficient to buy the food
single day."
The Bank of France continues to report
An
interesting, and perhaps important, bit of for¬
news was
hito—only 20
cause
-
of
of the
the designation of Crown Prince Hiroyears
of age—as Regent of Japan, be¬
impaired mental and physical condition
Emperor Yoshihito.
The change became known
small gains
gold item, the increase this week being 32,500
in its
The
francs.
aggregate
Bank's
gold holdings, therefore,
5,524,042,825
francs,
comparing
now
with
5,491,696,847 francs at the corresponding date last
year
of
eign
liabilities
Banfc rate
Every two months the ratio between the
gold ruble and the
so
as
58,814.870
Soviet budgets hereafter are to be
which
on
based.
gold ruble has been agreed
28,305,206
Proportion of reserve
to
the pre-war
52,629,716
and with 5,576,962,251 francs the
these
abroad
francs
year
before
amounts
in
in
both
1919.
1,948,367,056 francs were held
1921 and 19!20 and 1,978,278,41
During
the
week,
silver gained
212,000 francs, bills discounted increased 16,236,000
francs, Treasury deposits
general
deposits
were
rose
20,343,000 francs and
augmented
by
79,793,000
'
2228
THE
francs.
Advances,
further
A
[Vol. 113.
reduced
from
71.8% last week to 72:3%; but in New York
contraction of 382,-
there
was a
the other hand,
on
francs.
30,033,000
CHRONICLE
were
decline to
82.8%, from 83.6%
week
a
ago.
992,000 francs occurred in note circulation, bringing
the total
outstanding down
the reduction
amounts to
the
year
in
over
the past
outstanding
francs and the year
three weeks
At this time last
billion francs.
a
amount
38,806,732,995
was
before 37,423,807,705 francs. Just
prior to the outbreak of
A
to 36,336,275,000 francs;
this item in
war,
in 1914, the amount
Comparisons of the
only 6,683,184,785 francs.
was
var¬
large increase in loans, accompanied by
last week's statement of the
incidental to Nov. 15 payments.
the loan item
$3,822,276,000,
BANK
OF
—Status
Changes
.
Gold, Holdings—
Francs.
Abroad
.Inc.
Silver
3,598,683,835
1,948,367,056
1,978,278,416
5,524,042[825
32,500
5,491,696,847
5,576,962,251
crease
of
.Inc.
212,000
279,072,495
264,856,118
16,236,000
2,287.510,298
3,279,519,096
1,153,456,124
Advances....
30,033,000
2,225,008,000
2,031,327,545
The latter item, however,
deposits
are
at $232,345,000, an in¬
now
Cash in
of the Federal Reserve bank
to
trust
own
vaults of members
reduced $3,860,000,
was
$71,772,000 (not counted
of State banks and
reserve).
as
companies in
283,648,580
Bllla discounted... Inc.
deposits.
$8,229,000.
Francs.
3,543,329,791
1,948,367,056
32,500
No change
Total
Francs.
3,575.675,769
Francs.
...Inc.
Nov. 27 1919.
gain of $33,065,000, to
a
which is exclusive of $62,693,000
decline for the week of $26,655,000.
a
Net time
of—
as
NOV. 25 1920.
Nov. 24 1921.
for Week.
In France
represents
COMPARATIVE STATEMENT.
FRANCE'S
deposits showed
in Government
follows:
are as
In round numbers,
expanded $53,069,000, while net
was
demand
and 1919
associated
Saturday, and
apparently the result of Government operations
was
of last
corresponding dates in both 1920
New York
banks and trust companies, issued on
ious amounts in this week's return with the statement
week and
an ex¬
pansion in the deposit items, proved the features of
Reserves
vaults
own
1,328,918,317
Note
......
Dec.
circulation.. Dec. 382,992,000 36,336,275,000
38,806.732,995 37,423,807,705
Treasury deposits. Inc.
20,343,000
54,301,000
287,335.558
52,160,777
General deposits.. Inc.
79,793,000
2,508,797,000
3,639,893,283
increased
$68,000, and
kept in other de¬
reserves
positories by State institutions expanded $383,000.
3.089,275,468
A contraction of
$1,413,000
noted in the
was
of member banks with the Federal
In its statement,
Bank of
Germany
issued
as
of Nov. 15, the Imperial
once more
changes in the principal items.
registered sensational
Note circulation
was
again heavily expanded, the increase this time being
2,576,128,000 marks, thus bringing
outstanding
up
the total of
circulation to still another
note
new
conjunction with the expansion in deposits, brought
about
marks
in
1919.
In
the
week
the Federal Reserve system,
There
small increases in
were
gold, 71,000
marks, and total coin and bullion 340,000 marks.
Treasury certificates
marks
A
and
huge increase
round
of other
notes
was
augmented
were
banks
673,045,000
2,217,000 marks.
reported in bills discounted, in
numbers, 8,376,097,000 marks, while deposits
gained
7,008,751,000
statement
was
marks.
that all items
A
were
feature1
the
of
increased with, the
sole
exception of investments, which declined 12,839,000 marks.
The sum of 1,876,000 marks was
added to
advances, 42,497,000 marks to other securi¬
ties, and 77,141,000 marks to other liabilities.
Bank's gold
holdings
now
The
total 993,710,000 marks,
as
against 1,091,570,000 marks in 1920 and 1,091,740,a
year earlier.
000 marks
on
Thursday having been
while
gold
reserves
a
issued
Friday (yesterday)—
holiday—it will be seen that
continue to increase the
same
as
hitherto,
be
found
Yesterday there
ease.
the former and the rate
afternoon.
Bankers
not keen bidders.
under
by $8,000,000, to $1,274,567,000.
Total
earning assets, however, are $7,000,000 smaller.
Deposits declined $9,000,000, and Federal Reserve
notes in actual circulation
same
serve
amount.
Bank the
rediscounts
case
gain in gold
were
the total of bills
were
In the
reduced in
practically
of the New York Re¬
was
$2,000,000.
Here
considerably larger, the increase in
on hand
being $32,000,000.
Total
-earning assets expanded $19,000,000, and deposits
$6,000,000.
An increase of Federal, Reserve notes in
circulation of $3,000,000 was shown.
reserves
for
the
twelve
page
in
The ratio of
reporting banks advanced
was
an
abundant supply of
dropped to 4^% early in the
willing than they have
are more
time, but borrowers
be
no
are
difficulty
arranging accommodations for 30 and 60 days at
5%.
Only moderate withdrawals from local insti¬
tutions
now
made
were
by the Government.
and the end of the month the usual
accounts in
tions
will
to be
seen.
Between
shifting of
preparation for Dec. 1 disbursements is
naturally expected.
a
of this issue.
this centre has been
There appears to
affect
New
large scale.
To
the
what extent these
local
money
opera¬
market remains
offerings of Securities continue
So far there have been
congestion.
no
on
signs of
Now that the so-called railroad
funding bill hasj been dropped by Congress, it is ex¬
pected that the railroads will be in the market with
large offerings of securities.
in all
The stronger systems,
probability, will sell bonds and stocks.
with that of States
the
later
a
been to put out money on
term
discount has risen
on
irregular; that of time funds toward greater
For the combined
system,
$12,000,000, while the volume of bills held
of
but not including cash
The trend of call money at
somewhat
discounting operations have slightly in¬
creased, instead of showing the usual contraction.
gold holdings increased
The
reserves
Saturday last. The bank statements in fuller
will
serious
From the Federal Reserve Bank
statement,
at the close of business on
week.
on
$71,772,000 held by these
of
July 25 1914, note circulation stood at 1,890,893,000
marks.
last
based
are
in vault to the amount of
detail
31,128,480,000
$35,123,750
surplus
13% above legal requirements for member banks of
banks
and
surplus of $5,533,780, to $29,-
against
as
above figures for
with 64,095,288,000 marks last
year
reduction in
a
589,970,
high record, namely, 95,005,548,000 marks, which
compares
reserves
bank, and this in
of the weaker lines may
notes.
Some
be compelled to put out short-
Financing from this
and
source,
together
municipalities and foreign
Governments, is certain to bring into the market all
the securities that it will take.
to be
a
factor in the money
Frank A. Van-
comprehensive study
industrial, economic and financial conditions in
derlip, who is just back from
of
All this cannot fail
market.
a
Europe, is understood to be firmly of the opinion
that the United States must
ance
toward
putting Europe
give substantial assist¬
on
her feet.
In this
country the prevailing opinion has not been in favor
of such
a
gigantic undertaking.
done, the effect
be overlooked.
upon
the
money
If this should be
market could not
Nov. 26
Referring to
this week
THE
1921.]
rates in detail, loans on call
money
ranged between 4% and 5%%.
the range was
high
figure of 4%%
still
was
Friday there
were
low
a
tion
the
of
almost
slightly
as
On
of 4%@5%, the same
ruling
again
rate
5%.
at
For fixed-date
fairly large.
the situation remains about the same,
as on
advocating
ma¬
activity
Final rates, however,
the effect
Thus far
Conference at
feeling
and the market
out with
a
few, if
nominal affair
has ruled steady with
mand for the best names,
light offerings.
bills
character
are
six
and
still
well known at
fair de¬
and dealings restricted by
ninety days'
Sixty and
receivable
a
months'
The bulk of the business
choice
of
names
quoted at 5@5%%, and
5%@5%%, the
endorsed
names
less
heretofore.
same as
Banks' and bankers' acceptances were
and
fairly good turnover
a
moderately
reported.
was
Country banks
were
laid for
savings banks
were
also in the
with rates
ers'
prime
market for small
The undertone
paper.
unchanged.
posted rate of the American
Acceptance Council remains at 4%%.
Council
bankers'
the
makes
bills
The Accep¬
discount rates
acceptances eligible for
Federal Reserve Bank
for
firm
was
For cal} loans against bank¬
acceptances the
tance
not far from
by the Armament
the foreign exchange
on
purely sentimental, but the general
are
being
definite events marked the week
very
direction, but Secretary Hughes's utterances
expressing satisfaction
over
problems of the Far East
Powers, had
added the
a
the fashion in which the
are
being handled by the
steadying influence; to which must be
persistent scarcity of commercial offerings.
According to
experts, sterling, in the absence of
some
untoward.
developments, is likely to work higher,
attempt is made to deny that a good deal
will
prime
on
purchases by the
4%% bid and 434% asked
running 120 days; 4%@434% for ninety
no
depend in this respect
likely to be placed
As
on
unchanged, with demand at 3 9934@3 99%, cable
transfers
3
97%.
ing
the
freer
to 3
4
at
receipt
were as
3 97@
days
lower London quotations and
of
98%@3 99 13-16 for demand, 3 98%@4 00 5-16
for cable transfers and 3
notable feature
a
sixty
and
offerings of commercial bills, declines took place,
and the trend
Open market quotations
00@4 00%
On Monday weakness developed and follow¬
for
thirty days.
ex¬
Saturday last ruled firm and practically
concessions.
follows:
the volume of bills
upon
the market.
on
regards the detailed quotations, sterling
change
days; 4%@4%% for sixty days, and 4%@4%%
was
96%@3 97% for sixty days;
the lack of
inquiry except at
Irregularity marked Tuesday's dealings
was
again lower, demand being frac¬
tionally down to 3 97%@3 98%, cable transfers to
SPOT
DELIVERY.
90
Prime eligible bills
DELIVERY
WITHIN
Days.
30 Days.
44*@4**
Days.
44*@44*
60
44*<©4J*
..........
FOR
3
98@3 99%
Eligible member banks
Ineligible bank bills
...54* bid
of rates
now
no
changes this week in Federal
The
following is the schedule
in effect for the various classes of paper
at the different
essential
Reserve Banks:
RATES
IN
OF
EFFECT
THE
FEDERAL
NOVEMBER 25
Discounted
Federal
Reserve
Bankers'
accep¬
tances
Agricul¬
Trade
accep¬
tural
live
and
slock
Other¬
disc'ted
bonds
wise
for
and
secured
member
within
evidence
range was
without
3 99@3 99 11-16
(days.
Thursday was a
Inactivity
Friday and the market
on
was
was
still in
quiet and
weak; demand bills receded to 3 9834@3 99%, cable
97%.
98%@4 00% and sixty days to 3 96%@
Closing quotations
Victory
and
banks
90 days
days
notes
Commercial sight
at 3
were
3 96% for sixty
bills finished at 3 9834? sixty days
94%, ninety days at 3 93%, documents for pay¬
91 to 180
edness
•
Liberty
of indebt¬
y
Treasury
certificate
'
and trading
were
days, 3 98 for demand and 3 99 for cable transfers.
notes and
Bank of—
3 95%@3 96%.
result prices
holiday (Thanksgiving Day).
3
bills
maturing
within 90 days Unci, mem¬
ber banks' lb-day collateral
notes) secured by-
a
97@3 97 11-16 for sixty
RESERVE BANKS
1921.
as
change and the
transfers to 3
DISCOUNT
to
demand, 3 99@4 00 3-16 for cable transfers and
for
3
light;
very
A% bid
A% bid
There have been
days
THIRTY DAYS.
Eligible non-member banks
Reserve Bank rates.
sixty
and
Wednesday pre-holiday dulness set in
was
■J
speech
depress-
greatly improved conditions in international
No
in this
the principal buyers, but local
amounts of
a
though
passing is for out-of-town
institutions.
active
were
to be that the foundations
seems
trade.
important loans made.
any,
Mercantile paper
practically through¬
exercised
Washington
situation has been
light
Briand's
the best of the week.
quoted at 5@5*4%, unchanged.
was
Premier
any
receded
noted and rates
of
With
Friday little if
on
large French army, which had
turities from sixty days to six months continue to be
Trading
practical standstill.
a
was
result
a
a
ing effect.
money
and all
at
was
resumption of business
the maximum for the day.
was
especially
was
Thanksgiving Day holiday caused an
cessation of operations and the
market at times
the
This
part of the week when the interven¬
complete
in
the
with
exceptionally dull.
was
increase
holiday (Thanksgiving Day).
a
were
Wednesday
part
2229
true in the latter
quoted, but the renewal basis
was
was a range
Wednesday,
Offerings
Monday and Tuesday
both days.
on
5%, which
Thursday
On
5%%, the low 5%, while renewals
was
negotiated at 5%
was
Last week
4@4%% for both mixed collateral and
all-industrial loans alike.
the
CHRONICLE
unsecured
tances
paper
maturing maturing
ment
at 3
3
(sixty days) at 3 95 and seven-day grain bills
97%.
9834-
Cotton and grain for payment closed at
Gold continues to arrive in large volume—
44*
4 4*
44*
44*
44*
4*
44*
44*
Philadelphia
4 4*
44*
44*
44*
44*
44*
44*
Cleveland
5
5
5
5
5
5
ingots, the Chicago from the same port 6 cases, the Drott-
Richmond
Boston
New
44*
44*
York
44*
The SS. Paris from Havre
brought about $400,000 in gold
54*
54*
54*
5 4*
54*
54*
54*
54*
Atlanta..
54*
54*
54*
54*
ningholm $4,300,000 in bars] and coins from Sweden,
Chicago
5
5
5
5
5
5
5
5
5
5
5
5
Cedric $3,250,000 from
Minneapolis
Kansas City
54*
54*
54*
54*
54*
54*
5
5
5
5
5
5
Dallas
54*
54*
54*
54*
54*
54*
6
5
5
5
5
5
Louis
St.
San
Francisco
gold valued at $265,000 from Southampton, and the Nieuw
Amsterdam 2 boxes gold coins from Holland. Smaller mis¬
cellaneous amounts from South America and elsewhere in¬
cluded $15,000 on
A
slightly easier trend developed in the sterling
market
had for
days
during the week and
a
brief
period crossed the $4 00 mark
3
99%.
a
few
from
British Guiana; 30 bars on the Lake
Shipments of
98; the extremes being 3 9734 and
the Touraine,
Elrio
Montevideo.
the precious metal are scheduled as being en
following steamers: the Lapland, the Celtic,
the Carmania and the Bayerin.
Colombia; 4 packages on the Bonteur from
route via the
In keeping with this, trading for the most
the Toloa from Costa Rica; one box of gold
and the Mayaro 4 packages
the Sallust from Trinidad;
sagged off and ruled alternately
ago, once more
above and below 3
on
from Trinidad and
t^ie demand rate which
the
England, the Oropesa 8 boxes of bar
.
THE
2230
Movements in the Continental
[Vol. 113.
CHRONICLE
exchanges were not
In
the
exchanges
the former neutral centres
on
volume of trading continues at a low ebb and rate variations
transacted was negligible.
In the initial have been comparatively unimportant. The same
weakness developed, mainly on the receipt general characteristics are still in evidence, namely
especially significant and here also the
business
dealings
subsequently
of lower cable rates* from London and
suffered declines of
points, bringing the former down to 6.89
latter to 6.49%.
Lire broke to 4.01, or
both French and
about 30
and the
Belgian
currency
Reichsmarks shared in
lesser extent, receding
only 4% points, to 0.3334Austrian kronen, despite
rumors of fresh troubles regarding Austrian Govern¬
approximately 15 points off.
the
general weakness, but to
a
strength in guilders and Swiss francs, which gained
60 and
some
buying
points, respectively, as a result of
25
while Scandinavian
account,
German
for
exchange has remained irregular with no definite
trend
in
either direction.
Spanish pesetas were
maintained
practically the
at
levels ruling
same
a
week ago.
Bankers'
sight
Amsterdam, after advancing to
on
35.83, finished at 35.37, against 35.20; cable transfers
0.03%.
ground, estab¬ 35.80, against 35.25; commercial sight at 35.70,
low record of 4.01 for checks. against 35.15, and commercial sixty days at 35.34,
ment
finances, remained fixed at or near
Greek
exchange turned weak, and lost
lishing another
new
business
was
When
resumed
Friday after the
on
Thanksgiving holiday, but little improvement was
by the French Premier on the
Copenhagen
Utterances
size
France's
unfavorable
15
points
standing
impression,
created
army
a
rather
that losses of from 5 to
so
sustained in some of the leading
were
Developments at tne Arms Conference were in a
favorable to the European exchanges,
way
although Premier Briand's speech on Monday had a
somewhat
since it
keep
a
dampening
effect
French exchange,
on
taken to indicate that France
was
large
army
One large banking house is said to have
on the ground
that marks will
soon
be worthless and that
they
are
unwilling to take part in the sale of this paper.
Quite
a
few banks have either severely curtailed or
altogether abolished trading in the Central European
currencies, for the
of
reason
that nearly all of this class
buying is said to be for speculative purposes.
Because of the restrictions
imposed by the Rumanian
Government, Rumanian exchange trading has been
The recent German Government meas¬
suspended.
ure
ordering
increase in the gold premium for im
an
port duties for the purpose of improving the
of the mark in international markets
as
14.41 and 14.46 the
tions for
Checks
was
not
position
regarded
Spanish pesetas
were
against
Closing quota¬
previous week.
13.85 for checks and
BUYING
CABLE
NOV.
1921
TO
FEDERAL
BY
FIXED
RATES
18
NOV.
1921,
23
BANK,
RESERVE
INCLUSIVE.
Noon Buying Rale for Cable Transfers in New
Value in United Stales Money.
tations.
Nov.
18. Nov.
.000358
Austria, krone
21. Nov.
19. Nov.
.000359
22. Nov.
S
$
$
S
EUROPE—
.000359
.000356
0686
23.
$
.00035
.0686
.0699
.0699
.0694
Bulgaria, lev...:
Czecho-Slovakia, krone...
.006775
.006792
.006742
.006867
.010713
.010516
.010481
.010425
Denmark, krone.
England, pound
.1852
.1840
.1848
.1845
.1849
3.9992
4.0021
3.9998
3.9864
3.9993
franc
Belgium,
.020057
Finland, markka
.020214
.020114
.019729
.006417
.010519
.019543
.0722
.0722
.0716
.0709
.0709
.00356
.003693
.003628
.003558
.003574
.0146
.0410
.0403
.0402
.3518
.3522
.3521
.3529
.3551
.001072
.001044
.001048
.001038
.001067
.0417
.0417
.0414
.0411
.0413
.003513
.003328
.002981
.003047
.003272
.1445
.1437
.1420
.1411
.1417
Poland, Polish mark
.000292
.000291
.000283
.000291
.000288
Portugal, escuda
.0840
.0837
.0827
.0816
.0814
.01418
.0
'.6m ~
"01222
AH 318
France, franc
relchsmark....
Germany,
Greece, drachma
Holland, florin or guilder..
krone
Hungary,
Italy, lira
Jugoslavia, krone...
Norway,
krone
Rumania, leu
Serbia, dinar
Spain, peseta
—
3280
.0405
.1377
.1376
.1376
.1372
.2337
.2336
.2334
.1882
.1878
.1882
.1884
Hong Kong, dollar
Shanghai, tael..
—
Shanghai, Mexican dollar.
.5490
.5477
.5538
.5473
.5415
.7692
.7721
.7725
.7633
.7625
.5575
.5585
.5610
.5480
.5500
India, rupee
.2714
.2701
.2693
.2660
.2663
Japan, yen
Java, florin or guilder—..
.4791
.4791
.4792
,4792
Sight bills here
56.95, against 55.33 last week.
the French
centre
cable transfers at
Paris closed at
on
on
finished at 6.8934, against 7.21;
DAY
.2348
.1878
HOLI¬
.1376
.2336
.4793
Sweden, krona
Switzerland,
--
franc
ASIA—
,
.3433
.3437
.3438
.3442
.3486
Singapore, dollar
NORTH AMERICA—
.4592
.4575
.4575
.4608
.4558
.913906
.912891
.910547
.910938
.996460
.996253
.996253
.995838
.995838
.4833
,484275
.4833
.484425
.4841
.911458
.910938
.908854
.908542
.909583
dollar
Cuba, peso
The official London check rate
York
Country and Monetary Unit.
Canada,
likely to be effective in strengthening mark quo¬
on
13.90, against 13.75 and 13.80 last week.
for emergencies and that this would
discontinued the sale of Berlin checks
cable
and
against 23.30 and 23.35, while checks on Norway
Trading in Berlin marks showed a marked
falling off.
18.45
and cable transfers 23.50,
23.45
closed at
intended to
necessarily entail heavy expenditures for its main¬
tenance.
at
against 18.40 and 18.45.
finished at 14.20 and cable transfers 14.25,
currencies at the close.
general
finished
checks
transfers 18.50,
Sweden
Swiss francs closed at
ago.
sight bills and 19.08 for cable
Last week the close was 18.82 and 18.84.
remittances.
lower.
week
a
bankers'
for
19.06
of activity and the final range was
shown in point
of
against 34.79
Mexico, peso
Newfoundland dollar
SOUTH
AMERICA—
.7420
milrels
...
Uruguay, peso
-
.7436
.7433
.7427
.7407
.1257
.1265
.1252
.1249
.1234
.6713
Argentina, peso (gold)
Brazil,
.911719
.6702
.6696
.6722
.6709
6.9034, against 7.22; commercial
exchange very
The rate on Argentina,
Final quotations on Antwerp francs were 6.49% for after advancing to 33.00 for checks and 33.25 for
checks and 6.5034 for cable transfers.
Last week the cable transfers, receding and closed at 32.75 and 32.85
close was 6.99 and 7.00.
Reichsmarks finished at
(unchanged), but Brazil was easier, at 12% and 12%,
0.3334 for checks and 0.34 for cable remittances, against 12% and 13. Chilian exchange was- weak,
against 0.35% and 0.3634 a week earlier. Austrian declining to 10%, against 11% last week, but Peru
sight bills closed at 6.8734, against 7.19, and
mercial
sixty days at 6.8134, against 7.13
kronen closed at 0.03 for checks and
transfers,
compared
as
Lire
finished
bills
and
with
4.1534 and 4.1634
the
4.04
for cable
Czecho-Slovakia
on
Bucharest
week
at
closed
2.00.
Greek
4.05
for
4.20 and 4.25
at
0.0334
4.03
for
transfers.
a
week
at
and
This
on
ago.
sight
compares
Exchange
against
011
on
1.07)4;
Poland at
Finland at 1.95, against
exchange finished at 4.00 for checks
cable
transfers,
in comparison
in the preceding week.
With
com¬
with
regard to South American
little change
has been noted.
remained unchanged, at
Far Eastern rates were
0.03%.
bankers'
ago.
1.05,
week
0.0334 for cable
0.75, against 0.80;
0.295, against 0.029, and
and
with
a
is,
so
far
as
3.42.
firm early in the week, that
Chinese currency was
concerned, respond¬
market.
ing to temporary improvement in the silver
It receded again yesterday.
Hong .Ivong
finished
54%@55; Shanghai, 78%@.
79, against 78%@79; Yokohama, 48%@48% (un¬
changed); Manila, 49%@50 (unchanged); Singapore,
46%@47 (unchanged); Bombay, 28%@28%, against
at
54%@54%, against
28%@28%; and Calcutta
28%.
'
28%@29, against 28%@
.
,
Nov. 26
The
1921.]
New
THE
York
CHRONICLE
Clearing House banks, in their
operations with interior banking institutions, have
gained $4,962,337 net in cash
receipts
cur¬
for the week ending November 24.
rency movements
Their
result of the
as a
from
interior have aggregated
the
plant.
the
in
2231
Mr. Schwab did say that the carrying out of
Hughes
consideration
boon
great monetaryloss
program may mean
quarters, but financial loss "can be of
some
when
compared
no
the' inestimable
to
to, mankind which would be involved in the
$5,906,337, while the shipments have reached $944,-
realization of that
000,
iron men, he said, "are ready, and if disarmament
the following table:
as per
CURRENCY
RECEIPTS
>■'J.;;?■
AND
SHIPMENTS
-4
t'H"
•'*
i
••
'
N'S
Into
-
Banks' interior movement—....
BANKING
N?
Gain cr Loss
Out of
Banks.
•
to Batiks.
„
$944,000 Gain
$5,906,337
inflicts
a
$4,962,337
As^he*
Sub-Treasury
show
to
the
the
effect
taken over by the Fed¬
was
Dec.
on
6, it is
no
Government
of
Clearing House institutions.
Bank of New York
serve
ing House each day
longer possible
was
operations
on
The Federal Re¬
creditor at the Clear¬
will accept it will¬
upon us we
But sucirlbss will be only tem¬
accept it," he added, "not in a spirit of
est
"We will.
mere
ideal¬
self-sacrifice, but in the belief that the great¬
permanent material prosperity would be brought
about
by the concentration of the energies of
kind upon
constructive activities,
upon
man¬
for
means
well-being and not for the destruction of civiliza¬
tion."
follows:
as
The steel and
and trifling, in view of the future.
porary
ism and
eral Reserve Bank
loss
money
ingly and gladly."
Hill
Banks.
,■"
Weekending November 24.
».# .tt
Ml'
YORK
NEW
BY
INSTITUTIONS.
■
magnificent plan."
J;
Judge Gary spoke to the
same
H/'
>
'
purport, and with
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
/
AT
CLEARING
equal authority.
HOUSE.
will
Saturday,
Monday.
Tuesday.
Nov. 19.
Nov.
Nov. 22.
$
21.
$
Wednesd'y,
Nov.
$
Friday,
Thursday,
Nov. 24.
23.
$
Aggregate
there is any
he believes it will be small;
$
hand, world
peace
est business
prosperity,
$
63,400,000 53,400,000 '6,000,000 39,400,000
59,900.000 Cr. 252,100,000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country, In the operation ol
the Federal Reserve System's par collection scheme.
These large credit balances,
however, show nothing as to the results of the Reserve Bank's operations with the
Clearing Houwe Institutions.
drawn
on
the Reserve
They represent only
Itself
Bank
are
side of the account, as checkr
one
He doubts whether disarmament
decrease in the steel output, and if
any
for Week.
25.
Not.
Holiday
cause
presented directly to the bank and never
of
ure
will "mark
an
well
as
the largest
as
happiness, that the world has
He is very
the other
on
epoch of the great¬
ever
•
,
T.-; '
*
••
.
V*
•■;»'■■■
hopeful for the future.
In the last six
The following table indicates the amount of bul¬
,
lion in the
months
"things
out the
through the Clearing House.
go
country," and the steel industry has
than
principal European banks:
the
24
Nov.
1921.
Nov.
25
have been growing better through-
doubled in
take it all
the
last
Silver.
£
|
Total.
£
£
Gold.
Silver.
£
£
1
England.. 128,438,365
France a__ 143,027,031
Germany
49,685,500
.
Aus.-Hun.
Spain,
Italy
i_
Netherl'ds.
Nat.'Bdlg.
Swltz'land.
Sweden...
Denmark
Norway
128,438,365 124,112,851
ii.ieo'ooo 1.54,187,031 141,733,192
780,850 50,466,350 54,578,500
10,944,000
2,369,000 13,313,000 10,944,000
100,304,000 24,658,000 124,962,000 98,183,000
33^700,0t)0
2,980,000 36,680,000 32,192,000
50,497,000
711,000 51,208.000 53,012,000
10,663,000
1,603,000 12,266,000 10,660,000
21,836,000
4,961,000 26,797,000 21,636,000
15,293,000
15,293.000 15,695,000
152,293,192
356,950 54,935,450
2,369,000 13,313,000
23,007,000 121,190,000
3,018,000 35.210,000
1,635,000 54,647,000
1,108,000
11,768,000
4,316,000
25,952,000
"139", 000
12,873,000
12,644,000
8,115,000
8,117,000
49,410,850 634,598,746 583,507,543
49,361,550 634,528,427 583,022,215
46,508,950 630,010,493
46,476,700 629.498,915
188^060
8,115,000
Prev. week 585,166,877
Gold
10,560",000
15,695,000
12,783.000
8,117,000
12,685,000
.
_.
he pronounces
£
124,112,851
~
Total week 585.187,896
a
Total.
.
holdings of the Bank of France this
year
are
exclusive of £77,934,682
ninety days; he expects,
future."
near
armament limitation
Gold.
more
together, "a return to large prosperity in
comparatively
1920.
meas¬
witnessed."
The thought that
might reduce the steel output
"unworthy of
even a
passing notice,"
and the benefits
by all nations living under peaceful
conditions "are
beyond calculation."
some
of
our
worst
tion and the slowness of
sive costs of
lowered
be
as
relieving it and the
production due to inflated
efficiency.
portance
He sketched
present troubles: the load of taxa¬
To these he
exces¬
wages
and
their due im¬
gave
impediments, yet he believes they will
We should turn
overcome.
our
eyes up
and for¬
held abroad.
ward, he said, "look at the wealth of the country and
not at the
ARMAMENTS
THE
CONFERENCE
A
POTENT
AGENCY FOR GOOD.
The
justify itself
as
being
disarmament and peace, and
the
world, not only by its
the response
movement for both
a
has continued to thrill
utterances, but by
own
these utterances
are
eliciting.
dinner of the American Steel and Iron
At the
Institute,
the
night of last week Friday, with Marshal Foch
the
guest of honor,
to the
men
we
authoritative
an
seem
present poverty of business."
note of
bravery and faith Which is needed,
with
the
the Eastern
of the
to be
of
faced, brought out, in
to
see
and
permanent
peace
he
would
the great ammunition and shipbuilding
effective and stable
towards the
Government, to
others and to
men
It
was
a
present and their guests
to
course
permanent peace
nobody in his
senses
are
worth,
imagines that
such
a
even
bring within reasonable possibility, either lit¬
eral
or
price need be paid;
practical
peace
destruction
This is
an
action in
it is
a
not propose
part of
a
anything better, and
we can
for its
as
only recognize that
"principle" which closes the
way
to
retreat.
thrilling and encouraging declaration of
wThat disarmament and
but of
rose
hearty acclaim.
advantage of present
general security.
adoption by the nations,
steel
no
committee, but the wisest well-wisher of mankind
could
other
influence
seeking special privileges inimical to
the bottom of the
their feet with
use
principle of equal opportunity and the
plants of the Bethlehem Steel Corporation sunk to
sea," and at this declaration the
sovereign¬
provide the fullest opportunity for her to develop
an
"open door," and to take
disarmament
to China's "bill
ty and her territorial and administrative integrity,
conditions for
"gladly
one
prepared by Mr. Root, which de¬
stoppage of naval construction, Mr. Charles Schwab,
of
response
"firm intention" to respect China's
a
in his usual direct manner,
declared that for the sake
In that,
rights" in ten points, the adoption, in committee,
of four resolution
to be most quickly and hardest hit by
globe along
pivotal, if not the most difficult, of problems
clare
many
around the
situation, supposed to be at least
as
Speaking for the industry which
run
doings of the great conference.
on
answer
objection that disarmament must put
out of work.
might
had
a
and—still better—will
great conference in Washington has contin¬
ued to
It is
does not involve,
of
any
useful
or
steel
The
word
long address of Premier Briand
before
returning to Paris
was
cordiality, statesmanship and sincerity.
of the situation of his
we
cannot
gainsay
which would
a
as
his last
weighty with
All he says
country must be accepted, for
word; yet he adds a proposal
ultimately reduce the army of France
,
by
He protests against the com¬
large amount.
a
[Vol. 113.
CHBONICLE
THE
2232
that if the Ameri¬
can flag flies ever Coblenz "a great moral force" is
represented by it; the number of men in Germany
does not matter, for "what is most important is the
moral force of your flag"; the troops might nearly
all go, "if you left the American flag flying above the
THE FIRST STEP TO PERPETUAL
PEACE.
plete withdrawal of troops, saying
few that
actually
and Ger¬
many, any such course would be out of the question.
And yet, should the security and safety of France
again become imperiled, through no fault of her own,
the world will rally anew to her support.
In other
words, if any nation ever again runs up the pirate's
flag and attempts to subjugate the globe, the others
will come together anew in joint defense.
No formal
compact is necessary to this. Our own country need
not agree in advance, for the necessity which com¬
pelled us in 1917 will compel us anew, if such cir¬
Obviously, however, now that peace has
proclaimed between the United States
been
.
cumstances
globe and draw nations nearer
duce the size of the
This underlies Mr. Balfour's assurance
and closer.
"moral isolation" for France would indeed
that any
tragedy, and that the British Empire, if ever
a
confronted by the necessity,
of
defense
France in
and the liberty of
The same underlies the assur¬
particular.
difficulties
the
that
would again rally to the
European liberties
Secretary Hughes, in response to M. Briand,
of
ance
understood
are
that desire to understand"
and
"by
a
This is not from
tice."
moral
people
"there is
that
isolation for the defenders of liberty
more
and jus¬
altruistic devotion to
any
liberty and justice
are
to a nation what
atmosphere is to individuals—there can be no
The views and the
particular fears and anxieties
which must be met and reconciled before the
ciple" of disarmament
still
are
before
us;
can
be carried into practice
yet what M. Briand calls "a
moral disarmament" and "a
peace,"
but
a
sult.
are
not merely
general atmosphere of
a necessary
prodigious
gains
are
already
re¬
accom¬
plished in the discovery that this result is longedfor and
the
whole world is sick of war; moreover,
the response
so
to Secretary Hughes's proposals was
instant and
not
so
overwhelming that the delegates
only joined it but led it.
permanent
case
where
height of commanding
a
Here is
one
"principle"
power
leading and
war
is
a
of
permanent condition?
assume
Conference of the Great Powers
humanity thrilled with approval;
awakened
an
are
agents of peoples
There may be changes
to follow.
sure
step to end war has been taken.
believe, then despair must set its seal upon a
so
world broken and
sorrowing.
The observant lover of his kind dwells
nite satisfaction upon
this
the nameless unknown soldier was buried
tion
ceremonies, type of that vast army which thronged
at
nation's call to
a
fight
an
inevitable battle that
liberty might live, justice reign, nations endure, and
Harding, in opening the Conference, looking
dent
backward
coming
on
conflict, cried out to all the
"How can humanity justify or God
And Secretary Hughes, following, with
masterful
clares
the awful
ages:
forgive?"
the
In a noble address, Presi¬
dwell among men.
peace
fitting
solemnity
"The time is come,
:
occasion, de¬
the
and this conference has
called, not for general resolutions or mutual
been
advice, but for action."
rations of mankind
;
understanding that the aspi¬
"We meet, with full
not to be defeated either by
are
plausible suggestions or postponement or by im¬
Power and re¬
practicable counsels of perfection.
sponsibility
ticable
here, and the world awaits a prac¬
program
who have
look
are
which shall at once be put into
If from the sacred abodes the millions
departed this life at the call of duty may
the passing scenes of earth, they must
upon
know, in this hour and in this resolution to begin
the banishment of
forever, that they have not
war
"died in vain."
The
prophetic spirit of the living of to-day cannot
from
refrain
from
in conflict and
wasted
lifts
picturing
a
coming world redeemed
Labor, the divine gift to man, no longer
war.
destruction.
Thought, that
above the beast, no longer
man
diverted to
distorted and
agencies of slavery and slaughter.
Love,
the family, no
longer
that builds the home and
rears
forsaken for the fierce arbitrament of
that
and faith, no
Good-will, the life-giving water of friendship
longer poisoned at its founts, flowing
onward to famine and
pestilence.
And peace, the
been
is
with swords beaten into
seers
to the
plowshares and
a
that
world,
little child
leading the lion and the lamb remain; why should
doubt
them, unless
cility that right
Much has been
ready to accept the imbe¬
accomplished in the fortnight, and
but of late become
once very
hardly
now a new
we
can never overcome mere force?
Thanksgiving Day,
reunion, has
we are
more
Cul¬
ture, that respects comfort and reveres beauty, no
ished from the counsels and charities
come
arms.7
longer buried in the sodden trench and the wasted
coming and nation should rise against nation have
kingdom of concord shall
by the na¬
Arlington with simple, tearful, impressive
at
admonition and benediction of God, no
new
with infi¬
But on Nov. 11
scene.
Christ that not peace but a sword would follow His
a
and de¬
definite
If mankind cannot
lays in the final agreement, but the first
the
The prophesies of
fulfilled; the prophesies of the older
as¬
The conscious conscience
Washington!
and Governments as servants and
field.
human being
any sane
made his memor¬
way
reaches
and closes the
behind it against retreat.
Why should
the
to
sembled at
accompaniment
preliminary to that longed-for
necessary
Two
"prin¬
conflict, began to recede when Sec
proposal for reduction and limitation of arma¬
able
execution."
living without them.
that has been rising in the
war
retary Hughes, on Nov. 12, 1921,
no
principles (for it is best to be entirely frank)
but because
the
of the
have almost ceased to star¬
wonted are we becoming to them, is to re¬
tle us, so
be
The whole trend
return.
ever
discoveries which
new
of
wave
centuries, reaching its blood-red crest in
the late universal
ments
left."
are
The tidal
earth for
a
of
longer ban¬
men.
There
phrase that has come into recent note which
"We
reads:
When
we
are
beggars sitting on bags of gold."
consider the infinite resources hidden in
the mind and heart of man,
the ages
not in
of peaceful endeavor, we must know that
war
destiny.
yet to be developed in
but in peace
shall we find our manifest,
Who can measure what science, • letters,
real to its founders,
learning and labor may yet do for the generations
than
that
a
significance.
time of family
fight no more?
peace
Who can paint the glories of
that yet shall be?
Nov. 26
It is
THE
1921.]
enough for us that we make the start, that
declare for cessation of
we
that
the words of
have
people, how fitting and final are
"We harbor no fears;
President:
our
sordid
no
ends to
serve;
only wish to do with you that finer,
is another's. We
thing which no nation can do alone."
nobler
crucial moments in history.
This is
the ideal is made real.
reaches
ideal
suspect no
seek nothing which
Content with what we have, we
are
we
contemplate or apprehend no conquest.
we
enemy;
And as for our own dis¬
again."
come
tinctive part as a
we
competing preparation,
trumpet the new resolve to all the nations,
we
"it must not
There
They come when
one.
And when the
to the highest good for all men
up
then the moment is sacred as it is
What
sublime.
greater responsibility was ever given to men? What
greater hope ever consecrated the expression of pub¬
lic
What work of man can ever surpass
opinion?
this hewn
We are as "beggars
pathway for all men?
sitting upon bags of gold," who do not behold in the
divine command to go
forth and have dominion the
is
these rights
that
true
with them corres¬
carry
ponding obligations and duties, chief of which is
the duty to work."
"The right of men to organize is a natural in¬
alienable right.
Capital enjoys it and justly. Labor
It is manifestly unjust for
capital to vindicate its own right to organize and
enjoys it and justly.
to
deny the same right to workers.
Nor can the
State, which is founded to maintain and guard the
interests of the individual and the family, invade
these rights.
This is one of the points in which
Catholicity differs sharply from Socialism, which
unduly exalts the rights of the State and gives it
jurisdiction over the natural rights of the
and of the family.
.
.
.
.
How¬
supreme
individual
until due recognition and help come to the
employer, he will be justified
ever,
worker from State or
It is a nat¬
by self defense in resorting to strikes.
ural
It
right of man to give or withhold his labor.
oppression.
Man's right to strike is then a natural right." v
"Religious ideals, then, which alone will bring
lasting peace in industrial relations are the ideals:
of Jesus Christ—justice and charity.
Justice is
is
defense
man's
blessing of God upon peaceful living, unselfish lov¬
not
ing, and that simple laboring in the things of the
against injury
and
peace,
spirit which garners in the sheaves of a divine and
For man is his own keeper when
everlasting trust.
in
humility he follows the light that leads.
It is said of
God
of
midst
the
the knees
an
of
life
to
of
us now
that in our nationalism, love
fortunes and affairs, we have
our own
self-abnegation which seeks the good of the
world first
and
our
own
bow before the throne of
have
advance last.
But if we
perpetual Peace, can we
greater devotion to others or more devout aim
for ourselves?
cration
This, then, is the test of our conse¬
this
at
Peace
Conference—that
we
would
that others shall have their chance to live and love
and labor freed from the
And wherever
shall
ment
a
tent in the
pers,
to us
seems
make
We
shadow, there the human faith that pros¬
For in peace are all
while
And
has
an
NATURAL RIGHTS VS.
ACQUIRED "RIGHTS."
pastoral letter, issued by Cardinal O'Con-
diocese, entitled "Religious Ideals in Indus¬
we
take three excerpts in consecu¬
order, though at intervals, as follows:
has defended and ever will
defend rights inalienable to men, such as the right
to live, to be educated, to enjoy liberty, tp labor, to
rest with recreation, to worship God.
These rights
spring from the very nature of man himself. They
are not concessions from the State or from society.
rights.
condition
They
are
But
the
plea that
are
we
wrong
in
toward God and
man?
be conceded that the natural
inalienable right to use his labor when
will, is it not true that all
can
man
be deprived of these
personal, inalienable, inborn.
It
organization, is an
only possible through
masse,
ent from
a
We pass
natural, individual, sole right?
from this to our third quotation, to say,
that the exercise of love is
personal, and though it
be directed through organization, must still
the qualities which alone are possessed by
individual, who, it may be, heeds the admoni¬
the
accepted religious creed.
sense
The author of
deplores the growth of "class conscious¬
Can this be avoided while
ness."
used is
rampant?
"organization" in
Are not these labor
organizations acting in "self defense" compelled to
consider class interests that
be
emanate from these
the
cannot
natural
exist
not alone natural
man
a
classes, these unions, since
capitalist
or
a
laborer he
delegate these personal qualities to an im¬
personal
come
are
Can justice and love in the true religious
rights?
sense
[the Church]
no
the
acquired "right," so-called, and is entirely differ¬
the
nell, Archbishop of Boston, to the clergy and people
Under
men
it may
and how and where he
this letter
"She
with
contention
of individual
tude
tions of his
tive
reasoning that goes round in a circle.
assuming that "religion" involves a personal atti¬
possess
only for love and labor there is the
promise of God that was in the Beginning.
Relations,"
a
no
duct of industrial relations.
who sacrifices
trial
have chosen these
we
teachings of religion shall be infused into the con¬
may
of his
but
rights, and that therefore the right to strike en-
forever has been taken.
a
paragraphs of this pastoral let¬
excerpts for a single purpose, for pointing out what
things that are good and of good repute, and in man
From
other
are
should like to quote
we
mother's heart shall yearn, wher¬
a
the practical in this conference, shall find its
war
There
ter
rights secured through "organization" are acquired
nation's
fruition, and mankind rejoice that the first step to
end
'And if I should deliver all my
charity.
power
a
youth shall call to the stars and age rest con¬
ever
of true
man
compulsions of Force.
people shall aspire or a govern¬
endeavor, wherever
shall abide and
but a world ruled by justice alone with its
rigid standards would be a cold world. 'Above all
things have charity, which is the bond of perfec¬
tion and let the peace of Christ rejoice in your
hearts.'
Christian charity is not almsgiving.
It
is unselfish love.
It is not mere philanthropy or
humanitarianism.
These can never take the place
body to be burned, and have not charity, it profiteth me nothing.' "
'
:
oppress us,
right in
not the
order and
irrepressible conflict between
country, and undying fire for the right as we see
the
looks to
goods to feed the poor and if I should deliver my
They tell
capital and labor, that governments erected to pro¬
tect
Justice
sufficient.
alone
us we are
acquisition.
of
It is said of
It is said, we worship the
Success, and bend
achievement and
in
age—it is material.
our
effort, it is selfish.
our
'
8»»3
CHRONICLE
agency?
And
does not this reasoning
round to that relation
between
man
and
which does and must
man,
exercising natural
rights and functioning as natural men and not
men
or
union men?
If
so
class
why these organizations
THE
of either labor
by
capital, to attempt adjustments
or
"collective bargaining" outside the rule and
a
entire control of those
directly interested, the em¬
dollar conforms to this
stability at home attains to stability in the
marts
of the world abroad.
It is
Much has been said both in the Church and out
it of
the need
the
to
for
implanting the Golden Rule
If in the exercise of natural
into business.
rights,
right to live and to labor, the right to have and
hold, to acquire and
Rule
universal,
were
and operate, this Golden
own
there
would
need
be
for
"unions," would "class consciousness" become per
the enemy
se
And if the exis¬
of justice and love?
tence of these
agencies, bound by their very nature
fight for acquired rights, and by and through
to
acquired rights, even by means of massed "strikes,"
not
were
taking
assumption of control over members and their
their
of coercion
use
certain natural rights by
away
be
toiler
them
over
in
free
more
as
well, would not the
possession of natural
the
and
employer
employee, when based on natural rights, may
be made to accord with the best
when
so
religious teachings,
breathe forth justice and love, but can they do
may
"unions"
delegated
surrendered
father
or
We
see
reason
no
for
economic
the
It is necessary to know that being a
gold dollar of unchanging weight and fineness it
does not itself circulate
Rut because it is
largely.
gold, because it exemplifies the gold standard, in it¬
self it is stable—and therefore in the processes
of
coinage, finance and commerce, all its immediate
representatives freely exchange into it. Yet here also
it is necessary
to remember that in due course these
representatives do not even actually exchange into
it,
With
in small degree.
save
note, or
us, a
Federal Reserve
Treasury note, or a silver dollar, are for
a
the purposes
of
gold dollar.
This is not alone because of Govern¬
mental
use as
the. equivalent of a
money
decree, though that is a service-aid, it is be¬
of
mechanism
the
cause
national credit
dant, and
the
our
financial
is
system
our
and
use
unimpaired,
over-abun¬
our resources
people educated in and contented with
adoption by the trading world of the
gold standard.
v
We have fallen into the habit of
to
compelled to fight in the self defense of
"unions"?
-
to examine this American dollar
necessary
closely.
more
;
sound, conforming to the needs of experience, our
rights than he is when subject to their tyranny?
These intimate human relations between
standard, and thus by reason
of its
ployer and employee?
of
[Vol. 113.
CHRONICLE
which is
misnomer, and
a
purchasing
a
confusion to
a
phrase
the
many,
Look at this gold
of the dollar.
power
using
changes sought to be impressed on labor and capi¬
foliar in the light in which we have disclosed it.
tal
Regard it
they stand in
as
the
natural relation so long as
a
teachings of religion
not
are
Men, and
adhered to.
organizations, in active efforts of production
and trade
alone able to exercise true
are
charity.
this
ence
of
ence
of to
be
What is
entity.
as an
bushel of
a
wheat and weak in the pres¬
new
day's dinner in a restaurant, that it should
degree of strength in the presence of wages
one
and another in the presence
ABROAD.
THE AMERICAN DOLLAR
Wanted
for merging representative
moneys
used in trade, a definite name by which to
declare
prices in
We do not offer the
commerce.
American dollar for such
use—though that is unhin¬
At this time
dered and at the will of the world.
there
is
nothing
serviceable,
more
for the purposes
of
is, in
available,
a
gold dollar.
in
a sense,
escrow
It matters
in the United
States, that the gold dollar does not circulate even
It is still available for
here.
nominator
values
of
world wherever
and
use
as
a
common
de¬
throughout
the
desired, adopted and accepted.
Of
prices
the three characteristics of this American Gold Dol
lar,
of value, medium of exchange, common
measure
denominator,
and
name
or
in which to declare prices
values, the latter is by far its most engaging
American gold
and
adoption.
dard"—the
in
Why
dollar by
possession and use of this
a
long process of selection
It is* bottomed
on
the "gold stan¬
highest evolution in the uses of
money
trade, attained after centuries of progress and
through the
common
a
supreme
conclusively established when we consider it in its
denominator of values and
greatest
use as common
prices.
Only in small degree do our gold dollars
in trade—but billions upon billions of checks
appear
and
drafts, written in terms of this American gold
meaning in such
are
consent of peoples and Govern¬
constitute the
And. just
transformed in
never
into
use,
of the country.
rency
gold dollars,
so
gold
dollars
but do
so
and
can
do
so
because the
unchanged.
ties of
our
And note—such
qualities^of*'the, metal gold for the
age£ its
The intrinsic
purposes
of coin-
limited; quantity and relatively stable
pro-
,ductionv/and; its.i universal adoption in use, consti•feteit^the standard^ of - the world. ' The American
'
as
the hanking facili¬
are
perfectness) that there is
marily changing
or
drafts into actual
It appears,
never a
need for
sum¬
transforming these checks and
money!
by the testimony of
an
eminent finan¬
cier, traveling in Europe for the purpose of studying
monetary conditions,
"shops
refuse to
in
that
accept their
certain
own
Austria, for important purchases.
unchanging. This gold standard com¬
gold dollar
growing financial system (not yet reached
the disorder of so-called "exchanges," the
pels the base of all moneys to be gold.
Reserve
or
exemplar of the gold standard is unchanging and
nances,
un¬
cur¬
notes, and yet accomplish the purposes of trade—
rency, as
of'foreign currencies, stands alone,
common
Reserve notes
single moment of time
a
into
transformed
never
as
these checks and drafts are
To-day, this dollar, in the confusion of fi¬
changed and
And this is
fallacy—it has not.
ments.
debasement
all
serves
how has its "purchasing power" diminished ?
or
This is
its
feature.
We have attained to the
It
dollar, and therefore having a definite and fixed
money.
This American dollar is
not that it
more
of prices.
alike, and is not fair to one and false to another.
by the world, a common exponent of val¬
ues, a process or agency
applied to
power
dollar, that it should grow strong in the pres¬
is
now
sometimes the
real estate transactions
and dollar calculations
that
purpose."
rencies issued
tries
are
of
are
are
case
localities
national
cur¬
in Poland and
Thus at Warsaw
carried
on
in
dollars,
officially recognized for
It is well known that the
paper cur¬
by certain Tvar-worn European
coun¬
astounding, almost incalculable, volume,
that this mad "inflation" has continued
present year with amazing rapidity.
during the
Who will live
Nov. 26
to
see
depreciated currencies return to parity ?
these
of redemption exists in these weakened
What power
countries; what machinery of internal
ever
finance can
flying flimsies, these arid wastes
vitalize these
into parity with the old coinage under a
of paper,
gold standard system?
Yet the very contrast sug¬
gests the abiding and impressive
standard remains
as
the only
truth that the gold
standard by which com¬
And it follows that the Amer¬
Dollar, conformable to that standard, sole real
parison
ican
CHKONTCLE
THE
1921.]
be made.
can
representative of that evolution in money, remains
hope and sheet anchor of the world.
the
In the secur¬
potency of the American dollar!
ity and
ease
may say,
of
financial condition; as we
our own
beacon light to the monetary troubles,
a
property involved in the traffic of the four great
rivers of Central
of
hearings
debts
and nothing to anybody.
The major
of mankind are written in its inflexible terms.
men,
Around- it whirled
a
fast.
fateful war, and it stood
great and enduring has it become that, as seen,
•So
Difficult
as may seem the process of adoption for uses of for¬
eign trade, in the midst of currencies, fading like
the falling leaves of autumn, it is yet a simple finan¬
cial expedient, wrought in the promise of order and
imbued with the power of helpfulness.
But only be¬
beleaguered peoples turn to it for relief/
cause
back of the American dollar is the
gold dollar,
gold dollar is the gold standard—
and back of the
determined.
The Oder had to be passed until
y.
■
•
the
and
Elbe
Danube
then taken up.
were
problems in each instance differed materially;
the whole matter was
as
were no
entirely
principles which should apply; gather the essential
facts; hear the opposing claims, and reach
cision with the aid of two or three
tants.
0:rV:
y.y
An
and
serve
to show the
peculiar difficulty of the task.
OF A
tugs and vessels remaining after
in the judgment of the Arbitrator, will
vessels as,
legitimate needs of France for transporta¬
on
the
Rhine"; with the alternative, or addi¬
The return of Walker D.
tor, with his report on the settlement of the
intricate
and
control of the fleets
of Central
of
special
on
the three great
Rhine, the
Europe—the
Danube—is
varied
problems involved in the ownership
and
rivers
the
Elbe and
They
significance to-day.
presented grounds for much contention.
No less than
eight nations, both Allies and ene¬
mies, were immediately involved, with two or three
others
seeking
a
hearing.
Large amounts of prop¬
erty were to be transferred from one to another;
future amounts and routes of traffic were to be de¬
termined ;
conflicting interests were to be estimated;
reparations consequent upon the war were to be pro¬
vided for;
and sharply contending claims supported
by elaborate evidence and
argument
were
to
be
That, with no show of force, with no appeals from
judgment, with no pressure of time, with every¬
hear¬
his
part, the Arbitrator is able to report that his final
one
given all the attention desired, with many
ings and much travel and personal inspection on
decisions
reached
were
and accepted without con¬
tention; that he could be able to thank all
for their uniform
parties
courtesy and ready rendering him
gear were
gard to the legitimate needs of the parties con¬
cerned."
At
us
mean
differences
antagonism and controversy makes
afraid.
Ambassadors,
although the United States had not accepted the
At the
request of the Conference of
y
mate needs."
the year
1913
.differed
..
.
the
once
question
■,
Both parties
as
\ ;
; yy:
arose as
accepted the traffic of
to its increase by
as
to what were "legiti¬
the basis for estimating needs, but
pective French traffic.
lines of traffic between
including certain pros¬
Then there were various
ports on the river, and much
directed
coming from regions beyond and variously
as
well
as
to, the countries concerned. The
governing principles,
amount of traffic
had
tonnage
once
ascertained,
apportioned.
tons
of
the
and
determined, the available German
to be examined and inventoried
then
This
was
and
found to be 1,888,651
barge capacity, and 170,264 horsepower
of
aggregating 254,tons, and tugs having 23,760 horsepower, were
tugs; and of this amount, barges
150
allotted to France.
sorts
usually
those most recently
built"; and the amount and specifications of such
cession
were
to
be, determined "with due re¬
of vessels
allowed, is noteworthy in this day, when
condition
commercial traffic on the Rhine"; and
to be "selected from among
were
immediately begun, when a delay of 60 days was
assistance, and to see the transfer
to be "in good state of repair, in
to carry on
To
every
value against the
owed her by Germany on her reparations
account.
The ceded vessels with their fittings and
money
through,
weighed and disposed of.
his
transferred, and France, in
turn, was to credit their total
Hines, the sole arbitra¬
navigation
Germany was to indemnify the owners
of vessels and shares sq
PEACE TREATY.
restitution
reparation, such proportion of those tugs and
companies.
PROBLEM GROWING OUT OF THE
Ger¬
required by the Treaty "to cede to France,
many was
out of
•
in
problems and procedure
Rhine will
connection with the
nature and the
4-
the
of
account
his de¬
American assis
tion, of possible shares in German Rhine
WALKER D. HINES
and there
new,
precedents, and no possibility of future ref¬
the Arbitrator had to determine the general
erence,
tion
SETTLING BY
such
assignment of Silesia under the Treaty is
meet the
though "tried" is found not wanting.
and that
and
once
decision was announced on the 8th
a
January 1921.
The
opened at
These were pursued with
begfln.
after the
The
all
by Jan. 10 1921.
The matter of the Rhine was
of
accepted the
Treaty required that the decision as to the Rhine
be made
but
thing, changing with every turn in price, all things
required by the Treaty
and went to Europe in May, 1920.
appointment,
The
as
Hines, who served during the
Director-General of Railroads,
as
wrar
Europe,
Mr.
Versailles.
carping critics who would make it a shifting
the
Arbitrator in the matter of the cessions of
as
problems abroad, it stands out above
the insoluble
to
act
diligence that
•
Here, then, we have outlined before us the power
and
Treaty, President Wilson appointed Mr. Hines to
ment,
,
,
accomplish the transfer 224 vessels of
were
together with berths, docks, platforms, an¬
chorage, warehouses and ground areg in
and
Rotterdam;
75% of the stock of the Feudel Rhine
all
Shipping
to France,
appurtenances, in good serviceable condi-
Company; the whole to be turned over
with
various
individually selected, after mutual agree¬
THE
3236
CHRONICLE
[Vol. 113.
tion, within three months from the day notification
mingled with
to
thus
Germany was given—Feb. 15 1921.
It is of interest to observe that in
notification the Arbitrator
ter of
closing the let¬
able to say
was
that it
is
answer
whose
backed up
two
evident
delegations, they had cheerfully complied with
request, and with great pleasure he could
his appreciation of their cordial co-operation
express
and uniform
Mr.
has turned
over
many
sides show excellent
Hines says
to-day that Ger¬
nearly all the boats, and both
spirit in co-operating to put the
decision into effect.
situation
The
Elbe
complicated by
was
managed and held
were
owned in part both by
Czecho-Slovakians, as well as by
by the Germans they
and
were
Germans. The amount of traffic in which the Czecho-
Slovakians
mined, as their claims
) 3,500,000 of
had first
interested
were
to be deter¬
strenuous, involving
were
The princi¬
total of 17,400,000 tons.
a
was
put in the hands of
a
man
recognized
sense were
as
by absolute candor, disinterestedness and
single-eyed purpose to establish both justice
permanent good-will; and that this man is an
American!
It is to be
acknowledged that his quiet and unher¬
alded service has done not
good
little to establish the
a
of America for unselfish readiness to
name
help others in relations in which it has of late been
impugned; and also that it gives good ground for
the
on
the fact that while the boats
Austrians
and
courtesy throughout the long hearings
and discussions.
sharp antagonisms, could be
knowledge and good
that, though arduous tasks had been laid upon the
his every
many
quickly, and amicably, and finally settled, the
ples under which the decision must be reached were
hope that like result shall follow from American
spirit and action in the great Conference
now
gath¬
ered in
Washington; especially in view of the good¬
will
manifestly
so
prevailing
among
the representa¬
tives, and of the instant effect produced, both here
and
abroad, by
our
to reduction of
as
Government's initial proposition
navies,
as
presented by Secretary
Hughes in his opening address. 1
It should be noted that the
large Commission
ap¬
stated; and then the contestants were asked to try
pointed under the Versailles Treaty to settle simi¬
to agree among
lar division of railroad
in
ceeded
With
doing.
regard to the Danube the situation was still
Parts of
Hungary and Germany
Jugo-Slovakia
fleet held by Austria-
and reached
fic, which had formerly
The
by rail through Vienna,
Trieste and Fiume, should now be carried in ves¬
own
down the Danube.
Furthermore, Serbia held possession of certain
vessels not
originally her
France's claim to
and the validity of
own,
large number of other vessels
a
no
the
and
and
kept
States,
new
for the month of October and
As
a
stock and bond issues
many
had not."-V"
Decision
was
made
to the seized vessels that
as
in most instances the seizure had created valid
ership, excepting such
The
as were
own¬
owned and operated
by non-hostile parties at the time of seizure.
value of
boats,
ferred to meet
the
original
fixed
in the
as
case
The
of the Rhine, trans¬
'legitimate needs,"
was
by the recipients,
to be paid to
as
agreed and
by Austrian and Hungarian treaties.
valuations
were
eventually transferred to Vienna,
where the contestants
came
agreement to all that
was
vakia took the boats
owners.
and
reached
proposed.
cordial
Czecho-Slo
assigned to her and paid the
Jugo-Slovakia declined to receive
Rumania is
The
considering.
and
any;
The question is simply,
are
they needed?
was
again able to
express
his
preciation of the co-operation afforded him, and
ap¬
es-
"
pecially of the successful efforts of the parties at
interest to reach
mutual
agreement, and of their
invariable courtesy.
He congratulates them upon the
opening of the
for plans for the development of the Danube
fleet, in which all have
may
an
interest, and which
now
"When it is asked how it
tangled
sent and still
a
was
possible that so ex¬
situation, in which large pre¬
larger future financial interests
were
are
of corporate, municipal and
as
represented by the
new
brought out each month.
financing in this country during October
investor by corporate enterprises, which
magnitude
in
the
last-mentioned
relatively light in the month under review.
was
were
of such
month,
were
The total of
securities of all kinds put out in October was $288,-
940,317, which compares with $394,914,762 in September
and with $421,716,164 in October last year.
issues of stocks,
made up
bonds and notes
were
The corporate
only $68,333,000,
mainly of long-term public utility bonds.
largest single corporate offering
was
The
$16,000,000 Philadel¬
phia Company 1st refunding and collateral trust 6% bonds,
series A,
due in 1944.
These bonds were offered at 87,
making the yield to maturity 7.15%.
amounts
and
of
municipalities
new
continue
to
put
out
large
obligations, and in October these consti¬
tuted the distinctive feature of the month's financing, the
aggregate
of
new
$115,037,317,
or
in
municipal
excess
issues disposed of reaching
of the amount for any preceding
month, besides which $5,800,000 new issues of Canadian
municipalities
were
Farm Loan issues,
month's financing.
be done confidently and effectively.
tended and
to the
striking
States
The Arbitrator
way
new
ending with
considerably smaller than in September, and the appeals
new
owners
^
issue of March 2d,
the ten months
summary
foreign Government financing
title of boats; Ger¬
our
previously explained, these compilations
arbitration
over
october
capital flotations in the United
only Austria and Hungary had agreed to accept the
disputes
for
months.
give to-day, in tables further below, the figures
we
intended to furnish
States concerned,
ten
regularly since then, of presenting monthly
up
compilations showing the
tled.
Also of the three enemy
flotations
the
Continuing the practice begun in
October.
to
it
conclusion, although it assembled
capital
new
which she had seized during the war had to be set¬
as
as
report
latter
Her foreign traf¬
Danube.
gone
no
months earlier.
Czecho slovakia.
and
the bank of the upper
sels of her
exception¬
an
required to be unanimous, has made
was
allotted to Rumania,
a
were
country had now acquired a southwestern boundary
on
property, with
ally able and expert Englishman at its head,
complicated.
more
This, happily, they suc¬
themselves.
at par
placed here during the month.
too, were
a
Federal
noteworthy feature of the
A syndicate of bankers brought out
$60,000,000 of Federal Land Bank bonds due in 1941
(but redeemable in 1931) and two issues of Joint Stock Land
Bank 5!£s,
together amounting to $2,000,000,
were
also
Nov. 26
offered
The following
•'
;:,y v
'V
.
.
7 '• ■
MUNICIPAL FINANCING.
/
.;-
$9,500,000 Republic of Chile
99 and yielding 8.40% to 10.35%,
of
y.vv\ V.
FOREIGN GOVERNMENT AND
97% and yielding 8.20%;
8s
'}
CORPORATE,
OF
SUMMARY
8% bonds of 1946, offered
City of Rio de Janeiro (Brazil)
at
three-year summary for October and
a
the ten months:
yield 7.10%; $12,000,000
tralia) 7s of 1941, offered at 99, to
is
Chicago Burlington & Quincy
maturing July 1 1921.
collateral trust bonds,
State of Queensland (Aus¬
Among these were $12,000,000
of the $215,227,000 4%
up
lacking in tbe month's
separat# issues of these, for a total of $38,770,000.
being five
provide for the taking
ing operation, its purpose being to
Foreign Govern¬
financing, there
101.
both at
subscription,
for
ment issues were not
3237
CHRONICLE
THE
1921.]
1926, offered at
New
called for redemp¬
tion; $1,000,000 Republic of Bolivia 6s, 1921-1934, offered
at different prices according to maturity, so as to yield
8.50%, and $4,270,000 of Kingdom of Belgium 6% notes,
depending
what year the bonds are
upon
totals
...»
War Finance
poses
and involving to that extent no
standing aggregate of security issues.
the
and
1920
in
sents the retirement
_
.
1,407,536,511
............
.
283,770,000
do
$2,755,792,387,
months
1920 and
of
United States Possessions....
... _»....
.
_
i
War Finance
the
in
do
....
.
...
the amount of which in
1921,
exceptional proportions by reason of
of
War Finance
181,000,000
United States Possessions..
i._.
3,179,590,867
.............
Canadian
do
do
>
485,999,703
TEN MONTHS ENDING
Canadian-...
do
686.590,762 3,630,029,690
United States Possessions....
...
Total.....
...
UNITED STATES.
1919.
Refunding.
$
Capital.
Total.
$
$
"37",bobiooo
6,500,000
33,757,000
28,075,000
34,000,000
1,500,000
New
%
8,250,000
8,500,000
8,250,000
3,400,000
8",500,000
Miscellaneous..
$
%
"
38,757,000
500,000
28,575,000
~8,320", 000
Y.sbbibbb
34,000,000
1,500,000
2,500,000
2,500,000
"
58,350,000
—
\
14,737,000
49,216,000
63,953,000
1,725,000
8,000,000
10,475,000
8,000,000
550,000
10,475,000
"""367666
"""360,606
31,870,000
31,870,000
58,350^000
550.000
"Y,Ysbiooo
"Y,Ysbioob
450,000
sbibob
160,807,000
5,5.50.000
1,575,000
1,400,000
166,357.000
"
Railroads
*Y,bobiooo
"1",bobiooo
Public utilities
""Ib'oibob
"s'.bbbiooo
"1,557666
"5",ibbiboo
Ye'.sbbibbo
78,050,bob
""
""bbbibbb
bbbiobo
ibbiboo
"ibbiboo
"Y.bbbiooo
Ac
manufacturers
Iron, steel, coal, copper,
1,950,000
238,000
2,750,000
3,000,000
3,100,000
1,4.50,000
400,000
3,000,000
3,100,000
1,450,000
400,000
.
accessories
Other industrial and manufacturing cos.
Motors and
238,000
-
Land, buildings, Ac
2,750,000
—
"
Rubber
Total.
Refunding.
$
Notes—
Short-Term Bonds and
Capital.
5,000,000
450,000
Oil...
2,943,438,928
Corporation issue..
do
1,525,000
1,400,000
......
199,050,000
7,000,000
200,000,000
570,153,299
12,005,300
11,700,000
T
Municipal
New
663,133,142
351,743,910 2,295,274,239
447,179,000
248,129.000
7,000,000
200,000,000
"U,717,852 581,871,151
87,005,300
75,000.000
11,700,000.
1,943,530,329
Federal Farm Loan issues
War Finance
177,133,439
OCT. 31-
».»i.
Foreign govern men t
62,201,397
"7,500", 000
"Y.bbbiooo
United States Possessions....
Corporate
Shipping
Equipment
...
......
Total..
Rubber
Total—
393,039
Municipal
1,725,000
.
Land, buildings, Ac
335,431,745
264,000,000
Corporation Issue.......
War Finance
3,400,000
:
OU
144,950,00$
Federal Farm Loan issues............
Total.
0,500,000
Iron, steel, coal, copper, Ac
Equipment manufacturers...
Motors and accessories
Other Industrial and manufacturing cos.
31,790,400
303,641,345
119,050,000
1^
Foreign government
1920.
14,737^000
22,566"O66
Public utilities
322,387,715 3,501,978,582
61,808,358
Corporate
OF NEW CAPITAL FLOTATIONS IN THE
S
$
570,109,507
37,853,232
16,015,600
1919.
kind or another,
Refunding.
...
7,498,000
..
.....
1921.
Long-Term Bonds and Notes—
"9,054,349
30,355,232
16,015,000
OCTOBER—
having been
October.
Railroads
"
561,055,158
...
...
Canadian
Total...
the bringing out in
Capital.
....
do
Northern Pacific-Great Northern
6%% Convertible bonds, which was merely a refund¬
New
421,716,164
205,835,360 2,597,000,843
100,000,000
281,0.00,000
Corporation issue...;
do
the issues put out
COMPARATIVE STATEMENT
10,651,600
411,064,564
31-
2,391,165,477
Federal Farm Loan issues...
April of the $230,000,000
Joint
80,933,284
1,000,000
6,000,000
1,000,000
6,000,000
Foreign government
previously noted, has been
as
"Toiieob
.80,831,684
...
.
United States Possessions....
'
TEN MONTHS ENDING OCT.
$1,943,530,329 in the ten
pre-existing obligations of one
take up
to
297,782,880
36,000,000
36,000,000
Total......_.1...................
less than $2,391,165,477
This is independent of
10,550,000
287,232,880
Canadian...
do
against $3,179,590,867 for the
months of 1920 and
ten
months of 1919.
555,782,401 3,311,574,788
Corporation issue.
Municipal
found* to have
the ,ten months of 1921
25,022,000
2,755,792,387
.
Federal Farm Loan issues
ten
$2,943,438,928 in the corresponding
the amount of this for
65,032,000
1920.
demands upon the invest¬
only $1,407,536,511, against no
871,562,697
OCTOBER—
financing, the
capital demands has been very marked,
falling off in the new
6,380,821
25,022,000
Corporate
Foreign government.......
In the ease of corporate
period of 1919.
"
Canadian.
do
Municipal
been
109,250,000
109,250,000
865,181,876
65,032,000
Total.
288,940,317
499,401,580 1,906,938,091
333,770,000
50,000,000
Corporation tssue.......
Municipal
financing which repre¬
outstanding
the ten months of 1921 are
ment markets for
15,076,884
273,863,433
31-
Corporate.
security issues, the strictly new
5,800,000
5,800,000
.
.
Federal Farm Loan issues
form or another of
one
_.
Foreign government.
$3,501,978,582 in the ten months
$3,630,029,690 in the ten months of 1919.
Eliminating that portion of the new
.....
-
Corporat e»
$3,311,574,788, against
of
61.000.000
United States Possessions....
TEN MONTHS ENDING OCT.
1921 foots up
financing for the ten months of
new
i£
Canadian
Total
addition to the out¬
Including refunding,
115",037",317
114,697,433
_
do
issued for refunding pur¬
339,884
61,000.000
„» .
do
total includes a much larger
the 1921
However,
proportion than usual of securities
68,333,000
38,770,000
Corporation Issue.......
War Finance
years.
»»—...
.
.
Municipal
corresponding period of the two
the
for
*
Federal Farm Loan Issues
the unprecedented
preceding
capital flotations comes close up to
new
_
14,737,000
53,596,000
38,770,000
Foreign government
7.80%.
Jan. 1 the grand aggregate of the
the period from
For
Corporate-
S
s
;
V--",'..
OCTOBER—
placed at 95 and yielding
due in 1925,
$
Total.
Refunding.
Capital.
1921.
—
"""300,600
""bobiooo
Miscellaneous
"90","000,000
5,000,000
"5",bboibbb
101,034,000
300,000
300.000
15,230,000
1,300,000
96,034.000
""1 .bbblboo
"5",420,300
5,420,366
1,100,000
31,730,000
16,500,000
"2",750,666
1,100,000
2,620,100
1,300,000
Total
---
Yo",000,000
—
"5",bbbibbb
s.
Shipping
1
Stocks—
"
...
Railroads
......
~Y,08^666
Iron, steel,
Equipment
4,100,900
1,255,500
4,037,500
"Y,3~55~666
coal, copper, Ac
Motors and
1,355,000
2,150,000
13,941,500
300.000
3,000,000
310,000
24,567,500
55,480,158
163,923,087
1,372,000
4,037,500
2,150,000
14,241,500
30,391,880
30,391,880
256,541,345
15.290,400
,271,831,745
"lY.620.666
"10",567666
5,120,100
379.900
310,000
manufacturers.
manufacturing cos.
Oil
Y.bbb'boo
'"Y.bob'ooo
"17,137680
"177130,086
150,000
1.135,000
150.000
•*
-
Land, buildings, Ac
•
Rubber
Shipping
Miscellaneous
3,080,000
3,080.000
Total
Total-
33,757,000
Railroads
24,646^000
YYbsbiooo
33,595,300
6,500.000
Yi,wood
35,100,000
2,496,000
38,757,000
39,095.300
35,100.000
2,496,000
-
3.234,000
10,600,000
116,500
Yo'.iYoibob
coal, copper, Ac
Equipment manufacturers
Iron, steel,
...
accessories
Other Industrial and
manufacturing cos
OU
Land, buildings, Ac
10,507666
"10.500,060
77,430,680
8,250,000
3,400,000
8,250,000
388,000
388,000
28,632,500
63,346,158
155.323,087
"""300", 000
5,635,000
4,550,900
1,525,000
92,755,000
5,635,000
4,550,900
1,575.000
92,755.000
12,130,500
4,037,500
7,450,000
14,541,500
""300,000
5,500,000
440,000
29,292,500
66.580.158
165,923,087
12,247,000
4,037,500
7,450,000
14,841,500
3bb~66o
Public utilities
303,641,345
31,790.400
335,431,745
0.500,000
...—....
3,400,000
Rubber
Shipping
Miscellaneous
Total corporate
5,000.000
5,500,000
60O,6o6
23,907,500
52,246,158
153,323,087
"
accessories
Other industrial and
Motors and
""2",756,666
"""379",966
1,135,000
4,100,900
Public utilities
securities...
53,596,000
14,737,000
68,333,000
287,232,880
440,000
77,430,680
50,000
10,550,000
297,782,880
'
607666
,
3,234.000
10.600,000
116,500
»
2238
THE
CHRONICLE
1921.
Ten
Months
ended
October
1920.
Capital.
Total.
Refu nding.
New
Capital
Long-Term Bonds and Notes—
250.465,420
234,949.000
292,018,580
83,554,000
542,484,000
25,840,000
Public utilities....
10,5^7,000
36,377,000
""ooo'ooo
14,300,000
176,221,700
Iron, steel, coal, copper, Ac
Equipment
manufacturers
Motors and accessories
Other industrial and manufacturing cos.
Oil...
........
Total
Railroads
........
...
_
.:
Iron, steel, coal, copper, <fcc...........
Equipment manufacturers
Motors and accessories
175,650,000
28,010,000
65,753,500
"""'"158:666
20,550,000
65,911,500
20,550,000
46,572,000
77,500,000
6,285,000
119,650,000
8,551,000
50,000
8,601,000
133,006,000
8,834,000
141,840,000
3,1.50,000
47,893,300
1,204.500
49,097,800
475,367,980 1,501,175,700
939,307,745
76,962,755 1,016,270,500
457,325,550
98,557,250
555,882,800
4,118,600
39,895,000
44,000,000
225,000
4,700,000
8,250,000
55,450,000
5,345,000
20,000,000
99,198,252
12,035,000
7,077,000
17,400,000
55,750,000
108,394,400
226,149,700
3,950,000
33,489,000
...
3,618,600
23,272,000
44,000,000
fc
225,000
4,700,000
500,000
16,623,000
7,515,000
735,000
2,500,000
Other industrial and
manufacturing cos.
Oil
Land, buildings,
Rubber..
Shipping
52,950,000
5,345,000
......
6,195,000
94,710,000
21,810,000
10.390,000
2,675,000
157,690,000
19,320,000
6,706,000
919,000
52,215.250
4,504,750
Public utilities
21,500,000
184,472,500
*
12,035,000
7,077,000
8,550,000
3,000,000
1,250,000
1,250,000
8,935,000
30,400.000
8,550,000
76,959,000
130,900,000
10,185,000
117,755,300
15,150,000
2,887,000
134,867,000
169,401,000
41,010,000
10,390,000
7,625,000
56,720,000
37,050,000
46,572,000
"3", 156:666
73,150,000
4,000,000
19,150,000
130,000
11,850,000
26,500,000
130,000
11,850,000
43,180,000
69,680,000
52,500,000
2,086,000
1,000,000
6,205,000
52,500,000
2,086,000
30,400,000
8,085,000
100,925,000
35,537,000
450,000
35,987,000
195,094,400
497,887,700
7,385,000
100,925,000
"766:666
10,542,166
172,800,766
498,114,252
92,974,248
591,088,500
302,793,300
106,566,900
8,678,225
45,657,590
45,439.680
"S.394:250
51.051,840
45,439,680
600,000
33,016,200
73,186,600
3,310,000
127,946,700
259,897,603
k
Ik
'Ma-.
1,500,000
85,274,248
53,846,000
37,050,000
20,768,000
152,042,766
.........
35,196.000
160,783.500
20,369,755
73,959,000
129,650.000
""275:660
10,142,166
...
Stocks—
1,000,000
6,205,000
Mi
.....
...
.............
Iron, steel, coal, copper, &c...........
Equipment manufacturers.....
...
Motors and accessories....
Other Industrial and
manufacturing cos.
Oil
Land, buildings,
Rubber
_
_
104,066,900
8,678,225
1,932,600
2,500,000
1,932,600
21.728,800
81,300,000
1,510,000
525/00
600,000
2,582.000
2.582,000
105,069,595
~14,036:730
119,139,325
22,254,400
81,300,000
1,510,000
363,42 \ 181
232,313,502
12,251,047
53.264,500
12,928,883
376,3.54,064
232,363,502
12,251,047
53,339,500
15,853,500
83,249,385
„,
Shipping.....
M iscel laneous
„
*
7,887,500
.
Total..............
250,000
229,686,025
78.518,225
8,352,600
....
Motors and accessories.
Other industrial and
manufacturing cos.
8,137,500
Land, buildings, Ac
953,743,480
35,898,363
989,641,843 1,183,411,479
30,500,000
464,964,900
299,482,342
117 071,000
266 326,500
90,946,000
162,240,400
89,055,225
139,790,680
29,487,000
116,324,695
574,704,426
96,825,498
12,394,000
343,879,500
396,307,840
152,184,680
126 459,600
13 830,000
7,266,900
146 502,700
7,329,800
40,932,350
8,352,600
'
""ooo'ooo
21,582,000
182,896,100
23,830.000
206,726,100
30.500 000
312.400,000
34,865,000
77,500,000
6,560,000
138,329,666
20,982.000
1 4 >7
14,150,000
132,889,566
313,379,500
•
650,000
"
"3 95K666
104,19 i
corporate securities......:
"7",375:366
116,500
232,961,625
2,010,000
M iscell aneous.....
15,410,000
14,150,000
125,514,266
546,602,600
r
34,215,000
77,500,000
...
Rubber.
Shipping.
"3",416:500
96,004,300
9,927,600
18,472,160
444,280,310
6,105,500
3,275,600
281,900.000
...
OI1
"""75:666
129,000
6
750.000
32,539,500
326,014,385
208 ,944,566
1,300,000
1,408,000
86,939,547
31,789,500
313,769,885
1
LONG-TERM BONDS
355 292,853
533 830,310
54 763,500
97 004,300
205,835,360 2,597,000,843.1,943.530,329
CAPITAL FLOTATIONS DURING OCTOBER
october
58,092,260 1,241 ,503,739
23 505,000
12,244,500
36,298,638
104,214,500
499,401,580 1,906.938,0912,391,165,47 7
SUMMARY OF NEW
75,000
29,487,000
130,364,325
611,003,064
382,583,502
88,347,547
104,289,500
"l4",639J36
381,283.502
73,.566,500
3,310,000
134,357,500
269,825,203
462,752,470
6,222,000
111,414,300
¥,410:800
102,677,00 0
10.537,000
254,084,020
362,287,900
Iron, steel, coal, copper, &c__.........
Equipment manufacturers....
15,853,500
79,838,885
50,000
33,016,200
379,900
~
292,6)8,580
*
Total—
Railroads
Public utilities.
Total
99,671,000
115,555,000
38,123,000
6,157,000
12,394,000
400,000
275,000
.....
Total
Railroads
318,503,000
...
...
M iscelianeous
Total.
S
Bonds and Notes—
Public utilities
Refunding.
322,379,500
22,569,400
28,000,000
650,000
1,025,807,720
Short-Term
S
Capital.
29,000,000
27,360,000
77,500,000
2,335,000
86,161,000
Miscellaneous
New
293,379,500
154,626,500
82,316,000
21,810,000
2,675,000
137,320,245
19,320,000
6,195,000
13,700,000
153,652,300
147,650,000
...
Total.
Refunding.
$
...
Land, buildings, Ac
Rubber........
Shipping... .........i,...
1919.
31.
New
Railroads
[Vol. 113.
208 017,000
428
,566,900
133 ,726,500
13 830,000
153 ,832,500
396 ,225,203
18.472,160
116,500
15,410,000
552 ,302,470
54 ,880,000
9,029,800
217 ,974,366
112 ,414,300
23 ,505,000
351,743,910 2,295,274,239
1921.
1921.
AND
NOTES.
To Yield
Amount.
Purpose of Issue.
Price.
Public Utilities—
1,053,000 Additions
■
About.
Company and Issue, and by Whom Offered.
%
98 M
200,000 Refunding; additions A extensions.
7.65
100
7.50
95
8.00
97
7.25
Central Illinois Light Co. 1st A Ref. M. bonds (paying
7M%), 1943.
Offered by Ames, Emericii
& Co. and Federal Securities Corp.
Crookston Water Works, Power & Light Co. 1st M. 7Mb, 1936.
Offered by Minnesota Loan A
Trust
4,000,000 Retire floating debt,
add'ns, Ac...
4,000,000 Refunding, additions & extens., Ac.
5,100,000 Refunding, fund, current debt Ac.
16,000.000 Refunding, capital expenditures
97 M
7.75
87
7.15
2,200,000 New construction, working
capital.
2,000,000 Additions, Ac
100
1,750,000
98 M
Retire floating debt
7.15
7.00
97M
99
1,000,000 Additions and betterments..
7.75
7.10
Co.,
Minneapolis.
Cuban Telephone Co.
1st Lien A Ref. M. 7Mb, A, 1941.
Offered by National City Co.
Georgia Ry. & Power Co. Gen. M. 7s, 1941.
Offered by Drexel A Co.
Ohio Public Service Co. 1st M. & Ref. 7Mb, A, 1946.
Offered by Halsey, Stuart & Co., Inc.
Philadelphia Company 1st Ref. & Coll. Tr. M. 6s. A. 1944.
Offered by Lee, Higginson & Co.
Ladenburg, Thalmann & Co. and Hayden, Stone & Co.
Potomac Electric Power Co. Gen. & Ref. M. 7s, A, 1941.
Offered by National City Co.
San Joaquin Light & Power Corp. Unifying & Ref. M.
7s, 1951.
Offered by Blyth, Witter A
Cyrus Peirce & Co., Banks, Huntley & Co.
Co.;
Savannah Electric & Power Co. 1st & Ref. M. 7Mb, A, 1941.
Offered by Lee, Higginson A Co.
and Stone & Webster, Inc.
'
;
Southern California Gas Co. 1st & Ref. M. 7s. 1951.
Offered by Blyth, Witter & Co.
37,303,000
Iron, Steel, Coal, Copper, &c.
1,500,000 Construction
100
8
Allegheny-Pittsburgh Coal Co. Gen. M. S. F. 8s, A, 1941.
98 M
8.15
and A. B. Leach & Co.
Central Steel Co. 1st M. S. F. 8s, 1941.
Kinnicutt & Co.; Otis & Co.
99 M
95
8 +
7.75
99
7H
97 M
7.35
3,750,000 Working cap., acqs.,
develop., Ac
3,500,000 Retire indebtedness, working
capital
k
99
7.65
1.000,000 Add'ns, betterments A Improve'ts.
97 M
8M
Kansas & Gulf Co. 8s, 1924-27.
Offered by company to stockholders; underwritten.
Phillips Petroleum Co. Deb. 7Mb, 1931.
Offered by Central Trust Co. of Illinois, Kissell, Kin¬
nicutt & Co., Hambleton & Co.
Sapulpa Refining Co. 1st M. S. F. Conv. 8s, 1931.
Offered by Pearsons-Taft Co.
100
7.00
Cecil Apartment Hotel,
100
7.00
> 5,000,000 Pay
current
debt, working capital.
6,500,000
Offered by Halsey, Stuart & Co., Inc.;
;".v
Offered by Blair A Co., Inc., Cleveland Trust Co.,
■
V;
Kissell
Other
Industrial & Mfg. Cos.
500,000 Acq. American branch of business
500,000 Acquisitions,
reconstruction, Ac.
2,000,000 Constructlon
5,500,000 Expansion of business
Fownes Bros. & Co., Inc., 1st M. 8s, 1936.
Offered by Hambleton A Co. and Hemphill, Noyes ACo.
Fox River P p?r Co. 1st M. S. F. 7s, A, 1931.
Offered by Wm. L. Ross & Co., Chicago.
Marinette & Menominee Paper Co. 1st (closed) M. S. F. 7Mb, 1936.
Offered by
SpenceriTrask
A Co., Marshall A Ilsiey Bank, Milwaukee, First Wisconsin
Co., Edgar, Ricker A Co.
Shawsheen Mills 7s, 1931.
Offered by Brown Bros. & Co. and Hayden, Stone A Co.
_
8,500,000
Oil—
'
-
.
■"
.
8,250,000
•
Land, Buildings, Ac.—
2,700,000 Reconstruction of building.
700,000 Reconstruction of building.
St. Louts, 1st M. 7s, 1924-33.
Offered by S. W. Straus A Co.
University Apartment Bldg., Pittsburgh, 1st M. 7s, 1923-33.
Offered by S. W. Straus A^Co.
3,400,000
SHORT-TERM BONDS AND NOTES.
Public Utilities—
500,000
Additions
500,000
Extensions and additions..
99 M
7.50
8.25
Louisville Gas & Electric Co. 1st A Ref. M. 7s, 1923.
Co. of New York and E. H. Rollins A Sons.
Rockland (N. Y.) Lt. & Power Co. Conv. 7s, 1926.
Offered by Harris, Forbes A Co., Guaranty
Offered by H. C. Warren A Co.,
New Haven.
1,000,000
Miscellaneous—
300,000 Expansion of business.
100-99.19
8-8.20
Exchange Buffet Corporation 8s, 1922-26.
Offered by Millet, Roe A Hagen.
STOCKS
Par
or
No.
of Shares.
$
a
Purpose of Issue.
Preferred stocks
are
To Yield
About.
Company and Issue, and by Whom Offered.
%
...
1,080,000
50
8.00
Counties Gas & Electric Co. Class A 8% Pref.
2,000,000
Other Industrial &
a
Price
per Share.
S
1,080,000 Additions and extensions
2,000,000 Additions..
Amount
Involved.
Public Utilities—
100
8.00
Bibb
Offered by company.
Mfg. Cos.
Mfg. Co. 8% Cum. 1st Pref.
taken at par, while in the case of common stocks
the amount is based
on
Offered byThe Citizens A Southern Bank. Savannah
the offering price.
Nov. 26
THE
1921.]
CHRONICLE
FOREIGN GOVERNMENT LOANS.
To Yield
'
Offered by
A Sow*.
Price.
Issue.
Amount.
%
$
4,270.000
of
Kingdom
External
Belgium
7.80 J. P. Morgan & Co. and Guaranty Co. of New York.
95
6% notes, 1925
1,000,000 Republic of Bolivia External 6%
bonds, 1921-34
9,500,000 Republic of Chile External Loan
8% S.F. bonds, 1926
12,000,000 City of Rio de Janeiro (Brazil)
8% S. F. bonds, 1946
12,000,000 State of Queensland (Australia)
'
8.50
97X
7.10 National City Co.
99
7% S. F. Ext. Loan bonds, 1941.
Hemphill, Noyes & Co. and Stone & Webster, Inc.
8.40-10.35 Blair & Co., Inc., White, Weld & Co., Halsey, Stuart & Co., Ino.. Illinois Trust & Savings Bank,
First Trust & Savings Bank.
8.20 Dillon, Read & Co., Lee, Higginson & Co. and Continental & Commercial Trust & Savings Bank.
99
38,770,000
FEDERAL
ISSUES.
FARM LOAN
To Yield
Price.
Amount.
Issue.
b*l,500,000
te About.
101
5.38-5.50
Offered by
-
California Joint Stk Land Bank
Farm Loan 5H%
Land
60.000,000 Federal
bds., 1931-1951
t% bonds,
Liberty Joint Stock Land Bank
of Salina,
Kan., Farm Loan
5.38-5.50
101
5X% bonds, 1931-1951
City
5.00 Alex. Brown & Sons, Harris, Forbes & Co., Brown Bros. & Co., Lee, Higginson & Co., National
Co. and Guaranty Co. of New York.
100
1931-1941
500.000
Halsey, Stuart & Co., Inc., and Wm. R. Compton Co.
Bank
*
Halsey, Stuart & Co., Inc., and Wm. R. Compton Co.
62,000,000
b Jl,000.000 of these previously offered by
Bank of Italy, San Francisco, in
September 1921.
The
Current laments
of
and
holders
OF
CITY
FRENCH
$22,779,300
BONDS-
right of veto
French
city 6% gold bonds (non-callable), made up of $7,409,100
bonds of the City of Marseilles, $7,409,200 of the City of
Lyons, and $7,961,000 of the City of Bordeaux.
It was
announced yesterday morning that the subscription books
had been closed, the bonds having been largely over-sub¬
scribed.
The bonds, which are
due Nov. I1 1934, are part of an
The offering at
page
authorized issue of $15,000,-
city, the remainder of which was sold in 1919.
000 for each
1919,
1 1919 and are
dated Nov.
that time
referred to in
was
our
issue of Nov. 8
1741, and in these columns Feb. 7 1920 (page
continuance df the syndi¬
cate making the offering.
The present offering price is
86% and interest, to net about 7.65%.
The bonds are listed
on the New York Stock Exchange.
They are in coupon form
in denominations of $1,000, $.500 and $100.
Principal and
interest are payable in New York in United States gold coin
without deduction for any French Governmental, municipal
or other French taxes, present or future.
Interest payable
May 1 and November 1.
The official circular says:
508), mention
made of the
was
The above bonds
are
part of an authorized issue of
city, the remainder of which was sold in 1919.
SI5,000,000 for each
obligation, and only external loan, of the city issuing the same.
established
As
laws
the
by
of
France
execute
the annual
French
National
budgets
are
under the control and supervision of the
Under
Government.
supervision
this
authorities of Lyons, Marseilles and Bordeaux have
order to permit these
of the
necessary
cities,
(in exchange for bank notes or other currency) with gold
needed,
if
in the
MEXICO.
FOR
■'
extended.
The
S.
bill
executive
summary
of
an
Chamber
of
Deputies
deposit,
of Mexico,
A.
firms/'-'
creating
sole bank of issue and
and
agricultural
mortgage,
discount,
submitted to the Mexican
a
industrial
banks:
and discount shall be two
hundred
thousand
pesos;
for
industrial and agricultural banks five
hundred thousand pesos and for mortgage banks one million pesos.
No company, association or enterprise may perform banking operations
or adopt
the name of bank without obesrving the terms of this law.
minimum
capital for banks of deposit
the
Bank
of Mexico.
the Constitution, a bank will be
established in the city of Mexico with authority to issue bills and under
a special concession
for the term of twenty years, which may be extended
In
compliance
by the
with
Article
28
of
institution shall be at least fifty million
pesos, but the law authorizes a stock issue of not to exceed one hundred
million pesos,
divided into two series, "A" and "B".
The first series
be
will
value
The
of
by
bf
to
series will
par
this
the
fifty-one million
pesos
open
capital
subscribed
second
of ten
be
initial
value each,
or
public subscription.
Government, and shall have a total
Shares of this issue are not transferable.
million nine hundred thousand shares
Federal
pesos.
embrace
'
minimum
They
,
1
accepted only for a maximuni
of two recognized solvent
and with the guaranty
.'/'
'
'
.
1
''
statements
monthly
:
publish
capital of
of
their
assets
and
bank shall be one million pesos.
by mortgages on city property for a
mortgage
a
guaranteed
loans
make
may
greater than ten years, and may issue the
mortgage bonds.
s
Such
operations may not exceed one-half the value of
period
not
mortgaged,
in
decreases
in
loan
The
proportion,
one-tenth
by
institutions shall
have
Banks.
-
capital of at least five hundred thousand
a
each, and may make loans on farm praducts as security, and may/
agricultural bonds.
Amounts loaned to farmers should be expended
connected with agriculture, which shall be subject to the
pesos
issue
works
on
in
exceed
to
for not to exceed one year
of the average value of
cent,
fifty per
during the past five years.
placed in circulation by an agricultural bank may not exceed
crops
exhibited capital,
the
times
twenty
plus
its
operations.
Industrial
banks
Industrial
industrial
and
such an institu¬
the reserve fund,
be greater than the total amount employed by
never
in
not
amount
an
yearly
value
The loans shall be
of the banks.
inspection
and
in
five hundred
monthly statement of their operations.
a
Agricultural
These
plus the reserve
hundred,
one
they shall be subject to the
in redeeming
f
lot.
make
shall
value of
face
a
and
capital
exhibited
the
of
have
pesos
selection
banks
mortgage
shall
thousand
These
of
exceed
bonds
The
customary
the property
rescind the contract.
bonds placed in circulation by the bank
or
amount
never
one
corresponding
which is not subject to a second mortgage.
If the property
value during the stipulated time, the bank may reduce the
total
fund.
and
mines
negotiations,
Banks.
loans
make
may
for
to
not
construction
and
exceed three years to
enterprises, guaranteed
buildings, machinery, implements and other such property.
may discount documents for' not to exceed six months on appro¬
by
They
and may issue bonds for periods of from six
priate security,
three
months to
years.
amounts
so
industry to which
The
the
paid-up
is
This law
that
to
be
in the development of
employed
take effect
exceed
not
shall
given
plus
six
thirty-three
security
as
capital,
to December
prior
must
the
loaned.
property
the
of
advanced
loaned
amounts
of
value
cent,
the
cent, of the
exceed ten per
per
shall not
fund.
and
reserve
days after it is promulgated
and provides
private individuals now
their operations to this
next companies and
31st
performing banking operations
or shall be liquidated.
conform
shall
law,
law
The
all
other
on
credit
measures
institutions
opposed
to
of
March
1897,
19,
is repealed
as
are
this law.
of Credit.
effective the fifteenth
day of August of this year places all financial institutions under the
supervision of the Department of Finance; however, its regulations are
intended
to
operate only until the permanent banking laws become
An
New
Article
persons
on
Temporary
important
The
effective.
four
forty-nine million pesos in all, and shall
'•
,
will be subject to the same condi¬
Mortgage Banks.
The
The
federal government.
The
thou¬
one
of these banks
liabilities/
The
The
' '''
shall
banks
These
may
presents the following
parts,
two
ninety days,
v'lVr f
period of
vice-president and director of the Mexico City Bank¬
Corporation,
two hundred
capital of
minimum
a
tions, and bills of exchange may be issued or
Discussing "New Banking Laws for Mexico" John Clau¬
ing
in
accounts
current
tion
sen,
not
Discount.
and
Deposit
of
have
shall
divided
pesos
The bonds
NEW BANKING LAWS
ON
CLAUSEN
does
gold bonds.
comprising thirty-three per cent,
and intended to pay documents on sight, or three days' sight; and the
other! comprising sixty-seven per cent, and intended for loans and dis¬
counts,
for periods not greater than six months, which may not be
sand
the
JOHN
sight,
days'
three
or
in cash or in
(apparently not legal tender).
voluntary
institutoins
These
Republic.
amount which,
an
presentation to the bearer and their circu¬
on
Banks
in
authorize its exportation for said purpose.
and
be
bills for
issue
to
sight,
on
hand
on
be paid
shall
bills
shall
lation
deposits,
the balance
twice
These
authorized
is
Mexico
economic equilibrium of the
the
disturb
may
of
followed a conservative
of them, to pay the interest or principal
or any
regard
returnable
to
exceed
municipal
in New York, to furnish them and each of them,
loan in gold
amount
the
French Republic has agreed to undertake,
of the
Government
added
credit of the cities upon a sound basis.
fiscal policy establishing the
The
the
levy taxes and
bank
The
may
governing municipalities,
which
bills
of
Each issue is the direct
finances of these cities, and the authority to borrow money,
in
interlocked
are
arrangements with Kuhn, Loeb & Co.), $22,779,300
have
the execution of resolutions of the council
to operations which affect more than five
prevent
of the capital, or those which, although apparently independent,
and total more than such five per cent., or new omissions
per cent,
Dillon, Read & Co. offered yesterday—Nov. 25—(through
to
administration
of
OVERSUBSCRIBED.
the remaining numbers will be selected from among
series "B".
There will be, also, commissioners
by the Federal Government, and the Government shall always
named
the
BORDEAUX-
MARSEILLES AND
LYONS,
Mexico will be entrusted to a council
will be the Secretary of Hacienda,
of
stock
of
President
whose
his representative;
or
the
OFFERING
the bank in
management of
administration,
sight
1.
or
or
Decree
government
full
text
Institutions
of
of
Regulating
decree
the
which
decree
credit,
is
Institutions
became
given
branches
hereunder, viz:
foreign banks,
of
and all
companies engaged in banking transactions, receiving deposits
for a period not exceeding three days, even when this consti-
obliged to keep a metallic reserve in national
rate of seventy-five centigrams of pure gold
per peso, to cover thirty-three per cent, of their deposits.
Article 2.
The remaining sixty-seven per cent, of the deposits above
mentioned will be used exclusively in the following transactions which
current accounts,
tutes
are
coin,
gold
foreign
or
at
apply throughout the republic in all cases:
Loans or discounts provided the due date does
will
1.
v.VV'V^'
one.
.'.-v
\
.■
subject to the provisions of the pre¬
current,
accounts
in
Credits
2.
not exceed six months,
which shall be a commercial
the date of the transaction,
from
counting
ceding fraction.
payable
Drafts
3.
with
days,
ninety
in
responsible
two
least
at
signatures.
4.
institutions of credit established * in the
immediately negotiable paper, approved
in other
bonds of
Deposits
5.
Shares,
Department.
Treasury
republic.
by the
■
-
foreign money of legal tender will be
teed in the form provided in the preceding article.
Article 4.
The institutions referred to in the present decree
will be
Treasury Department which will
whose duties and powers are
exercise
specified
inspectors,
attribute
this
the
of
supervision
through
the
under
guaran¬
in
Deposits
Article 3.
the Law of March 19 1897,
expenses incurred by this
inspection will be for account of the institutions.
/;
Article 5.
The
institutions, persons or companies
covered by the
present decree will forward their balance sheets monthly to the Treasury
Department, and the latter will have these published in the "Diario
and
"We
would
only
MARSHALL FIELD AND CO.
FINANCIAL CHAOS IN
OF
HE RELIEVED
EUROPE WHICH CAN ONLY
of
dollars
and
Germany
England,
France,
from a trip through
Switzerland, authorized
to Chicago on Nov. 21
return
his
following statement:
Europe is economic and financial chaos.
Unless something is
promptly done to avert the disaster which approaches with constantly
increasing rapidity it will spread from one country to another until
the
"In
in the maelstrom.
involved
all
are
we
v
Europe, while recognizing disaster, are looking
and know not which way to turn.
They feel that
their only hope lies in America assuming leadership in the restoration
of an orderly state of affairs as between nations.
"You may say what care we?
Perhaps we do not, and thus far I must
confess it appears we either do not care or do not appreciate the conse¬
leading minds of
"The
through
as
fog
a
that will
quences
to
indifference
our
can
goods
disarmament which
support of European powers for those principles of
to be in the best interest of the world.
believe
we
lose every advantage gained by the war, if
the enmity and hatred of the world, if we
markets of the world for the sale of our raw
materials—grain, cotton, steel, etc.
.
.,
if we are prepared to build a
stone wall
around ourselves and live within ourselves we are pursuing
"If
we
prepared
the
right
the
world
had
better
to
incur
to
to lose the
prepared
are
prepared
are
we
are
But if we desire to live at peace and fellowship with
our finest and
best possibilities as a nation we
course.
and
develop
strict
take
aspire
we
vitally
so
which
to
place
a
leader
a
nations,
of
necessary.
should
"There
follow
will
Conferences
immediately
countries
neutral
and
surely
without
not
with
conferences
plan
a
"It
a
is
stabilize
to
of
So
continue
"So
the
Such
her
between
to
take
must
this
of
the
one
the
And
be
reparation
follow. '
she
overtime
that will
followed
likely
most
out
be in the
only
financial
by
4 %
of not
10
exceed
to
at present
reached
one
certain.
is for
Then occupation
would
to
industrial
means
in
order
to
due
spell
to
herself
get
2^
billion
gold
marks
of
billion
gold
marks.
This
2 %
the necessities
bear
relief
to
the
leadership and
of the many
the
at
billion
marks
pay
If
the
is
her
share of
Germany
repara¬
own
reparation from Germany and make terms thereof
of
world.
press
must
with which
Germany to comply.
to agree to make
for
similar concessions to nations
which are in; her debt, -y-'-:7y:\v'/\;■
"Fifth:
Steps must be taken to insure that Germany's budget will
balance.
Her receipts from taxation etc., must fully meet her current
expenses plus the amount of indemnity obligation finally settled upon.
"This protection is vitally necessary to insure good faith on the part
of Germany, although it would seem that settlement having been reached,
her own self interest would be a guarantee of good faith.
"The big thing now is to conceive some plan which will enable the
countries of Europe to stabilize their money in order that commerce may
flow freely as between countries and thus avert the impending disaster
"Fourth:
which
England
world.
the
threatens
"These
that
intangible
;' 7-:'.
/7.
•
v
neither philanthropic nor idealistic,
are
sound business
good,
y/:
.
but simply
sense.
They will create kindly feeling toward us,
which can be made to pay dividends, in time to
suggestions
asset,
much greater than the full amount of debt owing us.
come,
October,
eral
IN
TRADE
RETAIL
Boston
The
October
their
The bank receives reports
sales
the
were
October
of
sales
1920.
But
the
burden
England
is
I
keener appreciation
think England stands
in extending
not
in
a
necessary
position
to
financial
take
the
France to recede from some of her demands because
be persuaded
own
best interest to
her present impossible demands and much as we sym¬
with the sufferings of France, she must make concessions in
interest, if not on behalf of civilization.
were
5.8% above
representative
Four
women's
apparel shops in Boston also had a big month, their sales
10.3% above those of
totaling
Boston
has
depression,
been
more
Retail trade
ago.
throughout
business
the
that in some of the other New
than
so
year
a
good
very
The bank receives reports from 18 of the
England cities.
larger department stores in other New England cities and
states that sales of these stores have been less each month
this
In October,
than in the same months of 1920.
year
however, their sales practically equalled those of last year
for the first time.
There
two
are
The Bank
possible
October.
says:
the
for
reasons
the
In
first
good
showinjg made by
retail
longer
during
September, so that when it did turn cool delayed purchases were crowded
into October.
In the second place,
when comparisons are made now
with
the
year
before, they are being made with a period when the
business depression was beginning 1 to have its effects, while now industry
stores
in
than
is
this
usual
the
on
The
year
and
the
place
there
warm
weather lasted
incentive
the
not
was
to
buy
grade.
up
bank
Boston
New
York
which
New
York
has
Federal
the
from
report
a
Reserve
in the retail
Bank of
trade in
State.
indicates
similar
a
improvement
TO
LOOKING
REVIVAL
OF
EXPORT
TRADE.
J.
G.
Bradley,
tion, acted
as
Hoover
coal and
Mr.
Nov.
on
Bradley,
assured
the
some
of
the
The
the
the way
relation
of Commerce
of the
metal,
present-day export situation.
and
co-operative
the
of
in
Commerce
the
assistance
of the resumption
way
of
outlined
Hoover
of
emphasized the importance of the
business in restoring the equilibrium of trade.
pointed
out,
as
great producers of
present
American
of
Secretary
difficulties
Secretary
three
the
Secretary
the
behalf of the American Mining Congress,
business
export coal
in
on
met
discuss
to
National' Coal Associa¬
the
joint committee of the Ameri¬
a
which
to
Secretary
industries.
American
14
industries
oil
of
president
chairman of
Congress
Mining
can
these
that it is not to her
month
largest for any
of this year and what is more important
the
in
big department stores in the city and finds
the eight
that
large business
a
statement just issued by the Fed¬
a
Reservp Bank of Boston.
from
ENGLAND.
NEW
stores did
department
according to
a
points of difference existing between France and Great Britain
persist in
pathize
from
payments
possible
per
full
present time.
"France
longer
of the situation than elsewhere.
its
After twenty
full with a proper interest
that time, possibly accepting from France,
Italy and Belgium payment at the same rate of exchange existing at
the time loan was made.
>:V.
"Third:
Those nations to whom this concession is extended to modify
the
to
ten years
small rate of interest, perhaps 2 per cent.
a
has passed we to receive our principal in
deferred
as
and her exports should exceed eight billion
she should be compelled to pay perhaps 20
the leading minds in Great Birtain have
ready
a
It
year
per
of such excess on account of her indebtedness for
cent,
think
the first
only
to
agree
CONFERENCE
order.
in
tions.
"I
to
We
For
us.
years
the bounds of possibility.
moratorium of say 20 years for debts
no interest to be charged.
For the second
bring them within
"Second:
stganation
demanded.
She oculd raise perhaps one half
her exports which at the highest point before
unexpected prosperity
per
is
pursue,
Germany
payments.
Occupation
breathing
a
gold marks in any one year,
25
until
opened:
collapse
should continue for as many years as necessary to
amount
finally determined upon as financial reparation.
to
must
future.
near
are
year
enjoys
and
money
revolution.
for
one
turning
courses
reparation
of
helpless
is
creating
repetition of what has happened in Russia.
a
have
amount by a tax on
war
pay
to two years, during which time she could organize herself
reparation
pay
against
the
continue
to
probably, finally
may
presses
comes
probably
immediately
"Germany
exist
deliberately
is
modification
obtain
alone can act two
present, in which event
course,
decline
to
and
at
as
other
probably
order to
conditions
printing
collapse
collapse will
"The
of the
nations
exchanges
intercourse
Germany
Germany
as
continue
to
in
present
as
working her
far
that
impression
bankruptcy
long
financial
total
commercial
i
mistaken
a
condition
terms.
enduring
after
Out of such
possible.
is
allies
our
perhaps Germany should join.
come
which,
world,
to
which
with
general good and I make bold to suggest some steps that may be taken
to accomplish the desired result.
"First:
Allies to agree on substantial modification of reparation terms
in
ourselves.
of
account
the obvious question
follows, what can we do?
First of all, I think Congress, if it has not
already done so, should confer upon our President or Secretary of the
Treasury unlimited power to act with respect to moneys' owing us by
other
countries.
Power to
act
is important because quick action is
"If
ten
the
inevitably result to our own country if we continue
European conditions.
Let there be no mistake.
No
separated.
the
which
save
If we stand ready to give Europe voluntarily the immediate
financial relief that later we will be compelled to accord we can obtain
be
due
must realize the impossibility of collecting the
us
under present conditions.
Europe has not
us even interest on this amount.
They have
they might pay.
Payment of this amount in
goods would certainly mean great unemployment in American and rather
than that we had better forget the entire debt.
:
"So
each
of
the Allied nations must contribute
something for the
with
only
Europe but our own.
"Economic and financial questions should be considered simultaneously
with disarmament discussions.
They are so closely allied they can not
country
that measure of world disarma¬
accomplishing.
of
desirous
so
part,
our
on
billion
all
are
we
"We,
it
vice-president of Marshall Field & Co.,
Simpson,
James
on
pounds than she received,
more
Germany and effect
with
commerce
ment
amount
BY THE UNITED STATES.
have to pay us 25 per cent,
,
on
ECONOMIC AND
us,
the same extent. Thus France,
Italy, Belgium and our other debtor nations are penalized much more
because of exchange
depreciation than Great Britain, whose money is
more
stable.
^\ /-'V: y\
• >;
• .' ;
"I have heard it suggested, and it is worthy of most serious considera¬
tion, that we accept repayment of our loans at the same rate of exchange
existing at the time the loans were made.
We would thus give the
greatest measure of relief to those countries needing it most.
f'
"France must accept some suggestion that will permit a restoration
years
SIMPSON
from
exchange has not depreciated to
because her
ten
SEES
to repay our loan today it
to give us nearly three times the number of
while Great Britain, on the other hand,
for her
received
she
that if France were
forget
necessary
francs
Oficial."
JAMES
not
must
be
would
gold
Articles 113, 114, 115, 110 and 118 of
other
corresponding regulations.
The
by
[Vol. 113.
CHRONICLE
THE
2240
situation
shipowners in
well,
through
an
the assistance
that
mineral products could be
co-operation
with
the
effort to remove obstacles in
of American overseas trade.
There was
a
general
Nov. 26
THE
1921.]
CHRONICLE
3341
1
'
■
•
.
discussion
of
the
foreign
conditions
exchange
about by European monetary inflation
American prosperity.
on
committee
At the close of the conference
Foreign Trade Committee of the National Coal
Association;
Company;
George
S.
large
exporting
grain
and
steamship
for
American
foreign
exporters
of
meeting
to
plans
assist
with
in
of
members
The
commerce.
the
them
purpose
of
the
reviving
the
Metals—General
Anthracite
F.
J.
Wells,
Bulkeley
Bureau
of
Callbreath,
President,
gold;
representing
Colorado,
the
B.
B.
Philadelphia.
Information,
Steel.
10.
is
twelfth
in
hope
that
BUSINESS
IN
sections of
country
the well known Statistician, cited 12 periods in each
business
cycle.
possible
will
Babson's
By
next
of
study
the
enjoy
of
summary
what
suffer in
or
future, accompanied by his opinion
is
at
hand,
presented
was
as
any
it
industry
Nov.
on
past,
and
present,
the sixth period
that
follows at
a
meeting
mass
10;
decline
This
is
bond
ing
Cooper
the
upward
than
country
BUSINESS
CYCLE.
the peak of prosperity,
accompanied by large
do
by
period of inefficiency,
a
have
the
period
the
comes
accompanied by declin¬
and
dishonesty
of
periodical
profiteering,
Lack
of
crime
the
with
wave
declining
results
everywhere
down
cut
in
decline
general
apparent,
which
results
the
is
declining
and
living
expenses,
estate
real
improvement
families
prices.
This
usually begins at
at
9.
and
labor,
10.
double
end
this
point of
and
money
this
to
in
results
start
new
declining
building
and
again
same
the cycle.
get
a
are
notice¬
prices
asked
are
Rugs,
The
by
is now evident, resulting in restored
the strengthening of commodity prices.
activity in all lines, with labor fully
with
great
classes
Some
but rather in
are
of
hard
and other
things purchased
by the wealthy.
expensive household furnishings.
In a time
wealthy are the first to stop buying and the
stop buying.
last
to
probably suffered the most of any.
Many
for before the war.
This industry has
leather
are
and
are
for less than they sold
selling
selling lower than they have sold for 30 years.
This industry, centred in New England,
shoes.
last
was
clothing.
corn
to
hit
but
the
last
will
be
be
averaging
and
about
and wages for
thus far experienced
been in business
have
men
who
man
nothing
has
movement that,
It may
the
of
He may be obliged
knew were possible.
There¬
never
unawares.
WAGES—THE
at $1 00 a
OF
THE
maladjustments in wages,:
particularly
was
striking.
supposed
is
wages
which
be
agreements
to
A
wage
operative
until
made
were
April
in
and
increases* of
aggregate
involving
1918,
97.1
of
scale
Commission
increase averaging 17.4 per cent,
in
increase
The
1918.
shows
an
A
year
Product
ago
1920
In
cent.
per
President granted an
established
a
in
scale now
wage
increase of
average
base.
effect
114.5
EMPLOYERS'
labor
is made
issues involved in
on
controversies:
significant
more
heretofore
has
increasingly
the
noted
these
the
movement,
progress
is the stand taken by
pages,
evils
to
when
burdensome
shop
open
in
opposition
in
closed shop which
of after-war deflation
the
of
the
period
this
attitude
•
the
the
ployers
the
incidents
of
the
cases
the
substantially
have,
employers
similar
they
state,
then
main
present
was
The
not
stated by
as
to
which
to
wages,
resistance
demands
of
that
conclusion
the
issue,
conditions
of
to
come
is
now
for
the
these employers,
increased
which
so
repre¬
'
time to
was
"fight it out."
not maintenance of
reluctantly agreed ; the issue
and to the continuation
would have
they
employment
not
another example
in principle.
In most of
exhausted every effort to
still
are
dominant in their industries
get along ori amicable terms with the unions
and
.t
the part of em¬
1
industry
paper
on
perhaps
but
distributors.
milk
in
of
conspicuous,
most
are
of
case
difficulties
group
examples
noteworthy
railroads
as
labor
The
a
re¬
*
than
been
employers
large
Among
a
REVOLT.
In.
of
as
cent,
per
f
following comment
many
wages
inefficiency
impose
and
payment for
performed.
actually
>
York at least, has taken a positive
stand in favor of the restoration of piece-work as a method of increasing
clothing
what
taken
industry,
and is
production
the
in
New
in
determined,
employers
though
even
claim
faced by
intolerable
are
spite of the fact that,
as
a
costly strike,
conditions.
to the principal issue,
This
to
attitude
involved, the
employers had agreed to leave the decision to a commission which has not
reported.
yet
In
are
is
taking
upon
not
a
firm
stand against
unassailable
taken
by them
waste
wage
ground—always
and
providing
inefficiency,
that
undue
employers
advantage
condition respecting unemployment.
of the general
SENATORSIIEPI'ARU'S
INCREASE
UTILITY
OF
Prices.
POSTAL
THE B
SAVINGS
VIEWS OF POSTMASTER-GENERAL HAYS
first
wheat was selling at $2 50 a bushel,
bushel, and other products of the farm at correspondingly
Products.
CASE
MINERS.
November,
AND
The
Farm
Farm
recover,
first
the
to
sections
hit
contracted.
8.
IN
supplemental
1916
business generally.
Men's
there
Index just published by the New York Trust Co.
The
Even
year,
merchant to feel the effects of the
present depression was the retail clothing dealer.
The men's clothing
industry was hit a very hard blow early in the depression and has not
yet recovered.
If, however, we have a cold winter ahead of us, there
will very likely be a clothing shortage.
7. Building.
The building of factories and office buildings came to
an
abrupt stop last fall.
For some time there has beeiji a shortage in
homes, but not till a few months ago was building in all lines greatly
6.
but
year,
for him to begin at once to study funda¬
caught
1916
and
the
1916
of which
is
industry and
the
grades
Boots
next
to treat all industries
language to him.
that he
workers'
THE
In
especially the manufacturers of men's shoes.
The
buyers' strike really started with the boot and shoe industry.
5. Textiles.
Directly after people stopped buying shoes, they began
to economize on all kinds of woolen and cotten goods used in their homes
and
be
not
in
these
all
the
over
end
the following order:
depression, the
Leather.
3.
very
by
basis
of
The
been
has
jewelry,
silk
business
masses
be
all
and
new
necessary
but
the
over
the
over
of prosperity.
interest
buying
followed
fairer
get during the period
did not
religious
greater
time
2.
4.
1917,
in greater efficiency, which
Increasing bond prices
by both mer¬
dollar in value whether buying merchandise
honest,
more
We
we
cycle
1.
of
made
was
1920,
services
The
Bab¬
Mr.
The industries and the sections
absolutely
a
conditions
and
mine
of
case
sentative
completed; extravagance and waste are again
evidence with high money rates.
Mr.
Babson also showed by charts that all industries are not hit at
the
tide
last
article pointing out the
31
interest
employed.
in
The
increase
these
become
Renewed
12.
in 1922
wrong
will
were
Hence the
him and
exceedingly
an
March
set
moving;
point in
labor.
This
of women.
case
Index, just issued by the New York Trust Company, says;"
up,
the
is
time.
which
confidence,
II.
loan
to
industry
this
at
this
People
chants
banks
of
evident
more
unemployment period always results
evident
able
or
becomes
wheels
The
8.
illustrated
best
in the
commodity prices,
rates,
knows
years
to
conditions
became
allowing
rates,
set
is
In
in
Improvement Begins.
Thrift
the
by
This includes
hit.
resulting both from unequal advances and reductions, The
commodity
cycle.
7.
and the ship building
masses,
the
unit.
a
first
COAL
cent
then
must
which
the
of
as
which
industries
MALADJUSTMENTS
the
then
is
confidence
People
of
in shipping for
revival
a
experience during the next ten to thirty years.
may
accom¬
:
prices.
6.
in
America's business
of
business under
it
mental
result
general unemployment.
all
the
it is
course
hit
were
movement.
twenty
world
new
wages
wages.
followed
we
Then
5.
by
turn
a
Of
interest
proportion
great
a
in
declining stock prices.
panied by
4.
for
prices.
Next
3.
present
after which has come an upward movement for twenty years.
years,
appointed
2.
low
very
.
Every cycle begins at
profits and high
>
be
country
all
Taking
November,
THE
I.
a
Following the Napoleonic Wars and the Civil War, there was an inter¬
mittent
or
Mr.
way.
talk before the Bankers and Brokers of New York at
Union
at
interests
of better business
sections
and
is
business
a
situation,
the
he believes
these
with certainty
forecast
to
section
are
In
recovery
the general effect on business Roger W. Bab-
dustry anjl
son,
of
clients to keep in mind.
younger
to
CYCLE.
and steeL
Steel prices
sign
them
up,
we hope
the corner in the Babson chart cycle will turn sometime
next year.
On the other hand, the next area above the normal line
will
not
carry prices
as
high as they were in the last period above
the normal line, and for years to come we may see prices find new low
points in each depression, while each high point of the periods of pros¬
perity will be lower than the one preceding.
This is very important for
be
of the downward plunge in in¬
of explanation
way
the
which
industries
recover.
fore
By
allied
and wearing apparel
will
there
of
A
PERIODS
TWELVE
iron
was
decline.
vj:
this
BARSON'S
hit
industry has not been
of .men,
case
and all
only
W.
at
purchased
are
sign of it at present.
the
be
to
immediate
no
tools and
the likelihood
said:
those
is
dead.
leading
which
the
As to
to
There
Shipping rates must be lower
absolutely
The
no
recover.
industry
hopes
no
are
come.
semi-luxuries
We
next
the
the eighth great industry
were
Even worse than the machinery products is the shipping
There
to
industry
son
eighth to
Machine
Shipping.
industry.
tobacco
the
The
>
•
the farmer is
today
prospects of an immediate recovery.
no
sometime
12.
Farm products
bottom.
Machinery.
11.
and
came
industry.
less
ROGER
hit
yet
steel
be
crash
steel products were one of the last to
of
not
thirty
^
Mining Congress.
Secretary American
will
and
ebb, with
is
Smuggler Union Gold Min¬
Thayer, Anaconda Copper
Company, »New York, representing copper; F. B. Richards, Lake Superior
Iron Ore Association, Cleveland, representing iron, and E. Z. Wollower,
President Goldenrod Mining
Company, Joplin, Mo., representing zinc.
Oil—E. L. Doheny, President Mexican Petroleum Company, Los Angeles;
George S. Davidson, President Gulf Refining Company, Pittsburgh, and
Judge A. L. Beatty, President Texas Company, New York.
Coal—J. G.
Bradley, President Elk River Coal & Lumber Company,
(President National, Coal Association) ; T. W. Watkins, President Penn¬
sylvania Coal & Coke Corporation, New York; J. G. Puterbaugh, Presi¬
dent McAlester Fuel Company, McAlester, Okla.; Albert J. Nason, Presi¬
dent Nokomis Coal Company, Chicago, and Dr. E. W. Parker, Director
Co.,
ing
and
prices
the
once
country.
hit
have
that conferred with
industry represented by each,
Secretary Hoover are:
at
Iron
9.
joint
Mining Congress, with the par¬
committee of the American
ticular
the
B. Thayer, representing
among
the
initiate
to
owners
of
All
in the
man
be
to
The
Refining
to join with representatives of other
interests,
cotton,
Gulf
ex-president
Wells,
American Mining Congress, and B.
the copper producers,
the
of
Davidson,
Buckeley
General
prices.
bluest
a
appointed comprising T. H. Watkins, chair¬
was
of the
man
brought
and and its bearing
high
I
'
,
SECRETARY
MELLON.
Secretary of the Treasury Mellon has expressed himself
as
"unequivocally opposed" to the bill introduced by Senator
Sheppard intended to increase the utility of the postal sav¬
ings banks.
sional
Senator Sheppard had inserted in the Congres¬
Record
Secretary
of
Oct.
21
master-General
Hays,
opinion that the bill "is
the
a
letter
Mellon, along with
in
which
more a
embodying
the views of
communication from Post¬
a
the
latter
advanced
the
matter for the Secretary of
Treasury to express his views on than it is for me, be-
THE
2242
advantage of the exist¬
while the bill ostensibly takes
cause,
radical as
ing Postal Savings System, the changes are so
question of banking/'
the whole
toward
Government
this
reply by Senator Sheppard to the state¬
At the same time a
Postmaster-General and Secretary Mellon was
ments of the
10, Senator
During a debate on the bill, on Aug.
submitted.
of
fundamental change of policy on the part
to constitute a
Sheppard had the following to say regarding its purpose:
The principal provisions of the Industrial Savings Act are as follows:
First,—The postal savings banks shall be open and accessible to all with¬
out limit
amounts that may be deposited.
to
as
for money on
shall be loaned at the market price
Second.—These deposits
these times,
world
be paid twice a year into the
the reduction of taxes and
including, of course, the deposi¬
making possible
thus
Treasury,
States
the profit will
of
balance
thereby benefiting the whole citizenship,
tors.
1
in the United States in
banking institution
and
bank
Fifth.—Every
the postal savings, both to receive
good standing may become agents for
deposits and to make loans, receiving for such service a small commission
on
both deposits and loans.
The postal savings bank will thus become the greatest and strongest bank
in the world, one vast national reservoir of the peoples' savings, available
for loans to all who furnish proper security.
is every
There
will be
the
scores
that with this bill in operation there
instead of half a million as at present,
to believe
reason
of million of depositors,
instead of 155 millions, as is now
deposits exceeding thirty billons,
with
of section 12
for is
of
A principal source of
the banks, un-
capital.
The
general.
failed to attract some three
billions of savings that lie idle or unorganized while prosperity lags and
development waits.
If the present postal savings bank, with its restric¬
existing banking system, admirable as it is, has
tions
and
$155,000,000
to attract
able
been
has
limitations,
and
half
a
its possibilities with
is hardly possible to measure
it
depositors,
these shackles removed.
The
following
Postmaster-General
letters from
the
are
Hays and Secretary Mellon, which Senator Sheppard caused
Record"
the "Congressional
to be inserted in
month ago:
a
Postmaster-General and Secretary of the Treasury on the Bill
and
Reply of Senator Sheppard.
•
burdens
Ohas. E.
I
have noted the
Post
on
Hays states that the measure would not so much advance the interest
savings as it would completely revolutionize the banking system
country, that it is so radical as to constitute a fundamental change
of policy on the part of this Government toward the whole question of
banking, that his own suggestions as to certain changes in the Postal Sav¬
ings System have encountered such opposition from savings banks, he can
only wonder what the opposition would be from banking institutions to the
"very radical" changes in the bill under discussion.
Mr. Hays adds that
of
postal
of this
he will be
Mr.
Sheppard, S. 2033, "A bill
the people, to secure the largest returns for such savings consistent
usefulness, and most particularly to
lem from
I
we
the direction of encouraging thrift and
welcome a free and frank discussion of the prob¬
angle.-'
every
It leaves the present banking institutions unchanged and intact.
ing law.
It
brings into postal savings banks three billions of money which existing
banks have failed
to
It
attract.
-
of
reserves
existing banks may be deposited
ings bank
It
gigantic ally of existing banks, not an enemy.
recalled that commercial banks almost unanimously opposed
a
will
the
be
Federal
Reserve
System, a system which has proved to be their salva¬
Surely their supposed opposition to the plan involved in the bill be¬
fore
us
makes
is not in itself
much
so
conclusive argument against it, especially
a
the profits and
the stability of the present banking and financial
Mr.
Ilays reads the hearings, I trust he will modify his position.
entitled
to
Mellon
Mr.
great credit for having
Senator Sheppard's bill that
while
that
states
between the
Postal
of
system
this
postal savings, and I
the
can
posed by Senator Sheppard,
even
more
than
change
any
radical
very
changes
pro¬
have in mind for postal savings might
we
affect the mutual savings banks.
I feel that Senator
the
Treasury to
of
bill
his views
more
matter for the Secretary of
a
than it
on
is
for me,
because while the
ostensibly takes advantage of the existing Postal Savings System, the
are so radical as to constitute a fundamental change of policy on
changes
the part
of this Government toward the whole
I shall be very
With kindest
glad to have
a
copy
personal regards, I
question
of the hearings
on
of
by this bill, that the removal of all limitation
commercial
the
volve
of the
I submit with all respect that the bill does not in¬
banking.
Government
commercial
in
Nation's business is based
touched
The
H.
Hays.
Chas. E.
savings bank,
Post
Offices and Post Roads,
of S. 2033, and
copy
you
I received your letter of August 6
from
merits
of
While
a
copy
of
a
the
letter dated August 2
Postmaster-General.
this
Mr.
Mellon
inclosing
1921,
received by
a
regarding the
has consistently favored the liberalization
seeks
the
involve
banking.
The
loaning
the
of
the
upon
the amount of deposits and
funds deposited
Government
extensively
banking needs of
in
in
the
the
postal
business
the provi¬
savings banks
of
commercial
the
country are already adequately met
by the Federal Reserve System and the numerous national banks and State
banks and banking institutions.
There is no call for an extensive Govern¬
ment
banking institution of the
character which this bill seeks to estab¬
lish.
provisions of
section 11 of the bill for the issue
deposit which may pass from
other
bank checks,
hand to hand
in
the
of
manner
certificates
of
certified
and which shall be receivable by the United
business
and
States
price
national
call
no
banking institution of the character Which this
Mellon
evidently overlooks the fact that exist¬
The bene¬
its present wonderful banking system is the fact that it
econopiic growth, financial develop¬
commerce,
advancement and
as
prosperity
the Nation which nothing
of
But practically half of the $6,000,000,000 of actual money
$3,000,000,000—still remains outside the banks,
much
of
through
and
the
world
doubling
credit
so
as
and
the
turbine.
if
trade
and
unharnessed
progress,
waters
un¬
going to waste in
that pour over
a
dam
the
at
Think
of
the
credit
and
confines
says
and
his
that the
the
issue
receivable
United
pass
States,
of
an
from hand
unsettlement
in
value to the United States
additional
banking
could
savings
resources
of the
a
mand
are,
provision of section
in
amount
for certificates of deposit
11
in the manner of certified
by the United
not specifically
enormous
other bank
of
in lieu of currency with consequent inflation and
business
and
price
the face of the fact
conditions.
This is
a
remarkable
that the Nation's commercial
In
practice these obligations
are
never
banks
are
con¬
are
now
mainly de¬
called
for
the contrary, increasing as the country's business increases and
flect legitimate
tive
or
States in payment of obligations due
payable in gold, would result in
demand obligations which inevitably
made
to hand
obligations.
on
banked
plainly evident fact.
safely supporting nearly $50,000,000,000 of liabilities that
in
be
leading financial
specific objections to sections 11 and 12 of the
which may pass from hand to hand
the
enormous
To say that there is no need for this additional credit
capital is to ignore
Mellon
checks
of
time when the crying need of the United States and the world
a
He
Experience of other countries has shown that
$3,000,000,000
of the earth!
new
Mr.
or
condi-1
a
private institution.
no
credit of
in
Mr.
business and
respect
with
and, unsettlement
numerous
not
tions
inflation
System and the
banking institutions, and that there is
people will deposit money with the Government when they will trust
payment of obligations due the United States, not specifically made payable
in gold, would result in the issue of an enormous amount of demand
obliga¬
tions which would inevitably pass from hand to hand in lieu of
currency,
consequent
the
fcr
tention
The
banks.
the
bill.
for
and
establish.
to
supply.
can
The
would
banks
circulation—about
is for
sions
State
to
power
limitation
regulation of
Thus it makes every actual dollar do the work of hundreds, and gives
power
all
be
no
ex¬
commercial
good
000,000,000 of actual money now held by the American people.
Savings System and the sale of Treasury savings securities, the Treasury is
unequivocally opposed to any such legislation as that proposed by this bilL
of
or
no
ing banks and banking institutions have failed to attract and mobilize $3,-
tal savings laws so as to permit of a greater co-ordination between the
Postal
removal
undoubtedly
can
make
loans
can
make
that the banking needs of the country are already
says
extensive Government
an
the pos¬
of
can
such banks.
next
for
bill
here,
the Treasury
bill
this
under
on per¬
or
and
1921,
request my opinion
by
guaranteed
and
this
bill.
You
which
iota of which will
United States bonds,
adequately met by the Federal Reserve
in
United States Senate.
My Dear Senator:
liberal profit to
utilized
on
an
Indeed, most of its loans will be made through such banks at a legitimate,
else
Secretary of the Treasury,
Townsend,
Chairman Committee
when
or
impetus
Washington, August 16 1921.
Vastly the greater portion
unquestionad collateral security, specified by law
on
board,
ment.
yours,
Will
Hon.
the
banking.
personal and corporate credits,
on
corporate commercial paper, not
by the postal
mobilizes funds for business,
this bill.
Sincerely
am,
the amount
on
deposits and the provision for the loaning of funds deposited in the postal
fit to the country of
banking.
co-ordi¬
savings banks would involve the Government extensively in the business of
banks
Sheppard's bill is
express
consistently favored the
Treasury has
securities, the Treasury is unequivocally opposed to any such legislation as
changes that would certainly affect all banks
changes that
any
We have
country.
only wonder what the opposition would be from
banking institutions of this country to the
denounced the unfairness of the
Savings System and the sale of Treasury savings
cept
banking
already encountered the opposition of certain savings banks to
the
liberalization of the postal savings law so as to permit of a greater
nation
completely
the
when the
time when new capital is
a
need of America and the world, and moreover adds immensely
supreme
to
capital available at
new
investment whatever except in
revolutionize
in operation
now
agents in loaning these postal funds.
as
his plan would not so much advance the interest of postal savings as it would
in
provides that all banks
It provides that the cash
in the postal banks, receiving
therefor interest-bearing certificates countable as reserves.
It creates new
sources of profit and strength for existing banks.
It makes the postal sav¬
act
may
sonal and
however, convinced after considering
am,
further than
go
in the past in
To that end
economy.
My contention is that the bill evolutionizes our banking system
The bill does not change any existing bank¬
does not revolutionize it.
and
that proposed
know, hopes to develop postal savings,
and, by bringing up to date some of the most important points of the ser¬
gone
why he thinks the bill revolutionary and radical.
say
He does not tell
methods.
You have been good enough to ask me fer
adequate security."
ever
of the hearings.
copy
see a
merely that this is his opinion of the bill after having considered
us in what particulars the bill uproots existing banking
says
it.
glad to
Hays does not
present Postal Savings System, and for the constructive steps he advocates.
utility of the postal savings bank, and to encourage savings
The Post Office Department, as you
(S.
regarding the bill under consideration
Roads
Post
'
Mr.
He is
Senate, Washington, D. C.
opinion of the bill introduced by Senator
vice, to encourage its
Offices and
2033).
When
My Dear Senator Townsend:
to increase the
the
replies of Postmaster-General Hays and Secretary of
Treasury Mellon to the inquiry of the chairman of the Senate Committee
system.
Post Offices and Post Roads,
on
United States
have
Mellon, Secretary.
Sheppard to the statements of Post¬
The reply of Senator
Townsend,
Chairman Committee
we
W.
master-General and Secretary of Treasury follows:
both
Washington, D. O., August 2 1921.
with
Very truly yours,
post-office services.
local
the
on
A.
the
Office of the Postmaster-General,
among
bank depositories.
quite impracticable, and would require the creation of an
extensive administration machinery and greatly increase the already heavy
bill
Utility of the Postal Savings Banks,
S. 2033, Increasing the
■
my
to deposit any money
is
measure
tion.
Statements of
Hon.
authorizing the Secretary of the Treasury
in
public moneys in the national
He
greatest need of the time is for new
capital is the savings of the people that remain outside
mobilized for business and trade and economic progress in
new
million
this form would make it im¬
Treasury in the postal savings bank without requiring security there¬
direct conflict with the policy of the laws governing the deposits
in the
case.
The
ill
the case of the loss of the certificates
and would destroy one of the most salutary features of the present Postal
Savings System, namely, the absolute safety of the deposit.
The issue of
bearer certificates of deposit in denominations of 5 cents, 10 cents, 25 cents
and 50 cents, as provided in section 11 (d), would create a large mass of
paper fractional currency.
The provision of section 11 (h) for the main¬
tenance of checking accounts by depositors in large cities would directly
involve the Government in ordinary commercial banking.
The provision
interest will go directly
cent, semi-annual compound
per
depositors.
Fourth.—The
United
deposit
certificates of
issue of
prosperity returns.
Third.—Four
to
The
to 5 or less
the net income for deposits at
as
tions.
possible to protect the depositor in
The
security that is good beyond Question.
This should make, in
least 6%, gradually diminishing
[Vol. 113.
CHEONICLE
but
re¬
So it will be with the demand obliga¬
postal savings bank, its investments and loans being conserva¬
beyond comparison with those of commercial banks.
The solidity and
of
banking operations.
the
the postal bank will
be backed by the
resources
and taxing power
Nov. 26
of the whole
THE
1921.]
Nation,
that fear of
so
conceivable.
would
it
make
runs
impossible to protect the depositor in case of loss
of the
salutary features of the
pres¬
postal savings system, namely, the absolute safety of the deposit.
would
argument
bonds,
the
Mr.
burns it beyond
or
make
Government
Mellon
next
of
denominations
11
good
(d) would create
loss
10c,
large
a
bearer certificates of
50
of
mass
cents,
fractional
paper
deposit in
provided in
as
Section
It should
currency.
would not issue except as the
people preferred them to cents, nickels, silver, etc.
And if they are thus
would be that
consequence
good coin would be poured
assets for greater and more
to the Orient where
still
are
some
among
plasters" of 1862 and later.
folder
that
some
remember
who
us
the
These gray heads tell us
automatically kept
the
Mr.
subparagraph
We
pocket
clean,
con¬
(h), Section 11, saying that the
checking accounts by depositors in large cities would direct¬
ly involve the Government in ordinary commercial banking.
The
bill
limits
checking accounts to depositors with
exceeding $500 and to such cities
this
provision is unessential and is not insisted
ment
made at the
was
amendment and
Mr.
that
hearings.
Let
me
made
Mr.
However,
Indeed, such
on.
but have
state¬
a
open
criticisms and suggestions are freely invited.
effective,
more
balance
average
here that the bill is
say
Hays nor Mr. Mellon have attempted to show
qualified
an
limited their reports to
Neither
expressions of
un¬
Mellon, continuing his report,
direct
public
conflict
with
says
that the provision of Section 12
the
policy of
the laws
governing
in the national-bank depositories.
moneys
security of itself?
terms.
In 1911,
Besides,
own
Why shoud
a
be
may
rate
of interest is 4%.
He
ing
a
are
that it will create
comparatively little added burden the greatest and strongest financial
institution
earth—a people's institution
on
mobilizing the people's funds in
that it will infinitely strengthen the credit of the
obligations to par, reduce interest charges for the
the interest of the people;
Government,
bring its
fundamental
operations of the people, and create
capital available to all
terms.
individuals
and
a
reservoir
institutions
foreigners.
fair return to its depositors.
The
burden
cans
of
will
be
abundantly worth bearing.
Such banks contain
Every
civilized
lence,
philanthropy, or paternalism; they represent simple
opportunity—opportunity for industry, thrift, patriotism.
I
because
unused
and
and
equal
the
and
people will
idle outside
backed
the
by the nation.
entitled to
the market
justice
as
to
a
Justice to
They
pays.
and
that
the French people, largely
among
country
to
morally
are
price for their money—the market price which
this
interview
the
on
present
by
postal-bank
system—less than half price of the existing Postal Savings bank.
At
present the price of money is high, and this bill provides that
any profit on
loans in excess of the 4% for
depositors shall go to the Treasury for the
benefit
all
of
citizens, including depositors.
As normal times return the
price of money will drop and the Postal Bank Board will reduce the rate of
interest to depositors in accordance with the market
price.
There is more
profit
in
cheap
mobiles—the
articles
than
in
dear
ones,
in
richest manufacturer makes what
muslin,
money,
the
masses
auto¬
or
"af-Ford."
can
It will pay to give the best service
possible to depositors at the least
possible.
men
cost
Hence the various forms of certificates of deposit, &c.
Business
degrees now keep their accounts with commercial banks, and
all
of
there will
be
no
reason
Savings bank
this
can
at
all
for
them
to leave
such
banks for the
Eugene
Meyer,
recommended
Jr.,
the
to
bill
they
commercial
banks
the( commercial banks give good service; and
give the exact service of the postal bank itself,
are
no
than
more
put
under
so
the
increasing the
Federal
Farm
under the
Loan
say again that the unshackled postal savings bank will be the
greatest, strongest bank in the world, one vast national reservoir of thrift
and
bonds
me
savings,
and credit
equally
no
as
thing else,
open
to
all,
other financial
it will enable
our
equally
serving
institution has
Nation
to
ever
become
in
all,
stabilizing finance
done.
individual
an
bill
a
less
than
More than
any¬
reality and truth
the
world's banker,
doubling our bank resources, and multiplying the prosper¬
ity of the individual and the Nation.
Morris Sheppard.
interest
the
from 2% to
rate
held
on
individual deposits be increased from
sociation.
INCREASE IN RESOURCES OF NATIONAL BANKS
,
SINCE 1914.
issued
Oct.
on
of June
of
the
31,
Currency
Crissinger
states that
Post Of¬
to consider
the
Steenerson bill, authorizing the postal savings banks to •in¬
crease
and
the rate of interest
$49,688,839,000,
raising the amount held
stated
make
that
a
postal savings from 2% to 3%,
on
deposit to $3,000.
sentiment existed
in
favorable report on the measure.
letin of the
York,
strong
the
It
was
committee
The Oct. 28
to
bul¬
Savings Bank Association of the State of New
referring
to
mittee, said:
the
recommendations
before
the
statement
reporting
as
reduction compared with the returns
a
on
at which time all previous records were ex¬
$3,390,269,000.
ceeded,
of
observations
of
We
the
giving
are
Comptroller,
herewith
which
the
include
a
comparison of the latest figures with those June 30 1914.
The
number
banks
of
reporting banks includes 8,154 National banks with
(including
sources
banks
with
of
$20,517,862,000;
18,875
of
$14,199,099,000;
623
rediscounts)
with
resources
of
resources
$6,040,121,000
978
;
stock
State
mutual
savings
re¬
(com¬
savings
with
banks
of
$557,910,000; 1,477 loan and trust companies with resources
$8,198,541,000 and 708 private banks with resources of $175,306,000.
resources
of
National
The
total
the
of
resources
Banks.
National banks
8,154
cluding rediscounts amounting to $879,416,
during
the
of
year
$2,893,391,000.
rediscounted,
paper
the
ing
these
of
United
were
United
banks
States
other
to
Due to
reduction
with
a
deposited
banks,
amounted
in the
of
reserve
Com¬
which
30
during the
was
June
30
reduced
1921,
than the amount reported June 30
June
on
The
dur¬
$2,019,497,000
being
Balances
old
these
June 30
one
due
1921,
of $531,449,000.
year
reserve
during the year $205,028,000, the
being $1,040,205,000.
less
banks
$12,-
1920.
$719,000,000
and trust companies
include
to
decline
a
investments,
circulation.
secure
vaults
these
total
reduction
a
June
on
reduction
amounted
$4,025,081,000,
in¬
1921,
a
deposits in National banks, their lawful
Bank
on
the
the
of
to
credit,
approximately
to
bankers
$1,344,519,000,
Federal Reserve
amount
Of
securities,
bonds
States
from
of
discounts,
and
amounted
June 30
on
$20,517,862,000
Loans
$14,085,066,000
with
banks
$161,384,000.
of
year
were
letters
and
acceptances
242,802,000, compared
investments
30
$374,349,000,
was
The cash
or
in
$76,002,000
1920.
Capital
stock increased in the year $1,224,166,000 to $1,273,880,000;
surplus and undivided profits, including amounts set aside as reserve
while
for miscellaneous purposes,
$1,522,411,000
bankers
and
on
June
Postal
were
30,
year
of
from
$693,009,000
being
were
reported
bills
less than
$1,214,516,000
to
from
other
Banks
the
over
of
sources
of
the
these
banks
the
30
and
the
year
than
the
reduced
during
liability
on
representing
$592,563,000.
to
including
the amount of
less
the
account
borrowed
bank
National
$15,969,000, the amount
30
reporting
were
supervision of the Banking Departments
1921
on
was
June
$29,170,977,000,
Loans
and
1921
being
discounts
22,661,
30
a
declined
$16,708,906,000.
1920.
an
increase of
The
reduction
aggregate
during the
552
re¬
year
$469,185,000, the amount
The
investments
of
these
increased
amount
lawful
June
the
June
on
number
$496,898,000.
banks
of
States
to
Under State Supervision.
of banks under
several
banks
were
obligations
$991,552,000
deposits,
deposits
$1,393,332,000
or
$879,416,000;
all
June 30 1920
1920, the aggregate
Individual
States
Rediscounts
1920.
including
reduced
June 30,
on
$2,151,011,000.
30
on
Deposits to the credit of other banks
$12,742,281,000,
June
payable,
was
1921.
but exclusive of United
$249,039,000,
amount
decreased from $1,533,172,000
June 30
on
1921,
Savings,
reported
on
a
all
30, 1921, just completed, show aggregate resources
further
of
on
in
returns from
(30,815 in the United States and Island Possessions
The number
Oct. 25,
savings be increased
$2,500 to $3,000, was opposed before the House Committee
on Nov. 1 by representatives of the American Bankers' As¬
DEPOSITS.
was
of
3%, that joint accounts be permitted, and that
INCREASE INTEREST ON POSTAL SAVINGS
Post Roads
board
the
"shall keep invested in
Hays's recommenda¬
postal
on
outstanding increased during the
reported June 30 1921, being $704,147,000.
fices and
service than in¬
that
30% of the postal savings funds
circulation
An executive session of the House Committee
upon
believed
He
provisions of said Act"
that
money,
BILL TO
also
action
depositor.
providing
It is stated that Postmaster-General
tion
Corporation,
favorable
the System.
Postal Savings law,
not
a
postal savings deposits and
on
deposits with
offered
trustees, authorized under the
>
<>
Finance
War
Committee
depositors would be of greater
of
Smithwick
with
■
the
Office
encourage
number
Every other country
higher rate than at present is being
a
of
Post
responsible for enabling
was
war.
creasing the authorized maximum for
to
good behavior.
on
in the
Chairman
House
liberalizing the law to
Postal
while
Let
its part
carry
postal savings system, he said, pays
paid in the United States.
'
lie
now
bill offers instead of the almost fraudulent—to
adopt a similar expression
Mr. Hays
in this Sullivan
(Ind.)
Ameri¬
more
depositors in the Postal Savings System, Mr. Smith said the great
deposits in France and the spirit of thrift the system had
encouraged
savings institution identified with
depositors
of fixed
persons
patriot¬
say
be glad to intrust these savings that
banks
nation
suggestion of benevo¬
no
to have the Postal
the banks.
use
postal savings
credit
new
fair
on
'
cent of these depositors
per
Stressing the desire of the Post Office Department to have
mercial)
postal savings bank.
Seventy-five
The Post Office Department is anxious
habits who do not
4
has its
difference in favor of
preferential
same
Savings System reach the children, the hoarders and other
June 30 1920,
ism
The
urged that the Postal Savings System could not develop without giv¬
Comptroller of
and sound;
sane,
institu¬
savings banks would be retained if the postal savings rate were increased
3%.
.
' t
J*1"****!-**••'
believe it therefore
practicable,
banking
to
banks
be
He
Savings System to come
established
when the System was established, Mr. Smith said, the aver¬
machinery and greatly increase the already heavy burdens on the local postoffice services.
The proponents of the measure
earnestly believe that its
benefits will more than offset any administrative burdens it
may impose.
The greater part of the
necessary machinery is already in existence.
We
to
regularly
age
amended.
so
with
rate of interest paid by savings banks was 3% ; at the present the aver¬
nation exact
this bill repeals all laws inconsistent with its
funds, the bill
18, by Courtland Smith,
the Postal
the deposits of
Mr. Mellon concludes with the general assertion that the bill is
quite
impracticable and would require the creation of an extensive administrative
and
deposits
for
If, however, it is deemed best to exact security from the nation for
the nation's
with
intention of
the limit of joint or
condemnation.
authorizing the Secretary of the Treasury to deposit any money in the
Treasury in the Postal Savings bank without requiring security therefor is
in
competition
tions.
to
how the bill may be
us
not the
was
Representative
the Board may designate.
as
that it
legislation increasing the interest rate paid
post office.
any
©ct.
age
stand the
can
instantly get rid of
can
deposits in Postal Savings banks at
Mellon then mentions
maintenance of
"good" in
were
sorted,
currency
if not, they
;
There
"shin-
of a common, cheap,
fractional
shinplasters if the people want them
"thrift"
be sent
or
so-called
They would buy anything and
venient for ready use, wearing no holes in one's pocket.
them for
eco¬
hundreds of millions of dollars in
profitable bank credits to customers
heads
into
into commercial bank vaults and become good
they would multiply markets for American goods.
gray,
gold in due time.
available, than
more
To the extent that they are thus preferred the
Savings stanps.
nomic
convenient,
more
deposits that
payments, were recommend¬
on
on
postal savings de¬
on
individual
Secretary of the Postal Savings Board of the Post Office Department.
stated
currency
preferred they are only similar to, and
War
ed before the House Post Office Committee
or
.
issue of
25c and
remembered that these forms of
be
loses one of these,
person
a
This
Liberty
notes,
good?
that the
cents,
If
Reserve
3%, increases in the maximum
to
be received and removal of restrictions
may
identification, does the Federal Reserve bank
the
states
5
Federal
against
the gold and silver certificates.
or
mutilates
or
be equally
posits from 2
■,
■
Congress.—An increase in the rate of interest paid
the issue of certificates of deposit in this form
certificates and would destroy one of the most
ent
Legislative Activities.
and insolvency will not be sanely
"
'
Mellon then says that
Mr.
3243
CHRONICLE
on
during the year $158,19'3,000, or to $7,359,253,000.
The
deposit with other bankB to the credit of these banks (including
reserve
and items in process of collection with Federal Reserve Banks
1,595 member
banks of the Federal Reserve System, amounting to
$2,410,663,000, indicating a reduction in these balances
of $301,377,000
during the year.
Cash on hand aggregating $572,741,000
was $53,286,000
less than the amount reported June 30 1920.
$705,220,000)
was
.
Incident
creased
to
the
during the
increase
year
in
the
number
of
banks,
capital stock
was
$152,158,000, the amount reported June 30
in¬
1921
Surplus and undivided profits
being $1,030,631,000.
amounted to $1,932,-
increase of $78,793,000.
Individual deposits decreased from
$23,694,372,000 on June 30 1920 to $22,730,282,000 on June 30 1921; and
all other deposits, exclusive of United States deposits amounting to $141.228,000,
an
191,000, declined to the extent of
$206,693,000, the amount
reported June
rediscounted amounted to
30 1920; and bills
the amount reported
Notes and bills
$658,689,000.
being
1921
30
compared with $284,746,000 on June
payable were reduced to the extent of $9,718,000,
June 30 1921 being $784,328,000.
$392,268,000
All Reporting Banks in
in, Resources of
Increase
liquidation in the assets
the
with
connection
\ In
1-Year Period.
of the Federal Reserve Act larger amounts of cash were
vaults of National banks and banks other than National than
passage
the Federal
of
banks
State
ber
lawful
Reserve
held in the
subsequent
National banks and mem¬
thereto, since the Act of June 21, 1917, requires
System
to maintain
their entire
with Federal Reserve Banks.
reserve
Capital stock of the banks increased from
$2,132,074,000 on June 30 1914
The increase in the capital stock of
$215,688,000, and in the State
banks $556,749,000.
Surplus and undivided profits were increased $1,178,121,000; bank balances on the books of these banks to the credit of other
banks and bankers were increased $104,624,000, and
individual deposits
to
$2,904,511,000 on June 30 1921.
National
banks
increased
$16,884,452,000,
$35,472,563,000
the
in
this
during
from
or
was
$18,588,111,000 on June 30
1914 to
being
1921, $6,431,087,000 of this increase
June 30
on
deposits of
period
National banks, while the increase in the State banks
deposits increased to the extent of
rediscounted increased to the extent of
$1,233,554,000, the amount of this paper on June 30 1914 being only
$38,130,000 against $1,271,624,000 on June 30 1921.
The liability for
bills payable increased from $194,431,000 June 30 1914 to $1,376,891,000
June 30 1921.
The liability of National banks on account of outstanding
circulating notes was reduced between June 30 1914 and June 30 1921,
$18,408,000, the amounts on the respective dates being $722,555,000 and
United
$10,453,365,000.
was
Notes
$323,575,000.
and
States
percentage of loans and discounts of all reporting banks on June 30
1914 to total deposits was
71.58, while the percentage on June 30 1921 was
The Government, of course,
of the Government.
agency
an
in the excitement of the times, could not
The bill takes great care
embezzlement.
subscribers.
these
When you
consider 7,500 subscribers, and
each one practically requiring
that would be an almost
committee of the Congress to gather together
the data to make such an appropriation.
Secretary Glass, though, says
that he thinks that we ought to draw up a bill as we have drawn up this
bill and that we should allow the Treasury officials to examine into
these accounts and pay Whatever shortage there should happen to be in
the fund.
The only difference between the recommendation of the Treasury
each subscriber you realize
separate bill for
a
impossible
the
officers
the bank
of
any
committee recommendation would be the fact that
stockholders.
The Treasury Department thought
the trustees of the bank, and stockholders
had subscribed should not be reimbursed.
the
included
have
that
for
matter
Department and
we
the
the bank,
of
that
REVISION BILL ENACTED
TAX
INTO LAW.
enacted into law on Nov. 23,
The tax revision bill was
that day having affixed his signature
President Harding on
had accepted it as
With the disposal
of the tax bill the special extra session of Congress, which
was convened April 11 1921, adjourned until Dec. 5, when
the regular session will start.
The tax bill now placed upon
to the
it
bill, after both the House and Senate
came
from the Conference
the statute books is
a
Committee.
compromise between the measures
passed by the House on Aug. 20 and the Senate on Nov. 10.
Details of the former were given in our issue of Aug. 27,
page
Nov. 12, page
the two was
the conferees of both branches of Congress
disposal of the bill by the Senate on the 10th
905, and of the latter in these columns
2036.
taken
Adjustment of the differences between
by
up
following the
inst.
bills
$704,147,000.
The
like
of
States and Island Possessions during the
past year, referred to in the preceding paragraphs, it is interesting to note
the tremendous increase in the volume of the business of these banks as
disclosed by their returns for June 30 1921 and for June 30 1914, a few
months prior to the opening of the Federal Eeserve Banks.
During this period the number of all reporting banks rose from 26,765
to 30,815; and resources were increased 84.23%, or from $26,971,398,000
to $49,688,839,000.
The increase in the resources of National banks was
$9,035,671,000 and of ail other reporting banks $13,681,770,000.
The
increase in the loans and discounts of all these banks was $13,656,351,000,
or 89.33%, the amount June 30
1914 being $15,288,357,000, and on June
30 1921 $28,944,708,000, which was nearly $2,000,000,000 in excess of
the aggregate resources of all reporting banks (National and State)
on
June 30
1914.
Investments were increased more than 100%, or from
$5,684,925,000 on June 30 1914, to $11,384,334 June 30 1921.
Balances
due from banks, including lawful reserve with Federal Reserve Banks and
other reserve agents June 30 1921 were $1,922,689,000 in excess of the
amount reported June 30 1914, namely $2,872,698,000; while cash on hand
decreased to the extent of $692,129,000, due to the fact that prior to the
%
I sup¬
protect itself from anything
to say that all funds and
liquidations should be credited up to the subscribers as far as can be
collected, and also requires the claim of the parties should be assigned
to the Government so that in case of anything turning up in the future
where the subscriber could have
gotten more money out of the bank
or
out of the receivers of the bank, as far as possible the Government
would be able to collect that sum.
You will note that Secretary Houston
in his letter thinks we ought to make a direct appropriation to each one
being
pose
and liabilities of all
reporting banks in the United
.
[Vol. 113.
CHRONICLE
THE
2244
on
The conferees
the House,
on
completed their work on the measure
the 19th inst., and on
by
a
Monday of this week, the 21st inst.,
vote of 232 to 109,
accepted the bill as agreed
accepting it on Nov. 23 by a
The House, before adopting the report on
in conference, the Senate
vote of 39 to 29.
the 21st,
rejected by
structions
to
a
vote of 202 to 141 a
motion, from the
bill to conference with in¬
the House managers to accept the Senate
Democratic side,
to return the
Forty-two
the motion while four
Democrats (Representatives Campbell, Deal, Hawes and
HOUSE PASSES BILL FOR PAYMENT OF LIBERTY
BOND PURCHASERS IN FAILED BANKS.
Pou) voted with the Republicans against it.
On the ques¬
tion of the adoption of the conference report by the House,
The House of Representatives passed on Nov. 5 a bill for
eleven Republicans voted in opposition, while six Democrats
the relief of Liberty Loan subscribers of the North Penn
aligned themselves with those in favor of the adoption of the
Bank of Philadelphia; the Santa Rosa National Bank of
bill.
The Republicans opposing the bill were Representa¬
Santa Rosa, Cal.; the Mineral City Bank of Mineral City,
tives Beck, Browne, Lampert, J. M. Nelson and Voight, all
Ohio; the Robbinsdale State Bank of Robbinsdale, Minn,
of Wisconsin; James and Woodruff, Michigan; Michaelson,
and the Farmers & Merchants State Bank of Kenmare,
Illinois; Ryan, New York; Sinclair, North Dakota, and
North Dakota.
The purpose of the bill is to reimburse
Keller, Minnesota.
The six Democrats were Representa¬
Liberty loan subscribers for losses suffered by reason of
tives Campbell, Pennsylvania; Lea, California, and Dupre,
payments on Liberty bonds purchases made through the
During the
banks in question, the bonds not having been delivered Favrot, Lazaro and Martin, all of Louisiana.
four hours' debate on the bill in the House on Monday,
on account of the failure of the banks mentioned.
Repre¬
Chairman Fordney of the House managers said the measure
sentative Edmonds in explaining the purpose of the bill
on the 4th inst. said:
in its present form would yield a total revenue this fiscal
When this bill
first brought before the House it was intended to
year of $3,216,000,000, or $46,000,000 less than the amount
relieve three banks which we knew had failed, one of them a State bank,
the Treasury Department had estimated would be needed.
the North Penn Bank of Philadelphia.
The other two banks, the Santa
He thought this deficit could be wiped out by further econo¬
Rosa National Bank, of Santa Rosa, Calif., and the Mineral City Bank,
74.85.
increasing
amendment
the
inheritance taxes.
Republicans voted for the adoption of
■
■
,
j
was
Mineral
of
made
was
,
in
.
this
Department
.
Ohio,
City,
I
were,
this bill first
when
bill
believe,
came
all
banks that had
we
found there
were
upon
national
banks.
the floor that
failed, and
we
The objection
should include
inquiry at the Treasury
upon
two other banks that of necessity would
taken
subscriptions for Liberty bonds and failed before they had delivered the
bonds.
The number of subscriptions covered by these bank failures was
about 7,500.
The average to the subscriber was about $35.
Most of
have to be
.
„
these
people
installment
;
included if you want to recover all the banks who have
money;
were
paying for the bonds they subscribed for upon the
the Philadelphia case the bank officials took this
In
plan.
it was embezzled by some of the officers of the bank; the officers
and some of them today are in jail.
tried,
were
Unfortunately
fund,
the
State
courts
decided
that
this
money
was
a
trust
and that the assets of the bank could not be used to pay the sub¬
to
scribers
sonally
the Liberty loan bonds,
against
and that
their only redress
those who had taken the money.
However,
was
per¬
it is rather
significant in this case that the Government officials, the different com¬
mittees
representing the sales of Liberty-bonds in Philadelphia in all
cases in this neighborhood being in a residence section
where there were
to
banks or trust companies, told the people to go to this bank
make subscriptions.
We have had before the committee postal cards
to
people telling them to go to this bank.
not
many
In other cases the banks were
in a similar situation except some were national banks, and
part of the assets of those banks were used to pay back the subscribers.
Now in this bill we direct the accounting officers of the Treasury to go
over
the accounts of these banks, get all the money they run for the
subscribers and then make up the shortage to the subscribers for these
bonds.
Of course, the credit of the Government is at stake.
The people
did not subscribe to the bonds just because they favored any of the banks;
probably
they were
and
subscribing to the bonds because they had considered the bank,
they had the right to
consider'it under the notices they received, as
mies
by the various Federal Departments.
Mondell of
Representative
the House
Wyoming, the Republican leader, told
by
$835,000,000 in the
next calendar year.
He praised the bill as "a splendid meas¬
ure" except that it did not reduce the maximum surtax rate
sufficiently.
Representative Garner of Texas, ranking
that best estimates were
that the bill would reduce taxes
$70,000,000 this calendar year and by
and Means Committee,
monstrosity," representing
Democratic member of the Ways
declared that the measure was "a
statesmanship "gone to seed."
In the Senate on Nov.
was
entered into for the
22
a
unanimous-consent agreement
taking of a final vote on the bill
by the Senate not later than 5 p. m. on the
the 23rd inst.
The 39 votes registered in
the 23rd in
and
one
following day,
the Senate on
those of 38 Republicans
Broussard of Louisiana).
support of the bill were
Democrat
(Senator
and six Republicans in the Senate
Senators Borah, Ladd
La Follette,
Moses, Norbeck and Norris.
Criticism of
the bill by Senator Smoot and others figured' in the Senate
debate on the bill on the 23rd.
Senator Smoot (Republi¬
can) was one of the conferees on the bill, who at first re¬
fused to sign it with the completion of the work of the
Twenty-three Democrats
voted against
the bill; the latter were
Nov. 26
conferees
the
the 19th inst.; only 5 of
on
the 10 conferees signed
report—all of the four Democratic managers having
declined to affix their signatures to it.
it
announced
was
decided to
that
while
sign the report, he
Senator
was
On the 21st inst.
Smoot had
finally
far from satisfied with the
bill, and had indicated his intention to tell the Senate so
when the conference report came
before that body.
While
regarding its administrative features as a slight improvement
over
those in the existing law, Senator
that it
21st inst.
was
been led to expect
they would receive.
that members of the
Smoot said on the
had
American people
not what the
also stated
not at all satis¬
It
was
agricultural bloc were
winding
tax rate
.
their work
tem
at
123^%,
or
2}^% below the Senate figures, but
comparing with only 10% under the old law.
The conferees
agreed to continue the tax of $2 20 a gallon on distilled
•
provision for an additional tax of $4 20 a
gallon on such spirits diverted for beverage purposes.
This
tax would be "paid by the person responsible for such
diversion."
On the same day also they decided to retain
the Senate amendment repealing the normal exemption of
spirits with
a
$2,000 allowed corporations, but the repeal
in the
case
from
would not apply
of corporations having net incomes
of $25,000
ranging
The Walsh amendment proposing a tax
less.
or
1% to 25% on gifts of property by persons was elimi
It was also made known on the 23d that a new pro¬
for taxing gain from the sale of
and providing
separate return for the
capital assets, this being limited to individuals
elects to make a
taxation of his income from the sale of
capital assets, he shall
gain at the corporation income rate of 123^%
on the total of the gain.
The managers retained the Senate
amendment imposing a tax of 5 cents a gallon on fountain
pay a
tax on the
used in the manufacture of carbonated beverages
syrups
In lowering the pro¬
posed corporation income tax rate the conferees reduced by
$130,000,000 the estimated return from the bill.
:»
The action of the conferees on the bill on the 18th inst.
prepared for sale in closed containers.
included the elimination from it of the Senate
amendment
the exist
more to 50%
increasing the maximum inheritance tax rate from
ing 25%
on
on
estates valued at $10,000,000 or
those of $100,000,000 or over.
This amendment formed
compromise revision program brought forward
by the Senate agricultural "bloc" and agreed to by Repub¬
lican leaders.
As was stated in our reference to the bill
a
part of the
inter¬
rupted on the 17th inst, when it was returned to the House
to adjust the differences between the House and the Senate
(page 2134), the conferees' work on it was
last week
on
the surtax rates (the rate
was
originally fixed by the House
32% above $66,000, while that, of the
Senate was 50%
the House on that date having decided to
accept the Senate rate of 50% despite the recommendation
of President Harding that the differences be compromised
above $200,000),
by making the maximum rate 40%.
In conformity with the
instructions of the House, the House managers on the 18th
accepted the Senate rate.
Other details of the action
of the conferees on the 18th inst. were set out as follows in
inst.
the Associated Press
The House managers
dispatches:
accepted to-day the Senate plan for taxing insurance
This plan provides that life insurance companies shall pay an
their investment income at the rate fixed for corporations.
insurance companies, other than life, will be taxed at the same
companies.
income tax on
Mutual
laws, while all other
insurance companies will pay the corporation tax rate on their net income,
as shown in statements required to be furnished on standing State forms to
rate on their net
income as computed under existing
commissioners.
State tax
reached by the conferees included these:
Struck out the La Follette amendment requiring taxpayers in making
their returns to list the tax-free securities held by them.
Other
agreements
compromise amendment exempting from taxation the first
received by individuals from investments in building and
loan associations, the exemption to rim for five years from next Jan. 1.
The House had proposed an exemption on $500 of such income, but the
Senate struck out the amendment.
Adopted
a
$300 of income
striking out an original House provision
deduct from their income gifts to charitable or¬
Accepted the Senate amendment
allowing corporations to
ganizations, provided the
total did not exceed 5% of the net income of the
contributing corporation.
providing that where banks and corpo¬
rations pay taxes for their stockholders, they may deduct the amount so
paid in making their income tax returns.
The stockholders for whom
taxes were so paid would not be permitted, however, to make a similar
Accepted Senate amendments
deduction in making their returns.
Accepted
of dwellings
a
from ship
exempting from taxation the rental value
gospel as part of his compensation.
amendment exempting receipts received by individuals
mutual protection and indemnity associations, not or¬
Senate amendment
furnished to a minister of the
Accept a Senate
owners'
ganized for profit.
the changes made by the con¬
indicated in our item of a week ago.
In submitting the conference report to the Senate on the
22d inst., Senator Penrose, one of the Senate conferees on
Other details relative to
ferees were
stable
a
scientific basis," he stated that "it
or
trative
technical
which the bill
which also dealt with the estimated revenue
will
adminis¬
or
His statement,
which it effects."
improvements
is
supersede, because of the
tax burden and the
reduction of the
yield, follows in part:
The
bill
revenue
as
changed the form of the
The
number 833.
Of these the Conference Committee
Senate recede in the case of seven amendments, that
it passed the Senate entirely
House bill and modified its substance in many important pro visions.
amendmends
Senate
recommend that the
that the House
Housq recede in the case of 760 amendments, and
the
recede with amendments in
of
in the nature
ment
66 cases.
income tax rates, an adjust¬
The manager on
compromise is recommended.
a
Senate schedule of
The Senate conferees in return
accepted the House rate of 12
% applicable to corporations.
This reduc¬
tion of 2M% from the proposed Senate rate on corporations will reduce the
tax -burden on business—and correspondingly reduce the revenue in the
the House accepted (under instructions) the
the part of
surtax
applicable to individuals.
rates
the reduction is
for the current
fiscal year recently arranged for and announced by President Harding in
his letter of Nov. 1 1921.
The lower rate will be particularly
first
$110,000,000
instance—by
covered
year.
a
Fortunately,
justified by further economies in the expenditures
or
...
other corporations
invested. And the
equivalent for the taxes
paid by individuals and in effect by partnerships.
More than 99 % of those
who pay the individual as distinguished from the corporation tax will pay
less than 12 H % on their net income under the bill as recommended, whereas
the stockholders of corporations will pay 12through the corporation,
and in addition surtaxes on that part of the corporation's profit which is
reassuring to public utility companies and thousands of
which
are now
12j^% is
earning only 3 or 4% less, on the capital
fair equivalent, or more than an equal
a
distributed.
The recommendations regarding the
in
that if the taxpayer
on
better than the law which it will
nated.
vision had been inserted
that "it does not place the tax sys¬
While admitting
ure.'"
Income Tax Rates: On the vital question of
the measure on the 19th the
fixed the corporation income
on
Senate managers
and
House
up
bill, described it as "a transitional or temporary meas¬
the
fied with what the conferees had done.
In
2245
CHRONICLE
THE
1921.]
the
corporation rate must be considered
affecting corporations.
The
other recommendations
with
connection
exemption of $2,000 in
$25,000 was accep¬
conferees.
And as part of the same general compromise
conferees agreed to that provision of the House bill which debars
proposal to repeal or withdraw the specific
Senate
of
case
corporations having net incomes in excess of
ted by the House
the Senate
capital
corporations from the benefits of a reduced rate on
excludes
or
gains at 40% of the rates
applicable to ordinary or other income.
This would have meant in the case
of individuals a maximum tax on capital gains of over 23%—that is, 40%
of the maximum individual tax of 58%.
A tax of 23% is high enough to /
The Senate plan, in effect, taxed capital
gains.
capital transactions of the kind which, for the sake
But in the case of corporations
would have taxed capital gains at only 5%—that is,
freeze up or prevent
of the revenue, it is desired to encourage.
the Senate method
This discrimination or difference
40% of the corporation tax of 12J^%.
between the individual and
conference
as
of 12^%,
corporation taxes on capital gains
extreme, and, accordingly,
on
ordinary corporation
privilege of paying
impressed the
in consideration of the lower rate
income, it is recommended that the
reduced rate on capital gains be confined, as
a
in the
utilize this
profits derived from the
sale of stock in corporations.
On the other hand, the capital gain pro¬
visions as agreed to in conference depart from the House plan in allowing
full and complete deduction for capital losses.
Finally, the conference
plan will, if adopted, greatly simplify the administration of this new and
bill, to individuals, and that individuals
House
electing to
provision be permitted to include in capital gains,
intricate provision of
the income tax.
amendments to the estate tax title, the
Estate Tax: Oh two important
managers on
the part of the Senate were finally
compelled to yield to the
persuasive arguments and persistent demands of the House conferees.
In
Senate Amendment No. 582 the estate tax rates were increased by four new
These in¬
before
the fiscal year 1924, and they would, if adopted, so stimulate the distribu¬
tion or partition of estates before death and so break the values of the
assets found in the larges estates, when sold in sufficient quantity to pay
these heavy taxes, as actually to reduce the collections.
Moreover, it
developed upon examination that the State inheritance taxes in some
commonwealths now exceed 25%, and that double or multiple taxation
50%.
brackets, raising the present maximum rate of 25% to
creased rates, it was shown, could not
bring in any additional revenue
under State inheritance taxes is rapidly
increasing.
The Senate conferees,
recommend the retention of the rates as
agreed to
therefore,
found in
existing law.
attitude
simiar
A
taken' oward the
was
p
oposed graduated tax on
It would add in effect an entirely new tax to the
gifts.
extended
of Federal
system
taxes.
present unduly
...
Revenue Act of 1921 is properly
denominated "An Act to reduce Taxation."
The Act as agreed to in con¬
Expenditure.—The
and
Revenue
produce for the first fiscal year during which it
tion, and thereafter—when collections from the excess
cease—the annual reduction of the tax burden
The net change effected by the
not
great.
the present
is in full opera¬
profits tax wholly
it is estimated, $728,900,000 less than
will produce,
ference
law would
The Act
will be even greater.
passed by tthe Senate would produce, it is
as
$3,242,730,000 in the fiscal year 1922 and $2,717,280,000 in
1923.
As agreed to in conference
in the fiscal year 1922 and
it will, if adopted, yield
sented to the Senate the
When the new revenue bill was first pre¬
estimates of expenditures for the fiscal year ending
future.
June 30 1922 made it necessary to
Since
that
by
one
important item and
$3,272,000,000.
increased by another.
special railroad expenditures
in connection with the
in settlement of claims
has
raise from internal taxes
the estimates of expenditures have been de¬
time, however,
The decrease arises
fiscal year 1923.
and conservative
entirely consistent with a prudent
financial program for the
creased
The net
in conference is only $26,630,000 for
the fiscal year 1922 and $106,180,000 for the
are
the fiscal year
$3,216,100,000
$2,611,100,000 in the fiscal year 1923.
reduction caused by the changes made
These reductions
is
estimated,
conference recommendations, however,
President Harding
arising under Federal control.
special railroad
counted upon,
railroad obliga¬
the other hand, the good roads bill
recently announced that it will be possible to meet
expenditures
from the
tions held
recently
which
in
amount
an
of $94,000,000.
not hitherto
proceeds of the sale of equipment notes and other
by the Government.
approved
about
provides
$80,000,000
On
additional appropriation
will
be
available
of $90,000,000.
during this fiscal year,
of
but
be ex¬
expenditures for the
and increased by
$20,000,000, a net reduction of $74,000,000.
Taking into account this
reduction of $74,000,000, it becomes necessary to raise, in round figures,
only $3,200,000,000 by internal taxes during the fiscal year 1922.
As
already stated, the revenue bill agreed to in conference will yield during the
of'
which,
however,
pended during this
fiscal
year
1922,
only
about $20,000,000. it
fiscal year.
therefore,
is estimated, will
The budget of
is reduced by $94,000,000
if adopted, S3,216,100.000. or
current fiscal year,
000
in
approximately $16,000,-
requirements
estimated
of the
excess
•
$20,000,000; surety bond stamp taxes,
accepted as their first duty the task of
without borrowing, all the ordinary
expenditures of the Government.
They have, however, gone further than
that.
They have proposed taxes sufficient to cover not only the ordinary
provide in addition $265,754,865
reduction of the public debt.
Due provision has been made for reduction of the public debt.
The
budget of expenditures which the new tax bill is designed to balance and in
greater part to cover authorizes expenditures for the extinguishment of
public debt amounting in all to $381,354,865, the details of which may be
found in the statements or letters of the Secretary of the Treasury, dated
expenditures of the Government but to
through the sinking fund for the
involving debt
reduction of $381,354,865, which figure does not include the $170,000,000
hereafter mentioned, the bill will be attacked by Democratic critics for not
providing enough taxes, as it has been attacked in the past because it is
proposed to refund, or to meet from loans, maturing debt obligations in
the amount of $170,000,000—debts contracted by a Democratic adminis¬
tration, the proceeds of wb'ch were spent by a Democratic administration,
by a Republican
Revenue Act of 1921 is a
Debate
the
on
opened in the Senate on the
measure was
ranking Demo¬
the part of the Senate, who reviewed
the changes made in conference.
Some of the criticism
directed against the bill in the Senate on the 23d inst. was
22d
by Senator Simmons, North Carolina,
cratic manager on
detailed
"Times" of the 24th
follows in the New York
as
concerned, that are
worse than existing law," said Senator Smoot, "and I want to say frankly
that there are rates in here that are discriminatory and unjust, and I
cannot see how they can be defended.
The American taxpayer is perfectly
willing to pay taxes sufficient to maintain the Government.
He is perfectly
willing, if Congress is not extravagant in the appropriations, and if it does
"There
to
are some
wickedly spend the people's money, to pay whatever taxes are necessary
obligations of the Government, and also pay
aU the
meet
begin to reduce
to
things in this bill, as far as rates are
enough to
obligations; but the American people are not
our
amended, and materially amended,
Do I think that it is going to be
within
a
very
Senators may ask me why I
I do.
short time?
think so,
the American
people from one end of this country to the other are not satisfied with the
bill.
They have condemned the existlngfrevenue law.
They had a right
to condemn it.
I have condemned it, and at this time I want to make
and I
am
going to be frank and say that I think so because
this prediction:
"Congress, now that we are in peace, is going to scrutinize
more
than they ever have
the bone, and I want to
I
am
appropriations
Important features of the revenue bill are:
extravagant appropriations for the future.
When Congress takes that
within
We
the law
we can
revise this
a year
in it.
can
lower the surtaxes in
a
way
Surtaxes
as
provisions of existing law and
that will allow money to go into circula¬
employment be the rule, instead of the
existing to-day."
relieve
to
from
taxation
the
denounced the bill as one
high profits of very prosperous
So-called luxury taxes
$2,000 to
inspiring confidence
law." said Senator Calder, "there will be no
the part of the country which will assure a business
I shall vote for it because it is better than the present
revival.
I shall also urge its
a
on
a
resolution
law, but
When the bill is passed I shall offer
further revision.
authorizing the appointment of a commission to study this
whole question of taxation and report to
the Congress at the earliest possible
The appointment of such a commission would do much to con¬
moment.
vince the people
be really
that Congress is desirous of enacting legislation that will
comprehensive and founded
upon
economic principles that will
be sound and lasting."
The
known
commission
as
which
the "Tax
the
civil life
Calder
resolution
contemplates
would
be
Investigating Commission" and would comprise nine
members—three Senators, three
Representatives and three appointed from
by the President.
The reductions in the nation's tax bill for the next calendar
year
♦
as
estimated by the experts
revision bill
as
by Congress,
on
the basis of the tax
rewritten in conference and finally approved
were
summarized
as
follows in
press
our
of
increased
exemptions
because
of
de¬
pendents, $30,000,000; heads of families, $40,000,000; decreased surtaxes,
Corporations—Repeal of excess profits tax, $260,000,000; transportation,
$270,000,000; insurance premiums, $20,000,000; beverages, non-alcoholic,
$26,000,000; admission and dues, $20,000,000; musical instruments, $12,000,000;
sporting goods,
$4,000,000; chewing gum,
$1,000,000;
motion-
$6,000,000; candy, $8,000,000; fur articles, $9,000,000; toilet
soaps,
&c., $2,000,000; so-called luxury taxes, $18,000,000; perfumes,
cosmetics, proprietary medicines,f $6,000,000: parcel post stamp taxes.
ON NEED
(given in
OF FRANCE FOR
who indicated in his remarks
Premier Briand of France,
15
is given in this
FORCES.
at the Conference on the Limitation
of Armaments on Nov.
issue of Saturday last, page 2143)
our
that
for herself sufficient for pro¬
France "would urge an army
third
against her near neighbors" presented at the
tection
posi¬
plenary session of the conference on the 21st inst. the
its
armed
"moral
that
declared
forces,
dangerous."
France would be very
that
retention of
disarmament of
France, and in entering a plea for the
tion of
Premier Briand stated
already taken
immediate reduction by one-third has
an
place in the effectives, and that "in a few days it
that
is certain
th^ proposals of the Government will be passed in the
military service by half."
further the
reduce
to
"If," he went
to say, "anybody asks us to go further, to
on
reductions, I should have to answer clearly
consent to other
do it
danger." In
definitely that it would be impossible for us to
and
exposing ourselves to a most serious
without
portraying the needs of France for retaining its army
by
Suppose
nation,
and centuries in bloody conflict with you;
feel,
you
What would you
struggle.
Would you turn away your
do?
Would you close your eyes to a danger that was threatening you?
are said to be such a positive, such a precise people, would you
eyes?
that
You
close your
order
do
nation which
and suppose
is still ready, morally and materially, to enter
oh, American people, a nation, a
side,
your
for years
new
a
Pre¬
said:
mier Briand
Would you not desire to do everything in your power in
honor? Would you
eyes?
safeguard your life, and, what is more, your
to
United States who
is
France
looking
There is not one citizen in the
No.
weaken yourself?
anything to
whole
would not answer me,
upon
happening.
is
what
"No, never in the world."
does
France
not exag¬
She is only watching and waiting.
gerate.
of 120,anarchy."
standing army
Reverting to Russia he described it as "a country
000,000
which is actually boiling over with
men,
continued,
he
have,
"an
1,500,000
men,
which is in theory
enormous
army?
What
her?
to
far
we
is
It
settled.
deal that really,
have to
a
sort
of
First of all, we must be able to live.
is life.
gentlemen, we
the greatest problem of all, the greatest
do not know to which to turn, but
of
being
from
everybody^
which
etc.—with
financial,
is
What will become of that enormous
could or might Germany do in order to equip Russia and
We know not
There are so many problems—economic,
anxiety
permanent
Russia
in
situation
The
but which has a practical
He added:
strength of 600,000 men."
That is a sort
question mark in France.
of naval armaments, when
we discuss
it with ourselves, heart to heart, we could have nothing in our
minds.
We were speaking between friends.
There is no threat of war;
if there is any menace to peace it is so far distant that you can hardly
conceive it, and yet you have not assumed the rights of ignoring this
danger altogether.
You intend to keep your navies to the extent neces¬
sary to defend your liberties and insure your life.
Well, if you do that, gentlemen, on the sea, what shall we do when
the danger is there at our doors and hanging over our heads? . . .
You might possibly come and tell us "this danger that you are exposed
to, we see it, we realize it and we are going to share it with you.
We
are going to offer you all means—put all means at your disposal
in order
to secure your safety."
Immediately, if we heard those words, of course,
we
would strike upon another plan.
We should be only too pleased to
demonstrate the sincerity of our purpose.
But we understand the diffi¬
culties and the necessities of the statesmen of other countries.
We under¬
When
we
the
stand
contemplate
we
say
I
I
are
the
last
has been
like to
be
reduction
face difficult and
...
being made
which
should
can
be
should
ference
a
other peoples who have also to
position of
troubulous situations.
your
$60,000,000; capital gains, $20,000,000.
picture films,
1922; increase of personal
2267 to 2284 inclusive.
paper on pages
ARMED
which
income—Account
of Jan. 1
as
persons
PREMIER BRIAND
dispatches
of the 22d inst.:
Individual
repealed
with incomes of less than $5,000 from
$2,500, and for each dependent from $200 to $400.
married
for
The full text of the bill as enacted into law
issue of
question,
corporations.
"When this bill becomes
reduction
existing law.
Transportation taxes repealed as of Jan. 1 1922.
exemption
We cannot only do that, but
Senator Hitchcock, acting Democratic leader,
that seeks
individual incomes reduced to 50% maximum—a
on
of 15% from
exploit
tion and let business revive and
10% to 121^%.
Corporation
whose net incomes do not ex¬
ceed $25,000.
They
bill and take out every discriminatory tax
revenue
eliminate all of those unjust
v
Corporation income tax increased from
.
position, and when we live up to it, we can
contained in this conference report.
as
reverse,
*
repealed Jan. 1 1922.
Excess profits tax
$2,000 exemption restricted to corporations
Appropriations are going to be cut to
in the past.
give notice now in this chamber that unless they are
going to vote against everything and in every way that will encourage
the taxpayers in 1923,
payments to be made by
into
No.
by the House and Senate going into effect
and being reflected in the actual
tions agreed upon
that this
*
the Statute books very long?
Jan. 1 next.
on
in the next calendar year
has been
***********
"Do I believe that this bill is going to be on
The;present sur¬
continued for this calendar year, the reduc¬
tax rates will be
willing
unjust and discriminatory.
have taxes imposed that are
the income tax, the other
law is that relating to
a
Chamber
inst.:
not
coming
changes going into effect
administration.
transitional or temporary measure. It
does not place the tax system on a stable or scientific basis.
But it is
better than the law which it will supersede because of the reduction of the
tax burden and the technical or administrative improvements which
it
effects.
It repeals outright transportation and miscellaneous sales or
nuisance taxes which in the fiscal year 1921 yielded $326,630,266; and it
reduces taxes on soft drinks, admissions, candy, and so forth, which pro¬
duced $196,482,943 in the fiscal year 1921 to an annual yield of $127,400,000.
The miscellaneous consumption or sales taxes have been reduced
in all $395,713,209, or, ignoring tobacco and alcoholic liquors, by more than
one-half.
This alone would make the bill worthy of adoption.
It is, as
has been said, a temporary measure.
But nothing better than a temporary
measure will be possible until the people of this country give to the question
of Federal taxation an amount and kind of study which it has not yet re¬
ceived; until in particular the people become convinced of the sincerity
and truth of the contention that the proposal to reduce excessive tax rates
is not designed to relieve the rich and the profiteer, but to avert the break¬
down of the income tax, unshackle business, and increase the tax revenue.
fThe
tax bill which will not
In the face of this program
but the burden of which must be borne
$2,000,000; art works, $700,000;
$200,000;_total, $835,200,000^
pointed out that the only important-section" of the
be put into force immediately on its be-
It is
iThe Republican conferees have
Aug. 4 1921 and Aug. 10 1921.
$300,000; thermos bottles,
electric fans,
"
raising in taxes enough revenue to pay,
to be used
[Vol. 113.
CHRONICLE
THE
one
here to
here in
try
to
able to
say
restrict the noble endeavors
order to limit armament,
convened, with such
that I
as
in the con¬
noble purposes in view, and
foresee no limit, no restriction to
labors and to the results which you may achieve.
Any question here
debated here and can be resolved upon, but I must draw your at¬
be
tention
gerous.
to
.
.
one
thing—moral
disarmament of France would be very dan¬
.
after weighing the reasons which
it then as valid, then, gentlemen, you
will still be with us, anfl you will agree with me and say that France
cannot possibly do anything but what she has actually done.
If
you
after
listening
to
this
argument,
have just heard, you consider
Nov. 26
The
should
feel
whence
the
did.
admit that I, as a delegate of France,
rising to speak from this full-sounding platform,
readily
will
you
moved
when
word that is said
every
world and of
I
all
civilized
to the attentive and anxious
goes
of
ear
conference who, on
kindly allowed me to speak as the
opening of this public meeting, so
representative of-my country.
s
endeavor
it
make
to
of
to your
appear
eyes
Nothing
than to be able to
tell you this:
We bring here sacrifices to the fullest extent possible.
We have our own security insured.
We lay down arms.
We should be
so happy
to be able to make that
gesture in order to participate in
the
final
to
the right to do so,
have not
we
shall
I
reasons.
the
is
There
such
to
sufficient
is
decrease
effectives and
reduce
physical side,
a
consideration
ma¬
war
which
the
for
It
concerned.
country
is
this
besides
that
necessary
should be in those same circles what I shall
In other words, a moral disarma¬
the material one.
I have the right to say this,
physical disarmament there
call
general atmosphere
a
is
ment
as
as
necessary
and I hope
of peace.
And I have the right to say to
to be able to prove it to you.
have
them,
I
•
and
her
of
am
They
to
came
have
and
blood
and
have
and
ours,
dispel
to
They came and
they shared our
France is.
And certainly
is.
their
countrymen,
own
drive away those noxious
and
which have been spread about, and under which certain people have
gases
been
do not know
the entangled barriers and frontiers of Europe.
Here you live in an
immense expanse of space.
You do not know any factions on your own
land.
You have nothing to fear.
So that it is rather difficult for some
of
this
in
Here
you—it
country
conditions at present
I
tell
"The
this:
What
it
is
prevents
Of
back
in
wanted
be
that
And
cruel
necessity
say,
may
give
to
those
of
military
and
that
know
turned
her
does
gentlemen,
this,
certain
has
Germany
seen
to
refused
refused
has
digress—haggle
could
not
while
expect after the
Public
resist.
under
the
over
been
;
this
opinion
that
to get.
in
was
naturally
provocation France remained perfectly cool.
has
has
She
She
every
we
France
She
signature which had been
have witnessed.
France was strong and
time
,
France has had
able
chastisement that, after all,
horrors
that
At
disarm.
to
she has not
all
with
country that
a
refused' to stand by her pledged word.
compensation due for the devastated regions.
pay
would
peace
,
have had many disappointments.
realizations which
declined to make the gesture of
sense
country that has
a
wants
has
Germany
given.
we
that
'
it is France.
armistice
wait for
gentlemen, constitutes, I
If we had not the full
faith—ii there is
believes in it with her entire
Since the
from which we have just
If there is
peace,
her heart,
to
war
country, those that have seen it—they
toward
steps
man
of
Germany
impatient;
There
was
gesture on her part to aggravate the situation.
one
between Germany and herself a recurrence of these bloody con¬
wishes for nothing else but that the two peoples should be
prevent
She
flicts.
side
conditions of peace.
But, after
all, we have no right to forget.
We have no right to abandon ourselves.
We have no right to weaken our position; if for no other reason than Decause we must avoid giving rise in the bosom that would only be ready to
take advantage of it, to give rise to certain hopes that would be encour¬
able
live
to
by side in
aspect of disarma¬
I do not want to be
unjust; nothing is further from my mind.
But we know there is in
Germany, there is one part of Germany, that is for peace.
There are
many people, especially among the working classes, who want to work,
who have had enough of this war, who have had enough of war altogether,
and
I referred in
most
are
anxious
my
remarks to Germany.
to settle
down
in
peace,
and also to set to work.
everything to help that Germany, and if she wants to restore
"her balance in the bosom of a pacific republic and democratic institutions,
We shall do
help her, and we shall all be
then
we
with
able to contemplate the future
feelings of security.
But,
can
gentlemen,
there
another Germany, a
Germany which has not
has taught no lesson. That
the back of her mind; she has the same de¬
changed her mind and to which the last war
Germany keeps thoughts in
signs
the same pre¬
ambitions as the HohenzoDerns
which she entertained before the war; she has kept
occupations and
She Cherishes the
same
was
called
well that if it had succeeded, Germany
and we do not know what might
very
been the
know too well what would have
we
state of things.
a
volume has been published by no less a man than Field
a
who
still
enjoys
by
followed
is
great
authority
in
German
many
this speech,
prolong
great
a
writers,
philosophers,
&c.
perhaps draw too much
and
of your atten¬
will allow me to read
This is the first quotation:
three passages.
or
understand that we live in a
forever for the single individual, as
and that the struggle is equally
the divine order of the world."
"It is necessary that we should learn to
In
the
Marshal
book
same
Moltke
von
the
on
Ludendorff
December,
11th of
produces
these
terrible words
of
1919:
It is not even a beautiful dream, and war is
of the world, such as it has been created by
developed the noblest vir'ues of man, courage,
disinterestedness, devotion to duty and the spirit of sacrifice, up to the
abandonment of one's own life.
Without war the world would sink in the
"Eternal peace is a dream.
of the parts of the order
one
It is by war that are
God.
of materialism."
morass
And
.W.
.
v;v
./
noV:
this is Marshal Ludendorff himself speaking
further,
"It is for the political education
of the German people, and it is an indis-
by the virile life of war, the Entente shall not be able to forbid the German
people to entertain, although they are trying to
take it away from us.
War is the cornerstone of all intelligent policy.
It is the cornerstone of
form of future, even, and chiefly of the
every
future of the German people."
And, lastly, Marshal Ludendorff says this:
"The warlike qualities of the Prussian and German army have been put
proof on the bloody battlefields.
The German people need no other
qualities for their moral renovation.
The spirit of the former army must
be the germ which will allow this renovation to take place."
to the
the highest German authorities
it, the full part, the
great part at least, of the confidence of the German people, and that is
what we are listening to now.
After a war that has caused the death of
millions of men, after the sore wounds that have been inflicted and that
are
still bleeding in the sides of the countries of Europe, that is the sort
of thing that is being taught at the very door of France.
How can you
expect that France should close her eyes to such words?
I now come to the physical aspects of disarmament.
I can quite under¬
stand that somebody might say it is not sufficient to harbor evil designs;
to make
war
one
must have appropriate means, because when it is a
who
have
question
preserved,
of
I
and
quite understand
can
effectives are
enormous
war
officers;
non-commissioned
and
you must
must have plentiful
necessary;
you
have the
material
artillery, &c.—and Germany has no longer
any of these.
Germany, from the point of view of effectives, just emerging
from the war,
from a war where her men have been fighting for four
—rifle8,
machine guns,
guns,
years—and I should be the last to underestimate the valor of her soldiers
—our soldiers have had to face and to fight the German soldiers, and they
his heroism; but
still has 7,000,000 men over there
Of course, you will say they are
not actually serving under the flag, they are not living in barracks. Cer¬
tainly.
Have these men any officers and non-commissioned officers ready
to be marshaled to the field?
Is it possible to mobilize such an army
tomorrow?..
^
To this question I answer "yes," and I am going to explain it.
Since
the war, since the moment peace was signed, Germany has constituted
a
force, a so-called police force, which was intended for the maintenance
of public order.
That force is called the Ileichswehr.
It was to include
100,000 men, and, in fact, does include 100,000 men.
But what men?
They are nearly all officers or non-commissioned officers.
I mean, gentle¬
men, regulars,
all having served in or having belonged to the old army.
Therefore, the cadres are ready there, the officers and non-commissioned
who have made the war.
Germany
officers
the
army?
it
Is
in
conformity
Is it only for purposes
number of those of which
Treaty?
certain
a
are
facts
of
that
is
Peace
There
state
ready to marshal the army of tomorrow.
are
what
And
issuing from the war,
just
Germany
of
point the German soldier is able to carry
to what
know
they
as
with the requirements
of public order?
No.
I have to express the
are.
,
,
instructions issued by the military authorities, the
not only for police purposes but also for war,
train for war, with the necessary rehearsals and manoeuvres.
According to secret
is
Reichswehr
is
and
to
There
to
prepare
something
is
Germany has another
more.
There
denomination.
This group includes almost all
the men of good-will who are ready to serve their country in time of need,
and, instead of using it only to preserve internal order, it might be used
another
is
The
real that the Allies were obliged to send an ulti¬
this force should be disarmed.
another moment, under an organization called the Orgesch, which
danger
to
matum
At
the
is
Einwohnerwehr.
called
group
other purposes.
for
was
so
to demand
Germany
organization
became
and
such
a
of
war,
the
threat that
Einwohnerwehr
the
acquired
Prime Minister of
strength
such
Bavaria,
animated
spirit of revolt, informed the world that he had at his disposal and
could raise in a short time an army of 300,000, plentifully provided
a
he
with rifles, machine
The German
ized.
guns
and artillery. Well, that force has been disorgan¬
has done its duty, and nobody more than
Government
myself is ready to recognize it.
It
I
is
only
stated
German
it
a
duty
in
my
Chancellor,
part, a mere duty; a mere sense of
on my
Parliament.
I am
Chancellor Wirth, is a
own
of
peace,
But
are
small merit
no
and
this Government
great
on
our
people
Government,
else,
applied every endeavor,
his part, in order to really realize a
state
honor the signature of Germany.
in
laid in their path and
that
on
fair play.
ready to recognize that the
man of good-will, animated
by fair purposes, loyal and frank, and that he has
acting with
-
is
■
the real bearing of what
about
warlike time, that struggle will remain
for the State, a natural phenomenon;
by
Gentlemen, I spoke a few moments ago of the moral
and
to
just two
the normal
aged by our weakness.
ment,
'
,
the moral element is of the utmost importance, you
Germany
I may say here
emphatically in the face of the world, we have no hatred in our hearts,
and France will
do everything she can.
She will use every means to
not
is
certain attempts
have witnessed
we
things.
tion, but this is part of my brief, and if you are, like me, convinced that
in
design—this,
thing for us.
my
testify that not one word of it is true.
deliberately
y
cruel
which we had to undergo—to be again in the
to the world only the appearance that we have
most disheartening
the
and
heartrending
war
intentions
confidence
can
painful,
most
Frenchman can hear.
to say it, after the direful
a
emerged—unprovoked
perfidious
the
is
them
for
said that France wanted to
and that after all she
occupied before the
supremacy,
the place Germany
•
this
perhaps
Gentlemen,
thing
take
'■
'y'y-'.]■<
war.
people
It has been
military
sort of
a
simply to
so
certain
of
part of the elite in Germany,
What do we read in this book?
Gentlemen, I should not like to make too many quotations.
I should not
officers
• •.
have got something at
They suggest that France also has some hidden
design.
hidden
Europe
to
f
this only
saying
their minds.
of
thought—some
install
Most of her war material has been destroyed.
from now reigning in Europe?
Why is
considerable army, abundantly provided with
a
vv-.':'
in
course,
won.
peace
keeps such
material ?"
v/ar
the
is
war
great extent.
that
it
France
that
States which
among
citizen of the United States should come and
Peace is signed.
Germany has reduced
quite admit that every
me
her army to a
living
are
difficult for some of you—to realize what are the
prevailing in Europe, after war and after victory.
be
must
you
have only got to
we
Such, gentlemen, are the words used by
and to conceal the true face of France.
trying to mask
rather,
or,
who
and
professors,
know what
now
enlighten
to
everything
done
with
they
they know what Europe
contributed
have
men
they
their
France,
seen
Europe and
have seen
They
these
in the most critical time of the war.
us
blood—mingled
they
and
doors,
e
opportunity of seeing France and knowing exactly what she
their
shed
life,
very
the last and with the knowledge of this fact, that in the future war will
Sensable notion the only decisive means of policy; that thought, completed
country many of the men of which have already
a
state
We know
Ludendorff,
circles,
from the point of
"v'V--'.V
security. ./•■■■.
staying in
now
•enjoyed the
is.
the necessary matters
contemplate
to
own
How can we ignore this
to this?
our
than that,
more
former
of such
Gentlemen,
that in Europe, as it is at present, there are serious elements of in¬
stability, there are such conditions prevailing that France is obliged to
face
eyes
few miles from us, and we can follow the
a
could be mistaken
happened,
Marshal
you
view
And
the
consequences
in
neglect
problem, that touches vital questions which are of the most serious
a
character
happening but
Kapp Putsch.
great on
physical aspect of things.
we
have no right to
the
another
That is
terial.
If
to make peace.
there must be two people, yourself and the
make peace—I am speaking, of course, of land
To
not
our
.
would have returned to her pre-war state,
peace,
opposite.
neighbor
armament—it
for France, that she wants
tell you,
make
to
want
you
I say also, unfortunately,
I shall briefly explain later on for what
cannot speak in this way.
we
is
to
return
like
world.
the
of
disarmament
Unfortunately,
close
we
gentlemen, is happening at
This
Nobody
colleagues and myself would be more pleasant
my
can
taking place.
thought desirable in order to insure final peace for the world.
for
how
things ?
This,
look.
V."rY:;''
.
and to the eyes of
the world with its true, genuine face, as it is, that will show you that
she is ready, and I might say perhaps more ready than any other country,
to direct her attention and her earnest will to whatever steps may be
shall
I
And
state
thoughts of the Germans, or certain Germans, and the evolution which
peoples.
to thank my colleagues of the
wish, first of all,
the
CHRONICLE
following is full text of Premier Briand's speech:
Gentlemen,
•
,
THE
1921.]
Bide
to
as
gentlemen.
we
are
Snares
While I may say
do everything in order to allow this
Germany is weak.
It is being watched.
they might fall at any moment.
ready
to
return to normal conditions of peace, and
said, dissolves the Einwohnerwehr, there
I
the German
is something
That is
Politzei.
is called the Chezheitz
which
another force,
is
There
It includes 150,000 men. These are enlisted men.
The
force is composed almost exclusively of regulars, officers and non-commis¬
sioned officers ready to undergo a new period of military service.
We
demanded the dissolution of this force, but what happened?
The Chez¬
also
police force.
a
itzei ;
just the same.
That included 150,000 men. So
of its being a local police force, it became a general police
but it
instead
enough
men
training, to
watched
by the Government.
keeps them
under its hands.
These 7,000,000 men
to civil occupations entirely.
They are
Government
The
returned
not
have
force
be used anywhere
250,000 men, and
that are real officers, ready to marshal the troops who are
be ready instantly in case of war.
These men are constantly
German
on
that,
was
disposal of the Central Government, that could
territory; so that we come to a total of
the
at
place—Schutz Pol¬
but another appeared in its
disappeared,
Politzei
heitz
civil
to
life,
in this marvelously ingenious way which the German
people always have when they want to achieve their purposes.
They are
called
Frei
Corps, or former combatants' associations, and what not.
grouped together
of anniversaries
Any day, any anniversary—and Germans are rather fond
is favorable in order to convene these men and marshal
them, to see that
do the work that is to be
have got them under your hand ready to
you
Such is
We
at our door. And
how rapidly these organiza¬
only give you an example to show you
Just one second.
When the Upper
somewhat acute stage recently, within a few
weeks—I might almost say within a few days, there were, out of these
Frei Corps, or other bodies, about 40,000 men ready with guns, machine
might be put on a war footing.
tions
Silesian
reached
question
a
instruments,
rifles, armored trains, and with most perfect military
its full combatant value.
guns,
fire
an
These
They are facts that have been verified,
everybody can ascertain for himself.
Therefore, as a question of
the point of view of effectives, Germany can rise in a few
and that
fact and from
few days and can begin to raise her
6,000,000 or 7,000,000 men with their officers again and the non-com¬
missioned officers are ready to do the work and to help them do the work.
Now I must ask the great people of the United States, so fond of
justice,
almost in
perhaps
and
weeks,
a
tell them this:
noble in their purposes, to answer me when I
so
people, a nation which has been for
Suppose that by your side, oh, American
conflict with you; and suppose that this
nation, you feel, is still ready, morally and materially, to enter into a
new
struggle.
What would you do?
Would you turn away your
eyes?
Would you close your eyes to a
danger that was threatening you? You that are said to be such a positive,
such a precise people, would you close your eyes?
Would you not desire
to do everything in your power in order to safeguard your life, and, what
is more, your honor?
Would you do anything to weaken yourselves?
No.
There is not one citizen in the whole United States who would not
is
France
She
ate.
'I
is only
to
It is
material.
war
Germany have done admirable
been
mean—have
Other
are
benefit of
ents the
is
We
We have been told that
commissions of control
there
told.
We might
certain.
But we must give the oppon¬
doubt, and we believe the destruction on that side
the
taken
place,
have been
as
we
is
one
practically completed.
But
the
have
You
because
problem
the
Well,
what
is
quickly
so
come
might have been down,
we
quickly immense armies
most
material,
modern
and
have come over to
fought on our side
that
And
is
but
had
always
two
The
aims.
The
only natural.
industry—industrially
of
country
vast
a
second
first
trade,
was
com¬
indus¬
All her
war.
was
Everything
ready'in
is
is
Everything
there
machine
guns
tension,
purposely
and
not
only
make
have
supervision.
the proof
It
is
it.
ments
be
But
in
used
Ah,
had
guns,
diplomatic
of the
of
work
can
fact,
then
going, and
would
what
the
to
preparations
full.
have
on
go
You
can
taken
actually
know
the
on
face
seemed
poses,
the
Of
any
is
danger
frivolous
can
We
deeply
have
insure
which
homes
in
are
purchasing
or
rather
difficult
build
to
to bring here
materials.
war
to
keel
lay the
this
what
are
a
been
turn
might
harmless
was
Prussia
that
to
and
disarmed.
all
were
said
nation
minds
to
gentlemen,
on
of
since
taught
bled
French
we
herself.
we
have
defenseless.
,
not
France
the
we
be
are
not
and
war,
but
if
are
we
sort
of
men
to
we
have
forget
there
been
the
are
too
direful
too
many
too many men in the streets
wanted
to
right
must,
to
and
all
we
do
forget,
intents
not
we
could
to
leave
and
intend
purposes,
,
a
our
sort of question mark
gratitude will remain
efforts, we have been able altogether to
dignity of men, but, gentlemen, I trust you
that we are
terribly serious situation.
we contemplate a reduction of
say
with
it
We
heart,
to
we
between friends.
speaking
despicable traitor.
most
a
heart
ourselves,
were
we
have got to take
into account, gentlemen,
which we are burdened.
Only the other day the course of events turned in such a way that it
suddenly became acute, as you know, in Upper Silesia.
I have already
referred to this subject.
Germany, who did not think that the French
people were ready to undertake a military operation, suddenly informed
us that she was going to send
the Reichwehr to the spot in Upper Silesia
weight
order to preserve
in
These
the
troublous
a
would
Who
life.
the
is
That
problem
of
I
in
were
give
you
there
that
see
is
Europe
newly come
the problem,
was
and the struggle did
still a sufficient force
has
been made, a certain attempt at
in the centre of Europe, that
perfect
again.
understanding
Nothing happened,
and
the
incident was
these reflections for you to ponder over.
You
in that that would draw us aside from
nothing
for
having
another
time
the
President
so
is
conference,
not
I apologize for having been with you
trespassed
will be
of reducing the
thought
this
itself?
of things
path that leads to final peace.
The
Europe
settled.
and
of
was
attempt
order
long
so
that
the powder magazine
fire to
Allies
the
Gentlemen,
the
and
old
the
have set
because
peaceably
of
is composed of young States,
what such conflict might have becoiye?
another
recently
restoring
French Army back
And if the event had actu¬
in France to preserve order.
and
Europe
Quite
will
become
have
It
state.
say
place because it was felt that there
take
might
would
what
place,
in
still
the
understood.
language was
what would my words have become?
taken
ally
the
and
gentlemen, if I had spoken without having the
me,
in
and, althought I have been through
I
and
consequences,
not
us,
I may say that no hour was perhaps of
and that I clearly and definitely made up
told Germany that such a thing was not possible, and
Germany undertook a thing of the sort she would have to bear
if
But,
to
that,
than
importance
mind,
my
that
order.
momentous times for
were
critical times in my life,
many
is
the responsibilities with
of
one
upon
your attention.
Perhaps
to allow me to speak.
at
less inclined
armaments, which was the noble purpose
from which we would feel disinterested
armaments.
We have shown it already.
demobilization began, and demobiliza¬
completely as possible.
According to the
military laws of France there are to be three classes of men; that is,
three generations of young men under the flag.
That law is still extant;
that law is still valid.
It has not been abrogated yet, and the Govern¬
from' the
point
began
has
have
and
as
responsibility to reduce to
the
and
flag,
armistice
the
instead
only two undergoing military service.
an
immediate reduction of one-third
place in the effectives—and I am
taken
two years the time spent
of young
of three classes—three generations
therefore
is
It
view of land
rapidly
as
taken
the
under
of
after
Immediately
that has already
speaking of the normal effectives
aside troops needed for colonial occupation
obligation imposed by treaty in the Rhineland or other countries under
the
of
or
metropolis,
leaving
plebiscites.
depressing.
to
Gentlemen,
us.
the
sad
of
very
that situation which
is
the
and
do
We
protect
not
think
that
endeavor
was
sufficient, and in the future we
restrict further the extent of our armies.
In
a
few days it is certain that the proposals of the Government will be
passed in the Chamber, in order to reduce further the military service by
half.
That is to say, there will be only one class and a half actually
have
plans
serving.
Therefore,
a
minds.
should
is
that
murdered,
country, there
It
people.
naturally, when the
other things—just as befits a
the
say
Even
the
and
whatever is
that
and maimed.
their
to
toward whom
allies,
our
liberty and
life,
discuss
pur¬
nearly
sort
naval armaments, when
could have nothing in
There is no threat of
war;
if there is any menace to peace it is so far distant that you can
hardly conceive it, and yet you have not assumed the right of ignoring
this danger altogether.
You intend to keep your navies to the extent
necessary to defend your liberties and insure your life.
If you
do that, gentlemen, on the sea, what shall we do when the
danger is there at our doors and hanging over our heads?
I may say
that I have always been in favor of peace; I have assumed powers for
the sake of peace in very difficult conditions.
When my country was
feeling natural impatience at the state of things, I formally attached
myself to the cause of peace,, I fastened my heart on that noble task,
and I may say that if ever peace is to be disturbed in the world, I
shall not be the one to disturb it.
But, gentlemen, precisely because I
have urged everybody on the road of peace, because I have done every¬
thing in my power in order to obtain peace, I feel all the more the
great weight of responsibility which I have assumed, and if tomorrow,
because I shall have been too optimistic, I saw my country again attacked,
trampled under foot, bleeding because I had weakened her, gentlemen, I
When
we
our
ment
and
intents
we
which
Prussia,
not.
France
the
men—we
often
almost
just been
our
is
our
doing
mourning in
disabled
history that France has
known
Well,
the battlefield
frivolous
Evidently,
I
in
have
forget that?
we
has
We
Napoleon.
which
steadily fixed
not
cannot
a
1
That is
must be able to live.
we
Thanks to
with
tion
first time
kind.
By
on
be manufactured and
can
is
certainly feel the weight of my argument and recognize
faced
ouside
seeing it,
possible
of certainty.
the
not
again
we
we
wounded,
lesson
is
know
passed,
eyes
is
battle—they
disarmed,
people.
our
of
whom?
her
we
that
said
often
is
it
all,
the dockyards without the world know¬
prepare
measure
this
by
found
How
It
navy.
situation of
a
course,
keep
field
with
practically
we
white.
our
that
was
possible, do you think you could launch
somebody being on the spot and knowing what
But the guns, the rifles, the machine guns—any instru¬
disarmed
And
without
well
without
gentlemen,
to
guns
very
well that it is impossible
very
It
settled.
being
from
to
everlasting—thanks
It
happen ?
of
France.
will
that
suppose
ship
controlled
that
You
from
happening ?
was
of
far
is
greatest question, is life.
certain
weeks,
war
that Germany is not actually making
different
capital
a
In
You know
ship in the stocks, to
a
period
a
of
artillery;
industry
outside.
the
set
and
enough to fabricate these
easy
our
ing
rifles
that
Germany
great railroads.
of
during
number
a
calibres.
and
designs
manufacturing
In fact, great captains of industry or great industrial magnates
bought important firms in Scandinavia and in other parts of Europe.
It is
of
for
the
steady
a
that
just to
war,
and
guns
in
preparations
place.
the plans,
insure
protracted
start the
just to
manufacturing
is
to
Suppose
certain of the works, begin to fabricate, just at the begin¬
manufacturers,
ning,
Germany,
ready
rifles.
the world.
Russia
in
everybody.
What will become of that enormous
army?
What' could, or might, Germany do in order to equip Russia
and exploit her?
We know not.
There are so many problems, economic,
financial, &c., with which we have to deal that really, gentlemen, we
do not know to which to
turn, but the greatest problem of all, the
of
they have developed since.
which was the soldier of order for its own
army,
sake of
the
for
anxiety
permanent
tries, all her manufactures, have been working to the full during the war,
and
French
the
and
situation
more
Germany
Germany
organized?
merce.
solved.
be
easily
can
battlefields.
the
upon
the
that
with what promptitude—and that was lucky,
how
seen
with
provided
us,
material
war
war,
help had not
have
finally—you
of
in the
seen,
if
and if France had not had
in Europe again.
just draw your attention
was
The
It
not quite
certain parts of Europe
would already have broken out
war
to one subject to which I may refer
later on,
and that is the subject of Russia.
Russia is a country of
120,000,000 men, which is actually boiling over with anarchy.
They
have an
enormous
standing army, which is in theory 1,500,000 men
but which has a practical strength of 600,000 men.
What will Russia
do?
Who can say what will happen on that side?
About a year and a half ago
there was a wild rush of Russia on
Europe.
Russia tried to rush Poland and through Poland to reach Ger¬
many where some people were beckoning to them.
Gentlemen, we had at
that time terribly anxious hours in France.
If the barrier had not held
good, if that anarchical army had been able to join the people who were
calling them on the other side, what would have happened?
Where
would France now be and where would the rest of Europe be?
Happily
It is real.
has
destruction
doubt.
a
the
true
A great many guns—artillery, I
work.
Some of the destruction has been supervised
destroyed.
by the allied officers.
have
France does not exagger¬
is happening.
what
upon
watching and waiting.
the question of war material.
more
no
was
in the world!"
never
looking
come
now
there
"No,
me:
answer
in bloody
centuries
and
years
You will grant me,
concerned.
are
we
it is serious enough.
that
smoldering in
will
First
bringing them
I am not noticing them and
facts, gentlemen.
are
just to make my case better.
here
in
is
army
I
that this force should have
so
as
But that is not all.
What about
the rest of Europe ?
Apparently Europe is at peace, although here and
there on the ground certain volumes of smoke just rising seem to indi¬
cate that the fire is not extinguished everywhere.
I might say that this
It is happening
that.
We know
Frenchmen.
are
will
far
the situation as
gentlemen,
account
done.
I
[Vol. 113.
CHRONICLE
THE
2248
order
in
The
to
French army would be therefore reduced by
consent to other reductions,
that it would be impossible
without exposing ourselves to a most serious danger.
metropolitan
half, but if anybody asks us to go further, to
I should have to answer clearly and definitely
for
us
to do it
Nov. 26
"iou
1921.]
might possibly
to,
we
are
going to offer
to
it,
see
secure
of
it
understand
we
I
as
she
what
I
face
course,
should
has
understand
the
troublous
and
has
like
do
in
in
not
order
expect
without
order
do,
been
be
to
can.be
if
the
position of other
but
her
arises
benefit
our
I
with
such
noble
must not
You
to
deny
must let
the time
her
comes.
I
and
to
be
can
resolved upon, but I must
draw your attention
thing: moral disarmament of France would be
one
Allow
to say
me
it will be most unjust.
We do not enjoy the sufficient
ready to do it, but the time has not come yet
sake of final peace in Europe.
however, that France is not morally isolated, that
condition.
We
should
to
our
defense for the
give
We
she
have
still
who
of
up
to
has
have
these
with her
at
should
quite
elements
this
be
of
known
in
there
over
in
poisonous
up
dead
against
already
is
propaganda
wall;
The
I
say
lies
not
in
that
it
I
able
it
feel
spoken
be
not
condi¬
that
then
have
I
will
true
fact
and
will
to
go
through, and that nobody anywhere will believe in it.
If
those
normal
a
not
of
state
morally
she
all
hope
of
final
for
has
with
conditions
already done
the
German
reparation
will
be
when
come
If
in
done
in
Germany that France is
back much quicker; and the words
be
simply preached
much.
to
in this direction she will
She
did
in
order
restore
hesitate
not
settle
to
regions.
normal
everything will be settled,
there
over
in
to
this
the
conditions,
of
this
Europe—if
France—if
it
the
that
world
possible
were
is
final
us
still
disarmament,
dealt
minds
If
a
it
and
then,
from
fact,
done
the
it
possible
were
will
still
cannot
be
with
is
gentlemen,
the
indeed
quite
am
hour
will
possible
that
say
opprobrium
is
the
only
this
after
consider it then
and
the
will
you
anything
but
what
she
has
then,
in
us
should
TAKES
EXCEPTION
TO
ton
in
statement
with
have
would
refrigerated,
which
Reichswehr
the
which
reasons
German
gentlemen,
you
done.
PREMIER
has
Government
for
Nov.
It
22, which prints the Germany denial
takes
detail
declares
M.
exclusively of
Briand's
and that
incorrect,
assertion
that
The
"The
took
of
Reichswehr
The
officers
"protection
police"
is
made
war.
much
have
is
is
The
that
these
The
the
from
satisfactory
The
newspaper
falsehood,"
which
what
is
not
he
had
French
whole
so
effort
it
arms
the
ratio
Briand,
is
permitted
heavy-calibred
possess
troops.
The
have
assertion
turn out
two
to
arms
Einwohnerwehr,
been
dissolved,
is
required
carefully
to
in
which
been
had
comment
but
keep
supervised
The
Premier
by
to
the
by
recent
England declared that
Germany
in
the
the
on
characterizes
journals
the
opinion
was
generally
likely
to
M.
express
European
execution
Briand's
fear
that
situation,
expressed
undermine
of
as
America,
believe
The
same
and
in
progress
approval
of the
of
meeting and
which
generations,
many
and
that
who
we,
had
our
rather than
eyes
Mr.
Balfour's
re¬
fitting moment to deal at length
a
privilege,
than
what
us
have
to
and
We
live
whom M.
of
been
perfectly
under
the
thoughts,
For
they
I
different
exist
and
what
doors
very
all,
us
the
from
the
can
nations,
of
one
French
our
citizens,
for
homes of America
secure
leaders
America
the
I venture to
inevitably haunt
French
of
have
politics:
nor
great
country,
this
think
is
of
guidance of the
we
great
sorrowfully
land
of
continent
we
acknowledged,
not
of
which
we
may
that
come,
we
And
between
that
why
land
overrated,
a
serene
some
laid before
speech
it—why
is
to
is
and
armaments
confidence,
great
the
immediate solution
all here look forward with
we
deliberations
program
for any
armaments.
difference
great
our
it
sea
confidence,,
a
bringing
some
and
about
the
by the United States Government.
you
hopeful of coming to
are
from whatever nation
say,
the
listened is not hopeful
Why is it that
result
spite
course
policy.
problem
is
in
great
policy, of the
have been initiated this morning, into the inner
we
acknowledged,
great
I
as
have just
we
there
a
other
of
the future, they necessarily remain in anxious doubt.
French
be
must
to which
as
7,.
what
presides.
And nothing
of
us
thoughts
In the
of
in
you
whatever part of
from
initiated,
sanctuary of
which
he
we
inj England
speak for the other nations represented around
to
their
at
good for
the
destinies
comparable to those which
sleeping,
neither
to pursue in
drawn,
It
great
our
V';,-;'
'
have
is
of
the anxieties,
are
whose
inner
conditions
table.
should be
of
Minister
what
they fear it.
the
of
eloquently spoken.
so
can
do not venture
means
unmistakable
instructive to
more
we
perfectly
Prime
over
artistic
speech;
statesmen.
waking
have
be
can
revelation
very
or
country
have done
great,
a
great
a
great
admiration,
we
■;./
they fear and why
full
Briand has
exist
the
of
than
lucid,
the
of
auditors
more
with
but
the
of
one
sympathy;
the
something
thoughts
of
nothing
this
associated
terrors
be
hear
to
We have heard him
I believe without reserve,
us,
useful,
measure,
solution of
under
the great naval
problem?
is because,
maritime,
in the language of M. Briand, there has been, in matters
moral disarmament, and it is on the basis of the moral
a
disarmament
are
military
no
why
case,
assurance,
closely,
physical
we
hopeful
have
are
and material disarmament is going to be
hopeful about the naval question.
And why
at least any
immediate settlement of the
because, as M. Briand has explained to you,
about
questions?
that
in
is
less
we
the
that
That
built.
It
there
is
has
no
immediate
I
do
not
leave
be
an
venture
-
disarmament, because we have
Government, who watch these things
profoundly
in
degree of
Russia
in
or
Germany
that
moral
which would make material
progress
possibility.
offer
studied
opinion
an
of the
facts,
them
as
of
my
own
upon
they have been
and
whose
gifts
this
question.
expounded
of
exposition
by
one
cannot
excelled.
Only this I would
to
the
to
to judge
you
has
moral
either
assurance
made
disarmament
who
been
not
because the French
or
disarmament has
make
That
speech:
a
feel
herself
particular,
should
for I need .hardly
say,
M.
in
be
policy of her eastern
Briand
moral
the liberties of
tell
you
have
to
appears
isolation.
That
that I
be
a
not going
am
fears
some
would
lest
France
tragedy indeed.
Europe and the world in general, and of France in
maintained
and
guarded
against
the
dominating
neighbor is the
cause for which the British
Empire
fought and in which the British Empire still believes.
Killed on the field
of battle, we lost nearly a million men.
I am talking of the British
Empire now.
We lost nearly a million men.
We lost well over two
million
men
nullify
the
international
in
addition,
maimed
the sacrifice;
over
liberty
and
we
worhty
wounded.
do not repent it.
was
of
And if the cause of
this
immense sacrifice from one of
powers—I speak not of others, it is not my right to speak for
them—if it deserved and required this sacrifice from one of the allied and
associated
continue to evince only passing
conference.
There have been expression
Germany
the
so
defense.
my
candid,
inmost
told
more
] We grieve
dispatch also says:
public
the
"How
the allied
Both
interest
for
measure
merely
heard
preoccupations,
the
disarmament.
official
and
Eastern
her
believes."
C'v:'-;; ]
told
that
was
and
speech
may
the
has
He
the
obligations.
informed
attitude
toward
of
French
King George of
made
generally
most
say.
the
than
have
the
be
I
Germany still pos¬
materials, and asserts
three
or
output
of
still
before
its
and
full
a
perfectly
a
of
He has
and
that
war
in
oratory.
with
ally.
should
refers
statement
well
Premier's
M.
that their
and
disarmament
to
to
and destroyed."
limited to
now
not
Briand's
equipped to
Throne
and
reference
Commission.
progress
financial
"flat
are
supplied
Control
with
small
fighting
by
to
M.
and
does
of
surrendered
arsenals
plants
army
unit
a
disputes
government's
address
It
referred
Entente
composition
rifles
specified.
guards,
numerous
German
of
into
statement
sessed
number
have been
arms
its
designated and supervised by the Entente Control
convert
to
civilian
The
and
are
carefully
suitable
their
men
general,
great speech which has just come to its conclusion.
think,
.
We
heard
It
wholly unaffiliated with the Schutzpolizei, which
security police when the Entente ordered the latter's
Schutzpolizei
perish
privilege,
him
I
more,
have
Why is it
(schutzpolizei)
is
strength
and
Commission.
of
of the Reichswehr is
to 21, recruited since the
the
army
solely from the civilian ministries of the Federated States.
numerical
Its
her
composed
old
in
maintained
great cause of international liberty,
cause
the
your
armaments?
primarily an agency to maintain law
order, and is not subject to the authority of the Ministry of Defense.
It takes orders
the
that
says
is
the
of
world
be
the
stated
similar necessity should again
become cold,
the
Parliamentary
heard
performance.
bidding of the Entente and adds:
the place of the
and
or
the
at
dissolution.
of
then
statement
created
were
Reichswehr
officers
the contrary, the bulk
on
of youths between the ages of 19
up
the
and non-commissioned
officers
Secretary of
remarks
policy
Empire
a
Europe
sacrifices
with
been
have
we
that
follows:
as
the
defeat, powerful in spite of losses, and of its
future
a
the
neighbors and allies, how should it be
our
that
see
masters
it
nucleus
a
and
his
should
Chairman, evidently this is not
in
have.
of Premier Briand in Washing¬
constituted
of
marks in full follow:
no
German army was given to the Associated Press at Berlin
on
of
should
further
make
allied
ASSERTIONS.
the
the allegations
Balfour,
"if again the lust of domination,
curse
much for
so
should
your
Nov. 21 to the effect that the German police forces
on
and
the
a
made,
possible that the sympathies, once so warm should become
It
A-
issue
which
was
again threaten the peace, the independence, the self
They
BRIAND'S
achieved.
for which the British Empire fought
British
the
development of
the
GERMANY
J.
in
dominating
cause
which
been
upon
saying that France
actually
only
editorial
are
in
France
Arthur
particular,
the
arise,"-he asked,
has
Monday
on
Balfour,
it be otherwise than if
can
the
country in
that opposes
conference
valid,
as
with
agree
their
TO M. BRIAND'S
forces of
of ;Europe
in
against
in
Mr.
liberties
neighbor is the
are
cast
only
country
weighing the
in
Senator Schanzer, of Italy, Baron Kato
France.
France
exposition
yet.
come
were
to
of
and
nothing is further from
sure
this argument,
you
us
possibly do
and
point out France
to
but I
to
have just heard,
you
blame
and
Baron de Cartier of Belgium and
of
of
and
intentions.
your
listening
indirect
imperialistic,
blow ;
severe
after
is
conference
Mthat
and
Mr.
question
but the hour has not
conference
former
/.;•;/;;■
Briand
armed
addresses by
by
can
"
outcome
position
or
In
been
and
The
Washington
Hughes indicating themselves in sympathy with
army,
conversations
open
has
in
wilder¬
we
do.
painful
Everything
by direction given to the labors of the
somewhere
in
defensive
a
institutions, and then
peace.
do
devastated
order
Japan,
State
It
democratic
of
can
Government
the
for
known
will
install
Everything that France
she
is
come
revenge,
to
followed
was
the
British delegation,
done
impossible for Germany to reconstruct
be able
will
will
peace
it
items,
news
PLEA.
Premier
evil
peace—if
words
be
will
It
and
harbor
of
alone,
the
anger,
ness.
still
designs know that, and if those that
happy ideas of peace—this working class that wants to return
entertain
to
that
of
behalf of
condition
referring to
the
alone,
which
of
true
am
spoken—the
Germany
France
the
to
mean
have
that
the
run
I
disarmament
and the hearts of all people
battlefield.
same
Germany—I
which
of
good-will,
the
on
that
sure
simply
time
of
men
her
disarmament
noxious
tion
the
fought with
moral
a
be
know,
routine
among
proceedings
suspending judgment until positive results
speech
in
guarded
dangerous.
very
The
plea
of
in view,
purposes
the
ARTHUR J. BALFOUR IN RESPONSE
and
appealing
am
security.
if
display
advocate
give
newspapers
/:
facing the situation such
and
comment
the
part of their
a
to
here
exaggeration—you
insure
need
it
turn
to
it;
any
to
convened,
able
debated and
bulk (Of
necessities
say that I foresee no limit, no restriction to
labors and to the results which you may achieve.
Any question here
your
merely the sporadic utterances of professional pacifists.
leaders maintain an attitude of skepticism.
The
situations.
enough to ask other peoples to give
We
to
were
military
the sincerity
the
and
be the last one here to
try to restrict the noble endeavors
being made here in order to limit armament as in the confer¬
are
which
ence
We
you.
would strike upon
we
difficulties
We
difficult
independence
wants
she
should
which
to
countries.
to
described—and
what
do
also
selfish
help.
our
have
her
have
not
the
consciences, if France is to remain alone,
your
share it with
at your disposal in order
means
heard those words, of
we
But
national
to
come
danger that you are exposed
going to
perfunctory
the statesmen of 'other
sovereign
are
We should be only too pleased to demonstrate
purpose.
are
"this
us
we
CHRONICLE
safety."
your
peoples who
We
and
all means—put all
you
Immediately, if
our
and tell
come
realize
we
another plan.
of
THE
its aims from time to time, but
these
powers,
either
as
it
otherwise
toe
to
the
and
if
we
at
all
righteousness of the
than
that
if
a
eyents
war
similar
again the lust pf domination, which
or
have
as
has been
not
to
necessity
the
its
changed our
necessity,
should
curse
again
views,,
how
can
arise,
of Europe
for
il
aa
development of our
the
sympathies, once so
and that we who
cold,
liberty, should
national
Those
into
should only be interfering, I should only be
'weakening, its effect, were I to dwell further upon it, and I will content
•myself, therefore, |with thanking M. Briand for the admirable and candid
account which he has given of the policy of his country, and wishing him
and
his country every success and every prosperity
in that path of
'unaggressive prosperity which I hope and believe they are now entering.
,
'
peoples, offered to
Danubian
the
war
Europe.
of
the two countries in conflict
to settle the dispute.
Italy has succeeded
contributed to the peace of Europe.
Moreover, Italy has acted similarly within her own frontiers and has
reduced her armed forces in the largest possible measure.
She has conher
I
Briand.
M.
of
peace
toward
has pursued
friendly
and
hearing the great
rise in my mind after
the thoughts which
are
speech
the
the successor countries to her former enemies
a
policy not only of pacification, but of assistance; and when a conflict
arose between Austria and Hungary,
a conflict which might have dragged
Italy
defense?
its
in
further sacrifice
make
of
interest
the
for
sacrifices
considerable
made
selfthat
warm, should become refrigerated, should become
had done so much for the great cause of inter¬
see that cause perish before our eyes rather than
should threaten the peace, the independence, the
neighbors and allies, how should it be possible
generations,
many
[Vol. 113
CHRONICLE
THE
2250
in
and
colored
35,000
reduction to
further
a
to the pre-war
exceed 200,000
175,000 men is already planned, and
amount
total
The
time.
her navy expenditures in comparison
of her armed forces does not
curtailed
siderably
men,
order
in
help
doing has actively
so
troops.
budget for the present financial year amounts to
$11,000,000 expenses for police forces; the extra¬
ordinary part of the war budget, representing expenses dependent for the
Our
ordinary
war
$52,000,000, including
SYMPATHY FOR FRANCE.
MARON KATO OF JAPAN'S
difficult position
*ot France as presented by M. Briand, was expressed by
iBaron Kato of Japan on the 21st inst., who ventured to
State that "it is not an easy task to lay down a general
scheme for the limitation of land armaments as in the case
of limitation of naval armaments."
"Japan is quite ready"
said Baron Kato, "to announce her hearty approval of
sympathy for the peculiarly
Profound
relieve a people of heavy
burdens by limiting land armaments to those which are
necessary for
national security and the maintenance of
order within
the territory."
His remarks, which were
the
to
aims
which
principle
brief, follow:
nothing but
peculiarly difficult position which has
clearly and so eloquently presented to us this morning.
May
I venture also to add Japan's appreciation of and sympathies for
the
great sacrifices in men and wealth made by France, the British Empire,
Italy and the United States in the great war for the cause of peace, justice
and
to
me
M. Briand that Japan has
assure
profound sympathy for the
most
been
for
needless
is
It
a
so
to
like
this morning just
say
ready
quite
is
Japan
which aims to relieve a
armaments to those which are
the principle
land
maintenance
the
size
The
its
determined by
these
and
other circumstances,
and
situation
geographical
peculiar
complicated that an effort to draw
final comparisons
is hardly possible.
If I may venture to say it, it
is not an easy task to lay down a general scheme for the limitation of
land armaments, as in the case of limitation of naval armaments.
Never¬
theless, Japan has not the slightest intention of maintaining land arma¬
ments which are in excess of those which are absolutely necessary for
basic
factors
are
defensive
purely
divergent
so
and
the Far Eastern situation.
by
necessitated
purposes,
the
of
as
The
war.
distant
far
SCJiANZER
-
ITALY'S
OF
REDUCTION
ON
FORCES.
have said all that is necessary to explain the
The United States in calling this conference has
taken a
great and noble initiative, with the aim of creating sound
guarantees for the safeguarding of the peace of the world.
In conclusion, may I express the desire and the hope that the confer¬
ence,
while taking into account the present difficulties, should give
attention also to the problem of the limitation of land armaments, the
solution of which is an essential condition for promoting throughout the
atmosphere of peace which M. Briand has so clearly
which it would be hopeless to anticipate that the
that
world
of
remarks
the
Brind,
M.
declared
the national
that
them,
"Safety of France is as dear to us as it may be to
and
morally by the side of our Allies of yes¬
still
are
we
Speaking of Italy and
terday and our friends of today."
to
the largest
social
has
the
exceed
planned, and 35,000 colored
it
ments
of
war.
The
whole.
problem
is
It
distant
We
reduced
troops.
our
for
necessary,
-
to
armaments
is
not
serious
a
a
the greatest possible extent,
simple
a
day is necessary.
full
the
quote
complete
It
one.
durgent problem,
an
considered as a
solution at no
be
must
for which
a
:
text
:
the
that
level
a
of
ceed
to
Baron de Cartier, of Belgium,
M.
Briand
the
short
to
the
of
delay
wish
I
because
French language
the
use
delegation should arrive direct, and
translation, direct to the French delegation
Italian
of
speech was as follows:
Mr.
anteed
policy
1914
the
magnificent speech which M. Briand has delivered with warm eloquence
to explain the position of France and the French point of view.
,
and
of
long
fields
France,
the
sacred
war
two
with
almost
of
received
fought
a
together
national
liberty
and
new
the
on
and
for
same
the
battle¬
cause
,
listened
with
the
greatest attention
quoted by M. Briand, and we found with
great pleasure
of
-
documents
to the figures and
that France, in
the great difficulties, and within the limits of probability, was
ready to contemplate the principle of limitation of land armament.
'
It is far from my mind to discuss what France considers indispensable
spite of
and
them,
and
1
I
the
national
her
for
wanted
hope
her
war
soul
honor
to
to
to
safety.
That
safety
still morally
are
is
as
dear to
by the side of
us
our
as
it
allies
may
of
be to
yesterday
her
may I be allowed to express the wish and
limitation of land armament may become a
possible space of time?
Italy has fought
for the highest aims which a country can seek, but Italy is in
a
peace
loving nation.
I shall not repeat what I had the
this only,
say
state
general
she was aspiring to
with respect to neutrality,
Devastation, fire, wanton devastation of her
|
industries, murdering and
to see
inhabitants, deportation of civilian population, heavy
the reward of her peaceful policy and of the ful¬
her
of
wounding
losses in her armies, were
international obligations.
her
of
fillment
end to this regime, which events had
dangerous for her.
Owing to her special
Treaty of Versailles put an
and
worthless
be
to
proved
geographical position and to her situation, Belgium is forced to remain
in a certain position and in 1920 she concluded with France a military
agreement purely for defensive purposes,
and in case of new, unprovoked
She keeps her army down to a
the requirements of her national
security and she could not possibly proceed to a further reduction of
her armament.
And yet there is perhaps no State that is more sincerely
aggression
the part of Germany.
strictly consistent with
on
level
is
that
We have no hatred whatever, and we do not want to see
loving.
peace
which has inflicted such painful sufferings upon us.
war,
I
his
refer
may
to
message
and
to
us
enter
by
taken
success
every
path
the
upon
initiative
the
wishes
to
of limitation of arma¬
the Government of the
the conference for the greater
world.
whole
the
of
words
earnest
admires
States
benefit
her
allow
will
She
United
which King Albert of the Belgians, in
Harding, used, I will say that the Belgian
wishes for the moment where the general
the
to
President
with
calls
ments.
at
the
first meeting of
the conference,
but I
should
like
ITALIAN
OF
SCHANZER
SENATOR
ON SECRETARY HUGHES'S
himself in ac¬
Senator
Schanzer, head of the Italian delegation expressed in the
name of that delegation "our great satisfaction in the pro¬
with
the
proposals
order."
posals for general
"the first effective step
of
such
nature as
struction."
Secretary
of
He described the proposal as
to start to
work on its economic recon¬
His statement follows:
been called not for general
action.
You (Secretary Hughes)
proved at once that you mean to carry out
your suggestion into practical execution.
The time
The
of
first
naval
You
has
and
come
for
and this
mutual
conference has
advice,
but for
impression made by your statement concerning
is one of great sincerity, great force,
armament
state
clearly and unhesitatingly
opinion of the entire world the question of the limitation of
ment as concerns especially the great naval powers, and you
a
precision of
facts,
and of
figures,
the principle of maintaining peace among all nations.
succeeded in coming to a direct understanding with the
Serb, Croat and Slovene people, and in order to attain such an end has
especially the great naval powers.
We
of
the Italian
delegation our great
has
the limitation
great courage.
to the conference and to the public
discussion.
policy inspired by
Hughes,
toward giving the world a release
that she has no reason whatsoever of conflict with any other
country, that she is following and putting constantly into action a
peace,
DELEGATION
PROPOSALS.
speech on the 15th inst. declaring
In his
cord
shortest
the
emphasize again that Italy is one of the surest factors of the world's
Italy
While
awakener.
terrible
a
while she was only anxious to accomplish her duties
State, war was carried on her own territory by the two
that had not only taken the engagements
that neutrality should be respected.
but
resolutions
today.
of
that the
within
reality
the
we
friends
our
peace
for
peace,
neutral
a
powers
of affinity
unforgettable
justice.
We
the powers that guar¬
of a century faithful
and limitation of armament.
The tragical events
to
silence
by the fraternity
the brotherhood in art,
which
peoples
defense
religious
not only by the bonds
certainly,
but also by
glorious
when
the
for
to
race,
and
consecration
listened
have
we
united
are
common
a
of
were
nothing but
as
limitation of land arma¬
trusting in the undertaking given by
her neutrality, remained for three-quarters
Belgium,
a
I would just like to state briefly the
of Belgium on the question of
v;'
of view
poinjt
spell of the thrilling and convinc¬
being still under the
President,
ing speech delivered by M. Briand,
table.
Gentlemen,
We
following the speech of
The Belgium representative's
the 21st inst.
on
the requirements
of her armament" was made
by
If
address
of Senator5 Scbanzer's
reduction
further
a
with
she could not possibly pro¬
security and
national
her
"keeps her army down to
consistent
strictly
is
that
situation
going
am
thought
the
without
across
I
CONSISTENT LEVEL.
TO
Belgium
that
statement
The
>
i
Gentlemen,
OF BELGIUM SAYS LATTER'S
ARMY IS DOWN
nation
herewith:
be fulfilled?
may
CARTIER
DE
economic
the nations which have suffered most severely
reconstruction of
during and after the war
The
navy
solution of the problem of
of armaments in Europe, to take into consideration the arma¬
the countries either created or transformed as a result of the
limitation
far
all
have
We
consider
we
her
curtailed
considerably
explained
without
and
possible measure, he said:
expenditures in comparison
pre-war time.
The total amount of her armed forces does not
200,000 men and a further reduction to 175,000 men is already
She
to
Italy had reduced her armed
that
the fact
referring
forces in
I
trust
point of view.
and
of
to
serious and
a
day is necessary.
I
Gentlemen,
Italian
to
responding on the 21st inst.
of Italy,
Schanzer
Senator
is not a simple one.
It must be considered
urgent problem, for which a solution at
problem
is
It
whole.
a
no
we
ments.
SENATOR
greatest
consider it necessary, for a complete solution of the
problem of limitation of armament of Europe, to take into consideration
the armaments of the countries either created or transformed as a result
possible extent,
announce
the territory.
land armaments of each State should be
the
of
to
within
order
of
of a purely transitory char¬
therefore
expenses
war,
$62,000,000.
However, although we have all reduced our armaments to the
few words on land armament
a
her hearty approval of
people of heavy burdens by limiting
necessary for national security and
to
the
of
amounts
BARON
harmony?
would
I
limitation.
liquidation
acter,
We
naval arma¬
did it with
thus affording a solid basis for
...
shall not consider
the question which concerns
only wish to express in the name
satisfaction in the proposals for
the technical side of
Nov. 26
general
order.
of
source
world
and
of
as
the
think
I
stated,
in
Mr.
economic
This
system.
The
has
system
nature
first
it
enable
to
as
effective
toward
step
the
start
to
giving
work
of
difficult
that
later
in
to
the
the
with
question
will
involved
be
question
of
States
French
world.
question
the
first
So
by
the
the
and
matter
wish
and
French
before
be
and
Chairman,
fervent
Italian
and
naval
concluding
again
The
its
the
in
express
that
the
the
of
name
conference,
taking
hereafter
pro¬
be
to
such
their
The
sacrifices
force
of
difference
the
resistance,
in
be
their
re-established
struck
That
peace.
political
is
the
why
guaranties
"This
is
the
that
reason
by
war
all
for
its
to
in
create
On
Nov.
12,
Press
with
desire
of
of
the
in
heart
order
to
Bonomi
following
and
strict
more
toward
creating
peace.
it is
invitation
of
for this
President
obtain
concrete
results,
such
as
constitutes today
which
peace
at
Rome,
The
gave
Asso¬
for the American peo¬
message
of
solving the
for the
of
nations
coming
defense.
practical
result
to
knottiest
in
era
No
that
strate
"It
is
in
arms
toward
promoted
this
by
be
grand
those
the
Government
credit
this
and
the
of
highly
American
Government
humanitarian
initiative,
and
aspiration
which
the
Italian
"I
this
time
alongside
Italy's
like
that
desire
for
the
to
convey
the
opening of
the
the
of
delegates
work.
and
permitting,
Parliament.
conference
Italian
tranquillity
affairs
work
the
of
eve
to
which
Parliamentary
before
the
on
should
that
conference
is
But
will
over
I
have
to
be
contribution
order
in
carry,
wish
my
personal
some
to
not
confirm
lost
participate
hope.
directly
satisfied."
sentatives
GARY
SAYS
LIMITATION
ARE
BENEFITS
BEYOND
FROM
ARAMAMENT
CALCULATION—ALSO
DISCUSSES HIGH LIVING COSTS.
Sweeping aside
lessened
steel
unworthy of notice all suggestions
as
manufacture
which
Steel Corporation and Charles M.
armament, put forth
by
of
at
of
State
for
Judge
was
voiced
meeting of the American Iron and
shal Foch.
the 12th
on
at
the
Steel
Mr.
semi¬
Institute
held at the Hotel Commodore
national
the
to the
ills
These
it
tures
were
made
to Mar¬
Schwab's address is referred to in another
with the
will
questions
consider
a
go
good-will,
dresses
of
if
the
is
much
is
the
if
further
as
President
to
will
less
to
value
been
cost
at
fifty
Washington
the
object has been
been
per
nations.
the last three
during
has
influence
different
justifiable.
If
as
much
and
all
even
cent the
made
Secretary of State,
better
peace,
as
the expendi¬
this effect is made
conserve
to
immediate
the
though
only
amount;
tend
already
and
the
agreement to
inestimable
has
were
by
expenses
Even
decreased
be
an
which
of
progress
motive
and
conference
armament
nevertheless
shall
But
principles
the
of
large part of national
direction
great
bearing
discussed,
limitation
purposes
been
which
direct
a
military preparation.
prodigious.
cover
Very
already
very
to
have
probably
will
or
arrangement
capital
ships
it
would
final treaty which
a
contemplated .by the
other
things,
arise
has
be
military
and
conference
a
the
in
will
limita¬
understanding
an
to
resort
no
been
in
is
able
selected,
energetically
their
and
and
constituents
their
campaign
of
true
national
each
force
full
dis¬
deliberations
experienced
persistently
at
for
and
them
selfish
and
peace
other
for
and
limitation
nations.
protection
and
repre¬
strive
unconditionally
are
the
of
interest
of
some
and
living
Every
claims
many
by
the
of
some
inconsistent,
this
for
individual
is
more
less
or
possessed
characteristics
of Dr. Jekyl and Mr. Ilyde,
the evil in the large majority of people,
those who are now especially chosen to
over
true
of
with
but
the
and this
minister
disorganized, diseased and suffering world.
will meet as friends and I predict they will part as
appointees of the convention are gentlemen of the high¬
a
and
is
all
favor
to
limitation
national
involved.
adverse
would
personal
be
It
is
of
repudiated
integrity,
be
would
and
success
that
there
intolerable
and
could
and
the
on
peace.
ground that
any
honor,
be
those
condemned.
based
not
perpetual
on
independence
everlastingly
advantage
and
armament
unthinkable
outcome
individual
or
and
different
a
responsible
No
claim
principles
of
for
right
justice, in the opinion of the majority, would be entertained.
Judge Gary referred in his opening remarks to the fact
"it
that
he
to
seems
generally conceded that business
con¬
ditions throughout the United States for the last six months
have
been
perceptibly
and
steadily,
if
slowly,
growing
better"—"Even though," he said, "we have now passed
most critical
be
not
period in
we
concluding
be
return
a
to
at
the
the exact
time
financial,
normal
a
the
would
we
arrived
have
we
with certainty predict
can
will
there
I still think
our recovery,
in
warranted
point where
ture has been
few
last
com¬
saving
it will
than
this,
friendship
it
and
nations.
in
of
There
sound
a
must,"
in
and
"be
continued,
satisfactory
this country
further
economic
is largely
due
development
to high
costs
portation, and high costs of owning and earning money or
its
equivalent," Judge Gary added:
The
brought
war
There
was
demanded
whole
an
lower
that
it
prices
said,
the
prosperity
and
point.
with
situation, to
gains;
majority
Still
and those who
to
materially
of
naturally
formed
a
the
economic
people
lower
to
levels.
and
trend
these
the
from
However,
have
country
been
generally and equitably reduce prices
and
considerable
are
determination
thus disposed are
are
affect
the
to
a
of
cost
return
numbers
make
to
circle,
of
composed
sufficiently
living.
Here
normal
to
the advances in
as
the
advantage.
this
of
prices
one
descend
to
money
Every
times.
upward
effort
of
the
declared
was
ante-war
the
indulgences.
in
who
the
seem
out
most
high prices and to realize the largest possi¬
obstruction
properly be claimed that
war
to
there
desire
a
maintain
the
of
and
value
increases
readjustments
in
in
the endeavor
rates
purchase
the
armistice
of
be
to
large
noticeable
large
possessed
fundamentals
that
as
in
reasonable
a
have
loomed
the
apparent
of
earnestly active
to
would
When
above
far
was
prices,
The
with
correspond
bought.
just
in
extravagance.
to
cupidity
been
heights
dizzy
it
there
and
have
traits
be
of
range
realized
of
lower
what
for
inflation
enormous
orgy
and
various
of
one
It
conditions.
prices and
and
the
numerous
is
may
values during the
items
such
as
labor,
transportation,
the
to
production, living expenses, each affecting the others, so
unhealthy and unwholeosme symptoms may be seen in the endeavor
same
return
classified
It
pace
previous levels.
to
seems
cerning
not
to
generally,
these
with
been
if
not
that
majority
their
made
of
selling
to
The
them
others;
any
business
prices
of
the
tion
costs.
first
Every
do
proportion
purchases.
things
one
are
present may be
more
at
fault con¬
have kept
in reducing prices; many have
they
men
in
their
in
clothing and shelter, always the
discussing high
at
'
so-called middlemen
ad¬
in
obstructionists
real
distinctly.
many
than
matters
the
lowered
me
The
were
he
Stating that "the delay in complete restora¬
—high costs of living, high costs of production and trans¬
have
Washington.
respectively,
terribly shaken by adverse winds during the
years.
activity
successful
having
the
defensive
this
be
heretofore
one
the
An
it
for
ble
interest,
related
in
of
is
exceedingly strange if they fail of
such
none
result.
be
would
of
All
character
the
for
be
delegates
friends.
to
Undoubtedly
only
every
international
participating
four
will
them
of
peace.
particularly
of
highest
years
the
all this
contradictory
carrying into effect of the proposal
to
and
good preponderates
by Secretary Hughes, Judge Gary at the meeting of
the
with
now
realize
represented,
Selfishness
Schwab's comments
the Institute said:
called
high
must
be natural, but there will be friendly and patient conversations or
debates, and all with the endeavor to find a basis for maintaining inter¬
tion
Speaking of the conference and the benefits which
would accrue
upon
the
what
differences
country
They
consideration
and
the dinner tendered by the Institute that night
Of
of
there
the question of
upon
anticipate that before adjournment there will be
may
became
Gary's endorsement
November 18, while Mr.
made
called
would
Hughes with
opening of the Conference at Washington
article.
and
by
limitation
to
after there
and
supporting
armament
We
as
Schwab have both whole
Secretary
(of which he is President)
on
this
of
fervently
limitation
armament
heartedly endorsed the proposal for the reduction of naval
annual
the
for
nations
Harding
adjustments."
might result in, Judge Elbert H. Gary, of the United States
inst.
delegates
course,
We
been
mercial and industrial basis, for the world's economic struc¬
JUDGE
the
the
agreement.
an
when
to
important,
covered
should,
people,
placing aspiration for peace in the front rank,
wishing the conference a happy success.
deeply regret that I am unable to leave the cares of government
all
be
addition
In
fundamental
in
"I
President
people that they
which
to
all
not
with noble intention demon¬
can
by
is
States,
by
the
as
witnessed.
has
it
to,
well
Washington.
they prefer right to might.
to
assumed
unite
cussion
be
to
but
must
until
will
interest
assented
as
ever
Of
the
suggested by the Secretary of State in his original
a
good many kinds of armament, some more
international
permitted
It
limited
has
all
military
establishment
firm
Washington
represented
are
of
with
generally
world
in
the
doubtful,
and right
importance
reason
prosperity,
as'
notice.
are
there
Govern¬
world
of
can
and
intelligence and sincerity.
agreement
America
hospitable
questions
which
step
unless
possessing the greatest material strength,
have
general compels the
discuss
the
by
is
sane
any
compared
practical to stop with less than
any
countries
and
this
no
of
as
for
means
business
passing
a
which
any,
as
found
that
wars.
be
is
economy
here to give all the possible
is living and
strongest
of
means
necessity
be
an
be
to
future
if
est
which
peace
world's
preparing
could
at
directed
the
delegates
atmosphere of
Premier
the
for
the
ways
and
that
full
our
countries
their
the
of
,
"The
ments
with
armament
is
ple:
the
be
value
them.
need."
supreme
ciated
the
reconstruct
must
the
among
equilibrium
thought of Italian policy
greeted
world
and
the
peoples
j
If
be
greatest
countries
others,
shall
find
if
manufactured
even
derived
conference
There
of
countries
in
and
commerce
that
order
rise
efforts
the conference
the
in
that
the
on
different
conditions
order
to
unity of the world,
among
impossible any
in
needs
imposed
war
created
and
Harding and is ready through
contribution
the
lasting maintenance of
fundamental
Italy
economic
economic
may
our
the
the
which
condition
supreme
may
severely
to
broke
war
and
of
matters to be determined bearing
that
catastrophe
be
conditions,
happiness
discovered
seem
prevent
say:
immense
an
money as to render almost
"Now
world
from
financial
great
a
their
following to
equilibrium.
exhausted
of
the
Sec¬
and
concluded.
But
'not
would
can
the
outside of those
than
decreases,
that
of
great
proposition.
Italian
your
peace
different
be many
of
unworthy
pecuniary interest
international welfare.
or
of
thankful
the
tion
emerges
enormous
will
peace,
the
lofty"
same
Harding
though they might be large,
calculation.
of
epoch
measure
be
that
are
peaceful
beyond
an
principle and
sure
Presidnet
that there will be less steel
which
under
are
destructive
I
wish
living
largest
left
feel
of
speeches
Other
inspired by the
were
but'
startling,
only
satisfaction.
consider
national
mark
and
speakers
not
were
and
utterances
amount
even
the' benefits
maintenance
before the opening of the conference Senator
had
world
discussing
should
the
and
and
the
joy
limitation
would
will
have
you
place,
small,
person
the
have
you
the
the
some
armament
and
of
concerning
this
we
conference
as
place,
that
proposes
that
Italian
Certainly
the
in
of
as its working basis, may lead to a result which would be extremely
happy not only for the powers directly interested but for the entire world.
"The
be
when
posal
Schanzer
first
nations
proposal.
your
Mr.
most
On Nov. 11,
of
the
spirited
and
with
prompted
suggestions by
conflicts,
question
general
conference.
statement
your
the
address,
the
of
considered
conclusion,
delegation the
the
question
the
from
of
your
United
in
separate
be considered
must
consideration
question
to
limitation
armaments
powers
which
Besides,
reference
their proposals
and
received
Hughes.
result
a
In
oratory
delivered show that
retary
it and get it
to revise
now
of
type
already
world,
conceived
be
cannot
2251
universally
emotions
and the modern
barriers,
necessary
is the
Balfour's
armament
accordance
In
such
Chairman,
stated
the
proposal
of
naval
Mr.
have
is
were
would
rather
of
naval
for
It
highest
forces, may I be allowed to say a few words?
it
great
natural
the
of the
the world.
balance of
civilization,
economic
war.
your
to
naval
limitation
and
he
peace
do not consider the ways
you
reconstruction.
naval
French
great
the
release
a
respect
Italian
by
that
economic
In
distances
The
consequences.
again.
think
world
economic
an
CHRONICLE
accepted will
when
proposal
economic
the economic
is
single
a
motion
We
its
the
shattered
into
that your
beneficient
permanently maintained if
civilization
spite
except
hope
most
be
THE
to re-establish
means
been
We
the
cannot
Modern
in
1921.]
is
to
not
to
the
This
be
seem
to
reductions
is
taken
true
of
which
food,
into considera¬
competent by experience
to
2252
pass
this question,
upon
purposely
do
intention
the
of
food
THE
of
being
features
and
which
stores
the
of
it
practical
to
personal.
and
in
within
the
I
facts,
not
or
the
taxed
where
they
Retail
Round
Steak—
i
——'
Price
•XX.
Spread
82.5
Cream
in
authority,
.45
♦£17
,35
61.3
effort
.85
32.8
ment
in
income
while
so
much of
Cheese—
is
it
nearly
been
entirely destroyed
or
We have heard of being
made
realize
to
what
it
means.
satisfactorily
can
y
while
prosper
taxes
,
for
standing
party
tax
present
rates,
or
opposing substantial reductions down to the lowest practical level, will not
continue
.28
The
73.9
country
political
or
.40
people
will
will
but
down to defeat at the first election.
the existing situation.
In fact, they
go
endure
long
not
cannot.
60.
;
but
have
at present,
as
.40
100.
people
other
any
high
politician
.20
—.
.
nor
so
Any
.23
-
J
Rib Roast
Bacon
vFX
$0.23
States
Cent
Per
$0.42
Price
Steak
with
compared
as
-
The
industry and individuals have suffered almost to the point of despair.
have staggered under the burdens of taxation.
Neither the United
remain
moderate
are
Wholesale
only discouraged,
I refer to the question of taxes.
death.
to
Both
as
is not
operate
They
First,
made.
assertions
the
prove
(Voi. lis.
in many cases.
few
to
shops,
Sirloin
I
will observe I have taken prices in the ordinary
establishments.
city
would
and with
will specify a
exaggeration,
indulge
and
tend
You
and
is
nor
accurate
clothing.
country
many
for
injustice
an
CHRONICLE
X^
Under
the
invested
or
\X'XXrX. [■_
one's
laws
present
property
1
whether
income,
business,
or
'.'-vr' V-'
derived
is largely taken
from
by
personal
the Govern¬
-
Eggs
.64
-.
,
Beans
—
'
.05
■
Potatoes
.10
.115
,
Lard.
Rice
"X
;
.19
Also,
—-
wearing apparel
on
Retail
The total
Cent
it
Spread
•
On
As
to
are
bedding
and by
and
with
coal,
the
much
so
and
100%,
rents
to
familiar
are
expenditures
necessary,
85.
extravagant
4.50
50.
much
regular
by
they
published
been
has
dealers
that every
and
one
paid
before the war that they
were
ranges
more
be admitted
less
is
which
'out¬
seem
labor
is
in
in
act
to
has
been
in
directly
the
accordance
fair
and
a
of
and
90%
or
leaders
of
in
work
the rates
and
affect
many
I
rentals.
and
1913
respectively:
1921
Carpenters
„
■
—
5.00
9.00
Electricians
4.50
Housesmiths
(structural)
Cutters, Carvers and
Marble
Metallic
Lathers
Painters,
and
and
Steam
Tile
—
—
_
i——
5.50
Setters
Masons————————
hour's
to
rates
is
by
If
have
we
it
employers
that
the
large
so
the
and
for
carrying
of
production
and
as
be
twice
what
they
have
been
these
have
been
prices which
also
and
smaller
remedied
rates
also
facts
and
war
and
paid.
wages
this
still
The
before
is
the
largely
carrying rates
or
war
now
realized
profits
and
because
maintained
are
net
in
wage
are
much
if
not
were
increased
much
higher in proportion than
received, and besides production
likewise decreased as
before
suggested.
I am
not now
intending to discuss selling prices or transportation rates.
Clearly and emphatically there must be further adjustment and reduc¬
tions concerning certain prices and rates down to a
level which will not
be
were
equitable,
reasonable
Unless
and
and
there
and
provided
is
sound
by
the
and
will
order,
sooner
of
whatever
of
all
every
some
tion
is
As
has
would
although
render
of
to
forced
As to the
desired
on
a
just
promptly
returning to and maintaining
respects, except by the natural means
and demand, which requires time.
By
of
full
upon
every
full
of
the
consistent
services
the
CHARLES
maintenance
of
can
materially
happen
assisted
necessity,
in the
it
discrimination, must submit
regulation.
Class
to any country.
in increasing costs
might be
proper
and
distinc¬
the
able
direction
of
for
but
not
situation,
Government
than
greater
to
not
specify
un¬
expenditures
great
the
our
much
too
we
is called
dates
modify
long endure.
can
or
periods,
by
the
advocated
by
Government
in
extravagance
in part at least,
war,
many
and
I
believe
greatest possible
the
to
way
This
it
raise money
per¬
but
it
one
is
far
so
be
to contribute
cheap
as
are
placed where
I
have
In¬
in accordance with
in
all the
people and
administration, and
v
they
as
be.
I repeat,
extent.
equal treatment of
is easy and
will
and,
it
now
for the Government is by
and accomplishment.
conditions,
blame should
later
officials,
respects,
I have admitted;
it
unsatisfactory
A
and
belongs,
properly
suggested.
fair-minded
de¬
quite
public
intelligently and surely apportion the blame.
to
when
WOULD
GLADLY
which
shall be
war
effort which the
every
will
no
hasten
SINK
WAR-
Washington Confer¬
the
coming of the time
Charles M. Schwab, Chairman
more,
of the Board of Directors of the Bethlehem
Steel Corpora¬
tion, told the gathering that if the statesmen at Washing¬
ton "should find it
permanent
possible to bring about disarmament and
gladly would I
peace,
of
the
Bethlehem
bottom of the ocean."
"Such
a
the war-making ma¬
see
Corporation
Steel
sunk
to
the
thing as financial loss," said
Mr. Schwab, "can be of no consideration when compared to
the realization of thht
the inestimable boon to mankind in
magnificent plan."
sal
And
I
of
it
is
as
like
would
has
the
out
set
were
Schwab's
Mr.
to
long been
clearly
recent
follows:
take
upon
my
alive
heart,
duty to say.
League
of
T
Nations
and which
the
am
at
munitions
of
in
head
the
world.
built
say
something
significant
mo¬
It was stated at some of the sessions
in
meeting
Geneva,
flame'of
of
war
it has often been
is in great measure
war.
of course, speak only for myself, but I
the sentiments of others placed
I
at this
by those interested in the private building of naval ships and
manufacture
can,
this occasion to
advantage of
my
carelessly suggested in the press, that the
kept
remarks regarding the
of armament and his attitude toward the propo¬
limitation
struggle to decrease them.
high cost of holding money and property, Judge
'*
SCHWAB
make
can
ence
prices,
expedient
M.
In declaring the men of the iron and steel industry to |>e
the
and
and
certain,
are
are
and
work,
Moreover,
solidly behind
ment
and
too
are
MAKING MACHINERY FOR PERMANENT PEACE.
which
without
do
and
private management, and the situation should
on
exposure
or
hindrance, there
necessity of
proceed with the greatest dispatch towards
upward march in prices influenced by the war,
interest,
for
different classes
sooner
to
thing that
of
one
prices paid
requires every
present
any
upon
better
The
of
the
shipyards of
my
other yards under
any
believe I know and
in similar positions to mine when
largest war materials
company
one
express
I/say this:
manufacturing works in
build more naval ships than
management in the United States.
are
But.
.
Underlying all economic conditions in
property.
and
this
for
purposes,
overstate
may
we
reciprocate to
just.
and
all
governmental supervision
throughout the world,
or
industry
disposing
only at fair and reasonable prices.
Business
if unhampered
by governmental inter¬
offer
succeed
grounds
similar
Gary said:
«
be
Government
on
in
and every
person
kind
the worst
the
of
that it may be pursued without illegal
starting point of the
then
to
of
way
of supply
with the benefit
so
he
kinds
no
law
ference, but if it is
the
branch
every
governmental supervision which is impartial and
all
interests, classes and departments equally
conditions
later
or
a
covers
simple route,
law
place
high
\yhich
chinery
there shall be
fully,
this
will
parity.
non-partisan
normal
but
I
required
Government,
expenses
under
numerous
I
thing
ability to buy.
most,
many,
rates
is
money
the
about
relating to
figures
of
of
political
by legislation and otherwise,
is
precative,
by governmental departments and
high costs result, in part at least, from the
received
nil;
selling prices
results
The
war.
the wide world.
over
the
done
for
The burdens
during the
must
tax
therefore
examination
These
of
those
are
during the
the
under
are
need
purpose.
too many committees making investi¬
are
too
things.
Undoubtedly the fairest
pecuniary
transportation
there
administration,
bad effect
individuals
paid for materials purchased from the original producers
are
the
than
they
cases
before the
were
published.
also
been
has
sometimes
one
established
a
certain
and
to
pro¬
we
this
for
dustry is sadly in need of assistance from the Government;
will
production
are
actually need let us apply
but we must not
great deal
but
Money
protection
before to reduce expenses and expenditures, and to
The
which
appreciate
'
semi-finished
Of
so.
necessary
follows:
of
little.
when
fortunate,
indebtedness
affairs,
altogether
governmental
likely
costs
that
cost,
profitless
never
rules
discussed by Judge Gary, his remarks on this point being as
The
all
clarify taxation.
all had
place
were
else
necessary
that all
A
as
any
too many clerks, doing too little work in public offices,
display,
sales
transportation
governmental
are
large
and
For
costs
enough of
enormous
at
bitter
to
the
on
for
or
abstract questions, especially
we
less
are
one
Well, just at present
is
States than
penny-wise policy.
a
on
There
by
fails
and
important
as
any
shelter and clothing
food,
money
who
just
for
comparatively
to
much.
say
and
United
Dawes, and others;
haps
doubled.
done
and
is
done
than anything
Unless
others
of
gations
the
important facts pertaining to production.
High
in
interest
public,
the
of
part
a
is
know
in the
benefit
situation.
that
so
required;
precept and example, has been largely responsible for the present economic
energy
or
being
of
work
others
apparently
consequence,
skill
formerly,
was
instead
which
under
many
The
it
in
condoned.
especially from those who know
words concerning
to
There has been
believe
Our
The failure to render
worse.
what
quadrupled
unions
is
suffers
even
one-half
seemed
avoided
than President Hard¬
more
Money
be
men,
amount
effectively
production,
more
it.
pay
subject,
their
who work little
intentionally
10.00
be
:
■
one
no
can
the lips of
listen
more
the
for
waste
and
10.00
4.80
of the story.
is
pay
not
as
wonder
extent
and
9.00
5.60
„
_
a part
actually
are
production,
The
great
these
paid
—
hour's
an
formulated
upon
experience.
a
for
only
accomplish
now
rules
limits
—_—
———
work
effort
those
more
useless
9.00
amounts
not
will be
management
demanded.
them.
nothing
concerned.'
will not
from
9.00
5.50
,
Stone
are
9.00
is
receive
it
more
is
health
we
necessary
10.00
5.25
_
__
Stone
paid
5.50
,
—,i
the wages
and
and
9.00
6.50
_
„.
stupendous
war
the
could
as
too
are
possible earnings and incomes must be left in the
first
concerning
louder
upon
—
Roofers—,
Cutters
But
nothing
talks
who
Without
Remarks from
country.
life
extent
those
was.
notwithstanding
9.00
4.00
,
fullest
of
General
9.00 & 10.00
5.50
5.00
'
-
Paperhangers
Gasfitters*
Fitters
Stone
—;
—
the
ever
9.00
Setters—
—___
.
Plumbers
Slate
To
hands
large.
9.00
5.00
_
——
—
Decorators and
Plasterers
day
$10.00
•
-
■—
Rate per
day
time
this
much
as
they
now;
During the
the
at
better
economy
or
ing fully appreciates the overwhelming insistence for decreases in taxation.
to
$5.60
,
greater
figures
The people generally overlooked and
accounting and
still
the
Perhaps
Judging by his utterances and efforts
not
1913
vV'iv
and
present is ten times
amount.
though
wasteful.
often
the circumstances.
stricter
greater
vided
with
in
day in
per
Rate per
to
'
connected
not
question,
of
living
operations
w——'
The
sense
of
building
Bricklayers
an
own
view
This relates particularly to trades
':X
or
its
in
the workmen.
of
figures of comparison showing wage rates
'[ '
the
have been
unjust.
control
measure,
the
with
considerate
under control
results
unreasonable
are
some
1921,
free
justice
interested
instances
■
large prices already mentioned
Fortunately, this includes 85
Where
which,
the
by labor rates, but I cannot too strongly state that
been
has
and
expenses.
offer
that
influenced
which
propriety
nor
a
it
or
labor
of
to 200%.
demanded
been
have
Amounts
than
made
profit
installment houses from 100
so
facts.
larger
the
view
were
at
give
growing in
startling and they"
60.
rageous.
It must
not
40.00
Derby and Soft
furniture
40
world
50.00
held,
capital
of
The point applies with equal force
by individuals or by corporations.
the
$9.00
and
progress
on
will
I
war.
3.00
—,—
Now
from
the
25.00
Overcoats
Men's Ilats,
indebtedness of
before
was
aggregations
to
to business carried
refers
industry
nor
and diverted from legitimate
away
corporations.
28.6
$7.00
—
Suits—
Men's
Per
applies
argument
it
made
'XV;V
//>
.
same
transacted, by
27.00
Shoes.*—
Men's
:
■
the
be
cannot
is taken
returns
whether
Price
Price
the
business
X'X-X
Wholesale
Men's
And
41.
follows:
as
enterprise.
43.7
.12
.085
■
—-
65.2
2.20
1.53
—
100.
Extensions
taxes.
It is
so
this
country today,
and
perhaps
high-cost to the holder or earner of money
high that the incentive to initiate, extend, develop
is the
*
I
have
the
thrilled
been
brilliant
and
beyond expression,
statesman-like
"Washington by Secretary Hughes.
A'olve
great
monetary loss in some
scheme
as
has
laid
every
good
American,
by
before
the
Conference
at
The carrying opt of that plan may inquarters, but such a thing as financial
t
Nov. 2G
loss
be
can
mankind
involved
be
would
the realization
in
successful
and
skilful
their
of
the shoulders of humanity.
unnecessarily sacrifice
would not
who
one
May God speed the day when this noble conception can be realized!
each
Steel
armed
protection of our country is necessary,
And
war.
this
from
let
will be
inflicts
a
no
that
industry,
the steel and iron
of
men
of
we
are
will hasten the coming
make which
effort they can
war
disarmament
steel
of
every
the time when
If
causes
to the men gathered in Washington, let it go out
say
us
gathering
solidly. behind
of
the
of the world which would eliminate war and
so,
loss
upon
the American iron and
us,
We will do so not in a
industry will accept it willingly and gladly.
perfect
est
permanent* material prosperity would be brought about by the concen¬
for
energies of mankind
constructive activities;
upon
upon means
the
if
dealt
are
with
Elbert H. Gary, similarly declaring
of the armament limitation proposal,
another item in this issue of our paper.
in
In paying his "tribute of respect and
admiration for the bril¬
is
guest to-night," Mr. Schwab
our
and
land
with
in
whom
our
United
the
but with whom
history
because
enthusiasm
Lafayette
us
with
dispute,
our
not alone because he is so great a commander, but I salute
added
sent
France
he
States
not
have
France
only
had
never
We
friction.
internal
without
moves
the herculean task which was assumed by
Likewise we cannot overlook nor minimize the relief
minds almost immediately after Marshal Foch assumed
property.
to
came
of millions of lives and
destruction
the
involving
our
And we appreciate
the defense and turned it into an offense.
that under his command the war was won.
is
It
remember how willingly and devotedly the stalwart,
generals of the various countries accepted the
pleasing to
talented
and
experienced
entirely under his direc¬
leadership of Marshal Foch and placed themselves
agreeable to recall the attitude of the Marshal
generals and their armies.
They believed in him and he
from the beginning to the end.
As one illustration, you will
toward
these
them
remember
by ten
equally
it is
and
the
This was an area about twenty-seven miles long
Argonne.
It was exceed¬
before been attempted
miles wide, a large part covered by forests.
or more
ingly rough and more strongly fortified than had ever
For four years continuously the Germans had held
similar space.
any
Italy, Russia, Po-
Belgium, France,
Germans into
of the
Balkans,
the
of
charge of
When it became
possession of
Argonne, Marshal Foch entrusted the task to General Pershing and his
armies.
It was a stupendous undertaking; and, in passing, it may be re¬
had been considered impregnable.
territory and it
marked General Pershing
lowed,
Europe broke out and the safety of France was threat¬
ened, my sympathy
and interest weht out to France with all the ardor I
made good.
not be useful,
It would
nor
is there time to detail the battles which fol¬
of Mar¬
after another, and at difference places, the appointment
one
Foch.
shal
in
war
the
serious
a
have been from the beginnings of
relations
our
the
France,
from
comes
struggle for independence, the same
own
terms of such intimacy and sympathy.
upon
the
When
and
sense
cannot fail to remember nor banish from
we
essential, for reasons not necessary now to mention, to secure
I salute him,
him
which
but
marches
onward
billions
this
in part :
adequately
cannot
occasional
thought the information which came to us from day to day during the long
and anxious period from August, 1914, to November, 1918, detailing the
for
liant Marshal who
successful
is
business
trusted
The remarks of Judge
whole-hearted support
of forces and
in management; and they know how easy and simple to
especially those of little practical knowledge,
system
Marshal Foch,
tion ;
well-being, and not for the destruction of civilization.
it
experience what
assembled appreciate from
here
enterprise to have perfect co-ordination
large
a
control it seems to outsiders,
spirit of mere idealism and self-sacrifice, but in a belief that that the great¬
tration of the
to
affairs
of
men
which
more.
money
single life; one who was de¬
a
freedom, liberty and justice?
of
The
means
civilians
happiness of the world than the conclusion of agreements between the
great nations
who
and
plans
day for necessary sleep and one
cause
Corporation sunk to the bottom of the ocean.
Nothing could contribute more to the ultimate and permanent prosperity
and
working in
was
time, with the exception of a few houi*s
hour each day for prayer, all for the
voting his strength and his entire
the establishment
of which I am the head, will devote itself with all its energy to providing
means
for protection of this country's homes and families.
But I say to
you from the bottom of my heart that if the statesmen now assembled in
Washington under the far-sighted leadership of our President and Secretary
Hughes, should find it possible to bring about disarmament and perma¬
nent peace, gladly would I see the war-making machinery of the Bethlehem
the
If
who
one
well-considered
and
to hour at all parts of the battle areas;
understood the situation from hour
indeed, make any sacrifice
of
leader;
studied
thoroughly
with
accordance
magnificent
of that
What red-blooded American would not,
the
mand
compared to the inestimable boon to
when
consideration
no
burden of armament could be lifted from
plan.
if
of
which
2253
CHRONICLE
THE
1921.]
Chateau
At
and
from
lish
their
lines.
turned into an offense,
could fully re-estab¬
the Germans never
the end
that time until
defense was
the
Thierry
previously advocated, the great commander struck at
As
The war
had been in progress only a short time when I wrote a letter to one of
the leading statesmen of France, telling him that, if it would help, we
would gladly place the ordnance and armament manufacturing facilities
of the Bethlehem Steel Company at the disposal of the French Government,
believing, as we did, that we were the only large ordnance plant in the
world sufficiently free and independent to be in a position at that time to
point and then another with great skill and persistence until the morale
"of the Germans was lowered and the army rendered comparatively helpless.
render such
swered
And I may be permitted to relate a bit of history.
possessed.
All
my
exceed the
and
steel
war
of
are
prone
to over-estimate the service they rendered
I hope I shall not
bounds of modesty if I refer briefly to what, our American iron
the war,
beginning to the end of
fifty million
nearly
steel.
The mere figure does
And yet fifty million tons of
of
tons
picture to the mind what that means.
would build
steel
During
the
modern
a
of
"bridge of ships"
a
the Atlantic.
across
of a grave mistake.
The Germans asked for an
in the councils of the defending nations an¬
would be granted until after the Germans had
the commission
armistice.
One
that
no
prominent
armistice
and
France
evacuated
and
Belgium;
time
this
at
were,
these
discussion
the
in
insisted
and
that the
and positive
language plain
negotiations and terms of the armistice had better be turned over to the
the
The suggestion was adopted and he was then placed in charge of
army.
whole
matter.
if
of
forest
you
this great soldier, with a few comrades, in the
practically hidden from the view of his armies, in
can,
Compeigne,
the German representatives (whose methods, man¬
concerning terms and conditions
Modest, gentlemanly, even kind in
quiet conversation with
designs I will not characterize)
and
bridge of ships from the United States to France.
ners
It
a
notwithstanding
this
and for several days had been, using every effort to get out of
countries without sacrifice.
Marshal Foch again injected himself
they
Picture,
Fifty million tons of steel put into the hulls of ships would actually build
deadly precision
it begged for mercy.
overwhelmed the German army until
and
Again the wisdom and sagacity of Marshal Foch was influential in pre¬
venting
railway ten times around the earth.
talked
we
war
industry furnished for
our
military machine battering with
co-ordinated
Allied
The
bewildered
into
in that direction.
industry did
purposes
not
...
men
dear Marshal, in the winning of the war.
the
From
service.
a
classes
to you,
one
relating to the cessation of hostilities.
truly
was
the
of
produced
and
sacrifice
After
in
"Let
our
at any
former
own
of
he
steel; they
self
to
be
after
our
Civil
prouder of that prayer
That
sublime
of
Grant's
General
might
the
motto
the
of
World
Conference
now
assembled
at
Washington.
With
by others.
Foch
is
and
was
even
a
bigger
in
man
the
last
enter
first to
This is
war.
Fine, loyal soldiers are
principle and country;
they would be
It is to be hoped
voluntarily kill or fight for anything less.
to
that the
in defense of
war
than in
peace
he abhors the latter and loves the former.
because
the
be the
well
He comprehended the present and he accurately
no spirit of
hate nor revenge, but with a
man.
future.
I will not say whether or not these terms have since been modified
pals.
But
phrase
great
a
forecasted
feeling of duty towards them that had confided to him their interests, he
demanded and obtained terms that were calculated to protect his princi¬
'
Peace."
tone, Marshal Foch was nevertheless strong and determined;
convincing.
On this occasion he again showed him¬
clear and
was
their industry.
great General Grant,
city.
have
and
manner
and
outdo in personal effort
The nation is
have Peace."
won
we
assigned to us.
was
industry not only produced
time prepared to
great achievements
Our
peace.
us
that
think, not
like to
industry,
warlike utterance he ever made, and that sentence surrounds his
our
us
the
comes
"Let
upon
were
even
war
than of any
made
who
steel
and
accomplished in full the part that
we
then
men
War, said:
tomb
iron
but that
The demands
of material and machines, as well as of men, and we,
a war
American
the war,
distinguished soldiers from the different nations of the world, who
are
JUDGE GARY IN EULOGY OF MARSHAL
At the banquet
Institute
tendered by the American Iron and Steel
18 in honor of Marshal
Nov.
on
President of the Institute, paid
Gary.
FOCH.
Foch, Elbert H.
supposed to be in Washington at the present time in an advisory capacity
on
questions pertaining
instruments
God
was
war
in
man
and whom he declared to be "even
won,
than he was in war."
peace
a
bigger
decision
No
has
by mankind than the
direction
and
of
one
soldiers, by far the
the
direction
of
man.
one
Napoleon's largest
So
as
soon
Foch
not
of
to
the Allied Armies,
all the forces and movements of the units under his
say
he was cordially and intelligently supported by
the men under them.
It was
the various armies and
long before complete harmony prevailed throughout the entire field of
This applied to
action.
the battle-fronts, to the furnishing and transporta¬
and women who were en¬
gaged in winning the war.
With perfect discipline and order, exact justice
and humanitarian methods, the business of conducting a successful war of
tion
of
supplies and to
the
largest
and
the
There
soon
followed
beginning,
which
magnitude
armies
the welfare of the men
ever
known became methodical
appalling combats,
both
offensive and defensive at the
for the Germans soon made an unexpected and rushing attack,
was somewhat successful.
But Foch was prepared for emer¬
soldiers
resulted,
who
born
was
and
a means
young men
of these hectacombs
has
been
to
peace
fallen
could
any
taught that God is
men
The
He is
With
other
world
owes
indeed it
was
on
is
an
end.
the field of
argue in
one
one
but
soldier all his life.
his secret
does not desire
It
satisfactions."
ideal for which
they
fighting.
are
He was
position to another until he reached
of the greatest, if not the greatest, generals
debt
a
a
the side not of the "heaviest battalions" but of
accomplishments,
him
a
anscestor was
including the science
his fine confidence in life that he
grievances,
in the French army from one
highest.
time.
on
most earnest about the
advanced
highly educated,
military instructor and
a
His
Pyrenees.
upper
was
others, not his
He
the
the
him that "such
written of
communicated
in
Foch
Napoleon.
He
war.
has been
to do
of
he is
a
We
so.
are
jof all
metallurgist.
gratitude it
can
never
all happiest
fully repay, and
in being his ever¬
lasting debtors.
This
brave,
presence
and
on
scholarly,
Christian
thoughtful
this occasion.
After
a
soldier
honors
us
by
his
slight diversion it will be my privilege
pleasure to present you to him.
felt
OFFICIAL
AND
The
iefore
perfect machinery.
brave
under
the precision and contin¬
and his great organization fought with
uity
suffering
Foch
Marshal
soldier
great destruction of life and im¬
but what mattered that in the opinion of the
gencies,
mense
and systematized;
War is but
advanced.
at first
of
presence
the
received his appointment as Chief of
Needless
officers
chief
placed in control of 6,-
army.
he began to co-ordinate
command.
was
largest organized army ever assembled under
This was thirteen, or more, times the size
earth.
on
when in the line, millions of
in the
and
"War is the
guest desires, for he has recently said:
thing
favor of war ?"
of
He
By this action Foch became supreme.
500,000
the
in the
finally bring about
will
pleasure of exerting a strong influence in this direction.
have seen,
battle,
Possibly one
future.
near
of
which placed Foch in general
the Allied and associated armies.
and consequence will be made at Washington
magnitude
equal
importance concerning the welfare of the world
greater
been made
ever
command
of
of
or
establish and maintain continuously and permanently
We know what our
I
conference at Washington
grant that the
most abominable
said:
potential
a
or
between all nations and that the guest of honor here this evening may
have the
In part Judge Gary
war
unnecessary
conditions which will
peace
will have
armament,
Those who suppose the army men generally
stand for unreasonably large armies
of warfare will, I think, find they are mistaken.
advocate
will
high tribute to the
leadership of the General under whose command the late
to limitation of
voice, and I believe they will.
that
Of
course
they
were
winning the war under the com¬
COMMUNIQUE
OTHER
NATIONS
teiTChinese
the
ON
ON
VIEWS
OF JAPAN,
CHINA'S PROPOSALS.
proposals which on Nov. 16
delegates
of
the
nations
were
laid
participating in the
Washington conference for the Limitation of Armaments,
J
'
THE
3254
to in
(referred
taken
for
up
Committee
19th
the
Pacific
on
inst.
A
thereto
regard
issue of last
our
consideration at
and
week,
2145)
page
Eastern
expressed
questions held
on
of
representatives
the
by
Japan, Belgium, Great Britain, Italy, France, Holland and
Portugal
That
issued at
was
conference.
of the
the conclusion
behalf of Japan expressed that country as "anxious
on
to see peace
Great Britain'8
Mr.
the
communique setting out the views with
as
of
be construed
to
seems
be
to
us,"
worked
Open
pressed
that
said
the
out
and
conference
Japanese
in
achieve
can
"to
statement,
leaving
by the Chinese themselves."
reservation
or
the
Opportunity'
Equal
to
in
behalf
of
Great
Britain
is
it
adjust
situation
domestic
her
Adherence
principle of 'the
China"
was
Mr.
he
had
stated
that
nothing to add to the frequent declarations of his Govern¬
ment
the
on
questions
"open door"
of the
in
China,
the
out its
its
affairs.
own
salvation and to maintain control
own
M.
Briand
stated
that
the
French
over
dele¬
Statement in
Senator
the
Chinese
claims
in
their
entirety.
Baron
de
Cartier,
Briand
with
which
French
the
issued
after the
"The
Committee
meeting
in
morning,
cepting
Meda
"Admiral
ment;
Pacific
Columbus
Room
Far
of
Eastern
the
Pan
o'clock.
All
plenipotentiary
for
Japan,
for
Italy.
Baron
questions held
American
delegates
Ambassador
on
behalf
of
made
the
for
.
are
anxious to
following state¬
''-V;
:/
the
"2. The Japanese delegation wishes to assure the Chinese
delegation and
the whole conference that Japan has every desire to cultivate the
happiest
relations with China.
We are solicitous of making whatever contributions
we are capable of toward China's realization of her
just and legitimate as¬
pirations.
We are entirely uninfluenced by any policy of territorial ag¬
grandizement in any part of China.
We adhere without condition or
principle of "The Open Door and Equal Opportunity" in
China.
We look to China in particular for the
supply of raw materials
essential to our industrial life and for foodstuffs as well.
Tn the purchase
of such materials from China, as in all our trade relations with
that country,
we do not claim
any special rights or privileges and we welcome fair and
honest competition with all nations.
.
"With regard to the question of abolition of extra
territoriality, which is
perhaps one of the most important questions proposed by the Chinese
delegation, it is our intention to join with other delegations in the endeavor
this
occasion
the
which
to
China
"We have
we
come
have
in the Far East and friendship
"3. The Japanese delegation understands that
the conference is to establish in common accord
among
nations.
the
principal object of
policies and principles which
guide the future actions of the nations here represented.
Although
ready to explain or discuss any problem w hich in the wisdom of the
conference is taken up. we should regret undue
protraction of the discussions
by detailed examination of innumerable minor matters."
are to
we are
and
said
"If
China
ference
to
Statement
de
Cartier,
Empire, and
to
the
Senator
subject
same
Baron
de
Cartier,
in
Schanzer
as
for
Italy, then
Mr.
Balfour
made
follow;
Belgium;
for
the
statements
in
British
Secretary of State
at
mittee.
In
regard
sentiments that inspired the words
the opening session of the work of
our com¬
far as China is concerned,
my country has for many years main¬
important relations with her, and has been
among the first to
development of the natural resources of China
through
large part she has taken in the construction of its
so
railroad system; it
financial enterprise of importance.
The personal experience that I
have been able to
acquire through
sojourns in China during the last
twenty-five years, the evidences of the
progress that she has made during that period, the manner in which she
has been able to overcome her
internal crises, inspire me with
great confi¬
4established there industrial and
dence
for her
see
assured to the
open
door
She has heard with satisfaction the
statement of the representatives of
Chinese Republic that that country is
ready to apply the policy of
commercial liberty in all parts of its
territory without exception
This
commercial liberty will not produce its full effect
unless the nationals of
the Powers obtain the rights and privileges which
are a
necessary condition
of the full development of economic interests.
the
"Belgium, in accord with the Powers concerned, is
ready to
consent to
fair increase in the custom duties.
"She will align herself willingly on the side of the
countries which are
disposed to accept the gradual abandonment of their rights of jurisdiction
as soon as the Chinese Government shall have
completed the work that it
has undertaken and shall be in a position to give
assurance of the
many
guarantees that the proper administration of justice demands."
in
the
of
say
He
present
phase
of
the
character
general
a
and
wished, however, to seize
of one of China's neighbors,
happy to consider the principles
problems themselves from the stand¬
be
the
and
toward
to
Holland,
the shores
along
them
examine
China.
the
of
declare
in
spirit
a
Jonkheer
the
of
Pacific;
afforded
now
her
Holland's
of
position
good-will
stabilization
of
her
by
and
and
legitimate aspirations
and
the
opportunity
to
van
China
to
it
and
this
con¬
define
her
willingness
in
her
domestic
to
endeavors
affairs
which
problem affecting the Pacific.
Portugal'8
"Viscount
that
the
all,
with
said
'that
nearly
of
his
a
identical
views
and
prosperous
Sze
for the
China
and
be
considered
to
reserve
detail
and
a
he
was
spirit
the
Of
this
in
the
had
interests
associated
delegation
friendship
course,
accord
of
success
Chinese
their
that
sure
of
gladly
pleasure
conference
himself
this desire.'
and
delegation
general discussion
P.
4
the
with
Chinese
desirability,
He
with
saw
at the
Appreciation.
of
proposals.
connection
the
But
to
"After
A.
the
China.
united sympathy
general
conducive
behalf
on
her
in
to
then.
the
21, at
represented
to
as
united
China's
expressed
preciation
for
Views.
Portugese delegation
colleagues in the expression of
»
Mr.
the
delegates of the other nations
expressed
of
d'Alte
of
the
of
many
applications.
the
right
his
sincere
ap¬
the delegations here
proposals
He
would
will
desire
of
discussing them in
the friendly sentiments as
expressed
thereby presented would be greatly
conference.
the
meeting adjourned until
Monday,
Nov.
M."
BARTON
HEPBURN
PRESERVING
BAYS
CREDIT
RESTS
According to A.
ON
RESPONSIBILITY
FABRIC
JAPAN
Barton
OF
AND
Hepburn,
U.
OF
WORLD
S.
Chairman
of
the
Ad¬
visory Board of the Chase National Bank of this city, upon
Japan and America, "more than any other countries, rests
the responsibility of preserving the credit fabric of
the
world, preserving the gold standard,
unhappily
the
bum's
maze
remarks
honor
upon
those countries
firm foundation."
a
made
were
in
speech
a
of
Mr.
Hep-
welcome
to
Japanese Industrial Commission, in whose
luncheon
a
November
on
until
far from the gold standard, can struggle
of inflation and plant their standards
so
securely and squarely
given at the Bankers' Club this city
was
10,
by
Mr.
president of the National
Hepburn,
S.
Alexander,
of Commerce;
Bank
James
Charles E.
Mitchell, president of the National City Bank, and Gilbert
C.
Tliorne,
president
Hepburn's address
of
was
National
the
as
Park
Bank.
Mr.
follows:
The bankers of New York extend cordial greetings to the
very distin¬
guished gentlemen whom they have the honor to entertain.
We welcome
to our country.
We rejoice in the mission which brings you here
you
and
wish
we
you
in
success
your
mission
and
in
all
your
other
under¬
takings.
May
the
I
express
death
assassin.
of
was
man,
patriotic
front
of
the
Japan,
We
and
wise,
the
in
and
loss
you
by
the
cowardly
progressive statesman,
his
and
times.
have
great
down
struck
Hara,
liberal
a
advancing
but to
are
sympathy
our
Premier
He
She
industry and commerce of all the nations the
possibility of sharing on a footing of complete and
genuine equality the
development of the resources of China to the greatest benefit of the
Chinese
people and of all humanity.
a
to
welfare,
on
consolidation
future.
"Belgium will take part willingly in all the measures
that this conference
may adopt to insure the territorial
integrity of China, and to furnish her
with the means to overcome her
present difficulties.
She is convinced
that the support of the action of the
Government is the
necessary condition
of all progress. and of the fruitful
application of such rules as this conference
might lay down in accord with the Government of the
Chinese Republic
Belgium will unreservedly favor the policy of the
desires to
count
members of the
tained
•
and
rights,
realization
with
that,
him
importance.
friends
herself
x
contribute to the
the
The
light
practical
a
thorough examination of each claim.
a
'
"I believe it advisable to
briefly point to the spirit in which Belgium
takes up the examination of the
questions rleating to the Far East.
She is happy to subscribe to the noble
of the
reach
of them.
her
may
connected
are
down
old
one
the
a
through
Behalf of Belgium.
speaking for Belgium;
to
China,
long.
favorable
most
order
-.
for
kilometers
the
in
feels
representative
friendship
avails
she
for
general
has
assert
in
toward
now
"Baron
1,500
in
But
remarked
the
as
laid
knows that it is
come
purpose of assuring peace
make
delegation will
world's
sympathy
Karnebeek
in a manner fair and satisfactory to all parties.
this conference, not to advance our own selfish in¬
to co-operate with all nations interested for
the
to
about
consider
to
entirety.
material
say,
has
the
of
her
of
Netherlands
to come to an arrangement
terests;
their
is not much
time
same
peace
moment, but we
intervention in the internal affairs of China.
All that this conference can
achieve is, it seems to us. to adjust China's foreign
relations, leaving her
domestic situation to be worked out by the Chinese themselves.
reservation to the
in
Karnebeek
van
discussion, there
at
and unity re-established at the earliest possible
want to avoid all action that may be construed as an
see
disposed
is
claims
frontier
common
;v>
sympathy that France
warm
France,
"1. It seems to the Japanese delegation that existing difficulties in
China lie no less in her domestic situation than in her external relations.
We
a
Views.
ex¬
V.'Mv';'
/"'V;':'
.
this
present,
V
Japan,
second
Building
were
Jusserand
:;V^-
Kato,
its
,
Holland'8 Attitude.
wishes,
and
has
delegation
"Jonkheer
aid
Shidehara
11
Baron
Mr.
and
the
at
The following is the communique
meeting:
on
she
the
result it will be necessary to
things he stated "that it will unreservedly favor the
door."
expressed
Chinese
part willingly in all the measures that this conference may
open
Behalf of Italy.
■
of
other
,,
.
statement:
French
point
adopt to insure the territorial integrity of China"; among
:
"I have the honor to state in the name of the Italian delegation that we
fully subscribe to the noble sentiments that have been expressed by the
orators who have preceded me.
The Italian delegation is ready to examine,
together with the other delegations, with the greatest care and in a spirit
of sincere
sympathy, the questions relating to China.
It will give its sup¬
port to the solutions that shall appear to be best suited to assure the free
development of China and to guarantee an equality in footing of the
different nations in their efforts to promote the progress of China and of
commerce with that country."
representing Belgium, announced that the latter "will take
policy of the
Schanzer's
that
gation is disposed to consider in the most favorable light
'
substituting, when circumstances warranted, the normal processes of law
extraterritoriality.
All these principles had been formulated over and
over again in
explicit terms by the Government which he represented."
integrity, of China and the desirability of leaving China
to work
I
-
.
for
ex¬
Baron Kato.
Views.
,
order, which had been raised.
His reason for saying this was that he had
nothing to add to the frequent declarations of the Government he had the
honor to represent on all these questions; for example, the 'open door' in
China, the integrity of China and the desirability of leaving China to work
out its own salvation and to maintain control over its own
affairs, and of
M.
behalf of Japan by Admiral
in
Balfour
this
relations,
condition
Door
intervention in the internal affairs
as an
"All
foreign
"without
statement;
and unity re-established at the earliest possible
China."
China's
Balfour's
"Mr. Balfour said that he thought it unnecessary to add one word to
what had been said by his colleagues in regard to the question of a general
moment" but added that "we want to avoid all action that
may
[Vol. 113.
were
second meeting of
the
Far
CHRONICLE
liberal
His
death
policy
was
kept
Japan
great loss,
a
suffered
hand
great
a
of
and
in
the
not
in
an
good
full
only
to
the world.
fortunate
very
having
in
gentlemen
of
such
and
consequence
study of conditions.
The condi¬
much alike.
Our relations to
were
somewhat analogous.
Both countries suffered severely in
men
and money,
but neither country was invaded.
You have gold enough in your treasury to retire all your outstanding
notes.
You are
squarely on the gold standard.
You enjoy the highest
capacity visit
in
tions
the
credit
rests
and
your
to
hundred
We
me
our
and
country
respective
funds
have
two
our
make
countries
are
a
very
war
also
that
the
government
invest
million
have
upon
more
plenty
us,
obligations are the choicest investments.
your country requires.
You have
than
invested
of gold
Japan
responsibility
in
and
of
our
and
Yon
over
country.
enjoy
America,
preserving
good
more
the
credit,
than
credit
and
it
any
other
fabric
of
seems
to
countries,
the
world,
Nov. 26
the
preserving
the
far
from
and
plant
ing
was
war
dangerous
nations.
The
dangerous.
It is even more difficult
practical bankruptcy confronting so many
with
now
."V;;
'■
■
is
mark
the
and
securely and squarely upon a firm foundation.
inflation was everywhere in evidence, bank¬
and
on
particularly difficult and
was
and
standard, until those countries, now unhappily so
standard, can struggle through the maze of inflation
their standards
the
When
gold
gold
lire
about 4/lOths of a cent, the franc at 7 cents
cents.
When is this depreciation to end?
There is
quoted at
at
4%
restoring it to normal so
hope of stabilizing exchange or
no
long as the
redeemed in the local currencies of these nations, so
badly depreciated and in such an utter state of demoralization.
We
must have reasonable stability to exchange in
order to deal with other
nations with confidence,
but can there be such a condition established
exchange
long
as
be
must
fluctuations.
people and our press urged that America must finance
extend credit to other people in order to enable them
Our
inust
took
Congress
banks
Many
sell
to
looks
me
the
is
It
we
falling
prices
bankers
of
and
for
considerable length
some
of time.
undertakings of their
finance business
to
We
have
you
wish
no
occasion
the
these
upon
to
over
Dan, I turn
Com¬
yfy
depend
activities
speak,
to
so
They
of large and stable
American
-V;■'
i
y
"We are the representatives of Japan's banks and industries.
There¬
fore, the responsibility of doing the best for the business activities de¬
pending upon our humble selves is one that we cannot bear lightly.
We
have come
to learn
from you.
We want to steer business into good
channels.
We want, as Japanese bankers and financiers, to follow after
and attain what American
bankers and financiers stand for. ' We are
of good banking.
You are representatives
financial and industrial enterprises.
principles
ready within
capacity to co-operate with you."
needs neither
American
tendered
u.
contract
s.
interpreter for the President and Committee
Acting as
the
treaty nor
with
.
of
marshal fogh france
tells
guthrie
i).
IF.
our
and
Iron
Steel Institute
Foch
Marshal
to
by
at
the banquet
Institute on
the
the 18th
New York State
guest of the evening that he
inst., William D. Guthrie, President of the
Association
Bar
the
told
could return to France, and say to
"whatever
that
may
be
his companions in arms,
result
the
the Conference
of
the Americans."
"Your heroic country" he said, "has con¬
the
heart
And as long as
all unprovoked aggres¬
of America.
quered
forever
France
shall merit our aid against
sion, she shall have it without treaty
and without contract."
Guthrie also said in part:
Mr.
There
is,
gentlemen, an historical document which ought to be placed
fire and gold before the eyes of all the delegates to the
of
letters
in
at
contract with
Washington, France needs neither treaty nor
International
Conference
at
Washington.
The
lesson
which
it teaches
ought to serve as a principal beacon to these statesmen in their media¬
tions.
I speak of the stirring protestation of Gambetta and his colleagues
at Bordeaux in February,
1871.
May I not be permitted to recall this
evening and
document?
civilized
the
before this assembly some of the phrases of this prophetic
of the rules of justice and of international law,
nations ought not to remain longer insensible to the fate of
"Guardians
of being themselves in their own turn
victims of attacks which they may have tolerated.
Modern Europe can¬
not
remain
deaf to the repeated protestations of the populations now
menaced; she owes it to her own conservation to prohibit such abuses
of power.
Europe besides knows that the unity of France (and we should
add the security of France) is, today as in the past, a guaranty of the
general order of the world, a barrier against the spirit of conquest and
their
neighbors
under
penalty
invasion."
I
do
not
hesitate
to
affirm that the
historians and philosophers of the
judge very severely the Europe of the nineteenth century,
which twice, in 1814 and 1871, permitted the dismemberment of France
for the benefit of Prussia, and that they will see in the war of 1914 a
future
will
for the abandon¬
ment of France
will not be mis¬
understood again!
If for the moment "the light shineth in darkness,
and the darkness did not comprehend it," as we are told in the Gospel
of Saint John, we, the devoted friends of France, may be sustained, I
was
about to
say
fortified, by the reflection that the world is still
groping in the darkness of the chaos following the Great War, and that
it is always the night that reveals to the navigator the stars invisible by
vengeful
scourge
and a retribution of inexorable justice,
in 1871.
Let us hope that this lesson
day.
Your
in
arms
that, whatever may be the
France and say to your companions
result of the Conference at Washington,
kill
outcome
initiative.
of the
Conference on the
"will contain more potentiality
mankind than any single event in the
of
dinner
II.
Will
the
Hays,
in
was
an
address at
Avenue Association,
Fifth
Postmaster-General asked consideration as to
the
prevent the recurrence
to
Aireful
its
consequences,
Harding
President
the
this city
above
what is
of the world war and
and in part said:
surveyed the
has
last
expressed by
Leading up to the remarks quoted
November 15.
on
of
success
sees
hundred and twenty-one years"
Postmaster-General
annual
country as he
entered upon his
responsibility for it.
He has surveyed not merely his
world in which his country is the largest single factor.
country
He has
and he has seen that the greatest single immediate
avoidance of recurrence in the future of the calamity that has
need is
official
but
the
surveyed it,
brought
all our troubles upon us.
In that spirit he has called a conference, which
is at this moment at work in Washington.
The purpose of that confer¬
ence
is to provide an assurance against another war.
There are those
who speculate as to whether this conference will be successful.
That is
wrong.
That conference must and shall be successful.
Consider what
we
have at Washington.
Consider how it came about.
There are five
great nations who have recently spent terrible years as companions-in¬
arms
against a common foe.
In the course of that companionship-in¬
arms,
and as a means of furthering it, three of these nations, Great
Britain,
the United States,
and Japan, engaged in an enterprise of
greatly increasing their fighting strength on the seas.
All the building
of ships upon
which these three nations are now engaged was planned
in the unity of resistance to a common foe.
It was as friends engaged
upon a common enterprise of high purpose that we started the building
of these great navies.
Suddenly and happily we triumphed over the
common
foe.
He threw up his hands.
We entered upon his lands and
the
the
For
a
J :
possible to have, and we now have,
looking to the limitation of armament which contains only
him.
disarmed
we
in history it is
time
first
conference
At any
friends.
generation past any conference of
other time for a
of the world, looking to
great nations
the
disarmament would have included
Representatives of a military group in control
in one country defeated former efforts to achieve permanent peace because
of wilfully preferring not to be one of a company of friends.
But now
they have eaten of the fruit of their malevolence and no longer sit among
the great powers.
In 1899 and again in 1907, that country, in the arro¬
gant pride of reliance upon a preponderance of armed force, defeated our
efforts to agree upon the arbitration of international differences.
But to return to the conference that is sitting at Washington tonight.
In that conference there are nothing but friends and unity;
and there
is, for the first time in such conference, no element seeking to prevent
the consummation of the conference's purpose and those great nations who
were able to agree upon
a purpose that entailed untold sacrifice of blood
who
one
not a friend.
was
treasure
and
their
common
and
country
action.
and
action
which looks to
of mankind. This
the world, tired of words, wanted a leadership, a program
The leadership and the program have been furnished, the
will
now
peace
be able
to agree upon a purpose
and prosperity and the happiness
follow.
will
of President Harding's shedding
Washington to-night, that inspires
much of my confidence that the outcome of that conference will contain
more potentiality for good
for mankind than any single event in the last
nineteen hundred and twenty-one years.
And in the confidence of these
convictions I predict that the forces working for its successful consum¬
mation, guided by this same great mind and sympathetic heart, working
the miracles for good in this country,
and inspired by the spirit, will
bring from the conference a result which will be recognized as the most
important meeting of men's minds in all history and the most fruitful
upward step taken by the world since the day Christ first preached
It
this
is
curative
beneficence
its
"Peace
on
over
and healing spirit
the
conference at
earth, good will toward men."
Speaking of our present system
expressed the hope and expectation
future
we
shall be able to take up
"so as to raise a smaller
burdensome
consumption
Hays further
other form
or
of taxation, Mr. Hays
that in the immediate
the task of changing it
through
considerable part of
of direct tax on the production
proportion of our revenue
income taxes and
it through some
or
Excellency, you can return to
hays
which
Armaments
for
good
nineteen
to be done
financiers.
and
bankers
upon
fountain
the
for
the
that
of
Limitation
head from which business flows.
Good
banking and good financiering is the requisite
to good business.
You
are
the men in the United States who have built soundly on the solid
^
taxation
of
Confidence
discussion from
/•
to say, according to the New York
.
business
"All
intimate union of their souls.
conference—change in forms
armament
Commission, in responding,
interests, and Chairman of the
are,
felt again the
Foch, you are in the highest
postmaster-general
combined Mitsui
director,
managing
Dan,
bad the following
mercial:
and Dr.
hoping for full, free and frank
questions.
various
Takuma
Dr.
to
forget
we
wise course to pursue.
talk, we prefer to listen,
you,
have
and
ites
their
Marshal
interest of advising a
the
in
we
degree and under every title most
welcome among us.
You come to us full of glory.
You have written in
the annals of the world a glorious and
imperishable page.
I seek in
vain the words which will tell you how much we admire and love you,
and how much we are stirred by all that you have done, by all that the
French Army has done, by ali that the French people have done for us
here in America
and by all
that your compatriots have suffered and
sacrificed.
/v.;'. .v-'/'y
■' ■
A.
will do, and fortunately we can safely
do so to some extent at present and we may
hope increasingly so as
Europe recovers.
y
'■ y,\,;;(S, ,;Vr
V!•
: y,,v'
There is no question or repudiation in either Japan or America.
There
is no question of the standard of value.
There is no question of credit
generally.
In view of the similarity of our conditions with reference
to the world at large, it is particularly gratifying to confer with men
of such experience and such business ability under the circumstances and
This
only.
manner
can
other countries in a
finance commerce and trade of
to
Never
France.
aid, the sympathy, the devotion and the
generous
renewed
increase their operating capacity.
have intensive competition for our
would
though
as
duty
countries
conservative
i'.;:
to invest
love
to
unselfishness which
the French people and the government of Louis XVI showed hs at the
outset of our history.
The steadfast friendship of the two peoples, their
mutual
respect and confidence, their common
sacrifices and common
heroism, these are your guaranties.
On the tomb of the Unknown Soldier,
consecrated symbol of the natural grandeur of man, the two peoples have
They all lost money.
It is not desirable
extend credit where payment is more than doubtful.
operating at 28% of capacity.
Other of our large cor¬
with
markets
own
own
is
contract
nor
learned
child
American
the
the
invest.
so
there
to
to buy of us.
that
in the same condition.
in sight to materially
are
is
What
or
trust
porations
It
did
goods
steel
The
other nations;
the cry and passed a law authorizing banks
organized expressly to deal abroad.
up
treaty
.
of corporations
stock
the
in
with the Americans.
Each
occasion for the subtle disputes
of sophistes, of politicians, of irresponsible journalists, of reckless leaders
of
the
crowd.
"The letter killeth:
but the spirit quickeneth."
Did
not the great Napoleon avow at the end of his career, so full of glory and
of disappointment, that after all it is not diplomacy but sentiment, that is
to say the heart, that governs the world?
Your heroic country has con¬
quered forever the heart of America.
And as long as France shall merit
our
aid
against all tfnprovoked aggression, she shall have it without
treaty and without contract.
The past has forged in our souls a sacred
and sufficient entente and has engraved it in our hearts.
The late Arch¬
bishop Ireland well said that it was in reading the history of his country
neither
needs
France
phrace, each clause of a treaty may give
exchange must be redeemed,
the local currencies, in which the
as
subject to such violent
are
2255
CHRONICLE
THE
1921.]
sales
raise a
of goods."
Postmaster-General
expressed himself as follows:
THE
2356
We
find
must
and
ernment
will
that
be
will
not
the
or
adopt
the
destroy
wealth
in a way
itself of the
earning power
payments.
There
and
make
must
refunding of the entire
a
no
the
debt
war
must and
basis, and it must
a proper
on
There is no reason why the
present generation should bear the whole burden of a war fought for all
posterity and that must not be.
After the refunQing, which must come
in due season, it will be possible to devise a method for the collection
of taxes that will stimulate rather than in any way retard business, and
spread the burden in right proportions to every man and woman in the
country, who are all beneficiaries of the results for which the money was
spent.
An element in this final readjustment, of course, too, is the
adjustment and evidencing of the amounts due this country from other
be
spread
over
countries
is
It
and
definite
obviously
number
great
a
steps
of
years.
these
things
of the ultimate form of taxation
gram
Forms
of
taxation
which
end,
being taken to that
are
essential that
For
the paying, and most certainly
initiative
which
kill
can
know.
the pro¬
you
as
be concluded before
be consummated.
initiative
but in
changed.
form
he
or
I
will turn
it
of
was
commandeering of money.
In the emergency of war this
enough but to keep up this form of taxation in the same
a
proper
degree
during
the
present
as
tices
self-denial
banks,
fast
latter,
that
and
of
only
I
that
the
difficult.
Into
income tax
to
sixty
to
make
make
the
Thrift
the
is
bears
enough;
or
quality
that
a
too
the
which
their relatives,
upon
when they
sufficient
men,
reach the
to
tive
I
labor
results,
of
anywhere from
four
in
the
of
less
competence
a
of
government.
cent
per
difficult.
thrift
A
device
does
which
and
heedless
takes
retards
civilization
A
bear
not
the
To
people
the
from
lack
individual
mulation
difference
and
this
and
the
who
man
the
which, either
whatever
he
abstains
guess
causes,
I
in
would
the
cast
replace
to
what
impossible,
and which
of
paid
I
its
out
position
of
interest
would
turn
I would
been
fundamental
in turn,
adopt
nature,
capital
a
new
in
new
the
accu¬
to make
as
system
a
the
in
form
a
of
consumed
by its excessiveness,
of
use
face against
of
"heads
do all the losing;
you
accumulation
has
the
for
my
form
any
saying:
of
of
its
taxation
applica¬
puts a handicap on all pioneering, on all venturing, on all experi¬
menting, in business, in science, and in art.
I would turn my face
against a system of taxation which discourages or makes difficult or
even
or
excess
impossible that accumulation of goods and wealth which is the food
and
clothing of art, of science,. of schools, of churches,
most
of
the
country.
many
organized
I
would
and
cases
charitable,
in many
I
man
can
should
taxation
but
be.
of
reduce
also
debt,
forty
of
all,
all,
of
pf
the
that
but
in
confis¬
fifty
will
out
us,
of
things which either
be inaugurated shortly.
will
have
soon
maturity
of
which
and
years,
not speak
of
reduction
greater reduction
shall
the
extend
sixty
or
still
We
do
ahead
the
several
are
which
or
have
I
are
a
in
will
the
run¬
refunding
of
loans to
these
thereby
a
greatly
the sinking fund charges which must be met
yearly.
We shall
have an adjustment of the debts of ten billion
dollars, owed
by other governments.
When these things have been accomplished,
coincident
system
with
bringing
national
of
this point,
them
taxation.
before I
revert for
we
can
quarter
of
may
the
a
about,
must
is
It
a
all
come
on
billion
to the
relation of
subject of
our
the
tremendous
and
new
sound
undertaking
coming
year.
but
...
into the matter of the Government's spending,
go
moment
the
to
reduce
a
depending
in
taxation
at
for
program
there
fruition
shall
things that
should be accomplished within the first half of the
we
of
taxation
forces
soon
us
or
hospitals,
of
spiritual
system
not
our
Government.
which
or
what
of
the
national
period
to
and
and
views about taxation.
own
infer
soon
process
of
is
point out the
First
have
expenses
our
my
can
any
which
ning
communities
a
*,
expressing
Congress,
of
prevent
:
have been
I
for
educational
everlastingly
cation.
ful
The
as
the
tion,
thrift
the
I
which
form of taxation which makes that
any
or
rate
in
me
is
say,
well,
gains.
my
taxation
of
and makes easy the
goods
outlaw
Washington
anything away for the future, and
precarious oscillation between feast and
between
increases
so
and
capital unavailable.
let
Thrift
form
a
out
"I should like to write this book, but what
Government
encourages
difficult
of
fruits
consumes
would
at
without storing
on,
I
thrift
civilization.
of
who
taxation
out
to
man
turns
half of
a
If your venture goes badly,
will share in your earnings."
we
wealth
of
lack
civilization.
from
of
system
on
of
war.
At
civilization.
and
taxation
perpetual
a
famine—the
of
store
already
saving or accumulation
before, the present excessive
cast
business
a
venture
or
lose.
you
which
already in
assuming
causes
this
third
a
enterprise.
or
the
puts
well,
goes
We
past
would
I
invention
or
are
over
"if
fourth or
a
down."
which
win, tails
them.
support
framed,
guess
age
makes
situation
stone
much
distinguishes
between
lives
hundred
one
distressing
more
perversion
a
foundation
get his hands
who
is
system of
malevolent
a
is
difference
say
wisely
I will get little for my labor; and if it
well, the Government will take too large a proportion of my returns.
I might as well go fishing."
I would cast out any form or
degree of taxation which takes the incentive from every kind of produc¬
1
people in the world.
thrift
on
unduly,
can
even
differential
a
I
men
rather than the
this has been the experience
taxation
was
dependent
competence
a
accumulation
difficult
the most stable
which
of
introduced
more
is
form
that out of
hundred,
one
if
show
two
working against the man who is trying to accumulate
This must not be.
It should be the business of the Gov¬
ernment
it
will
a
as
day's
cent,
per
competence.
a
the
that
whatever
has
of
you
future
continue
we
out
to
our
saving
his
v-.; -V-Vy.
destroys the incentive to save.
I have
sixty-five
accumulated
point out
decades,
the age of
these
tax the former
statistics which show
sixteen
sixty-five, have
Now,
'
'
of taxation
eighty-four arrive at
change
consumes
on
government to
"
present system
should
We
who
man
investment—between
of
wise
compilations of
seen
the
the other hand, the man who prac¬
part of his day's work and puts it in savings
it, and,
forms
of
intolerable.
longer to put such a handicap on
Between
saves
other
business
.
Our
and
be
would
no
as
does.
he creates
as
in
or
the
is
so
system
work
it
time
peace
system of taxation
tax,
the income tax in part;
goes
taxation
nature
sales
a
must keep
we
which
enterprise,
an
for example, an author to say;
is the use ?
If it goes badly
it
go on,
stated,
degree of taxation
any
contemplates
Government will take
if
most
say
have
what
form more wisely framed and in a
very greatly reduced degree.
speak of how high a sound income tax may go, I cannot pretend
to speak in definite terms.
But I can say this: I would cast out forever,
as
an
instrument of the devil, in an economic and political sense,
any
of
willing to
am
I
is
I
indefinitely during peace time
with either the form or the degree of taxation which was originally de¬
vised to meet the emergency of war.
Our colossal income taxes were
adopted with an eye single to one thing, namely, raising of the money
in the largest quantity and with the greatest speed.
We took the advice
of going straight where the money was and taking it ruthlessly.
The
war tax
law was passed in the spirit of the draft act.
It partook of the
I
and must not attempt to
on,
That
saver.
a
When
emphatically that this country can
Personally,
not go
the
that
reasons
taxation
be
will
and
must
[Vol. 113.
and
encourages
would do.
to run the Gov¬
system whereby the money
a
obligations must be raised in a way that shall
its
undue hardship in
longer work
labor
and
meet
CHRONICLE
taxation.
expenditures
dollars
a
for
of the
success
that
saving
conference
conference
armament
The
year.
the
If
by
may
is
success¬
minimum
a
be
much
of
a
greater,
how far in the direction of reducing and limiting armament
to go.
That, gentlemen, is your dollars-and-cents stake
be able
success
of
what
President
Harding is trying to do.
from
consuming all
he gets from day to day, who stores away something not
own future, but also for his children, and for the future of
community—the difference between those two is the difference
only for his
the
whole
between
I
shiftless
with
say,
of
all
civilized
a
rather
than
volent
form
and
irresponsibility
the
emphasis
government
to
penalize
of
and
to
at
thrift
encourage
There
take
is
intelligent
command,
my
thrift and
taxation.
conscious,
a
and
its
away
no
to
use
it
that
is
the
safeguard
its
male¬
words
omic principles
understand clearly what it means, or
by those who are
willfully to mislead the public.
If so, it matters not.
When I
the
use
to
phrase
that
form of
a
"consumption tax,"
accumulated
the
fruits
it.
of
In
That
of
must
is
taxation
on
the
of
in
Now
of
sound
that
sailors
cost
who
I
of
system
a
from
science
in
the
government which
tax,"
which
the
or
taxes
from
"turn-over
a
the
consumption
of
consump¬
of
goods.
non-consumption.
reasonable
a
taxation
a
proportion
the
is
the
try
of
tax,
to
society,
make
to
which
the
consumes
contribute
labor
sales
would
society—by
he
as
should
man
That
of
expenses
consumes
This
it
difference
the
reasonably
of
society,
of
and
Wealth
from
a
most
graded
regardless
I
goods
the
and
cost
ask
if
the consumption
or
income
who
owns
such
as
be
recognized
to
way
tax.
it,
Also
is
should
the
consumes
of
the
it
do
it
is
a
is
a
fact
beneficiary
a
contribute
work
in
this
of
to
of
the
soldiers
and
foreign
against
work
of
society
tax,
make
or
would
a
a
I
include,
man
who
personal
consumes
too,
of
consumes
chauffeur,
distinguish between
the
on
I would make it
pay taxes in
house,
should
convenient
enemy;
it consumes the work of
robbers; it consumes the work of the
safeguard it from other forms of theft.
I would put wealth
defend
proportion of work it
I
"production
consumption or
is best, to lay
repeat
he
and
society.
defend
consumer
would
not.
a
labor
who
consumption
his
a
running
me.
taxation,
wealth,
as
and
which
the
a
pro¬
consumes
the
possessions.
of
the form of
consumer.
to
contribute
nutshell.
wealth,
policemen
a
I
as
disagree with
small
running
as
cost of
the
ought immediately to go on and say that men with
large pos¬
ordinarily consume more of the work and goods of
society than
work
courts
to
refrains
the
produces.
system
through
the
the
with
course
I
sessions
men
a
to
in proportion
of you
tax,
his
of
goods, or to continue to lay it
from
consuming, and saves for the
family and for the benefit of society.
I take it
who
application of
society
society
any
who
man
man
to
it
continue
cost of government—in proportion
^
which
from
which
you
contribute
man
mean
the
or
abstinence
either
ask
the
tax"
than
himself and
sound
a
each
I
on
excessively
that
couple
must
choose to call
you
come
clear.
future of
I
also
accumulation, and protects and safeguards the
to a
sanely moderate income tax, I most
addition
"sales
goods rather
Taxes
of
processes
earnestly favor a
tax," or whatever
tion
wealth
sanely graduated income tax
stimulates
of
innocent until he is proven
Federal District Court at
phrases.
willing
Applying the principle that
fruits,
a
more
over
LOSES
as
but
course,
the
pay
same
nearly
no
basis
as
more.
this
as
can
kind
work
of
more
than
a
the
of
I
the
speak of
a
consumption.
personal
man
servant
who
in
does
earning money and consuming
money.
This is exactly what the income
tax, in its present form, fails to do!
The income tax, in its present
form, penalizes the saver somewhat more
than the spender.
We should have a tax which penalizes the
spender
decision
holding
CASE
AGAINST
that
every man
is presumed to be
guilty, Judge Carpenter, in the
Chicago, recently handed down
trade
a
bureau
of
a
information—
exchanging and distributing price data between competitive
companies in the same field—is legal, and not in violation of
the Sherman anti-trust law.
charges
the
same
price
"because he finds he
The fact that
that
another
to
charge the
Steel case, a
same
price.
any
United States Government
vs.
With
bureau
dissolved
law, but the bill
of the
case
and the Armstrong
The Government sought to
alleging
was
conspiracy."
the American Linseed Com¬
and other linseed oil crushers,
the
prove a
rendered in the
Bureau of Related Industries.
Sherman
charges,
agreement between them
uniformity in price does not
was
have
merchant
As the Supreme Court said in the
Judge Carpenter's decision
pany
one
merchant
get it," tne Court said, "does not
can
necessarily indicate that there is
that it
violated the
dismissed for want of equity.
regard to the significance of the decision the Chicago
"Journal of Commerce"
on
Nov. 4 said:
The most important and comprehensive decision affecting business handed
down by a Chicago court in many years is that of Judge Carpenter so
Federal District Court in the
Linseed
case
of the United States
versus
the
the American-
Company, the Armstrong Bureau of Related Industries and
a num
ber of linseed oil crushers charged with violation of the Sherman anti-trus
act by the
exchange of trade information.
The Court denied for want
for
of equity,
injunction and thereby removed
an
three thousand
a
the petition of the Government!
cloud of suspicion from
associations of business men and manufacturers
more than
who began
exchanging important trade information under the direction of the War
Industries Board and continued the practice because
of its obvious benefits
both to the trade and to the public.
Trade
individual
be approximated
When
ITS
LINSEED OIL CRUSHERS.
business
I use the term
"consumption tax."
These words may be made the
object of partisan misuse and the occasion for attempted political advan¬
tage, either by those who have not the knowledge of fundamental econ¬
vision
—GOVERNMENT
civilization.
fruits through
quibble
TRADE INFORMATION ASSOCIATIONS NOT ILLEGAL
The
Facts
Exchange.
Armstrong Bureau of Related Industries was the
which the linseed oil industry exchanged
ment
made
restrain
no
agency
trade information.
inter-State
charged that this
commerce
was
and
to
enhance
and
done and that uniform prices
fix
prices.
were affected
exchange of trade information and by the creation of certain freight
A reading of the decision will convince the average business
Judge Carpenter has made
the
case
through
The Govern¬
criminal charge, but it attempted to prove conspiracy to
a
It
was
by the
zones.
man
that
profound study of the economics involved in
and has realized, as he says in
his opinion, that the exchange of
■
THE
Nov. 26 1921.]
market information among competitors
business
a
or
much of the unfor¬
has existed among business men as to the inter¬
anti-trust laws and that it will be widely quoted.
uncertainty that
pretation of the Sherman
to the powers
and duties imposed
the producer,
when the goods are
trade."
j
This charge was approved by the Supreme Court.
The above language was cited and approved by the Supreme court in
are
willing to receive, and purchasers are made to pay,
bought and sold in the ordinary course of
Muser
act, challenged as a combination or
contract between the defendants, linseed oil crusher, and the
Magone, 155 U. S. 240, at page 249.
vs.
it by the Sherman anti-trust
upon
conspiracy a
Armstrong Bureau.
,
organized the Linseed Oil
Council and operated it as a member of the Armstrong Bureau.
The
purpose of the Council and Bureau was to collect and furnish to the various
members current quotations on linseed oil, the record of sales of oil, includ¬
ing prices, statistics as to stock on hand, crop conditions at home and
abroad, and other information of interest or value to the manufacturers of
linseed oil.
The Armstrong Bureau entered into contracts with certain
of the defendants and agreed to furnish them the foregoing information for a
Armstrong, in Oct. 1918,
The defendant, Julian
consideration.
the various subscribers daily
Pursuant to these contracts
reported their
and promptly sent word of any change.
Other
time.
The statements re¬
collected by the Bureau were immediately sent out to all the
price lists to the Bureau,
information
was
ceived and
members of the
also furnished from time to
Association.
-
V
distributed by the
sagacious business
man secures,
or endeavors to secure, in the operation of his enterprise.
The information was true.
The price lists furnished were made in the
regular course of business, and offered in good faith to customers or pros¬
pective customers.
There was no proof that the members of the association
ever, at the Bureau meetings or at any other place, discussed prices or
made agreements with respect to prices, and there was no evidence that the
prices asked by any of the subscribers were not in accordance with the
market price of flaxseed, upon which the price of linseed oil was based.
Production was not limited during the period the bureau was in operation.
There was no proof of division of territory.
There was no proof that the
prices asked by the individual defendants were not fixed by them upon their
own judgment, considering all factors affecting supply and demand.
There
was no proof showing that any member was under the slightest obligation or
The record discloses that the
Bureau to its several
constraint to ask
information collected and
members was of the kind which a
higher prices or maintain prices.
Tended Toward Uniformity.
wide fluctuations as well as
The Government has
inactive periods.
not shown that there was
either by definite oral or
price,
standing.
'v';'-
''
into a contract with the Armstrong
that all information reported to the
distributed by it should at all times be purely statistical and
specifically and expressly agreed
Bureau
or
and that the Bureau should not be used to
sale of linseed oil,
cake or meal; to limit the sale, production or manufacture thereof, or to
divide the territory in which it was to be sold.
S3
pertain only to operations,
members to fix prices for the
enable the constituent
'/'Av
of to-day.
satisfaction
the Government to show by the
of the court that the circumstances upon
which reliance is
inconsistent with supposition of innocence.
The question involved is whether an association, such as an Armstrong
Agency (sometimes called the Open Price Plan) is obnoxious to the anti¬
trust laws, whether or not there is any thing inherently wrong in an agree¬
ment between producers in a certain line to furnish each other their prices
and not to make any sale deviating from the price-list without immediately
placed are entirely
notifying all the others.
Distinction
With the progress
is
'
Drawn.
a man was
and
never
gone
Business
of.
one
are
of great antiquity.
illegal.
merchant desires to obtain for his goods
can
at any
Every producer
or
the highest
The price which he charges is always the highest which he
traffic will bear.
He cannot charge, ordinarily, more than
price he can get.
believes
the
the point above which he
cannot go.
"When the merchant fixes the price at the level of his com¬
petitors he is fixing it in competition with his rival just as much as though
he had named a lower price.
The competition of his rival has prevented
him from charging a higher price. 11
his
competitors.
His competitors' price fixes
Essence
of Competition."
goods at the price
price, and this will
establish a new level.
This is the essence of what constitutes competition.
Quotations established by the sales on an exchange establish the market
value at the time of the sale, but not the market value the day after.
The
prices at which goods are offered, for sale at any moment establish the
I
on
fixed
the other hand, he
by hig competitors
market value at
In those lines
which
price.
finds that he cannot move his
he will naturally lower the
that moment.
of merchandising where
producers and dealers put upon
there are no exchanges the prices
their goods constitute the market
Cliquot's Champagne, 3 Wall, 114.
jury as follows:
judge charged the
In the trial of that case the
the amount of his profit and loss, sooner or
competitors.
will be distanced by his
Business Now
-
Science.
It is because business is so much more
greater, the margin of
■f/V'
'
complex, the volume so much
profit on single transactions so much less, that the
have an instant command reliable and adequate
merchants of to-day must
information, immediately to be
Business is
A
no
secured and more or less permanent in form.
longer a game of chance, but a matter
merchant
cannot
of scientific calculation.
with another merchant unless he knows
compete
A knowledge of what his competitor
against.
what he must compete
is
competition.
It does not follow because one
man knows the price which his competitor is asking, and he then fixes the
same price, that his action is by agreement.
If his competitor charges a
high price he naturally will ask the same price if he thinks he can get it.
It is absurd to imagine that every merchant does not endeavor to keep
charging is the first step in
on
the prices asked by his
will find himself
leave him.
If his prices are too high his customers
If too low he fails to reap the
It would be
an
his competitor finding out what he is
impossibility.
rivals are
to find out what his
profit to which he is entitled.
contend that it is the duty of every
The Government cannot seriously
merchant to guard against
If he fails to keep posted he
competitor.
losing money.
charging.
Nor is it wrong for a merchant to endeavor
charging.
If he cannot get it directly and
indirectly and at a great expense and slowly.
conduct his business properly; nor does the public
easily, he will necessarily get it
He must know in order to
profit by the mistakes of a merchant charging too much on
too little on the other, for want of such information.
The
in all
probability fall equally on either
the one hand or
mistakes would
side.
Uniformity Not Conspiracy.
of what his competitors are charging
But because one merchant charges
because he finds that he can
get it does not necessarily indicate that there is any agreement between
them to charge the same price.
As the Supreme Court said in the Steel
case, a uniformity in price does not prove a conspiracy.
What applies to sales for present delivery applies equally to sales for
Quick and accurate information
naturally leads to uniformity in
the
same
prices.
price that the other merchant charges
future delivery.
the fact that prices
afterwards when flaxseed
price of oil did not come down at the same rate, but
declined at a much slower pace.
The court will take judicial knowledge
that for the past several months a decline in prices has been going on.
The
Government has failed to show that the phenomenon of the price of oil
declining at a slower rate than the price of flaxseed was not common in other
lines, where the price of the raw materials has fallen. That the price of the
finished product on a declining market will fall at a slower rate than the
price of the raw material is natural, and therefore expected.
The price
of the finished material, under conceded economic rules in the market where
there is competition, will depend upon the supply and demand of the finished
material.
The drop in the price of the raw material does not affect the
supply of the finished material.
Time must elapse before the supply of
finished material is increased by the low prices of raw material, and until
the supply of finished material is increased, assuming that the demand
remains constant, no decline in price may be expected.
When the price
of raw material starts to go up, less of the finished material will be pro¬
duced, and stoppage or slowing up of the manufacture of the finished
made by counsel for the Government of
along with the price of flaxseed; that
declined sharply the
The court
reflected in an increased price.
Charged
But it is
as
"Stabilizer."
charged by the Government that the defendants
claim that the effect
a
illegal when
innocent intention.
should not construe the acts of the defendants to be
with equal facility, ascribe them to an
it can,
result of accurate
the sales made,
themselves
That is to say, as
the part of producers, the
of the Bureau was to stabilize prices.
and instant knowledge on
instead of varying sharply from day to day, as shown by
assumed an average price without the deviations.
deviations before had been
If these
the result of real competition, based on accurate
of the real market conditions, then the Govern¬
The defendants, however,
have shown, and their evidence is uncontradicted, that the deviations
before existing were caused by the individual producers endeavoring to
knowledge by the producers
sustaining its contentions.
ment
is far from
meet
prices of their competitors
common
which had never been made; and it is
false representations as to the
in the trade for buyers to make
prices made by other
:t
managed that
of his sales,
later
time know how large is his stock, the volume
the cost of operation, and
price of linseed oil
legal and the other
Overhead as a cost element in operation was
by the rule of themb.
Such days have
run
was
The commercial enterprise to-day which is not so
by.
its head
in
in the evening met at the corner grocery,
supposed to carry in his head all the facts in regard to his business
to disclose them to a competitor.
Adequate systems of account¬
ing had not been devised.
and manufacturers, boards of trade and ex¬
Evidently such associations were not
aimed at by the Sherman Act. because they are not mentioned in the act.
A distinction is sought to be drawn between the operations of an exchange
and what was'done by the defendants through the Armstrong Bureau.
An exchange sends out reports of actual sales.
The Armstrong Bureau
gave out price-lists.
It is difficult to understand any ground for declaring
changes
the business men of the community met
In the old days when at noon
the village blacksmith shop, or
material will be at once
Associations of merchants
'
.•
records.
that has been made in the last century it is not expected
that business alone stood still.
of oil went up
clear preponderance
of the evidence that the defendants conspired to restrain inter-State com¬
merce.
In the absence of direct proof of actual entering into of such a
combination, and in the face of the denial under oath of the defendants
that any such conspiracy or combination was entered into or made, the
Government must show that what the defendants did, necessarily had the
result of restraining trade, or, if it relies upon the circumstantial evidence
to show that a conspiracy was actually entered into, it must show to the
It is incumbent upon
v'
in business, as well as in any other human
In order to obtain efficiency
activity, it is necessary to have reliable, immediate and adequate
Much has been
Question of Conspiracy.
exchange has
information of
To put it in another way, why should they be
dissemination of the market prices of yesterday, but not those
prices?
or
written agreement, or by tacit under¬
individual crusher entering
Each
Bureau
artificial regulation of
exchange and provide for a
make some provision for disseminating
been established, to
limited to the
an
producers and dealers in lines where no public
lawful for those
market value
in
prices obtained on actual sales, why should it be un¬
dissemination of the
posted
the operation of the
bureau tended towards a stabilization or uniformity of price on any given day
which was not due to competition in accordance with the economic law.
Many tables of statistics were offered in evidence and read to the Court,
from which there appeared at times a striking similarity in price, and that
changes in prices were made by substantially all the members coincidentally.
v'-?. f'}/
- '■>;<: V
V"'- .y
-V'.;'-:' ■'
It appears further that the price of linseed oil is controlled by the price of
flaxseed, and that the flaxseed market is an open one, in which there are
for the United States is that
The main argument
Question of Limitation.
If it is lawful for dealers to get together
unheard
.Information Held True.
the price at which they are freely
such prices as dealers in the goods
holds them for sale;
offered in the market to all the world;
follows:
Judge Carpenter's decision in full
In this case the United States, pursuant
goods is the price at which the owner of the goods ,
"The market value of
method of making
question that the opinion will clear up
There is little
tunate
is the modern
gamble.
science rather than a pure
2257
CHRONICLE
the Sherman Act
producers.
Surely such a condition is not the one
that
aims to foster.
the defendant
Ferry's books that the Armstrong Bureau had brought about a stabilized
market.
This expression seems to have been a great bugaboo.
Counsel
for plaintiff would have the Court believe that the term "stabilized market"
means nothing other than uniform prices.
Whatever the proper definition
of the phrase, the record does not show that there was a stabilization or
The Government was
greatly disturbed by a statement in
uniformity in prices.
The defendants
means
the
"stabilized market"
information that
buyers of linseed oil the better to understand the
and oil market, to the end that the speculative
contend and I agree, that the term
obtaining and
would enable crushers and
conditions of the flaxseed
distributing of any accurate
,
.
2258
THE
hazards which formerly had worked
in
injury to both seller and buyer would
be minimized and eventually eliminated, and the economic
and demand be
CHRONICLE
"Zone
System"
which
adopted after
The record shows that these
respect to the issues and arguments in the
was
thorough and intelligent investigation of
a
Nov. 3 had the
on
com¬
to.
agree
Judge Hand's decision
"Tribune"
The
have
There is nothing illegal in his making such bargains
voluntarily
case
in
rendered, the New York
It is true the prices quoted had reference to certain
well defined territory, and the prices were accompanied by differentials to
were
others
With
Criticised.
equalize the cost of railroad transportation.
differentials
instances have succeeded in getting more than he could
such
as
Complaint is made against what is called the "zone system" and differen¬
tials applying thereto.
[Vol. IIS
pelled others to pay.
law of supply
intgentlyelii put into operation.
more
some
following to
say:
in question,
in which David Whitehorn and other tenants brought
action against the receivers for the American Real Estate
Company, Walter
case
freight rates from the base point to point of delivery, and the addition to
C.
the base price in the differing zones was arrived at after a fair averaging of
ago,
those freight rates into the designated territory.
tenants.
Zoning for the purpose of fixing rates is not new.
Commission permits
merce
railroads.
It is not
of discrimination to those who live
zones,
and 1 have
penalized, but
manufacture,
doubt
no
f.
or
certain amount
a
the dividing
near
buyer had the option of purchasing f.
every
or
on
line between
o.
b. point of
point of delivery, and I must assume that the
b.
o.
fcuyer would choose that f.
b. point which seemed the most to his ad¬
o.
vantage.
The charge of the Government that the zone differentials were adopted in
order that the price charged for oil would be artificially enhanced and the
defendant crushers consequently enriched, is not borne out by the evidence.
There
was
no
in which all the crushers did business, and the bulk of
zone
.the finished product sold by the defendants was for delivery in zones carry¬
ing minimum freight differentials.
Cites
Board of
Trade Case.
inference of guilt from the
an
only restraint which the rules of the bureau
members agree not to deviate from their
by telegraph.
The
their face impose is that the
on
price lists without informing the
At the close of each business day
member knew until the next day what the market was.
It
every
seems to
me
that the situation thus created is not dissimilar from that sustained by the
United States Supreme Court in Chicago Board of Trade vs. United States
246 U. S. 231.
It is very evident that the Supreme Court does not believe
The Armstrong Bureau was originated solely for the purpose of furnishing
information.not only to the linseed oil crushers, but to those interested in
industry.
It
bureau of intelligence and
was a
for real rather than artificial
compeition in trade.
placed upon
He
he chose.
member.
any
was
There
once
which makes
was no
restriction
free to buy from and sell to whomever
The bureau operated solely as to past transactions and wherever
there is freedom of contract
cannot be
a
on
the part of the constituent members there
violation of the Sherman Act.
Not
statement last night
a
.
in which he declared that
the decision should be very
gratifying to the tenants.
he refused to accept the
equity in the
property
termine
reasonable
a
the fee
value
return,
the
as
tenants'
Judge Hand, though
the basis
as
counsel
had
which to de¬
on
asked, ruled
that
of
April 1 1920, rather than that at the time of the litiga¬
tion, should be taken as the basis.
Mr. Untermyer had
urged that 7% on
the equity was a fair return;
Judge Hand allowed 8% on the fee value of
April 1 1920.
While the
is
expected
opinion filed yesterday is not binding
point
any
Appeals
the State courts, it
upon
to have considerable
the Supreme Court
except
are
influence there, as the
appellate terms of
in the first and second districts have failed to
agree on
in allowing that 10% constitutes a reasonable return.
pending in the appellate bureaus
now
present the courts
in
both
local
districts.
in
Brooklyn and the second district have as their
authority the decision in the case of Ilirsch vs. Wiener, in which the
court allowed 10% on the fee value of the
property at the time the litiga¬
tion began.
In Manhattan and the first district the precedent is set
by
the decisions in Hall
Company vs. Moos and Schwartz vs. Deutch, which
allow 10% on the
equity alone, declaring that testimony on the fee value
has no bearing on the rental and that the
landlord can only demand the 10%
return
his
on
actual
own
investment.
The interest upon any
mortgage
the operating expenses, according to these
rulings.
Judge Hand has taken the lead in setting a past date for the determina¬
must be included
among
tion of the fee value.
has
been set
thdt.the Sherman Act should prevent men from sleeping nights.
every other
Value, Not Equity, Basis.
Untermyer issued
chief
admission of defendants that the Bureau allowed them to sleep nights.
once
Mr.
At
Counsel for the Government seeks to draw
other members at
Fee
be made by
few buyers of oil may have been to some extent
a
was argued before Judge Hand two weeks
which time Samuel Untermyer appeared as special counsel for the
at
The Inter-State Com¬
it in regulating the charges to
perfect system, and there is always
a
Noyes and Alfred E. Marling,
by
The fair return which he allows
is the
lowest which
court.
any
Untermyer Sees Millions Saved.
In
his
statement
commenting
on the decision, Mr. Untermyer said:
toward minimizing the effect of the 10% Brooklyn
decision, which, it is to be hoped, the municipal judges in
Brooklyn wiU
no
longer find it necessary to follow.
The difference between the 10%
rule and the 8% allowed
by Judge Hand alone means a reduction of 20%
in rents and should represent a
saving of hundreds of millions of dollars to
"It
is
long step
a
the tenants of New
(York City."
Judge Hand, in ruling that values of April 1 1920, the date of the first
law, should be taken as the basis for rentals, declared that he did not
"Necessarily Obnoxious."
rent
The prosecution,
producers
or
down deep, evidently believes that
association
an
merchants must necessarily be obnoxious to the Sherman Act
because it affords
opportunity for the members to conspire to restrain
an
trade.
it
would
time
express
themselves
an
association it is perfectly natural for members to
to
conditions and prices; in fact, that is what the
as
association is formed for, and these expressions have been seized
upon by
{is evidence to show that a
corrupt agreement was actually made.
counsel
To my mind some of these expressions are evidence that
ment was in fact
made, if they
cectly natural, among
are
evidence of anything.
meeting of oil
a
thought prices ought to be higher.
expression would be that the
not
men,
for
some
cooler without
man was at
such agree¬
to
that he
say
by such an
loss to under-stand why
a
prices
and supply and con¬
had been fixed by an
the imputation that the temperature
agreement of mine.
that because there is an opportunity to fix prices,
fixed, is contrary to the genius and theory of our law.
are
Every
man is presumed to be innocent until he is proved to be guilty.
If the
Armstrong Bureau is to be dissolved merely because it afforded an oppor¬
tunity for the members to fix prices, then this court with equal propriety,
could be asked to dissolve any lunch club where business
theory hardly warrants discussion, and I would
gravely urged in this case, that such
prosecution.
allowed.
of
expense
"Fee
were
values,"
well
as
supposed
period
of
he wrote,
recognized
that
the
two
a
law
men
meet.
This
not mention it had I not been
the underlying thought of the
was
He
those
It
years.
to
tion
of
rents
A
number
of
decisions
tutes
rent
"reasonable
a
laws
that of
Court
passed
rent,"
by the
recently
been
the question
on
under
the
handed down
of what consti¬
amendments
State Legislature.
to
the
Among these,
Judge Learned Hand, rendered in the U. S. District
on
property
Nov.
was
as
a
fair and reasonable
tracted considerable attention.
rent, has at¬
It will be recalled that the
Appellate Term of the Supreme Court of
Brooklyn, in a de¬
cision rendered Aug. 31, and published in our
issue of Sept.
17, page 1215, declared that a reasonable rent was 10% of
the value of the property.
a
In his decision on Nov. 2, fixing
8% of the value of the property, Judge
reasonable rent at
Hand said in part:
under
the
decisions
As
volved
had
at
in
what
was
common
period in question,
return upon
at
was
the
time
at least
when
as
the
them
fee
the
high
tenements of this character
laws
as
was
a
free
in
the
been
courts
of
these
took
effect.
This, at the
It is not likely that the
less
than that upon undoubted
to
up
$300,000,
as
35%
of
the
State
conclusions
was
First
the
reduced
to
to
be
This
on
the
one
rent
laws
in which
decision, rendered by
a
his
on
equity.
being willing to
would
which
The
pay
upon
feel
the proof offered.
a
proper
it
rate
a
me.
on
If
return
evidence, with great
it was, it depended
of
8%
on
$300,000,
$24,000.
an
bears to
the
whole
in each
case
to that portion of the total reasonable
building which the value of the tenant's accommodation
that of the aggregate tenants'.
It is irrelevant that the lessor may
increase of
an
his
rental
fees
on
of 82%.
average
an
increase of
tenants affected
the 35%
by
over
the decision
increase, the Court said this
give the landlord "a clearly adequate return."
The landlord,
of
crease
the Alabama Holding Co.,
had*
won
an
in¬
82% before Municipal Court Justice Morris Eder.
Justices Francis B. Delahanty and Nathan Bijur constituted
the
majority of the court which modified the lower court's
rulingi
Justice Edward R. Finch voted to confirm the Mu¬
nicipal Court's decision.
rent were asked to pay
than
more
$9,000
In
Court
in
Tenants paying from $55 to $130
from $104 to $220.
escrow
pending
the
They deposited
decision
of
the
said:
In
these
value of
the
actions
written by
decision,
the
landlord
suing
to
Justice Delahanty, the
recover
the
apartments occupied by the defendants presents
estimates
alleged
a
aggregating $93,000.
value.
learned
old rental,
reasonable
bill of particu¬
The bill is based in part upon
rather than actual experience and comprises a number of items
doubtful
The
its
The lessor is entitled
rent of
'
not based
upoh
I, therefore, allow
•
or
was
authoritative
recently
t(he Appellate Term
vote of two to one, held that the
increase asked would give the landlord
20%
paid by the tenants in¬
$51,411
landlord, who had increased
a
of
case as
cannot
in
District.
rent
Supreme Court in Manhattan allowed
to
lars covering expenses
10% in that
a
time
rested
from the $57,244 which
Judge Hand valued the building
against $320,000 previously allowed.
securities, and in the absence of proof it is fair to accept that
figure.
Nor can I be bound by the dicta in Hall versus
Weiner.
If the declaration
deference I
given
by the special master.
of
•
for
even
whose further exercise
power
•
•
a
value
competition."
litigation
allowed
return similar to
8%.
altogether,
value
though that
question
the
result
a
court.
bring in
rent
making demands
of
'
Reasonable rents, I take it, mean those which
that
favor
would
in
that
to
of whether the equity should be taken as the
valuation, Judge Hand declared his inability to see that it made
any difference to the tenant whether there was a
mortgage or not on his
apartment, and, consequently, he could see no reason for
sustaining the
2, in which 8% of the present value of the
fixed
that
apartments at 640-644 Riverside Drive
has
by the courts in this city
slow
and
up
Equity Basis Overruled.
Touching
basis
of the
JUDGE HAND FIXES 8% AS FAIR RETURN.
been
homes
this
There must be a period up to which it is
proper,
estimating investment values, to take into consideration the
capitaliza¬
in
Among other decisions
RENT"—FEDERAL
had
confiscate
follows
have been handed down is
"REASONABLE
retroactive,
of
that
the law meant to curtail.
It is the ancient fallax—post hoc propter hoc.
ON
who
as
scarcity
legitimate basis' for fixing rents, even
upon precisely that kind of economic
a
essence
The bill will be dismissed for want of
equity.
DECISIONS
the
admitted
"had been of gradual growth for
many years,
form of property as any other, and it cannot be
meant
open to
asumes
therefore prices
resulting from
be
to
their tenants.
upon
was
the
at
possible to take the rent laws
values
I might well say to-day that the weather
ought to be
laying myself
Logic which
one
The meaning conveyed
higher, taking into consideration the demand
ditions of the trade.
no
It would be per-
be
fee
have
would
gougers
Where there is such
were
think
consequently
Judge
below
allowed
paying the plaintiff,
as we
an
average
figure it,
increase
a return of
of
82%
over
of
20%
the
upon
equity.
Appellants do not insist upon a reversal of the judgments, but
are
wiH-
ing to pay an increase of 35%, which I believe would give the landlord
clearly adequate
return.
a
Nov. 26
EXTENT
CHRONICLE
THE
1921.]
AND
STATES
UNITED
OF
REDUCTION
SERVICE.
CIVIL
of
111918),
Civil Service
positions classified under the
July 311921 (with totals for June 30 1916 and Nov.
been made
Commission.
public by the United States
All
figures cover
Civil Service Law and those not
classified, including
so
Dist.of
Colum.
'48
48
Department of State
2,684
3,392
...
_.
655
40,000
Department of the Treasury
12,212
26,704
46,526
73,230
6,429
62,115
68,544
3,665
721
2,360
3,081
3,000
3,964 284,6110288,575
3,508 276,564 279,072
Office Department
3,733
70,336
665
Department of Justice
42
3,078
...
11,437
78,563
90,000
9,649
60,100
69,749
Department of the Interior
5,594
14,000
19,594
5,829
13,876
19,705
Department of Agriculture
4,684
14,804
19,488
4,676
14,503
19,179
Department of Commerce
7,209
9,501
16,710
4,244
8,802
13,046
2,818
1,166
2,667
4,697
4,464
Department of the Navy
Department of Labor.6
618
_
2,200
3,833
'
4,697
Smithsonian Institution.
487
1,228
691
1,919
v
390
361
24
385
■■v.;
58
55
55
489
318
318
753
363
Efficiency
27
58
...
489
Federal Trade Commission
487
503
1,001
Civil Service Commission..
4,464
1,754
503
_
Inter-State Commerce Commls'n.
Shipping
-mm m
'■
Office
6,069
7,915
2,302
117
1,237
1,214
6,575
<14,273
1,120
113
Council of National Defense
67
15
15
1,327
67
War Trade Board.
94
Employees' Compensation Comm.
94
79
-
4,913
972
05,439
came
that
people;
14.235
14,347
105
9,250
Board
213
1,229
165
80
63
17
1,600
48
1,600
1,229
......
76
76
Railroad Labor Board
1,544
1,544
Office
Misc. Boards and Commissions.e_
which'
bonds
its
its
from
150
78,865 518,617 597,482
June 30 1916.—In District of Columbia, 39,259;
on
outside District of
117,760; outside District of
11 1918.—In District of Columbia,
for year ended July
period Nov. 11 1918 to July 31
Number
31
reduction for
Cook
e
,
to have appeared in
the same subject
published during a campaign for the nom¬
Republican candidate for governor of the state of Illinois,
were in
opposition to the candidacy of one Len Small, who
ination
of
a
•
r'",;
'-v.
the
mainly
is
opposition
political
connection with this
the ground of his
on
of which the mayor of the city of Chicago is alleged to
figure; which group it is charged has brought the city
group
dominant
insolvency.
In different terms the article refers
"broke," "bankrupt," and "insolvent," etc., all of
Chicago to a state of
being
plaintiff as
declaration
the
all
said
of
and
intent
false
to be
avers
untrue.
and
the following averment:
contain
declarations
The
the
'
*
'
published by the defendant with
to injure and impair the financial credit of the
publications
purpose
were
give the impression and lead the readers of the said
to believe that the management of the administrative and
governmental affairs of plaintiff were conducted in a corrupt and incom¬
and
plaintiff
'
if taken together as referring to
sought that nomination.
but not
-
-
number of articles alleged
large
a
to have been
appear
"That
1921.
Estimated.
which has a daily circulation of approximately 400,000
"Tribune," which,
matter,
which
figures,
Tribune company, a corporation*
scandalous, malicious, and defamatory matter.
follows
Then
to
Figures include administrative offices of Emergency Fleet Corporation,
d Number on July 1
Charge Against Tribune.
defendant
certain false,
workmen at shipyards or employees on vessels.
-
1920, all the other special funds were;
'
V;-''
and a large circulation elsewhere in the United States;
published in "The Tribune" concerning the plaintiff
county,
the
that
be
1921 was 320,278 (approximate).
5 U. S. Housing Corporation not included in 1920
c
in-
that although there was a deficiency
funds;
for the year
vv.'
^
"The Tribune,"
in
owner
The
1921 was 93,634;
June 30 1921.
on
has numerous special funds,
are separate and dis¬
city
etc., which
publisher of a newspaper in the city of Chicago known-
and
as
of
a
the
that
that the defendant, the
avers
the
Columbia, 800,000 (estimated): total, 917,760 (approximate).
Reduction entire service
further
These articles
Columbia, 400,539; total, 439,798.
Numbers on Nov.
corporate limits a population of about
maintains, and.operates a large variety
water fund,
fund,
corporate
fund
corporate
It
200
50
150
200
50
90,559 600, "57 691,116
Numbers
sold;
are
traction
the
as
tinct
the
Totals
it owns,
that in order
$50,000,000;
that it is obliged to purchase large quantities of supplies and materials
through competitive bids; that it stands in need of good financial credit;
that it was engaged
in the making of extensive public improvements,
the cost of which is largely defrayed by issues of its bonds which aresold on the open market;
that whatever affects injuriously the credit
of
the municipality increases the cost
of supplies and lowers the rate-
is
Interdepartmental Social Hygiene
Supt., State, War & Navy BIdgs.
the decision:
was
properties aggregating in value more than $350,000,000;
maintain
these
properties it expends annually about
of
9,355
The Panama Canal.
*
its
within
having
corporation
3,000,000
argument
and
up
6,411
112
unscrupulous
heard on the general and
special demurrers filed by the defendant to plaintiff's declaration.
The
declaration consists of one count and avers that plaintiff is a municipal
matter
Cites
3,821
and
continue undismayed
would
In view of the significance of the decision,
the case was without precedent in this
solvent.
1,092
General Accounting
It is the force which unifies public
imposters
Federal Board for Vocational Edu¬
cation
It is the
suffering.
fact that
the
This
the
.«* *.
its parts.
country, we print herewith the full text of
79
•
'•
all
the acts of public benefactors would
But for it,
99
99
71
with
contact
in
places who have it in their power to advance
demagogue."
and
at
71
Commission
Tariff
has
public office would be the rich reward of the
such
162
and
The press
helpless.
and ears of the world, and, to a great ex¬
endanger it.
'
—
162
218
4
214
Alien Property Custodian
M*
~
fre^
a
for review the acts of our officials and of those
in high
unnoticed,
go
to
1,846
Board.c
Railroad Administration
to
information
collecting
be
would
we
the weak and the appeal of the
spokesman of
sentiment.
135,000 147,212
30,336
Department of War
Bureau of
humanity
tent,
Total.
42
708
The White House..
indispensable
as
in
expert
are
become the eyes
peace or
Dist.of
Colum.
Toted.
Colum. Colum.
Office—
Outside
In
Dist.of
Dist.of
m.V
Government Printing
who
disseminating, it
men
July 31 1921
Outside
In
Post
those
'
JtHy 31 1920
or
by
It holds up
skilled laborers.
Department
un¬
regarded
"There is need of so much knowledge
complicated social order that unless we were advised
our
following showing the number of employees in the
Federal executive civil service on July 31 1920 and on
The
has
Government
our
State," he said.
to
publications
CITY OF CHICAGO LOSES LIBEL SUIT FOR
$10,000,000
petent manner."
AGAINST THE CHICAGO DAILY TRIBUNE—TEXT
OF DECISION
And
$10,000,000 brought by the City of Chi¬
against the Chicago daily "Tribune,"
cago
daily morning
a
of its kind ever presented
the first action
newspaper,
to
court of the United States, was decided on Oct. 15 in
any
of the
favor
taining its
The
1.
sustained
the
demurrer
The court declared that there was
suit, which
in
grew
the last city
The
2.
tions."
handled,
not,
was
editorial
way
said,
the court
"in
har¬
of our institu¬
suits against the "Tri¬
News," contending that the articles
expressions
which
on
suit
the
based
was
damaged the city's credit in disposing of municipal bonds.
Judge Fisher gave judgment for the defendant, but with¬
held
formal
the
dismissing
order
the
suit
to
permit
the
city to argue a motion for permission to file an amended
declaration.
amendment
In
of
decision
his
the
Judge
declaration
declared
The
first
avail
nothing.
Re¬
the suit,
has
in
question,
decision
the
the
of
and
of
for
is
decision might
maintainable,
effective
most
silence
to
every
one
their
It
enemies.
who dares print
or
is
a
which
weapon
to
intimidate
to be
held
the
over
press
the head
speak unfavorably of the men in power."
After
reviewing the action, which was brought because
"Tribune"
attacked
the
local
administration
and
charged that it had bankrupted the city, the court took up
freedom
of
speech
and
the
duties of newspapers.
freedom of speech and the press was
"The
at the very inception
state of
as
Precedent in
can
any
U.
8.
be ascertained from the reported cases,
court of the United States and only once
evidently meaning a municipal corporation, may sue for
it is of no value as a guide in the case before me, because the
reasons upon which
that statement is based are not given.
It is not the precedent of a foreign tribunal but the reason for the
libel,
precedent alone that we look to.
Moreover, cities in England are not the
same
as
ours.
English municipalities are more in the nature of private
than
corporations
City
Mount
governmental agencies.
25 111. 485; Rowland vs.. Maynard, 159 Mass. 434;
vs.
Beckwith, 100 U. S. 514; 1 Dillon on Municipal
Hasley,
vs.
Pleasant
Corporations, 3d Ed.,
The
question,
could
Sec. 28-29.
whether
British
It
Columbia
decides
simply
rest
I
is
Chinese
of
case
considered by the
obiter
Cited
141, cited
that
dicta.
Case
association
a
The
bodies
governmental
therefore,
have been
not
Holds
The
that
the
pleaded in a
corporation,
look difficult, the fact remains that, if this
public officials have in their power one
with
have been
should
complained of, if libelous, was a libel against the officials and not against
the municipality; and although the court
in its opinion states that a
then
instruments
article
(Manchester vs. Williams, 1 Q. B. 1891, 94). in which case
was
against the plaintiff on the ground that the article
"Stripped of all the elaborate argument, in the confusion of which the
action
far
so
been presented to
never
England,
libel
question
would violate
municipality is actionable.
a
No
Judge Fisher
said:
recovery
by the constitution;
not libelous; and
raises broadly the question whether under the
point
law defamation of
This
that
would
the effect of maintaining
garding
Fisher
are
Each
demurrer.]
[Special
our
in which municipal
and objects
city brought identical
bune" and "The Daily
and
complained of
separate count.
for action. The
no cause
for the
spirit,
genius,
the
The
defendant.
To allow a
is not maintainable.
the press guaranteed
articles
election in Chicago criticising the adminis¬
were
with
mony
the
out of statements made by the newspaper
tration of Mayor Thompson
finances
of
demurrers:
action
the freedom of
"Tribune," when Judge Harry Fisher, in the
Court,
of the committing of which said grievances
greatly injured in its good name,
financial credit, and has been otherwise injured to the
damage of the plaintiff in the sum of $10,000,000."
Three points are relied
upon by the defendant as grounds for sus¬
3.
Circuit
means
and
reputation
The libel suit for
"by
concludes,
by the defendant the plaintiff has been
OF JUDGE FISHER.
Not
vs.
by plaintiff
an
Newspaper
13
company,
authority, is not in point
nontrading corporation may sue for libel.
questions here
for
sue
in Point.
Chinese
as
can
court in that case.
The
involved were not considered in
case.
found
no
examination
of
direct
opinion of
the
early English
any
commentator
upon
the subject.
law was helpful only to the extent
An
of
its principles.
Its history, liko
publicity in most of the European
states, tells a large part of a story of the struggles for human liberty.
It is a succession of repressive measures with varying degrees of inhuman
pointing
the
out the
history
of
necessity
the laws
of
avoiding
relating
to
[Vol. 113.
2260
penalties
the
on
hand
one
champions of liberty
and
direction
them by the
resistance to
stubborn
a
be
the other.
on
It
devised to facilitate the spread of
monstrosity to be kept in check.
The
printing press brought forth laws limiting the number of printers, the
number
of
presses,
prohibiting the importation of books,
censorship,
licensing, stamp laws, registration, and every other form of restriction
which the despotic rulers and their ever ready allies, tyrannical judges,
instrument
Every
"knowledge
•could
which
regarded
was
genius
a
as
The
Chamber
Star
machinery
ments
did
in motion
of
hesitate
not
aid
in
and
state
to
information.
the
in
And
the law
R.
"When
set its
and
1127, the
Tr.
6,
while Blackstone
way,
thought
as
the
the
invasion
will
hibited
of
laws
enacted
great
by
Happily,
The
of
was
truth
a
of
the basis
made
be
thus
in
of
newspapers
were
civilly
of
law
Boyer
law or statutes
common
Stuart
vs.
Chap.
28,
But
the
though
Parliamentary
which
acts
legal
the genius
spirit,
Hurd's
Revised
fact
that
circumstance
profession
did
It
i
is to
remedy
the
relief
tution
words
it
found
in
law
conflict
for every
with
4,
Article
being responsible
libel, both civil
motives
and
This is
of
II
the
the
freely
may
the
for
and
the
indicating
for
that
surely,
unless
wrong
the
not,
constitution
abuse
ends,
U.
To
that
the
and
one
in
it.
must
If
is
is required to
the
the granting
for
harmless
in
all
trials
published
with
for
good
defense."
the
form
law
Seeks
tain
rights
12
does not
for
of
legal
gTeat liberty,
a
rsetraint
does
not
is,
710 ;
therefore,
the
framers
of
the
provided.
much
as
a
prohibition
if he
as
That
to create
good of
If
to
ascertain
had
left
it
that
what
ognized by law
were.
in
the
freedom
of
government,
Cooley's
We
of
urged
in
the
no
the
us
futility
to freely
more
obey
forth
only
and
for
the
be
to
which
could
those
were
the
responsibility
the
of
be made
as
abuses
is
legisla¬
impotent
abuse.
an
which
difficult to ascertain
very
that
abuses
discretion
restrained
a
be
more
Limitations
the
experience
the
of
express
to
Patterson
Worship,"
"They
in
pp.
were
his book
4,
(meaning
on
was,
his
assertion
branded
the
on
at the
free
a
of
part
every
is
those
the
actionable,
of
fields,
narrow
and loyalty
reverence
bounds
the
freedom
travel
to
public,
if
they
do
not
If
the
unrestrained.
go
blasphemy
immorality.
or
libelous,
nor
in
not,
fact,
belong
which
therefore,
the
do
they
are
to that
not
remain
unre¬
field
vast
within
come
free
were
rec¬
what
the
from
the
inter¬
any
worthy
personal
takes
stewardship.
citizens
conception
on
the
state.
of
it.
suppress
at
even
the
right.
as
risk
would
Torture
by history
The
the
than
in
and
words
force
life
of
normal
a
death
Those who
barbarians
is
which
itself,
distinction
tyrants.
"Liberty of Press."
public
business
direct
retains
is
in
for
He
the
for
whole
business
time
of
to
all
time
good.
affairs
absolute
servants.
exists
governed,who
in
from
their
these
representatives
the
The
the
charge
affairs
his
local,
or
representatives
interest
an
change his
he
as
strictly
right
in
does
in
accountable
common
with
criticizes,
comments,
cen¬
he desires, to obtain service in conformity with his
good, as well as to advise with the other citizens
as
as
law
has,
therefore,
and
it
very
narrow,
what
is
the limitations
In
state the
our
Section
"It
265-a
shall
265-b.
unlawful
United
States
shall
States
and
be
Chapter 38,
for
which
any
government
the
and
the
for
that
Hurd's Rev.
public
it
may
comment
be
known
for
book,
any
any
the
person
now
by
a
word
constitution
issue,
or
of
means
constitutional
of
or
printed
accomplishing
representative form
sections
spoken
follow
to
written
or
the
provisions
the
protection
now
Provisions
made
are
the
of
federal
by
is
of
clear,
the
tive
statutory
reformation
lawful
that
the
articles
for
acts
other
that
the
publications
are
it
fact,
United States
seems
to
be
for
the
or
overthrow
of
the
existing
complained
the
by
some
as
well
of,
public,
though
do
not
spoken
come
by specific legisla¬
of utterances the freedom of which
class
purpose
of the
in other states of the Union,
seditious libel is limited to
affecting
reason,
guarantees, unless,
the
to
means.
therefore,
and,
belong to
ragarded,
event
reference
S.
U.
In
that
definitions,
prohibited field, and by
the constitution
be
than
therefore,
municipality
the
enactment,
which
for
congress
generally accepted in England and
absence
government by other
of
the
government.
publications which advocate the
within
with
effect
same
words.
Similar
It
of
secured to the citizens of the United States and the several
so
-
Other
the
the
knowingly
states."
than
or
states."
other written
or
as
by
other unlawful
any
secured to the citizens
the
publish,
to
violence
the
or
several
document,
and
of
states
of
paper,
crime
overthrow
or
several
Statutes.
advocate openly,
to
person
constitutions
advocates
reformation
field
so
overthrow, by violence
or
unlawful
distribute
or
matter
the
defined
of the representative form of government
the
"It
clearly
now
statute fully covers it.
and
be
by State Law.
the prohibited
made
are.
writing, the reformation
to
"Liberty of the Press, Speech, and Public
general
governors.
their
necessity
The
mind
brought
the
for
having
holds
He
to
public
of
long
of
attempted
and
the
to
or desirability of a change.
he does that without advocating unlawful means or inciting
breach of the peace, he is not
only within his absolute rights but he
performing a public duty.
\
So
a
The
and
their
and praises,
not
managing their
citizen
matters,
other
Similar
recorded
led
the Governed.
government,
through
officials
they
inception of
very
which
reasons
for
of
and
government.
servants
the
in
history
authority
functioning.
legal
as
fiction, the plaintiff is
suit, as a private person,
defamatory and libel would lie.
this
of
in
says:
the
forces
which
have learned that it is
conflict
longer
the
old
idle,
basis;
endeavored
to
suppress
impotent, and vain
and,
therefore,
to
freedom
continue
men
Definition of Libel.
of
Libel,
the
they admit that the
is to think and say what they like both about
themselves and everybody else, and for this simple and all
sufficient reason
that no power known to mankind ha? been discovered
strong enough to
•compel them to abstain.
All that remains, therefore, is to see in what
primary right of all
of
sense
seditious
affairs
and,
some
for
It
512.
which
by
speech)
on
they
sedition
of
and
their
law
attempts to
cease
positive
check this passion
press
their thought,
controlled
command
the
indispensable to
as
Quotes Work
,
of
participate
citizens,
but
sell
514.
the
were
entire article
mind
and of
regarded
before
men
could
speech
Constitutional
had
blood
to
they had
a
the
nothing
within
affect
with
neither
are
Do
>
The
our
concerned
of
the governed
of
cer¬
protect and perpetuate.
what
mind
such, and it is not
as
to
altogether to
were
by defining everything that is desired
clear
within
is a| defense unless
has been seen, are: Blasphemy, immor¬
how
false,
how defamatory, or how
as
public
it,
United
rights; it recognizes
new
Cooley's Constitution Limitations
not
was
If it is concerning
injuriously,
public
comes
which
persons.
state
constitute
of
Only to Protect Rights.
constitution
ture and the courts.
is
free
a
means,
assume
necessary
it
possess
Government
matter.
he is not at liberty to engage
act,
an
already existing which it seeks
Corpus Juris
It
it
printed,
or
Fields.
the
categories they
affecting
examination
sures,
publications."
The constitution
pro¬
not
or
by law between publications affecting the public and those affecting
private persons will be helpful in finding the answer to this question.
The
subjects,
Cooley, on page 520, says:
"The liberty of the press
might be rendered a mockery and a delusion
and the phrase itself a
by-word, if, while every man was at liberty to
publish what he pleased, the public authorities might nevertheless punish
him
or
made
license.
a
Narrow
matter
be
of
affecting the
machinery
consti¬
our
all
on
and
when
sufficient
a
subject to penalties, it is
obtain
libelous
is
the truth
even
overstepping
Covered
to
class
persons.
him
affect
affect
and
three
249.
answer
he
here
confines
narrow
provides:
publish
ilberty;
truth,
be
1870
of
write,
of
shall
law-abiding people,
a
If
S.
that
and justifiable ends.
unless
may
these
of
not
private
In
inhabits interference therewith by legislative enactment or judicial
interpretation, whether the restraint is attempted in the form of license,
censorship, etc., before the publication, or by way of criminal prosecution
or
civil damages subsequent to the
publication.
Cooley's Constitution Limitations 520: Chaffey 32 Harv. Law. Rev.:
vs.
be
No
of
and
•Shang
is
publication
a
Not
to
These fields,
complained
utterances
the
broad, sweeping guarantee of the enjoyment of
a
libel
or
similar
is
provisions of
express
this,
as
Constitution.
speak,
criminal,
justifiable
on
by plaintiff that they are not seditious.
But if they are
public, and are not seditious, then they are not
actionable, because the only other prohibited publications are those which
are
person
and
limit,
is admitted
An
action
an
recognized principle of public policy.
Cites
Section
blas¬
on
fourth
a
ference ?
of consideration as
believe in its existence,
well
is
persons."
only private
which
spoken
decent
are
would
one
utterances
Illinois.
of
precedent exists for such
worthy
in
some
"Every
private
whether
criminally,
or
publications
are
affect
I
Statutes
no
not
be
comes
with
or
and
"•
for
complaint were not uncommon in this country,
itself, sufficient ground for denying the right of action.
A
founded
are
there
defamation
affect
words
sedition.
within
of
causes
of
are
rule of decision for the courts
as a
harmony with
in
pp.
strained.
People, 4 111., 395.
mere
a
and
We
institutions.
Sweet, 4 111., 120.
vs.
Patterson,
Applies Law to This Case.
certain
and
and is
society,
our
our
restraint
also to ascertain whom it affects.
any
who
agreed
articles
common
to
are
boundaries of free speech
generally,
of
that
therefore,
the
which all
fall
state, but only in so far as the same is applicable to the habits and
condition
reputation
defense.
no
general nature have been adopted
objects of
show the
public
noticed
person,
when
injurious
the king and the
civil and criminal
only
Persons."
which
already mentioned
sedition
the
publications which
private
ality,
of
both
of
have not inherited this part of the
English
our
apply
is necessary
either
Cooley's Constitutional Limitations, 515 and 531.
The
Blackstone's
that the restraints
say
Only "Private
Limited
England.
of
that these restraints
says
it is published with good motives
Papers.
regulation
and
for the protection
Laws
were
we
Hammond's
sufficient to examine the character of the words written
have
to Suppress
Laws
the realm
prosecutions.
Liberty of the Press, etc.,
on
521.
is not
for it."
suppression
the
Parliament.
of
men
for
four
affecting individuals, known under the head of libel
determining,
But
the
defamation.
it proceeds to
Affects
and
affecting
as
the other hand,
a
of
under those four heads.
come
restrictions
without restraint.
Special
Special
„
framers
,
the
phemy, immorality,
In
the
responsibility was
great heads—namely-: Blas¬
says:
It
that
the last mentioned permissible
speaking of
"While
judge again lays down
same
can
.
Libel
king's command we were to give in our
the
available
which
for
Patterson
Limitations
previous restraints, nevertheless,
In
under
;
meaning of the law, is actionable.
author ought to be corrected
the
(1890)
the
only possible when they
opinion what
was to be done in point of the regulation of the press, we did all subscribe,
that to print or publish any news, books or pamphlets of news what¬
soever is
illegal; that it is a manifest intent to the breach of the peace,
and that they may be proceeded against by law for an illegal thing.
Though the thing is not scandalous, yet it is illicit and without authority,
by
left
restraints
available"
abuses
and
Mo. 83
151.
Newspapers.
feeble
but it
7 St.
Carr,
vs.
found
sedition,
Constitutional
By
follows:
as
be
to
are
Harrison 212
Com.
that account
on
left
the
as
5Cooley's
been particularly feared.
to have
seems
restraints
mind
immorality,
Ex parte
To collect and
publish news could not be regarded as an honest occupation, and there¬
fore, to circulate news was as dishonorable as to circulate lies. Scroggs,
C. J., in It. vs. Harris 7 St. Tr. 929, tells the jury that:
"All the judges met at the king's command and held that all persons
that do write or print or sell any pamphlet that is either scandalous
to public or private persons, such books can be seized, and the person
punished by law.
And all writers of news, though not scandalous, sedi¬
tious nor reflective upon the government or the state, yet if they are
writers (and there are few others) of false news, they are indictable and
The newspaper
punishable
in
!
Feared
the
"feeble
had
They
phemy,
other depart¬
of spreading
efforts
diabolical
the
against
and
jurisdiction
assume
worthy efforts of the
the
of
church
reserved.
i
-
conditions
what
on
these
was
constitution
new
devise.
and
brought to bear."
of
law
by signs
who
is
defined
is
libel
"A
our
statutes,
is, in conformity with the principles
to private persons or corpora¬
generally accepted, applicable only
It
tions.
defined by
as
or
is
a
or
follows:
malicious
pictures,
dead,
as
to
or
,
defamation,
the like,
impeach the
expressed either by printing, or
tending to blacken the memoiy of one
honesty, integrity, virtue or reputation
'
Nov. 26
alive, and thereby to expose
financial injury."
publish the natural defects of one who is
or
him
public hatred, contempt, ridicule or
to
Sec.
177,
This
held to
been
Ogren
83;
Bone,
vs.
Criminal Code, has
111.
28
Gooleard, 167 111. App.
813; Beeson vs.
App.
Coal
Co.
P.
Rose.
vs.
Howell
Slander
on
L.
2
48 Fed.
Co.
Ohio and M. Ry. Co. vs.
Slander (1912) 591-593;
448; Brayton vs. Cleveland
Odgers on Libel and
Sec.
(1914)
Libel
and
400, and cases cited; Cross
741;
S.)
(N.
A.
R.
206 ;
or
corporation in this
state stands in precisely the same position as a private corporation so
far as its property and property rights are concerned.
Wagner vs. Rock
Island, 146 111. 139 and People vs. Chicago, 256 111. 558, are relied on
of anything which might
first
the
In
case,
which
enjoin the enforcement of certain rates, the court
supplying of water was an enterprise, which, though im¬
and
the
that
construction
the water works of the
bill in chancery seeking a
a
was
ordinances with reference to
certain municipal
municipality
held
to
public use, may under proper legislative authority be
carried on by a municipality, or by a private corporation.
That when a
municipal corporation undertakes to operate such an enterprise, it does
so
in the exercise of its private and not governmental function.
The
with
pressed
a
approvingly
quotes
opinion
<
I.
from
Dillon
Municipal Corporations,
on
27:
Sec.
"In
sense
one
public in their nature, because conferred
such powers are
In another sense they may be considered private,
are such as may be and often are conferred upon individuals
and private
corporations, and result in a special advantage or benefit
to the municipality, as distinct from the public at large."
for
public advantage.
because they
further
quotes
the following from
their citizens.
powers—public and private—regard must be
had to the object of the legislature in conferring them.
If granted for
public purposes exclusively, they belong to the corporate body in its
public, political, or municipal character; but if the grant was for private
advantage and emolument, though the public may derive a common benefit
therefrom, the corporation quo ad hoc is to be regarded as a private
company.
It stands upon the same footing as would any individual or
body of persons upon whom the like special franchises had been conferred."
"In
the
separating
two
Limitation
ture may empower
the proposition that
property is
affected, a municipality can throw off its character of a public govern¬
mental agency.
It has certain rights and obligations in connection with
specific undertakings which the legislature specially conferred upon it,
instead of upon private corporations, which, because the undertaking may
be carried on by a private individual or corporation, is, when carried on
by a municipal corporation, regarded as not an exercise of a governmental
function, and is governed by the same rules of law which would govern
private companies; but the municipality remains a political, public body.
Quite on the contrary, with reference to this private enterprise, the
'
hlods:
court
a
its affairs or in all matters where its
management of
the
thereof.
:
Basis
therefore
would
It
citizens
that
seem
a
Public Interest.
this
case
carefully analyzed and applied
at bar is rather an authority for the
to the case
of
of
to
freely
proposition that the right
comment upon public matters
extends even to those
which, though undertaken by a municipality as a
function, become nevertheless impressed with a public interest.
enterprises
The
only from the public use, but, also,
right to prevent waste, inefficiency and corruption in connection
management by public officials.
As counsel for defendant so
public
the
from
with
private
its
follows
interest
not
wider the scope those semi-private or quasi-public
undertakings assume, the greater becomes the opportunity for waste, cor¬
ruption, favoritism and political manipulation, and, therefore, the more
reason for
the widest latitude for public criticism and comment.
well
the
suggested,
Isolation
the second case,
In
a
woman
vs.
Case
in violation
of the woman's ten-hour
to public institutions.
enterprises which do
that
"In
securing performance of specific duties imposed upon municipal
corporations the state has the same power of coercion and the same method
of redress for nonperformance as in the case of individuals."
The
opinion specifically holds that municipalities are governmental
agencies.
There is nothing in this case which in the remotest way sug¬
gests that under any circumstances could the interest of the citizen in
the condition and management of the
municipality be lessened, or his
law, which the statutes made specifically applicable
The court held that the hospital was one of those
not come within
the governmental functions of the city, and, therefore,
in the slightest degree, by reason of
proprietary interests.
It might be
indicating that a municipality can be held to answer
right to freely speak of it abridged
the fact that the municipality has
somewhat in point as
in
an
libel.
for
action
City Agency of State.
Speaking of the character of Illinois
General Ry.
municipalities in Byrne vs. Chicago
Co., 169 111., 75, Judge Magruder says:
and governs within its sphere
the government exercised by
the city is exercised as an agency of the whole public and for all the
people of the state.
A municipal corporation, like a state or county, is
city is but an agency of the state
the state.
In like manner,
"The
for
...
within
its
prescribed sphere a political
power.
the jurisdiction delegated to it
by its charter, is but an effluence from the sovereignty of Illinois, governs
for Illinois, and its authorized legislation and local administration of law
are
legislation and local administration by Illinois through the agency
"The
of
that
To
292
city of Chicago, to the extent of
municipality."
the
111.
same
198.
effect
was
the
holding in
City's Relation
interest in its
Chicago Railway vb.
Chicago,
'
In its relation to the citizens
to Public.
who constitute it, and their right to
affairs which is a prerogative
consider the reasons in support
take that
of citizenship, a municipality
affecting the public or those
inhibitions permissible on the freedom of expres¬
admirably stated by Patterson, page 9:
These reasons are
character and repu¬
general rule, therefore, the protection of one's
a
closely than any exercise of the right of
tation comes home to each more
denunciation and criticism of third parties; and hence,
censure,
freedom of
the desire of maintainng reputation.
It is in every way more salutary that he whose character
iis libeled should be protected than that he who libels should be able to
speak his mind freely.
Both are good, but if they clash and become in¬
compatible, the better must be preferred."
Here we find not only the reason for a different rule affecting private per¬
sons, which cannot possibly apply to municipalities or other governmental
bodies, but also a suggestion as to what should be the guiding consideration
for the Court in the application of the rule.
He should balance good against
speech, if nothing else is involved, must give way to
good and prefer the better.
of Press to
Modern invention has brought the
World.
several parts of the world so closely
together that the prosperity, well being, and safety of every person is
or less affected by happenings in the remotest parts.
There is need
vised by those
more
of so
ad¬
disseminating
We would know nothing beyond our own imme¬
complicated social order that, unless we were
much knowledge in our
who are expert in coUecting information and
it, we would be helpless.
diate affairs.
mind a positive
watchful eye and to give
therefore, not only a great privilege, but to my
It is,
who have the facility to keep a
moral duty of those
of which few
expression on all public matters, the knowledge
could obtain even when personally seeking it.
generous
more
of the public was
risked their lives in the performance
by, when knowledge on the part
than the plague, brave men
feared
of this
the press has almost entirely assumed
this duty, which it performs with such marvelous speed and economy that
for a mere trifle the poorest citizen has the collected information delivered
to his door the very day of the happening of the events, no matter how dis¬
public function: but, in our day,
tant from his
home.
World's
The press
the world, and, to a great
contact with
appeal of the suffer¬
It is the substance which put humanity in
extent, its voice.
all its parts.
Eyes and Ears.
has become the eyes and ears of
It is the spokesman of the weak and the
ing.
and charity.
of kindness
pleading before the bar of public
from our selfishness and moves us to acts
It is the advocate constantly
opinion.
It holds up for
review the acts of our officials and
of those men in high
places who have it in their power to advance peace or
the force which unifies public sentiment.
Trade and commerce
ars
universal forum.
But for it the acts
would continue
the
endanger it.
It is
Authors, artists, musicians, schol¬
hearing through its columns.
In politics it is
depend upon it.
and inventors command a
our
•
of public benefactors would go
unnoticed. impostors
the rich srtfcard of
undismayed and public office would be
unscrupulous
Knowledge of public matters wOflld be
of those who make politics their personal business
demagogue.
hidden in
the bosoms
for gain or
glorification.
While not always
and
unselfish, yet in every national crisis we
find it constant
loyal/rendering service of inestimable value.
Points
to
Its Part in
War.
It was the
of our army. It set us
to work upon the minute and told us when our several tasks were
done. It
informed every soldier when and where to report for duty and gave him
Observe the role
Cited.
Chicago, the city was fined for employing
isolation hospital
the
in
People
Hospital
political subdivision
individuals.
sion affecting
"As
else the legisla¬
which
freedom of speech and of the press applies with
.
It tears us away
it is undoubtedly
to that class of
public interest is impressed."
"Though not an exercise of the powers of sovereignty,
business which is public in its nature, and belongs
occupations or enterprises upon which
Cities.
equal force to municipalities as to the State or any
In days gone
nothing in this case which even hints at
is
There
in
Affects
them to do in the public interest, the rule of law
limits restraint upon the
citizens
Applies Law to City.
and morals of
-
Value
"Appeal of Brumm, 12 Atlantic
855":
Reporter,
They levy taxes and
expend public revenue for the protection of the health, safety
Quotes from Another Case.
It
their disobedience.
provide penalties for
of the limitations of restraint on utterances
Authorities.
City's
They exist to
They have power to make
order and advance the public good.
laws and
which support the greater
of
tend to keep its citizens sufficiently
guard against abuses.
informed to be able to
This conclusion is inevitable whether you
authority.
Analyzes
injurious,
affairs' of its financial
These are attributes of government, and no matter what
Special Police Co. 52 L. R. A., 525 and notes.
And
it
is argued by plaintiff that a
municipal
as
in certain private enterprises, but that can never
may engage
shield to ward off adverse criticism, no matter how
a
of the acts of its officials of the management of its
conserve
corporations may sue for libel.
Willfred Coal Co. vs. Sapp, 193 111. App.
Private
Press
as
Municipalities have no character or reputation to defend.
Rockfort Star, 288 111., 405.
vs.
In the furtherance of the
anything but a public political body.
never
public good it
condition
civil libel.
govern
'
Foster
only
though
is
be used
Revised Statutes.
to be found in the
Hurd's
38,
Chap.
definition,
2361
CHRONICLE
THE
1921.]
it played in our recent national emergency.
advance agent
of our treasury and the rear guard
his instruction
with reference to it.
It kept us
in touch with our men in
and encouragement.
and finally had the
the field and carried messages of cheer
It built up our spirits, aroused our
honor of heralding in every household the
determination,
joyous news of
victory and peace.
Service Results in Power.
of such service should result in
without the abuse of it is unfortunately
rarely found.
The press is no exception.
Economic interests often lead
a great portion of the press to serve the commercial elements of the com¬
munity upon which it largely depends, to the detriment of the public.
But, fortunately, while the good the press is capable of rendering, if un¬
afraid is without limit, the harm it can do has its own limitations,
The
press is dependent for its success, for its very existence, almost upon public
confidence.
It must cater to public sentiment even as it labors to build it
up.
It cannot long indulge in falsehoods without suffering the loss of that
confidence from which alone comes its power, its prestige and its reward.
On the other hand the harm which would certainly result to the com.
munity from an officialdom unrestrained by fear of publicity is incalculable #
It
is
only natural that the rendering
corresponding power; and power
City Position Boomerang.
Plaintiffs counsel's own
tends for, if it were
argument shows where the
law which he con¬
the law, would lead us to.
in its finance or in its
property must be treated by law the same as if it were spoken of or done
against a private corporation.
If a libel would result in an increase of 1
cent on the cost of pencils the city could maintain an action."
It is difficult to imagine a case of adverse criticism of a municipality
which could not be shown to have affected it or its property in some remote
way.
Moreover, if plaintiffs position Is sound, does it not logically follow
that criticism directed against the responsible officials of the city, which
would result injuriously to the municipality, would give rise to a like cause
"Everything," he says, "which affects the city
of action on behalf of the
city ?
2262
THE
To say that a
city is
unsafe place to live in because of the corruption
an
the inefficiency of the police
or
CHRONICLE
department is almost certain to keep
[Vol. 113.
if
they exceed all the proper bounds of moderation, the consolation must
be that the evil
likely to spring from the violent discussion will
probably
away
prospective residents whose payment of taxes would otherwise enhance the
be less,
city treasury.
terrors of the law
Other
Mailers
Affect
would unquestionably keep men from
on
the
no
trouble in enforcing the
be
must
contractual obligation8
bidding and contracting with the city-
city's obligations.
paid in order to obtain
a
the
keeping responsible bidders away and increase the bids of those who would
the
For
as a matter of
in which that word is
sense
At any rate a contractor
and
when
the
fact,
a
of Manchester
is too evident to
mischief which
Supports Theory.
flow from
sue as a
the benefit which could
Referring to Mr. Untermyer's basic point as to whether the return upon
the actual value of the transit
properties should be guaranteed by the rate
of fare based upon actual cost of service
rendered, or whether in the alterna¬
application of the rule which would
an
tive, any possible deficit should be borne by the city
through taxation, it
may not be amiss to point out at this time that even if the latter
proposal
were economically sound and would meet
general public approval it would
private person would overwhelmingly outweigh
possibly
from it.
come
Stripped of all the elaborate argument in the confusion of which the
question for decision might look difficult, the fact remains that if this action
still be open to serious constitutional
objection.
is maintainable, then public officials have in their power one of the most
effective instruments with which to intimidate the
press and to silence
their enemies.
It is a weapon to be held over the head of
town
Section 10 of Article VIII of the Constitution
provides: "No county, city,
There
are
men
fied by criminal prosecution and
struggle against
a
imprisonment.
corrupt government
tion
for conveying their thought would remain intact.
Success
Would Destroy
consolidated company
Incidentally this
The
unfavorable
the
to
plaintiff
were
trial, and continue granting
returned,
new
to
trials until
it aside,
set
a
It is
argued that there ought to be no greater right to criticize a munici¬
pality than to criticize public officials, because the same considerations
of public policy are involved.
That at best the right of the citizens to
speak of the government should not go beyond fair comment and criticism;
and
responsibility should follow false statements of fact,
of office-holders and candidates
for office; but
{he
as
in
cases
of libel
cited by counsel
cases
for plaintiff clearly point out the distinction between
the two classes.
In Post Publishing Co. vs. Hallam, 59 Fed.
Rep. 530, Judge Taft,
now
Justice1 of the Supreme Court of the United States,
says:
"The existence and extent of
privilege in communication are determined
by balancing the needs and good of society against the
right of an indi¬
vidual to enjoy a good reputation when he has
done nothing which ought
injure it.
The privilege should always cease where the sacrifice
of the
individual right becomes so great that the
public good to be derived from
to
"We
are
a case,
perjury from judicial investigation.
But the danger that honorable and
worthy men may be driven from politics
and public service by
allowing too great a latitude in attacks upon their
benefit that might occasionally
public from charges of corruption that are true in
fact, but
of
any
accrue
are
legal proof."
the
to
incapable
Do
t.
Not
Apply to
None of the above considerations
a
City.
involved when the action is by the
are
municipality.
While good reason exists for
denying a publisher the right
print that which he cannot prove against an
individual, and recklessly
affairs, defaming his character and reputation, no
exists for restraining the
publication, against
governmental agency, of such facts,
reason
which,
as
a
municipality
or
are
Judge Taft puts it, is well
other differences to be found
between an action by a munici¬
action by an official whose
personal character and integrity
an
is attacked.
In the one, the prosecution is
at the
personal expense of the plaintiff.
Aside from the costs
Mr.
said
open to a
much which would cause an indi¬
The honest official seldom
fears criticism.
He
searching judicial inquiry; but if he
by labeling his action in the
be
name
of
can
hide his
a
municipality, the
governed only by political
expediency.
Protects Right to
own
infirmities
number of suits
these could be maintained.
delivering
my
speech at the City Club
transit
on
15
Thursday
on
fuil consideration to every constitutional question that might
sibly be involved in my proposals.
gave
are
no
constitutional
pos¬
legal objections whatever to the plan sug¬
and, with all due respect to Mr. McAneny, there is no doubt
gested by me,
or
whatever of the legality of each and every feature of the
plan I have sug¬
gested.
All such doubt was settled long ago in the Admiral
pany case
Realty Com¬
in the Court of Appeals, in which I and the present special counsel
for the commission participated on the same side.
Mr.
not
McAneny is,
as we
all know,
of fine intelligence,
a man
but
he
is
lawyer.
a
Assuming his statement of the law
made
no more
such
proposition
money
or
to be correct, which it is not,
anything like it.
I
am not
hazardous, if
publishing
I have
suggesting that the
to make good any part of the interest
on
bonds to be
given for the property or
on any other bonds.
Nothing is further from
My proposal is to make good only possible deficits from
thought.
my
operation,
which everybody
agrees are not likely to occur.
Does Mr.
McAneny suggest that the operation of the system is not "a city purpose"?
If the city has no constitutional
power to make good these deficits In
operating its
own
property, where does it get the authority under the
new
subways?
more so.
If
Keeping in
com¬
one
is
opera¬
tion the roads already built by making
temporary loans to meet deficits in
the operation of the city's own subways would
appear to the average mind
very
much
more
like
"a city purpose," within the meaning of the
stitution, than lending the money to build
Mr.
McAneny suggests that this
prohibit the city from taking
as
or
same
Con¬
subways.
new
constitutional
provision would
holding bonds of the consolidated
company
securities representing its investment in the
subway."
Surely that cannot be seriously meant.
.
.
It is suggested that
.
since the city has the power, to quote the words of the
Constitution, "to
lend its money or credit"—mind you, I am
proposing that it lend only its
have the
right'
to exact and receive bonds
city purpose." it would not
a
or
other evidences of the debt.
The plan proceeds on the
assumption that the city may loan the money
for new subways and receive interest on that
loan, and
a
sinking fund to
retire the debt.
While
is
we are now
told that all this is within the city's power, and while it
proposed that the city make
and the repayment
city
an
agreement for the payment of the interest
of the principal of the debt, it is
may not take the same evidences of debt
And pray why not?
actions such
an occasional
as
falsehood
telling the truth.
sympathy with newspapers
indulging in scandal
and defamation than have the most bitter
assailants of the press; but
the
new laws
suppressing publication.
Such
laws would merely result in
suppressing the only real remedy for the
evil,
publication of the truth—even of the press.
remedy is not to bo found in
Judge Cooley, fifth
Constitutional Lim., page 530, sets forth his view
very forcefully;
"They must be left at liberty to speak with the
freedom which
magnitude of the supposed wrongs appears in their minds
no
city lend the
Speak Truth.
For fear of
men would refrain from
The Court has
Oct.
on
brief:
as are
now
argued that the
given to other creditors
similarly situated, viz., bonds.
Finally, it is argued, the demurrer admits the
allegations in the declara¬
tion, and to sustain it would be
sanctioning falsehood.
It is not the sanc¬
tioning of falsehood, it is the protection of the
right to speak the truth,
the exercise of which right would become
very
accidentally
Untermyer, replying to Mr. McAneny,
in
Before
I
argument by argument, and
only in extreme cases resorts to law.
The dishonest official is often
restrained by the fear of
laying his character
would
It may well be that any new investment
by the city should be given a prior
This suggestion, together with all
others, will receive thorough
credit to make good operating deficits—"for
public expense; in the other, at the
involved, there is
vidual to forbear action.
answers
to be to make the
consideration.
other
that the public should
know, even if it lies hidden from judicial
investiga¬
tion.
There
seem
lien.
for "a city purpose," surely the other is much
to pry into his personal
pality and
company as representing its investment in
mission's plan to lend the $250,000,000 to build
•
to
be
city's investment self-sustaining and to release it from the debt limit for the
building of additional subways and other necessary municipal purposes.
that
public officers and candidates for public office are
when it is impossible to make legal proof
thereof, and, of
course, it would be well if the public could be
given to know, in such
what lies hidden by concealment and
characters, outweighs
to
.
.
aware
often corrupt,
the properties
for
provision would prohibit the city from taking or
The main consideration in this connection would
There
Chief
it is outweighed.
be¬
the subways.
and
favorable verdict
obtained.
would issue in payment
same
holding bonds of the consolidated
jury is not the judge
friendly judge (and such a thing is not impossible) would
right to instruct the jury to find the defendant guilty, or, if a
a new
or
acquired.
of the law, and a
order
corporation,
a city purpose, it seems clear that the
city is
prohibited from guaranteeing interest upon the securities that the
proposed
impoverish them.
In civil actions, unlike criminal
prosecutions, the
verdict
or
bonds of, any associa¬
Says Guarantee is Barred.
smaller communities, where the
newspapers have not large means.
cost of the defense alone would be sufficient to
were
or
While provision for transit is
continually defending against such attempted recovery, would destroy
instrument itself, the newspaper.
Especially would this be true in
the
property or loan its money
in,
or
?
Papers.
the
have
owner of stock
purposes."
But the recovery of heavy damages in a civil action, or even the
necessity
of
or
individual, association
indirectly the
or
corporation, nor shall any such county, city, town or village be
allowed to incur any indebtedness, except for
county, city, town or village
They would keep up the
from the cell, if the instrument
even
directly
come,
who, in the interest of public service, would not be terri¬
village shall hereafter give any money
or
credit to, or in aid of, any
or
every one who
dares print or speak unfavorably of the men in power.
•
CITY
statement read:
vs.
permit of doubt that, balancing good against good, the
would
permit the city to
HOLDS
ted
Williams, supra, was prosecuted on this very
theory that the municipality was injured by a libel upon its officials.
It
case
UNTERMYER
WOULD BE CONSTITUTIONAL.
by Samuel Untermyer ("Chronicle" of Oct. 15, p. 1646),
expressed the opinion that the city guaranty called for by
that plan would not be constitutional.
Mr. McAneny's
likely to affect the municipality financially, just
Case
The
of action exists, nothing can be
gained
Chairman George McAneny of the New York
City Transit
Committee commenting Oct. 14 on the traction
plan, sugges¬
the charges laid against the defendant.
as
PLAN—MR.
GUARANTY
In short, almost anything unfavorable that could be said of the
govern¬
injuriously
no cause
The demurrer will, therefore, be sustained, and
judgment
given for the defendant.
TRANSIT
ordinarily used.
he is not of the favored few, how useless it is to bid for work.
ment or its officeholders is
be
desiring the work could readily ascertain how
will be forthcoming to pay the obligations of the
money
the
charge of
municipality cannot be insolvent in
a
contract, but when favoritism governs the granting of contracts he knows, if
as
pleading, but because
by amendment.
will
To charge that political favorites are preferred in the letting of contracts
for improvements will keep away many more bidders than would
our
unnecessary to consider the other questions involved, and since I find that
the demurrer
ought to be sustained not merely because of any defect in
To charge that bribe money
contract from the city would result in
offer it.
insolvency.
speedy, than if the
genius of the rulers who conceived law not in the
purity of love for justice,
but in the lustful
passion for undisturbed power.
It will, therefore, be
basis that they would if they were certain that they will have
same
more
were brought to bear to
prevent the discussion."
This action is not in harmony with the
genius, spirit, and objects of
institutions.
It does not belong to our day.
It fits in rather with
City.
To say that the mayor of a city has no regard for
and its correction by public sentiment
edition]
to
I
can
find nothing quite so preposterous in the
stitutional provision in question.
for transit purposes necessarily
con¬
On the contrary, the power to lend money
implies, of
course,
the
power to take
security
for the loan.
,
In
a
letter dated Oct. 16, addressed to the Editor of the
"Evening Post," Mr. Untermyer
It is evident from your editorial
says
further:
"Transit Facts and Theories" in thit
evening's "Post" that I have failed to make
my
position understood
on as
least two points discussed by you: These are:
(1)
The demand for representation
panies is not based primarily
based
on
the grounds
(a)
on
that,
on
the board of the operating com¬
distrust of the so-called "interests."
as
a
It is
holder of $233,000,000 of the debt
which is to rank with the securitise receivable by the owners of the
proper¬
the
ties, that debt is entitled to representation and that the debt to be contracted
demand, and
for the $250,000,000 of new money for additional construction is likewise
Nov. 26
ntitled to
THE
1921.]
CHRONICLE
The total debt owing the city will in all prob¬
representation.
find yet the city
companies.
ability be greater than the entire balance of the securities,
to have no
s
representation whatever in the operating
properties is entitled to
direct representation on the boards of the operating companies, if for no
other reason (and there are many) than to protect itself in the adequate
maintenance of the physical properties and in the good will' and to see that
the terms of the leases are strictly observed.
Surely that is asking far less
than would be rightly exacted by a private interest similarly situated.
the city loan, not
give, the funds necessary to meet any deficiency refers only to a deifciency
in operating expenses and then only on receiving for the loan a security
having priority over that given for the properties.. If the system earns
operating expenses, the obligation of the city is satisfied, even though noth¬
ing be earned on the securities.
Inasmuch as it is generally conceded and
assumed that in all contingencies this obligation will be more than satisfied
The proposal to maintain a 5-cent fare by having
(2)
remote chance that this
even
liability on the part of the city or require
a
a
A
budget.
won't
even
of efficient management
it will depend their ability to earn the
make "hash" of the purchase money
not be worth
as
much
Corporation in
of the
sent
terest
2154), saying:
that he has, with the con¬
announces
President, confirmed additional sales at
of railroad
equipment trust certificates
plus accrued in¬
par
held by the Govern¬
now
'A*!/-AAAA:.'./
ment, as follows:
To
statement issued on
a
officially the sale referred to in last week's
(p.
The Director-General of Railroads
Salomon Brothers
& Hutzler and Kidder,
' V.-
Peabody & Co.:
Louisville & Nashville, 1925 to-1927 inclusive..
$2,111,700
Great Northern, 1925 to 1927 inclusive
Illinois
858,900
Central, 1925 to 1927 inclusive..
1,941,300
Total amount of these sales is__
The sales
.....$4,911,900
arranged by Eugene Meyer Jr.,
were
Managing Director of
War Finance Corporation.
Total
to
of
amount
equipment trust certificates sold by the Government
date, at par plus accrued interest, is $114,250,700.
Yesterday the following additional sales
obligations
made by
were
equipment
of
for the United States Railroad
or
Administration (bringing the total amount of such sales to
date up to $117,529,000),
bonds, although they will
though they were guaranteed.
as
"Chronicle"
the
.v; v:A'A ;'.V
>'^_ V
the best possible assurance
Nov. 21 reports
consideration in the
by the bond¬
interest on their
bonds.
True, they will not get as good a bond as if it were guaranteed,
as is now proposed, by every user of the system, but if it is not good enough,
or better than what they now have, they will not take it.
In what way that
proposal makes what you rather "felicitously" characterize as "hash" of
my argument for a 5-cent fare is not apparent to my unseeing eyes.
It
It is
holders for upon
(а)
viz.:
To Freeman & Co., New York City:
Chicago
&
1922
North
to
Western
Ry.,
\v. ■
installments
1924......
Pittsburgh
maturing
from
McKeesport
&
Youghiogheny
v
$1,994,700
......
RR.,
installments
maturing from 1922 to 1927
TRANSIT PLAN FOR GREATER
HEARINGS ON
Alabama Great Southern KB.........
the public hearings
accordance with previous announcement
RAILROAD
WAGE
consolidation plan
tentative
the
to
"Chronicle" of Oct. 1,
p.
outlined in
1431 (compare also V. 113, p. 1541,
The six railroad
and
their attitude to the plan.
The
Hudson & Manhattan RR. Co. owning the Hudson tubes is
that
Greater
the
and
City
only local transportation company not notified to attend.
said in brief:
The Commission in statement of Nov. 5
The Commission's functions are clearly
defined by law, and it will proceed
immediately following the election as the law directs, to
complete its general
plan of reorganization along the lines it had already indicated.
The examination of the companies is likely to occupy several weeks.
It will then be prepared to put the draft
week.
for submission to the city authorities and to the
draft.
this final
V
•
It is the purpose at
of its plan in final form
several companies for the
'
;
-:
:
,
these hearings to afford the fullest opportunity for
valuations to be
be taken for incorporation in a
shop crafts, embracing the machinists,
repairers, have given notice to the leading railroads
car
conference is desired
a
increase in wages,
an
decrease of July 1 1921
of 5
cents
decision of July 20
85 cents
but would also give them
others;
a
counter-move
a
in brief
(1)
as
for the purpose of
it has already announced, will required as a primary
condition, that the new system, when put under operation,
shall retain the
{The plan says this rate of fare shall be retained for
year.—Ed.]
We are moreover, confident that if our plan
city-wide five cent fare.
least
at
is
one
adopted, and the cost eliminations and economies it has in view are made
possible, the five cent fare will be retained without future
disturbance.
(V. 113, p. 1433).
the State of New York, held
of
Committee
made
Nov. 3 1921, the
Public Service in the Metropolitan District,
on
preliminary report outlining the aforesaid plan and
a
saying [in brief]:
down in the report
principles laid
adopted by this Chamber on Feb. 17 and follows closely
the methods embodied in
the Transit Commission Law.
The report of the
Commission, it may be said, presents the first serious and thorough-going
to reorganize
attempt
our
whole transit system on a permanent basis.
that
The chaotic conditions existing make
The principle
a
vital necessity now.
of municipal ownership of the properties has already the
The Commission makes no
This is gratifying, as of course, it could
approval and endorsement of the Chamber,
suggestion of municipal operation.
not meet with our
elements of the valuation upon
The
that the determination of the bases'or
which the city ownership is to be effected
the crux of the whole question.
only be effectively established either by agreement
to be a chief consideration if not
may prove
proposed plan can
of these at interest, or
failing that, by enforcement through resort to the
plenary powers lodged in the Commission by the Transit Commission Law
with further legislation as necessary.
The former of these is preferable.
The valuation by the expert
the report
aa
19,
2154),
p.
requests that conference be granted on Dec. 20
negotiating
an
adequate wage increase, in compliance
Transportation Act of 1920."
(2) Dated Nov. 21.—-"Referring to
to increase
for shop
committee will,
my
letter of Nov. 19 1921, in regards
crafts, wish to state that
on
Dec. 20 the federated
if conference be granted, negotiate for 5 cents
per
hour
above the rates established by Decision No. 2, July 20 1920, by the U. S.
Railroad Labor Board for shop craft employees.
(3) Dated Nov. 24.—"If railroad management requests
immediately reply,
a
conference for
requesting the railroad to submit,
by letter and in
detail, its proposed wage reduction and its application to each of the shop
crafts, and upon receipt of this specific proposed reduction, then the System
Federation should insist upon
30 days intervening before
a
conference is
held to discuss management's proposed decrease.
v
"If in accordance with the above, such conference is held on or before
of such
staff of the Commission is proceeding,
and
will oe ready about December 31.
Committee to appear at any hearings
elsewhere and to advocate when desirable
states that the final figures
conference,
present the
wage
paragraph of this letter and insist
ment or
increase provided for in the third
upon same
disagreement reached, and if
a
being discussed and
an agree¬
disagreement is reached,
a
joint
submission be made to the United States Labor Board."
The United States Railroad Labor Board announced to¬
night that
would be
ance
new
of way
action.
working conditions for the mainten¬
will, it is stated, be the next matter for official
•
The
working rules for the six shop crafts probably
completed and issued in time to become effective
The rules and
Dec. 1.
approval.
Committee is of opinion
Your
Y'aY'Ya
a
Dec. 20 1921 the System Federations are hereby directed to, at the opening
respects the plan is in harmony with the general
In many
A'" ,v
the purpose of discussing a wage reduction, the System Federations should
regular monthly meeting of the Chamber of Com¬
At the
merce
•
this matter, which is considered
19.—"The federated committee of the shop crafts of
placed upon such railway properties as may
The Commission, as
YA
on
increase to
an
repairers and 90 cents for the
follows:
Dated Nov.
with the
In other words,
car
increase
an
the proposal of the railroad executives
to
System Federation No.
through which these valuatiqns are reached
request
a
established by
wages
reduction ("Chronicle" of Nov.
wage
public discussion not only of the plan itself, but of the
unified system, and the processes
peak
V
.
The official statements
for
the
1920.
hour for the
an
Dec. 20 to consider
on
which would not only wipe out the
hour above
an
are
Under the law, public hearings will be held upon
formal action of each.
for
sit on Tuesday, Wednesday and Thursday of each
The Commission plans to
TO
MORE PAY.
boiler makers, blacksmiths, electricians, sheet metal workers
1646), the status of the several existing transit companies in
the
154,000
MATTERS—SHOP;CRAFTS
DEMAND
arranged to be held at its offices, 49 Lafayette St. with
respect
1,129,800*
(б) To L. F. Rothschild & Co., New York City
Tuesday Nov. 15 in
Commission began on
Transit
The
NEW
COMMITTEE REPORTS.
YORK—CHAMBER
"
SOLD BY UNITED STATES GOVERNMENT.
The War Finance
conditional obligation will ever
there is not
ripen into
tax
ADDITIONAL RAILROAD EQUIPMENT OBLIGATIONS
That the city as the ultimate owner of the
(b)
3263
■
leading New England railroads
to the Labor Board for an
the railway
Nov. 22 applied
clerks which, it is claimed, would
of from 30 to 90 cents
three New
on
interpretation of the rule for paying
a
day
or
nearly
a
mean a
saving
million dollars to
England railroads.
[The Chamber has authorized the
before the Transit Commission or
the general
principles adopted by the Chamber in the
Feb. 17 1921.
William McCarroll is Chairman of the
Service in the Metropolitan
At
on
a
meeting of the stockholders of
for two years past has
on
Public
and the city together on some
stockholder of the Manhattan
stockholders consider making a proposition to turn over
reasonable basis of co-operation, urged as a
his
fellow
their property to
OF
W.
LEE,
the city on a basis to afford them a
safe return of at least
The stockholders decided that any such sugges¬
tion might more properly come from the Interborough after, or in the
course of, the aforesaid hearing.
Mr. Hobbs also spoke in favor of the
plan advocated by him some time ago that riders on the InterboroughManhattan system should be allowed to buy commutation tickets entitling
them to twelve rides a week at
the five-cent rate, but that for casual riders
the fares should be advanced to seven
Gf the property probably 55,000,000 a
centsi thus increasing the income
year.—Ed.]
PRESIDENT
OF
TRAINMEN'S
BROTHERHOOD.
W.
G.
Lee,
President of the Brotherhood of Railroad
Trainmen, at Cleveland
tion of
a
letter written
the Railroad trainmen
roads
on
5% on their investment.
G.
the Manhattan [Elevated] Railway
being represented, Mr. Elon S. Hobbs,
been endeavoring to bring the Interborough
Rapid Transit Co., the Manhattan Railway
that
RAIL STRIKE EQUIVALENT TO SUICIDE IN OPINION
District.
Nov. 9, some 60% of the stock
who
Transit Report of
Committee
off
on
Nov. 13, authorized the publica¬
by him to the General Chairman of
on
one
of the
leading Western rail¬
Oct. 21, six days before the strike was
declared
expressing the opinion that the strike move was so ill
as
participating unions.
The letter
Dear
Sir
suicide by the
to be equivalent to
advised, at this time,
says
in part:
and Brother:—Those who were in attendance at
meeting last July, if honest enough to tell the truth,
pleading with them not to take a strike
vote
on
the Chicago
well remember my
the question of the 12%
instead, to pass the strongest
reduction of July 1, but,
further
(Com¬
p. 1850).
that posi¬
tion, and our own General Chairmen had been fed on "raw meat apparently
to such an extent that nothing but the restoration of that 12% reduction
Mr. Lee's circular of Sept. 12 in "Chronicle" of Oct. 29,
organizations' executives, however, would accept
pare
Had the
possible resolution
against such reduction and make it clear in such resolution that any
invasion upon our rates or working conditions would mean a strike.
as
.
I could not make myself believe
tion whatever, although all other
then, and surely not
that they would not
classes of labor were
reductions fully equal to the 12%
accept one or more
Board's decision No. 147.
.
.
at this time, that
accept any reduc¬
being required to
designated in the
of a more unanimous feeling
against us by the business and labor world than now exists, and to me it is
the greatest sin ever committed by so-called labor leaders to approve of their
membership committing suicide, as I believe is bound to occur if the strike
goes on as scheduled, although to disapprove it in the face of the action
taken by our membership and committees would mean annihilation of the
leader, In so far as his future with his organization was concerned.
I had hoped that, after 23 years' membership in the brotherhood, I
should never live to see the day that the membership I represented would
become
insane as to demand the
so
more men are
for
out of employment
right to commit
suicide—at a time when
time in this country
the
decrease of 23.3%, compared with the total
than
It
1920.
spent in August
was
was,
this
For maintenance of equipment the
year ago,
because
mean the end of our organizations.
They fully
two, if not three, men for every job that will be
they know it will likely
realize there are at least
with those for the same
of equipment compared
maintenance
one
compared
for September 1920 when they were $133,929,000.
district reported a reduction of 26.5% in expendi¬
Carriers in the Eastern
for
roads spent $103,539,000, compared
in August, while it was a reduction of 22.7%
with such expenditures
month
however, approximately $616,000
year.
while those in the Southern district reported a reduc¬
compared with September last year.
From the Western
railroads reported a reduction of 19% compared with the same
tion of 18.3%,
district the
previous month.
September, or
while operating
1920.
The net operating income, $87,174,000, was 9.4% more than it was during
that month one year ago, but $26,209,000 short of the amount expected
Operating revenues of the carriers totaled $497,654,000 in
19.6% less than they were during the same month last year,
amounted to $377,106,000, or 26% less than September
expenses
to be earned under
rates fixed by
On the basis of their tentative
the Inter-State Commerce Commission.
valuation, the September net operating
income would be at the annual rate of return
The railroad companies most
made vacant by the
2.7%.
month in
same
with $105,482,500
and more men on short
than ever before known.
had a
annual
September expended $72,556,000 for maintenance of way
The carriers in
and structures, which was a
tures
.
lifetime I have never known
In my entire
of return of only
rate
month
amount of maintenance work been done during the
operating income of $50,000,000, which would have been at the
net
more
would satisfy them."
same
performed in September last year, the railroads would have
was
None of the
railroad men could take the position
[Vol. 113.
CHRONICLE
THE
2264
The total net
seriously want the strike to go on,
inclusive,
was
only $391,495,000, or at the
the value of the roads.
on
30,
annual rate of return of 2.9%
.
entire year—that is, interest on their bonds
than $475,000,000.
Their fixed charges for the
strike.
of 4.6%.
operating income of the carriers from Jan. 1 to Sept.
and unfunded debt—amounts to more
The results for
WAGESRATES DEMANDED—TRAFFIC
EMPLOYEES
RR.
PENNSYLVANIA
LOWER FREIGHT
AND
follows,
as
Pennsylvania RR. Co., has
each em¬
ployee, in connection with the proposed wage reduction ne¬
cessitated by the public demand for lower rates:
President of the
Samuel Ilea,
following statement, addressed to
pleasant duty for me to tell you
It is not a
that we are forced to ask you
I want you to know why this step is imperative.
In the past year we have made great progress towards a mutual under¬
standing.
It is my hope now that you will try to realize the present situa¬
tion and act in a spirit of fair-minded co-operation.
This company has only one thing to sell, viz., transportation.
The public
to
accept a lower wage.
rates. It demands insistently
reduced. Agriculture and industry
generally are unable to pay many of the present charges, for transportation.
The railroads and the Inter-State Commerce Commission cannot fail to
do less than their utmost to relieve this situation by reducing the cost of
transportation to the public through lower rates.
Wages of railroad em¬
ployees make up more than half of the total transportation cost.
It is
manifest that the present wage scales must be reduced in order to meet the
public demand for such lower rates, and the company, therefore, will pro¬
ceed in accordance with law, but will not make wage reductions until con¬
ferences have been held with the employees, and the requirements of the
for this service in freight and passenger
pays
price of railroad service be now
that the
with.
Let me ask you to bear this in mind:
The Pennsylvania RR. Co. has
no
desire whatever to reduce the wages of its employees.
It would avoid
such necessity, if it were possible.
This is not only a matter between the
company and its employees; it is between you and the public which is
called upon to pay present rates to meet your payroll.
A railroad is not
like an oil well or a watch factory.
We cannot stop running trains.
Our
product—transportation—cannot be stored up waiting for a buyer.
Rail¬
road services must justify and sustain themselves as they are rendered.
Under existing conditions, this railroad is not earning enough to pay
present wages and other fixed charges, a fair return to the thousands of
and
who have
women
invested their savings in the stock of
the
com¬
the property.
Expenditures for maintenance have been regretfully, but necessarily, de¬
ferred; thousands of employees, many of them loyal and capable workers,
pany
and at the
have
been
same
furloughed
the service has been
has been
the
laid
or
off,
reduced in
an
and the working time of those still in
effort to make both ends meet.
There
heavy falling off in traffic, and reductions in freight rates since
a
higher rates
of which
both
time provide for the proper upkeep of
were
authorized by the Inter-State Commerce Commission,
offset these far-reaching reductions in operating
have largely
costs.
The
have suffered
annum, or
The
of the
owners
a
Pennsylvania RR. Co., nearly 140,000 men and women,
reduction in their dividend from 6% per annum to 4% per
33 1-3%, and even this reduced rate is not being earned in 1921.
has
company
never
Operating Results for September 1921 and Decreases Compared
1920—Also Annual Return on Investment.
paid big dividends, and all of its stock has been
Operating
Districts—
Revenue.
Eastern
$497,653,500 19.6%
Western.
the
These tabulations are based on reports
from 200 railroads having a
mileage of 235,106 miles.
BEFORE THE WORLD
TAXATION BIGGEST PROBLEM
TO-DAY, SAYS DR. NICHOLAS
The primary
the
MURRAY BUTLER.
question before the nations of the
present time,
only about 12% below that high level, as authorized by the
Labor Board.
It has
to
pay
earnest
fair
wages,
hope that
demands
and
you
a
reasonable return to its stockholders.
will co-operate with
of the public for lower
us now,
and help
reviving business, and lowering the cost of living.
well
as
us
It is
my
to meet the
transportation costs, and thereby also
sist in
lem
as
Co.
always been the policy and practice of the Pennsylvania RR.
as¬
It is your prob¬
that of the management, and it cannot be solved without a
fair reduction in the cost of operations.
HOW
NET OPERATING INCOME IN
SEPT.
1921
SWELLED BY CUTTING MAINTENANCE.
The net operating
States in
September
WAS
"
income of the railroads of the United
was
$87,174,000, according to reports
just filed by the carriers with the Inter-State Commerce
Commission.
This result was produced by a decrease in
their maintenance expenses of $52,397,000, compared with
those for
September 1920.
About one-third of this decrease
reduced wages and the remaining amount,
approximately $35,000,000, reduced maintenance.
represented
A statement dated Nov. 12 from
way
Executives further shows:
the Association of Rail¬
total
,
in the opinion
world at
of Dr. Nicholas Murray
Butler, president of Columbia University,
is the question of
with the consequent re¬
speech at the annual meeting of
reducing the cost of Government,
duction of taxation.
the New York
Butler,'
In
a
Board of Trade and
Transportation on Oct.
from a tour of
the problem of
taxation at length, expressing the belief that "there is no
training in the world for public life equal to the tyranny
of the budget."
"The man," he said, "who on the 31st of
19, Dr.
the
who has recently returned
principal countries of Europe, discussed
December has to meet the difference
is
the
how
man
to
to
show the
economize."
Dr.
Butler also had a good word to
We quote below in
say
for the sales tax.
the
address dealing with tax
Last year,
nations
Britain,
on
the
full^ the part of
matters:
ending the 30th of June, 1921, there were only two
out of their income.
One was Great
earth that paid their way
and the
and
year
himself, if there is one,
Government of the United States
other was
borrowed money,
Ozecho-Slovakia.
either on Treasury
sues.
been reduced
$87,174,000 4.6%
$377,106,500 26%
in September 1921 fell
below the amount expected to be earned in order to realize a 6% return, as
follows: Eastern, $15,815,000; Southern, $3,359,000; Western, $7,035,000.
Thirty-six railroads had operating deficits in September, compared with
56 in August, 18 being in the Eastern district, 10 in the Southern and 8 in
profits in other industries, this railroad paid only the usual moderate divi¬
although the wages of the Company's employees were successively
increased 100% above the pre-war level.
The scale of those wages has
10,251,000 4.5%
45,497,000 5.2%
58,386,000 24.7%
148,000,000 21.7%
operating income in the several districts
The
hind
dend,
crease. (after
Expenses.
72,161.000 19.2%
Total
with September
$170,720,500 29.8% $31,426,000 4%
208,904,000 14.1%
Southern
were
Oper. Inc. Ann'l
Taxes)Ret'n.
De-
Operating
Decrease.
$216,588,500 24.4%
Western—__
During the period of the high cost of living and large
fully paid in cash.
report—Ed.J
compared with September 1920:
as
Lines in
Transportation Act have been complied
men
Toledo & Ironton being omitted from
the Eastern district because of failure to
OFF—MAINTENANCE DEFERRED.
made public the
September for the several districts of the
country [the Detroit
Every other nation ran be¬
certificates or on bond is¬
j
million dollars of external
debt, and it did it by its very severe taxation.
The British people com¬
plained, and complained very bitterly, of their enormous taxation, but when
they saw after the 30th of June that the result of that taxation had not
been to waste more money in unnecessary or inadvisable or untimely under¬
takings, but that that money had been expended to reduce by a thousand
million dollars their external debt, they felt rather proud; and of course
the reason why Czecho-Slovakia could do it was that it's been from the
very first well administered, by very wise men, and that it started with
a large
part of the economic resources of old Austria, a large part of the
manufacturing, and a large part of the mining resources of old Austria.
We went into the new Czecho-Slovakian State, with all that good adminis¬
tration, and put that Government on its feet from the outset.
But the primary question, and the only one about which it is much
worth while to talk together—because the others fade into insignificance if
we can deal with this one—the primary question before all is the reduction
of the cost of Government and the consequent reduction of taxation.
Of course, the moment you begin to talk about taxation you find yourself
involved in a great flood of theories, and you find yourself face to face
with a number of people of various schools of thought, who wish to use the
power of taxation to achieve some end other than Governmental.
They
don't like Mr. A.
Therefore they propose to fix their taxes so Mr. A
will be hurt
They don't like Enterprise B; therefore they propose to
fix their
taxation so that Enterprise B will be limited or destroyed.
Those are all what I call illegitimate uses of the taxing power, or certainly,
secondary uses, and usually illegitimate.
The real use of the taxing
power is to find, with justice and ease, the amount of money needed to
maintain the business of the Government, economically administered, and
minding its own business, not other people's.
Great
Britain
paid off last year a thousand
Nov. 26
Now,
as
pretty close grips
to
come
can
you
It used to cost us, before the war—and we
Government; we haven't been in a great many
Assuming,
as you must,
that the purchasing power of the dollar was cut in half, at
least for a time, that would put your present cost at two thousand million
dollars, on the basis of the old expenses of 1913-1914.
Then you incurred
years—it used to
indebtedness
an
round
in
numbers,
about
cost us
conduct
the
thousand million dollars.
one
the
of
dollars.
million
interest
the
war,
'--'C
.
through the opera¬
Shipping Board, and the various enterprises that are the out¬
of the
growth of the
partly of necessity and partly as rather dubious luxur¬
war,
numbers may be said to
expenditure of another thousand million dollars.
So that if you
ies, you have become involved in what in round
be
an
States next year on the basis of
Government of the United
administer the
provisions, and notice at the end the exceptions,
will
is
And I
ily understandable scheme
into
written
the
sixty
days,
which
we
and
name
it
proceeded
that
from
those
be
not
cumulative;
internal
tax
revenue
on
and the miscellaneous reve¬
there
sources
would
the basis which I have just described.
on
unturned
possible date.
If
months, because until
fair
basis
everybody,
business
no
the
in
business
which
Well
is
know
what
following
of
men,
to
all
when
whole
want
that
is
tragic
to
speech,
work,
needed
with
it
We're
impossible.
the
the
But
public.
have
I
filled
were
of
from
beginning,
England.
tion is
both
hard
ends
in order to get
day by
of
I
the
who
take
rapidly
kings
the
become
long
larger part
make
private undertakings,
cannot afford to have the
are
these problems,
on
have
afford to
can't
formulation
or
of
these
their voice, from
said
that
then
way on
when
public
opinion
philosophers
mankind
would
Plato, but not quite
in
become
from
cease
as
far
as
the
and when those
public poliicies,
our
in the guidance and formulation
of
men
affairs—then
should
I
public
of our
expect the evils
training in the world for public life equal to
no
The
who,
man
himself, if there is
United
States
doesn't
have
of
Plato
guidance of
ference
the
and
the
sense,
endeavor to
very
diminish.
is
curiosity
we
whose minds
philosophers,
go a
and
trained
budget.
a
And
our
We might say that when men of affairs take a larger part
are
to
There
in
by their activity
or
common
earnest
takes
year—we
public opinion
formulation
poliicies,
men
by
year
philosopher
willing to
am
philosophers.
the
kind of
kind of
same
The situa¬
too serious.
are
same
questions.
Greek
and
evil.
and
day,
respect to these
of
the
by their influence
formulation
old
Problems
ahead in these respects.
hold aloof
The
by.
Government that it
of affairs of the country,
the
in
gone
thinking;
in
meet
by
gone
by with that indifference which I spoke of at
It's going to take the
grave.
of
the time has
gentlemen, that
accustomed to do in this country, and as they do
as we are
That time has
too
kind
sit
can
how
to
and
the
is the
to economize.
meet the
of
The
to show the Government of the
man
man
who,
the 31st of December
on
difference, with whom it is merely a matter of
recommending
a
bond
issue,
or
a
Treasury
inducements
tyranny of
a
the tyranny
the 31st of December has to meet the dif¬
on
one,
to public economy which the
budget would bring to his job.
man
note,
lacks
trained under
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
ETC.
I
time when
at a
when
street;
both
don't want to
and
gum
serious-minded
of
and
men
business
ends
that
auction
this
No
week.
either at the Stock
sales
Exchange
of
or
bank
stocks
High. Close.
200 Equitable Trust Co
266
:«__264
made
were
at auction.
Last previous sale.
266
Aug.
1917—
353
that aspect of the
into details about
go
economic side, and it has
an
A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being stated
as $84,000,
against $82,000 the last preceding transaction.
and
meet;
Paul M.
a
in
Washington that economy is almost
hopes in President Harding and General
great
Two hundred shares of trust company stock were sold at
the days
on
chewing
levity
intelligent handling of
an
organized
so
a
of the few readers
one
make
can
of administration, because it has
side.
affairs
slough of despond in
discussions
walking
are
is
which is
question
economy
am
Pages of that journal
is wondering how
develop
provi¬
pressure
reasons
It is the Congressional Record.
>
perfectly amazing,
It's
of
give
who
Shares. TRUST CO .-New York. Low.
I
who ought to be serious-minded,
who
women
wants
get out of the
in the United States.
Smoot's
Pages!
men
on
big business and little business,
poor,
not
place it
and
a
heavily.
so
hoppened?
Senator
cola.
coca
shall
laboring
of the best newspaper
You
lift the load of taxation
we
do you know what happened?
now,
the upshot of all this is,
men
same
spokesmen,
get that system of taxation enacted at the
rich and
all—we
at
skillful
them.
Now,
groups
I be¬
can't have it now, we must have it within
we
few
to
to
you
find that they have been made under
with
applies to the rest of the American people should not be applied to
some
*
his speech in the Senate,
be produced the amount needed to
conclusively—in
will
you
what
substitute six Federal
to
an
the corporation tax;
showed
Government
stone
no
earliest
and
the
myself that it's the part of good citizenship and good business for us
leave
to
justice.
of. taxes,
array
Government.
showed—he
maintain the
lieve
and
and
and does not drive the income off into
sales tax, which we ought to have had long ago,
alcohol;
on
the
he
And
fairness
of
entire
this
of
endless,
is
many
element
revenues
it will
that
and
of
nue
the
rid
get
which
of
tax-exempt securities; a
tobacco
to
great
a
remove
them
only—income tax, with the upper brackets limited to a point
really produces
graded
with
some
about
description
taxes and six
where
have
uncertainties
It would substitute for these uncertainties
would
faced.
now
that
Smoot
Senator
it
because
are
all engaged would show a favorable reaction in
are
we
be taken out
may
why
kings,
adopted the business and the
But somewhere
country.
and
organized
by Senator Smoot was not
presented
was
pending bill.
industry in which
certainties
that
if Senator Smoot's plan were
I believe that
so
bound to say that it disappointed me
am
much indeed that the perfectly simple, the perfectly fair, and the eas¬
very
the
thinking
probable budget of four billion dollars.
a
being discussed.
now
are
he
will find exceptions and
sions,
Now, to raise that four billion dollars is the task of the Congress which
you
be taken out because he's big;
may
be taken out because he doesn't
in
men
face with
results,
plus war
interest,
war
be taken out because
live
men
plus
costs,
he
or
provided that, and
or
He may
because he lives in the country, or he may
face to
normal
1914
that somebody is taken out.
see
he's little,
when
"
■
Then, through the fantastic operation of the railways,
tions
which is, in
on
its
you
That makes three thousand
thousand million dollars.
one
2265
CHRONICLE
away.
economical
an
concerned,
are
we
question right
not
were
far
bo
with that
THE
1921.]
Warburg, Chairman of the Board of the Interna¬
tional
Acceptance Corporation, Inc., of this city, has just
returned from Europe, where he spent several months.
Dawes.
A
*—_
high officer of the Government told
very
ington that
of
one
great
our
departments
me
the other day in Wash¬
had just called for bids
for
a
million
pair of socks, and somebody pointed out that they had six million
same socks in their storehouses; and that another department
just asked for bids for a million dollars' worth of medicines, when
pair of those
had
it
was
pointed
to them that they had
out
those medicines in another end of the
Those
are
what
could
what
we
fly-specks.
mere
be
do
done
if
it
appropriate,
The best
that
news
I
lion
dollars
a
on
have
hope
be
saved
basis of
in
our
the
faith
in
them.
them
them
The
they expect to
say,
this
it
year,
and we'll be
world-wide problem.
a
citizenship,
to
three hundred mil¬
straight
pay
somebody
them
else,
the Government to its
go
those
the field of
enterprises,
liberty, which
tunity,
and
fathers
understood
the
called
you
are
the
lawmakers
which
Government
be
not
the
of
business
a
France
do
to
something
salary, but if it won't
a
then
they would
for
or
of
like
to
who
do
not
are
their
surprised
and
more
of
those
ac¬
businesses, which traditionally belong in
the individual's right, the individual's oppor¬
privilege,
Mr.
as
we
President,
wits'
the' cost
if your
ends
of
to
these
understand
need
where
to
it,
and
be
not
you
to pay increasing taxes.
at
Mr. Sherer
Bradenburg,
He began his business
career
surprised
as
our
if
You need not be surprised if
know
find
the
money
various
undertakings; and
Government becomes more inefficient
you
year
simply because it is clogged and its system poisoned by material
which should never be there at all.
That's the problem.
the
fundamental
problem before
our
people.
In
one
sense
it
is
political, if
you like; but in a much larger sense, it is economic.
Now,
difficulty is that theoretically everybody is in favor of it, but practi¬
cally, a great many people don't want it applied to them.
You get a
general consent that these things should happen, but when you come to
concrete
cases
public
sometimes
find immense pressure pqt—sometimes openly, through
through public meetings, through public demonstrations;
you
press,
persuasion, by argument, by personal appeal—to
"just exempt me; exempt this."
And if you will take any tax bill—
I haven't read the last form of the current one, but I am
making this
statement with some assurance, because it can't be possible that it is the
first
secretly,
by
exception in years—take
of 18
years
as a
ago.
was
born in
clerk in the Metropolitan Bank of
In 1863 he became Deputy Assistant Treasurer
Sub-Treasury in New York, continuing in that
capa¬
city until 1888, when he became Assistant Manager of the
Clearing House; in 1892 he was made Manager of the
Clearing House, serving in that post until July 1 1917, when
he retired.
Mr. Sherer had also been Vice-President of the
Metropolitan Savings Bank, and he
Chamber of
can
Commerce, and
ticket when William
Mr.
Sherer's
son,
present month,
on
was an
McKinley
William
was
a
elector
the Republi¬
elected President.
was
Sherer,
member of the
on
Jr.,
died
earlier
the
Nov. 5.
*
On Nov. 22,
Charles E. Mitchell, President of The Na¬
tional
City Bank of New York, announced that the City
Bank had acquired control of the Second National Bank of
this city
through the purchase of the majority of the stock
of the latter.
made for the
It is understood that
an
offer will
any
tax bill and go down
through
\
some
of
purchase of the minority holdings.
soon
be
With the
proposed absorption of the Second National by the National
City, the branch office of the City Bank at 26th Street and
Broadway will be moved to the offices of the Second National
at 28th Street and Fifth Avenue.
of the
Before the consummation
negotiations just concluded, close relations had already
existed between the Second National and the National City.
James A. Stillman,
was a
the
the
at the age
this city.
year,
That's
Ky., 85
those
are
it—then,
meet
on
proper field of activity.
the inefficient shoulders of Gov¬
more
Nov. 20 at his home in Brooklyn.
pay
their growth.
us
Sherer, Manager of the New York Clearing House
years at the time he retired in 1917, died on
twenty-five
have
own
upon
ineffective hands,
individual's
upon
to
piling
on
and put into its
tivities,
out
the relation of the individual to his Government, and
on
going to
are
ernment,
taken
nearer
Great Britain has it;
something indirectly for their enterprises
difficulty is that there are those
pay
be
much
An increasing number of people have apparently
principles of what we used to call Americanism
oversee
for
at the
save
can
that
and they want the
They prefer to have it
salary
a
If you
need
to
many a long day is that the Ad¬
this year three hundred million dollars out of
year,
old-fashioned
the limitations of
with
as
in
fundamental
think
by
drops in the bucket,
mere
Governmental Administration.
American
for
building.
business basis.
proper
expenditures
bills next
it; Germany has it.
lost
worth of
possible to organize the administration of
heard
That is to
Gentlemen, this is
has
dollars'
which
appropriation
or
are
million
two
somebody has the legal right to appropriate—which has
appropriated, and which they have a legal right to spend.
They
to save it by oversight and economical administration.
And if it
been
can
Those
were
ministration expects to save
the appropriations.
same
William
formerly President of the National City,
director of the Second National, as was also Percy
Rockefeller and William A. Simonson.
Vice-President of the National
Second National.
to be absorbed
June
was
13 J
city
the first being
Exchange National Bank, the absorption of
referred to in
The
City, is also President of the
This is the second institution in this
by the National City this
the Commercial
which
A.
The latter, who is
Second
our
year,
issues of May 14,
National
Bank
has
a
June 6 and
capital of
$4,841,800, and
SI,()00,(XX), surplus and undivided profits of
Trust Co. of
The statement of condition of the Guaranty
$425,857,452.
of
deposits
and
Capital, surplus and undivided profits total
notes, bills
shows total
of Nov. 15 1921, issued Nov. 23,
$542,229,313
of
resources
and
a
branch
office
at
latter institution has
Santos, Brazil, under the
management of John McNair, formerly of the Sao Paulo
branch.
This new branch makes the seventh which the
established in
British Bank of South America has
the
others
Brazil,
Pernambuco.
—.—*
A. Jacobson,
Chas.
has been elected
MARKET—PER CABLE.
Silver,
Gold,
Fri.
Thurs.
Wed.
38
39%
37%
'8%
38%
102s.lid.103s.3d. 102s.Ild. 102s.lld. 102s.lld
103s.
per fine ounce...
Tues.
Mon.
Sal.
d. 39%
per oz
49
Consols, 2% per cents.
49
49%
49%
49%
49
British, 5
87%
88
88
88
88
88
81
per cents
British, 4% per cents..
81
81%
81%
81%
French Rentes (in Paris), fr.
53.95
54.10
54.35
54.50
54.75
French War Loan(InParJs), fr. 80.20
80.20
80.20
80.20
80.20
The price of silver in
81%
----
>few York on the same days has been:
Silver in N. Y., per oz. (cts.):
Domestic
of Campbell, Metzger & Jacobson,
securities, &c., at London,
Nov. 19. Nov. 21. Nov. 22. Nov. 23. Nov. 24. Nov. 25.
London,
Week ending Nov. 25—
Sao Paulo,
being situated at Rio de Janeiro,
Alegre, Bahia, Rio Grande do Sul, and
Porto
FINANCIAL
reported by cable, have been as follows the past week:
A., of this city, announces
America, Ltd., of London, that the
established
Gore Coal Co.
The daily closing quotations for
the British Bank of South
has been informed by
Mr.
Mr. Wuerpel is President of the N. O.
saving lines.
ENGLISH
as
it
trust,
$41,552,791, and
and acceptances rediscounted with the Federal
The Bank of New York, N.
including
the company,
of
Land Co., also of the D. B.
4
that
various branches
sphere will be to develop the general commercial banking
Bank amount to $17,925,000.
Reserve
the
Wuerpel is to be associated with this service, but his particular
—
as
of
bond, advertising, publicity and all other activities.
deposits of close to $18,000,000.
New York
[Vol. 113.
CHRONICLE
THE
226U
99%
Foreign
—
—
99%
99%
99%
Holiday 99%
69%
....
69%
67%
68%
Holiday 66%
director of the Lincoln Trust Co. of this
a
city.-:
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Nov. 19 to Nov. 25, both inclu¬
The Manufacturers Trust Co. was host to
stockholders and employees at
and dance in the Hotel
This
was
fifteen hundred
its annual dinner,
sive compiled from official
concert
the third affair of its kind since the company
Stocks—
Par.
company an
account of the stewardship of the officers and
instead
directors
of
obtaining
such
an
through
account
printed figures, and the large number of guests taked to its
capacity not only the main ballroom of the Pennsylvania
Hotel but the two
banquet
annual function
the
rooms as
well.
The
purpose
of
explained by Nathan S. Jonas,
was
President of the company,
when the stockholders
apprised of the new plan.
were
know that ordinarily they vote by proxy
115
100
79
79
50
Jan
96
70
71% June
93
April
85
96
101
Feb
10%
11%
12
Jan
Carnegie Lead & Zinc
Consolidated
10%
100
3
Oct
105
17
Aug
30
3
720
2
2
1,465
"5%
3%
25
24
49
1,435
6%
24%
50
50
50
5%
""3%
3
205
70
..5
150
15%
3%
16%
325
7%
"7 %
475
16
Refining
Middle States Oil
10
Nat Fireproofing, com. .50
""7%
Jan
53
Jan
Jan
6
3%
16%
12
Sept
23%
Nov
40
June
50
Mar
20%
2,860
17%
1%
Sept
Aug
30%
540
7
150
90%
"24c
10
90%
45
45
24c
Pittsburgh Coal, pref.. 100
25c
10
1,500
84
Mar
90%
Nov
Sept
520
7
Aug
18
113
June
130
12
710
Jan
12
130
11
8%
8%
......
14
Tidal Osage Oil
14%
2,585
7%
10%
10
7
Aug
25
260
24
April
Nov
25
6% June
10%
Nov
13%
29%
10%
Aug
25
x25
Nov
45
40C
Nov
June
130
8%
5
Mar
Feb
Nov
m
m>
m. —
m
94%
m
W'house El & Mfg, com.50
95
190
83
Sept
97%
Jan
47
47%
140
39%
Aug
49%
Mar
75
West'house Air Brake...50
namely,
Mar
9
Jan
45
20c
Jan
4
Jan
5
Transcont'tal Oil..(no par)
George F. Rand, Jr., and Seymour H. Knox,
Mar
11%
385
2%
Co. of Buffalo, N. Y., on Nov. 7, two new directors,
18
Jan
Mar
360
2
meeting of the board of directors of the Marine Trust
Jan
Nov
9
Jan
200
6%
4
a
Oct
Aug
1%
10%
Union Storage Co
At
11
June
16%
6%
and improved service to our customers and incidentally increased
26
42
46%
2
earnings and larger dividends to themselves."
Oct
1%
Feb
3%
Jan
16% June
19%
""46%
50
Pittsburgh Oil & Gas
Oct
3
Nov
20
Pittsburgh Brew, com...50
Pittsburgh Plate Glass. 100
Salt Creek Cons Oil
Feb
3%
Oct
19%
1
Pittsburgh Insurance Co.50
Pittsb & Mt Shasta Cop__l
2%
45
50
Preferred..
Jan
8
25
Mfrs Light & Heat
25
Sept
3
3%
"3"
Lone Star Gas.
Preferred
7%
25
5
Ice, pref..50
Duquesne Oil
Indep Brewing, com....50
Preferred—
5,995
and receive occasional statements
tution, understand its aims and purposes and help to carry them out so
High.
49% June
20
that the accelerated interests and closer affiliation will in the end be reflected
Low.
970
70%
Arkansas Nat Gas, com. 10
Marland
Range since Jan. 1.
Shares.
Oklahoma Natural Gas..25
participate or co-operate in the affairs of the usual corporation.
We desire
that our stockholders should become more closely affiliated with the insti¬
in greater
High.
we
any
dividends, but otherwise are not afforded an opportunity either to
and
Low.
71
Ohio Fuel Supply.
business,
Price.
68%
Ohio Fuel Oil
"While stockholders should be partners in effect in
Week.
Co, pf_100 "96"
Am Wind Glass
first
He said:
for
of Prices.
Am Wind Glass Mach.. 100
Preferred
assembling to hear at first hand from the President of the
Week's Range
Sale.
intro¬
banking institution
Sales
Last
Pennsylvania last Saturday night.
duced its innovation of stockholders of a
sales lists:
Friday
75
$4,000
66%
July
75%
Nov
Bonds—
Pittsburgh Brew 6s... 1949
elected.
Mr.
were
Rand is President of the Buffalo Trust Co.,
Knox is
a
and Mr.
:
W.
Busch, Jr., heretofore Assistant Treasurer of
the Mutual Bank
& Trust
Co., of Hartford, Conn., has
been made Secretary of that institution, and
Henry A. Allen,
Treasurer, to succeed J. W. Neal, who has become associated
with
Connecticut
the
Banking Department.
Mr.
Busch,
before his connection with the Mutual Bank & Trust
was
identified
with
the
Security
Trust
Mr. Allen began his banking
years.
became connected with the
ectady, N. Y.
Co.
career
for
Co.,
thirteen
in 1902 when he
Schenectady Trust Co. of Schen¬
He remained with that institution till 1919,
when he became connected with the Chase National Bank of
New York.
At the time of leaving the Schenectady Trust
Co., Mr. Allen held the position of Secretary and Treasurer.
Upon joining the Chase National Bank organization Mr.
Allen
was
Eastern
merce,
sent to China to take up
his duties with their Far
connection, The Chinese-American Bank of Com¬
and
was
made Manager of their Shanghai branch.
With regard to the increase in the capital of the Commer¬
cial National Bank of
of
Oct.
29
Columbus, Ohio, noted in
(page 1858),
we
learn that the
$600,000 is to become effective
2
1922,
as was
on
new
our
issue
capital of
Jan. 2 1922, and not July
erroneously stated in the item referred
to.
x
♦
A. C.
Co.,
now one
of the Whitney Central Banks,
has become associated with the Interstate Trust &
Co. of New Orleans.
Banking
Mr. Wuerpel will have charge of
new
banking accounts, with an office in Room 115, Interstate
Building.
ment
The Interstate Bank maintains
a
service depart¬
which has charge of the development and extension
tone of the market
ment
the
was
uninteresting, the general
continuing irregular.
absorbing
feature,
an
The bond depart¬
business
extensive
being done here due in part to the introduction to trading
of the
new
Missouri Kansas & Texas Ry. issues on a "when
issued"
basis.
reacted
to
close
The
The series A 5s
opened at 71,
to-day
6s sold up
rose
to 75,
73M and again moved upward, reaching 76.
was
The series B 4s from 58
at 753^.
advanced to 64 and ends the week at 632^.
The series C
from 90 to 94 and finished to-day at 93%.
The
adj. mtge. 5s improved at first from 40 to 43, then reacted
to 39
%, the close to-day being at 39 %.
dropped from 11, the opening, to 8%.
22% to 24, declined to 21% with
& East.
Chic.
Ills. 5s
were
a
active, the
over
two
and 34%,
com.
respectively.
112% to 116.
to
gaining
over a
points to 34%.
stock
from
to 22%.
new com.
The pref.
rose
up
from
The stocks were also
point to 16% and the pref.
The close to-day was at 16%
Burns Bros. A stock jumped from
Libby, McNeill & Libby dropped from 7%
5%, but recovered to-day to 7, the close being at 6%.
Elsewhere in the industrial
within
as
The
final recovery
traded in
also heavily
67% to 71% and at 70% finally.
narrow
limits.
department price changes were
Trading in oils, especially, was quiet
compared with recent weeks and fluctuations narrow.
Changes in Standard Oil issues were confined to narrow lim¬
its.
Wuerpel, formerly connected with the Pan-American
Bank & Trust
changes in the Curb Market
this week for the most part were
♦
John
Curb Market.—Price
The
director of the latter.
Illinois Pipe Line
day at 172.
gained six points to 174 and sold to¬
Standard Oil (Indiana) was off from 87% to
Imperial Oil of Canada
Pennok Oil dropped from 7%
to 5% and closed to-day at 5%.
Simms Petroleum was
active after early loss from 9% to 9 sold up to 10.
A complete record of Curb Market transactions for the
85%, recovering to-day to 88%.
sold
up
from 90 to 97%.
week will be found
on page
2302/
Nov.
THE
261921.]
3367
CHRONICLE
THE NEW REVENUE AND TAX LAW OF 1921.
The two Houses of
on
the bill
Congress have the present week adopted the Conference Report
revising the tax and revenue laws, and the bill
We
give below,
on
poses," will probably
the
a??
■
come
equalize taxation, to provide
made
Be it enacted by the Senate
the
and for other
to provide revenue,
pur¬
and House of Representatives of the United States
That this Act
'Revenue Act of 1921."
corporations, as well
joint-stock
associations,
includes
"corporation"
com¬
(3) The term "domestic" when applied to a
created
means
created
the United
organized in
or
corporation or partnership
organized outside the United States;
or
(5) The term "United States" when used in a geographical sense
only the
the Territories of Alaska and Hawaii, and the
States,
includes
District
of Columbia;
Treasury;
Commissioner of Internal
(6)
The term "Secretary" means the Secretary of the
(7)
The
"Commissioner"
V.'
'
term
Revenue;
'
■
•
"collector" means Collector of Internal Revenue;
"taxpayer" includes any person, trust or estate
tax
a
States" includes
and
Corps, Female, but this shall not be deemed to exclude
The term "military or naval forces of the United
(10)
Corps, the Coast Guard, the Army Nurse Corps, Female,
the Marine
the Navy Nurse
other units otherwise included within such terms;
and
The term "government contract" means (a)
(11)
the United States,
board,
or agency,
with
or
are
(b)
be furnished under the
The term "Govern¬
1918, both dates inclusive," when applied to a contract
clause
validation
in
November 11
of the kind referred
of this subdivision, includes all such contracts
(a)
but which have been
or
pursuance
accumulated by such corporation
may
were
first sixty days of any taxablo
earnings or profits accumu¬
lated during preceding taxable years; but any distribution made during the
remainder of the taxable year shall be deemed to have been made from
earnings
and if the books of the
TAX.
December
The
(1)
term
Sec. 202.
"taxable year" means the calendar
year,
or
the fiscal
computed under Section 212 or Section 232.
during
the
calendar
year
1921;
The term "fiduciary" means a guardian, trustee, executor,
(2)
trator, receiver, conservator, or any person
for any person,
adminis¬
acting in any fiduciary capacity
trust or estatq;
accrued"
or
"paid or incurred," and the
"paid or incurred" and "paid or accrued" shall be construed according
the method of accounting upon the basis of which the net income is
computed under Section 212; and
The term
personal service corporation" means a corporation whose
income is to be ascribed primarily to the activities of the principal owners
stockholders who are themselves
of the affairs of the
In the case of such
(2)
regularly engaged in the active conduct
income-producing factor; but does not include
corporation 50 per centum or more of
profits, or income derived
from trading as a principal, or (2) of gains, profits, commissions, or other
income, derived from a Government contract or contracts made between
April 6 1917 and November 11 1918, both dates inclusive.
any
foreign corporation, nor any
whose gross
income consists either (1) of gains,
Dividends.
Sec. 201.
(a)
That the term "dividend" when
paragraph (10) of subdivision (a) of Section 234 and Paragraph (4) of
subdivision (a) of Section 245 means any distribution made by a corpora¬
tion to its shareholders or members, whether in cash or in other property,
if possible, obtain such facts from
to obtain such facts,
In the case of such property acquired by gift on or before
ascertaining gain or loss from a sale or other
preceding owner.
December 31 1920 the basis for
disposition thereof shall be the fair
at the time of such acquisition;
market price or value of such property
acquired by bequest, devise, or inheri¬
fair market price or value of such property
The provisions of this paragraph shall
In the case of such property,
(3)
tance,
at
the basis shall be the
the time of such
acquisition.
apply to the acquisition of
(c)
or
(e)
such property interests as are specified in
sub¬
of Section 402.
The basis for ascertaining the gain derived or loss sustained from
of property, real, personal, or mixed, acquired
(b)
the sale or other disposition
before March 1 1913, shall be
the same as that provided by subdivision (a);
but—
of March 1 1913 is in excess of such
If its fair market price or value as
(1)
basis, the gain to be
included in the gross income shall be the excess
such fair market price or value;
of the
If its fair market price or value as of March 1 1913 is lower than sueh
basis, the deductible loss is the excess of the fair market price or value as
(2)
of March 1
1913
over
the amount realized therefor; and
If the amount realized therefor is more than such basis but not more
value as of March 1 1913, or less than such
(3)
than its fair market price or
but not less than such fair market
basis
included in and no loss deducted from
the
28 1913, except a
distribution made by a personal service corporation out of earnings or
profits accumulated since December 31 1917, and prior to January 1 1922.
(b) For the purposes of this Act every distribution is made out of earn¬
ings or profits, and from the most recently accumulated earnings or profits,
to the extent of such earnings or profits accumulated since February 28
1913; but any earnings or profits accumulated or increase in value of prop¬
erty accrued prior to March 1 1913, may be distributed exempt from the
tax, after the earnings and profits accumulated since February 28 1913,
have been distributed.
If any such tax-free distribution has been made the
distributee shall not be allowed as a deduction from gross income any loss
sustained from the sale or other disposition of his stock or shares unless,
price or value, no gain shall be
gross
income.
of property, real,
gain or loss shall be
readily realizable
received in exchange has a readily
For the purposes of this title, on an exchange
(c)
personal or mixed, for any other such property, no
recognized unless the property received in exchange has a
realizable market value, no gain or loss shall
(1)
in
be recognized—
When any such property held for investment, or for productive use
or business (not including stock-in-trade or other property held
trade
primarily for sale), is exchanged for property
(2)
profits accumulated since February
hands of the
preceding owner, or any other person
market value; but even if the property
used in this title (except
jn
out of its earnings or
that which it would have in the
preceding owner by whom it was not acquired by gift.
facts necessary to determine such basts are unknown to the donee,
such doner or
cognizant thereof. If the Com¬
the basis shall be the
value of such property as found by the Commissioner as of the date or
approximate date at which, according to the best information the Commis¬
sioner is able to obtain, such property was acquired by such donor or last
corporation and in which capital (whether invested or
borrowed) is not a material
which'should be included in the in¬
value thereof;
property, acquired by gift after December 31 1920
the basis shall be the last inventory
amount realized therefor over
(5)
or
28 1913, shall be the cost of such property
In the case of such property,
(1)
ventory,
terms
to
Loss.
except that—
division
deduct
and withhold any tax under the provisions of Section 221 or Section 227;
(4) The term "paid," for the purposes of the deductions and credits
Under this title, means "paid or
or
a
mixed, acquired after February
The term "withholding agent" means any person required to
(3)
Gain
That the basis for ascertaining the gain derived or losr
sale or other disposition of property, real, personal, o;
(a)
sustained from
missioner finds it impossible
which the net
The term "fiscal
year" means an accounting period of twelve months ending on the last day
of any month other than December.
The first taxable year, to be called
the taxable year 1921, shall be the calendar year 1921 or any fiscal year
ending
.;
Basis for Determining
last
ending during such calendar year, upon the basis of
year
This subdivision shall not be in effect after
1921.
31
the Commissioner shall,
Provisions.
Definitions.
income is
the earnings or profits for the accounting period within
made shall be deemed to have been accumulated
donor or the last
That when used in this title—
200.
Sec.
of the preceding taxable
the extent of such earnings or profits,
corporation do not show the amount of such earn¬
profits accumulated between the close
or
and the date of distribution, to
year
If the
I.—General
distribution made by a cor¬
shall be deemed to have been made from
year
which, al¬
originally not enforceable,
(General effective date of this Title, January 1 1921,)
Part
after February 28 1913.
qualifiedly made subject to their demands.
the basis shall be the same as
II.—INCOME
and cancel¬
poration to its shareholders or members shall be included in the gross income
of the distributees as of the date when the cash or other property is un¬
become enforceable by reason of subsequent
of law.
TITLE
to make the distribution
For the purposes of this Act, a taxable
(e)
ratably during such period.
between April 6 1917 and
though entered into during such period,
as
redemption essentially equivalent to the
ings or profits,
for the benefit of the United States.
ment contract or contracts made
manner
distribution of a taxable
dividend, the amount received in redemption or cancellation of the stock
shall be treated as a taxable dividend to the extent of the earnings or profits
or
sub-contract made with a contractor perform¬
a
such
at such time and in
contract made with
with
of the above if the contract is for the benefit
contract if the products or services to
a
sub-contract
sustained from
the distribution
such dividend the corporation proceeds to cancel or redeem its stock
A stock dividend shall not be subject to tax but if after
(d)
officer, commission,
under the United States and acting in its behalf, or
of the United States, or
ing such
and reduce the basis provided in Section 202
disposition of the stock or shares by the distributee.
other
or
which the distribution was
a
department, bureau
any
controlled by any
any agency
to in
subject
by this Acf,t
imposed
made by a
of (1) earn¬
February 28 1913, or (2) earnings or
increase in value of property accrued prior to March 1
(f) Any distribution made during the
.
The term
(9)
to
the
■
."
means
,
The term
(8)
(whether in cash or other property)
of ascertaining the gain derived or the loss
for the purpose
lation
States;
"foreign" when applied to a corporation or partnership
The term
(4)
means
profits accumulated or
of any
panies, and insurance companies;
I
disposition of
distributions
thereon.
profits accumulated since
or
the sale
term
shares, and (2) the aggregate amount of such
him
1913 shall be applied against
That when used in this Act—
(2) The
the amount realized from the sale or other
(1)
or
by
Any distribution
ings
individuals;
as
received
(c)
DEFINITIONS.
be cited as the
may
of
sum
such stock
that, the basis provided in Section 202, exceeds
corporation to its shareholders or members otherwise than out
I.—GENERAL
The term "person" includes partnerships and
(1)
pur¬
;
and then only to the extent
of America in Congress assembled,
TITLE
2244.
appear on page
!
2.
and for other
revenue,
to be known as the Tax Revision Law of 1921.
Some comment
our article on "The Financial Situation." on page 2222,
an act
taxation,
To reduce and equalize
poses.
Section 1.
received the
law? will be found in
new
while references to the changes
Sec.
on
on
entitled "An Act to reduce and
on
thus agreed
as
Wednesday afternoon, Nov. 23, and is therefore now a law.
this and following pages, the full text of the new measure, which, though
signature of the President
receives in place of any stock or
in
a
of a like kind or use;
corporations a person
securities owned by him, stock or securities
such reorganization.
The
When in the reorganization of one or more
corporation
a
party to or resulting from
includes a merger or
corporation of at least a
majority of the voting stock and at least a majority of the total number
of shares of all other classes of stock of another corporation, or of substan¬
tially all the properties of another corporation), recapitalization, or mere
change in identity, form, or place of organization of a corporation (however
word
"reorganization,"
consolidation
affected);
(3)
to a
as
used in this paragraph,
(including the acquisition by one
or
real, personal or mixed,
transfer is in control of such
When (a) a person transfers any property,
corporation, and immediately after the
corporation, or (b) two or more persons transfer any such property to a
corporation, and immediately after the transfer are in control of such cor¬
poration, and the amounts of stock, securities, or both, received by such
persons are in substantially the same proportion as their interests in the
Sroperty before such transfer. For the purposesaof this paragraph, aowning
or two or more persons are, "in control
of
corporation when person
t,
centum of the voting stock and at least 80 per centum of the
stock of the corporation.
Where property is exchanged for other property and no gain
or loss is recognized under the provisions of subdivision (c), the property
received shall, for the purposes of this section, be treated as taking the place
of the property exchanged therefor, except as provided in subdivision (e);
(2) Where property is compulsorily or involuntarily converted into cash
or its equivalent in the manner described in paragraph (12) of subdivision
(a) of Section 214 and Paragraph (14) of subdivision (a) of Section 234,
and the taxpayer proceeds in good faith to expend or set aside th eproceeds
of such conversion in the form and in the manner therein provided, the
property acquired shall, for the purpose of this section, be treated as
taking the place of a like proportion of the property converted;
(3) Where no deduction is allowed for a loss or a part thereof under the
provisions of Paragraph (5) of Subdivision (a) of Section 214 and Paragraph
(4) of Subdivision (a) of Section 234, that part of the property acquired
with relation to which such loss is disallowed shall for the purposes of this
section be treated as taking the place of the property sold or disposed of.
(e) Where property is exchanged for other property which has no readily
realizable market value, together with money or other property which has
a readily realizable market value, then the money or the fair market value
of the property having such readily realizable market value revived in
exchange shall be applied against and reduce the basis, provider in this
section, of the property exchanged, and if in excess of such basis, shall be
at least 80 per
total number of shares of all other classes of
(d)
(1)
taxable to the extent of the excess;
but when property is
exchanged for
property specified in Paragraphs (1), (2), and (2) of Subdivision (c) as
received in exchange, together with money or other property of a readily
realizable market value other than that
specified in such paragraphs, the
money or the fair market value of such other property received in exchange
shall be applied against and reduce the basis, provided in this section, of
the property exchanged, and
the .extent of the excess.
„
,
,
the use of
inventories is necessary in order clearly to determine the income of any
taxpayer, inventories shall be taken by such taxpayer upon such basis as
the Commissioner, with the approval of the Secretary, may prescribe as
conforming as nearly as may be to the best accounting practice in the trade
That whenever in the opinion of the Commissioner
business and
as
most clearly
reflecting the income.
Net
8^
Losses.
Sec. 204. (a) That as used in this section the term "net loss" means
only net losses resulting from the operation of any trade or business regularly
carried on by the taxpayer (including losses sustained from the sale or
other disposition of real estate, machinery, and other capital assets, used in
the conduct of such trade or business); and when so resulting means the
excess of the deductions allowed by Section 214 or 234, as the case may
be, over the sum of the following: (1) the gross income of the taxpayer for
the taxable year, (2) the amount by which the interest received free from
under this title exceeds so much of the interest paid or accrued
taxation
within the taxable year on indebtedness as is not permitted to be deducted
by Paragraph (2) of Subdivision (a) of Section 214 or by Paragraph (2)
or Subdivision (a) of Section 234; (3) the amount by which the deductible
or business exceed the taxable gains or
profits not derived from such trade or business; (4) amounts received as
dividends and allowed as a deduction under Paragraph (6) of Subdivision
(a) of Section 234; and (5) so much of the depletion deduction allowed with
respect to any mine, oil or gas well as is based upon discovery value in
losses not sustained in such trade
lieu
of cost.
family, or stock in trade of the
kind which would properly be included in
if on hand at the close of the taxable year.
(b) If for any taxable year beginning after December 31 1920, it appears
the production of evidence satisfactory to the Commissioner that
upon
such net loss is in excess of the net income for such succeeding taxable
year, the amount of such excqss shall be allowed as a deduction in com¬
puting the net income for the next succeeding taxable year; the deduction
in all cases tb be made under regulations prescribed by the Commissioner
the
approval of the Secretary.
(c) The benefit of this section shall be allowed to the members of a part¬
nership and the beneficiaries of an estate or trust, and to insurance com¬
panies subject to the tax imposed by Section 243 or 246, under regulations
prescribed by the Commissioner with the approval of the Secretary.
(d) If it appears, upon the production or evidence satisfactory to the
Commissioner, that a taxpayer having a fiscal year beginning in 1920 and
ending in 1921 has sustained a net loss during such fiscal year, such tax¬
payer shall be entitled to the benefits of this section in respect to the same
proportion of such net loss which the portion of such fiscal year falling
within the calendar year 1921 is of the entire fiscal year.
Fiscal
Years
the inventory of the taxpayer
of any taxpayer (other than a corporation) who for any
taxable year derives a capital net gain, there shall (at the election of the
taxpayer) be levied, collected and paid, in lieu of the taxes imposed by sec¬
tions 210 and 211 of this title, a tax determined as follows:
A partial tax shall first be computed upon the basis of the ordinary net
income at the rates and in the manner provided in sections 210 and 211,
and the total tax shall be in this amount plus 1214 Per centum of the capital
net gain; but if the taxpayer elects to be taxed under this section the total
tax shall in no such case be less than 1214 per centum of the total net in¬
come.
The total tax thus determined shall be computed, collected and paid
in the same manner, at the same time and subject to the same provisions
of law, including penalties, as other taxes under this title.
(c) In the case of a partnership or of an estate or trust, the proper part
of each share of the net income which consists, respectively, of ordinary
net income and capital net gain, shall be determined under rules and regu¬
lations to be prescribed by the Commissioner with the approval of the
Secretary, and shall be separately shown in the return of the partnership
or estate or trust, and shall be taxed to the member or beneficiary or to the
estate or trust as provided in sections 218 and 219, but at the rates and in
the manner provided in subdivision (b) of this section.
(b)
In the
case
Part
II.—Individuals.
Normal
Tax.
Sec. 210.
That, in lieu of the tax imposed by
Act of 1918, there shall be levied, collected and
section 210 of the Revenue
paid for each taxable year
of 8 per centum of
provided in section
216: Provided, That in the case of a citizen or resident of the United States
the rate upon the first 84,000 of such excess amount shall be 4 per centum.
upon the net income of every individual a normal tax
the amount of the net income in excess of the credits
Surtax.
Sec. 211.
That, in lieu of the tax imposed by Section 211 of the Rev¬
enue Act of 1918, but in addition to the normal tax imposed by Section
210 of this Act, there shall be levied, collected and paid for each taxable
year upon the net income of every individual—
(a)
For the calendar
year
1921, a surtax equal to the sum of the follow¬
/V-! J:
.
.
1 per centum of the amount by
and does not exceed $6,000;
2 per centum
which the net income exceeds $5,000
of the amount by which the net income exceeds $6,000
and does not exceed $8,000;
3 per centum of the amount by
and does not exceed $10,000;
4 per centum of the amount
and does not exceed $12,000;
which the net income exceeds $8,000
by which the net income exceeds
5 per centum of the amount by
and does not exceed $14,000;
6 per centum of the amount by
does not exceed $16,000;
$10,000
which the net income exceeds $12,000
which the net income exceeds $14,000 and
7 per centum of the amount by
which the net income exceeds $16,000
and does not exceed $18,000;
8 per centum of the amount by which the net income
and does not exceed $20,000;
9 per centum of the amount
and does not exceed $22,000;
exceeds $18,000
by which the net income exceeds $20,000
10 per centum of the amount by which the net income
and does not exceed $24,000;
exceeds $22,000
11 per centum of the amount by which the net income
and does not exceed $26,000;
exceeds $24,000
12
any taxpayer has sustained a net loss, the amount thereof shall be deducted
from the net income of the taxpayer for the succeeding taxable year; and if
with
(whether or not connected with his trade or business), but does
property held for the personal use or consumption of the tax¬
taxpayer or other property of
not include
a
(1)
ing:
Inventories.
or
two years
payer or his
if in excess of such basis, shall be taxable to
(i) Nothing in this section shall be construed to prevent (m the case of
property sold under contract providing for payment in installments) the
taxation of that portion of any installment payment representing gam of
profit in the year in which such payment is received.
Sec. 203.
[Vol. 113.
CHRONICLE
THE
2268
centum of the amount by which the net income exceeds $26,000
and does not exceed .$28,000;
per
13 per centum of the amount by which the net income exceeds $28,000
does not exceed $30,000;
and
income exceeds $30,000
14 per centum of the amount by which the net
does not exceed $32,000;
and
15 per centum of the amount by
and does not exceed $34,000;
which the net income exceeds $32,000
16 per centum of the amount
and does not exceed $36,000;
by which the net income exceeds $34,000
17 per centum of the amount
and does not exceed $38,000;
by which the net income exceeds $36,000
*
18 per centum of the amount by
and does not exceed $40,000;
which the net income exceeds $38,000
19 per centum of the amount by
does not exceed $42,000;
which the net income exceeds $40,000
20 per centum of the amount by
and does not exceed $44,000;
which the net income exceeds $42,000
and
21 per centum of the amount by
and does not exceed $46,000;
which the net income exceeds $44,000
in
22 per centum of the amount by
and does not exceed $48,000;
which the net income exceeds $46,000
period computed under Title II of the Revenue Act of 1918 at the rates
for the calendar year 1920 which the portion of such period
falling within
the calendar year 1920 is of the entire
period; and (2) the same proportion
of a tax for the entire period computed under this title at the rates for the
calendar year 1921, which the
portion of such period falling within the cal¬
endar year 1921 is of the entire period.
Any amount paid before or after the passage of this Act on account of
the tax imposed for such fiscal year by Title II of the Revenue Act of
1918
shall be credited toward the
payment of the tax imposed for such fiscal
year by thfe Act, and if the amount so paid exceeds the amount of such
tax imposed by this Act, the excess shall be credited or refunded
in accord¬
ance with the provisions of Section 252.
(b) If a taxpayer makes return for a fiscal year beginning in 1921 and
ending in 1922, his tax under this title for the taxable year 1922 shall be
the sum of: (1) the same
proportion of a tax for the entire period computed
under this title (as in force on December 31
1921) at the rates for the
calendar year 1921 which the
portion of such period falling within the
calendar year 1921 is of the entire
period; and (2) the same proportion of a
f?r the entire period computed under this title (as in force on January 1
Jzt'a *,Hhe
for the calendar year 1922 which the portion of such
period falling within the calendar year 1922 is of the entire
period: Provided,
That w the case of a
personal service corporation the amount to be paid
shall be only that specified in Clause (2)
23 per centum of the amount by
and does not exceed $50,000;
which the net income exceeds $48,000
24 per centum of the amount by
and does not exceed $52,000;
which the net income exceeds $50,000
25 per centum of the amount by
and does not exceed $54,000;
which the net income exceeds $52,000
1920-1921 and 1921-1922.
Sec. 205. (a) That if a taxpayer makes return for a fiscal year
beginning
1920 and ending in 1921, his tax under this title for the taxable year
1921 shall be the sum of: (1) the same proportion of a tax for the entire
y5ar °1 a, p^?®rs¥P begins in 1920 and ends in 1921, or
begins in 1921 and ends in 1922, then (1) the rates for the calendar
year
during which such fiscal year begins shall apply to an amount of each
partner s share of such partnership net income (determined under the
law
apphcable to such year) equal to the proportion which the
part of such fiscal
year falling within such calendar year bears to the full fiscal
year; and (2) the
rates for the calendar year
during which such fiscal year ends shall apply to
an amount of each
partner s share of such partnership net income (deter¬
mined under the law apphcable to such calendar
year) equal to the propor-
fcs to'SefunffacalyeS
^ faUing WitMn such
^
Capital Gain.
(a) That for the purpose of this title:
"nn-nifol <roi'n"
The term "capital gain" means taxable gain from the sale or exchange
of capital assets consummated after December
31 1921;
excnange
(2) The term "capital loss" means deductible loss resulting from the
sal^?r^cbange ?.f caPi<;,ai assets consummated after December 31 1921*
(3) The term "capital deductions" means such deductions as are al¬
Sec. 206.
/"I 'I
(1)
Thp t.Arm
_r
lowed under this title for the purpose of
computing net income and
EitEssection^
°r chargeable against items of capital gain
are
as defined
(4) The term "capital net gam" means the excess of the total
amount
of capital gain over the sum of the capital deductions and
capital losses(5) The term
ordinary net income" means the net income computed
in accordance with the provisions of this title, after
excluding all items
of capital gain, capital loss, and capital deductions; and
(6) The tenn "capital assets" as used in this section means property
acquired and held by the taxpayer for profit or investment for more than
26 per centum of the amount by which the net income
and does not exceed $56,000;
exceeds $54,000
27 per centum of the amount by which the net income
and does not exceed $58,000;
exceeds $56,000
28 per centum of the amount by which the net
and does not exceed $60,000;
29 per centum of the amount by
does not exceed $62,000;
income exceeds $58,000
which the net income exceeds $60,000
and
30 per centum of the amount
and does not exceed $64,000;
31
and
by which the net income exceeds $62,000
per centum of the amount by which the net
does
not
income exceeds $64,000
exceed $66,000;
32 per centum of the amount by which
and does not exceed $68,000;
the net income exceeds $66,000
33 per centum of the amount by
and does not exceed $70,000;
which the net income exceeds $68,000
34 per centum of the amount by
and does not exceed $72,000;
which the net income exceeds $70,000
35 per centum of the amount by which
and does not exceed $74,000;
36 per centum of the amount by
and does not exceed $76,000;
37 per centum of the amount by which
and does not exceed
the net income exceeds $72,000
which the net income exceeds $74,000
the net income exceeds $76,000
$78,000;
38 per centum of the amount by
and does not exceed $80,000;
39 per centum of the amount by
and does not exceed $82,000;
which the net income exceeds $78,000
.
which the net income exceeds $80,000
•
.
40 per centum of the amount by
and does not exceed $84,000;
which the net income exceeds $82,000
41 per centum of the amount by
and does not exceed $86,000;
which the net income exceeds $84,000
42 per centum of the amount
and does not exceed $88,000;
by which the net income exceeds $86,000
43 per centum of the amount
and does not exceed $90,000;
by which the net income exceeds $88,000
44 per centum of the amount
and does not exceed $92,000;
by which the net income exceeds $90,000
45 per centum of the amount
nd doeis not exceed $94,000;
by which the net income exceed s $92,000
Nov. 26
THE
1921.]
46 per centum of the amount by which the net
and does not exceed $96,000;
47
income exceeds $94,000
and does not exceed $98,000;
48 per centum of the amount by
and does not exceed $100,000;
which the net income exceeds $98,000
52 per centum of the amount by which the net income
and does not exceed $150,000;
exceeds $100,000
56 per centum of the amount by which the net income
and does not exceed $200,000;
exceeds $150,000
60 per centum of the amount by which the net
and does not exceed $300 000;
63 per centum of the amount by
and does not exceed $500,000;
income exceeds $200,000
which the net income exceeds $300,000
•
64 per centum of the amount by which the net income
and does not exceed $1,000,000;
65 per centum of the amount by which the net income
(2)
surtax
exceeds $500,000
7
exceeds $1,000,000;
For the calendar year 1922 and each calendar year thereafter,
equai to the sum of the following:
1
1 per centum of the amount by which the net income
does not exceed $10,000;
a
,
exceeds $6,000 and
2 per centum of the amount by which the net income
exceeds $10,000
and does not exceed $12,000;
3 per centum of the amount by which the net income
and does not exceed $14,000;
4 per centum of the amount by which the net
exceeds $12,000
income exceeds $14,000
and does hot exceed $16,000;
5 per centum of the amount by which the net income
and does not exceed $18,000;
exceeds $16,000
6 per centum of the amount by which the net income
and does not exceed $20,000;
exceeds $18,000
8 per centum of the amount by which the net income
exceeds $20,000
and does not exceed $22,000;
;
9 per centum of the amount by which the net income exceeds $22,000
and does not exceed $24,000;
.v'V.
..
10 per centum of the amount by which the net income
and does not exceed $26,000;
;:/■/;
exceeds $24,000
■
11 per centum of the amount by which the net income
does not exceed $28,000;
vv;; a V:
exceeds $26,000
;.v)v- ./
by which the net income exceeds $28,000
and
12 per centum of the amount
and does not exceed $30,000;
13 per centum of the amount by which the net income exceeds $30,000
and does not exceed $32,000;
J,;::-.
;
15 per centum of the amount by which the net income exceeds $32,000
and does not exceed $36,000;
16 per centum of the amount by which the net income exceeds $36,000
and does not exceed $38,000;
17 per centum of the amount by which the net income exceeds $38,000
and does not exceed $40,000;
.
18 per centum of the amount by which the net income exceeds $40,000
and does not exceed $42,000;
19 per centum of the amount by
and does not exceed $44,000;
which the net income exceeds $42,000
20 per centum of the amount by which the net income exceeds $44,000
and does not exceed $46,000;
21
per
centum of the amount by which the net income exceeds $46,000
and does not exceed $48,000;
22 per centum of the amount by which the net income exceeds $48,000
and does not exceed $50,000;
23 per centum of the amount by which the net income exceeds $50,000
and does not exceed $52,000;
24 per centum of the amount by which the net income exceeds $52,000
and does not exceed $54,000;
25 per centum of the amount by which the net income exceeds $54,000
and does not exceed $56,000;
26 per centum of the amount by which the net income exceeds $56,000
and does not exceed $58,000;
27 per centum of the amount by which the net income exceeds $58,000
and does not exceed $60,000;
28 per centum of the amount by which the net income exceeds $60,000
and does not exceed $62,000;
29 per centum of the amount by which the net income exceeds $62,000
and does not exceed $64,000;
30 per centum of the amount by which the net income exceeds $64,000
and does not exceed $66,000;
31 per centum of the amount
and does not exceed $68,000;
by which the net income exceeds $66,000
33 per centum of the amount by which the net income exceeds $70,000
and does not exceed $72,000;
or
if the method employed does not clearly reflect the income,
computation shall be made upon such basis aud in such manner as in
of the Commissioner does clearly reflect the income.
If the
taxpayer's annual accounting period is other than a fiscal year as defined
in Section 200 or if the taxpayer has no annual accounting period or does not
keep books, the net income shall be computed on the basis of the calendar
year.
M ■:
(c) If a taxpayer changes his accounting period from fiscal year to cal¬
endar year, from calendar year to fiscal year, or from one fiscal year to
another, the net income shall, with the approval of the Commissioner, be
computed on the basis of such new accounting period, subject to the pro¬
visions of Section 226-
34 per centum of the amount by which the net income exceeds $72,000
does not exceed $74,000;
35 per centum of the amount by which the net income exceeds $74,000
and does not exceed $76,000;
centum of the amount by which the net income exceeds $76,000
does not exceed $78,000;
37 per centum of the amount by which the net income exceeds $78,000
and does not exceed $80,000;
38 per centum of the amount by which the net income exceeds $80,000
and does not exeeed $82,000;
That for the purposes of this title (except as
39 per centum of the amount by which the net income exceeds $82,000
by which the net income exceeds $86,000
42 per centum of the amount by which the net income exceeds $88,000
and does not exceed $90,000;
43 per centum of the amount by which the net income exceeds $90,000
and does not exceed $92,000;
44 per centum of the amount by
which the net income exceeds $92,000
taxation under this title:
(1) The proceeds of life insurance policies paid upon the death of the
insured;
::.V
'a'.;: -v. ■
(2) The amount received by the insured as a return of premium or pre¬
miums paid by him under life insurance, endowment, or annuity contracts,
either during the term or at the maturity of the term mentioned in the con¬
tract or upon surrender of the contract;
'
.
(3) The value of property acquired by gift, bequest, devise, or descent
(but the income from such property shall be included in gross income);
(4) Interest upon (a) the obligations of a State, Territory, or any po¬
litical subdivision thereof, or the District of Columbia; or (b) securities
issued under the provisions of the Federal Farm Loan Act of July 17 1916
or (c) the obligations of the United States or its possessions; or '(d) bonds
issued by the War Finance Corporation. In the case of obligations of the
United States issued after September 1 1917 (other than postal savings cer¬
tificates of deposit), and in the case of bonds issued by the War Finanqe
Corporation, the interest shall be exempt only if and to the extent provided
in the respective Acts authorizing the issue thereof as amended and sup¬
plemented, and shall be excluded from gross income only if and to the ex¬
tent it is wholly exempt to the taxpayer from income, war-profits and ex¬
•
cess-profits
taxes;
The income
(5)
45 per centum of the amount by which the net income exceeds $94,000
and does not exceed $96,000;
46 per centum of the amount by
which the net income exceeds $96,000
$98,000;
47 per centum of the amount by
and does not exceed $100,000;
which the net income exceeds $98,000
48 per centum of the amount by which the net income exceeds $100,000
and does not exceed $150,000;
49 per centum of the amount by which the net
income exceeds $150,000
and does not exceed $200,000;
50 per centum of the amount by which the net income exceeds $200,000.
(b) In the case of a bona fide sale of mines, oil or gas wells, or any in¬
terest therein, where the principal value of the property has been demon¬
strated by prospecting or exploration and discovery work done by the
taxpayer, the portion of the tax imposed by this section attributable to
such sale shall not exceed, for the calendar year 1921, 20 per centum, and
for each calendar year thereafter 16 per centum, of the selling price of such
property or interest.
Net
Income
of
Individuals Defined.
That in the case of an individual the term "net income"
means the gross income as defined in Section 213, less the deductions al¬
lowed by Section 214.
Sec.
212.
(a)
(b) The net income shall be computed upon the basis of the taxpayer's
annual accounting period (fiscal year or calendar year, as the case may be)
in accordance with the method of accounting regularly employed in keeping
the books of such taxpayer: but if no such method of accounting has been
of foreign governments received
from investments in
the United States in stocks, bonds, or other domestic securities, owned by
such foreign governments, or from interest on deposits in banks in the
United States of moneys belonging to such foreign governments, or from
other source within the United States;
(6) Amounts received through accident or health insurance or under
compensation Acts, as compensation for personal injuries or
sickness, plus the amount of any damages received whether by suit or
agreement on account of such injuries or sickness;
(7) Income derived from any public utility or the exercise of any essentia
governmental function and accruing to any State, Territory or the Dis
trict of Columbia, or any political subdivision of a State or Territory
or income accruing to
the Government of any possession of the United
States or by any political subdivision thereof.
Whenever any State, Territory, or the District of Columbia, or any po¬
litical subdivision of a State or Territory, prior to September 8 1916 entered
in good faith into a contract with any person, the object and purpose of
which is to acquire, construct, operate, or maintain a public utility, no
tax shall be levied under the provisions of this title upon the income derived
from the operation of such public utility, so far as the payment thereof
will impose a loss or burden upon such State, Territory, District'of Colum¬
bia, or political subdivision; but this provision is not intended and shall
not be construed to confer upon such person any financial gain or exemption
or to relieve such person from the payment of a tax as provided for in this
title upon the part or portion of such income to which such person is entitled
any
workmen's
under such contract;
(8) The income of a nonresident alien or foreign corporation which
consists exclusively of earnings derived from the operation of a ship or
ships, documented under the laws of a foreign country which grants an
equivalent exemption to citizens of the United States and to corporations
organized in the United States;
(9) Amounts received as compensation, family allotments and allowances
under the
beneficiary
provisions of the War Risk Insurance and the Vocational Re¬
from the United States for service of the
or another in the military or naval forces of the United States
in time
of war;
'
~
,
So much of the amount received by an individual after December 31
1 1927, as dividends or interest from domestic
building and loan associations, operated exclusively for the purpose of
making loans to members, as does not exceed $300;
(11) The rental value of a dwelling house and appurtenances thereof
furnished to a minister of the gospel as part of his compensation.
(12) The receipts of shipowners' mutual protection and indemnity
associations, not organized for profit, and no part of the net earnings of
which inures to the benefit of any private stockholder or member, but such
(10)
and before January
corporations shall be subject as other persons to the tax upon their net
income from
interest,
dividends,
and rents.
(c) In the case of a nonresident alien individual, gross income means only
the gross income from sources within the United States, determined under
the provisions of Section 217.
Sec. 214.
(a)
Individuals.
That in computing net income there shall be allowed as
deductions:
(1)
All the ordinary and necessary expenses paid or incurred during
the
taxable year in carrying on any trade or business, including a reasonable
allowance for salaries or other compensation for personal services actually
rendered;
traveling expenses
(including the entire amount expended for
while away from home in the pursuit of a trade or busi¬
and rentals or other payments required to be made as a condition to
the continued use or possession, for purposes of the trade or business, of
meals and lodging)
ness;
property to which the taxpayer has not taken or is not
he has no equity;
taking title or in
which
and does not exceed $94,000;
and does not exceed
otherwise provided
233) the term "gross income"—
(a) Includes gains, profits, and income derived from salaries, wages, or
compensation for personal service (including in the case of the President
of the United States, the judges of the Supreme and inferior courts of the
United States, and all other officers and employees, whether elected or
appointed, of the United States, Alaska, Hawaii, or any political subdivision
thereof, or the District of Columbia, the compensation received as such),
of whatever land and in whatever form paid, or from professions, voca¬
tions, trades, businesses, commerce, or sales, or dealings in property,
whether real or personal, growing out of the ownership or use of or interest
in such property; also from interest, rent, dividends, securities, or the
transaction of any business carried on for gain or profit, or gains or profits
and income derived from any source whatever.
The amount of all such
items (except as provided in subdivision
(e) of Section 201) shall be included
in the gross income for the taxable year in which received by the taxpayer,
unless, under methods of accounting permitted under subdivision (b) of
Section 212, any such amounts are to be properly accounted for as of a
different period; but
(b) Does not include the following items, which shall be exempt from
Deductions Allowed
40 per centum of the amount by which the net income exceeds $84,000
and does not exceed $86,000;
41 per centum of the amount
and does not exceed $88,000.
'■">
in Section
and does not exceed $84,000;
,
-
Gross Income Defined.
Sec. 213.
1921
and
36 jper
employed,
the opinion
habilitation Acts, or as pensions
32 per centum of the amount by which the net income exceeds $68,000
and does not exceed $70,000:
and
so
the
by which the net income exceeds $96,000
per centum of the amount
2269
CHRONICLE
All interest paid or accrued within the taxable year on indebted¬
ness, except on indebtedness incurred or continued to purchase or carry
obligations or securities (other than obligations of the United States issued
after September 24 1917, and originally subscribed for by the taxpayer)
the interest upon which is wholly exempt from taxation under this title;
>
(3) Taxes paid or accrued within the taxable year excfipt (a) income,
war-profits, and excess-profits taxes imposed by the authority of the United'
States, (b) so much of the income, war-profits and excess-profits taxes,
imposed by the authority of any foreign country or possession of the United
States, as is allowed as a credit under Section 222, (c) taxes assessed against
local benefits of a kind tending to increase the value of the property assessed,
and (d) taxes imposed upon the taxpayer upon his interest as shareholder
or member of a corporation, which are
paid by the corporation without re¬
imbursement from the taxpayer.
For tne purpose of this paragraph estate,
inheritance, legacy, and succession taxes accrue on the due date thereof
except as otherwise provided by the law of the jurisdiction imposing such
(2)
taxes;
(4) Losses sustained during the taxable year and not compensated for
by insurance or otherwise, if incurred in trade or business;
(5) Losses sustained during the taxable year and not compensated for
by insurance or otherwise, if incurred in any transaction entered into for
profit, though not connected with the trade or business; but in the case or
a nonresident alien individual only if and to the extent that the profit, if
such transaction had resulted in a profit, would be taxable under this title.
No deduction shall be allowed under this
have been sustained in any sale or other
securities made after the passage of this
paragraph for any loss claimed to
disposition of shares of stock or
Act where it appears
that within
thirty days before or after the date of such sale or other disposition the
taxpayer has acquired (otherwise than by bequest or inheritance) substan-
THE
2370
CHRONICLE
tially identical property, and the property so acquired is held by the tax¬
payer for any period after such sale or other disposition.
If such acquisi¬
tion is to the extent of part only of substantially identical property, then
only a proportionate part of the loss shall be disallowed;
(6) Losses sustained during the taxable year of property not connected
with the trade or business (but in the case of a nonresident alien individual
only property within the United States) if arising from fires, storms, ship¬
wreck, or other casualty, or from theft, and if not compensated for by in¬
surance or otherwise.
Losses allowed under Paragraphs (4), (5), and (6)
of this subdivision shall be deducted as of the taxable year in which sus¬
tained unless, in order to clearly reflect the income, the loss should, in the
opinion of the Commissioner, be accounted for as of a different period.
In cases of losses arising from destruction of or damage to property, where
the property so destroyed or damaged was acquired before March 1 19 3,
the deduction shall be computed upon the basis of its fair market price or
value
(7)
of March
as
1
1913;
Debts ascertained to be worthless and charged off within the taxable
year (or, in the discretion of the Commissioner, a reasonable addition to a
reserve for bad debts); and when satisfied that a debt is recoverable only in
part, the Commissioner may allow such debt to be charged off in part;
(8) A reasonable allowance for the exhaustion, wear and tear of property
used in the trade or business, including a reasonable allowance for obso¬
In the case of such property acquired before March 1 1913, this
deduction shall be computed upon the basis of its fair market price or value
of March 1 1913;
lescence.
as
,
,
(9) In the case of buildings, machinery, equipment, or other facilities,
constructed, erected, installed, or acquired, on or after April 6 1917, for the
production of articles contributing to the prosecution of the war against the
German Government, and in the case of vessels constructed or acquired
on or after such date for the transportation of articles or men contributing
to the prosecution of such war, there shall be allowed, for any taxable year
ending before March 3 1924 (if claim therefor was made at the time of filing
return for the taxable year 1918, 1919, 1920, or 1921 ( a reasonable deduc¬
tion for the amortization of such part of the cost of such facilities or vessels
as has been borne by the taxpayer, but not again including any amount
otherwise allowed under this title
or
previous Acts of Congress as a de¬
duction in computing net income.
At any time before March
Commissioner mav, and at the request of the taxpayer shall,
3 1924 the
reexamine
the return, and if he then finds as a result of an appraisal or from other
evidence that the deduction originally allowed was incorrect, the income,
war-profits, and excess-profits taxes for the year or years affected shall be
redetermined; and the amount of tax due upon such redetermination, if
any, shall be paid upon notice and demand by the collector, or the amount of
tax overpaid, if any, shall be credited or refunded to the taxpayer in accord¬
ance with the provisions of Section 252;
(10) In the case of mines, oil and gas wells, other natural deposits, and
timber, a reasonable allowance for depletion and for depreciation of improve¬
ments, according to the peculiar conditions in each case, based
pon cost
including cost or development not otherwise deducted: Provided, That in
the case of such properties acquired prior to March 1 1913, the fair market
value of the property (or the taxpayer's interest therein) on that date shall
be taken in lieu of cost up to that date: Provided further, That in the case of
mines, oil and gas wells, discovered by the taxpayer, on or after March 1
1913, and not acquired as the result of purchase or a proven tract or lease,
where the fair market value of the property is materially disproportionate
to the cost, the depletion allowance shall be based upon the fair market value
of the property at the date of the discovery, or within thirty days thereafter:
And provided further, That such depletion allowance based on discovery
value shall not exceed the net income, computed without allowance for
depletion, from the property upon which the discovery is made, except
where such net income so computed is less than the depletion allowance
based on cost or fair market value as of March 1 1913; such reasonable
allowance in all the above cases to be made under rules and regulations to
be prescribed by the Commissioner, with the approval of the Secretary.
In the case of leases the deductions allowed by this paragraph shall be
equitably apportioned between the lessor and lessee;
(11) Contributions or gifts made within the taxable year to or for the use
of (a) The United States, any State, Territory, or any political subdivision
thereof, or the District of Columbia, for exclusively public purposes; (b)
any corporation, or community chest, fund, or foundation, organized and
operated exclusively for religious, charitable, scientific, literary, or edu¬
cational purposes, including posts of the American Legion or the Women's
Auxiliary units thereof, or for the prevention of cruelty to children or
animals, no part of the net earnings of which inures to the benefit of any
private stockholder or individual; or (c) the special fund for vocational
rehabilitation authorized by Section 7 of the Vocational Rehabilitation Act;
to
an
amount which in all the
above
cases
combined does not exceed
15
the taxpayer's net income as computed without the benefit
of this paragraph.
In case of a nonresident alien individual this deduction
shall be allowed only as to contributions or gifts made to domestic corpora¬
per centum of
tions, or to community chests, funds, or foundations, created in the United
States, or to such vocational rehabilitation fund.
Such contributions or
efts shall be allowable asCommissioner, with verified underof the Secretary;
deductions only if the approval rules and regutions prescribed by the
(12)
If property is compulsorily
or
involuntarily converted into cash
its equivalent as a result of (a) its destruction in whole
or
in
of requisition or condemnation, or
the threat or imminence thereof; and if the taxpayer
proceeds forthwith in
good faith, under regulations prescribed by the Commissioner with the ap¬
proval of the Secretary, to expend the proceeds of such conversion in the
acquisition of other property of a character similar or related in service
or use to the
property so converted, or in the acquisition of 80 per centum
or more of the stock or shares of a
corporation owning such other property,
or in the establishment of a
replacement fund, then there shall be allowed
as a deduction such
portion of the gain derived as the portion of the proceeds
so expended
bears to the entire proceeds.
The provisions of this para¬
graph prescribing the conditions under which a deduction may betaken
in respect of the proceeds or gains derived from the
compulsory or involun¬
tary conversion of property into cash or its equivalent, shall apply so far as
may be practicable to the exemption or exclusion of such
proceeds or gains
worn gross, income under prior income,
war-profits and excess-profits tax
ACtS.
.
u
(£) In the case of a non-resident alien individual the deductions allowed
Subdivision (a) except those allowed in Paragraphs (5), (6), and (11),
shall be allowed only if and to the extent that
they are connected with in¬
come from sources within the United
States; and the proper apportionment
aun allocationi of the> deductions with
respect to sources of income within
and without the United States shall be
determined as provided in Section
Z. u?o?r J^les
regulations prescribed by the Commissioner with the
a? a^f ~°ofloe*T?e<^e^ar3fj In ^ ,e £ase of a citizen entitled to the benefits
of Section 262 the deductions shall
the same
be the
mapner as in the case of
Items
Not
same
and shall be determined in
a non-resident
Sec. 215. (a) That In computing net income
allowed in respect of—
(1) Personal, living, or family expenses;
(2)
ments
no
.whLvun
nr
or
deduction shall in any
I
Any amount paid out for new buildings or for
permanent improve¬
or betterments made to
increase the value of any property or estate;
expended
exhausuon aP°hnt for which
thereof
(4)
alien individual.
Deductible.
case be
Premiums paid
busmess carried
indirectly
a
in restoring
an
on any
on
property or in making good the
allowance is or has been made; or
life insurance policy covering the life of any
^,ny+Person financially interested in any trade
by the taxpayer, when the taxpayer is directly or
such policy.
*
beneficiary under
(by whatever name called) in the value of such interest due to the
lapse of
»n5ir
^
deduction allowed by this Act for the purpose of com¬
puting the net income of an estate or trust but not allowed under the laws
of such State, Territory, District of
Columbia, possession of the United
fuWSMffiX7
the PUrP°se of computing the income to which
allowed2 the foUoVtag SldST088 °f the normal|taI only there BhaU «»
The amount received
(a)
as dividends(l) from a
domestic corporation
corporation entitled to the benefits of Section
262, or (2) from
a foreign corporation when it is shown to the
satisfaction of tke
sioner that more than 50 Per centum of the gross
income of such foreign
corporation for the three-year period.ending with the close of its taxable
other than
a
ComSs-
year
preceding the declaration of such dividends
Iri+iqn
within
the United States
as
(or for such part of such
1,1 existence) was derived from sources
determined under the provisions of Section
217;
(b) The amount received as interest upon obligations of the United States
and bonds issued by the War Finance Corporation, which is included in
gross
income under Section 213;
(c) In the case of a single person, a personal exemption of $1,000; or in
the case of the head of a family or a married person living with husband
or wife, a personal exemption of $2,500, unless the net income is in excess
of $5,000, in which case the personal exemption shall be $2,000.
A hus¬
band and wife living together shall receive but one personal exemption.
The amount of such personal exemption shall be $2,500, unless the aggre¬
gate net income of such husband and wife is in excess of $5,000, in which
case the amount of such personal exemption shall be $2,000.
If such hus¬
band and wife make separate returns, the personal exemption may be taken
by either or divided between them.
In no case shall the reduction of the
personal exemption from $2,500 to $2,000 operate to increase the tax,
which would be payable if the exemption were $2,500, by more than the
amount of the net income in excess of $5,000;
(d) $400 for each person (other than husband or wife) dependent upon
and receiving his chief support from the taxpayer if such dependent person
is under eighteen years of age or is incapable of self-support because men¬
tally or physically defective;
(e) In the case of a non-resident alien individual or of a citizen entitled
to the benefits of Section 262, the personal exemption shall be only $1,000,
and he shall not be entitled to the credit provided in subdivision (d).
(f) The credits allowed by Subdivisions (c), (d), and (e) of this section
shall be determined by the status of the taxpayer on the last day Of the
period for which the return of income is made; but in the case of an indi¬
vidual who dies during the taxable year, such credits shall be determined
by his status at the time of his death, and in such case full credits shall be
allowed to the surviving spouse, if any, according to his or her status at
the close of the period for which such survivor makes return of income.
Net Income of Non-Resident Alien Individuals.
Sec. 217. (a) That in the case of a non-resident alien individual or of a
citizen entitled to the benefits of section 262, the following items of gross
income shall be treated
as
income from
sources
within the United States:
(1) Interest on bonds, notes or other interest-bearing obligations of resi¬
dents, corporate or otherwise, not including (a) interest on deposits with
persons carrying on the banking business paid to persons not engaged in
business within the United States and not having an office or place of busi¬
ness therein, or (b) interest received from a resident alien individual or a
resident foreign corporation when it is shown to the satisfaction of the
Commissioner that less than 20 per centum of the gross income of such resi¬
dent payor has been derived from sources within the United States, as deter¬
mined under the provisions of this section, for the three-year period ending
with the close of the taxable year of such payor, or for such part of such
period immediately preceding the close of such taxable year as may be ap¬
plicable:
(2) The amount received as dividends (a) from a domestic corporation
other than a corporation entitled to the benefits of section 262, or (b) from
a foreign corporation unless less than 50 per centum of the gross income of
such foreign corporation for the three-year period ending with the close of
its taxable year preceding the declaration of such dividends (or for such part
of such period as the corporation has been in existence) was derived from
within the United States as determined under the provisions of
section;
(3) Compensation for labor or personal services performed in the United
sources
this
States-
(4) Rentals
from
use
any
or royalties from property located in the United States or
interest in such property, including rentals or royalties for the
privilege of using in the United States, patents, copyrights,
of or for the
and formulas, good-will, trade-marks, trade brands, fran¬
property; and
Gains, profits and income from the sale of real property located in
secret processes
chises and other like
(5)
the United
States.
(b) From the items of gross income specified in subdivision (a) there
shall be deducted the expenses, losses and other deductions properly appor¬
tioned or allocated thereto a d a ratable part of any expenses, losses or
other deductions which cannot definitely be allocated to some item or class
The remainder, if any, shall be included in full as net in¬
from sources within the United States.
(c) The following items of gross income shall be treated as income from
sources without the United States:
(1) Interest other than that derived from sources within the United States
as provided in paragraph (1) of subdivision (a);
(2) Dividends other than those derived from sources within the United
States as provided in paragraph (2) of subdivision (a);
(3) Compensation for labor or personal service performed without the
United States;
(4) Rentals or royalties from property located without the United States
or from any interest in such property, including rentals or royalties for the
use of or for the privilege of using without the United States, patents, copy¬
rights, secret processes and formulas, good-will, trade-marks, trade brands,
franchises and other like property: and
(5) Gains, profits and Income from the sale of real property located
of gross income.
come
without
or
part,'(b) theft
seizure, or (c) an exercise of the power
or
[Vol. 113.
United States.
the
(d) From the items of gross income specified in subdivision (c) there shall
be deducted the expenses, losses and other deductions properly apportioned
or allocated thereto, and a ratable part of any expenses, losses or other
deductions which cannot definitely be allocated to some item or class of
gross
income.
The remainder, if any, shall be treated in full as net income
from sources without the United States.
Items of gross income, expenses, losses and deductions, other than
those specified in subdivisions (a) and (c), shall be allocated or apportioned
to sources within or without the United States under rules and regulations
prescribed by the Commissioner, with the approval of the Secretary. Where
items of gross income are separately allocated to sources within the United
States there shall be deducted (for the purpose of computing the net income
therefrom) the expenses, losses and other deductions properly apportioned
or allocated thereto and a ratable part of other expenses, losses or other
deductions which cannot definitely be allocated to some item or class of
gross income.
The remainder if any, shall be included in full as net income
from sources within the United States.
In the case of gross income derived
from sources partly within and partly without the United States, the net
income may first be computed by deducting the expenses, losses or other
deductions apportioned or allocated thereto and a ratable part of any ex¬
penses, losses or other deductions which cannot definitely be allocated to
some item or class of gross income, and the portion of such net income at¬
tributable to sources within the United States may be determined by pro¬
cesses or formulas of general apportionment prescribed by the Commis¬
sioner with the approval of the Secretary.
Gains, profits and income from
(1) transportation or other services rendered partly within and partly with¬
out the United States, or (2) from the sale of personal property produced
(In whole or in part) by the taxpayer within and sold without the United
States, or produced (in whole or in part) by the taxpayer without and sold
within the United States, shall be treated as derived partly from sources
within and partly from sources without the United States.
Gains, profits
and income derived from the purchase of personal property within and its
sale without the United States or from the purchase of personal prop¬
erty without and its sale within the United States, shall be treated as de¬
rived entirely from the country in which sold.
(f) As used in this section the words "sale" or "sold include
exchange
or "exchanged"; and the word "produced" includes "created," "fabricated,"
"manufactured," "extracted," "processed," "cured," or "aged."
(g) A non-resident alien individual or a citizen entitled to the benefits
of Section 262 shall receive the benefit of the deductions and credits allowed
in this title only by filing or causing to be filed with the Collector a true
and accruate return of his total income received from all sources corporate
or otherwise in the United States, in the manner prescribed in this title;
including therein all the information which the Commissioner may deem
necessary for the calculation of such deductions and credits: Provided, That
the benefit of the credit allowed in sub-division (e) of Section 216 may,
in the discretion of the Commissioner, be received by filing a claim therefor
writh the withholding agent.
In case of failure to file a return, the Collector
shall collect the tax on such income, and all property belonging to such
non-resident alien individual or foreign trader [sic] shall be liable to distrain t
(e)
for the tax.
Partnerships and Personal Service Corporations.
j
That individuals carrying on business in partnership shale
their individual capacity.
There shall b,
included in computing the net income of each partner his distributive share
whether distributed or not, of the net income of the partnership for the
taxable year, or, if his net income for such taxable year is compute^ upon
the basis of a period different from that upon the basis of which the net
income of the partnership is computed, then his distributive share of the
net income of the partnership for any accounting period of the partnership
Sec. 218.
(a)
be liable for income tax only in
Nov. 26
THE
1921.]
ending within the fiscal or calendar year upon the basis of which the partner's
computed.
(b) The partner shall, for the purpose of the normal tax, be allowed as
credits, in addition to the credits allowed to him under Section 216, his
proportionate share of such amounts specified in sub-divisions (a) and (b)
of Section 216 as are received by the partnership.
(c) The net income of the partnership shall be computed in the same
manner and on the same basis as provided in Section. 212 except that the
deduction provided in paragraph (11) of sub-division (a) of Section 214
banking business paid to persons not engaged in business in the United
States and.not having an office or place of business therein), rent, salaries,
wages, premiums, annuities, compensations, remunerations, emoluments,
or other fixed
or determinable annual
or periodical gains, profits,
and
income, of any non-resident alien individual or partnership composed in
whole or in part of non-resident aliens (other than income received as divi¬
dends of the class allowed as a credit by Sub-division (a) of Section 216)
shall (except in the cases provided for in Sub-division
(b) and except as
otherwise provided in regulations prescribed by the Commissioner under
Section 217) deduct and withhold from such annual or
periodical gains,
profits, and income a tax equal to 8 per centum thereof: Provided, That
the Commissioner may authorize such tax to be deducted
and withheld
from the interest upon any securities the owners of which are not known to
the withholding agent.
O' :■ v.
(b) In any case where bonds, mortgages, or deeds of trust, or other sim¬
ilar obligations of a corporation contain a contract or provision by which
the obligor agrees to pay any portion of the tax
imposed by this title upon
the obligee, or to reimburse the obligee for any portion of the tax, or to pay
the interest without deduction for any tax which the obligor may be re¬
quired or permitted to pay thereon, or to retain therefrom under any law
of the United States, the obligor shall deduct and withhold a tax equal to
2 per centum of the interest upon such bonds, mortgages
deeds of trust,
or other obligations, whether such interest is payable annually or at shorter
o ' longer periods and whether payable to a non-resident alien individual
net income is
shall not be allowed.
(d) Personal service corporations shall not be subject to taxation under
title, but the individual stockholders thereof shall be taxed in the
as the members of partnerships.
All the provisions of this
title relating to partnerships and the members thereof shall so far as practic¬
able apply to personal service corporations and the stockholders thereof:
Provided, That for the purpose*>f this sub-division amounts distributed by
a personal service corporation during its taxable year shall be accounted
for by the distributees; and any portion of the net income remaining un¬
distributed at the close of its taxable year shall be accounted for by the
stockholders of such corporation at the close of its taxable year in proportion
this
same manner
to their
respective shares.
This sub-division shall not be in effect after December 31 1921.
In the
of a personal service corporation having a fiscal year beginning in 1921
and ending in 1922, amounts distributed prior to January 1 1922 to its
case
stockholders out of earnings or profits accumulated after December 31 1920
shall be taxed to the distributees; and the stockholders of record on December
or to an
and
Estates
Trusts.
That the tax imposed by Sections 210 and 211 shall apply
kind of property held in trust, including—
Income received by estates of deceased persons during the period
(1)
(a)
or
alien individual if
Income
provided in Section 212, except that (in lieu of the deduction authorized
by Paragraph (11) of Subdivision (a) of Section 214) there shall also be
allowed as a deduction, without limitation, any part of the gross income
which, pursuant to the terms of the will or deed creating the trust, is during
the taxable year paid or permanently set aside for the purposes and in the
manner specified
in Paragraph (11) of Subdivision (a) of Section 214.
In cases in which there is any income of the class described in Paragraph (4)
of Subdivision (a) of this section the fiduciary shall include in the return
a statement of the income of the estate or trust which,
pursuant to the
instrument or order governing the distribution, is distributable to each
beneficiary, whether or not distributed before the close of the taxable year
for which the return is made.
is
which, pursuant to the instrument or order governing the distribution,
distributable to such beneficiary, whether distributed
or not,
or,
if his
taxable year is different from that of the estate or trust, then there shall be
included in computing his net income his distributive share of the income
of the estate or trust for its taxable year ending within the taxable year
of the
In such cases the beneficiary shall, for the purpose of
be allowed as credits, in addition to the credits allowed
216, his proportionate share of such amounts specified
(a) and (b) of Section 216 as are received by the estate
beneficiary.
the normal
tax,
to him under Section
in
or
Subdivisions
trust.
■
"<
■.
(e) In the case of an estate or trust the income of which consists both
of income of the class described in
section and
other income,
Paragraph (4) of Subdivision (a) of this
the net income of the estate
or
trust shall
be
computed and a return thereof made by the fiduciary in accordance with
Subdivision
(b) and the tax shall be imposed, and shall be paid by the
fiduciary in accordance with Subdivision (c), except that there shall be
allowed
an
as
additional deduction in
computing the net income of the
estate or trust that
of Subdivision
part of its income of the class described in Paragraph (4)
(a) which, pursuant to the instrument or order governing
the distribution, is distributable during its taxable year to the beneficiaries.
In cases under this subdivision there shall be included, as
provided in
Subdivision (d) of this section, in computing the net income or each bene¬
the official of the United States Government authorized to receive it.
Every such individual, corporation or partnership is hereby made liable
hereby indemnified against the claims and demands of
any individual
corporation or partnership for the amount of any pay¬
ments made in accordance with the provisions of this section.
(d) Income upon which any tax is required to be withheld at the source
under this section shall be included in the return of the recipient of such
income, but any amount of tax so withheld shall be credited against the
amount of income tax as computed in such return.
(e) If any tax required under this section to be deducted and withheld
is paid by the recipient of the income, it shall not be re-collected from the
withholding agent; not in cases in which the tax is so paid shall any penalty
be imposed upon or collected from the
recipient of the income or the with¬
holding agent for failure to return or pay the same unless such failure was
fraudulent and for the purpose of evading payment.
for such tax and is
Credit
Sec.
by such employer,
or
employees,
or
both,
for the purpose of distributing to such employees the earnings and principal
of the fund accumulated by the trust in accordance with such plan, shall
section, but the amount actually distributed or
made available to any distributee shall be taxable to him in the year in
which so distributed or made available to the extent that it exceeds the
not be taxable under this
amounts
paid in by him.
Such distributees shall for the
purpose
of the
normal tax be allowed as credits that part of the amount so distributed or
made available as represents the items specified in Subdivisions (a) and
(b) of Section 216.
of
Surtaxes by
Incorporation.
That if any corporation, however created or organized, is
availed of for the purpose of preventing the imposition of the
Sec. 220.
or
surtax upon its stockholders or members through the medium of permitting
its gains and profits to accumulate instead of being divided or distributed,
there shall
be levied
for Taxes
in
Case of Individuals.
j
(a) That the tax computed under Part II of this title shal
In the case of a citizen of the United States, the amount of any in¬
war-profits and excess-profits taxes paid during the taxable year to
foreign country or to any possession of the United States; and
(2) In the case of a resident of the United States, the amount of any
such taxes paid during the taxable year to any possession of the United
come
any
States; and
(3) In the case of an alien resident of the United States, the amount of
such taxes paid during the taxable year to any foreign country, if
foreign country of which such alien resident is a citizen or subject,
in imposing such taxes, allows a similar credit to citizens of the United
States residing in such country; and
(4) In the case of any such individual who is a member of a partnership
or a beneficiary of an estate or trust, his proportionate share of such taxes
of the partnership or the estate or trust paid during the taxable year to a
foreign country or to any possession of the United States, as the case may be.
(5) The above credits shall not be allowed in the case of a citizen entitled
to the benefits of Section 262; and in no other case shall the amount of
credit taken under this subdivision exceed the same proportion of the tax,
against which such credit is taken, which the taxpayer's net income (com¬
puted without deduction for any income, war profits and excess profits
taxes imposed by any foreign country or possession of the United States)
from sources without the United States bears to his entire net income
(computed without such deduction) for the same taxable year.
(b) If accrued taxes when paid differ from the amounts claimed as
credits by the taxpayer, or if any tax paid is refunded in whole or in part,
the taxpayer shall notify the Commissioner, who shall re-determine the
amount of the tax due under Part II of this title for the year or years affec¬
ted, and the amount of tax due upon such re-determination, if any, shall be
paid by the taxpayer upon notice and demand by the Collector, or the
amount of tax overpaid, if any, shall be credited or refunded to the tax¬
payer in accordance with the provisions of Section 252.
In the case of such
a tax accrued but not paid, the Commissioner as a condition precedent to
the allowance of this credit may require the taxpayer to give a bond with
sureties satisfactory to and to be approved by the Commissioner in such
any
the
Senal sum as theof any amount may require, due Upon any such payment
y the taxpayer Commissioner of tax found conditioned for the re-deter¬
mination; and the bond herein prescribed shall contain
as the Commissioner may require.
such further condi¬
tions
These credits shall be allowed only if the taxpayer furnishes evidence
satisfactory to the Commissioner showing the amount of income derived
from sources without the United States, and all other information necessary
for the verification and computation of such credits.
(d) If the taxpayer makes a return for a fiscal year beginning in 1920
and ending in 1921, the credit for the entire fiscal year shall, notwithstanding
(c)
any
provision of this Act, be determined under the provisions of this section;
disallow, in whole or part, any such
been taken by the taxpayer.
and the Commissioner is authorized to
credit which he finds has already
Individual
Returns.
Sec. 223.
(a) That the following individuals shall each make under oath
stating specifically the items of his gross income and the deductions
and credits allowed under this title—
a
return
Every individual having a net income for the taxable year of $1,000
if single, or if married and not living with husband or wife;
Every individual having a net income for the taxable year of $2,000
or
over, if married and living with husband or wife; and
(3) Every individual having a gross income for the taxable year of $5,000
or over, regardless of the amount of his net income.
(b) If a husband and wife living together have an aggregate net income
for the taxable year of $2,000 or over, or an aggregate gross income for such
year of $5,000 or over—
(1) Each shall make such a return,or
(2) The income of each shall be included in a single joint return, in which
case the tax shall be computed on the aggregate income.
(c) If the taxpayer is unable to make his own return, the return shall be
made by a duly authorized agent or by the guardian or other person charged
with the care of the person or property or such taxpayer.
(1)
or over,
Evasion
formed
222.
be credited with:
•
ficiary, that part of the income of the estate or trust which, pursuant to
the instrument or order governing the distribution, is distributable during
the taxable year to such beneficiary.
(f) A trust created by an employer as a part of a stock bonus or profitsharing plan for the exclusive benefit of some or all of his employees, to
which contributions are mrlde
provided for in regulations prescribed by the Commis¬
(1)
(c) In cases under paragraphs (1), (2), or (3) of Subdivision (a) or in
other case within Subdivision (a) of this section except Paragraph (4)
thereof the tax shall be imposed upon the net income of the estate or trust
and shall be paid by the fiduciary, except that in determining the net
income of the estate of any deceased person during the period of administra¬
tion or settlement there may be deducted the amount of any income properly
paid or credited to any legatee, heir, or other beneficiary.
In such cases
the estate or trust shall, for the
purpose of the normal tax, be allowed the
same credits as are allowed to single persons under Section 216.
(d) In cases under Paragraph (4) of Subdivision (a), and in the case of
any income of an estate during the period of administration or settlement
permitted by Subdivision (c) to be deducted from the net income upon
which tax is to be paid by the fiduciary, the tax shall not be paid by the
fiduciary, but there shall be included in computing the net income of each
beneficiary that part of the income of the estate or trust for its taxable
any
year
so
(c) Every individual, corporation, or partnership required to deduct
and withhold any tax under this section shall make return thereof on or
before March 1 of each year and shall on or before June 15 pay the tax to
ascertained persons or persons
(3)
may
sioner under Sub-division (g) of Section 217.
settlement of the estate;
accumulated in trust for the benefit of unborn or un¬
with contingent interests;
Income held for future distribution under the terms of the will or
trust; and
■V'vv.. (4) Income which is to be distributed to the beneficiaries periodically,
whether or not at regular intervals, and the income collected by a guardian
of an infant to be held or distributed as the court may direct.
(b) The fiduciary shall be responsible for making the return of income
for the estate or trust for which he acts.
The net income of the estate or
trust shall be computed in the same manner and on the same basis as
(2)
resident of the United States
or to a partner¬
authorize such tax to be de¬
such bonds mort¬
gages, deeds of trust, or other obligations, the owners of which are not
known to the withholding agent.
Such deduction and withholding shall
not be required in the case of a citizen or resident entitled to receive such
interest, if he files with the withholding agent on or before February 1 a
signed notice in writing claiming the benefit of the credits provided in
Sub-divisions (c) and (d) of Section 216; nor in the case of a non-resident
or
ducted1 and withheld in the case of interest upon any
to the income of estates or of any
of administration
individual citizen
ship: Provided, That the Commissioner
31 1921 shall be taxed upon their distributive shares of the difference (if
any) between such distributive profits and the portion of the corporation's
net income assignable to the calendar year 1921, determined in the manner
provided in clause (1) of sub-division (c) of Section 205 of this Act.
Sec. 219.
3371
CHRONICLE
collected
and paid for each taxable year upon the
net income of such
corporation a tax equal to 25 per centum of the amount
thereof, which shall be in addition to the tax imposed by Section 230 of
this title and shall be computed, collected, and paid upon the same basis
and in the same manner ana subject to the same provisions of law, including
as that tax: Provided, That if all the stockholders or members of
corporation agree thereto, the Commissioner may, in lieu of all income,
profits and excess profits taxes imposed upon the corporation for the
tax the stockholders or members of such corporation upon
their distributive shares in the net income of the corporation for the taxable
penalties,
such
war
(2)
taxable year,
in the same manner as provided in Subdivision (a) of Section 218 in
the case of members of a partnership.
The fact that any corporation is
a mere holding
company, or that the gains and profits are permitted to
accumulate beyond the reasonable needs of the business, shall be prima facie
evidence of a purpose to escape the surtax; but the fact that the gains and
profits are in any case permitted to accumulate and become surplus shall
not be construed as evidence of a purpose to escape the tax in such case
unless the Commissioner certifies that in his opinion such accumulation is
year
unreasonable for the purposes of the business.'
When requested by the
Commissioner, or any collector, every corporation shall forward to him a
correct statement of such gains and profits and the names and' addresses
of the individuals or shareholders who would be entitled to the same if
divided or distributed, and of the amounts that would be payable to each.
Partnership Returns.
That every partnership shall make a return for each taxable
stating specifically the items of its gross income and the deductions
allowed by this title, and shall include in the return the names and addresses
of the individuals who would be entitled to share in the net income if dis¬
tributed and the amount of the distributive share of each individual.
The
return shall be sworn to by any one of the partners.
Sec. 224.
year,
Fiduciary Returns.
Sec. 225.
every
fiduciary
(except
a
receiver
appointed
by
trusts for which he acts, stating specifically the items of gross income
thereof and the deductions and credits allowed under this title—
(1)
Individual's Tax at Source.
Sec. 221. (a) That
all individuals, corporations, and partnerships,
in whatever capacity acting, including lessees or mortgagors of real or
personal property, fiduciaries, employers, and all officers and employees
of the United States having the control, receipt, custody, disposal, or pay¬
ment of interest (except interest on depsoits with persons carrying on the
That
or
or
Payment of
(a)
authority of law in possession of part only of the property of an individual)
shall make under oath a return for any of the following individuals, estates,
Every individual having a net income for the taxable year of $1,000
if single, or if married and not living with husband or wire;
.
Every individual having a net income for the taxable year of $2,000
over,
(2)
if married and living with husband or wife;
a gross income for the taxable year of $5,000
regardless of the amount of his net income;
(4) • Every estate or trust, the net income of which for the taxable year Is
$1,000 or over; and
or
over,
(3)
Every individua Jhaving
or over,
nnn
THE
2272
CHRONICLE
(5) Every estate or trust of which any beneficiary is a non-resident alien.
(b) Under such regulations as the Commissioner with the approval of
the Secretary may prescribe a return made by one of two or more joint fidu¬
ciaries and filed in the office of the collector of the district where such fi¬
duciary resides shall be sufficient compliance with the above requirement.
Such fiduciary shall make oath (1) that he has sufficient knowledge of the
affairs of the individual, estate or trust for which the return is made, to
enable him to make the return, and (2) that the return is, to the best of his
knowledge and belief, true and correct.
Any fiduciary required to make a
return under this Act shall be subject to all the provisions of this Act which
(13) Federal Land banks and National Farm Loan associations as pro¬
vided in Section 26 of the Act approved July 17 1916, entitled "An Act to
provide capital for agricultural development, to create standard forms of
investment based upon farm mortgage, to equalize rates of interest upon
farm loans, to furnish a market for United States bonds, to create Govern¬
ment depositaries and financial agents for the United
States, and for other
purposes";
(14) Personal service corporations.
effect after December 31
Net
apply to individuals.
Returns for
a
of Less
Period
than
Sec. 232.
Twelve Months.
part of a tax computed on such annual basis as the
of twelve months.
number of months in such period is
Time
and
Place
for
Individual, Partnership and
Filing
227.
Fiduciary
That returns (except in the case of non-resident aliens)
shall be made on or before the fifteenth day of the third month following the
close of the fiscal year, or, if the return is made on the basis of the calen¬
dar year, then the return shall be made on or before the 15th day of March.
In the case if a nonresident alien individual returns shall be made on or be¬
(a)
fore the fifteenth day of the sixth month following the close of the fiscal
year, or, if the return is made on the basis of the calendar year, then the
return shall be made oh or before the 15th day of June.
The Commis¬
sioner may grant a reasonable extension of
time* for filing returns whenever
exists and shall keep a record of every such
Except in the case of taxpayers who are
abroad, no such extension shall be for more than six months.
(b) Returns shall be made to the collector for the district in which is
located the legal residence or principal place of business of the person making
the return, or, if he has no legal residence or principal place of business in
the United States, then to the collector at Baltimore, Maryland.
In his
judgment good
cause
extension and the reason therefor.
Understatement in
Returns.
Sec. 228.
That if the collector or deputy collector has reason to believe
that the amount of any income returned is understated, he shall give due
notice to the taxpayer making the return to show cause why the amount of
the return should not be increased, and upon proof of the amount under¬
stated, may increase the
sworn testimony to prove
accordingly.
Such taxpayer may furnish
relevant facts and if dissatisfied with the de¬
same
any
cision of the collector may appeal to the Commissioner for his decision,under
such rules of procedure as may be prescribed by the Commissioner with
the approval of the Secretary.
or
Partnership Business.
a
a
from January
Part
Tax
III.—Corporations.
on
Corporations.
'
Sec. 230.
That, in lieu of the tax imposed by Section 230 of the Revenue
1918* there shall be levied, collected, and paid for each taxable
year upon the net Income of every corporation a tax at the following rates:
(a) For the calendar year 1921, 10 per centum of the amount of the net
income in excess of the credits provided in Section 236; and
(b) For each calendar year thereafter, 12 H per centum of such excess
Act of
amount.
Conditional
and
Other
(1) Labor, agricultural,
(2)
or
horticultural organizations;
Mutual savings banks not having a capital stock represented by
shares;
(3) Fraternal beneficiary societies, orders,
or
associations, (a) operating
under the lodge system or for the exclusive benefit of the
members of a
fraternity itself operating under the lodge system; and (b) providing for
the payment of life, sick, accident, or other benefits to
the
such society, order, or association or their
dependents;
„
members of
(4> Domestic building and loan associations substantially all the business
of which is confined to
making loans to members; and co-operative banks
capital stock organized and operated for mutual purposes and
profit;
(5) Cemetery companies owned and operated exclusively for the benefit
of their members or which are not
operated for profit; and any corporation
chartered solely for burial purposes as a
cemetery corporation and not per¬
mitted by its charter to engage in
any business not necessarily incident to
that purpose, no part of the net earnings of which inures to the benefit of
any private stockholder or individual;
without
without
•
L6) Corporations, and
any community chest, fund,
or
foundation,
organ¬
ized and operated exclusively for
religious, charitable, scientific, literary,
or educational purposes,
or for the prevention of cruelty to children or
£etadMdS!uBS of whlch lnures t0 the benefit of any
(7) Business leagues, chambers of commerce, or boards of trade, not
organized for profit and no part of the net earnings of which inures to the
benefit of any private stockholder or
individual;
(8) Civic leagues or organizations not organized for profit but operated
exclusively for the promotion of social wlefare;
(9) Clubs organized and operated exclusively for
pleasure, recreation,
and other unprofitable purposes, no
part of the net earnings of which
inures to the benefit of any private stockholder or
member(10) Farmers* or other mutual hail, cyclone, or fire insurance companies
mutual ditch or irrigation companies, mutual or
co-operative telephone
c<u??.a
es,*°,T
? organizations of a purely local character, the income of
which consists solely of assessments, dues, and fees
collected from
bers for the sole purpose of meeting expenses;
(11) Farmers', fruit growers',
mem¬
like associations, organized and oper¬
ated as sales agents for the purpose of
marketing the products of members
and turning back to them the proceeds of sales, less the
necessary selling
expenses, on the basis of the quantity of produce furnished
by them- or
organized and operated as purchasing agents for the purpose of purchasing
supplies and equipment for the use of members and turning over such sup¬
plies and equipment to such members at actual cost, plus
or
necessary ex-
pcns6s i
(12) Corporations organized for the exclusive purpose of holding title
property, collecting income therefrom, and turning over the entire
amount thereof, less expenses, to an organization which itself is exempt
from the tax imposed by this title;
to
case
of Corporations
of
in
Defined.
a
Gross
Income
of
Corporations Defined.
I
Deductions Allowed
Corporations.
Sec. 234. (a) That in computing the net income of a corporation subject
to the tax imposed by Section 230 there shall be allowed as deductions:
(1) All the ordinary and
necessary expenses
paid
or
incurred during the
taxable year in carrying on any trade or business, Including a reasonable
allowance for salaries or other compensation for personal services actually
or other payments required to be made as
property to which the cor¬
taking title, or in which it has no equity;
or accrued within the taxable year on its indebted¬
ness, except on indebtedness incurred or continued to purchase or carry
obligations or securities (other than obligations of the United States issued
after September 24 1917 and originally subscribed for by the taxpayer)
the interest upon which is wholly exempt from taxation under this title;
(3) Taxes paid or accrued within the taxable year except (a) income,
war profits and excess profits taxes imposed by the authority of the United
States, (b) so much of the income, war profits and excess profits taxes im¬
posed by the authority of any foreign country or possession of the United
States as isallowed as a credit under Section 238, ana (c) taxes assessed against
local benefits of a kind tending to increase the value of the property assessed
In the case of obligors specified in subdivision (b) of Section 221 no deduc¬
tion for the payment of the tax imposedby this title, or any other tax paid
rendered, and including rentals
a
condition to the continued
poration has not taken
(2) All interest paid
use or possession of
or is not
pursuant to the contract or provision referred to in that subdivision, shall
be allowed, nor shall such tax be included in the gross income of the obligee.
The deduction allowed by this paragraph shall be allowed in the case of taxes
imposed upon a shareholder or member of a corporation upon his interest
as shareholder or member, which are paid by the corporation without re¬
imbursement from the shareholder or member, but in such cases no deduc¬
tion shall be allowed the shareholder or member for the amount of such
taxes.
For the purpose of this paragraph, estate, inheritance, legacy and
succession taxes accrue on the due date thereof except as otherwise provided
Losses sustained during the taxable
year
and not compensated for
by insurance or otherwise; unless
in order to clearly reflect the income, the
loss should in the opinion of the Commission be accounted for as of a dif¬
ferent period.
No deduction shall be allowed for any loss claimed to have
,
been sustained in any sale or other disposition of shares of stock or securities
made after the passage of this Act where it appears that within 30 days
before or after the date of such sale or other disposition the taxpayer has
acquired (otherwise than by bequest or inheritance) substantially idential
property, and the property so acquired is held by the taxpayer for any
period after such sale or other disposition, unless such claim is made by a
dealer in stock or securities and with respect to a transaction made in the
ordinary course of its business.
If such acquisition is to the extent of part
only of substantially identical property, then only a proportionate part of
In case of losses arising from destruction of or
the loss shall be disallowed.
where the property so destroyed or damaged was ac¬
quired before March l 1913 the deduction shall be computed upon the basis
of its fair market price or value as of March 1 1913;
(5) Debts ascertained to be worthless and charged off within the taxable
year (or in the discretion of the Commission, a reasonable addition to a
reserve for bad debts); and when satisfied that a debt is recoverable only in
part, the Commissioner may allow such debt to be charged off in part;
(6) The amount received as dividends (a) from a domestic corporation
other than a corporation entitled to he benefits of Section 262, or (b) from
any foreign corporation when it is shown to the satisfaction of the Commis¬
sioner that more than 50 percentum of the gross income of such foreign
corporation for the three-year period ending with the close of its taxable
damage to property,
preceding the declaration of such dividends (or for such part of such
period as the foreign corporation has been in existence) was derived from
year
sources
within
the United States
as
determined under Section 217;
(7) A reasonable allowance for the exhaustion, wear and tear of property
or business, including a reasonable allowance for obso¬
lescence.
In the case of such property acquired before March 1 1913, this
used in the trade
deduction shall be computed upon the basis of its fair market price or
as of March 1 1913;
Exemptions of Corporations.
Sec. 231. That the following organizations shall be
exempt from taxation
under this title—
(
be
Sec. 233. (a) That in the case of a corporation subject to the tax imposed
by section 230 the term "gross income" means the gross income as defined
in sections 213 and 217, except that mutual marine insurance
companies
shall include in gross income the gross premiums collected and received by
them less amounts paid for reinsurance.
(b) In the case of a foreign corporation, gross income means only gross
income from sources within the United States, determined (except in the
case of insurance companies subject to the tax imposed by section 243 or
246) in the manner provided in Section 217.
(4)
material income-producing factor, and which was previously
partnership or individual, the net income of such trade or busi¬
1 1921 to the date of such organization may at the
option of the individual or partnership be taxes as the net income of a cor¬
poration is taxed under Titles II and III; in which event the net income
and invested capital of such trade or business shall be computed as if such
corporation had been in existence on and after January 1 1921, and the un¬
distributed profits or earnings of such trade or business shall not be subject
to the surtaxes imposed in Section 211, but amounts distributed on and
after January 1 1921 from the earnings or profits of such trade or business
accumulated after December 31 1920 shall be taxes to the recipients as divi¬
dends; and all the provisions of Titles II and III relating to corporations
shall so far as practicable apply to such trade or business: Provided, That this
section shall not apply to any trade or business, the net income of which for
the taxable year 1921 was less than 20 per centum of its invested
capital
for such year: Provided further, That if any taxpayer who takes
advantage
of this section shall pay the tax imposed by Section 1000 of the Revenue
Act of 1918 as if such taxpayer had been a corporation on and after Jan¬
uary 1 1921.
ness
not
by the law of the jurisdiction imposing such taxes;
Incorporation of Individual
Sec. 229.
That in the case of the organization as a corporation within
four months after the passage of this Act of any trade or business in which
capital is
owned by
shall
corporation subject to the tax imposed
means the gross income as defined in
Section 233 less the deductions allowed by Section 234, and the net income
shall be computed on the same basis as is provided in subdivision (b) of
Section 212 or in Section 226.
In the case of a foreign corporation or of a
corporation entitled to the benefits of Section 262 the computation shall
also be made in the manner provided in Setion 217.
Returns.
Sec.
Income
That in the
This subdivision
1921.
by Section 230 the term "net income"
Sec. 226. (a) That if a taxpayer, with the approval of the Commissioner,
changes the basis of computing net income from fiscal year to calendar
year a separate return shall be made for the period between the close of the
last fiscal year for which return was made and the following December 31.
If the change is from calendar year to fiscal year, a separate return shall be
made for the period between the close of the last calendar year for which re¬
turn was made and the date designated as the close of the fiscal year.
If
the change is from one fiscal year to another fiscal year a separate return
shall be made for the period between the close of the former fiscal year and
the date designated as the close of the new fiscal year.
(b) In all cases where a separate return is made for a prt of a taxable year
the net income shall be
computed on the basis of such period for which sep¬
arate return is made,; and the tax shall be paid thereon at the rate for the
calendar year in which such period is included.
(c) In the case of a return for a period of less than one year the net in¬
come shall be placed on an annual basis by multiplying the amount thereof
by twelve ana dividing by the number of months included in such period;
and the tax shall be such
[VOL. 113
value
(8) In the case of buildings, machinery, equipment, or other facilities,
constructed, erected, installed, or acquired, on or after April 6 1917, for
the production of articles contributing to the prosecution of the war against
the German Government, and in the case of vessels constructed or acquired
on or after such date for the transportation of articles or men contributing
to the prosecution of such war, there shall be allowed, for any taxable
year ending before March 3 1924 (if claim therefor was made at the time of
filing return for the taxable year 1918, 1919, 1920 or 1921) a reasonable
deduction for the amortization of such part of the* cost of such facilities
or vessels
as has been borne by the taxpayer,
but not again including
any amount otherwise allowed under this title or previous Acts of Con¬
gress as a deduction in computing net income.
At any time before March 3
1924 the Commissioner may, and at the request of the taxpayer shall, re¬
examine the return, and if he then finds as a result of an appraisal or from
other
evidence
that
the
deduction
originally allowed was incorrect, the
income, war profits, and excess profits taxes for the year or years affected
shall be re-determined and the amount of tax due upon such re-determina¬
Collector, or the
overpaid, if any, shall be credited or refunded to the tax¬
in accordance with the provisions of Section 252;
(9) In the case of mines, oil and gas wells, other natural deposits, and
timber, a reasonable allowance for depletion and for depreciation of im¬
provements, according to the peculiar conditions in each case, based upon
cost including cost of development not otherwise deducted: Provided, Tha
in the case of such properties acquired prior to March 1 1913, the fai
market value of the property (or the taxpayer's interest therein) on that
date shall be taken in lieu of cost up to that date: Provived, further, lhat in
the case of mines, oil and gas wells, discovered by the taxpayer, on or after
March 1 1913, and not acquired as the result of purchase of a proven tract
or lease, where the fair market value of the property is materially dispro¬
portionate to the cost, the depletion allowance shall be based upon the fair
market value of the property at the date of the discovery, or within thirty
days thereafter; An<fprovided further, That such depletion allowance based
on discovery value shall wot exceed the net income,
computed without
allowance for depletion, from the property upon which the discovery is
made, except where such net income so computed is less than the depletion
allowance based on cost or fair market value as of March 1 1913; such
reasonable allowance in all the above cases to be made under rules and
regulations to be prescribed by the Commissioner with the approval of the
Secretary.
In the case of leases the deductions allowed by this paragraph
shall be equitably apportioned between the lessor and lessee;
(10) In the case of insurance companies (other than life insurance com¬
panies), in addition to the above (unless otherwise allowed): (a) The net
addition required by law to be made within the taxable year to reserve funds
(including in the case of assessment insurance companies the actual deposit
of sums with State or Territorial officers pursuant to law as additions to
guarantee or reserve funds); and (b) the stuns other than dividends paid
within the taxable year on policy and annuity contracts.
After Decem¬
ber 31 1921, this subdivision shall apply only to mutual insurance com¬
panies other than life insurance companies:
tion, if any, shall be paid upon notice and demand by the
amount of tax
payer
.
Xov. 26
(11) In the case of corporations (except those taxed under Section 243)
issuing policies covering life, health, and accident insurance combined in
one policy issued on the weekly premium payment plan continuing for life
and not subject to cancellation, in addition to the above, such portion of
the net addition (not required by law) made within the taxable year to
reserve funds as the Commissioner finds to be required for the protection
of the holders of such policies only.
This subdivision shall not be in effect
Sifter December 31
1921"
*
(12) In the case of mutual marine insurance companies, they shall be
allowed, in addition to the deductions allowed in Paragraphs (1) to (10),
inclusive, and Paragraph (14), unless otherwise allowedamounts repaid
to policyholders on account of premiums previously paid by them, and
interest paid upon such amounts between the ascertainment and the pay¬
ment
thereof;
In the case of mutual insurance companies (including inter-insurance
reciprocal underwriters, but not including mutual life or mutual marine
insurance companies) requiring their members to make premium deposits
to provide for losses and expenses, there shall be allowed, in addition to the
deductions allowed in Paragraphs (1) to (10), inclusive, and Paragraph (14),
unless otherwise allowed, the amount of premium deposits returned to their
policyholders and the amount of premium deposits retained for the payment
of losses, expenses, and reinsurance reserves;
(14) If property is compulsorily or involuntarily converted into cash or
its equivalent as a result of (a) its destruction in whole or in part, (b)
theft or seizure, or (c) an exercise of the power of requisition or condemna¬
tion, or the threat or imminence thereof; and if the taxpayer proceeds
forthwith in good faith, under regulations prescribed by the Commissioner
with the approval of the Secretary, to expend the proceeds of such conver¬
sion in the acquisition of other property of a character similar or related in
service or use to the property so converted, or in the acquisition of 80 per
centum or more of the stock or shares of a corporation owning such other
property, or in the establishment of a replacement fund, then there shall be
allowed as a deduction such portion of the gain derived as the portion of the
proceeds so expended bears to the entire proceeds.
The provisions of this
paragraph prescribing the conditions under which a deduction may be
taken in respect of the proceeds or gains derived from the compulsory
or involuntary conversion of property into cash or its equivalent, shall
apply so far as may be practicable to the exemption or exclusion of such
proceeds or gains from gross income under prior income, war profits and
excess profits tax Acts.
(b) In the case of a foreign corporation or of a corporation entitled to the
benefits of Section 262 the deductions allowed in Sub-division (a) shall be
allowed only if and to the extent that they are connected with income
from sources within the United States; and the proper apportionment
and allocation of the deductions with respect to sources within and without
the United States shall be determined as provided in Section 217 under
rules and regulations prescribed by the Commissioner with the approval
of the Secretary.
(13)
and
Items
Sec.
235.
Deductible
Not
Sec.
there
deduction shall in any case
of the items specified in Section 215.
Credits Allowed
Corporations.
That for the purpose only of the tax imposed by Section 230
236.
shall
allowed
be
the
following credits:
interest upon obligations of the United States
and bonds issued by the War Finance Corporation, which is included in
gross income under Section 233;
i
(b) In the case of a domestic corporation the net income of which is
$25,000 or less, a specific credit of $2,000; but if the net income is more
than $25,000 the tax imposed by Section 230 shall not exceed the tax which
would be payable if the $2,000 credit were allowed, plus the amount of
the net income in excess of $25,000; and
(c) The amount of any war-profits and excess profits taxes imposed by
Act of Congress for the same taxable year.
The credit allowed by this
(a)
The amount received
as
-
sub-division
shall
determined
be
as
follows:
(1) In the case of a corporation which makes return for a fiscal year be¬
ginning in 1920 and ending in 1921, in computing the income tax as pro¬
vided in Subdivision (a) of Section 205. the portion of the war profits and
excess profits tax computed for the entire period under Clause (1) of Sub¬
division (a) of Section 335 shall be credited against the net income com¬
puted for the entire neriod as provided in Clause (1) of Subdivision (a)
of Section 205, and the portion of the war profits and excess profits tax
computed for the entire period under Clause (2) of Subdivision (a) of Sec¬
tion 335 shall be credited against the net income computed for the entire
period as provided in Clause (2) of Subidvision (a) of Section 205.
(2) In the case of a corporation which makes return for a fiscal year be¬
ginning in 1921 and ending in 1922, in computing the income tax as pro¬
vided in Subdivision (b) of Section 205. the war profits and excess profits
tax computed under Subdivision (b) of Section 335 shall be credited against
the net income computed for the entire period as provided in Clause (1)
of Subdivision (b) of Section 205.
Payment of Corporation
Income Tax at Source.
as
is provided in Section 221 a tax equal to
12^
per
centum
thereof (but during the calendar year 1921 only 10 per centum), and such
tax shall be returned and paid in the same manner and subject to the same
conditions
as
provided in that section: Provided, That in the
case
of inter¬
est described in Subdivision (b) of that section the deduction and withhold¬
ing shall be at the rate of 2 per centum.
Credit
Sec.
for
Taxes
in
Case
of Corporations.
(a) That in the case of a domestic corporation the tax imposed
by this title, plus the war profits and excess profits taxes, if any, shall be
credited with the amount of any income, war profits, and excess profits
taxes paid during the same taxable year to any foreign country, or to
any possession of the United States: Provided, That the amount of credit
taken under this subdivision shall in no case exceed the same proportion
of the taxes, against which such credit is taken, which the taxpayer's net
income (computed without deduction for any income, war profits, and ex¬
cess profits taxes imposed
by any foreign country or possession of the
United States) from sources without the United States bears to its entire
net income (computed without such deduction) for the same taxable year.
In the case of domestic insurance companies subject to the tax imposed by
or
246. the term "net income"
as
used in this subdivision
means
net income as defined in Sections 245 and 246,
respectively.
If accrued taxes when paid differ from the amounts claimed as
credits by the corporation, or if any tax paid is refunded in whole or in
(b)
part, the corporation shall at once notify the Commissioner, who shall
redetermine the amount of the income, war profits and excess profits taxes
for the year or years affected, and the amount of taxes due upon such re¬
determination, if any,
shall be paid by the corporation upon notice and
demand by the collector, or the amount of taxes overpaid, if any, shall be
or refunded to the corporation in accordance with the provisions
credited
In the case of such a tax accrued but not paid, the Com¬
missioner as a condition precedent to the allowance of this credit may re¬
quire the corporation to give a bond with sureties satisfactory to and to be
approved by him in such penal sum as he may require, conditioned for the
payment by the taxpayer of any amount of taxes found due upon any such
redetermination; and the bond herein prescribed shall contain such further
conditions as the Commissioner may require.
(c) These credits shall be allowed only if the taxpayer furnishes evidence
satisfactory to the Commissioner showing the amount of income derived
from sources without the United States, and all other information necessary
for the verification and computation of such credit.
(d) If a domestic corporation makes a return for a fiscal year beginning
in 1920 and ending in 1921, the credit for the entire fiscal year shall, not¬
withstanding any provision of this Act, be determined under the provisions
of this section; and the Commissioner is authorized to disallow, in whole
or in part, any such credit which he finds has already been taken by the
of Section 252.
taxpayer.
a
(e) For the purposes of this section a domestic corporation which owns
majority of the voting stock of a foreign corporation from which it receives
dividends (not deductible under Section 234) in any taxable year shall be
deemed to have paid the same proportion of any income, war profits, or
excess
or
to
profits taxes paid by such foreign corporation to any foreign country
possession of the United States, upon or with respect to the
any
accumulated profits of such foreign corporation from which such
dividends
paid which the amount of such dividends bears to the amount of such
Provided, That the credit allowed to any domestic
corporation under this subdivision shall in no case exceed the same pro¬
portion of the taxes against which it is credited, which the amount of such
were
accumulated profits:
the
amount
domestic
of the entire net income of the
(unless to his satisfaction shown otherwise), and in
dividends as having been paid from the most recently
year or years
other respects treating
accumulated gains, profits, or earnings.
In the case of a foreign corporation,
the income, war profits, and excess profits taxes of which are determined
on
as
the basis of an accounting period of less than one year, the word
used in this subdivision shall be construed to mean such accounting
(f)
For the purposes of this section a corporation entitled to the
of Section 262 shall be treated as a foreign corporation.
"year"
period.
benefits
Corporation Returns.
Sec. 239. (a) That every corporation subject to taxation under this title
and every personal service corporation shall make a return, stating specific¬
ally the items of its gross income and the deductions and credits allowed
by this title.
The return shall be sworn to by the president, vice-president,
or other principal officer and by the treasurer or assistant treasurer.
If
any foreign corporation has no office or place of business in the United States
but has an agent in the United States, the return shall be made by the agent.
In cases where receivers, trustees in bankruptcy, or assignees are operating
the property or business of corporations, such receivers, trustees, or assignees
shall make returns for such corporations in the same manner and form as
corporations are required to make returns.
Any tax due on the basis of
such returns made by receivers, trustees, or assignees shall be collected in
the same manner as if collected from the corporations of whose business or
property they have custody and control.
(b) Returns made under this section shall be subject to the provisions of
Sections 226 and 228.
When return is made under Section 226 the credit
provided in Subdivision (b) of Section 236 shall be reduced to an amount
which bears the same ratio to the full credit therein provided as the number
of months in the period for which such return is made bears to twelve months.
(c) There shall be included in the return or appended thereto a statement
of such facts as will enable the Commissioner to determine the portion of
the
(including gains, profits and
for which the return
distributed or ordered to be distributed, respec¬
tively, to its stockholders or members during such year.
earnings
or
profits of the corporation
income not taxed) accumulated during the taxable year
is made, which have been
Consolidated
Returns of
Corporations.
,,
Sec. 240. (a) That corporations which are affiliated within the meaning
of this section may, for any taxable year beginning on or after January 1
or, under regulations prescribed by the Com¬
approval of the Secretary, make a consolidated return
which case the taxes thereunder
basis of such return.
If return
is made on either of such bases, all returns thereafter made shall be upon
the same basis unless permission to change the basis is granted by the
1922, make separate returns
of net income for the purpose of this title, in
shall be computed and determined upon the
Commissioner.
(b)
In
any case
in which
a
tax is assessed upon the basis of a
return, the total tax shall be computed in the first
instance
consolidated
unit and
as a
the respective affiliated corporations in such
proportions as may be agreed upon among them, or, in the absence of
any such agreement, then on the basis of the net income properly assign¬
able to each.
There shall be allowed in computing the income tax only
one specific credit computed as provided in Subdivision (b) of Section 236(c) For the purpose of this section two or more domestic corporations
shall be deemed to be affiliated (1) if one corporation owns directly or con¬
trols through closely affiliated interests or by a nominee or nominees sub¬
stantially all the stock of the other or others, or (2) if substantially all the
stock of two or more corporations is owned or controlled by the same
shall then be
assessed upon
interests.
(d) For the
purposes
of this section
of Section 262 shall be treated
case
of two
or more
as a
a
corporation entitled to the benefit
foreign corporation:
related trades
or
Provided, That in any
unincorporated or
businesses (whether
incorporated and whether organized in the United States or not) owned or
controlled directly or indirectly by the same interests, the Commissioner
may consolidate the accounts of such related trades and businesses, in any
proper case, for the purpose of making an accurate distribution or apportion¬
ment of gains, profits, income, deductions, or capital between or among
such related trades
or
businesses.
Corporations which are affiliated within the meaning of this section
consolidated returns for any taxable year beginning prior to
January 1 1922 in the same manner and subject to the same conditions
as provided by the Revenue Act of 1918.
(e)
shall
make
,
Time
and
Place
for filing Corporate
Returns.
(a) That returns of corporations shall be made at the same
provided in Subdivision (a) of Section 227, except that in the case
of foreign corporations not having any office or place of business in the
United States returns shall be made at the same time as provided in Section
227 in the case of a non-resident alien individual.
(b) Returns shall be made to the collector of the district in which is
located the principal place of business or principal office or agency of the
corporation, or, if it has no principal place of business or principal office
or agency in the United States,then to the collector at Baltimore, Mary¬
land.
•,> >
Sec.
241.
as
is
[Tax
Sec. 242.
means an
238.
Section 243
bears to
preceding
time
Sec. 237. That in the case of foreign corporations subject to taxation
under this title not engaged in trade or business within the United States
and not having any office or place of business therein, there shall be de¬
ducted and withheld at the source in the same manner and upon the same
items of income
dividends
corporation in which such dividends are included.
The term "accumulated
profits" when used in this subdivision in reference to a foreign corporation,
means the amount of its gains, profits, or income in excess of the income,
war profits, and
excess profits taxes imposed upon or with respect to such
profits or income; and the Commissioner with the approval of the Secretary
shall have full power to determine from the accumulated profits of what year
or years such dividends were paid; treating dividends paid in the first sixty
days of any year as having been paid from the accumulated profits of the
missioner with the
by Corporations.
That in computing net income no
be allowed in respect of any
2373
CHRONICLE
THE
1921.]
on
Life Insurance Companies.]
That when used in this title the term "life insurance
insurance company engaged in the
company"
business of issuing life Insurance
and annuity contracts (including contracts of combined life, health, and
dent insurance), the reserve funds of which held for the fulfillment of
acci¬
such
its total reserve funds.
Sec. 243.
That in
by Sections 230 and 1000
and by Title III, there shall be levied, collected, and paid for the calendar
contracts
comprise
per centum of
lieu of the taxes imposed
more
than 50
fe
Searinsurance companytaxableas follows:
1921 and for each a tax year thereafter upon thp net income
(1) In the case of
a
of every
domestic life insurance company, the same percentage
by Section 230;
(2) In the case of a foreign life insurance company, the same percentage
of its net income from sources within the United States as is imposed upon
the net income of other corporations by Section 230.
Sec. 244.
(a) That in the case of a life insurance company the term "gross
income" means the gross amount of income received during the taxable
of its net income
as
is imposed upon other corporations
from interest, dividends, and rents.
The term "reserve funds required by law" includes, in the case of
insurance, sums actually deposited by any company or asso¬
ciation with State or Territorial officers pursuant to law as guaranty or
reserve funds, and any funds maintained under the charter or articles of
incorporation of the company or association exclusively for the payment of
claims arising under certificates of membership or policies issued upon the
assessment plan and not subject to any other use.
Sec. 245.
(a) That in the case of a life insuracne company the term
"net income" means the gross income less—
(1) The amount of interest received during the taxable year which under
Paragraph (4) of Subdivision (b) of Section 213 is exempt from taxation
year
(b)
assessment
under
this
title;
(2) An amount equal to the excess, if any, over the deduction
in Paragraph (1) of this subdivision, of 4 per centum of the mean of the re¬
serve funds required by law and held at the beginning and end of the taxable
specified
year, plus (in case of life insurance companies issuing policies covering life,
health and accident insurance combined in one policy issued on the weekly
premium payment plan, continuing for life and not subject to cancellation)
the mean of such reserve funds (not required by law) held
and end of the taxable year, as the Commissioner finds to
be necessary for the protection of the holders of such policies only;
(3) The amount received as dividends (a) from a domestic corporation
other than a corporation entitled to the benefits of Section 262, or (b) from
any foreign corporation when it is shown to the satisfaction of the Com¬
missioner that more than 50 per centum of the gross income of such foreign
corporation for the three-year period ending with the close of its taxable
year preceding the declaration of such dividends (or such part or such
period as the foreign corporation has been in existence) was derived rrom
sources within the United States as determined under Section 21c
(4) An amount equal to 2 per centum of any sums held at the end or tne
taxable year as a reserve for dividends (other than dividends payable during
the year following the taxable year) the payment of which is deferred for a
period of not less than five years from the date of the policy contract;
(5) Investment expenses paid during the taxable year: Provided, lhat it
any general expenses are in part assigned to or included in the investment
4 per centum of
at the beginning
T£U
THE
CHRONICLE
the total deduction under this paragraph shall not exceed onethe invested assets
expenses,
fourth of 1 per centum of the bock value of the mean of
held at the beginning and end of the taxable year;
,
,
interest thereon at the rate of one-half of 1 per centum
per month from the
time it would have been due if no extension had been
granted, until paid.
If any installment is not
,
exclusively
(6) Taxes and other expenses paid during the taxable year
[VOL. 113.
upon or with respect to the real estate owned by the company, not including
taxes assessed against local benefits of a kind tending to increase the value
paid when due.
{>aid shall become due and payable
ector.
the whole amount of the
tax un-
upon notice and demand by the col-
The tax may at the option
of in installments, in
of the taxpayer be paid in a single payment
which case the total amount shall be paid
before the time fixed by law for filing the return, or, where an exten¬
sion of time for filing the return has been granted, on or before the
expira¬
of the property assessed, and not including any amount
instead
buildings,
on or
paid out for new
for permanent improvements or betterments made to increase
the value of any property.
The deduction allowed by this paragraph shall
be allowed in the case of taxes imposed upon a shareholder or member of
a company
upon his interest as shareholder or member, which are paid by
the company without reimbursement from the shareholder or member,
but in such cases no deduction shall be allowed the sharehlder or member
or
tion
of
the
(b) As
computed.
(7) A reasonable allowance for the exhaustion, wear and tear of property,
including a reasonable allowance for obsolescence.
In the case of property
acquired before March 1 1913 this deduction shall be computed upon the
basis of its fair market price or value as of March 1 1913;
(8) All interest paid or accrued within the taxable year on its indebted¬
ness, except on indebtedness incurred or continued to purchase or carry
obligations or securities (other than obligations of the United States issued
after September 24 1917 and originally subscribed for by the taxpayer)
the interest upon which is wholly exempt from taxation under this title;
(9) In the case of a domestic life insurance company, the net income of
which (computed without the benefit of this paragrph) is $25,000 or less,
the sum of $2,000; but if the net income is more than $25,000 the tax
imposed by Section 243 shall not exceed the tax which would be payable if
the $2,000 credit were allowed, plus the amount of the net income in excess
been paid
.
1
(b) No deduction shall be made under paragraph (6) and (7) of subdivision
(a) on account of any real estate owned and occupied in whole or in part
by a life insurance company unless there is included in the return of gross
income the rental value of the space so occupied.
Such rental valup shall
be not less than a sum which in addition to any rents received from other
tenants shall provide a net income (after deducting taxes, depreciation and
all other expenses) at
the rate of 4 per centum per annum of the book value
of the real estate so owned or occupied.
(c) In the case of a foreign life insurance company the amount of its net
income for any taxable year from sources within the United States shall be
the same proportion of its net income for the taxable year from sources
within and without the United States, which the reserve funds required by
law and held by it at the end of the taxable year upon business transacted
within the United States is of the reserve funds held by it at the end of the
taxable year upon all business transacted.
at the end of the taxable year
[Taxes
Insurance
Companies other than
Insurance Companies.]
on
Life
and
Mutual
Sec. 246.
(a) That, in lieu of the taxes imposed by Sections 230 and 1000,
calendar year 1922, and for
income of every insurance com¬
pany (other than a life or mutual insurance company) a tax as follows:
(1) In the case of such a domestic insurance company the same percentage
of its net income as is imposed upon other corporations by Section 230;
(2) In the case of such a foreign insurance company the same percentage
of its net income from sources within the United States as is imposed upon
the net income of other corporations by Section 230.
(b) In the case of an insurance company subject to the tax imposed by
there shall be levied, collected and paid for the
each taxable year thereafter, upon the net
this section—
(1) The term "gross income" means the combined gross amount, earned
during the taxable year, from investment income and from underwriting
as provided in this subdivision, computed on the basis of the under¬
writing and investment exhibit of the annual statement approved by the
income
National Convention of Insurance Commimsioners;
(2) The term "net income" means the gross income as defined in para¬
graph (1) of this subdivision less the deductions allowed by Section 247;
(3) The term "investment income" means the gross amount of income
earned during the taxable year from interest, dividends and rents, com¬
puted as follows:
To all interest, dividends and rents received during the taxable year, add
interest, dividends and rents due and accrued at the end of the taxable
year, and deduct all interest, dividends and rents due and accrued at the
end of the preceding taxable year;
(4) The term "underwriting income" means the premiums earned on
insurance contracts during the taxable year less losses incurred and ex¬
penses
incurred;
(5) The term "premiums earned on insurance contracts during the
taxable year" means an amount computed as follows:
From the amount of gross premiums written on insurance contracts dur¬
ing the taxable
year, deduct return premiums and premiums paid for re¬
To the result so obtained add unearned premiums on outstand¬
ing business at the end of the preceding taxable year and deduct unearned
premiums on outstanding business at the end of the taxable year;
(6) The term "losses incurred" means losses incurred during the taxabe
year on insurance contracts, computed as follows:
insurance.
To losses paid during the taxable year add salvage and reinsurance
recoverable outstanding at the end of the preceding taxable year, and de¬
duct salvage and reinsurance recoverable outstanding at the end of the
taxable year.
To the results so obtained add all
at the end of the taxable year and deduct
end
of the
(7)
The
preceding taxable year;
term "expenses incurred"
annual statement
unpaid losses outstanding
unpaid losses outstanding at the
means
all
expenses
shown
on
the
approved by the National Convention of Insurance Com¬
as
greater or less than that shown in the return, the installments shall be
for the amount of such taxes;
of $25,000.
of such extension.
practicable after the return is filed, the Commissioner
If it then appears that the correct amount of the tax is
period
soon
shall examine it.
paid
re¬
If the amount already paid
exceeds that which should have
the basis of the installments as re-computed, the excess so
be credited against the subsequent installments; and if the
on
shall
already paid exceeds the correct amount of the tax, the excess
or refunded to the taxpayer in accordance with the
pro¬
amount
shall be credited
visions of Section
252.
If the amount already
paid is less than that which should have been paid,
the difference, to the extent not covered by any credits due to the
taxpayer
under Section 252 (hereinafter called
deficiency)", together with interest
thereon at the rate of one-half of 1 per centum per month from the time
the tax was due (or, if paid on the installment basis, on the deficiency of
each
installment
from
the
time
the installment
was due),
shall be paid
If any part of the deficiency is
of authorized rules and regula¬
tions with knowledge thereof, but without intent to defraud, there shall be
added as part of the tax 5 per centum of the total amount of the deficiency
in the tax, and interest in such a case shall be collected at the rate of 1
per
upon notice and demand by the Collector.
due to negligence or intentional disregard
centum
per month on the amount of such deficiency in the tax from the
time it was due (or, if
paid on the installment basis, on the amount of the
deficiency in each installment from the time the installment was due),
which penalty and interest shall become due and
payable upon notice and
demand by the Collector.
If any part of the deficiency Ls due to fraud
with intent to evade tax, then, in lieu of the
penalty provided by Section
3176 of the Revised Statutes, as amended, for false or fraudulent returns
wilfully made, but in addition to other penalties provided by law for false
or traudulent
returns, there shall be added as part of the tax 50 per centum
of the total amount of the deficiency in the tax.
In such case the whole
amount of the tax unpaid, including the penalty so added, shall become
due and payable upon notice and demand by the Collector.
(c) If tne return is made pursuant to Section 3176 of the Revised Statutes
amended,
as
shall
the amount of tax determined to be due under such return
be
paid upon notice and demand by the Collector.
The amount of income, excess profits or war profits taxes due under
any return made under this Act for the taxable year 1921 or succeeding tax¬
able years shall be determined and assessed by the Commissioner within
four years after the return was filed, and the amount of any such taxes
due under any return made under this Act for prior taxable years or under
prior income, excess profits or war profits tax Acts, or under Section 38
(d)
of the Act entitled "An Act to provide revenue, equalize duties, and en¬
courage the industries of the United States, and for other purposes," ap¬
proved August 5, 1909, shall be determined and assessed within five years
after the return was filed, unless both the Commissioner and the taxpayer
consent In writing to a later determination, assessment, and collection of
the tax; and no suit or proceeding for the collection of any such taxes due
under this Act or under prior income, excess profits or war profits tax
Acts, or of any taxes due under Section 38 of such Act of August 5 1909,
shall be begun, after the expiration of five years after the date when such
return was filed, but this shall not affect suits or proceedings begun at the
time of the passage of this Act; Provided, That in the case of income received
during the lifetime of a decedent, all taxes due thereon shall be determined
and assessed by the Commissioner within one year after written request
therefor by the executor, administrator, or other fiduciary representing the
estate of such decedent: Provided further. That in the case of a false or
fraudulent return with intent to evade tax, or of a failure to file a required
return, the amount of tax due may be determined, assess d, and collected,
and a suit or proceeding for the collection of such amount may be begun,
at any time after it becomes due: Provided further. That in cases coming
within the scope of Paragraph (9) of Subdivision (a) of Section 214, or of
Paragraph (8) of Subdivision (a) oi' Section 234, or in cases of final settle¬
ment of losses and other deductions tentatively allowed by the Commissioner
pending a determination of the exact amount deductible, the amount of
tax or deficiency in tax due may be determined, assessed, and collected at
any time; but prior to the assessment thereof the taxpayer shall be notified
and given a period of not less than thirty days in which to file an appeal
and be heard as hereinafter provided in this subdivision.
If upon examination of a return made under the Revenue Act of 1916, the
Revenue Act of 1917, the Revenue Act of 1918, or this Act, a tax or a de¬
ficiency in tax is discovered, the taxpayer shall be notified thereof and
given a period of not less than thirty days after such notice is sent by regis¬
tered mail in which to file an appeal and show cause or i eason why the tax
or deficiency should not be paid.
Opportunity for hearing shall be granted
and a final decision thereon shall be made as quickly as practicable.
Any
tax or deficiency in tax then determined to be due shall be assessed and
paid, together with the penalty and interest, if any, applicable thereto,
within ten days after notice and demand by the Collector as hereinafter
provided, and in such cases no claim in abatement of the amount
be
shall
entertained:
Provided,
That
in
cases
where
so
assessed
Commissioner
the
believes that the collection of the amount due will be
jeopardized by such
make the assessment without giving such notice or awaiting
missioners, and shall be computed as follows:
To all expenses paid during the taxable
year add expenses unpaid at the
deduct expenses unpaid at the end of the pre¬
ceding taxable year.
For the purpose of
computing the net income subject
to the tax imposed by this Section there shall be deducted from
expenses
delay he
incurred
a part of the tax the sum of 5 per centum on the amount due but unpaid,
plus interest at the rate of 1 per centum per month upon such amount
from the time it became due: Provided, That as to any such amount which is
the subject of a bona fide claim for abatement filed within ten days after
notice and demand by the Collector, where the taxpayer has not had the
benefit of the provisions of Subdivision (d), such sum of 5 per centum shall
not be added and the interest from the time the amount was due until the
end of the taxable year and
as
defined in this
Paragrapn all expenses incurred which are not
by Section 247.
(a) That in computing the net income of an insurance com¬
subject to the tax imposed by Section 246 there shall be allowed as
allowed
as
deductions
Sec. 247.
pany
deductions:
(1) AH ordinary and necessary expenses incurred,
graph (1) of subdivision (a) of Section 234;
as
provided
in Para¬
234* interest as provided in Paragraph (2) of subdivision (a) of Sec-
tion
(3)
Taxes as provided in Paragraph (3) of subdivision
(a) of Section 234;
(4) Losses incurred;
(5) Bad debts in the nature of agency balances and bills receivable
ascertained to be worthless and clarged off within the taxable year;
(6) The amount received as dividends from
corporations as provided in
Paragraph (6) of subdivision (a) of Section 234;
(7) The amount of interest earned during the taxable
year which under
Paragraph (4) of subdivision (b) of Section 213 is
exempt from taxation
under this title, and the amount of
interest allowed as a credit under sub¬
division (a) of Section 236;
(8) A reasonable allowance, for the exhaustion, wear and tear of
property,
as provided in
Paragraph (7) of subdivision (a) of Section
234;
*>j
^
the
v.
/
sum
of
case 9°, »uch a domestic insurance company, the net income of
benefit of tWs paragraph) is $25,000 or less,
$2,000; but if the
net income is more than
$25,000 the tax imSection 246 shall not exceed the tax which would be payable if the
were allowed, plus the amount of the net income in excess
gosed by
*'2oc
of $25,000.
nnn
tton
the
234
same
^sen0^ a/°irei?? corporation the deductions allowed in this
allowed to the extent provided in subdivision (b) of Secitem
to
be
twice
,or,in Section 246 shall be
deducted.
construed to permit
may
conclusion of such hearing.
(e) If any tax remains unpaid after the date when it is due, and for ten
days after notice and demand by the Collector, then, except in the case of
estates of insane, deceased, or insolvent persons, there shall be added as
the
claim is decided shall be at the rate of one-half of 1 per centum per
on that part of the claim rejected.
In the
case of each subsequent installment the Collector may, within thirty days
and not later than ten days before the installment becomes due, mail to
the taxpayer notice of the amount of the installment and the date on which
it is due for payment.
Such notice of the Collector shall be sufficient notice
and
sufficient demand
under this section.
(f) In the case of any deficiency (except where the deficiency is due to
negligence or to fraud wi h intent to evade tax) where it is shown to the
satisfaction of the Commissioner that the payment of such deficiency
would result in undue hardship to the taxpayer, the
with the approval of the Secretary, extend the time for
or
any
with sufficient sureties conditioned upon the payment of the deficiency in
accordance with the terms of the extension granted.
There shall be added
in lieu of other interest provided by law, as a part of such deficiency, interest
thereon at the rate of two-thirds of 1 per centum per
such extension is granted; except where such other
law is in
excess
of interest at the
rate of
If the deficiency or any part
with the terms of the extension granted,
IV.—Administrative Provisions.
Payment of Taxes.
otlmrwise
^
237 the tax shall be paid
provided
in
this
Section
and
in four installments, each conto,tal amount of the tax.
The first installment
shall be paid at the time fixed by law for filing the
return, and the second
installment shall be paid on the fifteenth
day of the third month, the third
installment on the fifteenth day of the sixth
month, and the fourth install¬
ment on the fifteenth day of the ninth month, after
the time fixed bylaw
for filing the return.
Where an extension of time for
filing a return is
granted the time for payment of the first installment shall be postponed
until the date of the expiration of the period of the
extension, but the time
for payment of the other installments shall not be
postponed unless the
Commissioner so provides in granting the extension.
In any case in which
the time for the payment of any installment is at the
request of the tax
payer thus postponed, there shall be added as part of such
installment
Commissioner may,
the payment of such
part thereof for such period not in excess of eighteen
months from the passage of this Act as the Commissioner may determine.
In such case the Commissioner may require the taxpayer to furnish a bond
deficiency
month.
Part
month
of the first installment
provided for in Subdivision (a) the
instructions printed on the return shall be sufficient notice of the date when
the tax is due and sufficient demand, and the taxpayers' computation of
the tax on the return shall be sufficient notice of the amount due.
In the
case
month from the time
interest provided by
two-thirds of 1 per centum per
thereof is not paid in accordance
there shall be added as part of the
deficiency, in lieu of other interest and penalties provided by law, the sum
of 5 per centum of the deficiency and interest on the deficiency at the rate
of 1 per centum per month from the time it becomes payable in accordance
with the terms of such extension.
(g)
,
,
,
,,
^
,
If the Commissioner finds that a taxpayer designs quickly to depart
or to remove his property therefrom, or to conceal
from the United States
his property therein, or to do any other act tending to prejudice
or to render woolly or partly ineffectual proceedings to collect the tax for
the taxable year then last past or the taxable year then current unless such
himself
or
proceedings be brought without delay, the Commissioner shall declare the
taxable period for such taxpayer immediately terminated and shall cause
notice of such finding and declaration to be given the taxpayer, together
with a demand for immediate payment of the tax for the taxable period so
declared terminated and of the tax for the
of said tax
as
is
preceding taxable year or so much
unpaid, whether or not the time otherwise allowed by law
expired; and such taxes shall there-
for filing return ana paying the tax has
Nov. 26
THE
1921.]
upon become immediately due and payable.
In any action or
force payment of taxes made due and payable by virtue of the
and
provisions
accepted pursuant to the provisions of this
subdivision and such further
is given
other security with respect to the tax or taxes covered thereby
the Commissioner shall from time to time find necessary and
as
Returns
suit to en¬
the Commissioner, made as herein pro¬
vided, whether made after notice to the taxpayer or not, shall be for all
purposes presumptive evidence of the taxpayer's design.
A taxpayer who
is not in default in making any return or paying income, war profits, or
■excess profits tax under any Act of Congress may furnish to the United
States, under regulations to be prescribed by the Commissioner with the
approval of the Secretary, security approved by the Commissioner that he
will duly make the return next thereafter required to be filed and pay the
tax next thereafter required to be paid.
The Commissioner may approve
and accept in like manner security for return and payment of taxes made
•due and payable by virtue of the provisions of this subdivision, provided
the taxpayer has paid in full all other income, war profits, or excess profits
taxes due from him under any Act of Congress.
If security is approved
of this subdivision the finding of
or
2275
CHRONICLE
require,
be enforced by- any proceedings under the
provisions of this subdivision prior to the expiration of the time otherwise
allowed for paying such respective taxes.
In the case of a citizen of the
United States about to depart from the United States the Commissioner
may, at his discretion, waive any or all of the requirements placed on the
taxpayer by this subdivision.
No alien shall depart from the United States
unless he first secures from the collector or agent in charge a certificate
that he has complied with all the obligations imposed upon him by the
income, war profits and excess profits tax laws.
If a taxpayer violates or
attempts to violate this subdivision there shall, in addition to all other
penalties, be added as part of the tax 25 per centum of the total amount of
the tax or deficiency in the tax, together with interest at the rate of 1 per
centum per month from the time the tax became due.
(h) The provisions of Subdivisions (e), (f) and (g) of this section shall
apply to the assessment and collection of taxes which have accrued or may
accrue under the Revenue Act of 1917, the Revenue Act of 1918 or this
Act.
.-.r-:";.''.:v
:-;v■;'
:
Receipts for Taxes.
payment of such taxes shall not
Sec. 257.
to
Public Records.
be
■'<>■
«i
determined by the
but they shall be open to
That returns upon which the tax has been
Commissioner shall constitute public records;
inspection only upon older of the President and under rules and regulations
prescribed by the Secretary and approved by the President: Provided,
That the proper officers of any State imposing an income tax may, upon
the request of the Governor thereof, have access to the returns of any
corporation, or to an abstract thereof showing the name and income of the
corporation, at such times and in such manner as the Secretary may pre¬
scribe: Provided further. That all bona fide stockholders of record owning
1 per centum or more of the outstanding stock of any corporation shall,
upon making request of the Commissioner, be allowed to examine the
annual income returns of such corporation and of its subsidiaries.
Any
stockholder who pursuant to the provisions of this section is allowed to
examine the return of any corporation, and who makes known in any
manner whatever not provided by law the amount or source of income,
profits, losses, expenditures, or any particular thereof, set forth or disclosed
in any such return, shall be guilty of a misdemeanor and be punished by a
fine not exceeding $1,000, or by imprisonment not exceeding one year,
or
both.
The Commissioner shall as soon as practicable in each year cause to be
prepared and made available to public inspection in such manner as he
may determine, in the office of the Collector in each internal revenue
district and in such other places as he may determine, lists containing
the names and the post office addresses of all individuals making income
tax returns in such district.
of
Publication
Sec. 258.
shall
Statistics.
That the Commissioner,
with the approval of the Secretary,
publish annually
statistics reasonably available with
profits and excess profits tax
and
prepare
respect to the operation of the income, war
including classifications of taxpayers and of income, the amounts
allowed as deductions, exemptions, and credits, and any other facts deemed
pertinent and valuable.
laws,
Collection of
.
Foreign Items.
■
251. That every collector to whom any payment of any tax is
under the provisions of this title shall upon request give to the person
Sec.
made
mak¬
ing such payment a full written or printed receipt, stating the amount
paid and the particular account for which such payment was made; and
whenever any debtor pays taxes on account of payments made or to be
made by him to separate creditors the collector shall, if requested by such
debtor, give a separate receipt nor the tax paid on account of each creditor
in such form that the debtor can conveniently produce such receipts sepa¬
rately to his several creditors in satisfaction of their respective demands
up to the amounts stated in the receipts; and such receipt shall be suffi¬
cient evidence in favor of such debtor to justify him in withholding from
his next
therein stated; but the creditor
receipt acknowledging the pay¬
accepting the amount or tax
(specifying the same) as a further satisfaction of the debt
require the surrender to him of such collector's receipt.
payment to his creditor the amount
Sec. 259.
That all individuals, corporations, or partnerships undertaking
profit the collection of foreign payments of
interest or dividends by means of coupons, checks, or bills or exchange shall
obtain a license from the Commissioner and shall be subject to such regula¬
tions enabling the Government to obtain the information required under
this title as the Commissioner, with the approval of the Secretary, shall
as
a
matter of business or for
and whoever knowingly undertakes to collect such payments
obtained a license therefor, or without complying with such
prescribe;
without having
regulations, shall be guilty of a misdemeanor and shall be fined not more
than $5,000, or imprisoned for not more than one year, or both.
Citizens of Possessions of the United States.
may, upon giving to his debtor a full written
ment to him of any sum actually paid and
Sec. 260. That any individual who is a citizen of any possession of the
United States (but not otherwise a citizen of the United States) and who is
not a resident of the Uhited States, shall be subject to taxation under this
as aforesaid
to that amount,
title only as to income derived from sources
in such case the tax shall be computed and
paid
Refunds.
That if, upon examination of any return of income made pur¬
the Act of August 5 1909, entitled "An Act to provide
equalize duties, and encourage the industries of the United
"States, and for other purposes," the Act of October 3 1913, entitled "An
Act to reduce tariff duties and to provide revenue for the Government, and
for other purposes," the Revenue Act of 1916, as amended, the Revenue
Act of 1917, or the Revenue Act of 1918, it appears that an amount of in¬
come. war profits or excess profits tax has been paid in excess of that prop¬
erly due, then, notwithstanding the provisions of Section 3228 of the Re¬
vised Statutes, the amount of the excess shall be credited against any in¬
come, war profits or excess profits taxes,
or installment thereof, then
due from the taxpayer under any other return, and any balance of such
excess shall be immediately refunded to the taxpayer:
Provided, That no
such credit or refund shall be allowed or made after five years from the
date when the return was due, unless before the expiration of such five
years a claim therefor is filed by the taxpayer: Provided further, That if
upon examination of any return of income made pursuant to the Revenue
Act of 1917, the Revenue Act of 1918, or this Act, the invested capital of
a taxpayer is decreased by the Commissioner, and such decrease is due to
the fact that the taxpayer failed to take adequate deductions in previous
years, with the result that an amount of income tax in excess of that properly
due was paid in any previous year or years, then, notwithstanding any
other provision of law and regardless of the expiration of such five-year
period, the amount of such excess shall, without the filing of any claim
therefor, be credited or refunded as provided in this section: And provided
further, That nothing in this section shall be construed to bar from allow¬
ance claims for refund filed prior to the passage of the Revenue Act of 1918
under Subdivision (a) of Section 14 of the Revenue Act of 1916, or filed
prior to the passage of this Act under Section 252 of the Revenue Act of
Sec.
252.
suant to this Act,
revenue,
1918-
„
Penalties.
253. That any individual, corporation, or partnership required
under this title to pay or collect any tax, to make a return or to supply
Sec.
such tax, to make such return, or
supply such information at the time or times required under this title,
be liable to a penalty of not more than $1,000.
Any individual,
corporation, or partnership, or any officer or employee of any corporation
or member or employee of a partnership, who willfully refuses to pay or
collect such tax, to make such return, or to supply such information at the
time or times required under this title, or who willfully attempts in any
manner to defeat or evade the tax imposed by this title, shall be guilty of
a misdemeanor and shall be fined not more than
$10,000 or imprisoned
Information, who fails to pay or collect
to
shall
for not more
tjian one year, or both, together
Returns
of Payments of
with the costs of prosecution.
Dividends,
*
by this
by the
its pay¬
ments of dividends, stating the name and address of each stockholder, the
number of shares owned by him, and the amount of dividends paid to
Sec. 254. That every corporation subject to the tax imposed
title and every personal service corporation shall, when required
Commissioner, render a correct return, duly verified under oath, of
within the United States, and
paid in the
ending June 30 1922, and for other purposes " approved
July 12 1921, relating to the imposition of income taxes m tne Virgin Islands
for the fiscal year
of the United
States.
,
Porto
Sec. 261.
Rico
and
Philippine Islands.
That in Porto Rico and the
shall be levied, assessed,
Philippine Islands the income tax
collected and paid as provided by law prior to the
passage of this Act.
The Porto Rican or
Philippine Legislature shall have power by due en¬
modify or repeal the income tax laws in force in
Philippine Islands, respectively.
actment to amend, alter,
Porto Rico or the
Income
from Sources within the
Possessions of the United States.
(a) That in the case of citizens of the United States or domestic
corporations, satisfying the following conditions, gross income means only
gross income from sources within the United States—
(1) If 80 per centum or more of the gross income of such citizen or domestic
Sec. 262.
corporation (computed without the benfit of this section) for the three-year
period immediately preceding the close of the taxable year (or for such part
of such period immediately preceding the close of such taxable year as may
be applicable) was derived from sources within a possession of the United
States; and
centum or more of its gross
scetion) for such period or
thereof was derived from the active conduct of a trade or business
within a possession of the United States; or
(3) If, in the case of such citizen, 50 per centum or more of his gross in¬
come
(computed without the benefit of this section) for such period or
such part thereof was derived from the active conduct of a trade or business
within a possession of the United States either on his own account or as an
employee or agent of another.
Ob) Notwithstanding the provisions of subdivision (a) there shall be in¬
cluded in gross income all amounts received by such citizens or corporations
within the United States, whether derived from sources within or without
(2) If, in the case of such corporation, 50 per
(computed without the benefit of this
income
such part
the
United
States.
(c) As used in this section the term "possession of the
Virgin Islands of the United States.
Sec.
ness
of
Effective Date of Title.
V
Sec. 263.
That this title shall take effect as
TITLE III.—WAR
Definitions.
That when used in this title
the terms "taxable year," "fiscal
year," "personal service corporation," "paid or accrued,"
shall have the same meaning as provided for the purposes
Sections 200 and 201.
Part II.—Imposition
Brokers.
Sec. 301.
shall be levied,
First
Jjartnership has transacted any business, Commissioner may to the profits,
other information which the with such details as require, as to
osses,
or
paid.
'
_
,
Information
at
Source.
Second
That all individuals,
^
_
of interest upon bonds, mortgages, deeds of trust, or other
corporations, and (2) in the case of collections of.items
(not payable in the United States) of interest upon the bonds of foreign
countries and interest upon the bonds of and dividends from foreign cor¬
porations by individuals, corporations, or partnerships, undertaking as
a matter of business or for profit the collection of foreign payments of such
interest or dividends by means of coupons, checks, or bills of exchange.
When necessary to make effective the provisions of this section the name
and address of the recipient of income shall be furnished upon demand of
of payments
similar obligations of
partnership paying the income.
The provisions of this section shall apply to the calendar year 1921
and eacn calendar year thereafter, but shall not apply to the payment of
interest on obligations of the United States,
the
individual, corporation, or
excess
20 per
.
corporations, and partnerships, in what¬
ever capacity acting,
including lessees or mortgagors of real or personal
property, fiduciaries, and employers, making payment to another indi¬
vidual, corporation, or partnership, of interest, rent, salaries, wages,
premiums, annuities, compensations, remunerations, emoluments, or other
fixed or determinable gains, profits, and income (other than payments
described in Sections 254 and 255), of $1,000 or more in any taxable year, or,
in the case of such payments made by the United States, the officers or
employees of the United States having information as to such payments
ana required to make returns in regard thereto by the regulations herein¬
after provided for, shall render a true and accurate return to the Commis¬
sioner, under such regulations and in such form and manner and to such
extent as may be prescribed by him with the approval of the Secretary,
setting forth the amount of sucn gains, profits, and income, and the name
and address of the recipient of such payment.
Such returns may be required, regardless of amounts, (1) in the case
Sec. 256.
Bracket.
20 per centum of the amount of the net income in excess of the
profits credit (determined under Section 312) and not in excess of
centum of the invested capital;
the Commissioner to determine
gains of such customers has been
_
.
of income tax in
of Tax.
Act of 1918, but
return duly
each of such customers, as will enable
whether all income tax due on profits or
and "dividends"
(a) That in lieu of the tax imposed by Title III of the Revenue
in addition to the other taxes imposed by this Act, there
collected and paid for the calendar year 1921 upon the net
income
of every corporation
(except corporations taxable under sub¬
division (b) of this section) a tax equal to the sum of the following:
That every individual, corporation, or partnership doing busi¬
broker shall, when required by the Commissioner, render a cor¬
255.
as a
of January X 1921.
PROFITS AND EXCESS PROFITS TAX FOR 1921
Part I.—General
Sec. 300.
verified under oath, under such rules and regulations as
the Commissioner, with the approval of the Secretary, may prescribe,
showing the names of customers for whom such individual, corporation. or
rect
United States"
does not include the
him.
Returns
and
same manner
subject to the same conditions as in the case of other persons who are
taxable only as to income derived from such sources.
Nothing in this section shall be construed to alter or. amend the provisions
of the Act entitled "An Act making appropriations for the naval service
40 per centum
of the invested
-
Bracket.
of the amount of the net income In excess
of 20 per centum
capital.
.
..
(b) For the calendar year 1921 there shall be levied, collected and paid
upon the net income of every corporation which derives in such year a net
income of more than $10,000 from any Government contract or contracts
made between April 6 1917 and November 11 1918, both dates inclusive,
a tax equal to the sum of the following:
(1) Such a portion of a tax computed at the rates specified in subdivision
(a) of Section 301 of the Revenue Act of 1918, as the part of the net income
attributable to such Government contract or contracts bears to the entire
net income.
In computing such tax the excess profits credit and the war
Act which if it had applicable to
in force, shall be used;
Srofits credit of 1918 would be been continuedsuch calendar year under
ievenue
(2)
(a) of this section as
the
Subdivision
the part of the net income not attributaole to such
Such a portion of a tax computed at
the rates specified in
bears to the entire net income.
determining the part of the net income attributable
Government contract or contracts
For the purpose of
contract or contracts, the proper apportionment and
allocation of the deductions with respect to gross income derived from such
Government contract or contracts and from other sources,
respectively
shall be determined under rules and regulations prescribed by the Com¬
missioner with the approval of the Secretary.
to such Government
(c) In any case where the full amount of the
allowed under the first bracket of Subdivision
excess
profits credit Is not
(a), by reason of the fact
of 20 per centum of the invested capital, the
part not so allowed shall be deducted from the amount in thesecond bracket.
Sec. 302.
That the tax imposed by Subdivision (a) of Section 301 shall
n no case be more than 20 per centum of the amount of the net Income In
that such credit is in excess
THE
2276
excess
of *3.000 and not in excess of
CHRONICLE
$20,000, plus 40 per centum of the
and the limitations imposed
amount of the net income in excess of $20,000;
by Section 302 of the Revenue Act of 1918 (upon taxes computed under
Subdivision (c) of Section 301 of that Act) are hereby made applicable to
taxes computed under Subdivision (b) of Section 301 of this Act.
Nothing
this section shali
in
be construed
in
such manner
as
to
increase the tax
imposed by Section 301 of this Act.
,
,
.
,
Sec. 303.
from
a
That if part of the net Income of a corporation is derived (1)
trade or business (or a branch of a trade or business) in which the
employment of capital is necessary, and (2) a part (constituting not less than
30 per centum of its total net income) is derived from a separate trade or
trade or business) which if
constituting the sole trade or business would bring it within the class of
"personal service corporations," then (under regulations prescribed by the
Commissioner with tne approval of the Secretary) the tax upon the first
part of such net income shall be separately computed (allowing in such
business (or a distinctly separate branch of the
computation only the same proportionate part of the credits authorized in
Section 312), and the tax upon the second part shall be the same percentage
as the tax so computed upon the first part is of such first part:
Provided, That the tax upon such second part shall in no case ba less than 20
thereof
thereof, unless the tax upon the entire net income, if computed
without benefit of this section, would constitute less than 20 per centum
of such entire net income, in which event the tax shall be determined upon
the entire net income, without reference to this section, as other taxes are
per centum
determined under this titie.
The total tax computed under this section
shall be subject to the limitations provided in Section 302.
Sec. 304(a) That the corporations enumerated in Section 231 shall,
to the extent tnat
from
they are exempt from income tax under Title II, be exempt
taxation under this title.
(0) Any corporation whose net income for tne taxable year is less than
$3,000 shall be exempt from taxation under this title.
(c) In the case of any corporation engaged in the mining of gold, the por¬
tion of the net income derived from the mining of gold shall be exempt from
the tax imposed by this title or
any tax imposed by Title II of the Revenue
Act of 1917, and the tax on the remaining portion of the net income snail
be the same proportion of a tax computed without the benefit of this sub¬
division which such remaining portion of the net income bears to the entire
net
income.
Sec. 305.
That if a tax is computed under this title for a period of less
than twelve months, the specific exemption of $3,000, wherever referred
to in this title, shall be reduced to an amount which is the same proportion
of
$3,000
the number of months in the period is of twelve months.
as
Part
III.—Excess Profits Credit.
Sec. 312.
That the excess-profits credit shall consist of a specific exemp¬
tion of $3,000 plus an amount equal to 8 per centum of the invested capital
for tie
taxable year.
A foreign corporation or a corporation entitled to the benefits of
262 shall not be entitled to the specific exemption of $3,000.
Part
Section
computing net income, but where the income
derived from such assets consists in part of gain or profit derived from the
or other disposition thereof, or where all or
part of the interest derived
from such assets is in effect included in the net income because of the limita¬
sale
tion
on
the deduction of interest under Paragraph
of Section
234,
a
(2) of subdivision (a)
corresponding part of the capital invested in such asset
shall not be deemed to be inadmissible assets;
The term "admissible assets" means all assets other than inadmissible
assets, valued in accordance with the provisions of subdivision (a) of Sec¬
tion 326 and Section 331.
(b) For the purposes of this title the par value of stock
in the
case
of stoclc
or
shares issued at
a
nominal value
value, be deemed to be the fair market value
or
of the date
shares shall,
having no par
or
dates of issue
stock or shares.
Sec. 326. (a) That as used in this title the term "invested
capital" for
as
or
of such
any
year means (except as provided in subdivisions (b) and
(c) of this
Section):
(1) Actual cash bona fide paid in for stock or shares;
(2) Actual cash value of tangible property, other than cash, bona fide
paid in for stock or shares, at the time of such payment, but in no case to
exceed the par value of the original stock or shares
specifically issued there¬
for, unless the actual cash value of such tangible property at the time paid
in is shown to the satisfaction of the Commissioner to have
been clearly
and
substantially in excess of such par value, in which case such excess
shall be treated as paid-in
surplus: Provided, That the Commissioner shall
keep a record of all cases in which tangible property is included in invested
capital at a value in excess of the stock or shares issued therefor, containing
the name and address of each
taxpayer, the business in which engaged, the
amount of invested capital and net income shown
by the return, the value
of the tangible property at the time
paid in, the par value of the stock or
shares specifically issued
therefor, and the amount included under this
paragraph as paid-in surplus.
The Commissioner shall furnish a copy of
such record and other detailed information with
respect to such cases when
required by resolution of either House of Congress, without
restrictions
contained
regard to the
in
Section 257;
surplus and undivided profits; not including surplus
and undivided profits earned
during the year;
(4) Intangible property bona fide paid in for stock or shares
prior to
March 3 1917, in an amount not
exceeding (a) the actual cash value of
such property at the time
paid in, (b) the par value of the stock or shares
issued therefor, or (c) in the
aggregate 25 per centum of the par value of the
total stock or shares of the
corporation outstanding on March 3 1917
whichever is lowest;
_(5) Intangible property bona fide paid in for stock or shares on or after
March 3 1917, in an amount not
exceeding (a) the actual cash value of such
(3) Paid-in
both
dates
inclusive.
Sec. 328. (a) That in the cases specified in Section 327 the tax shall be
the amount which bears the same ratio to the net income of the
taxpayer
(in excess of the specific exemption of $3,000) for the taxable year, as the
average tax of
representative corporations engaged in a like or similar trade
business, bears to their average net income (in excess of the specific ex¬
emption of $3,000) for such year.
In the case of a foreign corporation or
of a corporation entitled to the benefits of Section 262 the tax shall be
com¬
puted without deducting the specific exemption of $3,000 either for the tax¬
payer or the representative -corporations.
In computing the tax under this section the Commissioner shall
compare
the taxpayer only with representative corporations whose invested
capital
can be satisfactorily determined under Section 326 and which
are, as nearly
as may be,
similarly circumstanced with respect to gross income, net in¬
come, profits per unit of business transacted and capital employed, the
amount and rate of war profits or excess profits, and all other relevant
or
facts
and
circumstances.
(b)
For the purposes of Subdivision (a) the ratios between the average
the average net income of representative corporations shall be
determined by the Commissioner in accordance with regulations prescribed
by him with the approval of the Secretary.
(c) The Commissioner shall keep a record of all cases in which the tax
is determined in the manner prescribed in Subdivision (a),
containing the
name and address of each taxpayer, the business in which
engaged, the
amount of invested capital ana net income shown by the return, and the
amount of invested capital as determined under such subdivision.
The
Commissioner shall furnish a copy of such record and other detailed infor¬
mation with respect to such cases when required by resolution of either
House of Congress, without regard to the restrictions contained in Section
and
tax
257.
Part VI.—Reorganizations.
Sec. 331. That in the case of the reorganization, consolidation, or
change
of ownership of a trade or business, or change of ownership of
property,,
after March 3 1917, if an interest or control in such trade or business or
property of 50 per centum or more remains in the same persons, or any of
them, then no asset transferred or received from the previous owner shall,
for the purpose of determining invested capital, be allowed a greater value
than would have been allowed uhder this title in computing the invested
capital of such previous owner if such asset had not been so transferred
received: Provided, That if such previous owner was not a corporation,
then the value of any asset so transferred or received shall be taken at its
cost of acquisition (at the date when acquired by such previous
owner)
with proper allowance for depreciation, impairment, betterment or devel¬
opment, but no addition to the original cost shall be made for any charge
or expenditure deducted as expense or otherwise on or after March 1
1913
in computing the net income of such previous owner for
purposes of taxa¬
Part VII.—Miscellaneous.
Sec. 335. (a) That if a corporation (other than a personal service cor¬
poration) makes return for a fiscal year beginning in 1920 and ending in
1921, the war profits and excess profits tax for the taxable
year 1921 shall
be the sum of: (1) the same proportion of a tax for the entire
period com-
Suted under the Revenue Act 1920 is of the entire period, and (2) the falllg within the calendar year of 1918, which the portion of such period
same
other property borrowed,
whether represented by bonds, notes, open accounts or otherwise.
The term "inadmissible assers" means stocks, bonds, and other obliga¬
tions (other than obligations of the United States), the dividends or interest
from which is not included in
computed by reference to the representative cor¬
porations specified in Section 328.
This subdivision shall not apply to
any case (1) in which the tax (computed without befaefit of this Section) is
high merely because the corporation earned within the taxable year a
high rate of profit upon a normal invested capital, nor (2) in which 50 per «
centum or more of the gross income of the corporation for the taxable
year
(computed under Section 233 of Title II) consists of gains, profits, com¬
missions, or other income, derived on a cost-plus basis from a Government
contract or contracts made between April 6 1917 and November 11
1918,
tion.
Part V.—Invested Capital.
Sec. 325.
(a) That as used in this title—
The term "intangible property" means patents, copyrights, secret pro¬
cesses and formulae, good-will, trade-marks, trade-brands, franchises, and
other like property;
The term "tangible property" means stocks, bonds, notes, and other evi¬
dences of Indebtedness, bills and accounts receivable, leaseholds, and
other propertv other than intangible property;
The term "borrowed capital" means money or
of this Section and the tax
or
IV.—Not Income.
Sec. 320.
That for the purpose of this title txe net income of a corpora¬
tion shall be ascertained and returned for the taxable year upon the same
basis and in the same manner as provided for income tax purposes in Title
II of this Act.
r
[VOL. 113.
or earned
proportion of a tax for the entire period computed under this title, which
the portion of such period falling within the calendar year 1921 is of the
entire period.
Any amount heretofore or hereafter paid on account of
the tax imposed for such taxable year by the Revenue Act of 1918 shall be
credited towards the payment of the tax as above computed, and if the
amount so paid exceeds the amount of such tax, the excess shall be credited
or refunded to the corporation in accordance with the
provisions of Section
252 of this Act.
(b)
If a corporation (other than a personal service corporation) makes a
beginning in 1921 and ending in 1922, the war profits
profits tax for the portion of the year failing within the calendar
year 1921 shall be an amount equivalent to the same proportion of a tax
for the entire period computed under this title, which the
portion of such
period falling within the calendar year 1921 is of the entire period.
8ec. 336. That every corporation, not exempt under Section 304, shall
make a return for the purposes of this title.
Such returns shall be made,
and the taxes imposed by this title shall be paid, at the same times and
places, in the same manner, and subject to the same conditions, as is pro¬
vided in the case of returns and payment of income tax by corporations for
the purposes of Title II. and all the provisions of that title not
inapplicable,
including penalties, are hereby made applicable to the taxes imposed by
return for a fiscal year
and
excess
this title.
i
Sec.
337. That in the case of a bona fide sale of mines, oil or gas wells,
interest therein, where the principal value of the property has been
demonstrated by prospecting or exploration and discovery work done
by the taxpayer, the portion of the tax imposed by this title attributable
to such sale shall not exceed 20 per centum of the selling price of such
prop¬
erty or interest
or
any
.
Effective
Sec. 338.
Date
of
That this title shall take effect
Title.
as
of
January 1 1921.
TITLE IV—ESTATE TAX.
Sec. 400.
That
when used
in this
title—
The term "executor"
or,
if there is
no
means the executor or administrator of the
decedent,
executor or administrator, any person in actual or con¬
structive possession of any property of the decedent;
The term "net estate" means the net estate as determined
under the
provisions of Section 403;
The term "month"
calendar month; and
The term "Collector" means the Collector of Internal Revenue of the
district in which was the domicile of the decedent at the time of his
death,
means
if there was no such domicile in the United States, then the Collector
of the district in which is situated the part of the gross estate of the decedent
or,
in the United States, or, if such part of the gross estate is situated in more
than one district, then the Collector of Internal Revenue of such district
as
may be designated by the Commissioner.
Sec. 401. That, in lieu of the tax imposed
by Title IV of the Revenue
tax equal to the sum of the following percentages of the
(determined as provided in Section 403) is hereby
imposed upon the transfer of the net estate of every decedent dying after
Act
of
1918,
a
property at the time paid in, (b) the par value of the stock or shares
issued
therefor, or (c) in the aggregate 25 per centum of the
par value of the total
value of the net estate
stock
the passage
States:
amount
1 per centum of the amount of the net estate not in excess of $50,000;
2 per centum of the amount by which the net estate exceeds $50,000 and
does not exceed $150,000;
or shares of the
corporation outstanding at the beginning of the tax¬
able year, whichever is lowest:
Provided, That in no case shall the total
included under
Paragraphs (4) and (5) exceed in the aggregate
25 per centum of the par value of the total
stock or shares of the
corpora¬
tion outstanding at the
beginning of the taxable year; but
(b) As used in this title the term "invested
capital" does not include
borrowed. Cttpitcil.
(c) There shall be deducted from invested capital as above
defined
centage thereof equal to the percentage which the amount of
assets is of the amount of admissible
the
taxable
year.
(d) The invested capital for any period shall be the
average invested
capital for such period, but in the case of a corporation
making a return
for a fractional part of a year, it shall b© the same
fractional part of such
average
invested
capital.
Sec. 327.
(a)
as
as pro¬
1
Where the Commissioner is unable to determine the
invested capital
provided in Section 326;
(b) In the case of a foreign corporation
benefits
of
Section
262;
or
of
a
corporation entitled to the
(c)
Where a mixed aggregate of tangible
property and intangible property
has been paid in for stock and bonds and the
Commissioner is unable satis¬
factorily to determine the respective values of the several classes
of property
at the time of payment, or to distinguish the classes of
property naid in for
stock and for bonds, respectively;
(d) Where upon application by the corporation the Commissioner finds
and so declares of record that the tax if determined
without benefit of this
Section would, owing to abnormal conditions affecting the
capital or income
the
Corporation, work upon the corporation an exceptional hardship
evidenced by gross disporportion between the tax
computed without benefi
of
a
resident
or
non-resident of the United
3 per centum of the amount by which the net estate exceeds $150,000
and does not exceed $250,000;
4 per centum of the amount
a per¬
inadmissible
and inadmissible assets held during
That in the following cases the tax shall be
determined
vided in Section 328:
of this Act, whether
and does not exceed
by which the net estate exceeds $250,000
$450,000;
6 per centum of the amount by which the net estate exceeds $450,000
and does not exceed $750,000;
8 per centum of the amount
by which the net estate exceeds $750,000
and does not exceed $1,000,000;
10 per centum of the amount by which
and does not exceed $1,500,000;
12 per centum of the amount by
and does not exceed $2,000,000;
14 per
and
does
centum of the amount
not
by which the net estate exceeds $2,000,000
exceed $3,000,000;
16 per centum of the amount by
and does not exceed $4,000,000;
18 per
does
the net estate exceeds $1,000,000
which the net estate exceeds $1,500,000
which the net estate exceeds $3,000,000
centum of the amount by which the net estate exceeds $4,000,000
not exceed $5,000,000;
centum of the amount by which the net estate exceeds $5,000,000
not exceed $8,000,000;
22 per centum of the amount by which the net estate exceeds $8,000,000
and does not exceed $10,000,000; and
25 per centum of the amount by which the net estate exceeds $10,000,000.
The taxes imposed by this title or by Title II of the Revenue Act of 1916
(as amended by the Act entitled "An Act to provide increased revenue to
defray the expenses of the increased appropriations for the Army and Navy
and the extensions of fortifications, and for other purposes,
approved
and
20 per
and
does
.
Xov. 26 1921.]
THE
CHKONICLE
March 3 1917) or by Title IX of the Revenue Act of 1917, or by Title IV
of the Revenue Act of 1918, shall not apply to the transfer of the net estate
of any decedent who
died or may die from Injuries received or disease
contracted in line of duty while serving in the military or naval forces of
the United States in the war against the German Government, or to the
transfer of the net estate of any citizen of the United States who has died
or
may
die from injuries received
or
disease contracted in line of duty
while serving in the military or naval forces of any country while associated
with the United States in the prosecution of such war, or prior to the
entrance therein of the United States, and any tax collected upon such
transfer shall be refunded to the estate of such decedent.
Sec. 402. That the value of the gross estate of the decedent shall be
determined by including the value at the time of his death
of all property,
personal, tangible or intangible, wherever situated—
To the extent of the interest therein of the decedent at the time of
his death which after his death is
subject to the payment of the charges
against his estate and the expenses of its administration and is subject
real
or
(a)
to distribution
as
part of his estate;
,
(b) To the extent of any interest therein of the surviving spouse, existing
at the time of the decedent's death as dower, curtesy or by virtue of a statute
creating
an estate in lieu of dower or
curtesy;
(cj To the extent of any interest therein of which the decedent has at
time made a transfer, or with respect to which he has at any time
created a trust, in contemplation of or intended to take effect in possession
or enjoyment at or after his death
(whether such transfer or trust is made
or created before or after the
passage of this Act), except in case of a bona
fide sale for a fair consideration in money or money's worth.
Any transfer
of a material part of his
property in the nature of a final disposition or dis¬
tribution thereof, made by the decedent within two years prior to his death
without such a consideration, shall, unless shown to the contrary, be deemed
to have been made in contemplation of death within the meaning of this title;
(d) To the extent of the interest therein held jointly or as tenants in the
entirety by the decedent and any other person, or deposited in banks or
other institutions in their joint name and payable to either or the survivor,
except such part thereof as may be shown to have originally belonged to
such other person and never to have been received or acquired by the latter
from the decedent for less than a fair consideration in money or money's
worth: Provided, That where such property or any part thereof, or part of
the consideration with which such property was acquired, is shown to have
been at any time acquired by such other person from the decedent for less
than a fair consideration in money or money's worth, there shall be excepted
only such part of the value of such property as is proportionate to the con¬
sideration furnished by such other eprson: Provided further. That where any
property has been acquired by gift, bequest, devise or inheritance, as a
tenancy in the entirety by the decedent and spouse, or where so acquired
by the decedent and any other person as joint tenants and their interests
are not otherwise specified or fixed by law, then to the extent of one-half
of the value thereof;
(e) To the extent of any property passing under a general power of ap¬
pointment exercised by the decedent (1) by will, or (2) by deed executed
in contemplation of, or intended to take effect in possession or enjoyment
at or after, his death, except in case of a bona fide sale for a fair consideration
in money or money s worth; and
(f) To the extent of the amount receivable by the executor as insurance
under policies taken out by the decedent upon his own life; and to the ex¬
tent of the excess over $40,000 of the amount receivable by all other bene¬
ficiaries as insurance under policies taken out by the decedent upon his
any
own
life.
,
Sec. 403.
That for the purpose of the tax the value of the net estate
„
shall
be determined—
(a) In the case of
a
resident, by deducting from the value of the gross
1'
CStdtC
(1) Such amounts for funeral expenses, administration expenses, claims
against the estate, unpaid mortgages upon, or any indebtedness in respect
to, property (except, in the case of a resident decedent, where such property
is not situated in the United States), losses incurred during the settlement
of the estate arising from fires, storms, shipwreck or other casualty, or from
theft, when such losses are not Compensated for by insurance or otherwise,
and such amounts reasonably required and actually expended for the sup¬
port during the settlement of the estate of those dependent upon the de¬
cedent, as are allowed by the laws of the jurisdiction, whether within or
without the United States, under which the estate is being administrred,
but not including any income taxes upon income received after the death
of the decedent, or any estate, succession, legacy or inheritance taxes;
(2) An amount equal to the value of any property forming a part
of the
estate situated in the United States of any person who died within
five years prior to the death of the decedent where such property can be
identified as having been received by the decedent from such prior decedent
gross
by gift, bequest, devise or inheritance, or which can be identified as having
acquired in exchange for property so received: Provided, That this de¬
duction shall be allowed only where an estate tax under this or any prior
Act of Congress was paid by or on behalf of the estate of such prior decedent,
and only in the amount of the value placed by the Commissioner on such
property in determining the value of the gross estate of such prior decedent,
and only to the extent that the value of such property is included in the de¬
cedent's gross estate and not deducted under paragraphs (1) or (3) of sub¬
division (a) of this section.
This deduction shall be made in case of the
estates of all decedents who have died since September 8 1916;
(3) The amount of all bequests, legacies, devises or transfers, except bona
fide sales for a fair consideration in money or money's worth, in contem¬
plation of or intended to take effect in possession or enjoyment at or after
the decedent's death, to or for the use of the United States, any State,
Territory, any political subdivision thereof, or the District of Columbia,
for exclusively public purposes, or to or for the use of any corporation or¬
ganized. and operated exclusively for religious, charitable, scientific, literary
or educational purposes, including the encouragement of art and the pre¬
vention of cruelty to children or animals, no part of the net earnings of
which inures to the benefit of any private stockholder or Individual, or to
a trustee or trustees exclusively for such religious, charitable, scientific,
literary or educational purposes.
This deduction shall be made in case of
the estates of all decedents who have died since December 311917; and
(4) An exemption of $50,000;
(b) In the case of a non-resident, by deducting from the value of that
part of his gross estate which at the time of his death is situated in the
been
United Stsites~~~"
(1) That proportion of the deductions specified in Paragraph (1) of Sub¬
of such part bears to the value
but in no case shall the amount
so deducted exceed 10 per centum of the value of that part of his gross estate
which at the time or his death is situated in the United States;
division (a) of this section which the value
of his entire gross estate wherever situated
(2) An amount equal to the value of any property forming a part of the
estate situated in the United States or any person who died within
prior to the death of the decedent where such property can be
identified as having been received by the decedent from such prior decedent
by gift, bequest, devise, or inheritance, or which can be identified as having
been acquired in exchange for property so received; Provided, That this
deduction shall be allowed only where an estate tax under this or any prior
Act of Congress was paid by or on behalf of the estate of such prior decedent,
and only In the amount of the value placed by the Commissioner on such
property in determining the value of the gross estate of such prior decedent,
ana only to the extent that the value of such property is included in that
gross
five years
i the the decedent's gross estate which at the time of his death is of Sub¬
Eart ofUnited States and not deducted under Paragraphs (1) or (3) situated
(b) of this section.
This deduction shall be made in case of the
September 8 1916; and
(3) The amount of all bequests, legacies, devises, or transfers, except
bona fide sales for a fair consideration, in money or money's worth, In
division
estates of all decedents who have died since
contemplation of or intended to take effect in possession or enjoyment at
or after the decedent's death, to or for the use of the United States, any
State, Territory, any political subdivision thereof, or the District of Colum¬
bia, for exclusively public purposes, or to or for the use of any domestic
corporation organized and operated exclusively for religious, charitable,
scientific, literary, or educational purposes, including the encouragement
of art and the prevention of cruelty to children or animals, no part of the
net earnings of which inures to the benefit of any private stockholder or
individual, or to a trustee or trustees exclusively for such religious, chari¬
table, scientific, literary, or educational purposes within the United States.
This deduction shall be made in case of the setates of all decedents who
1917.
No deduction shall be allowed in the case of a non-resident unless the
executor includes in the return required to be filed under Section 404
the value at the time of his death of that part of the gross estate of the
non-resident not situated in the United States.
have died since December 31
For the purpose
held
by
a
of this title stock in a domestic corporation owned and,
non-resident decedent shall be* deemed property within the
which the decedent has made a transfer
United States, and any property of
2277
respect to which he has created a trust, within the meaning of
Subdivision (c) of Section 402, shall be deemed to be situated in the United
States, if so situated either at the time of the transfer
trust, or at the time of the decedent's death.
The amount receivable
as
insurance upon
or
the creation of the
he life of
a
•
•
'
:
non-resident de¬
cedent, and any moneys deposited with any person carrying on the banking
business, by or for a non-resident decedent who was not engaged in business
in the United States at the time of his
death, shall not, for the purpose of
•
this title, be deemed property within the United States.
Missionaries duly
commissioned and serving under boards of foreign 1
missions of the various religious denominations in the United
States, dying
while in the foreign missionary service of such boards, shall
not, by reason
merely of their intention to permanently remain in such foreign service, be
deemed non-residents of the United States, but shall be
presumed to be
residents, of the State, the District of Columbia,
or the Territories of Alaska
of Hawaii wherein they respectively resided at the time of their commission
and their departure for such foreign service.
-
In the case of any estate in
respect to whiCh the tax
necessary to allow the benefit of the deduction under
has been paid, if
Paragraphs (2) and
(3) of Subdivision (a) or (b) the tax shall be redetermined and any excess
of tax paid shall be refunded to the executor.
Sec, 404. That the executor, within two months after the decedent's
death,
or
within
a
like
period after qualifying
notice thereof to the collector.
in such manner as may be
give written
such times and
as such, shall
The executor shall also, at
required by regulations made pursuant to law, >'
file with the collector a return under oath in
duplicate, setting forth (a)
the value of the gross estate of the decedent at the time of his death, or, in
case of a non-resident, of that
part of his gross estate situated in the United
States; (b) the deductions allowed under Section 403; (c) the value of the
net estate of the decednet as defined in Section 403; and (d) the tax
paid or
payable thereon; or such part of such information as may at the time be
ascertainable and such supplemental data as may be necessary to establish
the correct tax.
•<
/
Return shall be made in all cases where the gross estate at the death of
the decedent exceeds $50,000, and in the case of the estate of every non¬
resident any part of whose gross estate is situated in the United States.
If"
the executor is unable to make a complete return as to any part of the
gross estate of the decedent, he shall include in his return a description of
such
part and the name of every person holding a legal or beneficial interest
therein, and upon notice from the collector such person shall in like manner
a return as to such
part of the gross estate.
The Commissioner shall
make all assessments of the tax under the authority of existing adminis¬
trative special and general provisions of law relating to the assessment and
-
make
collection of taxes.
That if no admnistration is granted upon the estate of a if no return is filed as provided in Section 404, or if a return
a material fact, the collector or
deputy collector shall make a return and the Commissioner shall assess the
tax thereon.*
■"■'•'I
'
:
Sec. 406. That the tax shall be due and payable one year after the dece¬
dent's death; but in any case where the Commissioner finds that payment
of the tax within such period would impose undue hardship upon the estate,
he may grant an extension or extensions of time for payment not to exceed
three years from the due date.
The executor shall pay the tax to the collector or
deputy collector , and to
such portion of the tax, not paid within one year and six months after the
decedent's death, interest at the rate of 6 per centum per annum from the
expiration of one year after such death shall be added as part of the tax
irrespective of any extension or extesnions of time that may have been
granted for the payment of the tax, or any portion thereof.
Sec. 407.
That where the amount of tax shown upon a return made in
good faith has been fully paid, or time for payment has been extended, at
provided in Section 406, beyond one year and six months after the dece¬
dent's death, and an additional amount of tax is, after the expiration of such
period of one year and six months, found to be due, then such additional
amount shall be paid upon notice and demand by the collector, and if it
remains unpaid for one month after such notice and demand there shall be
added as part of the tax interest on such additional amount at the rate of
10 per centum per annum from the expiration of such period until paid, and
such additional tax and interest shall, until paid, be and remain a lien upon
the entire gross estate.
The collector shall grant to the person paying the tax duplicate receipts,
either of which shall be sufficient evidence of such payment, and shall entitle
the executor to be credited and allowed the amount thereof by any court
having jurisdiction to audit or settle his accounts.
If the executor files a complete return and makes written application to
the Commissioner for determination of the amount of the tax and discharge
from personal liability therefor, the Commissioner, as soon as possible and
in any event within one year after receipt of such application, shall notify
the executor of the amount of the tax, and upon payment thereof the execu¬
tor shall be discharged from personal liability for any additional tax thereafter found to be due, and shall be entitled to receive a receipt or writing
showing such discharge: Provided, however, That such discharge shall not
operate to release the gross estate from the lien of any additional tax that,
may thereafter be found to
be due while the title to such gross estate re¬
mains in the heirs, devisees, or distributees thereof; but no part of such gross,
estate shall be subject to such lien or to any claim or demand for any such
tax if the title thereto has passed to a bona fide purchaser for value.
Sec. 408.
That if the tax herein imposed is not paid on or before the due
date thereof the collector shall, upon instruction from the Commissioner,
proceed to collect the tax under the provisions of general law, or commenceappropriate proceedings in any court of the United States, in the name of the
United States, to subject the property of the decedent to be sold under thejudgment or decree of the court.
From the proceeds of such sale the amount
of the tax, together with the costs and expenses of every description to beallowed by the court, shall be first paid, and the balance shall be deposited
according to the order of the court, to be paid under its direction to the per¬
Sec. 405.
decedent,
or
contains a false or incorrect statement of
son
entitled
thereto.
If the tax or any
part thereof is paid by, or collected out of that part of
the estate passing to or in the possession of, any person other than the execu¬
tor in his capacity as such, such person shall be entitled to reimbursement
out of any
part of the estate still undistributed or by a Just and equitable
contribution by the persons whose interest in the estate of the decedent
would have been reduced if the tax had been paid before the distribution,
of the estate or whose interest is subject to equal or prior liability for the
payment of taxes, debts, or other charges against the estate, it being theand intent of this title that so far as practicable and unless otherwise
purpose
directed
by the will of the decedent the tax shall be paid out of the estate
before its distribution.
If any part of the gross estate consists of proceeds of "
policies of insurance upon the life of the decedent receivable by a beneficiary
other than the executor, the executor shall be entitled to recover from such
beneficiary such portion of the total tax paid as the proceeds, in excess of
$40,000, of such policies bear to the net estate.
If there is more than one
such beneficiary the executor shall be entitled to recover from such bene¬
ficiaries in the same ratio.
Sec, 409.
That unless the tax is sooner paid in full, it shall be a lien for
,
the gross estate of the decedent, except that such part of1
the gross estate as is used for the payment of charges against the estate and
expenses of its administration, allowed by any court having jurisdiction
thereof, shall be divested of such lien.
If the Commissioner is satisfied that
the tax liability of an estate has been fully discharged or provided for,
he may, under regulations prescribed by him with the approval of the
Secretary, issue his certificate releasing any or all property of such estate
from the lien herein imposed.
If (a) the decedent makes a transfer of, or creates a trust with respect
to, any property in contemplation of or intended to take effect in possession
or enjoyment at or after his death (except in the case of a bona fide sale
ten years upon
for
a
fair consideration in
money or money's worth) or
(b) if insurance
Sasses tinder a contract executed by the respect thereto is not paid when
eneficiary, and if in either case the tax in decedent in favor of a specific
due, then the transferee, trustee, or beneficiary shall be personally liable
for such tax, and such property, to the extent of the decedent's interest
therein at the time of such transfer, or to the extent of such beneficiary's
interest under such contract of insurance, shall be subject to a like lien equal
to the amount of such tax.
Any part of such property sold by such trans¬
feree or trustee to a bona fide purchaser for a fair consideration in money
money's worth shall be divested of the lien and
or
a
like lien shall then
attach to all the property of such transferee or trustee, except any part
a bona fide purchaser for a fair consideration in money or money s
sold to
worth.
i
MMffll
Sec, 410. That whoever knowingly makes any false statement in any
or return required to be filed under this title shall be liable to a
penalty of not exceeding $5,000, or Imprisonment not exceeding one year,
notice
both.
or
Whoever falls to comply with any duty imposed upon him by Section 404,
having in his possession or control any record, file, or paper, containing'
or,
THE
3278
CHRONICLE
supposed to contain any Information concerning the estate of the decedent
having in his possession or control any property comprised in the gross
decedent, fails to exhibit the same upon request to the Com¬
missioner or any collector or law officer of the United States, or his duly
authorized deputy or agent, who desires to examine the same in the per¬
formance of his duties under this title, shall be liable to a penalty of not
exceeding $500, to be recovered, with costs of suit, in a civil action in the
or
or,
estate of the
United States.
of the
name
.
,,
Sec. 411.
(a)
That the term "resident"
citizen of the United
administration
or
States
with
proceedings
as
.
,
used in this title includes a
respect to whose property any probate
are
had
the
in
United States Court for
China.
Where no part of the gross estate of such decedent is situated in
the United States at the time of his death, the total amount of tax due under
this title shall be paid to or collected by the clerk of such court, but where
any part of the gross estate of such decedent is situated in the
States at the time of his death, the tax due under this title shall be
United
paid to
collected by the collector of the district in which is situated the part
or
of the gross estate in the United States, or, if such part is situated in more
than one district, then the collector of such district as may be designated
by the Commissioner,
■ ■'
(b) For the purpose of this section the Clerk of the United States Court
w
^
^
for China shall be a collector for the territorial jurisdiction of such Court,
and taxes shall be collected by and paid to him in the same manner and
subject to the same provisions of law, including penalties, as the taxes
collected by and paid to a collector in the United States.
(c) The proviso in the Act entitled "An Act making appropriation for
the Diplomatic and Consular Service for the fiscal year ending June JO
1921," approved June 4 1920, which reads as follows:
"Provided, That in
probate and administration proceedings there shall be collected by said
Clerk, before entering the order of final distribution, to be paid into the
Treasury of the United States, the same inheritance taxes from time to
time collected under the laws enacted by the Congress of the United States
from the estates of decedents residing within the territorial jurisdiction of
the United States," is hereby repealed.
title v.—tax on telegraph and telephone
Sec. 500.
That
from
assessed, collected, and
and
after
January
1922
1
messages.
there shall
be levied,
paid, In lieu of the taxes imposed by Section 500
of the Revenue Act of 1918—
In the case of each telegraph, telephone, cable, or radio
dispatch,
message, or conversation, which originates on or after such date within the
United States, and for the transmission of which the charge is more than
14 cents and not more than 50 cents, a tax of 5 cents; and if the charge is
more than 50 cents, a tax of 10 cents: Provided,
That only one payment of
such tax shall be required, notwithstanding the lines or stations of one or
more persons are used for the traasmission of such dispatch, message, or
conversation; and
(b) A tax equivalent to 10 per centum of the amount paid after such
date to any telegraph or telephone company for any leased wire or talking
(a)
circuit
special service furnished after such date.
This subdivision shall
apply to the amount paid for so much of such service as is utilized (1)
and dissemination of news through the public press, or
(2) in the conduct, by a common carrier or telegraph or telephone company,
not
in
the collection
of its business
(c)
as
such;
No tax shall be imposed under this section
for services rendered to the United
States
or
upon any payment received
to any State or Territory or
the District of Columbia.
The right to exemption under this subdivision
shall be evidenced in such manner as the Commissioner, with the approval
of the Secretary, may by regulation prescribe.
(d)
of the
Under regulations prescribed by the Commissioner with the approval
Secretary, refund shall be made of the proportionate part of the tax
collected under Subdivision (c) or (d) of Section 500 of the Revenue Act of
1918 on tickets or mileage books purchased and only partially used before
January 1
Sec.
That
section from the person making such payments, and shall make
monthly
returns under oath, in duplicate, and pay the taxes so collected to the Col¬
lector of the district in which the principal office or
place of business is
located.
(b) Any person making a refund of any payment upon Which tax is col¬
lected under this section may repay therewith the amount of the tax col¬
lected on such
payment; and the amount so repaid may be credited against
amounts included in any subsequent monthly return.
(c) The returns required under this section shall contain such informa¬
tion, and be made at such times and in such manner, as the Commissioner,
with the approval of the Secretary, may by regulation
prescribe.
(d) The tax shall, without assessment by the Commissioner or notice
from the Collector, be due and payable to the Collector at the time so
fixed for filing the returni
If the tax is not paid when due, there shall be
added as part of the tax a penalty of 5 per centum,
together with interest
at the rate of 1
per centum
for each full month, from the time when the
tax became due.
title
vl—tax
on
beverages
and
constituent
parts
thereof.
Sec. 600. That Subdivision (a) of Section 600 of the Revenue Act of
1918 is amended by striking out the period at the end thereof and
inserting
a colon and the
following:
Providea, That on all distilled spirits on which
tax is paid at the non-beverage rate of $2.20
per proof gallon and which
are
diverted to
beverage purposes
or for use in the manufacture or produc¬
or intended for use as a
beverage, there shall be
additional tax of $4.20 on each
proof gallon, and a
like rate on all fractional
tion of any article used
levied and collected
an
proportionate tax at a
parts of such proof gallon,
to be paid by the person responsible for such diversion."
Sec. 601. That Section 605 of the Revenue Act of
1918 is amended by
adding at the end thereof the following: "The process of extraction of water
from high proof spirits for the production of
absolute alcohol shall not be
deemed to be rectification within the
meaning of Section 3244 of the Re¬
vised Statutes, and absolute alcohol shall not be
subject to the tax imposed
by this section, but the production of such absolute alcohol shall be under
such regulations as the
Commissioner, with the approval of the Secretary,
may
prescribe."
Sec.
602.
That from and after
January 1 1922 there shall be levied, as¬
sessed, collected, and,paid, in lieu of the taxes
imposed by Sections 628 and
630 of the Revenue Act of 1918—
(a) Upon all beverages derived
wholly or in part from cereals or substi¬
tutes therefor, containing less than one-half
of 1 per centum of alcohol by
volume, sold by the manufacturer, producer, or
importer, a tax of 2 cents
per gallon,
(b) Upon all unfermented fruit juices, in natural or
slightly concentrated
form, or such fruit juices to which sugar has been added
(as distinguished
from finished or fountain sirups), intended
for consumption as beverages
with the addition of water or water and
sugar, and upon all imitations of
juices, and upon all carbonated beverages,
commonly known
(except those described in Subdivision
(a)), manufactured,
compounded, or mixed by the use of concentrate, essence, or extract,
instead of a finished or fountain sirup, sold
by the manufacturer, producer
or importer, a tax of 2 cents
per gallon.
(c) Upon all still drinks, containing less than one-half of 1
per centum of
alcohol by volume, intended for
consumption as beverages in the form in
any such fruit
as soft drmks
which sold
(except natural or artificial mineral and table waters and imi¬
tations thereof, and pure apple cider), sold
by the manufacturer, producer
or importer, a tax of 2 cents
per gallon.
(d) Upon all natural or artificial mineral waters or table
waters, whether
carbonated or not, and all imitations
thereof, sold by the producer, bottler,
importer thereof, in bottles or other closed
containers, at over 12 Y
cents per gallon, a tax of 2 cents
per gallon.
or
(e) Upon all finished or fountain sirups of the kinds used in manufactur¬
compounding, or mixing drinks commonly known as soft
drinks,
ing,
sold by the manufacturer, producer, or
importer, a tax of 9 cents per gal¬
lon; except that in the case of any such sirups intended to be
used in the
manufacture of carbonated beverages sold in bottles
or other closed con¬
tainers the rate shall be 5 cents per gallon.
Where
any person
conducting
a soda fountain, ice cream
parlor, or other similar place of business manu¬
factures any sirups of the kinds described in this
subdivision, there shall
be levied, assessed, collected, and paid on each
gallon manufactured and
used In the preparation of soft drinks a tax of 9 cents
per gallon; and where
person manufacturing carbonated beverages manufactures and uses
such sirups in the manufacture of carbonated beverages sold in bottles
other closed containers there shall be levied,
assessed, collected and paid
on each gallon of such
sirups a tax of 5 cents per gallon.
The taxes imposed
by this subdivision shall not apply to finished or fountain
any
any
or
[Vol. 113.
the
manufacture of a beverage subject to tax under Subdivision
or (c).
s
'
(f) Upon all carbonic acid gas sold by the manufacturer, producer, or
importer to a manufacturer of any carbonated beverages, or to any person
conducting a soda fountain, ice cream parlor, or other similar place of
business, and upon all carbonic acid gas used by the manufacturer, pro¬
ducer, or importer thereof in the preparation of soft drinks, a tax of 4 cents
per pound.
Sec. 603. (a) That each manufacturer, producer, or importer of
any of
the articles enumerated in Section 602 ana each
person who sells carbonic
acid gas to a manufacturer of carbonated beverages or to a person conduct¬
ing a soda fountain, ice cream parlor, or other similar place of business,
shall make monthly returns under oath in
duplicate and pay the tax im¬
posed in respect to the articles enumerated in Section 602 to the Collector
for the district in which is located the principal place of business.
Such
(a)
,
returns shall contain
,-
such information and be made at such times and in
such
manner as the Commissioner, with the approval of the
Secretary, may
by regulations prescribe.
The tax shall, without assessment by the Com¬
missioner or notice from the Collector, be due and payable to the collector
at the time so fixed for filing the return.
If the tax is not paid when due,
there shall be added as part of the tax a penalty of 5 per
centum, together
with interest at the rate of 1 per centum for each full month from the time
when the tax became due.
(b)
Each
procure
person required to pay any tax imposed by Section 602 shall
and keep posted a certificate of registry in accordance with
regu¬
be prescribed by the Commissioner, with the
lations to
approval of the
Secretary.
Any person who fails to register or keep posted any certificate
of registry in accordance with such
regulations, shall be subject to a penalty
of not more than $1,000 for each such offense.
,
title vii.—tax on cigars, tobacco and
manufactures
thereof.
Sec. 700. (a) That upon cigars and cigarettes manufactured in or
import¬
ed into the United Stated, and hereafter sold
by the manufacturer or im¬
porter, or removed for consumption or sale, there shall be levied,
collected,
and paid under the provisions of existing law, in lieu of the
internal-revenue
taxes now imposed thereon by Section 700 of the Revenue
Act, of 1918, the
following taxes, to be paid by the manufacturer or importer thereof—
On cigars of all descriptions made of
tobacco, or any substitute therefor,
and weighing not more than three pounds
per thousand, $1 50 per thousand;
On
cigars made of tobacco,
or any
substitute therefor, and weighing more
imported to retail at
than three pounds per thousand, if manufactured or
not more than 5 cents each, $4 per thousand;
If manufactured or imported to retail at
than 8 cents each, $6 per thousand;
If manufactured or imported to retail at
more
than 5 cents each and not
more
than 8 cents each and not
than 15 cents each, $9 per thousand ;
If manufactured or imported to retail at more than 15 cents each and
not
more than
20 cents each, $12 per thousand;
If manufactured or imported to retail at more than 20 cents
each, $15
more
more
per
thousand;
On cigarettes made of tobacco, or any substitute
therefor, and
more than three pounds per
thousand, $3
weighing
per thousand;
Weighing more than three pounds per thousand, $7 20 per thousand.
(b) Whenever in this Section reference is made to cigars manufactured
or imported to retail at not over a certain
price each, then in determining
the tax to be paid regard shall be had to the
ordinary retail price of a single
cigar.
(c) The Commissioner may, by regulation, require the manufacturer
or importer to affix to each
box, package, or container a conspicuous label
indicating the clause of this Section under which the cigars therein con¬
tained have been tax-paid, which must
correspond with the tax-paid stamp
not
such
on
box
or
container.
(d)
1922.
the taxes imposed by Section 500 shall be paid by the
person paying for the services or facilities rendered.
Sec. 502. (a) That each person receiving any payments referred to in
Section 500 shall collect the amount of the tax, if any, imposed by such
501.
in
use
sirups sold for
Every manufacturer of cigarettes (including small cigars weighing
than three pounds per thousand) shall
put up all the cigarettes
and such small cigars that he manufactures or has
manufactured for him,
not
more
and sells or removes for consumption or sale, in
packages or parcels contain¬
ing five, eight, ten, twleve, fifteen, sixteen, twenty, twenty-four, forty,
fifty; eighty, or one hundred cigarettes each, and shall securely affix to
each of such packages or parcels a suitable
stamp denoting the tax thereon
and shall properly cancel the same
prior to such sale or removal for con¬
sumption or sale under such regulations as the Commissioner, with the
approval of the Secretary, shall prescribe; and all cigarettes imported from
a foreign country shall be
packed, stamped, and the stamps canceled in
a like manner, in addition to the
import stamp indicating inspection of the
customhouse before they are withdrawn therefrom.
Sec. 701. (a) That upon all tobacco and snuff manufactured
in
or
im¬
ported into the United States, and hereafter sold
by the manufacturer or
importer, or removed for consumption or sale, there shall be levied, col¬
lected, and paid, in lieu of the internal-revenue taxes now imposed thereon
by Sec<ion 701 of the Revenue Act of 1918. a tax of 18 cents per pound, to
paid by the manufacturer or importer thereof.
(b) Section 3362 of the Revised Statutes, as amended by Section 701 of
be
the Revenue Act of 1918, is re-enacted without
change, as follows:
"Sec. 3362. All manufactured tobacco shall be put
up and prepared by
the manufacturer for sale, or removal for sale or
consumption, in packages
of the following description and in no other manner:
"All smoking tobacco, snuff, finecut chewing tobacco, all cut and
granu¬
lated tobacco, all shorts, the refuse of finecut chewing, which has
passed
through a riddle of thirty-six meshes to the square inch, and all refuse
scraps, clippings, cuttings and sweepings of tobacco, and all other kinds of
tobacco not otherwise provided for, in packages containing one-eighth of
an ounce, three-eighths of an
ounce, and further packages with a difference
between each package and the one next smaller of
one-eighth of
an
ounce
up to and including two ounces, and further packages with a difference
between each package and the one next smaller of one-fourth of an ounce
up
and
including four ounces, and packages of five ounces, six ounces, seven
eight ounces, ten ounces, twelve ounces, fourteen ounces and sixteen
Provided, That snuff may, at the option of the manufacturer, be put
up in bladders and in jars containing not exceeding twenty pounds.
"All cavendish, plug and twist tobacco, in wooden
packages not exceed¬
ing two hundred pounds net weight.
"And every such wooden package shall have printed or marked thereon
the manufacturer's name and place of manufacture, the
registered number
of the manufactory, and the gross weight, the tare and the net
weight of
the tobacco in each package: Provided, That these limitations and
descrip¬
tions of packages shall not apply to tobacco and snuff
transported in bond
for exportation and actually exported: And
provided further, That perique
tobacco, snuff flour, finecut shorts, the refuse of finecut chewing tobacco,
refuse scraps, clippings, cuttings and sweepings of tobacco, may be sold
in bulk as material, and without the
payment of tax, by one manufacturer
directly to another manufacturer, or for export, under such restrictions,
rules and regulations as the Commissioner of Internal Revneue may pre¬
scribe: And provided further. That wood, metal, paper ar other materials
may be used separately or in combination for packing tobacco, snuff and
cigars, unier such regulations as the Commissioner of Internal Revenue
may establish."
Sec. 702. [No section so designated.]
Sec. 703. That there shall be levied, collected and paid, in lieu of the
taxes imposed by Section 703 of the Revenue Act of 1918. upon cigarette
o
ounces,
ounces:
nto the United States and hereafter sets by the manufacturer or importer
f)aper made up into packages, books, sold or tubes, made up in or imported
to any persons (other than to a manufacturer of cigarettes for use by him
in the manufacture of cigarettes) the following taxes, to be paid by the manu¬
facturer or importer: On each package, book or set containing more than
twenty-five but not more than fifty papers, Yi cent; containing more than
fifty but not more than one hundred papers, I cent; containing more than
one hundred papers,
cent for each fifty papers or fractional part thereof;
and upon tubes, 1 cent for each fifty tubes or fractional part thereof.
Every manufacturer of cigarettes purchasing any cigarette paper made
up into tubas (a) shall give bond in an amount and with sureties satisfactory
to the Commissioner that he will use such tubes in the manufacture of cig¬
arettes or pay thereon a tax equivalent to the tax imposed by this section,
and (b) shall keep such records and render under oath such returns as the
Commissioner finds necessary to show the disposition of all tubes purchased
or imported by such manufacturer of cigarettes.
Sec. 704. That section 3360 of the Revised Statutes, as amended by Sec¬
tion 704 of the Revenue Act of 1918, is re-enacted without change, as follows:
"Sec. 3360. (a) Every dealer in leaf tobacco shall file with the collector
of the district in which his business is carried on a statement in duplicate,
subscribed under oath, setting forth the place, and, if in a city, the street
and number of the street, where his business is to be carried on .and the exact
location of each place where leaf tobacco is held by him on storage, and,
whenever he adds to or discontinues any of his leaf tobacco storage places,
he shall give immediate notice to the collector of the district in which he is
registered.
Nov. 26
"Every such dealer shall give a bond with surety, satisfactory to, and to be
approved by, the collector of the district, in such penal sum as the collector
require, not less than $500; and a new bond may be required .in the dis¬
cretion of the collector, or under instructions of the Commissioner.
may
"Every such dealer shall be assigned a number by the collector of the dis¬
trict, Avhich number shall appear in every inventory, invoice and report
rendered by the dealer, who shall also obtain certificates from the collector
of the district setting forth the place where his businsss is carried on and the
places designated by the dealer as the places of storage of his tobacco, which
certificates shall be posted conspicuously within the dealer s registered place
of business, and within each designated place of storage.
"
Every dealer in leaf tobacco shall make and deliver to the collector
a true inventory of the quantity of the different kinds of
tobacco held or owned, and where stored by him, on the 1st day of January
of each year, or at the time of commencing and at the time of concluding
business, if before or after the 1st day of January. such inventory to be made
under oath and rendered in such form as may be prescribed by the Com¬
(b)
of the district
missioner.
-
or organization; or (b) as initiation fees to such a club or organization, if
such fees amount to more than $10, or if the dues or membership fees (not
resident annual member are in excess
year: such taxes to be paid by the person paying such dues or
Provided, That there shall be exempted from the provisions of this
section all amounts paid as dues or fees to a fraternal society,
order, or
association, operating under the lodge system.
In the case of life member¬
ships a life member shall pay annually, at the time for the payment of dues
by active resident annual members, a tax equivalent to the tax upon the
amount paid by such a member, but shall pay no tax upon the amount
paid for life membership.
including initiation fees) of an active
of $10 per
fees:
That every person receiving any payments for such admission,
fees, shall collect the amount of the tax imposed by Section 800 or
Sec. 802.
,
dues,
or
making such payments.
Every club or organization
having life members, shall collect from such members the amount of the tax
imposed by Section 801.
In all the above cases returns and payments of
the amount so collected shall be made at the same time and In the same
manner and subject to the same penalties and interest as provided in Sec¬
801 from the person
.
shall render such invoices and keep such
"Every dealer in leaf tobacco
3379
CHRONICLE
THE
1921.]
and shall enter tnerein,
circumstance, thing or
act to be recorded is done or occurs, an accurante account of the number
of hogsheads, tierces, cases and bales, and quantity of leaf tobacco con¬
tained therein, purchased or received by him, on assignment, consignment,
for storage, by transfer or otherwise, and of whom purchased or received,
and the number of hogsheads, tierces, cases and bales, and the quantity of
leaf tobacco contained therein, sold by him, with the name and residence
in each instance of the person to whom sold, and if shipped, to whom
shipped, and to what district; such records shall be kept at his place of
business at all times and preserved for a period of two years, and the same
shall be open at all hours for the inspection of any internal revenue officer
tion
502.
or
as
snail be
*
agent.
,
,
all purchases, receipts, sales and
shipments of leaf tobacco made
during the month next preceding, which report
dered in such form as the Commissioner, with the
by him
shall be verified and ren¬
approval of the Secretary,
shd>ll TJFGScrifoo
■ r*
' *V
<r''
" (c) Sales or shipments of leaf tobacco by a dealer in leaf
In quantities of not less than a hogshead, tierce, case, or bale,
i
tobacco shall be
except loose
•
the breaks on warehouse floors, and except to a
duly registered manufacturer of cigars for use in his own manufactory
V exclusively.
.
,
.
"Dealers in leaf tobacco shall make shipments of leaf tobacco only to
leaf tobacco comprising
other dealers in leaf tobacco, to registered manufacturers of tobacco, snuff,
cigars or cigarettes, or for export.
" (d) Upon all leaf tobacco sold, removed or shipped by any dealer in
leaf tobacco in violation of the provisions of Subdivision (c), or in respect
to which no report has been made by such dealer in accoreance with the
provisions of Subdivision (b), there shall be levied, assessed, collected and
paid a tax equal to the tax then in force upon manufactured tobacco, such
tax to be assessed and collected in the same manner as the tax on manufac¬
f
'
,
■"
>
tured tobacco.
'4
(e) Every dealer in leaf tobacco—
"(1) who neglects or refuses to furnish the statement, to give bond, to
keep books, to file inventory or to render the invoices, returns or reports
required by the Commissioner, or to notify the collector of the district
of adaitions to his places of storage; or
f
"
(2) wno ships or delivers leaf tobacco, except as herein provided; or
(3) who fraudulently omits to account for tobacco purchased, received,
be fined not less than $100 or more than $500, or
imprisoned not more than one year, or bot.i.
,T
(f) For the purposes of this section a farmer or grower of tobacco shall
not be regarded as a dealer in leaf tobacco in respect to the leaf tobacco
produced by him."
"
'+ sold, or shipped; shall
TITLE VIII.—TA X ON
ADMISSIONS AND DUES.
Sec. 800.
(a) That from and affer January 1 1922 there
assessed, collected, and paid, in lieu of the taxes imposed
of the Revenue Act of 1918—
shall be levied*
by Section 800
(1) A tax of 1 cent for each 10 cents or fraction thereof of the amount
paid for admission to a iy place on or after such date, including admission
bv season ticket or subscription, to be paid by the person paying for such
admission; but where the amount paid for admission is 10 cents or less, no
tax shall be imposed;
(2) Upon tickets or cards of admission to theatres, operas, and other
places or amusement, sold at news-stands, hotels, and places other than
the ticket offices of such theatres, operas, or other places of amusement,
at not to exceed 50 cents in excess of the sum of the established price therefor
at such ticket offices plus the amount of any tax imposed under Paragraph
(1), a tax equivalent to 5 per centum of the amount of such excess; and if
sold for more than 50 cents in excess of the sum of such established price
plus the amount of any tax imposed under Paragraph (1), a tax equivalent
to 50 per centum of the whole-amount of such excess, such taxes to be
returned and paid, in the manner and subject to the penalties and interest
provided in Section 903, by the person selling such tickets;
(3) A tax equivalent to 50 per centum of the amount for which the
proprietors, managers, or employees of any opera house, theatre, or other
-place of amusement sell or dispose'of tickets or cards of admission in excess
of the regular or established price or charge therefor, such tax to be re¬
turned and paid, in the manner and subject to the penalties and interest
provided in Section 903, by the person,selling such tickets;
(4) In tue case of persons aaving the permanent use of boxes or seats in
an opera house or any place of amusement or a lease for the use of such box
or seat in such opera house or place of amusement (in lieu of the tax imposed
by Paragraph (1)) a tax equivalent to 10 per centum of the amount for
which a similar box or seat is sold for each performance or exhibition at
which the box or seat is used or reserved by or for the lessee or holder, such
tax to be paid by the lessee or holder; and
(5) A tax of 1H cents for each 10 cents or fraction thereof of the amount
paid for admission to any public performance for profit at any roof garden,
cabaret, or other similar entertainment
to which the charge for admission
is wholly or in part included in the price paid for refreshment,
service or
merchandise; the amount paid for such admission to be deemed to be 20
per centum of the amount paid for refreshment
service and merchandise;
such tax to be paid by the person paying for such refreshment
service or
January 1 1922 there shall be levied,
following articles sold or leased by the
importer, a tax equivalent to the following per¬
centages of the price for which so sold or leased—
„
(1) Automobile trucks and automobile wagons (including tires, inner
tubes, parts, and accessories therefor, sold on or in connection therewith or
with the sale thereof), thr< e per
Other
(2)
(b) No tax shall be levied under this title in respect to (1) any admissions
all the proceeds of which inure (a) exclusively to the benefit of religious,
educational
or charitable institutions
societies or organizations any post
of the American Legion or the Women's Auxiliary units thereof, societies for
(3) Tires, inner tubes, parts, or accessories for any of the articles enum¬
(1) or (2), sold to any person other than a manufac¬
erated in Subdivision
or
producer of any of the articles enumerated in
(2), 5 per centum;
(4) Cameras, weighing net more than 100 pounds, and
cameras, 10 per centum;
turer
prevention of cruelty to children or animals, or societies or organiza¬
tions conducted for the sole purpose of maintaining symphony orchestras
and receiving substantial support from voluntary contributions
or of im¬
proving any city, town, village, or other municiplaity, or of maintaining a co¬
operative or community centre moving-picture theatre—if no part of the
net earnings thereof inures to the beneift of any private stockholder or indi¬
vidual; or (b) exclusively to the benefit of persons in the military or naval
forces of the United States: or (c) exclusively to the benefit of persons who
have served in such forces and are in need; or (2) any admissions to agriluf&ura* faar» if no part of the net earnings thereof inures to the benefit of
•ii.*ny stockholders or members of the association conducitng
the same, or
admissions to any exhibit, entertainment, or other pay feature conducted
by such association as part of any such fair—if the proceeds therefrom are
used exclusively for the improvement, maintenance and operation of such
agricultural fairs.
(c) The term "admission" as used in this title includes seats and tables,
reserved or otherwise, and other similar accommodations, and the charges
~
therefor.
place of amusement.
Whoever sells an admission ticket or card on
which the
printed, stamped, or written, or at
a price in excess of the price so printed
stamped or written thereon is
guilty of a misdemeanor, and upon conviction thereof shall be fined not
name
of the vendor and price is not so
more
than
801.
$100.
That from
and after January
1
1922 there shall be levied,
assessed, collected, and paid, in lieu of the taxes imposed by Section 801 of
the Revenue Act of !918. a tax equivalent to 10 per centum of any amount
,
„
lenses for such
(other than moving-picture films),
Photographic films and plates
(5)
5 per centum;
.
Candy, 3 per centum;
.,
(7) Firearms, shells, and cartridges, except those sold for the use of the
United States, any State, Territory, or possession of the United States,
any political subdivision thereof, or the District of Columbia,
10 per
(6)
centum;
;•
(8) Hunting and bowie knives, 10 per centum;
(9) Dirk knives, daggers, sword canes, stilettos, and brass or metallic
knuckles, 100 per centum;
(10) Cigar or cigarette holders and pipes, composed wholly or in part
of meerschaum or amber, humidors, and smoking stands, 10 per centum;
Automatic slot-device vending machines, 5 per centum, and auto¬
machines, 10 per centum; if the manufacturer,
(11)
matic slot-device-weighing
producer, or importer of any such machine operates it for profit, he shall
pay a tax in respect to each such machine put into operation equivalent to
5 per centum of its fair market value in the case of a vending machine, and
10 per centum of its fair market value in the case of a weighing machine;
(12) Liveries and livery boots and hats, 10 per centum;
..
.
. . „
(13) Hunting and shooting garments,and riding habits, 10 per centum;
(14) Yachts and motor boats not designed for trade, fishing, or national
defense; and pleasure boats and pleasure canoes if sold for more than $100,
'
10 per centum.
If any manufacturer,
producer, or importer of any of the articles enumer¬
customarily sells such articles both at wholesale and at
retail, the tax in the case of any article sold by him at retail, shall be com¬
puted on the price for which like articles are sold by him at wholesale.
The taxes imposed by this section shall, in the case of any article in
respect to which a corresponding tax is imposed by Section 900 of the
Revenue Act of 1918, be in lieu of such tax.
Sec. 901. That if any person who manufactures, produces or imports
any article enumerated in Section 900, or leases or licenses for exhibition
any positive motion-picture film containing a picture ready for projection,
(a) sells, leases, or licenses such article to a corporation affiliated with
such person within the meaning of Section 240 of this Act, at less than the
fair market price obtainable therefor, the tax thereon shall be computed
on the basis of the price at which such article is sold, leased or licensed
by such affiliated corporation; and (b) if any such person sells, leases, or
licenses such article whether through any agreement, arrangement, or
understanding, or otherwise, at less than the fair market price obtainable
therefor, either (1) in such manner as directly or indirectly to benefit such
person or any person directly or indirectly interested in the business of such
person, or (2) with intent to cause such benefit, the amount for which such
article is sold, leased or licensed shall be taken to be the amount which
would have been received from the sale, lease or license of such article if
sold, leased or licensed at the fair market price.
,
Sec. 902. That there shall be levied, assessed, collected, and paid upon
sculpture, paintings, statuary, art porcelains, and bronzes, sold by any
person other than the artist, a tax equivalent to 5 per centum of the price
for which so sold.
This section shall not apply to the sale of any. such
article (1) to an educational institution or public art museum, or (2) by
any dealer in such articles to another dealer in such articles for resale.
ated in this section
Sec. 903.
for any tax imposed by Section 900,
monthly returns under oath in duplicate and pay
That every person liable
£02, or 904, shall make
imposed by such sections to the Collector for the district in which
is located the principal place of business.
Such returns shall contain such
information and be made at such times and in such manner as the Com¬
missioner, with the approval of the Secretary, may by regulations prescribe
The tax shall, without assessment by the Commissioner or notice from
the Collector, be due and payable to the Collector at the time so fixed for
filing the return.
If the tax is not paid when due, there shall be added as
part of the tax a penalty of 5 per centum, together with interest at the
rate of 1 per centum for each full month, from the time when the tax be¬
the taxes
came
due.
Sec. 904-
,i
-
That from
and after January 1
1922 there shall be levied,
assessed, collected, and paid, in lieu of the taxes imposed by Section 904
of the Revenue Act of 1918 upon the following articles sold or leased by the
manufacturer, producer, or importer, a tax equivalent to 5 per centum of
so much of the price for which so sold or leased as is in excess of the price
as to each such article—
Carpets and rugs, including fiber, on the amount in excess
yard in the case of carpets and $6 per square yard in
(1)
per square
paid on or after such date, for any period after such date, (a) as dues or
membership fees (where the dues or fees of an active resident annual mem¬
ber are in excess of $10 per year) to any social, athletic, or sporting club
,
,
of $4 50
the case
of rugs;
Trunks, on the amount in excess of $35 each;
Valises, traveling bags, suit cases, hat boxes used by travelers,
the amount in excess of $25 each;
(4) Purses, pocketbooks, shopping and hand bags, on the amount in
(2)
(3
>
and fitted toilet cases, on
excess
of $5 each;
Portable lighting fixtures, including lamps of all kinds and lamp
in excess of $10 each;
(6) Fans, on the amount in excess of $1 each.
Bee. 905- (a) That on and after January 1 1922 there shall be levied,
assessed, collected, and paid (in lieu of the tax imposed by Section 905 of
the Revenue Act of 1918) upon all articles commonly or commercially
known as jewelry, whether real or imitation; pearls, precious and semi¬
precious stones, and imitations thereof; articles made of, or ornamented,
mounted or fitted with, precious metals or imitations thereof, or ivory
(not including surgical instruments, eyeglasses, and spectacles); watches;
clocks; opera glasses; lorgnettes; marine glasses; field glasses; and binocu¬
lars; upon any of the above when sold by or for a dealer or his estate for
consumption or use, a tax equivalent to 5 per centum of the price for which
(5)
shades, on the amount
so
(d) The price (exclusive of the tax to be paid by the person paying for
at which every admission ticket or card is sold shall be con¬
spicuously and indelibly printed, stamped, or written on the face or back of
that part of the ticket which is to be taken up by the management of the
theatre, opera, or other place of amusement, together with the name of the
vendor if sold other than at the ticket office of the theatre, opera, or other
admission)
Sec.
subdivision (1)
or
the
made
centum;
automobiles and motor cycles (including tires, inner tubes,
therewith or with
parts, and accessories therefor, sold on or in connection
the sale thereof), except tractors, 5 per centum;
hereinafter specified
merchandise.
,
That from and after
900.
Sec.
manufacturer, producer, or
•
•
■
,
IX.—EXCISE TAXES.
assessed, collected, and paid upon the
,
"Every dealer in leaf tobacco on or before the tenth day of each month,
shall furnish to the collector of the district a true and complete report of
f
TITLE
■
■
.
prescribed by the Commissioner,
day by day, and upon the same day on which the
records
sold.
(b) Every person selling any of the articles enumerated in this section
shall make returns under oath in duplicate (monthly or quarterly as the
prescribe) and pay
to the Collector
business.
Such
such information and be made at such times and in
Commissioner, with the approval of the Secretary,
Commissioner, with the approval of the Secretary, may
the taxes imposed in respect to such articles by this section
for the district in which is located the principal place of
returns shall
such
manner
contain
as the
by regulations prescribe.
•
(c) The tax shall, without assessment by the Commissioner or notice
from the Collector, be due and payable to the Collector at the time so
fixed for filing the return.
If the tax is not paid when due, thereshall be
added as part of the tax a penalty of 5 per centum, together with interest
at the rate of 1 per centum for each full month, from the time when the tax
may
bccsin.0 duo*
Sec.
9C6-
(a)
That if (1) any person has prior to August 15 1921 made a
with a dealer for the sale or lease, after the tax takes
which a tax is imposed by Section 900 or
bona fide contract
effect, of any article in respect to
THE
2280
CHRONICLE
904, or by this subdivision, and in respect to which no corresponding tax
was imposed by Section 900 of the Revenue Act of 1918, and (2) such con¬
tract does not permit the adding, to the amount to be paid
the whole of the tax imposed by Section 900 or 904 of this
thereunder, of
Act or by this
subdivision: then the vendee or lessee shall, in lieu of the vendor or lessor,
pay so much of the tax imposed by Section 900 or 904 of this Act or by this
subdivision as is not so permitted to be added to the contract pripe.
If
a
contract of the character above described was made with any person
dealer,
than a
no
tax shall be collected under this Act.
other
^
(b) If (1) any person has, prior to August 15 1921, made a bona fide
contract with any other person for the sale or lease, after the tax takes ef¬
fect, of any article in respect to which a tax is imposed by Section ©00 of
this Act, and in respect to which a corresponding but greater tax was im¬
posed by Section 900 of the Revenue Act of 1918, (2) the contract price
includes the amount of the tax imposed by Section 900 of the Revenue Act
of 1918, and (3) such contract does not permit the deduction, from the
amount to be paid thereunder, of the whole of the difference between the
corresponding tax imposed by Section 900 of this Act; then the vendor or
lessor shall refund to the vendee or lessee so much of the amount of such
difference as is not so permitted to be
deducted from the contract price.
(c) If (1) any person has, prior to August 15 1921,made a bona fide contract
with any other person for the sale or Tease, after December 31 1921, of any
article in respect to which a tax was imposed by Section 900 of the Revenue
Act of 1918, and in respect to which no corresponding tax is imposed by
Section 900 of this Act, (2) the contract price includes the amount of the
tax
imposed by Section 900 of the Revenue Act of 1918, and (3) such
con¬
permit deduction, from the amount to be paid thereunder,
imposed by Section 900 of the Revenue Act of 1918; then the
lessor shall refund to the vendee or lessee so much of the amount
of such tax as is not so permitted to be deducted from the contract price.
[Vol. 118.
composed exclusively of members of units of the Federalized National
Guard or the Organized Reserve and whose receipts are used exclusively
for the benefit
or
such units.
(11) Persons carrying on the business of operating or renting passenger
automobiles for hire shall pay $10 for each such automobile having a
seating
capacity of more than two and not more than seven, and $20 for each such
automobile having a seating capacity of more than seven.
(12) Every person carrying on the business of a brewer, distiller, whole
sale liquor dealer, retail liquor dealer, wholesale dealer In malt liquor,
retail dealer in malt liquor, or manufacturer of stills, as defined in Section
3244 as amended and Section 3247 of the Revised Statutes, in any State
Territory, or District of the United States contrary to the laws of such
State, Territory, or District, or in any place therein in which carrying on
such business is prohibited by local or municipal law, shall pay, in addition
to all other taxes, special or otherwise, imposed by existing law or by this
Act, $1,000.
The payment of the tax imposed by this subdivision shall not be held to
exempt any person from any penalty or punishment provided for by the
laws of any State, Territory, or District for carrying on such business in
such State, Territory, or District, or in any manner to authorize the com¬
mencement or continuance of such business contrary to the laws of such
State, Territory, or District, or in places prohibited by local or municipal
law.
a
The taxes imposed by this section shall, in the case of persons upon whom
corresponding tax is Imposed by Section 1001 of the Revenue Act of 1918,
be in lieu of such tax.
tract does not
of the tax
vendor
or
(d) The taxes payable by the vendee or lessee under Subdivision (a),
paid to the vendor or lessor at the time the sale or lease is consum¬
mated, and collected, returned, and paid to the United States by such ven¬
dor or lessor in the same manner and subject to the same penalties and in¬
terest as provided by Section 903.
•
(e) Any refund by the vendor or lessor under Subdivision (b) or (c) shall
bo made at the time the sale or lease is consummated.
Upon the failure
of the vendor or lessor so to refund, he shall be liable to the vendee or lessee
for damages in the amount of three times the amount of such refund, and
the Court shall Include in any judgment in favor of the vendee or lessee in
any suit for the recovery of such damages, costs of the suit and a reasonable
attorney's fee to be fixed by the Court.
(f) A vendee who purchases any article with intent to use it in the man¬
shall be
.
'
ufacture
or
„
.
...
production of another article intended for sale shall be included
in the term
r'dealer"
as
used In this section.
TITLE
Special Tobacco Manufacturers' Tax,
Sec. 1002. That
on and after July 1 1922 there shall be levied, collected,
paid annually, in lieu of the taxes imposed by Section 1002 of the
Revenue Act of 1918, the following special taxes, the amount of such taxes
to be computed on the basis of the sales for the preceding year ending
and
June 30—
•
Manufacturers of tobacco whose annual sales do not exceed fifty thousand
pounds shall each
pay
Manufacturers of tobacco whose annual sales exceed fifty thousand and
do not exceed one hundred thousand pounds shall each pay $12;
Manufacturers of tobacco whose annual sales exceed one hundred thou¬
sand and do not exceed two hundred thousand pounds shall each pay $24;
Manufacturers of tobacco whose annual sales exceed two hundred
thousand pounds shall each pay $24, and at the rate of 16 cents per thousand
pounds, or fraction thereof, in respect to the excess over two hundred
thousand pounds;
Manufacturers of cigars whose annual sales do not exceed fifty thousand
cigars shall each
pay $4;
Manufacturers of cigars whose annual sales exceed
X.—SPECIAL TAXES.
do not exceed one hundred thousand
Capital Stock Tax.
~
•
Sec. 1000. (a) That on and after «TuIy 1 1922, in lieu of the tax imposed
by Section 1000 of the Revenue Acts of 1918—
(1) Every domestic corporation shall pay annually a special excise tax
with respect to carrying on or doing business, equivalent to $1 for each
$1,000 of so much of the fair average value of its capital stock for the
preceding year ending June 30 as is in excess of $5,000.
In estimating the
value of capital stock the surplus and undivided profits shall be included;
(2) Every foreign corporation shall pay annually a special excise tax
respect to carrying on or doing business In the United States, equival¬
each $1,000 of the average amount of capital employed in the
transaction of its business in the United States during the preceding year
ending June 30(b) The taxes imposed by this section shall not apply in any year to any
corporation which was not engaged in business (or, in the case of a foreign
corporation, not engaged in business in the United States) during tne
with
ent to $1 for
Sections 243
or 240.
(c) Section 257 shall apply to all returns filed with the Commissioner
of the tax imposed by this section.
Miscellaneous Occupational
Sec. 1001.
That
on
Manufacturers of cigars whose annual sales exceed four hundred thousand
cigars shall each
pay
Taxes.
and after July 1 1922 there shall
be levied, collected
paid annually the following special taxes—
Brokers shall pay $50. Every person whose business it is to negotiate
purchases or sales of stocks, bonds, exchange, bullion, coined money, bank
(1 f
notes, promissory notes, other securities, produce or merchandise, for
others, shall be regarded as a broker.
If a broker is a member of a stock
exchange, or if he is a member of any produce exchange, board of trade, or
similar organization, where produce or merchandise is sold, he shall pay an
additional amount as follows: If the average value, during the preceding
year ending June 30, of a seat or membership in such exchange or organiza¬
tion was $2,000 or more but not more than $5,000, $100; if such value was
more than $5,000, $150.
(2) Pawnbrokers shall pay $100.
Every person whose business or
occupation it is to take or receive, by the way ofpledge, pawn, or exchange,
any goods, wares, or merchandise, or any kind of personal property what¬
ever, as security for the repayment of money loaned thereon, shall be
regarded as a pawnbroker.
(3) Ship brokers shall pay $50.
Every person whose business it is as a
broker to negotiate freights and other business for the owners of vesse's
or for the shippers or consignors or Consignees of freight carried
by vessels
ship broker.
(4) Custom house brokers shall pay $50.
Every person whose occupa¬
tion It is, as the agent of others, to arrange entries and other custom house
papers, or transact
or
exportation
business at
port of entry relating to the importation
of goods, wares, or merchandise, shall be regarded as a
any
custom house broker.
(5) Proprietors of theatres, museums, and concert halls, where a charge
for admission is made, having a seating capacity of not more than two
hundred and fifty, shall pay $50; having a seating capacity of more than
two hundred and fifty and not exceeding five hundred, shall
pay $100;
having a seating capacity exceeding five hundred and not exceeding eight
hundred, shall pay $150; having a seating capacity of more than eight
hundred, shall pay $200.
Every edifice used for the purpose of dramatic
or operatic or other representations, plays, or
performances, for admission
to which entrance money is received, not including halls or armories rented
or used, occasionally for concerts or theatrical
representations, and not
including edifices owned by religious, educational or charitable institutions,
societies or organizations where all the proceeds from admissions inure
exclusively to the benefit of such institutions, societies or organizations or
exclusively to the benefit*of persons in the military or naval forces of the
United States, shall be regarded as a theatre; Provided, That in
cities,
towns, or villages of five thousand inhabitants or less the amount of such
payment shall be one-half of that abov e stated; Provided further. That
whenever any such edifice is under lease at the time the tax is
due, the
tax shall be paid by the lessee. unless otherwise
stipulated between the
parties to the lease.
(6) The proprietor or proprietors of circuses shall pay $100.
Every
building, space, tent, or area, where feats of horsemanship or acrobatic
sports or theatrical performances not otherwise provided for in this section
are exhibited shall be regarded as a circus;
Provided, That no special tax
paid in one State, Territory, or the District of Columbia shall exempt
exhibitions from the tax in another State,
Territory, or the District of
Columbia, and but one special tax shall be imposed for exhibitions within
any one State, Territory, or District.
(7) Proprietors or agents of all other public exhibitions or shows for
money not enumerated in this section shall pay $15; Provided, That a special
tax paid in one State,
Territory, or the District of Columbia shall not
exempt exhibitions from the tax in another State, Territory or the District
of Columbia, and but one special tax shall be required for exhibitions within
any one State, Territory, or the District of Columbia: Provided further.
That this paragraph shall not apply to
Chautauquas, lecture lyceums,
agricultural or industrial fairs, or exhibitions held under, the auspices of
religious or charitable associations: Provided further, That an aggregation
of entertainments, known as a street fair, shall not pay a larger tax than
$100 in any State, Territory, or in the bistrict of Columbia
(8) Proprietors of bowling alleys and billiard rooms shall pay $10 for each
alley or table.
Every building or place where bowls are thrown or where
games of billiards or pool are played, except in private homes, shall be
regarded as a bowling alley or a billiard room, respectively.
(9) Proprietors of shooting galleries shall pay $20.
Every building,
space, tent, or area, where a charge is made for the discharge offirearms
at any form or target shall be regarded as a shooting gallery.
(10) Proprietors of riding academies shall pay $100.
Every building,
space, tent, or area, where a charge is made for instruction in horsemanship
or for facilities for the practice of horsemanship shall be regarded as a
riding
academy; Provided, Tnat this tax shall not be collected from associations
$24, and at the rate of 10 cents
per
thousand cigars, or
fraction thereof, in respect to the excess over four hundred thousand cigars;
Manufacturers of cigarettes, including small cigars, weighing not more
than three pounds per thousand, shall each pay at the rate of 6 cents for
thousand cigarettes, or fraction thereof.
special tax to be paid under this section, and
levy and collection of such tax, each person engaged in the manfacture of more than one of the classes of articles specified in this section
shall be considered and deemed a manufacturer of each class spearately.
every ten
In arriving at the amount of
in the
In computing under
this Section the amount of annual sales no account
sold for export and in due
shall be taken of tobacco, cigars, or cigarettes,
course
so
exported.
Special Taxfon^Use of Boats.
1922 and thereafter on July 1 in
the original purchase of a new boat by a
if on any other date than July 1, there shall be levied, assessed, col¬
lected, and paid, in lieu of the tax imposed by Section 1003 of the Revenue
Act of 1918, upon the use of yachts, pleasure boats, power boats, sailing
boats, and motor boats with fixed engines, of over five net tons and over
thirty-two feet in length, not used exclusively for trade, fishing, or national
defense, or not built according to plans and specifications approved by the
Navy Department, a special excise tax to be based on each yacht or boat,
at rates as follows: yachts, pleasure boats, power boats, motor boats with
fixed engines, and sailing boats, of over five net tons, length over thrftytwo feet and not over fifty feet, $1 for each foot; length over fifty feet and
not over one hundred feet, $2 for each foot; length over one hundred feet,
$4 for each foot.
'
In determining the length of such yachts, pleasure boats, power boats,
motor boats with fixed engines, and sailing boats, the measurement of over
all length shall govern.
In the case of a tax imposed at the time of the original purchase of a new
boat on any other date than July 1 the amount to be paid shall be the same
number of twelfths of the amount of the tax as the number of calendar
months (including the month of sale) remaining prior to the following
July 1.
This Section shall not apply to vessels or boats used without profit by
any benevolent, charitables or religious organizations, exclusively for fur¬
nishing aid, comfort, or relief to seamen.
Sec. 1003.
That on and after July 1
each year, and also at the time of
user,
and
shall be regarded as a
fifty thousand and
cigars shall each pay $6;
Manufacturers of cigars whose annual sales exceed one hundred thousand
and do not exceed two hundred thousand cigars shall each pay $12;
Manufacturers of cigars whose annual sales exceed two hundred thousand
and do not exceed four hundred thousand cigars shall each pay $24;
Sreceding year ending June 30, nor to any corporation tax imposed by
ection 231, nor to any insurance company subject to the enumerated in
for purposes
$6;
,
.
.
Penalty for Non-Payment of Special Taxes.
That any person who carries on any business or occupation
special tax is imposed by Sections 1000, 1001 or 1002, without
having paid tne special tax therein provided, shall, besides being liable for
the payment of such special tax, be subject to a penalty of not more than
$1,000 or to imprisonment for not more than one year, or both.
Sec. 1004.
for which a
Tax
Narcotics.
on
Sec. 1005. That Section 1 of the Act entitled "An Act to provide for the
registration of, with collectors of internal revenue, and to impose a special
tax upon all persons who produce, import, manufacture, compound, deal
in, dispense, sell, distribute, or give away opium or coca leaves, their salts,
derivatives, or preparations, ana for other purooses," approved December
17 1914, as amended by Section 1006 of the Revenue Act of 1918, is reenacted without change, as follows:
■
"Section 1. That on or before July 1 of each year every person who im¬
ports, manufactures, produces, compounds, sells, deals in, dispenses, or
gives away opium, or coca leaves, or any compound, manufacture, salt,
derivative, or preparation thereof, shall register with the Collector of Inter¬
nal Revenue of the district his name or style, place of business and places
or places where such business is to be carried on, and pay the special taxes
hereinafter provided;
"Every person who on January 1 1919 is engaged in any of the activities
above enumerated, or who between such date and* the passage of this
Act first engaged in any of such activities, shall within thirty days after the
passage of this Act make like registration, and shall pay the proportionate
part of the tax for the period ending June 30 1919; and
"Every person who first engages in any of such activities after the pas¬
sage of this Act shall immediately make like registration and pay the pro¬
portionate part of the tax for the period ending on the following June 30th;
"Importers, manufacturers, producers, or compounders, $24 per annum#
wholesaler dealers, $12 per annum; retail dealers. $6 per annum; physicians,
dentists, veterinary surgeons, and other practitioners lawfully entitled to
distribute, dispense, give away, or administer any of the aforesaid drugs
t
patients upon whom they in the course of their professional practice are
in attendance, shall pay $3 per annum.
"Every person who imports, manufactures, compounds, or otherwise
produces for sale or distribution any of the aforesaid drugs shall be deemed
to be an importer, manufacturer, or producer.
(
,
"Every person who sells or offers for sale any0fIsi
drugs in the original
stamped packages, as hereinafter provided, shall be deemed a wholesale
,
.
^
„,
.
.
,,.
,
dealer
original stamped Packages, as
dealer: Provided, That the
shall be considered for the
purpose of this Act his place of business; but no employee of any person
who has registered and paid special tax as herein required, acting within
the scope of his employment, shalibe required to register and pay special
tax provided bv this Section: Provided further. That officials of the United
States, Territorial, District of Columbia
or insular possessions State or
municipal governments, who in the exercise of their official duties engage
in anv of the business herein described, shall not be required to register,
nor Dav special tax, nor stamp the aforesaid drugs as hereinafter prescribed,
but their right to this exemption shall be evidenced in such manner as the
"Every person who
sells or dispenses from
hereinafter provided, shall be deemed a retail
office
or if none, the residence, of any person
.
Nov. 26
Commissioner of Internal Revenue,
with the approval
the Treasury, may by regulations prescribe.
,
"It shall be unlawful for any person required
of the Secretary of
' ■
to register under the pro¬
■ ■
manufacture, produce, compound, sell, deal in,
dispense, distribute, administer or give away any of the aforesaid drugs
out having registered and paid the special tax as imposed by this section.
"That the word 'person' as used in this Act shall be construed to mean and
include a partnership, association, company or corporation, as well as a
natural person; and all provisions of existing law relating to special taxes, as
visions of this Act to import,
with¬
section.
are hereby extended and made applicable to this
levied, assessed, collected and paid upon opium,
compound, salt, derivative or preparation thereof,
in or imported into the United Sttes, and sold or removed for
or sale, an internal-revenue tax at the rate of 1 cent per ounce, ana any
fraction of an ounce in a package shall be taxes as an ounce, such tax to be
paid
by the importer, manufacturer, producer or
and to be represented by appropriate stamps, to be provided by the Com¬
missioner of Internal Revenue, with the approval of the Secretary of the
Treasury; and the stamps herein provided shall be so affixed to the bottle or
far
as necessary,
"That there shall be
produced
consumption
leaves any
coca
(b) Manufactures or imports
manufactured
"The tax imposed
bottle or other
which any tax is
paper, instrument, writing, package, or article, upon
imposed by this title, any adhesive stamp or the impression
covering or wrapper thereof.
shall be in addition to any import auty
container in which such drug may be put up
and the record kept as required by this Act of the
dispensed, administered, distriubted or given away.
"And all the provisionsof existing lawsrelatingtotheengraving,issuance,
sale, accountability, cancellation and destruction of tax-paid stamps pro¬
vided for in the internal-revenue laws are, in so far as necessary, hereby
extended and made to apply to stamps provided by this section.
"That all unstamped packages of the aforesaid drugs found in the pos¬
session of any person, except as herein provicded, shall be subject to seizure
and forfeiture, and all the provisions of existing internal-revenue laws re¬
lating to searches, seizures and forfeitures of unstamped articles are hereby
extended to and made to apply to the articles taxes under this Act and the
mate medical purposes,
drugs so
whom these taxes are imposed.
"Importers, manufacturers and wholesale dealers shall keep such books
and records and render such monthly returns in relation to the transaction,
in the aforesaid drugs as the Commissioner of Internal Revenue, with the
approval of the Secretary of the Treasury, may by regulation require.
The Commissioner of Internal Revenue, with the approval of the Secre¬
persons upon
shall make all needful rules and regulations for tarrying
provisions of this Act into effect."
1006. That section 6 of such Act of December 17 1914, as amended
by Section 1007 of the Revenue Act of 1918, is re-enacted without change,
the
Sec.
follows:
That the provisions of this Act shall not be construed to apply
manufacture, sale, distribution, giving away, dispensing or possession
"Sec. 6.
to the
which do not contain more than two grains
of opium, or more than onef-ourth of a grain of morphine, or more than
one-eighth of a gain of heroin, or more than one grain of codeine, or any
salt or derivative of any of them in one fluid ounce, or if a solid or semi-solid
preparation, in one avoidupois ounce; or to liniments, ointments or other
preparations which are prepared for external use, only, except liniments,
ointments and other preparations which contain cocaine or any of its salts
or alpha or beta eucaine or any of their salts of any synthetic substitute
for them: Provided, That such remedies and preparations are manufactured,
sold, distributed, given away, dispensed or possessed as medicines and not
for the purpose of evading the intentions and provisions of this Act: Provided
further, That any manufacturer, producer, compounder or vendor (including
dispensing physicians) of the preparations and. remedies mentioned in this
section shall keep a record of all sales, exchanges or gifts of such prepara¬
tions and remedies in such manner as the Commissioner of Internal Revenue,
with the approval of the Secretary of the Treasury, shall direct.
Such
record shall be preserved for a period of two years in such a way as to be
readily accessible to inspection by any officer, agent or employee of the
Treasury Department duly authorized for that purpose, and the State,
Territorial, District, municipal and insular officers darned in Section 5
of this Act, and every such person so possessing or disposing of such prepara¬
tions and remedies shall register as required in Section 1 of this Act and, if
he is not paying a tax under this Act he shall pay a special tax of $1 for
each year, or fractional part thereof, in which ne is engaged in such oc¬
cupation, to the collector of internal revenue of the district in which he
carries on such occupation as provided in this Act.
The proivslons of this
of
preparations and remedies
amended shall not apply to decocainized coca leaves or preparations
other preparations of coca leaves which do not concocHrino."
Sec. 1007. That all opium, its salts, derivatives and compounds, and
coca leaves, salts, derivatives and compounds thereof, which may now be
Act
as
made therefrom, or to
t&lu
which may hereafter be seized by the United States Govern¬
person or persons charged with any violation of the Act
1890, as amended by the Acts of March 3 1897, February 9
1909 and January 17 1914, or the Act of December 17 1914, as amended,
under seizure or
ment from any
of October 1
shall upon
conviction of the person or persons from whom
seized be con¬
fiscated by and forfeited to the United States; and the Secretary is hereby
authorized to deliver for medical or scientific purposes to any department,
bureau or other agency of the United States Government, upon proper
application therefor under such regulation as may be prescribed by the
Commissioner, with the approval of the Secretary, any of the drugs so
seized, confiscated and forfeited to the United States.
The provisions of this section shall al io apply to any of the aforesaid
drugs seized or coming into the possession of the United States in the en¬
forcement of any of the above-mentioned Acts where the owner or owners
thereof are unknown.
None of the aforesaid drugs coming into possession
of the United States under the operation of said Acts, or the provisions of
this section, shall be destroyed without certification by a committee ap¬
pointed by the Commissioner, with the approval of the Secretary, that they
are of no value for medical or scientific purposes.
TITLE XI.—STAMP
TAXES.
January 1 1922 there shall be levied, col
lected and paid for and in respect of the several bonds, debentures, or cer¬
tificates of stock and of indebtedness, and other documents, instruments,
matters and things mentioned and described in Schedule A of this title,
or for or in respect of the vellum, parchment or paper upon which such in¬
struments, matters or things, or any of them, are written or printed, by any
person who makes, signs, issues, sells, removes, consigns or ships the same,
or for whose use or benefit the same are made, signed, issued, sold, removed,
consigned or shipped, the several taxes specified in such schedule.
The
taxes imposed by this section shall, in the case of any article upon which a
corresponding stamp tax is now imposed by law, be in lieu of such tax.
Sec. 1101. That there shall not be taxed under this title any bond, note
or other instrument, issued by the United States, or by any foreign Govern¬
ment, or by any State, Territory or the District of Columbia, or local sub¬
division thereof, or municipal or other corporation exercising the taxing
power; or any bond of indemnity required to be filed by any person to secure
payment of any pension, allowance, allotment, relief or insurance by the
United States, or to secure a duplicate for, or the payment of, any bond,
note, certificate of indebtedness, war savings certificate, warrants or check,
issued by the United States; or stocks and bonds issued by co-operative build¬
ing and loan associations which are organized and operated exclusively for
the benefit of their members, and make loans only to their shareholders,
or by mutual ditch or irrigation companies.
Sec.
1100.
That on and after
That whoever—
(a) Makes, signs, issues or accepts, or causes to be made, signed, issued
accepted, any instrument, document or paper of any kind or description
Whatsoever without the full amount of tax thereon being duly paid;
n*Bec. 1102.
m
or
of any stamp,
plate, or other article provided, made, or used in pursuance of this title;
(b) Fraudulently uses, joins, fixes, or places to, with, or upon any
vellum, parchment, paper, instrument, writing, package, or article, upon
which any tax is imposed by this title, (1) any adhesive stamp, or the
impression of any stamp, die, plate, or other article, which has been cut,
torn, or removed from any other vellum, parchment, paper, instrument,
writing, package, or article, upon which any tax is imposed by this title;
or
(2) any adhesive stamp or the impression of any stamp, die, plate, or
other article of insufficient value; or (3) any forged or counterfeited stamp,
or the impression of any forged or counterfeited stamp, die, plate, or other
die.
and registry number
address of the pa¬
tient, and name, address and registry number of the person writing said
prescription; or to the dispensing, or administration, or giving away of any
of the aforesaid drugs to a patient by a registered physician, dentist, veteri¬
nary surgeon or other practitioner in the course or his professional practice,
and where said drugs are dispensed or administered to the patient for legiti¬
as
Section
guilty of a misdemeanor and upon conviction thereof shall pay a fine
of not more than $100 for each offense.
Sec. 1103. That whoever—
(a) Fraudulently cuts, tears, or removes from any vellum, parchment,
by the dealer upon said prescription bears the name
of the druggist, serial number of prescription, name and
tary of the Treasury,
paid:
by this
Is
imposed on the aforesaid drugs.
It shall be unlawful for any person to purchase, sell, dispense or distrib¬
ute any of the aforesaid drugs except in the original stamped package or from
the original stamped package; and the absence of appropriate tax-paid
stamps from any of the aforesaid drugs shall be prima facie evidence of a
violation of this section by the person in
whose possession same may be
found; and the possession of any original stamped package containing any
ef the aforesaid drugs by any person who has not registered and paid special
taxes as required by this section shall be prima facie evidence of liability
to such special tax: Provided, That the provisions of this paragraph shall
not apply to any person having in his or her possession any of the aforesaid
drugs which have been obtained from a registered dealer in pursuance of a
prescription, written for legitimate medical uses, issued by a physician,den¬
tist .veterinary surgeon, or other practitioner registered uncier this Act;
and where the
and sells, or offers for sale, or causes to be
sale, any playing cards,
imported and sold, or offered for
1104:
securely seal the stopper,
by this section
or
package or other article without the full amount of tax being duly
(c) Makes use of any adhesive stamp to denote any tax imposed
title without canceling or obliterating such stamp as prescribed in
compounder thereof,
other container as to
2281
' THE CHRONICLE
1921.]
article;
alters the cancellation, or defacing marks of,
adhesive stamp, with intent to use, or cause
used, or knowingly or will¬
fully buys, sells, offers for sale, or gives away, any such washed or restored
stamp to any person for use, or knowingly uses the same;
(d) Knowingly and without lawful excuse (the burden of proof of such
excuse being on the accused) has in possession any washed, restored, or
altered stamp, which has been removed from any vellum, parchment,
paper, instrument, writing, package, or article;
..
•
Is guilty of a misdemeanor, and upon conviction shall be punished by a
fine of not more than $1,000, or by imprisonment for not more than five
years, or both, and any such reused, cancelled, or counterfeit stamp and
or
(c) Willfully removes, or
otherwise prepares, any
the same to be used,
after it has been already
package, or article upon which
forfeited to the United States.
stamp is used for denoting any
tax imposed by this title, except as hereinafter provided, the person using
or affixing the same shall write or stamp or cause to be written or stamped
thereupon the initials of his or its name and the date upon which the same
is attached or used, so that the same may not again be used: Provided, That
the Commissioner may prescribe such other method for the cancellation of
the vellum,
parchment, document, paper,
placed or impressed shall be
Sec. 1104. That whenever an adhesive
it is
he may deem expedient.
Sec. 1105. (a) That the Commissioner
distributed for the payment of the taxes
such stamps as
•
shall cause to be prepared and
prescribed in this title suitable
stamps denoting the tax on the document, articles, or thing to which the
same may be affixed, and shall prescribe such method for the affixing of
said stamps in substitution for or in addition to the method provided in
this title, as he may
deem expedient.
(b) All internal revenue
of taxes are hereby
applicable,
laws relating to the assessment
and collection
of this title, so far as
collecting stamp taxes omitted through
instrument, document, paper, writing, parcel,
extended to and made a part
for the purpose of
mistake or fraud from any
package, or article
named herein.
Sec. 1106. That the Commissioner
General without prepayment a suitable
shall furnish to the Postmasterquantity of adhesive stamps to be
sale by the various postmasters in the United
States.
The Postmaster-General may require each such postmaster to
give additional or increased bond as postmaster for the value of the stamps
so furnished, and each such postmaster shall deposit the receipts from the
sale of such stamps to the credit of and render accounts to the PostmasterGeneral at such times and in such form as he may by regulations prescribe.
The Postmaster-General shall at least once monthly transfer all collections
from this source to the Treasury as internal revenue collections.
Sec. 1107. (a) That each collector shall furnish, without prepayment,
distributed to and kept on
to
any
assistant treasurer or
designated depositary of the United States,
suitable quantity of adhesive
located in the district
of such collector, a
stamps to be kept on
sale by such assistant treasurer or
designated de¬
positary.
(b) Each collector shall furnish, without prepayment, to any person
who is (1) located in the district of such collector, (2) duly
acting as agent of any State for the sale of stock transfer stamps
State, and (3) designated by the Commissioner for the purpose, a
quantity of such adhesive stamps as are required by
4 of Schedule A of this title, to be kept on sale by sUch person.
(c) In such cases the collector may require a bond, with
in a sum to be fixed by the Commissioner, conditioned for the faithful
return, whenever so required, of all quantities or amounts
of,
and for the payment monthly of all quantities or amounts sold or not
appointed and
of such
suitable
Subdivisions 2,3, and
sufficient sureties,
undisposed
hand.
The Secretary may from time to time
regulations as he may find necessary to Insure the safekeeping
the illegal use of all such adhesive stamps.
remaining on
mako such
or prevent
Schedule A,—Stamp Taxes.
bonds, debentures, or certificates of
and all instruments, however termed,
1. Bonds of indebtedness:
On all
indebtedness issued by any person,
corporation with interest coupons or in registered form, known
generally as corporate securities, on each $100 of face value or fraction
thereof, 5 cents: Provided, That every renewal of the foregoing shall be
taxed as a new issue:provided further. That when a bond conditioned for
the repayment or payment of money is given in a penal sum greater than
the debt secured, the tax shall be based upon the amount secured.
2. Capital stock, issued: On each original issue, whether on organization
or reorganization, of certificates of stock, or of profits, or of interest in prop¬
erty or accumulations, by any corporation, on each $100 of face value or
fraction thereof, 5 cents: Provided, That where a certificate is issued with¬
out face value, the tax shall be 5 cents per share, unless the actual value is
in excess of $100 per share, in which case the tax shall be 5 cents on each
$100 of actual value or fraction thereof, or unless the actual value is less
then $100 per share, in which case the tax shall be 1 cent on each $20 of
actual value, or fraction thereof.
The stamps representing the tax imposed by this subdivision shall be
attached to the stock books and not to the certificates issued.
3. Capital stock, sales or transfers: On all sales, or agreements to sell,
or memoranda of sales or deliveries of, or transfers of legal title to shares
or certificates of stock or of profits or of interest in property or accumula¬
tions in any corporation, or to rights to subscribe for or to receive such shares
or certificates, whether made upon or shown by the books of the corpora¬
tion, or by any assignment in blank, or by any delivery, or by any paper
issued by any
or
memorandum or other
holder in any manner to
agreement or
entitling the
evidence of transfer or sale, whether
the benefit of such stock, interest,
each $100 of face value or fraction thereof, 2 cents,
and where such shares are without par or face value, the tax shall be 2
cents on the transfer or sale or agreement to sell on each share: Provided,
That it is not intended by this title to impose a tax upon an agreement
evidencing a deposit of certificates as collateral security for money loaned
thereon, which certificates are not actually sold, nor upon the delivery or
transfer for such purpose of certificates so deposited, nor upon mere loans
of stock nor upon the return of stock so loaned: Provided further, That the
tax shall not be imposed upon deliveries or transfers to a broker for sale,
nor upon deliveries or transfers by a broker to a customer for whom and
upon whose order he has purchased same, but such deliveries or transfers
shall be accompanied by a certificate setting forth the facts: Provided fur¬
ther, That in case of sale where the evidence of transfer is shown only by
the books of the corporation the stamp shall be placed upon such books;
and where the change of ownership is by transfer of the certificate the
stamp shall be placed upon the certificate; and in cases of an agreement
to sell or where the transfer is by delivery of the certificate assigned in
blank there shall be made and delivered by the seller to the buyer a bill or
memorandum of such sale, to which the stamp shall be affixed; and every
bill or memorandum of sale or agreement to sell before mentioned shall
show the date thereof, the name of the seller, the amount of the sale, and
the matter or thing to which it refers.
Any person liable to pay the tax
as herein provided, or anyone who acts in the matter as agent or broker for
for such person, who makes any such sale, or who in pursuance of any such
sale delivers any certificate or evidence of the sale of any stock, interest or
right, or bill or memorandum thereof, as herein required, without having
the proper stamps affixed thereto with intent to evade the foregoing pro¬
visions, shall be deemed guilty of a misdemeanor, and upon conviction
thereof shall pay a fine of not exceeding $1,000, or be imprisoned not more
or
rights, or not, on
six months, or both.
4. Produce, sales of, on exchange: Upon each sale,
agreement to sell (not including so-called transferred
than
.
-
,
agreement or sale, or
scratch sales), any
or
oard of trade, or other at, or under the rules or delivery, any exchange, in
groducts or merchandise similar place, for future us ges of, for each $100 or
value of the
merchandise
covered by said sale or agreement of sale or agree-
2383
THE
CHRONICLE
ment to
sell, 2 cents, and for each additional $100 or fractinoal part thereof
In excess of $100, 2 cents: Provided, That on every sale or agreement of
sale or agreement to sell as aforesaid there shall be made and delivered by
the seller to the
buyer
directly interested in the business
of
the
members
of such
clearing-house
on their several contracts.
Every such bill, memorandum, or
other evidence of sale or agreement to sell shall show the date
thereof, the
name of the seller, the amount of the
sale, and the matter or
thing to which
it refers; and any person liable to pay the tax as herein provided, or
anyone
who acts in the matter as agent or broker for such person, who makes
any
or agreement of sale, or
agreement to sell, or who, in pursuance of
such sale
such sale, agreement of sale, or agreement to sell, delivers any such
or merchandise without a bill, memorandum, or other evidence
as herein required, or who delivers such bill,
memorandum, or other
evidenco of sale, or agreement to sell, without having the
proper stamps
affixed thereto, with intent to evade the
foregoing provisions, shall be
deemed guilty of a misdemeanor, and upon conviction thereof shall
pay a
fine of not exceeding $1,000 or be imprisoned not more than six
months,
any
products
thereof
force and effect
mistake of fact
note.
-,./•■/'
-
6.
Conveyances:
Deed, instrument, or writing, whereby any lands,
tenements, or other realty sold shall be granted, assigned, transferred, of
otherwise conveyed to, or vested in, the purchaser or
purchasers, or any other
person or persons, by his, her, or their direction, when the consideration cr
value of the interest or property conveyed, exclusive of the value of
any lien
or encumbrance remaining thereon at the time of
sale, exceeds $100 and does
not exceed $500, 50 cents; and for each additional
$500 or fractional part
thereof, 50 eent-s.
This subdivision shall not apply to any instrument or
writing given to secure a debt.
7.1 Entry of any goods, wares, or merchandise at
any custom-house,
either for consumption or warehousing, not exceeding $100 in
value, 25 cents;
exceeding $100 and not exceeding $500 in value, 50 cents; exceeding $500
in value, $1.
8. Entry for the withdrawal of any goods or merchandise from
customs
bonded warehouse, 50 cents.
'
the .tax..;
Sec. 1204.
or
literary societies,
or
educational,
public cemeteries, 10 cents.
11. Power of attorney granting authority to do or
perform some act for
in behalf of the grantor, which authority is not otherwise vested in the
grantee, 25 cents. This subdivision shall not apply to anypapers
necessary
to be used for the collection of claims from the United States or from
any
State for pensions, back pay, bounty, or for
property lost in the military or
naval service, nor to powers of attorney required in
bankruptcy cases nor to
powers of attorney contained in the application of those who become mem¬
bers of or policy holders in mutual insurance
companies doing business on
or
the inter-insurance
reciprocal indemnity plan thorugh an attorney in fact.
12. Playing cards: Upon every pack of
playing cards containing not more
than fifty-four cards, manufactured or
imported, and sold, or removed for
consumption or sale, a tax of 8 cents per pack.
13. On each policy of insurance, or certificate,
binder, covering note
memorandum, cablegram, letter, or other instrument by whatever name
called whereby insurance is made or renewed
upon property within the
United States (including rents and profits)
against peril by sea or on inland
waters or in transit on land (including
transshipments and storage at termini
or way
points) or by fire, lightning, tornado, wind-storm, bombardment,
or
invasion, insurrection or riot, issued to or for in the name of a domestic
corporation or partnership or an individual resident of the United States
by any foreign corporation or partnership or any individual not a resident
of the United States, when such
policy or other instrument is not signed or
countersigned by an officer or agent of the insurer in a State, Territory,
or
District of the United States within which such insurer, is authorized to do
a tax of 3 cents on each dollar, or fractional
business,
part thereof of the
Provided, That policies of reinsurance shall be exempt
imposed by this subdivision.
premium charged:
from the tax
Any person to or for whom or in whose name any such policy or other
instrument is issued, or any solicitor or broker
acting for or on behalf of
such person in the procurement of
any such policy or other instrument, shall
affix the proper stamps to such
policy or other instrument, and for failure
to affix such stamps with intent to evade the
tax shall, in addition to other
penalties provided therefor, pay a fine double the amount of the tax.
TITLE XII.—TAX ON EMPLOYMENT OF CHILD
Sec.
1200.
LABOR.
That
every person (other than a bona fide boys' or girls'
canning club recognized by tne Agricultural Department of a State and of the
United States) operating (a) any mine or
quarry situated in the United
States in which children under the
age of sixteen years have been em¬
ployed or permitted to work during any portion of the taxable year; or (b)
any mill, cannery, workshop, factory, or
manufacturing establishment
situated in the United States
in
which the children under the
age of
fourteen
have been employed or permitted to work, or children between the
of fourteen and sixteen have been employed or
permitted to work more
than eight hours in any day or more than six
days in any week, or after the
years
ages
hour of seven o'clock post meridian, or before the
hour of six o'clock ante
meridian, during any portion of the taxable year, shall
pay for each taxable
in addition to all other taxes imposed by law (but in lieu of the tax im¬
posed by Section 1200 of the Revenue Act of 1918), an excise tax
equiva¬
lent to 10 per centum of the entire net
profits received or accrued for such
year from the sale or disposition of the product of such
mine, quarry, mill
cannery,
Sec.
workshop, factory,
or
the gross amount received
manufacturing establishment.
accrued for the taxable year from the sale
or disposition of such products
manufactured within the United States the
following items:
(a) Tne cost of raw materials entering into the
or
production;
Running expenses, including rentals, cost of repairs, and mainten¬
ance, heat, power, insurance, management, and a reasonable allowance
for salaries or other compensations for personal
services actually rendered,
and for depreciation;
(c) Interest paid within the taxable year on debts 'or loans contracted
to meet the needs of the business, and- the
proceeds of which have been
actually used to meet such needs;
1
(d) Taxes of all kinds paid during the taxable year with respect to the
business or property relating to the production; and
(e) Losses actually sustained within the taxable year in connection with
the business of producing such products, including losses from
fire, flood,
storm, or other casualties, and not compensated for by insurance or other¬
(b)
,
wise.
Sec. 1202.
That
if
any
such person
during
any
taxable
part
thereof, whether under any agreement, arrangement, or understanding or
otherwise, sells or disposes of any product of such mine, quarry, mill,
cannery, workshop, factory, or manufacturing establishment at less than
the fair market price obtainable therefor either (a) in such manner as
directly or indirectly to benefit such person or any person directly or in¬
year
-
or
with intent to
have been
received
or
for
such
accrued
year
from the
certificate herein provided for.
a
■
>
child employed
or permitted to work under a
child, and without intention to evade
to the age of such
as
/M'
That
on
or
before the first day of the third month
following
Secretary, shall prescribe, setting forth specifically the gross amount of
or accrued
during such year from the sale or disposition
product of any mine,
quarry, mill, cannery, workshop, factory, or
manufacturing establishment, in which children have been employed subject¬
of the
ing him to the tax imposed by this
title, and from the total thereof deducting
the aggregate items of
allowance authorized by this title, and such other
particulars as to the gross
receipts and items of allowance as the Commis¬
sioner, with the approval of the
Secretary, may require.
Sec. 1205. That all such returns shall
be transmitted forthwith by the
collector to the Commissioner, who shall, as soon as
practicable, assess the
notify the person making such return of the amount of
liable, and such person shall pay the tax to the
collector on or before thirty
days from the date of such notice.
Sec. 1206. That for the
purposes of this Act the Commissioner, or any
person duly authorized by him, shall have
authority to enter and inspect at
any time any mine, quarry, mill,
cannery, workshop, factory, or manu¬
facturing establishment.
The Secretary of Labor, or any person
duly
authorized by him, shall, for the
puipose of complying with a request of
the Commissioner to make
such an inspection, have like
authority, and
shall make
report to the Commissioner of inspections made under such
authority in such form as
may be prescribed by the Commissioner with the
approval of the Secretary of the Treasury.
Any person who refuses or obstructs
entry or inspection authorized by
this Section shall be
punished by a fine of not more than $1,000, or by
imprisonment for not more than one
tax found due and
tax for which such
person is
Sec. 1207. That
the same
meaning
year, or both.
used in this title the term "taxable
year" shall have
as
as
provided for the purposes of income tax in Section 200.
TITLE XIII.—GENERAL
Laws
ADMINISTRATIVE PROVISIONS.
Made Applicable.
Sec.
1300. That all administrative,
special, or stamp provisions of law
including the law relating to the assessment of taxes, so far as
applicable,
hereby extended to and made a part of this Act, and every
person liable
to any tax
imposed by this Act, or for the collection thereof, shall keep such
records and render, under
oath, such statements and returns, and shall
are
comply
of the
with
such
Secretary,
regulations as the Commissioner,
from time to time prescribe.
Sec. 1301.
with
the
approval
may
Method
That
whether
of
Collecting Tax.
the method of collecting
any tax im¬
or X of thisAct
is specifically pro¬
any such tax may, under regulations prescribed
by the
Commissioner with the approval of tne
Secretary, be collected by
or
not
posed by Titles V, VI, VII, VIII, IX,
vided
therein,
stamp,
coupon, serial-numbered ticket, or such other reasonable device or method
may be necessary or helpful in
securing a complete and prompt col¬
lection of the tax.
All administrative and
as
in
so
far
as
penalty provisions of Title XI,
applicable, shall apply to the collection of any tax which the
or prescribed shall be collected in
such manner.
Commissioner determines
Penalties.
Sec. 1302. (a) That any
person required under Titles V, VI, VII,
VIII,
IX, X, or XII, to pay, or to collect, account for and
pay over any tax, or
required by law or regulations made under
authority thereof to make
a
return
or
supply any information for the purposes of the computation,
assessment, or collection of any such tax, who fails to
pay, collect, or truly
account for and pay over any such
tax, make any 3uch return or
supply any
such information at the time or times
required by law or regulation shall
In addition to other
not
penalties provided by law be subject to a penalty of
$1,000.
willfully refuses to pay, collect, or truly account for
than
more
(b) Any
person who
and pay over any such tax, make such return
at the time or times required
or supply such information
by law or regulation, or who willfully attempts
tax shall be guilty of a misdemeanor and in
addition to other penalties provided
by law shall be fined not more than
$10,000 or imprisoned for not more than one year, or both,
together with
the costs of prosecution.
'
(c) Any person who willfully refuses to pay, collect, or truly account for
and pay over any such tax shall in addition to other
penalties provided by
law be liable to a penalty of the amount of the tax
evaded, or not paid,
collected, or accounted for and paid over, to be assessed and collected In
the same manner as taxes are assessed and
collected: Provided, hcncever.
That no penalty shall be assessed under this subdivision for
any offense
for which a penalty may be assessed under
authority of Section 3176 of the
Revised Statutes, as
amended, or for any offense for which a penalty has
in
any manner to
evade such
been recovered under
Sec ion 3256
of the
Revised
Statutes.
(d) The term "person" as used in this Section includes an officer or em¬
ployee of a corporation or a member or employee of a partnership, who
as such officer,
employee, or member is under a duty to perform the act in
respect of which the violation occurs.
/
I
.
year,
1201. That in computing net profits under the
provisions of this
title, for the purpose of the tax there shall be allowed as deductions from
(b)
income received
in the United States for passage by any vessel to
charitable, fraternal,
or
accrued
the close of each taxable
year, a true and accurate return under oath shall
be made by each
person subject to the provisions of this title to the collector
for the district in which such
person has his principal office or place of
business, in such form as the Commissior, with the
approval
of the
9.
Passage ticket, one way or round trip, for each passenger, sold or issued
a port or place not in the
United States, Canada or Mexico, if costing not
exceeding $30, $1; costing
more than $30 and not exceeding $60, $3;
costing more than $60, $5.
This
subdivision shall not apply to passage tickets costing $10 or less.
10. Proxy for voting at any election for officers, or
meeting for the
transaction of business, of any corporation,
except religious,
as
a
both.
bill, memorandum, agreement, or other evidence of such sale, or
agreement of sale, or agreement to sell, in case of cash sales of products
•
or
(b) The tax imposed by this title shall not be imposed in the case of
any
person who proves to the satisfaction of the
Secretary that the only employ¬
ment or permission to work which but
for this section would subject him
to the tax, has been of
No
or merchandise for immediate or prompt
delivery which in good faith are
actually intended to be delivered shall be subject to this tax.
This subdivision shall not affect but sh 11 be in addition to the
provisions of
the "United States Cotton Futures Act," approved
August 11 1916, as
amended, and "The Future Trading Act," approved August 24 1921.
5. Drafts or checks (payable otherwise than at
sight or on demand)
upon their acceptance or delivery within the United States which ever is
prior, promissory notes, except bank notes issued for circulation, and for
each renewal of the same, for a sum not exceeding $100, 2
cents; and for
each additional $100, or fractional
part thereof, 2 cents.
,
This subdivision shall not apply to a
promissory note secured by the pledge
of bonds or obligations of the United States issued after
April 24 1917, or
secured by the pledge of a promissory note which itself is secured
by the
pledge of such bonds or obligations; Provided, That in either case the par
value of such bonds or obligations shall be not less than the amount of
such
person;
received
disposition of such product shall be taken
product if sold at the fair market price.
Sec. 1203. (a) That no
person subject to the provisions of this title
shall be liable for the tax herein
imposed if the only employment or permis¬
sion to work which but for this section would
subject him to the tax has
been of a child as to whom such person
has in good faith procured at the
time of employing such child or
permitting him to work, and has since in
good faith relied
upon and kept on file a certificate, issued in such form,
under such conditions and by such
persons as may be prescribed by a
board consisting of the Secretary, the
Commissioner, and the Secretary of
Labor, showing the child to be of such age as not to subject such
person
to the tax imposed
by this title.
Any person who knowingly makes a false
statement or presents false evidence in or in relation to
any such certificate
or application therefor
shall be punished by a fine of not less than
$100,
nor more than
$1,000, or by imprisonment for not more than three
months,
or by both such fine and
imprisonment, in the discretion of the court
In any State designated
by such board an employment certificate or other
similar paper as to the age of the
child, issued under the laws of that State,
and not inconsistent with the
provisions of this title, shall have the same
association
or
of such
amount
gross
part thereof from the sale or
the amount which would
sale or disposition of such
to be
provisions of this Act, provided that such transfer shall not
balance the accounts
benefit; the
or
a
vest any beneficial interest in such clearing-house association but shall be
made for the sole purpose of enabling such clearing-house association to
adjust and
such
cause
bill, memorandum, agreement, or other evidence
of such sale, agreement of sale, or agreement to sell, to which there shall
be affixed a lawful stamp or stamps in value equal to the amount of the tax
on such sale: Provided
further, That sellers of commodities described herein,
having paid the tax provided by this subdivision, may transfer such con¬
tracts to a clearing-house corporation or association, and such transfer
shall not be deemed; to be a sale, or agreement of sale, or an agreement to
sell within the
[Vol. 118.
Rules
and
Regulations.
Sec. 1303.
That the Commissioner, with the approval of the
Secretary,
authorized to make all needful rules and regulations for the
enforcement of the provisions of this Act.
The Commissioner, with such
approval may by regulation provide that
any return required by Titles V, VI, VII, VIII, IX. or X, to be under oath
may, if the amount of the tax covered thereby is not in excess of $10, be
is
hereby
signed
acknowledged before two witnesses instead of under oath.
or
Overpayments and Overcollections.
Sec. 1304.
That in the case of any overpayment or overcollection of
any
imposed by Section 602 or by Title V Title VIII, or Title IX the per¬
son making such
overpayment or overcollection may take credit therefor
against taxes due upon any monthly return, and shall make refund of any
excessive amount collected by him upon proper application
by the person
tax
entitled
thereto.
Articles
Sec. 1305.
Exported.
That under such rules and regulations
as
the Commissioner
with the approval of the Secretary may prescribe, the taxes
imposed under
the provisions of Titles VI, VII or IX shall not apply in
respect to articles
sold or leased for export and in due course so exported.
Under such rules
and regulations the amount of any internal revenue tax
erroneously or
illegally collected in respect to exported articles may be refunded to the
exporter of the article, instead of to the manufacturer, if the manufacturer
waives any claim for the amount so to be refunded.
Fractional
to
Parts
of
a
Cent.
That in the payment of any tax under this Act not
payable
fractional part of a cent shall be disregarded unless it amounts
one-half cent or more, in which case it shall be increased to 1 cent.
'
Sec.
1306.
by stamp
a
'
Nov. 26
THE
1921.]
Returns.
Sec. 1307.
'
.
,
Commissioner necessary
by notice served upon him, to make a return or
That whenever in the judgment of the
he may require any person,
as he deems sufficient to show
such statements
whether or not such person
is liable to tax.
Sec. 1308.
That the Commissioner, for the purpose
of ascertaining the
for the purpose of making a return where none
has been made, is hereby authorized, by any revenue agent or inspector
designated by him for that purpose, to examine any books, papers, records,
or memoranda bearing upon the matters required to be included in the
return, and may require the attendance of the person rendering the return
or of any officer or employee of such person, or the attendance of any other
person having knowledge in the premises, and may take his testimony with
reference to the matter required by law to be included in such return, with
administer oaths to such person or persons.
subjected to unnecessary examina¬
tions or investigations, and only one inspection of a taxpayer's books of
account shall be made for each taxable year unless the taxpayer requests
otherwise or unless the Commissioner, after investigation, notifies the
taxpayer in writing that an additional inspection is necessary.
1309.
That no taxpayer shall be
Jurisdiction
1310.
jurisdiction by appropriate process to compel such attendance, testimony,
or production of books, papers, or other data.
(b) The District Courts of the United States at the instance of the
United States are hereby invested with such jurisdiction te make and
issue, both in actions at law and suits in equity, writs and orders of injunctiop, and of ne exeat republica. orders appointing receivers, and such
other orders and process, and to render such judgments and decrees,
granting in proper cases both legal and equitable relief together, as may be
necessary or appropriate for the enforcement of the provisions of this Act.
The remedies hereby provided are in addition to and not exclusive of any
and all other remedies of the United States in such courts or otherwise to
enforce such provisions.
(c) Paragraph Twentieth of Section 24 of the Judicial Code is amended
by adding at the end thereof the following new paragraph:
,
"Concurrent with the Court of Claims, of any suit or proceeding, com¬
after the passage of the Revenue Act of 1921, for the recovery
menced
of any internal revenue tax alleged to have been
assessed or collected, or of any penalty claimed
In any such case the Commissioner
from his own knowledge and from such information as he can obtain
through testimony or otherwise, make a return or amend any return made
by a collector or deputy collector.
Any return or list so made and subscribed
by the Commissioner, or by a collector or deputy collector and approved by
the Commissioner, shall be prima facie good and sufficient for all legal
purposes.
1
"If the failure to file a return or list is due to sickness or absence, the
may,
Collector may allow such further time, not exceeding thirty days,
3167, 3172, 3173, and 3176 of the
Revised Statutes, as amended, are re-enacted, without change, as follows:
"Sec. 3164. It shall be the duty of every collector of internal revenue
having knowledge of any willful violation of any law of the United States
relating to the revenue, within thirty days after coming into possession
of such knowledge, to file with the district attorney of the district in which
any fine, penalty, or forfeiture may be incurred, a statement of all the facts
and circumstances of the case within his knowledge, together with the names
of the witnesses, setting forth the provisions of law believed to be so violated
on which reliance may be had for condemnation or conviction.
"Sec. 3165. Every collector, deputy collector, internal-revenue agent,
and internal revenue officer assigned to duty under an internal-revenue
agent, is authorized to administer oaths and to take evidence touching any
part of the administration of the internal-revenue laws with which he is
charged, or where such oaths and evidence are authorized by law or regula¬
tion authorized by law to be taken.
"Sec. 3167. It shall be
unlawful for any collector, deputy collector
agent, clerk, or other officer or employee of the United States to divulge or
to make known in any manner whatever not provided by law to any per on
the operations, style of work, or apparatus or any manufacturer or producer
visited by hin in the discharge of his official duties, or the amount or source
of income, profits, losses, expenditures, or any particular thereof, set forth
or disclosed in any income return, or to permit any income return or copy
thereof or any book containing any abstract or particulars thereof to be
seen or examined by any person except as provided by law; and it shall be
unlawful for any person to print or publish in any manner whatever not pro¬
vided by law any income return, or any part thereof or source of income,
profits, losses, or expenditures appearing in any income return; and any
offense against the foregoing provision shall be a misdemeanor and be pun¬
ished by a fine not exceeding $1,000 or by imprisonment not exceeding one
year, or both, at the discretion of the court; and if the offender be an officer
or employee of the United States he shall be dismissed from office or dis¬
charged from employment.
"Sec. 3172.
Every collector shall, from time to time, cause
his deputies
proceed through every part of his district and inquire after and concerning
therein who are liable to pay any internal-revenue tax, ard all
persons owning or having the care ana management of any objects liable to
pay any tax, and to make a list of such persons and enumerate said objects.
Sec. 3173. It shall be the duty of any person, partnership, firm, asso¬
ciation, or corporation, made liable to any duty, special tax or other tax
imposed by law, when not otherwise provided for, (1) in case of a special
tax, on or before the thirty-first- day of July in each year, and (2) in other
cases before the day on which the taxes accrue, to make a list or return,
verified by oath, to the collector or a deputy collector of the district where
located, of the articles or objects, including the quantity of goods, wares,
and merchandise, made or sold and charged with a tax, the several rates and
aggregate amount, according to the forms and regulations to be prescribed
by the Commissioner of Internal Revenue, with the approval of the Secre¬
tary of the Treasury, for which such person, partnership, firm, association,
or corporation is liable:
Provided, That if any person liable to pay any duty
or tax, or owning, possessing, or having the care or management of property,
goods, wares, and merchandise, article or objects liable to pay any duty,
tax, or license, shall fail to make and exhibit a list or return required by
law, but shall consent to disclose the particulars of any and all the property,
goods, wares, and merchandise, articles, and objects liable to pay any
duty or tax, or any business or occupation liable to pay any tax as aforesaid,
then, and in that case, it shall be the duty of the collector or deputy col¬
lector to make such list or return, which, being distinctly read, consented
to, and signed and verified by oath by the person so owning, possessing,
or having the care and management as aforesaid, may be received as the
list of such person: Provided further, That in case no annual list or return has
been rendered by such person to the collector or deputy collector as required
by law, and the person shall be absent from his or her residence or place of
business at the time the collector or a deputy collector shall call for the annual
list or return, it shall be the duty of such collector or deputy collector to
leave at such place of residence of business, with some one of suitable age
and discretion, if such be present, otherwise to deposit in
the nearest
to
all persons
post office, a note or memorandum addressed to such person, requiring him
her to render to such collector or deputy collector the list or return re¬
or
the date of such note or memorandum,
verified by oath.
And if any person, on being notified or required as afore¬
said, shall refuse or neglect to render such list or return within the time re¬
quired as aforesaid, or whenever any person who is required to deliver a
monthly or other return of objects subject to tax fails to do so at the time
required, or delivers any return which, in the opinion of the collector, is
erroneous, false, or fraudulent, or contains any undervaluation or under¬
statement, or refuses to allow any regularly authorized Government officer
to examine the books of such person, firm, or corporation, it shall be lawful
for the collector to summon such person, or any other person having pos¬
session, custody, or care of books of account containing entries relating to
the business of such person or any other person he may deem proper, to
place named in
appear before him and produce such books at a time and
the summons, and to give testimony or answer interrogatories, under
respecting any objects or income liable to tax or the returns thereof.
oath,
The
residing or found within the State or
Territory in which his district lies; and when the person intended to be
summoned does not reside and can not be found within such State or
Territory, he may enter any collection district where such person may be
found and there make the examination herein authorized.
And to this end
he may there exercise all the authority which he might lawfully exercise i«
the district for which'he was commissioned:
Provided, That 'person,' as
used in this section, shall be construed to include any corporation, joint
may
summon
any person
<
all
taxes, other than stamp taxes, as to which returns or lists are so made un¬
der the provisions of this section.
In case of any failure to make and file
a return or list within the time prescribed by law,
or prescribed by the
Commissioner of Internal
Revenue
or
the Collector in pursuance of law
the Commissioner of Internal Revenue shall add to the tax 25 per centum
of its amount, except that when a return is filed after such time and it is
shown that the failure to file it was due to a reasonable cause and not to
Revenue shall add to the tax 50 per centum of its amount.
"The amount so added to any tax shall be collected at the same time and
same manner and as part of the tax unless the tax has been paid be¬
in the
fore the discovery of the neglect, falsity, or fraud, in which case
so added shall be collected in the same manner as the tax."
Final
Sec.
1312.
and Assessments.
Determinations
That if after
a
the amount
determination and assessment in any case the
taxpayer has without protest paid in whole any tax or penalty, or accepted
any abatement, credit, or refund based on such determination and as¬
sessment, and an agreement is made in writing between the taxpayer and
the Commissioner, with the approval of the Secretary,that such determi¬
nation and assessment shall be final and conclusive,
then (except upon a
showing of fraud or malfeasance or misrepresentation of fact materially af¬
fecting the determination of assessment thus made) (1) the case shall not
be reopened or the determination and assessment modified by any officer,
employee, or agent of the United States, and (2) no suit, action, or proceed¬
ing to annul, modify, or set aside such determination or assessment shall be
entertained by any court of the United States.
Administrative
Review.
1313. That in the absence of fraud or mistake in
calculation" the findings of facts in and the decision of the
Sec.
mathematical
Commissioner
(or in case the Secretary is authorized to approve the same, then after
such approval), the merits of any claim presented under or authorized by
the Internal-revenue laws shall not be subject to review by any other ad¬
upon
Retroactive
That Sections 3164, 3165,
quired by law within ten days from
for mak-
ing ana filing the return or list as he deems proper.
ministrative officer, employee, or agent
Amendments to Revised Statutes.
collector
list, the collector or deputy collector shall make the
knowledge and from such information as he can
erroneously or illegally
to have been collected
have been excessive or in any
manner wrongfully collected, under the internal revenue laws, even if the
claim exceeds $10,000, if the collector of internal revenue by whom such
tax, penalty, or sum was collected is dead at the time such suit or pro¬
ceeding is commenced."
without authority or any sum alleged to
Sec. 1311.
or
willful neglect, no such addition shall be made to the tax.
In case a false
or fraudulent return or list is willfully made, the Commissioner of Internal
of Courts.
(a) That if any person is summoned under this Act to appear.
to testify, or to produce books, papers or other data, the District Court
of the United States for the district in which such person resides shall have
Sec.
fraudulent return
obtain through testimony or otherwise.
"The Commissioner of Internal Revenue shall determine and assess
Unnecessary Examinations.
Sec.
when such construc¬
3176.
If any person, corporation, company, or association, fails
to make and file a return or list at the time prescribed by law or by regu¬
lation made under authority of law, or makes, willfully or otherwise, a false
"Sec.
return or list from his own
of Books and Witnesses.
correctness of any return or
power to
stock company or association, or insurance company
tion is necessary to carry out its provisions.
or
Examination
'
2283
CHRONICLE
of the United States.
Regulations.
regulation or Treasury decision relating to the
the Secretary, or by
approval of the Secretary, is reversed by a sub¬
sequent regulation or Treasury decision, and such reversal is not imme¬
diately occasioned or required by a decision of a court of competent juris¬
diction, such subsequent regulation or Treasury decision may, in the dis¬
cretion of the Commissioner, with the approval of the Secretary, be applied
Sec.
1314.
That In case
a
internal-revenue laws made by the Commissioner or
the Commissioner with the
retroactive
without
effect.
Refunds.
1315.
Sec.
That Section 3220 of the Revised Statutes, as
re-enacted without change, as follows:
"Sec. 3220. The Commissioner of Internal
lations
amended, is
Revenue, subject to regu¬
prescribed by the Secretary of the Treasury, is
authorized to remit,
erroneously or illegally assessed or collected,
collected without authority, and all taxes that appear to be
unjustly assessed or excessive in amount, or in any manner wrongfully
collected; also to repay to any Collector or Deputy Collector the full amount
of such sums of money as may be recovered against him in any court, for
any internal revenue taxes collected by him, with the cost and expenses of
suit; also all damages and costs recovered against any assessor, assistant
assessor,
Collector, Deputy Collector, agent, or inspector, in any suit
brought against him by reason of anything done in the due performance of
his official duty,i and shall make report to Congress at the beginning of
each regular- session of Congress of all transactions under this section."
Sec. 1316. That Section 3228 of the Revised Statutes is amended to
refund, and pay back all taxes
all penalties
read
as
"Sec.
enue
follows:
3228. All claims for the refunding or crediting
tax
alleged to have been erroneously or illegally
of any internal rev¬
assessed or collected,
been collected without authority, or or
any sum alleged to have been excessive or in any manner wrongfully col¬
lected, must be presented to the Commissioner of Internal Revenue within
four years next after payment of such tax, penalty, or sum."
This section, except as modified by Section 252, shall apply retroactively
to claims for refund under the Revenue Act of 1916, the Revenue Act of
1917, and the Revenue Act of 1918.
*
Sec. 1317. That the paragraph of Section 3689 of the Revised Statutes,
as amended, reading as follows:
Refunding taxes illegally collected (internal
revenue): To refund and pay back duties erroneously or illegally assessed
or collected under the internal revenue laws," is repealed from and after
June 30 1920; and the Secretary of the Treasury shall submit for the fiscal
year 1921, and annually thereafter, an estimate of appropriations to refund
and pay back duties or taxes erroneously or illegally assessed or collected
under the internal revenue laws, and to pay judgments, including interest
and costs, rendered for taxes or penalties erroneously or illegally assessed
or collected under the internal revenue laws.
or
of any penalty alleged to have
Limitations
Sec. 1318.
That
Upon Suits and
Prosecutions.
Section 3226 of the Revised Statutes is
amended to
read as follows:
"Sec. 3226. No suit or
proceeding shall be maintained in any court for
the recovery of any internal revenue tax alleged to have been erroneously
or illegally assessed or collected,
or of any penalty claimed to have been
collected without authority, or of any sum alleged to have been excessive
or in any manner wrongfully collected, until a claim for refund or credit
has been duly filed with the Commissioner of Internal Revenue, according
to the
provisions of law in that regard, and the regulations of the Secretary
established in pursuance thereof.
No such suit or proceed¬
of the Treasury
ing shall be begun before the expiration of six months from the date of
filing such claim unless the Commissioner renders a decision thereon within
that time, nor after the expiration of five years from the date of the payment
of such tax,
penalty, or sum."
shall not affect any suit or proceeding
This section
instituted prior to
but shall appiy to all suits and proceedings instituted
Act, whether or not barred by prior Acts of Congress.
Sec. 1319. That Section 3227 of the Revised Statutes is hereby repealed
but such repeal shall not affect any suit or proceeding instituted prior to
the passage of this Act.
Sec. 1320. That no suit or proceeding for the collection of any internal
revenue tax shall be begun after the expiration of five years from the time
such tax was due, except in the case or fraud with intent to evade tax, or
willful attempt in any manner to defeat or evade tax.
This section shall
not apply to suits or proceedings for the collection of taxes under Section
250 or this Act, nor to suits or proceedings begun at the time of the passage
the passage of this Act,
after the passage of this
of this Act.
.
,,
1321. (a) That the Act entitled "An Act to limit the time withm
prosecutions may be instituted against persons charged with violating
internal revenue laws," approved July 5 1884, is amended to read as follows:
"That no person shall be prosecuted, tried, or punished for any of the
various offenses arising under the internal revenue laws of the United States
unless the indictment is found or the information instituted within three
years next after the commission of the offense: Provided, That the time during
which the person committing the offense is absent from the district wherein
the same is committed shall not be taken as any part of the time limited
by law for the commencement of such proceedings: Provided further, That
the provisions of this Act shall not apply to offenses committed prior to its
passage: Provided further, That where a complaint shall be instituted before
a commissioner of the United
States within the period above limited, the
time shall be extended until the discharge of the grand jury at its next
session within the district: And provided further, That this Act shall not
Sec.
which
apply to offenses committed by
officers of the United States.
THE
3284
CHRONICLE
(b) Any prosecution or proceeding under an indictment found or informa
prior to the passage of this Act shall not be affected in any
by this amendment, but such prosecution or proceeding shall be
subject to the limitations imposed by law prior to the passage of this Act.
after such taxes became due, but in the case of fraud with intent to
evade tax
or willful attempt in any manner to defeat or evade tax, such
be assessed at any time.
Fraudulent
Returns.
That Section 3225 of the Revised Statutes of the United States,
amended, is re-enacted without change as follows;.
"Sec. 3225. When a second assessment is made in case of any list,
Sec. 1323.
as
statement, or return,
collector was false or
which
in
the
fraudulent,
or
opinion of the collector or deputy
contained any under-statement or
said
such assessment shall not be remitted, nor shall taxes
collected under such assessment be refunded, or paid back, or recovered
under-valuation,
under-valuation."
Interest
Sec.
on
and
Refunds
As
soon
security for the performance of such
as
longer necessary, such bonds or notes
depositor: Provided, That in case a
the
so
deposited shall
person
or
persons
penal
bond:
Provided
further, That all laws inconsistent with this
section are hereby so modified as to conform to the provisions hereof: And
provided further, That nothing contained herein shall affect the authority
of courts over the security, where such bonds are taken as security in
judicial proceedings, or the authority of any administrative officer of the
United States to receive United States bonds for security in cases authorized
by existing laws.
The Secretary may prescribe rules and regulations
necessary and proper for carrying this section into effect.
by any suit, unless it is proved that such list, statement, or return was not
willfully false or fraudulent and did not contain any willful under-statement
or
no
to
supplying a contractor with labor or material as provided by the Act of
Congress, approved February 24 1905 (33 Stat. 811), entitled "An Act to
amend an Act approved August 13 1894, entitled 'An Act for the protection
of persons furnishing materials and labor for the contsruction of
public
works,' " shall file with the obligee, at any time after a default in the
performance of any contract subject to said Acts, the application and
affidavit therein provided, the obligee shall not deliver to the obligor the
deposited bonds or notes nor any surplus proceeds thereof until the expira¬
tion of the time limited by said Acts for the institution of suit by such
person or persons, and, in case suit shall be instituted within such time,
shall hold said bonds or notes or proceeds subject to the order of the court
having jurisdiction thereof: Provided further. That nothing herein contained
shall affect or impair the priority of the claim of the United States against
the bonds or notes deposited or any right or remedy granted by said Acts
or by this section to the United States for default
upon any obligation of
Assessments.
tax may
deposited.
so
penal bond is
be returned
Sec. 1322. That all internal revenue taxes, except as provided in Section
250 of this Act, shall, notwithstanding the provisions of Section 3182 of
the Revised Statutes or any other provision of law, be assessed within four
years
notes
or
tion instituted
manner
[Vol. 118.
Judgments.
(a) That upon the allowance of a claim for the refund of or
revenue taxes paid, interest, shall be allowed and paid
Lost Stamps for Tobacco, Cigars, and so forth.
upon the total amount of such refund or credit at the rate of one-hair of
Sec. 1330. That Section 3315 of the Revised Statutes, as
amended, is
1 per centum per month to the date of such allowance, as follows: (1) if
re-enacted without change, as follows:
such amount was paid under a specific protest setting forth In detail the
"Sec. 3315. The Conjinissloner of Internal Revenue may, under regula¬
basis of and reasons for such protest, from the time when such tax was paid,
tions prescribed by him with the approval of the Secretary of the Treasury,
or (2) if such amount was not paid under protest but pursuant to an addi¬
issue stamps for re-stamping packages of distilled
tional assessment, from the time such additional assessment was paid, or
spirits, tobacco, cigars,
snuff, cigarettes, fermented liquors, and -wines which have been
duly
(3) if no protest was made and the tax was not paid pursuant to an additionai asst^ment; from
months after the date of fifing of such claim for I
"
°r
refund or credit.
The term "additional assessment "as used in this section
a
means a further assessment for a tax of the same character previously paid
Consolidated Returns for Year 1917.
1324.
credit for internal
l^fable^ident ^ ^
in
part.
(d) Section 177 of the Judicial Code is amended to read as follows:
No interest shall be allowed on any claim up to the time of the
"Sec. 177.
rendition
of judgment
by the Court of Claims, unless upon a contract
expressly stipulating for the payment of interest, except that interest may
be allowed In any judgment of any court rendered after the passage of the
Revenue Act of 1921 against the United States for any internal revenue tax
erroneously or illegally assessed or collected, or for any penalty collected
without authority or any sum which was excessive or in any manner wrong
fully collected, under the internal revenue laws."
Payment of Taxes by Check
States Securities.
United
or
Sec. 1325. That collectors may receive, at par with an adjustment for
accrued interest, notes or certificates of indebtedness issued by the United
States and uncertified checks in payment of income, war profits and excess
f>rofits taxes andsuch other taxes payable Comhilssioner, stamp, during such
any regulations as the other than by with the approval
ime and under
of the Secretary, shall prescribe; but if a check so received is not paid by
the bank on which it is drawn the person by whom such check has been
tendered shall remain liable for the payment of the tax and for all legal pen¬
alties and additions the same as if such check had not been tendered.
Frauds
Sec. 1326.
on
Purchasers,
That whoever In connection with the sale
or lease, or offer for
for the purpose of making such sale or lease,
oral, (1) intended or calculated to lead any
person to believe that any part of the price at which such article is sold or
leased, or offered for sale or lease, consists of a tax imposed under the author¬
ity of the Stales, or (2) ascribing a particular part of such price to a tax
imposed under the authority of the United States, knowing that such state¬
ment is false or that the tax is not so great as the
portion of such price
ascribed to such tax, shall be guilty of a misdemeanor and upon conviction
thereof shall be punished by a fine of not more than $1,000 or
by imprison¬
ment not exceeding one year, or both.
sale
or
lease, of
any
article,
or
makes any statement, written or
Tax Simplification
Sec.
1327.
Board.
(a)
That there is hereby established in the Department of
Treasury a board to be known as the "Tax Simplification Board"
(hereinafter in this section called the "Board"), to be composed as follows:
(1) Three members who shall represent the public, to be appointed by
the
the President; and
(2) Three members who shall represent the Bureau or Internal Revenue
shall be officers or employees of the United States
serving in such
Bureau, to be appointed by the Secretary.
(b) Any vacancy in the Board shall be filled in the same manner as the
original appointment.
The members representing the public shall serve
without compensation except reimbursement for
traveling, subsistence and
other necessary expenses incurred in the performance of the duties
vested
in them by this section.
The members representing the Bureau of Internal
and
Revenue shall
serve
without compensation in addition to that received for
their service in such Bureau.
pi
(c) The Secretary shall furnish the Board with such clerical assistance,
quarters and stationery, furniture, office equipment and other supplies as
may be necessary for the performance of the duties vested in them
by this
section.
(d) It shall be the duty of the Board to investigate the procedure of and
the forms used by the Bureau in the administration of the
internal revenue
laws, and to make recommendations in
respect to the simplification thereof.
The Board shall make a report to the
Congress on or before the first Monday
of December in each year.
(e) The expenditures of the Board shall be paid
upon vouchers approved
by the Board and signed by the Chairman threof.
For the expenditures
of the Board for the fiscal
year ending June 30 1922 there is aut horized to
be appropriated, out of
any money in the Treasury not otherwise appro¬
priated, the sum of $10,000.
(f) The Board shall cease to exist
Consolidation
Sec. 1328.
amended
are
of
on
December 31
Liberty Bond Tax Exemptions.
supplemented
as
follows:
atte,r, January J 1921, 4 per centum and
per centum
Liberty bonds shall be exempt from graduated additional income
taxes,
commonly known as surtaxes, and excess
profits and war profits taxes, now
<orj! -j®1
.
r imposed by the United States
individuals,
upon
the income
or
destroyed by
Sec. 1331.
(a) That Title II of the Revenue Act of 1917 shall be con¬
impose the taxes therein mentioned upon the basis of consolidated
capital in the case of domestic corpora¬
tions and domestic partnerships that were affiliated during the calendar
year 1917.
(b) For the purpose of this Section a corporation or partnership was
affiliated with one or more corporations or partnerships (1) when such
corporation or partnership owned directly or controlled through closely
affiliated interests or by a nominee or nominees all or
substantially all the
stock of the other or others, or (2) when
substantially all the stock of two
or
more
corporations or the business of two or more partnerships was
owned by the same interests: Provided, That such
corporations or partner¬
ships were engaged in the same or a closely related business, or one corpora¬
tion or partnership bought from or sold to another
corporation or partner¬
ship products or services at prices above or below the current market, thus
effecting an artificial distribution of profits, or one corporation or partner¬
ship in any way so arranged its financial relationships with another cor¬
poration or partnership as to assign to it a disproportionate share of net
income or invested capital.
For the purposes of this Section, public
service corporations which (1) were operated
independently, (2) were not
physically connected or merged and (3) did not receive special permission
to make a consolidated return, shall not be construed to have been
affiliated;
but a railroad or other public utility which was owned
by an industrial
corporation and was operated as a plant facility or as an integral part of a
group organization of affiliated corporations which were required to file a
strued to
returns of net income and invested
consolidated return, shall be construed to have been affiliated.
The provisions of this Section
(c)
are
declaratory of the provisions of
Titlelll of theJRevenue Act of 1917.
Alternative
Sec. 1332.
(a)
Tax
on
Personal
Service
Corporations.
That if either subdivision (e) of Section 218 of the Revenue
Act of 19,18 or subdivision (d) of Section 218 of this Act is by final adjudi
cation declared invalid, there shall, in addition to all other taxes, be levied,
collected, and paid on the net income (as defined in Section 232) received
during the calendar years 1918, 1919, 1920, and 1921, by every personal
service corporation (as defined in Section 200) included within the
pro¬
visions of such subdivisions, a tax equal to the taxes
imposed by Titles II
and III of the Revenue Act of 1918 and, in the case of income received
during the calendar year 1921, by Titles II and III of this Act.
(b) In such event every such personal service corporation shall, on or
before the fifteenth day of the sixth month following the date of
entry of
decree upon such final adjudication, make a return of any income received
during each of the calendar years 1918, 1919, 1920, and 1921 in the manner
prescribed by the Revenue Act of 1918 (or in the manner prescribed by
this Act, in the case of income received
during the calendar year 1921.)
Such return shall be made and the net income shall be
computed on the
ba is of the taxpayer's annual accounting period
(fiscal year or calendar
year, as the case may be) in the manner
under the Revenue Act of 1918 and this
provided for other corporations
Act.
If either subdivision (e) of Section 218 of the Revenue Act of 1918
or subdivision (d) of Section 218 of this Act is so declared
invalid, claims
for credit or refund of taxes paid under both such sections shall be
allowed,
if made within the time provided in subdivision (f) of this Section.
(d) In case the claims for credit or refund, filed within six months from
such date of entry of decree, represent less than 30
per centum of the out¬
standing stock or shares in the corporation, the amount of taxes imposed
by this Section upon such corporation shall be reduced to that porportion
(c)
thereof which the number of stock or shares owned
by the shareholders or
members making sucli claims bears to the total number of stock or shares
outstanding.
(e) The tax imposed by this Section shall be assessed, collected, and
paid upon the same basis, in the same manner, and subject to the same
provisions of law, including penalties, as the taxes imposed by Sections
230 and 301 of the Revenue Act of 1918 (or by Sections 230 and 301 of this
Act, in the case of income received during the calendar year 1921), but no
interest or penalties shall be due or payable thereon for any
1924.
That the various Acts
authorizing the issues of Liberty bonds
and
^ ^ ,OSt
profits of
partnerships, corporations, or associations, in respect to the
on
aggregate principal amounts thereof as follows:
Until the expiration of two years after the date
of the termination of the
war between the United States
and the German
period prior to
the date upon which the return is by this Section required to be made and
the first installment paid.
The amount of tax paid by any shareholder or
member of a personal service corporation
pursuant to the provisions of
subdivision (e) of Section 218 of the Revenue Act of 1918 or subdivision
(d)
of Section 218 of this Act sball be credited
against the tax due from such
corporation under this Section upon the joint written application of such
corporation and such shareholders or member or his representatives, heirs,
or assigns,
if-such application is filed with the Commissioner within six
interest
months from such date of entry of decree.
Government, as fixed by
proclamation of the President, on $125,000
aggregate principal amount: and
for three years more on $50,000
aggrogate principal amount.
(b) The exemptions provided in Subdivision
(a) shall be in addition to
the exemptions provided in
Section 7 of the Second
Liberty Bond Act,
a?d in addition to the exemption provided in Subdivision (3) of Section 1
?
? Supplement to the Second Liberty Bond Act in respect to bonds
issued upon conversion of
3M per centum bonds, but shall be in lieu of the
exemptions provided and free from the conditions and
limitations imposed
t? Subdivisions (1) and (2) of Section 1 of the Supplement to Second Liberty
Bond Act and in Section 2 of the
Victory Liberty Loan Act.
refund of taxes
Deposit of United States Bonds
or
Notes
in
Lieu
of
Surety.
Sec. 1329. That wherever
by the laws of the United States or regulations
made pursuant thereto, any
person Is required to furnish
any recognizance,
bond, guaranty, or undertaking, hereinafter called
"penal
stipulation,
bond,
with
surety or sureties, such person may. in lieu of such
surety or
sureties, deposit as security with the official
having authority to approve
such penal bond. United States
Liberty bonds or other bonds or notes of
the United States in a sum
equal at their par value to the amount of such
penal bond required to be furnished together with
such official to collect
any
or
default in the performance of
any
an
agreement
authorizing
notes so deposited in case of
of the conditions or stipulations of
sell such bonds
or
pch penal bond. The acceptance of such United States bonds or notes
in lieu of surety or sureties required by law shall
have the same force and
effect as individual or corporate sureties, or
certified checks bank drafts
post-office money orders,
bond.
The
bonds
or
or cash, for the penalty or amount of such penai
deposited hereunder, and such other United
notes
States bonds or notes as may be substituted therefor
from time to time as
such security, may be deposited with the Treasurer of the
United States a
Federal Reserve Bank, or other depository duly
designated for that purpose
by the Secretary, which shall issue receipt therefor,
describing such bonds
(f)
Notwithstanding any other provision of law, no claim for a credit or
paid under subdivision (e) of Section 218 of the Revenue
Act of 1918 or subdivision (d) of Section 218 of this Act, may be filed after
the expiration of six months from such date of entry of decree: Provided,
however, That
a
personal service corporation of which no shareholder
member has filed such claim within such
or
period of six months, shall not be
subject to the tax imposed by this Section.
TITLE XIV.—GENERAL
PROVISIONS.
Repeals.
Sec. 1400- (a) That the following parts of the Revenue Act of 1918?are
repealed, to take effect (except as otherwise provided in this Act) onjJan¬
1922, subject to the limitations provided in Subdivision (b):
Eaff
Title II (called "Income Tax") as of January 1 1921;
»•»*!
Title III (called "War Profits and Excess Profits Tax") as of
Januaryjl
uary 1
1921;
*
w*
*3 SB
Title IV (called "Estate Tax") on the passage of this Act;
Title IV
(called
"Tax
on
Transportation and other Facilities,
Insurance");
Sections 628, 629, and 630 of Title VI (being the taxes
n
„
ice
cream,
Title
Title
Title
Title
Title
Title
and Ton
on soft
drinks,
and similar articles);
Vil (called "Tax
Cigars, Tobacco and Manufactures Thereof");
VIII 'called "Tax on Admissions and Dues");
u
IX (called "Excise Taxes";;
X (called "Special Taxes");
XI (called "Stamp Taxes");
m
XII (called "Tax on Employment of Child Labor") as of January 1
on
1921; and
Sections 1314. 1315, 1316, 1317, 1319. and 1320 of Title XIII
km
(being
cer¬
tain administrative provisions) on the passage of this Act.
(b)
shall
The parts of the Revenue Act of 1918 which are repealed by this Act
(unless otherwise specifically*provided inithisiAct) remain in force
-
Nov. 26
for the assessment and collection of all taxes
Shares.
under the
effect, and for
which have ac¬
the case of any
which have accrued
50
160
any part
1,000
312
400 Ohio Copper
50 The
of this Act, to provide
Second Liberty Bond Act, as amended,
the last sentence thereof the fig¬
"$1,000" and inserting in lieu thereof the figures "$o,000.
That Section 6 of the
Event of Unconstitutionality.
this Act, or the application
Saving Clause in
Sec.
1403.
That if any provision of
V
other persons or
its passage.
upon
$25,000 Haytian-Amer. Corp. 7%
certificates of deposit.$200 lot
$5,000 Bronx Expos., Inc., 1st M.$155 lot
..$300 lot
com..!
10 Commonwealth Hotel, N. Y.
$50 per sh.
17 Recoinetre Co. of America..$1 lot
■
$6,000 Bronx Expos., Inc., 1st 7s,
Cigarette,Inc.,)
}$2
Cigarette, Inc.,|
lot
$3,100 Recometre Co. of Amer. 6s,
2 Blue
Peter
com
1923
1919, Feb. 1912 coup. attached..$2 lot
1948........J................$9 lot
$10,000 Tubize Artificial Silk of Am.
Y., in liq_$2 lot
8% notes, 1922
$8 lot
500
com., no par....
$1 lot
1,000 Hughes Petroleum, com...$25 lot
100
pref.......
Bid
Banks—N Y
Bid
Ask
Banks
America*
167
172
Irving Nat of
New York
235
240
182
186
190
210
Manhattan *.
202
207
Bankers Trust
300
150
Mech A Met.
319
324
Central Union
333
340
Battery Park.
140
Mutual*
510
525
Columbia
287
292
Nat American
145
155
Commercial..
City
of $900
of
lot
8% cum. pref
shs.
Artificial
Tubize
Amer., Class "B" com
American
Atlantic
Silk
Silk
Artificial
Tubize
shs.
Amer.
400 Anglo-Amer. Comm'l Corp.,
A
Bid
Trust Co.'s
Corp. 7s.$675 lot
$100 Bingham Central Ry. 1st 6s,
50 Anglo-Amer. Comm'l Corp.,
share.
225
*•
$50,000* Haytian-Amer.
pref....
3 Oriental Bank, N.
and Trust Companies.
Ask
$17 lot
1st 6s,
1945, Oct. 1914 coupon attached $25 lot
$15 lot
shs. founders..
2 Blue Peter
prices dollars per
$200 Bingham Central Ry.
140 The Star Rubber, of Akron,
r
All
attached (certif. of deposit)
..._$5 lot
150 Haytian-Am. Corp., pref.,
with 75 shs. com. and 50
Commercial autl2lIiscelXatieous Hew*
New York City Banks
$10,000 Brooklyn Ferry of N. Y. 1st
cons. 5s, 1948, Aug. 1906 coupons
pref.,
Corp.,
$140 lot
1916 Identified..
........$7 lot
with 50 shs. com. and 50
circumstances,
;,
.
Percent.
$13,000 North Jersey Rapid Transit
1st 5s, certif. of deposit
$155 lot
and 50
com.
shs. founders..
shall take effect
otherwise provided, this Act
Bonds.
pref.,
Corp.,
founders
100 Haytian-Am.
thereof
Date of Act.
Effective
That except as
1404.
pref. stock trust ctf_$l,500 lot
of
Co.
Metals
with 100 shs.
shs.
shall not be affected thereby.
Sec.
133 Indep. Chem., Inc., 7% c m.
of Utah, $1 ea.$50 lot
Pressed
200 Haytian-Am.
invalid, the remainder of the Act,
to any person or circumstances, is held
and the application of such provision to
38 Brewster Cam.* Inc., com./persh
4,018 Haiti Co., pref....
)$15
6,059 Haiti Co., com., no par
/ lot
$5,000 Armour & Co. 7% notes, '30.102 H
40,965 Ranger Refin. & Pipe Line,
$1 each....
........$35 lot $1,000 Knoxvllle Gas 1st 5s, 1933.. 58
$1,000 Corp. of Chamber of Comm.
600 Haytian-Am.
Corp., pref..
Bldg. Fund Subscrip. Income bds. 55
with 300 shs. com., and
250 shs. founders.$25 lot 45,000 rubles Russian 5Hs, Issue of
is amended by striking out in the next to
ures
5,000 Imports Adv. Corp., no par.
$5,000 lot
51 Brewster Camera, Inc., pf.)50c.
of
Canada, Ltd._.__..$30 persh.
Certificate Limit.
Treasury Savings
in
Shares
1$110
10 Prizma, Inc., pref.-.
1,000 Manhat. Transit, $20 ea.$ 25 lot
purchase or redemptin of any notes issued hereunder, and to meet
public expenditures authorized by law, not exceeding in the aggregate
$7,500,000,000 at any one time outstanding."
Increase
Coupon
pref.)$80
[ lot
)
...
10 Prizma, Inc., com., no par./
lot
7,000 Mont. & Mex., Min., $5 ea.
2c. persh.
Unlone Industrie Serlche
for the
1402.
no par
shares
50 Italian
Second Liberty
and figures
expenditures authorized
$7,000,000,000", and inserting in
Sec.
318 Ranger Royalties, Inc.,
606 Ranger Royalties,Inc., com.
7,000 Rural Mines, Inc., $1 ea..$20 lot
25 Cusi Mexleana Min.„_$5 per sh.
200 Central Oil Devel., no par.$10 lot
Sec. 1401. That Subdivision (a) of Section 18 of the
Bond Act, as amended, is amended by striking out the words
"for the purposes of this Act, and to meet public
by law, not exceeding in the aggregate
lieu thereof the words and figures "for the purposes
Coupon
$1 lot
ing, $5 each
lot
lot
lot
lot
of $100
Miniers Altl Forni Ilva.
lot
Note Authorization.
in
$3
Bronx Expos'n, Inc., pref.$15
Savoy Trust, of N. Y
$75
Globe Dom. Cop., $1 each.$15
Italian Coupon Shares
of
466 Italian
Price•
Stocks.
50 The Certigue Min. & Dredg¬
Corp.,
Altl Fornl Elba
provisions of this Act.
The unexpended balance of
any appropriation heretofore made and now available for the administra¬
tion of any such part of the Revenue Act of 1918 shall be available for the
administration or this Act or the corresponding provision thereof.
takes effect under the
Increase
Comm'l
pref_.______i
of the Revenue Act of 1918 repealed by this Act,
if there is a tax imposed by this Act in lieu thereof, the provision imposing
such tax shall remain in force until the corresponding tax under this Act
imposed by
Shares.
Price.
Slocks,
50 Anglo--Am
Revenue Act of 1918 at the time such parts cease to be in
the imposition and collection of all penalties or forfeitures
crued or may accrue in relation to any such taxes.
In
tax
3385
CHRONICLE
THE
1921.]
Exch..
Amer
Bowery*
Broadway Cen
N
450
430
120
*
mm
Y
..
80
90
320
150
160
New
Netb*..
120
Bryant Park*
145
York...
425
Nat
155
New
Butch A Drov
130
140
Pacific*.....
300
Cent Mercan.
175
190
Park...
400
405
Chase
265
275
Public
230
240
310
265
270
Farm L A Tr.
m
300
Equitable Tr.
135
*.
Bor
130
Empire
•325
Bronx Nat
Bronx
305
365
—
198
206
240
260
Guaranty Tr.
205
210
Hudson
170
Inter
Fidelity
mm
| Fulton
Seaboard
230
240
460
480
!
Law
600
Second
Standard*
—
200
225
1
Lincoln
215
State*
._
240
250
Chat A Phen.
235
245
Chelsea Exch*
80
90
Chemical
485
Coal A Iron..
208
Colonlal*
350
Tradesmen's *
200
Columbia*...
155
165"
23d Ward*...
190
Mutual (West
Commerce
235
240
Union Exch..
175
185"
Com'nwealth*
215
225
United States*
155
165
Continental..
130
Wash H'ts*..
325
Corn Exch*..
335
345
Yorkville*...
420
90
100
-
Coamop'tan*.
-
Tit A Tr
102
106
Trust
155
165
: Mercantile Tr
260
280
Metropolitan.
230
237
Chester
V
N
no
...
Life
125
Ins
Trust...
575
N Y Trust-
302
308
Title Gu A Tr
345
355
U S Mtg A
'm '■*-
255
260
United
910
A
....
East River
170
Fifth Avenue*
910
Fifth
150
165
Coney Island*
145
875
885
First
215
230
216
225
Tr
States
165
First
.
925*"
Brooklyn
....
...
Brooklyn
185
Brooklyn
Tr.
405
420
196
Greenpolnt...
Homestead*..
175
192
80
100
Kings County
675
685
240
255
Mechanics'*..
90
96
Manufacturer
210
Hanover
8^0
830
Montauk*
125
People's
290
Harriman
350
360
Nassau
Imp A Trad..
500
510
North 81de*..
195
205
160
170
People's
150
160
25 Philadelphia National
Garfield
Gotham
Greenwich*.
*
.
.
Banks marked with (*) are State banks.
mmmm
...
365)4
$1,000 Township of Tlnlcum, Del.
160)4
Co., Pa., 5s, tax-free school, 1928 100
$1,000 City of Bayonne.N. J., 534s,
tax-free, water, 1920
100J4
$5,000 Ocean County Elec. 1st 6s,
Bank
3 Corn Exchange National Bank .366
5 Commomwealth T.» I. &
Tr__220
_107M
Ac..493
13 Finance Co. of Penn. 2d pref.
4 Penn. Co. for Insurances,
to
5s, 1943, certif. of deposit
$50
12594-131
10 Phila. City Passenger Ry_.
98
8 Ridge Ave. Passenger Ry.:
17
2 Library Co. of Philadelphia... 13-14
Ex-dlvldend. t/Ex-rlghts
6s, 1942
60
$50$20 lot ,$3,000 Corpus Chrlstl Ry. A Light
1st 6s, 1934 (1st installment paid)
1
$25.$30 lot
$500 Consumers Brewing Co. prior
30 Philadelphia Life Insurance.._• 10
lien 6s, 1923
L
23
50 P. J. Ritter Co. (v. t. c.)
1
$5,000 Colum. Newark & Zanesv.
500 Pennsylvania-Ohio Elec., pref.
Elec. Ry. 1st 5s, 1924 (ctf. of
267 Indiana Service Corp., pref
6)4
deposit)...
...$950 lot
100 Alliance Investment..
$3 lot
250 Margato Co.,common
34 $1,000 Allentown Gas 1st cons. 5s,
1924.
90H
174 United Gas & Elec. Corp,, 1st
50 Ocean County Elec., par
30 Camden & Suburban....
1334
220
214
Bond A M O.
Nat
«*-••
»
95
Y
N
'
Preferred
100
Title
102
107
145
160
190
U 8 Tltl Guar
Realty
80
90
145
155
West A Bronx
A
Mortgage..
Ait
(Brooklyn).
186
Mtge
125
Title A M G
....
Eloc. Ry. cons. 4^8, 1933
50
$1,000 Scranton Elec. 1st & ref. 5s,
1
1
$14,500 Johnstown Trac. 1st A ref,
61
not
at
securities, the following,
usually dealt in at the Stock Exchange, were recently
auction in New York, Boston ana Philadelphia:
By Messrs. Adrian H. Muller & Sons,
Shares.
Price.
Slock.
A
10 Brokers
50 Isko Co., com...
$5,000 Choate Oil Corp. S. F. Conv.
....
15
60 International Glass, pref......)$125
13 International Glass, com...,
/ lot
100 Western States Gas A Elec,, pref 61
30 Indianapolis St. Ry., pref
111
166
10 Union Passenger Ry
8 Second & Third Sts. Pass.
Ry.
.
Price.
Commission
..$5 lot
11 F. S. Robison, Inc., Pref...$5 lot
50 Cammeyer, Pref.<....-$70 per sh.
2,000 Int. Callophone Corp., com.
$10 each......
$100 lot
625 Unit. Jewelers,Inc., $10 ea.$10 lot
62 United Jewelers. Inc., pref.$17 lot
Shares.
Stock.
Pref
Petroleum Burner $5
lot
common
5 Hall
New York:
.
Telephone..
Class
each.50c. per
ClassA
Pref., $10 each
$5 per
4,000 Parkville Smelting, $1 each.Sl
1,000 Ariz. & Nev. Gold Mining A
Milling, $1 each.__A-.,-~$l
212 Fulton Motors Corp.,
B, com., $10
sh.
50 Fulton Motors Corp.
parl$15
sh.
lot
200 Boomer & Co., Inc., no
lot
710 Paraffin Cos., Inc., com.$9 per
400 Boomer & Co., Inc.,
pref../
700 Ruberoid Co., Com..$53H per
Process...$15
6,810 Consol. Bodi Gold A Silver
Mining, $10 each
$5 lot 889 2-5 Federal Food Stores, Inc.$100
50 Bettlni Syndicate, Inc
$13
3,470 Cornucopia Mines, $10 each
168 Westch. & Van Nest Land.$20
$4 per sh.
221 Paul G. Niehoff Co., Inc.,
14,750 Branch Mint Min. &
2,500 Centerfreeze Ice
»
Mill.,)
[$10
$1 each
each
lot
$10 ea.
100 Federal Adding Mach., com.
$10 each......
$12 lot
30 Branch Mint Oper'g, $5
100 Leipsigate Gold M.,
40 Indiana
__.$45 lot
each.$5 lot
Rights, Inc__$5 lot
10 Neuland Magneto, $5
500 Aurella Crown Mines Corp.,
$10 each...
$2 lot
>.
100 Piping Rock Club Realty Co.
$40 per
sh.
2,000 Ritz-Carlton Restaurant A
Hotel, pref., with 1,000
shs. com. as bonus, $5 ea.
$5,000 lot
23 Central Real Est. Assn.$10 per sh.
sh.
1 N. Y. Real Estate Assn.$5 per sh.
200 Equitable Trust.$264-$266 per sh.
16 Madison Trust, N. J. .$80 per sh.
129 Colonial Real Est. Assn.$2 per
5 First Nat. Bank
o
fJersey Cy
$227 per sh.
Saxon
Motors.
r>rof_
lot
lot
$36 lot
.....
$30 lot
Coal
Inc., pref.$500 lot
Spin-Wright Co., Inc.
50 Parkside Mills,
1 Brown
$6 per sh.
5
Corporation
$5 lot
Ptolemy Corp., of N. Y., no
$125 lot
—$100 lot
par
40 NeuJand Patents Rights,Ltd $5 lot
70 Neuland Elee.
lot
lot
100 Greenlex
100 Federal Adding Mach., pref.
$10 each....
com..
lot
sh
sh
1,000 Woods Petrol. & Refg.,
1
Wyoming, $1 each
of
$15 lot
10,000 Fay Petr. of Del., $1 each.$80 lot
1,700 Erickson Wheel Corp., $1 ea.
1,850 The I. T. S. Rubber Co.,
Ltd., £1 each...
$28 lot
6,000 Roundhill
Merc.
$400,000 lot
42 Guayaquil A
Quito RR., pf .$10 lot
'$13
/ lot
$12 lot
Orient Oil & Gas
$16 lot
Bijur Mot. Appliance, 2d pf$10 lot
1,170 Gen. Ord. Co. Cap. stock..
420 General Ordnance Co., com.
1,000 Sultan Oil
1,300
40
of Cuba
$20 lot
& Chatlllon.$204 lot
Acad, of Music.$310 lot
40 American Oil
204 Foster Bros.
50 Brooklyn
20 Gum Cove
Oil
$5 lot
$10,000 Colum. Graphoplione Fac¬
tories 1st 6s, 1933..
30
$10,000 Downey Shipbldg. Corp. 1st
serial S. F. 7s. 1922.
10
1st 7s,
1920..'.
-
5
$2 lot
par$l__$5 lot
$10,000 Bright Nav. Corp. (Schoon¬
"Bright"), 1st 7s, 1922..u...
1
200 Miami Cons. Mines, par $1___$3 lot
$15,000 Mt. Royal SS. 7s, 1920-21.
$2,500 Bell County, Ky.,6s, 1917..
3
200 Santa Rita Devel., par $1
400 Maxim Munit's Corp.,
Refrlg. Mach., pref..$6 lot
10 Andrlffen Refrlg. Mach., com.$4 lot
500 Falk Amer. Potato Flour Corp.
5
10 Andrlffen
1713^
50 Ridge Ave. Passenger Ry.
-
Per cent.
Bonds.
1st 6s, 1926
er
$15,000
5
90)4
(certif. of deposit)
5
Scranton & Wllkes-Barre
80
1934...
Trac. Coll. 6s,
$27,000 United Trac. of Pitts, gen.
46
58, 1997 (certifs. of deposit)
Newark A Zanesv, 1st
$8,000 Col.
5
5s, 1926......
$10,000 Western N. Y. Farms Co.
$500 City of Philadelphia 4s, 1945..
$2,000 Southwest. Interurban RR.
1st 6s,
4
1940
By Messrs. R. L. Day & Co., Boston:
Shares.
% per sh. Shares.
Stocks.
299
1 First National Bank
1 Webster & Atlas Nat. Bank.207X
14 National Union Bank.
35 Fidelity
Trust
.j..
18134
2
1
Trust
10 Tremont
25 Atlas Trust, Springfield
50
42X
185
425 West Boylston Mfg
100 Saco Lowell Shops, com
1,085 U., 8. Worsted, 1st pref
8-894
100 Wore. Cons. St. Ry. 1st pref 2034
10 Eastern
Mass.
St.
Ry.
10
opt. warrants, 6 1st pref.
A.
.$335 lot
Series
267 Cavanaugh Bros.Horse Co$300 lot
120 American Mfg., com
4 International Text Book
.10214
6534
125
100 Glendale Elastic Fabric
9 Sullivan
43)4
Machinery
4 Salem Gas Light
50 Eranwood
Battery Corp.,
100)4
pf.,
with 50 com. as bonus..$10 lot
100 Wauregan Co., com
.130
16 Boston Woven Hose A Rub¬
$ per sh.
Stocks.
Construction, pref 25
Insur.116
100 O'Bannon Corp., common..$6 lot
250 Nat. Motor Car & Vehicle
Corp
$155 lot.
35 Plymouth Cordage
..170
5 Rldgway
2 Columbian Nat. Life
125 Boston Belting Corp., pref.,
$50 each
-
300 Fairbanks Morse, com
22 X
45)4
Motor, pref-..-. 40
25 Harry A. Lozier, Inc., pref.,
with
1234 shs. com. as
bonus
$500 lot
16 Lafayette
...
4 Lafayette
Motor,
con
35 Cleveland Motor Car, pref..
41
51
1,000 Cert, of Int. under N. E, Inv.
Sec. Co. pref. sharehold¬
5
135
10c.
11 Boston <fe Wore. Elec., com.
31c
25 Harry A. Lozier, Inc., pref.,
ers
protective agreement.
204 Tremont & Suffolk Mills...
500 U. 8. Worsted, com.
with
12>4
shs.
com.
as
$500 lot
Manufacturing-120
10 Sequoia Mills, Class B
2
300 Tezutlan Copper M. & S...
1
Bonds.
Per cent.
12,500 Owen Co., com., $10 ea..$100 lot $5,000 Imperial Russian Govt. 63£s,
credit 1919, certirs. of deposit...
9
312 Open Spair Dwelling Co
$50 lot
Receipt for rubles 15,000, par value
2 A. L. Sayles A Sons, pref.,
Russian Govt. 514s (War Loan
$50 each
5
1916) Bonds held in Petrograd..$15 lot
2 A. L. Sayles & Sons, com.,
234
$25 each
35c. 4,000 Russian rubles 5)4s, 1926...
$1,000 Chattanooga Gas 1st 5s, 1927 90
99
75 Becker Milling Mach., pref. 20
120 Multibestos Co., pref
40
100 Open Spair Dwelling, Co.,
pref.
....$50 lot
ber, com
Co., Inc.
5
7s, 1922...
$11,000 Nova Scotia Trans., Ltd.,
18 32-36 Nat. Export A
Underwriters
Contracting Co, $10 each
2 Mephisto
sold
62
5s, 1943....
400 Kathodian Bronz Works, pref.$2 lot
Auction Sales.—Among other
90X
1937
25
25 Baldt Anchor A Chain..
U 8 Casualty.
Surety..
64
$10,500 Indiana Service Corp. adj.
3.6s, 2020
29
$21,000 Altoona A Logan Valley
100 Isko Co., pref
84
75
78
62
$5,000 Indiana Service Corp. 1st A
ref. 5s, 1950
64
13 H
1%
50
20
100 Bry-Bloch Mercantile, pref..
126
122
Bond..
72
Amer Surety.
prior lien 7s, 1921 (ctf. of dep.).$50 lot
$4,000 Athens Gas Light A Fuel 1st
50 Elastic Car Waste, pf., par
Smith, Kline & French, pref
15 Smith, Kline & French, com
Bid
Lawyers Mtg*1
Alllan R'lty..
adj. 6s, 1923..
..$25 lot
$7,514.91 Union Dye & Chem.Corp.
4
50 International Lace
13
Assoc
Ask
Ask
$30 lot
$2,000 Union Dye A Chem. Cortf.
10^
35 West Phila. Pass. Ry
516)4 New Mexico A Arizona Land
1
•
share.
Bid
Bid
City Investing
per
$18,800 Ohio Elec. Ry. 2d & gen.
Subscribe to Media
Title & Trust at
70
$100 Springfield Cons. Water 5s,'58 60
5 Guaranty Trust of New York..203
8 First Nat. Bank of Camden
250
24 Rights
$50 lot
1949....
$800 Springfield )Pa.( Water 5s, '26
.205-205)4
10 Germantown Trust
_
Realty and Surety Companies.
prices dollars
1
14 Girard National Bank
15 Pitts. Lamp Brass A Glass,com.
All
1st 6s,
20 Tenth National
15 Pitts. Lamp Brass A Glass, pref
New York City
$5,000 Line Mountain Coa
Series "B".
Bank...300
pref
I New stock, x
Percent.
Bonds.
$ per sh.
Stocks.
10 Tradesmens National Bank._.250
220
Industrial*
By Messrs. Barnes & Lofland, Philadelphia.
Shares.
bonus
..
5 West Point
2286
THE
CHRONICLE
[Vol. 113.
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
Stocks.
$ per sh.
2 Merchants National Bank
85 Hamilton
9 Y%
350 U. 8. Distributing Co.. com..
$50 each
16 X
7X
& Mining & Milling
Splllman
Motor,
pref., $50 each
we
show
Then
the
dividends
following information regarding
Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE
RECEIVED.
•
Capital.
$25,000
Nov. 14—The Otisville National Bank, Otisville, New York
Correspondent, Edward C. Musselman, Otisville, N. Y.
ORGANIZE
APPROVED.
Nov. 15-—The Germantown National Bank, Germantown, N. Y_.$50,000
Correspondent, Robert It. Livingston, Germantown, N. Y.
Nov. 17—The Atlanta National Bank. Atlanta. New York
25,000
Correspondent, R. W. Lander, Atlanta, N. Y.
Nov. 18—The Security National Bank of Harlingen, Texas
Correspondent, II M. Barton. Harlingen, Texas.
APPLICATION TO
Nov. 14—The
First
National
CONVERT
Bank
of
25,000
Per
Name of Company.
Pittsburgh.
111...$30,000
-.150,000
Correspondent, Central State Bank of Enid.
Buffalo National Bank. Buffalo, Okla
25,000
Conversion of the Bank of Buffalo. Buffalo, Okla.
«
Correspondent, E. B. Brink; Cashier, Bank of Buffalo.
Nov. 18—The National Bank of Blacksburg. Va
50,000
Conversion of the Bank of Blacksburg.
Correspondent. Bank of Blacksburg.
The Merchants National Bank of Port Arthur, Tex
100,000
The
Conversion of the Merchants State Bank of Port Arthur.
Correspondent. Geo. M. Craig. Port Arthur.
Nov. 19—The State National Bank of Weleetka, Okla__
Conversion of the Weleetka Guaranty Bank.
25,000
Correspondent, Weleetka Guaranty Bank, Weleetka, Okla.
CONVERT
APPROVED.
Nov. 17—The United States National Bank of Indiana Harbor at
East Chicago,
Ind
—100,000
Conversion of the First State Trust & Savings Bank
of Indiana Harbor, East Chicago, Ind.
■
Correspondent,
First State Trust &
Harbor,
CHARTERS
The Blackwell National Bank, Blackwell, Okla.$100 000
Conversion of Oklahoma Guaranty Bank of Blackwell.
Garfield National Bank of Enid, Enid, Okla
100 000
Conversion of Garfield County Bank of Enid.
12040 The Security National Bank of Blackwell, Okla..100,000
12039
Conversion of Security State Bank of Blackwell.
12041 First National Bank jn Billings. Billings, Okla.. 25,000
Conversion of Citizens Bank of Billings.
12042 The Producers National Bank of Tulsa, Okla
250,000
Conversion of Producers State Bank of Tulsa.
12043 The Security National Bank of Tulsa, Okla
200 000
Conversion of Security State Bank of Tulsa.
12044 Central National Bank of Enid. Okla
150,000
Conversion of Central State Bank of Enid.
12045 The Billings National Bank, Billings, Okla.
Conversion of Billings State Bank.
12046 The Merchants National Bank of Cavalier, N. D_ 25,000
.
Conversion of the Merchants & Farmers Bank of Cavalier.
President. C. R. Green; Cashier, C. W. Clow.
Nov. 17—12047 The Miami Beach First National
Bank, Miami
Beach. Fla
50,000
President,
Frederic
R.
Humpage; Cashier, Palmer
Rosemond.
i
12048 The American National Bank of Okmulgee. Okla.200,000
.
Conversion of the American State Bank of Okmulgee.
Nov. 19—12049 The Cherokee National Bank, Cherokee, Okla..
Conversion of the Bank of Cherokee. Cherokee
EXISTENCE
Nov. 30
Canadian Bank Clearings.—The
clearings for the week
ending Nov. 17 at Canadian cities, in comparison with the
same week in
1920, show a decrease in the aggregate of 13.4%.
Street
and
Electric
or
Dec.
MontrealToronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Calgary
Hamilton
St. John
__I
I
124, 259,536 157,124,938
122, 493,859 110,895,763
74, 546,116
96,203,163
14, 240,214
17,602,-569
9, 267,427
12,188,239
5, 915,950
8,466,194
4, 091,346
5.896.862 i
6 873,741
11,206,321
6, 563,728
8,073,043
4, 113,646
3,329,628'
Victoria--
2
London
3 222,523
6 618,761
Edmonton.
Regina
I
1919.
437,199
2,748,086
1918.
%
—20.9 166,627,836 104,812,295
+10.4 109,660,177
83,456,214
—22.5 89,156,557 72,720,582
—19.1
—24.0
—30.1
18,484.736
16,879,925
8,070.978
9,657.453
—30.6
5 847 988
—38.7
—18.7
+23.5
11,004,418
8,720,975
—11.3
—14.2
—9.4
1,058,336
—40.0
859,256
2,972,502
2,332,386
1,731,383
1,237,439
836,210
578,366
964,054
New
583,641
Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Moncton
Kingston
Total Canada
326,927
836,665
931,202
2 033 808
3,431,204
1,166,987, —14.6
Jaw
+4.8
—8.4
—22.3
—23.0
734,579
755,500
—20.6
1,028,141 i
—18.7
1,237,123
—24.7
—56.8
157,775
1,238,136
—6.6
3,650,191
+4.3
100,204
844,971
+30.3
722,104 Notincl.in total.
807 597
406,570,307 469,319,245'
10a
Dec.
11
rec.
Nov. 15a
Nov. 20
Holders of
rec.
Dec.
1
Holders of
rec.
Nov. 15
Jan.
2
Holders of
rec.
Dec.
15
3
Dec. 21
to
Jan.
2
Jan.
3
Dec. 21
to
Jan.
2
20
Preferred
Nov. 10
Dec.
Dec.
Holders of
rec.
Nov. 23a
Dec.
Holders of
rec.
Dec.
Dec.
Nov. 23
to
Dec.
Dec.
Holders of
rec.
Nov. 21
IX
IX
*1X
Jan.
Nov. 29
to
Jan.
Nov. 29
to
Jan.
2
Jan.
♦Holders of
rec.
Dec.
15
Nov.
♦Holders of
rec.
Nov. 25
Jan.
Holders of
Dec.
IX
IX
Jan.
Holders of
Dec.
W
Nov. 20
rec.
rec.
to
Dec.
Holders of
Dec.
Holders of
rec.
Holders of
rec.
Dec.
rec.
Dec.
Jan.
Holders of
2
Dec.
No/.
No
Dec.
IX
*ix
\
27
Dec.
27
Nov. 15
rec.
Nov. 30
Dec,
IX
IX
IX
Dec.
Holders of
Jan.
Holders of
Jan.
Jan.
IX
IX
Dec.
Holders of rec. Dec. 15
Holders of rec. Dec. 15
Holders of rec. Nov. 22
Dec.
1
to
Dec. 15
Dec.
.
Dec.
*1X
*ix
Dec.
to
Jan.
1
rec.
Dec.
15a
rec.
Dec.
15
Holders of
Holders of
rec.
Dec.
rec.
Dee.
Holders of
rec.
Nov. 26a
Dec.
1
Holders of
rec.
Nov. 26a
15
Holders of
rec.
Dec.
3X
Dec.
1
Holders of
rec.
Nov. 25
2
Dec.
1
Nov. 22
to
IX
Dec.
1
Nov. 22
to
IX
Dec.
2
...
Laclede Gas Light, preferred
*2X
1
$1.50 Jan.
Lake of the Woods
Milling, com. (quar.)
Preferred (quar.)...
Preferred
North American
Co., com. & pref. (qu.)
Nunnally Co
Pennsylvania Water A Power (quar.)...
Safepack Mills, preferred (quar.)
Manufacturing.
South Penn OU
(quar.)
Spalding (A. G.) A Bros., first pref. (qu.)
Second preferred
(quar.)..:
Standard Oil (Kentucky)
(quar.)
Todd Shipyards Corporation
(quar.)
Truscon Steel, preferred
(quar.)
United Royalties
(monthly)
I
I
Extra
rec.
Nov. 26
rec.
Dec. 20
Holders of
Dec.
1
Jan.
3 *Holders of rec. Dec.
rec.
Nov. 18a
rec.
Nov.
1
Holders of
rec.
Nov. 21
Jan.
3
Holders of
rec.
Dec.
7a
Jan.
rec.
Dec.
7a
3
Holders of
Dec.
1
Nov. 23
to
Dec.
Dec.
1
Nov. 23
to
Dec,
1
Jan.
1
Holders of
rec.
Dec.
10
3
Holders of
rec.
Dec.
14
3
Holders of
rec.
Dec. 14
Jan.
Jan.
*50c. Dec.
(quar.)
1
15 ♦Holders of rec. Nov. 30
15 *Holders of rec. Nov. 30
*2
Nov. 29 *Holders of rec. Nov. 25
Nov. 29 ♦Holders of rec. Nov. 25
*2X
*2X
Feb.
16 *Holder8 of rec. Feb.
Jan.
16 *HoIders of
*5
3
75c. Jan.
Holders of
50c. Dec. 31
Holders of
Jan.
1
Holders of
Dec.
1
Nov. 22
Dec.
I
Holders of
IX
2
2X
*3
6
rec.
Jan.
6
rec.
Dec.
15a
rec.
Nov. 30a
rec.
Dec.
16
Nov. 30
to
rec.
Nov. 21
Dec. 31 *Holders of rec. Dec. 14
1
Holders of rec Nov. 17a
li Holders of rec. Nov. 17a
IX
Dec.
2
Dec.
*3
♦Dec.
Jan.
$2
16
to
Jan.
Dec.
Holders of
rec.
Dec.
IX
Dec.
Holders of
rec.
Nov. 19a
3
Dec.
Holders of
rec.
Dec.
rec.
Dec.
1
:
1
Dec
Dec.
Holders of
3
Jan.
Holders of rec. Dec.
5
U. S. Playing Card
(quar)
15
Nov. 29 *Holders of
*50c. Dec,
Coke""I"III"I
1
Holders of
Holders of
15 *Holders of rec. Dec.
1
1
Holders of xec. Nov. 24
1
Holders of rec. itfov. 24
Dec.
Dec.
IX
IIIIIIIIIIIII
Dec.
1
Dec.
IX
•
5a
Nov. 30
2
3
Lawrence Manufacturing
3
Lehigh Valley Coal Sales (quar).
♦S2
Lehigh & Wllkes-Barre Coal (special)
*$35
Libbey-Owens Sheet Glass, pref. (quar)..
IX
Mackay Companies, common (quar.)...
IX
Preferred (quar.)
1
Mayer (Qscar) A Co., 1st pref.
(quar.)..
IX
Second preferred (quar.)..
2
Middle States Oil (quar.)
3
Montana Power, common
75c.
(quar.)
Jan.
Holders of
2X
Dec.
Dec.
8
rec.
to
Dec.
Hellbroner, preferred (quar.)..
*1X
Dec.
♦Holders of
*1X
Jan.
♦Holders of rec. Dec.
*1X
Jan.
♦Holders of
rec.
rec.
2
la
5
5
21a
Dec. 21
Worthington Pump & Mach., pf. A (qu.)
Preferred B (quar.)
we
15
Dec.
75c. Dec.
87Kc
(quar.)...
International Cotton Mills, pref.
(quar.)
Kelsey Wheel, common (No. 1)__
not
2a
12
Dec. 10
to
17
Nov. 15
Dec. 10
to
♦Holders of
Dec.
rec.
1
*2
(quar.)
.
Below
1
3
Preferred (quar.)
Grinnell Manufacturing Co.
(quar)
Hackensack Water, common
and
1
Dec. 20
Dec.
Dec.
IX
Globe Soap, 1st, 2d A spec.
pref. (quar)..
common
1
2
50c. Dec.
3X
3X
.
Salmon Falls
5a
1
(Cramp) Wm ASonsShip AEn. Bldg. (qu.)
Crucible Steel, preferred (quar.).
Dominion Glass, common
(quar.)
(quar.)
15
*2
Calumet A Arizona Mining (quar)
Case (J. I.) Threshing
Mach., pref. (qu.)
Chllds Co., common
(quar.)
Preferred (quar.)
Colorado Power, preferred (quar)
Preferred
j
Hanna Furnace, preferred
(quar)
Hey wood-Wakefield Co., common
Higbee Company, 2d pref.
(quar.)
Hood Rubber Products, pref.
Dec. 20
1
Bucyrus Co., preferred (quar.)..
Buda Company, preferred (quar.)
;
Caine Bros. Paper Co., Inc., preferred-_
Preferred (extra)
common
Dec.
rec.
rec.
Jan.
1X
IX
(quar.)
Chemical,
rec.
Holders of
♦Holders of
Dec.
2
Armour A Co., preferred
(quar.)..
Beacon Oil (quar.)......
Belding-Corticelli, Ltd. (quar.)
Grasselll
Holders of
Dec.
2
*7 5C,
American Multigraph, common
(quar.).
American Piano, common (quar.).:....
15
Nov. 25
24
Dec. 24
give the dividends announced in previous weeks
paid.
This list does not include dividends
yet
1,202,596
1,418,829
3,092,815
announced this week.
8 053 991
7,090,915
2,777,418
3,711,349
083,353
Moose
579,315
889,706
4,168,048
4,142,005
4,886,435
000,907
Saskatoon
963,665
767,791
Dec.
rec.
5,857,322
6,361,807
6,182,474
Fort William
Lethbrldge
4 897,573
rec.
Holders of
Jan.
American Bank Note, preferred (quar.)
American Felt Co., preferred (quar.)
■American Fork A Hoe, common (quar.)
Amer. Laundry Machine, com. (quar.)..
12,607,370
3,902,707i —17.4
Brant ford
I
Holders of
3 ♦Holders of
6 075 843
6,316,655
5,710,176
1,063,234
1,278,625
2,816,637
2,432,914
1.407.863
Brandon.-
9
Nov. 30
Nov. 30a
IX
...i.
±
$
Dec.
rec.
rec.
IX
2-
American Acceptance Corp., com. (qu.)
Preferred (quar.)
Weber &
1920.
to
Railways.
Extra
Valvoline Oil,
17.
at—
1921.
1
Holders of
Banks.
Extra
Canada—
IX
Georgia Railway & Electric, com. (quar.)
Iron wood A Bessemer Ry. A Lt., pf.(qu.)
Northern OhioTr. & Light, pref. (quar.)
...
18 1941
Inc.
15
Jan.
New England Coal A
New England Fuel A
Transportation...
New York
Dock, common..
2594—The Peoples National Bank of
Charlottesville, Va____Nov. 16 1941
2602—The National Bank of Stamford. New York
Nov.
/
Dec.
*2
50 000
EXTENDED.
Week ending November
10
$3
Philadelphia & Norfolk
Dec.
♦Holders of
Dec.
New York
Preferred
Until Close of Business.
6034—The National Manufacturers Bank of
Neenah, Wis
Nov. 17 1941
6045—The First National Bank of Parkers
Landing. Pa
Nov. 17 1941
6032—The National Bank of Commerce of
Norfolk, Va
Nov. 20 1941
6038—The Citizens National Bank of Long Branch N. ,T
Nov. 19 1941
CORPORATE EXISTENCE RE-EXTENDED.
Clearings
Dec. 31
Fonda Johnstown A Glov., pref. (quar.)
Illinois Central, leased lines-..:
National Transit
Extra
Conversion of the First State Bank of Clinton.
CORPORATE
$1.50 Dec. 10
*2 X
87HC
Erie & Pittsburgh (quar.)
30,000
Okla.
12050 The Security National Bank of Clinton. Okla
Days Inclusive.
(Steam).
Preferred (quar.)
Dominion Textile (quar)
Freeport Gas, preferred (quar.)
Savings Bank of
ISSUED.
Nov. 15—12038
l
Books Closed.
Payable
Miscellaneous.
Conversion of the Central State Bank of Enid.
of Indiana
are:
When
Centi
Atlantic Coast Line Co. (quar.)
Boston & Albany (quar.)
RECEIVED.
Conversion of the First State Bank of Pittsburgh.
R. B. Mitchell
Marion. 111.
The Central National Bank of Enid, Okla
TO
cur¬
second table, in which
previously announced, but which
Greenpoint National (Brooklyn).
Correspondent.
APPLICATIONS
a
paid.
59
Banks.—The
TO
follow with
The dividends announced this week
$7,000 Cent. Maine Power 7s, 1941.100
national banks is from the office of the
APPLICATIONS
we
have not yet been
Railroads
National
In the
bring together all the dividends announced the
we
Percent.
$5,000 N. Y. N. H. A H. 4s, 1922..
15
grouped in two separate tables.
$5 lot
'Bonds.
58X
are now
rent week.
*
3,000 Telluride A Chloride Leasing
40
first
60
97 J^-98%
21 Eastern Mass. St. Ry., com..
201K
120 Multibestos Co., pref
4 Flsk Rubber, 1st pref
20 Herscheli
12 Converse Rubber Shoe, pref.
52 Lawrence Gas Co
..112
Dividends
94 X
White & Co., under¬
writing pref. "B"
1X
3 Draper Corporation...,.
139H
72
Mills
10 Naumkeag Steam Cotton
13 Herschell-Splllman Motor,
2c,
Drill, pref
50 Hollister,
10c.
98^-98^
Mfg.
35 Pocasset Mfg
com.,
1 Union Twist
25
DIVIDENDS.
% per sh.
Slocks.
500 Tlntlc Milling, 3c. each
122X
650 U. 8. Worsted, com., $10 ea.
180 Earnshaw Knitting
20 Davol
Shares.
275
10 Androscoggin Mills..
5,334,314
1,025,724
1,074,478
2,319,273
3,001,641
1,118,206
936,654
614,018
510,809
1,064,381
1,118,928
896,130
1,774,490
—13.4 458,478,531 343,074,810
Per
Name of
Company.
Railroads
Payable.
Books Closed.
Days Inclusive.
(Steam).
Alabama Great Southern, ordinary
ttcblson Topeka A 8anta Fe. com. (qu.)
Canadian Pacific, com. (quar.)
Chesapeake & Ohio
Chestnut Hill (quar.)
Cin. N. O. & Texas Pacific, common
Common (extra)
(quar.)
Cleveland A Pittsburgh, guar. (quar.)..
Special guaranteed (quar.)
Cripple Creek Central, preferred (quar.).
3X
Dec.
29
Holders of
rec.
Nov. 30
3X
Preferred
Preferred
When
Cent.
Feb.
17
Holders of
rec.
Jan.
20
IX
Dec.
1
Holders of
rec.
Oct.
28<
31
Holders of
rec.
Dec.
1"<
Holders of rec. Dec.
Nov. 20
to
Dec.
Holders of rec. Dec.
21
6
6
2X
Dec.
2
Jan.
3
75c.
Dec.
5
3
Dec.
27
3 X
Dec.
27
Holders of
rec.
Dec.
IX
Dec.
1
Holders of
rec.
Nov. 22
87 Xc Dec.
1
Holders of
rec.
Nov. 10<
50c. Dec.
1
4
Holders of
rec.
1
Holders of
rec.
Nov. 15
2X Dec. 20
Holders of
rec.
Nov. 26<
1
Dec.
Nov. 10<
Deiaware & Hudson Co. (quar.)
Great Northern Iron Ore Propertle
$2
Dec.
15
Holders of
rec.
Nov. 28<
Hocking Valley
2
Dec.
31
Holders of
rec.
Dec.
9(
IX Dec.
1
Holders of
rec.
Nov.
41
1
Holders of
rec.
Dec.
1<
Dec.
1
Holders of
rec.
Nov. 15<
IX Dec.
19
Holders of
rec.
Nov. 30<
Illinois Central
(quar.)
Mobile A Birmingham, pref
New Orleans Texas & Mexico (quar.)
Norfolk A Western, com. (quar.)
2
Jan.
IX
Nov. 26 1921.]
THE
CHRONICLE
Per
Name of Company
When
Bcoks Closed.
Cent.
.
Payable.
Days Inclusive.
Railroads (Steam)—Concluded.
Pennsylvania (quar.)..
Per
Miscellaneous
la
Massachusetts Gas Companies,
5
Nov. 20
4
$1.50
Dec.
1
Holders of rec. Nov. 15
May Depart nent Stores, com. (quar.)__
Mergei thaler Linotype (quar.)
Merrin ac Mfg. com.
2
(quar.)„._
Plttsb. Youngstown & Asht.. pref. (qu.)
Reading Co.. first preferred (quar.)
Southern Pacific (quar.)
IK
Dec.
1
Dec,
50c.
la
Holders of rec. Nov. 22a
Middle
3
Holders of rec. Nov. 30a
1
Holders of rec. Dec.
1
e2K Dec,
Dec.
1
IK
Dec. 15
2K
Norfolk Railway & Light
Northern Texas Elec. Co.
75c. Dec.
1
Dec.
1
Holders of rec. Nov. 19a
1
Dec. 31
15a
Dec.
15
(quar.)
Public Service Corp. of N. J., com. (qu.)
"referred
Holders of rec. Nov. 30
15
Holders of rec. Nov. 30
New York Transit
Holders of
Niies-Bement-Pond,
IK
Dec.
1
Holders of rec. Nov. 20
IK
Dec.
1
Holders of
IK
Jan.
1
IK
Dec.
31
Holders of
Dec.
i(Ja
IK
Dec.
31
Holders of rec. Dec.
13a
Pacific
IK
.
Dec.
31
Holders of rec. Dec.
13a
Package Machinery,
Dec.
1
$1
Dec.
American Stores,
Nov. 15
to
2
Dec. 22
to
Jan.
2
Jan.
2
Dec. 22
to
Jan.
2
Jan.
3
Holders of rec. Dec.
Amer. Teleg. & Cable (quar.),..
Amer. Telep. A Teleg. (quar.)
Holders of
IK
Dec.
1
2K
Jan.
16
3
Dec.
1
.
.
)
rec.
(quar.)
common
la
Nov. 30a
Procter &
Holders of
Pullman Co. (quar.)
Pure Oil, com. (quar.)..
Nov. 10a
Holders of rec. Oct.
Holders of ree. Nov. 12a
Dec.
15
Holders of rec. Nov. 21a
3
Dec.
10
9
Jan.
1
Holders of rec. Dec.
3a
IK
Jan.
2
Holders of rec. Dec.
15a
IK
Jan.
2
Holders of rec. Dec.
15a
Rochester Gas A Elec. Corp.
5%
Seven percent pref. (quar.)
St. Joseph Lead Co.
2
IK
Jan.
2
Holders of rec. Dec.
15a
St. Marys Mineral Land
Jan.
2
Holders of rec. Dec.
15a
St. Maurice
$1.25 Dec.
1
Holders of
rec.
Nov. 15a
$3
....
1
Holders of
rec.
Nov. 15a
Holders of
rec.
Nov. 19
Holder* o*
rec.
Dec
.
)
)
Blackstone Vail. Gas & El.
Preferred
(qu.)_
.com.
....
Boott Mills, com. A pref. (quar.)_
Borden
.
I
.
(quar.)
.
1
| f-
i
.
........
)
Common
...
1
♦Holders of rec. Dec.
Dec.
1
iluiders of
Dec.
1
Holders of rec. Nov.
Dec.
1
Holders of rec. Nov. 20
IK
Dec.
1
Holders of rec. Nov. 15a
IK
Dec.
15
Holders of rec. Nov. 10a
Converse Rubber Shoe, pref
Cosden & Co., pref. (quar.).i
2
Dec.
15
Nov. 24
rec.
to
....
Swift A Co. (quar.)
Dec.
15
IK
Dec.
1
Holders of rec. Nov. 12
IK
Jan.
3
Holders of rec. Dec.
15a
Dec.
15
Holders of rec. Dec.
1
IK
Dec.
24
Holders of rec. Dec.
10a
1K
Dec.
1
♦Holders of rec. Nov. 19
♦V
Dec.
1
♦Holders of rec. Nov. 15
2
Dec.
15
Holders of rec. Nov. 30a
United Cigar Stores of Amer, pref.
1K
Jan.
1
Dec.
1
Dec.
1
Holders of rec. Nov. 10
2K
Jan.
2
Holders of
rec.
Nov. 30a
United Drug, 2d pref. (quar.)
United Gas Impt., pref. (quar.)
United Profit Sharing
7K
Jan.
2
Holders of
rec.
Nov. 30a
IK
Jan.
2
Holders of rec. Nov. 30a
IK
Jan.
3
Holders of
]
Elsenlohr (Otto) & Bros., pref.
(quar.)I!
Elk Horn Coal
Essex
Dec,
in
$3
Dec.
$2
Corp., preferred
Company
Dec.
quar.i
Extra
Fairbanks, Morse A Co., pref. (quar.)..
IK
$2
1
rec.
Dec.
1
Nov. 10
to
Nov. 30
1
Nov. 10
to
to
t.
1
Nov. 19
3
Holders of
roc.
Dec.
Dec.
15
Holders of
rec.
Nov. 25a
Dec.
1
Dec.
31
♦Holders of
rec.
Nov. 30
Dec.
1
Holders of
rec.
IK
Dec.
1
Holders of
rec.
Nov. 23a
Holders of
rec.
Dec.
Holders of rec. Nov. 15
Jan.
3
"
2
Jan.
14
Holders of rec. Dec.
8a
Extra (payable in stock)
Gillette Safety Razor (payable in stock).
e2
Jan.
14
8a
elO
Dec.
19
Holders of rec. Dec.
Holders of rec. Dec.
$3
Dec.
1
Jan.
2
General Electric
IK
(quar.)
Goodrich (B. F.) Co., pref. (quar.).
Grafton Co. Elec. L. A P., com. (quar.).
Preferred
Great Atl. A Pac. Tea, com.
(quar.)...
Preferred (quar.)
Greenfield Tap & Die Corp., pref. (qu.).
Gulf States 8teel, 1st pref. (quar.)
2
Nov. 28
Holders of
2
(q uar.)....
Dec.
Holders of
♦25c.
Dec.
1
(quar.).
Dec.
Jan.
3
Jan.
2
IK
Dec.
1
Jan.
*1K
rec.
rec.
12a
31
22a
Nov. 28a
Nov. 18a
15 ♦Holders of rec. Nov. 16a
1
Holders of rec. Nov. 16
IK
2
IK
Harbison-Walk. Refract., com.
Preferred (quar.)
Hart. Schaffner A Marx.
IK
Holders of rec. Oct.
Holders of rec. Dec.
24a
20
Holders of
rec.
Dec.
15
'Holders of rec. Dec. 15
Holders of rec. Nov. 19a
Holders of rec. Jan. 10a
Interstate Iron & Steel, pref. (quar.)
Inland Steel (quar.)
Dec.
1
25c.
Dec.
1
Holders of rec.dNov. 21a
Holders of rec. Nov. 10a
1
Holders of
Dec.
31
rec.
Holders of rec. Dec.
16a
31
Holders of
rec.
Dec.
16a
Dec.
31
Holders of
rec.
Dec.
Lancaster Mills, com. (quar.)
2K
Dec.
1
IK
Nov. 30
Monotype Machine (quar.)
Lee Rubber A Tire Corp.
(quar.)
Lehigh Coal A Navigation (quar.)
Liggett A Myers Tob. .com .Acorn .B (qu.)
Lima Locomotive Works, com. (quar.)..
Louisiana Oil Refin. Corp., com
Preferred, series A and B
50c
$1
3
»IK
$6.75
Dec.
1
Nov. 30
Holders of rec. Nov. 21
Holders of
rec.
rec.
Nov. 15a
Dec.
1
Dec.
1
Holders of rec. Oct.
31 a
Holders of
10
to
rec.
Nov. 16
Nov. 30
Holders of
rec.
Nov. 25
2
Nov. 30
Holders of rec. Nov. 15a
Dec.
Jan.
♦IV
3 ♦Holders of rec. Dec. 16
Dec.
1
rec.
Nov. 30
Holders of
rec.
Nov. 18a
Holders of reo.
Nov. 18a
Dec.
15
Holders of rec. Nov. 19a
Dec.
15
Nov. 17
3
Dec.
15
Holders of
rec.
Nov. 30a
Dec.
15
Holders of
rec.
Nov. 30a
5
Dec. 20
Nov. 26
to
Holders of
rec.
Nov. 25a
15
Holders of
rec.
Nov. 25a
Holders of rec. Nov. 26
Dec. 15
Jan.
3
1
Jan.
3
Holders of
rec.
Nov. 25a
IV
Dec.
1
Holders of
rec.
Oct.
2
Dec.
1
Holders of
rec.
Nov. 28a
IV
Dec.
1
Holders of
rec.
Nov. 10a
Jan.
1 ♦Holders of rec. Dec.
Holders of
Holders of rec
6
Holders of
rec.
Dec.
2a
Holders of
rec.
Dec.
1
15
1
Holders of rec. Dec.
3a
2
Dec.
15
Holders of
rec.
Dec.
6a
IV
Dec.
1
Holders of
rec.
Nov.
5a
2
Nov. 28
Holders of
rec.
Dec. 15
IV
Dec.
1
IK
87Kc. Dec. 15
Holders of
rec.
Nov. 30a
1
Holders of
rec.
Nov. 24a
1
Holders of rec. Nov. 24a
....
(qu.)
......
Extra
United
I
Royalties (monthly)
Extra
.
lVc. Dec.
1 Vc. Dec.
3
1
Holders of
...
Common (payable In
Preferred
common
stock).
(quar.)...
U. S. Steel Corp., com. (quar.)
Preferred
(quar.)
I
(quar.). 11
United States Title Guaranty
Oil
Vacuum
.....
Extra
I
Van Raalte Co.,
Inc., 1st A 2d pref. (qu.)
Wahl Co., common (quar.)
Preferred
(quar.)
II
Wamsutta Mills (quar.)
Welch Grape Juice Co., pref. (quar.).
Wells, Fargo A Co
...
Holders of
rec.
Nov.
Dec.
15
Holders of
rec.
Dec.
1
Dec. 31
♦Holders of
rec.
Dec.
16
Dec. 31 ♦Holders of
rec.
Dec.
15
♦Holders of
rec.
Dec.
15
♦1
♦t'5
Dec. 31
♦IV
IV
IV
Dec.
Nov.
3
Dec.
Nov. 30
Holders of rec.
Nov.
1
2
Nov. 30
Holders of rec.
Nov.
1
IV
Deo.
1
Holders
2
Holders of
rec.
Dec. 22a
2
Holders of
rec.
Dec.
Jan.
$1
15
Holders of rec. Nov. 30
of rec. Nov. 17
Jan.
Dec.
IV
Nov. 30
Holders
iK
Dec. 20
Holders of
rec.
Nov. 21 a
rec.
Nov. 21a
15
oljec. Nov. 21
West India Sugar Finance
2
Dec.
1
Holders of
White (J. G.)
IV
IK
Dec.
1
Holders of rec. Nov. 15
Dec.
1
Holders of rec. Nov. 15
1
Holders of rec. Nov. 15
Corp., pf.(qu.)
Engineering, pref. (quar.)
White (J. G.) Co., Inc., pref.
(quar.)
White (J. G.) Manag't Corp., pref. (qu.)
White Motor (quar.)^.
o
I
ri-
rrd
u
From unofficial sources,
will not be
not
e
for
Payable in stock.
count of
m
Holders of rec. Dec.
2
Dec.
1
Holders of rec.
Jan.
3 ♦Holders of
Dec.
1
o 50c.
b»D
this
6
Dec.
1
1
Holders of rec. Nov. 15a
1
rec.
Dec.
10a
10a
Nov. 10a
Dec.
10
Holders of rec. Nov. 25
r>r
1
25c. Nov. 30
rec.
Dee,
't-t-
25
Holders of rec. Nov. 15a
Holders of rec. Nov.
4
$ The New York Stock Exobange has ruled that stock
quoted ex-divldend
closed
Holders of
3
01 M
IIIII.
_I
Manufacturing
books
Dec. 31
Jan.
$1
♦IV
Wrigley (Wm.) Jr. Co., com. (mthly.)
oP
Dec.
IV
IV
....
Woolworth (F. W.) Co., pref. (quar.)
Wooiwortb (F. W.) Co., com. (quar.)
Woolworth (F. W.) Co., pref.
(quar.)..
on
this date and not until further notice,
dividend.
6
British
Less
/ Payable in common stock,
accumulated dividends.
< Payable
in
g
Income
a
coupon
or
Transfer
d Correction.
Payable in scrip,
Liberty
Payable in Canadian funds and to holders of
tax.
ft On ac_
bonds.
victory Loan
No. 10.
1922.
»
Dividends of 50c.
0
2
43 Kc Dec.
8«
Holders of rec. Nov.
a month
declared
on common
stock, payable on the first
Holders of
Manhattan Shirt, com. (quar.)..
22a
IV
2
payable July I, Oct. 1 and Jan. 1 1922 to holders of record June 25.
2
1
3
la
Nov.
6
Nov. 30
30
Nov. 29
Holders of rec. Dec.
Holders of rec. Nov.
6
Nov. 27
IV
payment.
Holders of
3
Nov.
rec.
1
U. S. Cast Tron, Pipe A Fdy.. pref.
(qu.)
U. S. Gypsum, common (quar.).....
of each month to holders of record on the 25th
1
Nov. 14a
Holders of rec. Nov.
Nov. 27
la
1
1
Holders of rec. Nov. 15
Dec.
1
10
Jan.n21a
Doc.
Nov. 15o
Dec.
28a
Dec. 31
1
rec.
Dec.
Nov. 25a
rec.
Holders of rec. Nov.
Dec.
rec.
Dec.
Dec. 20
15
Dec.
IV
Holders of
$1.50
15
$1.25 Dec.
Holders of
$1
Dec.
to
1
$1.50
Nov. 19
15 ♦Holders of
Dec. 28
Ludlow Mfg. Associates (quar.)
Extra
xoa
rec.
Nov. 30
Dec.
Dec.
Mahoning Investment (quar.)
Dec.
reo.
Nov. 30
♦2
Holders of rec. Nov. 15a
28
Dec. 11
to
1
Dec.
Dec. 20
17 ♦Holders of
2
Dec.
$2
Nov. 16a
rec.
Holders of rec. Nov. 16
Dec.
Dec. 20
25c.
1
15a
Holders of rec. Dec. 22
Dec. 31
Nov. 19a
Holders of
Dec.
In
16a
Lanston
rec.
Jan.
Nov. 10
Dec.
Holders of
IV
19
Dec.
2
(quar.)..
Union Bag A Paper (quar.)
Union Tank Car, com. 4 pref.
(quar.)..
United Cigar Stores of Amer., com.
(qu.)
Preferred
•
Dec.
Jan.
3a
York
to
Nov. 15
IK
IK
IV
Dec.
Holders of rec. Nov. 16
Dec.
1
to
Dec. 26
Nov. 20
Nov,
rec.
rec.
1
1
rec
Holders of
Holders of
Dec.
IK
...
Nov. 15a
of
1
In
Wright Aeronautical Corp
International Harvester, pref. (quar.)..
IK
3
Kresge (S. S.) Co.. common
Common (payable In common stock)
/54
Preferred (quar.)
rec.
1
vov. 30
Dec.
Jan.
Holders of rec. Nov. 19a
IK
'
Holders of
Dec.
2 K
Holders of rec. Nov. 28
31
9a
31n
(quar.)
Nov. 30
Dec.
Holders of rec. Nov.
Nov. 30
Dec.
Nov. 28
Dec.
Nov. 16a
rec.
to
1
m 75c.
Imperial Oil, Ltd. (quar.)
Nov. 17a
Holders of
Nov. 2Qd
IK
Illinois Pipe Line
rec.
Holders of rec. Nov. 15
Holders of rec. Dec.
1
(quar.)..
Holders of
1
1
Nov. 25
50c.
8
com.
Hartford Water, com. (quar.)..
Hartman Corp. (quar.)..
15
Dec.
Dec., 15
Nov. l6o
♦2
...
Dec.
Dec.
Dec,
Nov. 30
15a
Nov. 17a
IV
Nov. 30
Dec.
Jan.
rec.
J
Tim ken-Detroit Axle, pref.
(quar.)
Underwood Typewriter, common
20a
I >»*«■
■IK
IK
Galena-Signal OH, pref. (quar.)
General Asphalt, pref. (quar.)
General Cigar, pref (quar.)..
Debenture preferred (quar.)
Extra
15
Holders of ree.
Holders of
Jan.
75c.
75c.
(quar.)
1
15
rec.
50c.
Crescent Pipe Line (quar.)
common
Holders of rec. Dec.
Dec.
Feb.lSn ♦Holders of
1)...II
la
Common (extra)
Preferred (quar.)...
1
Dec. 31
rec.
1 K
la
1
20a
Dec.
rec.
15 ♦Holders of
...I"
Holders of
Jan.
Dec. 15 ♦Holders of
$1.20 Feb.21n
(monthly)
Texas Company (quar.)
Texas Gull Sulphur (quar.) (No.
Holders of rec. Dec.
to
29n
Dec.
♦2
International
15
17
Apr
3
15
II.I!
rec. Dec.
4
Dec.
♦
rec.
Holders of rec. Nov. 19a
1
$1
Dec.
....
20
$1
...
Swift
Holders of
Holders of
IK Mayl5«
IK
IK
Eastman Kodak,
IK Feb.lSn
Dec.d23
to
2
(quar.)
fl'K
Deere & Co., preferred (quar.)
Diamond Match (quar.)
Nov. 21
rec.
Nov. 27
3
common
Texas Chief Oil
12
Holders of
Holders of
Crane Co., com. (quar.) (in com. stock
Preferred (quar.)__.....
Cumberland Pipe Line (annual)
Davis Mills (quar.)
Decker (Alfred) A Cohn. Inc."
pf."(q~u.)'
1
1
Standard Oil (Ohio), pref, (quar.)
Stern Bros., 8% pref. (quar.)
studebaker Corp.. com. & pref. (quar.).
Holders of rec. Nov. 15
Dec.
Dec.
Nov. 27
to
Dec.d23
Holders of rec. Jan. 31n
I_I
Holders of rec. Nov. 15a
to
2
Dec.
(Ohio) (quar.)
1
Nov. 26
19
Jan.
IV
Extra
1
Dec.
Dec.
Holders of
-.1
Dec.
rec.
Nov. 11a
rec.
Holders pf rce. Dec.
3a
Holders of rec. Dec. 13
Holders of rec. Nov. 15a
...
Standard Oil
15a
15
rec.
Holders or
1
14
Dec. 20
1
Standard Oil of N. Y.
(quar.)..
15
Nov. 15a
Dec.
Milling,
8Kc. Dec.
.....
Holders of
Dec.
10
Dec. 20
Standard Oil (Nebraska)..
I.I.I
Standard Oil of N. J., com.
(quar.)
Preferred
(quar.)
15
15
Jam
Consolidated Cigar Corp.. pref. (quar.)
Consolidated Gas of New York (quar.).,
Continental Oil (quar.)..
Extra
Nov. 15
*0K
2
Nov. 19a
Dec.
(quar.)
Standard Oil (Calif.) (quar.)
Standard Oil (Indiana)
(quar.)
Standard Oil (Kansas) (quar.)
♦Holders of rec. Nov. 15
♦Holders of rec. Dec.
Nov. 19
rec.
Jan.
Preferred
1 ♦Holders of rec. Nov. 15
1
rec.
Holders of
Dec. 31
12
1 ♦Holders of rec. Dec.
Holders of
1
5
28 ♦Holders of
1 ♦Holders of rec.
1
Dec,
2
Dec.
Jan.
Dec.
16a
2
Standard
*oK Dec.
Jan.
*QK
Dec.
Sugar, pref. (quar.)..
South Porto Rico
12
3K
Coca-Cola Co.. common
...
10
*olK
Dec. 20a
rcc.
♦SI
Paper, Ltd. (quar.)
Holders of rec. Dec.
IK
scrip).......,
Pref. & pref. B(mthly.) (pay. in scrip )
Cleveland Electric III. 8% pref. (quar )
....
Holders of rec. Nov. 30a
1
rec.
Holders of
IV
15
*oK Dec.
*olK Dec.
Holders of
3
$1
pf.(qu.)
15
Dec.
3
Jan.
10a
1
28 ♦Holders of rec. Dec.
rec.
Jan.
50c
Dec.
Dec.
Dec.
♦m
fouar.)...
Sinclair Consolidated Oil,
pref. (quar.)
SIoss-Sheffield Steel & Iron, pref. (qu.)__
SoJar Refining......
Holders of rec. Nov. ISa
Holders of rec. Nov. 22
$1
(payable in
<vr,>F„rrpd
(quar.)'
Cities Service—
Common (payable In scrip)
»«f,i.*u,!«
Dec.
15
Nov. 25a
rec.
IK
Ranger-Texas Oil (monthly)
Republic Iron A Steel, pref. (quar.)
Southern Pipe Line
(quar.)
Southwestern Power A Light, pref.
(qu.)
Standard Gas «fc Elec., pref.
(quar.)
1
Dec.
IK
IK
*3 K
*1K
i
\n
Dec.
$2
(quar.)
com.
f \
t,;.
2
.
Chesebrough Mfg.,
Dec.
IK
.
Co
Brooklyn Edison (quar.)....
Buckeye Pipe Line
Preferred
Dec.
Dec.
Deo.
rec.
Holders of
IK
Reynolds Spring Co., pref. A (quar.)...
3K
14a
Nov. 12a
to
rec.
Holders of
♦2
Holders of rec.
1
Holders of
15
Dec. 31
*1K
Gamble, 6% pref. (quar.)..
1
Dec.
Deo. 81
Dec.
50c. Dec.
1
.
Nov. 10a
(quar.)
Nov. 30
.
reo.
$1.50 Jan.
Dec.
.
Holders of
..
5
Bethlehem Steel, common (quar.)
Common B (quar.)
Nov, 30
IK
....
Dec.
10c
Nov. 28a
IK
IK
„...
17a
rec.
$1.25 Dec. 31
IK
Construction
Second preferred (quar
Atlantic Refining, common (quar.)__.
Atlas Powder, common (quar.)
Baldwin Locomotive Works, com. & pi
Nov
Holders of
1
Oil......
Holders of rec. Dec. 20a
rec.
rec.
Patchogue Plymouth Mills, com. (No. 1) *$1
50c
Motor, com (ouar.).
Philadelphia Electric, common (quar.).
43Vc
Preferred (quar.)
50c.
Pittsburgh District Electric, preferred..
$3
Pittsburgh Steel, preferred (quar.)
IK
Pressed Steel Car, preferred
IV
(quar.)
15a
Jan.
.
31a
Holders of
Peerle«s Truck A
Nov. 23
IK
$1
.
First and second pref. (quar.)
Amer. Sugar Refg., pref. (quar.)__
Art Metal
1
of rec. Nov. 18
Holders of rec. Dec.
IK
(quar.)
com.
31
Dec.
IK
Holders
Nov. 30
rec. Deo.
$1.75 Dec. 31
1
Preferred (quar.)
Nov. 30
rec.
Holders of
IK Nov. 30
Dec.
1
IK
(quar.)
Extra
Novdl9a
15
rec.
rec.
Holders of
5
common
Ontario Steel Products, pref.
Preferred
fquar.)...
.
.
Holders of
15
$4
(quar.)
Ogilvie Flour Mills, pref. (quar.)
Ohio Oil (quar.)
.
15
Dec.
IK Jan 14n
Northern Pipe Line.....
Miscellaneous.
rec.
Dec.
IK
1
IK
15
_
IK
Holders of
3a
17
3
15
pref. (quar.)
Nov. 30
Dec. 15
...
Dec.
Acme Tea,
rec.
IK
Nov. 30
to
IK
Dec.
pf. (qu.)
Oct.
1
16
IK
IK
Wisconsin-Minnesota L. A P.,
rec.
Nov.
IV
(quar.)
National Surety (quar.)
National Sugar Refining (quar.)
Nebraska Power, pref. (quar.)
IK
Dec,
Nov.
(quar.)
pref.
IK
rec.
rec.
com.
San Joaquin Light & Power, pref. (qu.)_.
Dec.
Holders of
fquar )
Notional Lead,
National Lead,
la
Holders of rec. Dec.
31 ♦Holders of rec. Dec.
Dec.
...
Prior preferred (quar.)
West Penn Rys., pref. (quar.)
*2
(quar.)
Nov. 15a
Deo.
W.est Util ties prior lien(quar.)__
New River Co.. pref. (acct. accum. div.)
New York Shipbuilding (quar.)
i._
Preferred
rec.
rec.
National Cloak A Suit, pref. (quar.)
Nat. Enamel. & Stamp., com. (quar.)__
Holders of rec. Nov. 15a
2
....
com.
Holders of
Holders of
Ltd., com. (quar.)__
(quar.)
Biscuit, com. (quar.)
Preferred
(quar.)
Holders of rec. Novpl5a
Holders of rec. Nov. 20
Holders of rec. Dec.
1
Dec. 31
*$1.25 Deo. 15 ♦Holders of
Preferred
Holders of rec. Nov. 15a
Eastern Wisconsin Elec. Co., pref. (qu.)
El Paso Electric Co., com. (quar.):
1
Dec.
National
la
1
Dec.
2
Montreal'Cottons,
Holders of rec. Nov. 19
3
Dec.
IK
2
Mexican rteanoard Oil
Dec.
Closed.
2K
pref
(quar.)
Holders of rec. Nov. 21a
Jan.
2K
Street and Electric Railways.
Central Arkansas Ry. A Lt., pref. (qu.).
Detroit United Ry. (quar.) (in stock)..
Holders of rec. Nov.
8
Jan.
IK
$1
Union Pacific, common (quar.)
Dec.
to
Books
Days Inclusive.
(Concluded)
Holders of rec. Nov.
Dec.
Nov. 30
„
Payable.
Nov. 30
m
Tuckerton RR. (special)
When
Cera.
Name of Company.
$1.50
50c.
Phila. German town A Norristown (qu.)_
Plttsb. Bessemer <fc Lake Erie, pref
Pittsburgh A West Vs., pref
2287
day
day of the month preceding date
of
Also three quarterly dividends of 1V% each on the preferred
stock;
Sept. 25and
Holders of rec. Nov. 15«
•
Martin-Parry Corp. (quar.)
Mascoma Light & Power, com. (quar.)..
Preferred (quar.)
McCrory Stores Corp., com. (quar.)
50c.
Dec.
IK
Dec.
IK
Dec.
1
Dec.
15
n
1
rec.
rec.
Nov. 22
Holders of
rec.
Nov. 18a
Holders of
rec.
Nov. 18a
Holders of rec. Dec.
la
Dec
p
25.
respei-Tlv 4y
New York Stock Exchange has ruled that Detroit United Ry. stock be not
quoted
ex-stock dividend on Nov. 15 and not until further notice.
1
Declared
7%
on
common
stock
payable in quarterly installments as
follows:
IV% each on Dec. 1 1921, March 1 1922, June 1 1922 and 8ept. 1 1922. to holders
of record on Nov. 151921, Feb. 151922. May 15 1922 and Aug.
15 1922. respectively.
Saturday
and Foreign
U. S.
Bonds.
Bonds.
Par Value.
435,320
750,650
674,240
Tuesday...
■...
Wednesday
54,108,700
46,054,500
44,990,500
Friday
....
2,064,500
3.027,000
9,404,000
Nov. 19
Nov. 12
Nov. 5.
1021.
previous week.
1921.
1921.
$
S
$
$
12,571,350
■
Week ending Not.
Sales at
Due from other banks
1921.
1920.
I
205,778,402
150,373,218
3,317,164
4,184.424
Stocks—No. shares...
$17,627,554,475
$225, i87,l50i$353,925,000 $11,248,255,251
Par value
•
_
Bank shares,
43,709, 000 Dec.
Casb In bank and F. R. Bank
1921.
1920.
j
12,009, 000 Dec.
19,611, 000 Inc.
63,624, 000 Inc.
Reserve in Fed. Res. Banks..
New York Stock
Exchange,
23,930, 000 Inc
Exchanges for Clearing House
25.
Jan. 1 to Nov.
25.
Time deposits
United States deposits
Total
2,609,000
2 ,613,000
%9 000'
2,769 000 533 ,178,000 532,209,000
3.802 ,000 404 ,443,000 411,411,000
99,404,000
95 ,669,000
745 000
743 ,000
23 ,187,000 22,856,000
13,622,000
3.105 ,000! 15 ,114,000
2,622, 000 Inc.
Loans, disc'ts & Investments. 530,409, 000 Dec.
Individual deposits, inch U.S. 408,245, 000 Inc.
96,414, 000 Inc.
Due to banks....
Circulation..
$30,803,000 $10,533,500 $45,672,350
3.317,161 $225,187,500
Changes from
10,631,000
10,731.000
MEMBERS.
CLEARING HOUSE
7,450,000
'
1,580,500
2,511,500
8.442,000
HOLIDAY
Thursday
BOSTON
$4,289,000
$1,350,000
$3,604,000
6,180,000
9,173,000
55,827,000
70 1,011
...
$24,208,000
747,043
....
.
Monday
a sum¬
Stale, Mun.
Ac.,
Bonds.
Nov. 25 1921.
Shares.
Banks.—We give below
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
mary
from page 2292.
Railroad,
Stocks.
Week ending
Boston Clearing House
Stock Exchange daily,
Transactions at the New York
weekly and yearly.—Brought forward
[Vol. 113.
CHRONICLE
THE
3288
Reserve
bank
In
excess
23.384,000
,456,000
60,694,000
,043,000
44,467,000
145 ,000
.188,000
7,277,000
57,000
792,000
109,000
334 000
7,333, 000 Inc.
849,000 Inc.
and
Reserve Bank....
Federal
17 ,100,000
2,511 ,600;
6,168 000
..
$11,400
par.....
Bonds.
$45.672,35o!
$43,804,800
3,249,500
18,843,500
273,126,200
864,739,700
$93,008,850!
$65,897,800
•0,533,
Total bonds...
DAILY
$2,438,481,050
315,933,900
$1,687,352,650
00i
36,803,000,
bonds
Government
State, mun., &c., bonds
RR, and miscell. bonds
TRANSACTIONS
673,508,500
$3,427,923,450
$2,825,218,550
separate banks are the average of the daily results.
In the
of totals, actual figures at end of the week are also given:
AND
THE BOSTON, PHILADELPHIA
EXCHANGES.
!
AT
case
BALTIMORE
.1
(Slated, in thousands of dollars—that is, three ciphers
Week ending
Nov. 25
Shares.
1921.
Saturday
Tuesday
Wednesday
88,951 i
62,800
97,700
|
Thursday...
61,000
26,913
...—.....
Total
1,449
MEMBERS.
82,300
j
60,700
$293,300
25,852
Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
YORK CLEARING
Deposi¬
i
Time
Bank
}
De-
Circu¬
tion.
Average
Average Average
S
37,135
\
Average, Avge.
568
3,396
13,772
24,791
97,mi
2,000
7,333
5,000!
17,362
118,74 lj
1,994
Mech & Metals.
10,000
5,500
40,000
4,500
1,000
17,555
164,410
8,95^,18,4121
141,617
5,879
65,745
15,191
1,144
52,004
1.70
460,422
116,744
7,02
6,492
55,579
*493,413
1,40
13,358j
Nat Butch & Dr
500
249
Nat
5,000
7,951
15,805
5,592
91,711
25,000
35,485
302,204
National City..
Chemical Nat'l.
Atlantic Nat'l.
Nat Bk of Com
397
48,507
101,219
14,236
1,931
$
$
$
S
$
Co.
Bank of America
la¬
Deposits. ! posits.
tories
&c.
$
$
Net
Legal
Vault.
Average
.
Y.NBA
Amer Exeh
NON-MEMBER INSTITUTIONS OF NEW
in
ments
Members of
Fed. Res. Bank
Bk of N
RETURN OF
Invest
Nat'l,
Sept. 6
(,000 omitted)
Week ending State,
Sept. 6
Nov. 19 1921.
Tr.cos.,Sept. 6
Demand
with
Cash
Capital. Profits. Discount,
HOUSE
Manhattan
New York City
Reserve
Loans,
Net
CLEARING
52,800
81,000
1,875'
,
59,413 $1,868,450
$335,851'
162,735
......
$16,500
765'
1,5271
20,236!
5,9721
$38,750
10,122:
285,250
11,729
549,350
14,237
921,700
HOLI DAY
17,353
73,400
$25,400
17,204
29,403
30,172
59,043
.........
[900] omitted.)
\Bond Sales
Shares
Bond Sales
Shares
\Bond Sales
Monday
Friday
HOUSE RETURNS.
CLEARING
YORK WEEKLY
NEW
Baltimore
Philadelphia
Boston
House Banks
Companies.—The following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Nov. 19.
The figures for the
Statement of New York City Clearing
and Trust
l,042j
1,965
14,275'
2,308'
"988
960i
20,060; 1,207
350
1,422
587;
231
70!
294
665
4,210
1,400 10,153
1,097 33.399
3,508
1,008
77,243
253,867
6,361
15,632
106.562
1,492
2,280
6,486
14,027
98,534
7,552
52,823
456
24,487
160,435
16,238
23,192
2,321 4,717
7,012;
Loans,
I Net
Dis¬
Capital. Profits.
CLEARING
16
lS
Nov.
19
1921.
26,319
13
51
128,765
1,866
5,359
14,112
1,475
National Park.
49,665
in
Legal
De¬
De¬
Circu¬
East River Nat.
Deposi¬
posits.
posits.
lation.
Second Nat Bk.
1,000
1,000
4,841
22,435
726
Flrst Nat'l Bank
10,000
38,650
257,358
795
16,781
1,582
2,648
21,268
12,500
1,000
11,550
181,813
7,531
24,286
806
7,444
119
960
15,000
20,578
280,079
5,209
37,299
500
2,295
tories.
$
10,168
165
10,104
350
1,347
1,548
W.R. Grace & Co.
500
1,053
22
523
839
5,-.08
18,051
510
4,184
43,831
1,047
200
1,611
7,881
10,441
3,092
9,508
Average Average
$
$
195
169
Continental Bk
Chase Nat Bank
Fifth
1,447
Fifth Nat Bank.
11,124
195
State Banks
the
428
600
3,731
494
231
1,777
100
17,346
2,332
1,359
2,205
700
21,077
2,826
1,590
100
2,741
19,9831
1,175
2,789
15,502
38
392
809
15,130
299
1,817
13,722
543
244
49,618
16,082
963
5,666
1,725
42,570«
764!
436
15,871
33,604
238,70
389
1,144)
2,694
3,886
29.412
12,634
18,208
28,378
48,281
677
5,943
45,299'
829'
360,892
1,506
38.413
*367,032
17,070
18,872
360
2,470
610
72,319
1,072
1,238
9,068
4,981
1,500
Trust.
20,000
19,512
4,171
16,131
Tr Co
3,000
25,000
1,500
5,000
7,728
2,001
1,698
642
831
8,714
*224,021
3,614
18,673
71,273
35,450
144,833
22,20*
492
16,396!
121,342
421
28,078
518
I
1
36,675
3,430!
9,803
New York TrCo
573
200
9,459
405
200
Total.
Grand aggregate..
Comparison
2,000
21,3121
2,000
1,221
3,407
3,150i
Tr.
Nassau N, Bkln
1,000
1,516
15,243
547
3,252:
1,351;
23,823
13,470
233
Farmers L & Tr
5,000
2,000
722
12,486
*99,368
573
9,459
405
3,300
6,963
74,367
4,278
+ 633
+6
prevlojus week
244
244
22,562
681
3,305|
24,253
12,000
134,395
1,683
20,099!
*172,576
1,189
10,922
5,463
4,071
6,863 a57.529
+54 + 1,280
Metropol'n
5,463
4,071
16,617
195
+ 39
16,907
694
756
50
+1
271,400 451,046 4,240,600
74,952 502,081 C3.702,226 185,843 32,601
194
Totals, actual co ndition Nov. 19 4,273,229
Totals, actual co ndltlon Nov. 12 4,222,848
195
Totals, actual co ndition Nov.
71,772'517,433 C3.721,689 184,072 32,903
75,632:518,846 c3,690,385 175,893 32,701
69.628495,716 c3,681,243 174.257 32.782
19
Avge. Nov.
Gr'd aggr. Nov
3,300
6,963
73,734
4,272
6,809
16,568
194
Gr'd aggr. Nov.
3,300
6,963
72,543
3,300
3,300
6,963
6,963
72,087
3,926
3,932
6,405
6,209
16,138
16,166
194
Gr'd aggr.
Gr'd aggr.
12
6
Oct. 2!)
Oct. 22
72,211
3,963
a56.249
a54,773
853,892
6,528 854,617
16,175
State
$134,000.
Bills payable, rediscounts, acceptances and other liabilities, 1,105,000.
Excess reserve, $101,000 decrease.
a
U. S. deposits deducted,
Banks.
Not
5 4,243,816
ile mbers of F.
R. Bk.;
17,963
1,000
2,046
250
833
17,382
5,412
2,831
Bank..
657
320
5,341
2,500i
3,828
76,814
3,317
1,994:
28,154
46,896
3,750
6,708
99,608
6,805
3,930
51.458
46,946
Totals, actual co ndition Nov. 12
Totals, actual co ndition Nov.
100,025
6,870
6,743
6,463
3,977
Totals, actual co ndltlon Nov.19
100,555
99.831
52,275
52,517
51,475
46,976
46,888
46,819
913
Bowery
Bank
Avge. Nov. 19
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Nov. 19 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 10% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Trust
5
3,811
3,730
1
Not Me mbers cf F. R. Bk
Cos
1,616
46,041
1,372
3,247
30,588|
24.832
803
1,647
16,260
Lawyers TitATr
4,000
13,080
6,393
Avge. Nov. 19.
10,000
19,474
70,873
2,175
4,894
46,848
l,284i
Totals, actual co ndltlon Nov. 19
Totals, actual co ndltlon Nov. 12
72,176
70,212
5,116
4,899
4,832
1,297
46,309
1,335
71,239
2,192,
2,251
2,343
48,312
Totals, actual co ndltlon Nov.
47,135
1,299
Title Guar & Tr
6,000
5
285,150 477,228 4,411,081 83,932510,905
+ 13,258 +3,258.+8,299
Comparison, pre vloys w eek
Gr'd aggr. avge
Week
ending
Nov.
19
1921.
Nov. 12
Ciphers
Ttoo
(00) omitted. Members of
Trust
F.R.System Companies
Nov. 5
1921.
1921.
Due from
Bank
banks..
deposits
Individual deposits
deposits
Total deposits...
U. S. deposits (not incl.)_
Reserve wth legal deposit's
Reserve with F. R. Bank..
Cash In vault*
Total reserve and cash held
Reserve required
Excess res. & cash in vault
Time
Cash la vaults not
$4,500,0
$33,475,0
94,265,0
610,108,0
25,791,0
97,689,0
106,583,0
478,334,0
13,915,0
598,832,0
$37,975,0
107,734,0
643,228,0
26,112,0
97,701,0
106,889,0
496,948,0
14,254,0
19,259,0, 618,091,0
9,508,0
"2,461,0
2,461,0
48.740,0
10,540,0
59,280,0
46,560,0
12,720,0
48,740,0
13,469,0
33,120,0
321,0
12,0
306,0
18,614,0
339,0
853,0,
3,314,0
2,804,0:
510,0
371
3,800,532 234,073 32,601
—85
+ 36,974 + 11018
4,445,960 80,834 526,526 3,822,276 232,345 32,903
+33,065 + 8,229 +202
+53,069 -3,792—1,030
Gr'd aggr., act'l cond'n
Comparison, pre vlous w eek
Total.
Gr'd aggr,,
Capital—
Surplus and profits
Loans, disc'ts & luvestm'ts
Exchanges for Clear .House
50
Greenwich Bank
State
-
..
19,274
Equitable Tr Co
11,929
1,718
16,817
122,614
Columbia Bank.
Mech Tr, Bayonne
..
2,233
1,398
1,873
Lincoln Tr Co..
Not Members of the
Federal Reserve Bank
65
408
' 386
338;
1,500
10,000
Peoples Tr Co.
Trust Companies
2,483
XOSl
771
Columbia Tr Co
"0
6,134
546
1,000
Guaranty Trust
22,536
182,857
260,6761 20,969
503
19,878
1,451
1,589
2,789
Fidel-Int
622
7,119
8,245
3,000
1,500
U S Mtge & Tr.
30
3,729
18,807
83
3,235
3,159
15,921
Coal & Iron Nat
Bankers
Federal Reserve Bank
50
17,122
184.424
876
Brooklyn Trust.
30,922
100
1,652
Union Exch Nat
5,029
4.439
400
Garfield Nat Bk
9,137
15,598j
1,000
1,000
Avenue..
Commonwealth
371
Seaboard Nat'l.
2,400
Total
3,442
298
Im- & Trad Nat
Bank
809
Colonial Bank...:
777
1,216
15,471
Nat'l
1,481
Bank of Wash Hts
36,416
162,870
769
Net
Time
200
Not Members of
167.109
1,500
10,000
9,995
8,746
23,692
Net
1,500
Total
7,500
Demand
Mutual Bank
Yorkvllle Bank...
3,000
2,500
Irving Nat Bank
Bank.
Res.
22,151
122,124
111,012
with
Average Average A verage Average
%
$
$
Members of
Fed'l
1,758
8,682
21,296
4,574
Vault.
Nat.bks.Sept.6 Invest¬
Statebks.Sept.6 ments,
Ac.
Tr. cos. Sept.6
Battery Park Nat
1,000
Nat'l.
Hanover
Reserve
Cash
counts,
NON-MEMBERS
Week ending
omitted.)
of dollars—that is, thiee ciphers [000
7,000
Corn Exchange.
HOUSE.
■
Pacific Bank..
Chath & Phenlx
Metropolitan...
.-.■y;:;
(Stated in thousands
11,393,0
62,594,0
49,364,0
13,230,0
$37,975,0
107,734,0
648,812,0
$37,975,0
107,734,0
652,270,0
•
28,799,0
89,761,0
105,222,0
495,188,0
14,324,0
614,734,0
12,976,0
2,597,0
49,366,0
11,458,0
63,421,0
48,934,0
14,487,0
counted as reserve for Federal Reserve members.
104,736,0
495,143,0
14,152,0
614,031,0
13,236,0
2,506,0
50,570.0
10,459,0
63,535,0
49,390,0
14,145,0
Nov. 12
4,392,891
5 4,415,080
Nov.
Gr'd aggr., act'l
Oct.
29
Gr'd aggr.,
Oct.
22 4,401,132
cond'n
act'l cond'n
29,590,0
95,911,0
act'l cond'n
Gr'd aggr., act'l cond'n
Note.—U.
4,369,244
3.789.211 224,116 32.701
3,779,853 222,374 32,782
3,801,670 224,073 33,112
78,477491.900 3,801,860 226,790 32,999
84,626 527,556
78.434504,281
77,442 510,502
deposits deducted from net demand deposits in the general total
follows: Average for week Nov. 19, $76,866,000: actual totals Nov. 19,
S.
above were as
$62,693,000: Nov. 12, $89,348,000; Nov. 5, $94,577,000: Oct. 29, $30,486,000;
Oct. 22, $44,529,000.
Bills payable, rediscounts, acceptances and other liabilities,
average for week Nov.
19, $408,231,000: actual totals Nov. 19, $442,067,000.
Nov.
12, $411,249,000; Nov. 5, $419,423,000; Oct. 29. $445,692,000; Oct. 22;
$444,684,000.
*
Includes deposits In foreign branches not Included in total footiDg as follows:
National City Bank, $90,075,000; Bankers Trust Co., $8,390,000: Guaranty Trust
$81,243,000; Farmers Loan & Trust Co., $9,423,000; Equitable Trust Co.,
Bankers carried in banks In foreign countries as reserve for Such
were: National City Bank, $34,797,000:
Bankers Trust Co., $876,000
Guaranty Trust Co., $12,533,000; Farmers' Loan & Trust Co., $844,000; Equitable
Trust Co., $2,968,000.
c Deposits In foreign branches not Included.
Co.,
$24,871,000.
deposits
*
Nov. 26
STATEMENT
OF
POSITION
RESERVE
OF
HOUSE BANKS
CLEARING
3389
CHRONICLE
THE
1921.]
COMBINED
Loans
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
$
Vault.
Members Feberal
%
S
S
$
19
Total Nov.
Oct.
8
1,472,560
Oct.
15
41,800
Oct.
22
16,730,690
13,466,050
12,424,840
Oct.
...
Total Nov. 12
Total Oct.
1..
8,980,000 510,905,000 519,885,000 503,154,310
8,873,000 502,606,000 511,479,000 498,012,950
Trust companies
Total Nov.
Oct.
15,216,330
6,805~000
...
8,801,000 508,380,000 517,181,000 504,746,160
8,785,000 501,056.000 509,841.000 502,983,910
5
29
$
Reserve in
Cash
Depositaries.
6.857,090
$
4,988 ,175,700
5,031 ,886,400
5,061 ,236,500
5,103 ,666,100
5,109 ,574,100
5.044 169,700
5,006 ,016,400
4,265 ,261,500
4,226 ,641,100
Week ended—
Sept. 17
Sept. 24
502,081,000 502,081,000 486,864,670
9,262,440
10,735,000
3,930,000
7,027,200
7,069,000
2,175,000
4,894,000
Reserve banks
State banks*
Total
in Vaults.
Deposits.
a
Reserve
Cash
Reserve
*
Demand
and
Inves merits.
in
YORK.
GREATER NEW
Averages.
IN
COMPANIES
TRUST
AND
BANKS
OF
RESULTS
TRUST COMPANIES.
AND
29
Nov.
Nov.
12
Nov.
19
♦
4,254 ,991,100
4,299 ,787,000
4,432 ,365,900
4,416 ,118,300
4,430 ,338,100
4,378, ,259,500
5,038 381,100
5,028, 647,300
5.045 ,584,600
5
581,887,700
574.216,900
105,157,700
102.681,900
103,500,000
103,269,800
108,235,800
4,246 ,794,000
567,838,500
566,301,700
578,381,400
602,611,100
583,285,400
593,207,100
587,367,200
600.951,500
103,919,000
101,912,000
99,678,300
103,411,200
106,167,800
4,427, ,302,300
legal tenders, national bank notes and Federa
This item includes gold, silver,
Reserve notes.
Actual
Members
Reserve banks
'
State banks*
Total Nov.
Total Nov.
Total Oct.
12
5....
29
Surplus
Reserve.
This is the reserve
28,091,270
l,4c>7,500
61,200
comparison with the previous week and the corresponding
535,588.000 595,998,030
536,550,000 501,426,250
513,081,000 500,125,050
29,589,970
35,123,050
12,961,950
16,304,120
Gold and gold certificates
519,410,000 503,035,880
$5,575,290; Nov. 12, $5,245,290; Nov. 5,
$5,255,490; Oct. 29, $5,292,540.
required on net demand deposits in the case of State banks
but in the case of members of the Federal Reserve Bank in¬
of reserve required on net time deposits, which was as tollows:
b This is the reserve
and trust companies,
Nov. 19,
$
Gold settlement fund—F. R.
$5,522,160; Nov. 12, $5,276,790; Nov. 5, $5,227,710;
Oct. 29, $5,279,490.
Trust Companies Not
Banks and
State
Banking
45,084,428
Department
53,575,235
----
436,415,117
594,280,778
15,000,000
Gold redemption fund..
figures showing the condition of State banks and trust com¬
panies in New York City not in the Clearing House as
follows:
Total reserves
8. Gov¬
members...
ernment obligations—for
110,786,802
COMPANIES IN GREATER
OF STATE BANKS AND TRUST
NOT INCLUDED IN CLEARING
NEW YORK,
(.Figures Furnished by Slate Banking
HOUSE STATEMENT.
Department.)
Differences from
Nov. 19.
previous week.
$634,503,600
4,918,600
Loans and investments,...
Gold
Currency and bank notes
Deposits with Federal Reserve Bank of New York..
Total deposits
Deposits, elimlnting amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
Reserve on deposits
Percentage of reserve, 21.5%.
Inc. $3,679,300
Inc.
5,600
17,317,200
55,831,600
674,304,500
Dec.
507,000
Inc. 3,622,000
Inc. 12,325,000
626,770,300
112,282,300
Inc., 12,068,000
4,783,000
Inc.
Trust Companies—
State Banks
17.09%
$49,645,300
9,117,800
5.48%
25,097,100
7.09%
$37,539,900
Total...
♦
14.00%
22.57%
$74,742,40 0
21.09%
Federal Reserve Bank of New York, which for the
banks and trust companies combined on Nov. 19 were $55,831,600.
Includes deposits with the
State
95,301,925
92,392,575
446,910,000
10,150,000
92,392,575
436,760,000
.....
bkB,
Bills bought In open
trust
the
Companies in New York City.—The
of the New York City Clearing House
banks and
companies combined with those for the State banks
and trust
companies in Greater New York City outside of
Clearing House, are as follows:
The Federal Reserve
.465,027,000
26,470,516
27,255,802
77,990,000
242,559,244
210,739,480
47,000
979,777,000
1,517,000
37,400,000
45,977,000
59,276,000
11,430,000
market
i
Total bills on hand
U. 8. bonds and notes
...
.......
U. 8. certificates of indebtedness—
37,400,000
33,382,500
Act,..
One-year certificates (Plttman
313,341,744
294,163,480 1,052,000,000
Bank premises
6,182,423
6,024,704
4,208,000
5% redemp. fund agst. F. R. bank notes
1,541,760
1,557,410
2,627,000
Uncollected items
123,698,526
152,048,436
135,447,000
All other resources...................
3,440,238
3,180,703
1,195,000
Total resources..
1,542,770,728 1,554,262,096 1,815,062,000
Liabilities—
' Y.
-======*' s==
■
Total earning assets
.....
.
,..
...I..........
Capital paid In
27,136,650
59,318,368
27,134,350
59,318,368
26,245,000
51,308,000
Franchise Tax
20,408,010
20,408,010
...
Surplus
Reserved for Government
Denosits*
7,435,007
6,603,738
913,000
Member banks—Reserve account
661,672,881
653,748,240
660,024,000
All other
14,669,941
17,078,401
13,140,000
Total deposits
....
683,777,830
677,430,380
674,077,000
F. R. notes In actual circulation
637,671,544
634,716,185
876,321,000
F. R. bank notes in clrcul'n—net liability
17,607,200
17,101,200
37,139,000
Deferred availability items
92,157,275
113,526,822
103,996,000
All other liabilities
4,693,849
4,626,779
45,976,000
Total liabilities
1,542,770,728 1,554,262,096 1,815,062,000
,
-
to deposit and
combined—.—
R. notes
circulation after setting aside 35%
Ratio
of total
reserves
F. R. note liabilities
Ratio
In
==
■
■
40.8%
83.6%
82.8%
of total reserves to F,
136.5%
45.0%
12,066,117
6,071,251
134.1%
against deposit liabilities
liability on bills purchased
correspondents.....
for foreign
averages
»
...
95,301,925
Contingent
Banks and Trust
465,027,000
5,000,000
91,091,102
—
*$28,422,100
Eeposits in banks and trust cos
$6,091,102
10,000.000
Government
RESERVE.
Cash in vault....
25,638,000
199,256,000
249,032,000
38,000,000
486,288,000
133,297,000
619.585,000
120,786,802
For other Federal Reserve banks
All others
SUMMARY
15,000,000
99,490,000
74,128,000
Bills discounted: Secured by U.
in Clearing
reports weekly
434,175,045
594,492,978
1,045,695,895 1,043,668,024
48,870,139
53,619,336
-1,094,566,034 1,097,287,360
Total gold reserves
Legal tender notes, silver, Ac
Less Rediscounts with oth. F. R.
State
$
380,599,810
Board
All other—For members....
House.—The
Nov. 26 1920.
$
391,330,688
.
Total gold held by bank
required on net demand deposits in the case of State banks
the case of members of the Federal Reserve banks in¬
time deposits, which was as follows:
Nov. 16 1921.
Nov. 23 1921.
Resources—
Gold with foreign agencies.--
cludes also amount of reserve required on net
cludes also amount
date last year:
Gold with Federal Reserve Agent
and trust companies, but in
Nov. 19,
ihe condition of the Federal Reserve
517,433,000 517,433,000 489,341,730
9,^09,-00
10,847,000
3,'U',000
6",8707665
7,246,800
7,308,000
5,116,000
2,192,000
Not members of Federal Reserve Bank.
a
Condition of the Federal Reserve Bank of New York.
—The following shows
Bank of New York at the close of business Nov. 23 1921, in
S
s
$
S
9,062,000 520,52 5,000
8,994,000 52 ,556,000
8,806,000 504,281,^00
8,908,000 510,502,000
Total Nov. 19
Total.
Depositaries
i
Trust companies
*
Vault.
Federal
b
Reserve.
in
Reserve
in
Figures.
Reserve
Cash
...
—
12,063,370
practice of the Federal Reserve Board at Washing¬
ton, method of computing ratios of reserves to liabilities wse changed beginning wltb
the return for March 18.
Instead of computing reserves on the basis of net deposits—
that is, including in the total of deposits "deferred availability Items" but deducting
"uncollected Items"—the new method Is to disregard both amounts and figure tht
Note.—In conformity with the
percentages
entirely on the gross amount of the deposits. For last year, however;
the old basis; that Is, reserve percentages are calculated op
Federal Reserve notes In circulation.
the computations are on
basis of net deposits and
Banks.—Following is the weekly statement issued by
the Federal Reserve Board on Nov.
25^
preced
liabilities sepa¬
regarding
figures for the system as a whole are given in the following table, and in addition we present the results for seven
ing weeks, together with those of corresponding weeks of last year.
The second table shows the resources and
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details
transactions in Federal Reserve notes between the Comptroller and Reserve Agents and between the latter and
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve Board says:
The
$11,300,000 of gold, offset in part by a loss of $2,600,and accompanied by reductions of $9,200,000 in
deposits and of $8,300,000 in Federal Reserve note circulation, are indi¬
cated in the Federal Reserve Board's weekly conoslidated bank statement,
issued as at close of business on Nov. 23 1921.
The banks' reserve ratio
shows a further rise for the week from 71.8 to 72.3%.
Federal Reserve bank holdings of paper (largely member banks' col¬
lateral notes) secured by U. S. bonds show an increase for the week of
$33,200,000, corresponding to the recent increase in Liberty bond holdings
shown for reporting member banks; holdings of other Government paper
increased by $2,100,000, while holdings of other discounts declined by
$28,100,000.
Acceptances purchased in open market show an increase for
the week of $1,100,006; those of U. S. bonds and notes an increase of $400,000, while Pittman certificates on deposit with the Treasury to secure
Federal Reserve bank note circulation declined by $1,500,000, and other
Treasury certificates, largely held under repurchase agreements by the
.NewlYork Reserve Bank, by $13,500,000.
Total earning assets of the
Reserve banks, in consequence of the changes noted, show a decline for
the week of $6,300,000, and on Nov. 23 stood at $1,475,900,000, or 57%
below the maximum total ($3,421,976,000), reported on Oct. 15 of last
Aggregate gains of
000 of other reserve cash,
year.
Of the total
holdings of $467,200,000 of
bills secured by U. S. Govern¬
Liberty and
obligations, $349,100,000, or 74.7%, were secured by
,other U. 8. bonds, $81,600,000, or 17.5%, by Victory notes,
ment
Combined Resources and
■
■
'
RESOURCES.
QoKl and gold certificates
Gold settlement,
F. R. Board
agencies
•
'
!
4.2%, by Treasury notes, and $16,900,000, or 3.6%, by Treasury cer
tificates, compared with $316,900,000, $81,000,000, $16,500,000 and $18,500,000 reported the week before.
An increase from $13,900,000 to $19,700,000 is shown in the amount of
or
rediscount for other Reserve banks by the Boston, New
paper held under
York and Cleveland
banks.
Richmond reports an increase from $5,000,000
$10,000,000 in the amount of paper held under rediscount with the New
York Reserve Bank.
Atlanta reports a reduction from $7,900,000 to $7,200.000 in the amount of bills rediscounted with the Boston and Cleveland
banks, while Dallas shows an increase in its rediscounts with the Boston bank
from less than $1,000,000 to about $2,500,000.
All classes of deposits show smaUer totals than the week before; Govern¬
ment deposits by $900,000, Reserve deposits by $3,400,000, and other de¬
to
posits, composed largely of non-members' clearing accounts and cashiers'
checks, by $4,900,000.
Federal Reserve note circulation shows a decline for the week of $8,300,000, notwithstanding
York, Cleveland and
the large circulation figures reported by the New
Chicago Reserve banks.
Since the last Wednesday
of the present year, Federal Reserve note circulation has
by $147,700,000, as compared with an Increase of $205,400,000
in July
$19,600,000,
Nov. 23 1921. Nov. 16 1921. Nov.
%
$
473,760,000
425,833.000
424,014,000
decreased
shown for
corresponding period in 1920The Nov. 23 total of $2,389,900,000
represents a new low record for the year and a reduction of about 28%
from the total shown for the corresponding date last year.
the
Liabilities of the Federal Reserve Banks at the
485,108.000
Federal
9
1921.
S
469,250,000
500,723,000
Nov. 2 1921.
S
458,468,000
502,647,000
Oct. 26 1921.
$
448,280,000
496,111,000
Oct.
Close of Business Nov. 23 1921
19
1921.
$
447,697,000
480,829,000
Oct. 111921.
Oct. 6 1921.
$
f
446,962,000
426.998,000
448.472,000
416,175,000
Nov. 26 1920.
$
182,647,000
411,227,000
70,210,000
Gold with foreign
664,084,000
Total gold held by banks
Federal Reserve agents
Gold redemption fund
Gold with
Total gold reserve
863,647.000
873,960,000
928,626,000
944,391,000
961,115,000
897.774,000
969,973,000
910.941,000
1,732,113,000 1,756,682.000 1,197,681,000
1,811,316,000 1,810,060,000 1,723,523,000 1,708.670,000 1,729,790,000 1,711.331,000
162,181,000
112,370,000
122,849,000
132.864.000
112,058,000
130,472.000
122,803,000
116,067,000
112,972,000
2,728,922.000 2.732,699,000 2.023,946,000
2,835,229,000 2.823,901,000 2,816,299,000 2,800,257,000 2,786.239,000 2,772,721,000
2290
THE
Nov. 23 1921. Nov. 16 1921. Nov.
CHRONTCLE
9
1921.
Nov. 2 1921.
$
Legal tender notes, silver, Ac
Bills discounted:
obligations..
All other................
Bills bought in open market.
Total bills
hand
on
Oct. 19
1921.
Oct. 111921.
149,039,000
148,011,000
Oct. 5 1921.
Nov. 26 1920.
145 .414.000
150,909,000
150,343,000
171,364,000
2,978,228,000 2,969,468,000 2,960.783,000 2,945,671,000 2.937,148,000 2,921,760,000 2,876.933,000 2,882,942,000 2,195,310,000
me
£2|
431,891,000
453, 621,000
407,163,000
453, 501,000
502,791,000
461,886,000
459,671,000
495.860.000 1,192,425,000
792, 399,000
766,128,000
738,007,000
S06, 929,000
870,097,000
899,615,000
846,863,000
902,255,000 1,542,975,000
89, 632,000
08,330,000
69.397,000
87, 501,000
61,393,000
54,308,000
02,326.000
42,070,000
247,703,000
Total reserves
Secured by U. S. Govt,
Oct. 20 1921.
$
144 ,484,000
145,567,000
142,999,000
..
[Vol. 118.
1,274,567,000 1,286,349,000 1,335, ,652,000 1.347, 931,000 1,371,075.000 1,384,070,000 1,463,799,000 1,440.191,000 2,983,103,000
32,127,000
34, 117,000
32,486,000
36, 831,000
33,130,000
33,656,000
26,938,000
33,207,000
35,433,000
...
U. S. bonds and notes........
U. S. certificates of indebtedness:
131.000,000
One-year certificates (Plttman Act).
!.
premises
5% redemp. fund agst. F. R. bank notes
Uncollected Items
149,875.000
19. 822,000
7,864,000
156,875,000
3,808,000
162,875,000
19,862,000
167,375,000
19,054,000
259,375,000
34,301,000
,
—
—
144, 875.000
1,475,887,000 1,482,238,000 1.661, 368,000 1,549 459,000 1,662,021,000 1,577.889,000 1,680,192.000 1,662,053.000 3,303,717,000
32,571.000
32, 005,000
31 345,000)
32,949,000
30,052.000
17,333,000
31,020,000
30,957,000
29,501,000
8 03 ,000
7,813,000
7, 866,000
7,903,000
8,777,000
11,541,000
9,005,000
8.842.000
8,099,000
558 326.000;
687,243,000!
521, 847,000
544,393.000
567,081,COO
708,281,000
540,067,000
558,105,000
630,581,0(0
16 684,000;
18,732.000
18,497,000;
17, 999,000
16,660,000
17,019,000
16,697,000
8,307,000
15,906,000
Total earning assets
Bank
138, 500,000
53, 099,000
132,500,000
51.262.000
37,834.000
Allotber
All other resources
5,058,092,000 5,197,830,000 5,101.868,000 5,111,523,000 5,094,915,000 5,187,211,000 5,180,332,000 5,157,349.000 6,244,489,000
Total resources
LIABILITIES.
Capita! paid In
103,216,000
.....
Member banks—reserve account
Another
"Total
-
F. R. notes In actual circulation
F. R. bank notes In
circulation—netllab.
Deferred availability Items..
All other llabtlltUes
—
--
gold
reserves
1,728,497,000 1,737 ,716.000 1,726.865.000 I ,742.338.000 1,738,556,000 1.717,698,000 1,724.865,000 1,696,332,000 1.750,610,000
2,389,916,000 2,398 ,224,000 2,420.831,000 2 ,408,122.000 2,408,779,000 2,440,862,000 2,476,311,000 2.482.313,000 3,325,538,000
80,524,000
74,765,000,
74 ,786,000
84.985.000
88,024,000
92,952,000
97.933,000,
99,602,000
214,610,000
478,024.000
468,110,000 i
591 ,324,000
481,623.0001
466,044,000
489,403,000
488,741,000
582,432,000
543,238,000
24,202,000
24,033,000
24 ,147,000
23,585.000'
22,743,000
22,412,000
22,458,000
21,750,000
107,534,000
5,058,092,000 5,197,830,000 5.101,868,000 5.111,523,000 5,094,915,000 5,187,211,000 5,180,332,000 5,157,349,000 6,244,489,000
Total liabilities-—.-.-.—Ratio of
to deposit and
68.8%
67.9%
67.5%
67.2%
66.7%
64.9%
65.4%
39.9%
71.8%
71.4%
71.0%
70.8%
70.3%
68.5%
69.0%
43.2%
99.3%
to deposit and
combined
Ratio of total reserves to F. R. notes In
circulation after setting aside 35%
against deposit liabilities
total
68.3%
72.3%
F. R. note liabilities combined
Ratio of
213,824,000
54,643,000
103.020,000
103,007,000
99,020,000
103,034,000
103,046,000
103,070,000
213.824,000
213,824,000
213,824,000
213,824,000
213,824,000
164,745,000
54,026,000
53,938,000
53,145,000
52,514,000
51,741,000
33,103,000
59,917.000
48,624,000
54,270.000
59,004,000
15,909^666
29,374,000
1,670,717,000 1,674,064,000 1,570.124.000 1 ,650,746,000 1,669,059,000 1,060,926,000 1,646,099,000 1,613.149,000 1,711,774,000
30,549,000
25,949,000
25,625,000
31,675.000
24,496,000
24.179,0001
22,927,000
22,873,000| 27,398,000
....
Reserved for Govt, franchise tax
Deposits—Government....
103,120,000
213,824,000
54.478,000
30,702,000
103,166,000
213,824,000
55,131,000
32,155,000
—
Surplus
98.5%
97.3%
97.0%
96.7%
95.1%
91.8%
92.2%
47.6%
60,401,000
58,207,000
732.102,000
33,351,000
771,132,000
25,170,000
794,732,000
7,500,000
10,826,000
140,286,000
2,300,000
11,350,000
224,855,000
19,215,000
6,892.000
138,881,000
12,303,000
70,000
34,554,000
835,108,000
22,083,000
10,178,000
22.847,000
78,663,000
reserves
F, R. note liabilities
8
$
Distribution by Maturities—
693,057,000
9,878,000
10,092,000
143,726,000
26,105,000
10-30 days bills bought in open market.
10-30 days bills discounted.
10-30 days U. 8. certlf. of indebtedness.
$
37,797,000
674,047,000
27,498.000
10,368,000
152,974,000.
40,270,000
1-15 days bills bought In open market.
1-15 days bills discounted
1-15 days U. 8, certlf. of Indebtedness.
discounted..
—
61-90 days U. 8. certlf. of Indebtedness.
Over 90 days bills bought in open market
Over 90 days bills discounted
Over 90 day i certlf. of Indebtedness
61-90 days bills
10,756.000
146.971.000
499,000
3,100,000
13,384,000'
12,264,000
204,247.000
28.197,000
212,353.000
194,373,000
10,345,000
6.708.000
124,915,000
54,631,000
81-90 days bills bought In open market.
0.724.000
10.818.000
171,818,000
20,100,000'
12,820,000
188,202,000
8,900,000
0,215,000
125,550,000
4,618,000
31-60 days bills bought in open market
31-60 days bills discounted
31-60 days U.S. certlf. of Indebtedness.
701,686,000
30.480,000
73,0001
51,710,000
120,919,000
21,883.000
6,077.000
6.242,000
125,384.000
8,602,000
108,000
43,620.000
120.863,000
4.900.0001
119,333,000;
12.188.000
5,602,000
72,000
47,485,000
126,821,000
124.388,000
"12,261",000
143,281,000
2,400,000
10,602,000
229,112,000
16,036,000
5,776,000
129,937.000
13,059,000
336,000
35,287,000
126,244,000
31,014,000
119,365,000
'
813.342,000 1,650,831,000
6,229.000
35,027,000
62,111,000
101,863,000
296,096,000
19,129,000
158,144,000
2,500,000
12,500,000
7,271,000
22,045,000
90,601,000
235,802,000
10,064,000
219,230,000
501,627,000
16,799,000
11.006.000
12,385,000
6 527,000
156,114,000
5,652,000
164.862.000
235,181,000
18,824.000
18,850.000
71,000
32,252,000
124,944,000
70,000
33.80A000
122.63W0
16,328,000
3,920,000
51,695",000
220,299,000
Federal Reserve Notes—
2,704,639,000 2,716,943,000 2,708,845,000 2,715,606,000 2,725,315,000 2,769,083,000 2,780,189,000 2.795.943.000 3,653,281,000
314,723,000( 318,719,000
288,014.000 307,484,000 316,536,000 328,221,000 303,878.000 313,630,000 327,652,000
Outstanding
Held by banks
—
In actual circulation
2,389,916,000 2,398,224,000 2,420.831.000 2.408,122,000 2,408,779,000 2,440,862,000 2,476,311,000 2.482.313.000 3,325,629,000
Amount cbargeable to Fed. Res. agent
3,579,491,000 3,570,549,000 3,564,141,000 3,595,551.000 3,589,880,000 3,588,748,000 3,014,118,000 3.633.702.000 4,271,910,000
864,565,000
874,852,000
853,600.000
855,296,000
833,929,000
879,945.000
819,665,000
in hands
of Federal Reserve Agent...
837,759,000| 618,629,000
,
2,704,639.000 2,716,943,000 2,708,845,000 2,715.606,000 2,725,315,000 2,769,083,000 2,780,189,000 2,795,943,000 3,653,281,000
Issued to Federal Reserve bankB
IIovo Secured—
450.163,000
450,163,000
450.163,000
450,164,000
450,162,0001 450,163,000
450.162,000
45O.103.OOO! 276,256,000
893,323,000!
906,883,000
985.322.000 1,006.936,000
995,525,00011,057,752,0001,048,070,000 1.039,361.000 2,455,600,000
112,822,000
122,569,000
117,952,000
120.908.000
110,418,000!
126,040,000'
114.167.0001 120,199,000, 109,357,000
1,248,331,000 1,237,328,000 1,155,408,000 1,137,598,000 1,169,210,000 1,135,122,000 1,167,784,000 1,180,220,000
812,068,000
By gold and gold certificates
By eligible paper
Gold redemption fund
—
With Federal Reserve Board
2,701/39,090 2,716,943,000 2,708,845,000 2.715,600,000 2,725,315,000 2,769.083,000 2,780,189,000 2,795,043.000 3,653,281,000
Total
Eligible paper delivered to F. R. Agent. 1,230,018,000 1,217,412,000 1,278,794,000 1,299,054,000 1,331,799,000 1,344,603,000 1,418,131,000 1.403,142.000 2,889,663,000
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 23 1921.
Two cOthers (00) omitted.
Federal Reserve Bank of—
Boston.
New York.
Phila.
RESOURCES.
3
$
S
Cleveland. Richmond
Atlanta.
CMcaoo.
S
A. Louis. Minneap. Ran.City.
Dallas.
San Fran.
s
S
$
$
Total.
~
$
$
12,395,0
2,950,0
62,713,0
21,278,0
436,415,0 62,449,0 75,108,0
594,281,0 145,912,0 166,481,0
5,753,0
15,000,0
6,391,0
34,614,0
Total gold reserves...
250,862,0 1,045,696.0 214,114.0 247,980,0
14,948,0
7,673,0
48,870,0
7,300,0
Legal tender notes, silver, Ac...
66,800,0
5,782,0
Gold and gold certificates..
Gold settlement fund—F. R. B'd
47,892,0
176,923,0
Total gokl held by banks
Gold with F. R. agents
26,047,0
Gold redemption fund
Total
•
Bills
Secured
26,133,0
40,194,0
5,640,0
Bills bought In open market
on
hand..
1(7. 8. Bonds and notes
5,025,0
6,208,0
$
~
3,247,0
9,050.0
18,990,0
15,581,0
2,348,0
28,520.0
11,233,0 116,475,0
44,784,0 307,753,0
4,795,0 31,495,0
22,243,0
67,032,0
3,093,0
24,631,0
17,138,0
2,943,0
30,868,0
30,628.0
2,818,0
60,812.0 455,723,0
92,308,0
44,712,0
541,0
64.314.0
14,554,0
7,218,0
24,772,0 267,076,0 2,835,229,0
3,411,0
6,828,0
142,999,0
72,582,0
68,613,0 473,796,0 106,922,0
32,842,0
61,500,0
3,998,0
30,111,0
24,228,0
7,958,0
7,801,0
18,073,0
8,106.0
$
22,451,0
94,024,0
2,157,0
17,962,0
31,174,0
485,108,0
425,833,0
10,263,0
49,136,0
910,941,0
11,951,0 213,819,0 1,811,316,0
4,121,0
2,558,0
112,972,0
45,253,0
71,532,0
31,600,0 270,487,0 2,978,228,6
52,353,0
23,843,0
8,852,0
467,163,0
42,770,0
1,213,0
56,464,0
22,0
49,735,0
10,942.0
738,007,0
1,891,0
9,565,0
45.074,0
190,0
28,235,0
65,623,0 131,263,0
19,847,0
58,841,0
1,630,0
98,340,0 100,680,0 185,507,0
1,333,0 10,385,0
4,866,0
07,826,0
1,230,-0
65,338,0
12C,0
80,318,0
88,912,0
204,0
1,274,567/0
8,868,0
54,829,0
2,643,0
7,069,0
4,950,0
5,320,0
1,900,0
7,880,0
131,000.0
by
U. S. Govt, obligations
All other.
Total bills
1,951,0
60,498,0
391,331,0
45,084,0
265,810,0 1,094,566,0 221,414,0 255,653,0
reserves.——
discounted:
8,292,0
39,600,0
5
.....
120,786,0
70,007,0
44,589,0
95,302,0
20,471,0
18,399,0
9,809,0
72,842,0
71,967,0
647,0
242,559,0
10,450,0
1.276,0
37,400.0
33,383,0
2,645,0
98,215,0 120,076,0
850.0
1,434,0
4,946,0
69,397,0
32,486,0
U. 8. certificates of Indebtedness:
One-year ctfs. (Plttman Act).
All other.
.....
oral Reserve bank notes
Uncollected items
All other
3,760,0
8,504,0
1,0
20,167,0
37,834,0
2,308,0
239,0
8,0
j.6,0
84,340,0
4,602,0
313,342,0 113,559,0 131,165,0 103,333,0 119,630,0 212,848,0
6,182,0
535,0
2,895,0
3,600,0
934,0
5,779,0
76,364,0
628,0
70,416,0
734,0
94,522,0
59,372,0
4,188,0
2,141,0
1,542,0
123,699,0
3,440,0
523,0
30,587.0
787,0
309,0
15,685,0
901,0
916,0
38,424,0
574,0
156,0
23,416,0
2,753,0
450,0
resources
Total
410.0
10,040,0
193,0
422,0
47,690,0
...
Total earning assets..
#ank premises
1% redemption fund against Fed■
13,500.0
700,0
539,0
47,974,0
403,0
46,170,0
1,015,0
188,0
47,179.0
339,0
•r49,0
20,224,0
698,0
1,665,0
65,844,0
1,812,0
96,996,0 1,475,887,0
731,0
32,940,0
394,0
37,501,0
5,500,0
7,905,0
544,393,0
18,732,0
403,314,0 1,542,771,0 384,645,0 438,142,0 220,516,0 210,648,0 761,744,0 215,811,0 133,298,0 210,156,0 119,438,0 411,609,0 5,056,0926
resources.
LIABILITIES.
7,936,0
Capital paid In..—.'
Surplus
.........
...
27,137,0
16,342.0
59.318,0
Reserved for Govt, franchise tax.
Deposits: Government
Member bank—reserve ace
All other.
...
2,783,0
4,448,0
t.. 111,345,0
823,0
Total deposits
116,616,0
F. R. notes in actual circulation. 213,519,0
•
8,724,0
11,122,0
5,418,0
17,564,0 22,263,0
20,408,0
3,618,0
3,040,0
7,435,0
1,624,0
2.022,0
661,673.0 100,297,0 133,275,0
14,670,0
1,172,0
733,0
11,026,0
2,899,0
2,902,0
4,174,0
8,708,0
14*397,0
30.536,0
4,165,0
9,612,0
4,568,0
9,114,0
1,509,0
2,746,0
3,563,0
4,562,0
9,330;0
4,206,0
7,409,0
103,216,6
7,113,6
61,105,0
7,303,0
2,257,0
2,312,0
42,462,0
812,0
434,0
599,0
15,207,0
213,824,0
2,868,0
55,131,0
1,5796
2,207,0
32,155,0
41,326,0 120,036,0 1,670,717,0
291,0
3,047,0
25,625,0
683,778,0 103.093,0 136,030,0 54,063,0 46,576,0 236,974,0 64,663,0
637,672,0 200,324,0 216,793,0 107,960,0 121,557,0 405,720,0 100,507,0
45,208,0
57,002,0
73,010,0
69,351,0
43,196,0 125,290,0 1,728,497,0
37,000.0 222,511,0 2,389,916,0
3,693,0
12,830,0
1,442,0
12,410,0
37,771,0
1,755,0
23,532,0
.
52,676,0
485.0
2,430,0
1,679,0
43.784,0 233,098,0
362,0
2,197,0
-
1,967,0
2,771,0
69,640.0
F. R. bank notes In circulation—
,
net
liability
Deferred availability items
All other liabilities
Total liabilities..
........ ..
4,500,0
40,201,0
1,412.0
17,607,0
4,480,0
92,157,0
45,558,0
1.284,0
4,694,0
403,314,0" 1,542,771,0
4,857,0
42,527,0
1,510,0
3,745,0
39,973,0
1,432,0
7,281,0
6,678,0
17,014,0
1,173,0
53,211,0
4,616,0
3,415,0
30,718,0
1,317,0
2,452,0
1,939,0
3,647,0
32,618,0
2,059,0
74,765,0
468,110,0
24,633,0
384.645.0 438,142,0 226,516,0 210,648,0 761,744,0 215,811,0 133,298.0 210.156.0 119,438,0 411,009,0 5,058,092,0
Nov. 26
LIABILITIES (Concluded)—
Boston.
New York.
$
Cleveland. Richmond
PMla.
$
Two ciphers (00) omitted.
$
2291
CHRONICLE
THE
1921.]
Atlanta.
%
Total.
Dallas... San Fran.
St. Louis. Minntap. Kan.Citv
Chicago.
$
'
Memoranda.
Ratio ol total reserves to deposit
■
::
S
$
$
$
$
*
.i
:
■■
..
$
$
$
■
and F. R. note liabilities com¬
44.8
72.5
73.0
82.8
80.5
bined, per cent..
*
73.7
40.8
50.2
44.3
64.7
77.8
39.4
72.3
Contingent liability as endorser on
1
discounted
•'
-
rediscounted
paper
10,000,0
7,176,0
1,568,0
•
with other F. R. banks
1,152,0
•
:w
-
—
W
—
Contingent liability on bills pur¬
chased lor lorelgn correspond'ts
a
Includes
bills
lor
discounted
Federal Reserve Agent
m-l
-
-
2,487,0
-
-
1,538,0
19,663,0
832,0
FEDERAL
}
AGENTS' ACCOUNTS
RESERVE
PhUa
Boston. New York
at—
Clect.
AT
■
'
Minn.
Chicago
K. City
Dallas
$
St. L.
.19,663,0
NOV. 23 1121.
BUSINESS
OF
CLOSE
Richm'd Atlanta
32,319,0
1,472,0
535,0
10,000,0
STATEMENT OP
-
864,0
1,504,0
3,808,0
-
■
9,128,0
other F. R. banks, viz.:
2,624,0
2,560,0
12,063,0
2,336,0
S
San Ft
Total
~~
(In Thousand! of Dollars)
Resources—
Federal Reserve notes on band
Federal Reserve notes outstanding
outstanding:
Gold redemption fund
Total
—
--
3,019
81,940
14,652
81.886
594,281 145,912 166,481
34,614
85,357 119,869
215,906
71,967
$
42,360
450,163
6,701
2,268
2,200
28,360
55,784
12,001
43,201
45,347
20,293
34,922.
112,822
3,106
15,241
2,234 198,578 1,248,331
28,801
893,323
57,124
25,783
31,408, 336,695
73,289
606,888 148,476
307,753 67,032
185,388 67,785
44,784
96,592 100,265
17,138
63,494
60,601 313,303 3,579,491
85,025
30,628
80,269
11,951 213,819 1,811,316
54,584 88,532 1,230,018
584,800 1,893,030 479,879 580,489 277,819.348,853:1,100,029 283,293:153,921 195,9221127,136 615,654 6,620,825
Total..
762,913 218,380 234,459 116,554 126,670!
232,550
Federal Reserve notes outstanding
Member Banks of the Federal Reserve
442,288
36,568
5,113
8,594
17,666
75,975
6,624
40,752 270,943 2,704,639
3,752 48,432
314,723
57,002' 69,351
37,000 222,511 2,389,916
122,816! 60,339
3,337
22,309
405,720 100,507
637,672 200,324 216,793 107,960 121,557
213,519
Federal Reserve notes in actual circulation
18,056
125,241
19,031
Federal Reserve notes bold by banks
System.—Following is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different
the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
Board
in
874,852
1,100,029 283,293 153,921 195,922'127,136 615,654 6,620,825
335,910 1,082,843 248,600 274,139 146,613 203,804
176,923;
19,849
13,052
1,886
560.489^277,819 348,853
from
$
40,752 270,943 2,704,639
3,891
15,109
292,644
134,535
50,853
18,379
584,800.1,893,030 479,879
-
Reserve notes received
Comptroller of the Currency
•Collateral received from
/Gold
Federal
Reserve
Bank]Eligible paper
of Federal
amount
67,978
51,891
9,050
75,975
57,031
6,110
39,300
72,468
12,899
12,950
60,339
164,600 25,660
442,288 122,816
3,400
'2,084
Liabilities—
Ilet
18,3751
31.595
168,632
47,274
' S
,
13,106
15,523
26,356
55,627
16,340
Eligible paper (Amount required
\Exces8 amount held
S
171,000 130,389 135,000
160,000
Gold settlement fund—Federal Reserve Board
\
396.9251
5,600
11,323
Gold and gold certificates
S
319,930 30,220 39,680 30,059 77,134
762,913 218,380 234,459 116,554 126,670
103,360
232,550
Collateral security for Federal Reserve notes
$
$
$
items
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OP REPORTING MEMBER BANKS IN FEDERAL RESERVB
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS NOV. 16 1921
investments of the reporting institutions show a decrease for the week of
Further reduction in loans and a moderate increase in investments,
$25,000,000, as against an increase of $14,000,000 under the same head
accompanied by a larger decrease in accommodation at the Federal Reserve
shown for the member banks in New York City.
banks, are indicated in the Federal Reserve Board's weekly consolidated
Aggregate borrowings of the reporting institutions from the Federal Re¬
statement of condition on Nov. 16 of 807 member banks in leading cities.
serve banks show a reduction for the week from $752,000 000 to $702,000,► As against a nominal increase in loans secured by United States Govern¬
000, or from 5.1 to 4.7% of their total loans and investments.
For the
ment obligations, loans secured by corporate obligations show a reduction
New York City banks, a larger decrease from $158 000.000 to $103,000,000,
of $9,000,000 and all other loans and discounts, composed largely of com¬
in accommodation at the local Federal Reserve Bank, and from 3.4 to 2.2%
mercial and industrial loans, a decrease of $24,000,000,
Member banks
in the ration of accommodation, is shown.
in New York City report a reduction of $2,000,000 in their holdings of
On Nov. 15 semi-annual interest on the Second Liberty Loan bonds was
Government paper, as against an increase of $2,000,000 in paper secured by
due, and this probably accounts in part for net withdrawals of about $50,stocks and bonds, and an increase of $3,000,000 in commercial paper.
000,000 of Government deposits, effected during the week under review.
United States bonds show a further increase for the week of $8,000 000.
As against this considerable reduction, other demand deposits (net) show
The increase has been practically continuous for over a month, the total
an increase of $61,000,000, and time deposits an increase of $20,000,000.
increase in the holdings of the reporting member banks since Oct. 11-12
For New York City banks, net withdrawals of $21,000,000 of Govern¬
being $28,000,000.
Holdings of Victory notes declined during the week
ment deposits, as against increases of $38,000,000 in net demand deposits
by $2,000,Of (; those of Treasury notes by $4,000,000 for the week, and of
and of $18,000,000 in time deposits, are shown.
$16 000,000 since Oct. 11, and those of U. S. certificates of indebtedness
Aggregate reserve balances of the reporting institutions with the Federal
$9 000 000.
Corresponding changes for the New York City banks show an
Reserve banks, in keeping with the increase in demand and time deposits,
increase of $4,000,000 in holdings of U. S. bonds, nominal changes in Vic¬
show an increase for the week of $30,000,000, the corresponding increase
tory notes and Treasury notes, and an increase of $6,000,000 in Treasury
for the New York City banks being $6,000 000.
Total cash in vault of the
certificates.
Investments of the reporting banks in corporate and otber
reporting banks declined by about $6,000,000.
The New York City banks
securities indicate an increase of $14,000,000. largely for banks outside of
reporting a reduction of about $7,000,000 under this head.
New York City.
In consequence of the changes shown, total loans and
-
'
Data for all reporting
1.
member banks in each Federal Reserve District at
Indebtedness
and securities—
Other bonds, stocks
& investments, incl.
F. R. Bank—
with F. R. Bank
8,401
13,714
725,383
158,019
Bills
460,365
34.336
245,393
912.011 11,353,212
34,782
98,809
906,517
810
1,319
15,359
162,699
622
120,594
167,834
2,074,688
189
1,222
3,203
1,891
25,222
360,916
3,258
69,859
3,335
6,799
2,837
8,223
14,177
'1
21,075
48,960
10,492
177,045
448,330 2,127,831
181,901
27,092
540,555
40,920
304,852
555,554
18,401
40,716
7,172
292,368
6,111
177,282
11.954
9,091
363,074
193,420
67,942
6,514
103,412
60,461
3,791
3,734
12,626
214,326
1,910
6,618
3,463
13,882
185
711
200,988
1,478
2,300
"2", 109
274,584
51,031
33,668
575,952
deposits
payable with Federal Reserve Bank:
Govt, obligations....
5,353
Secured by U. 8.
30,058
14,747
775,498
294,392
44,746
426,939
126,514
19,210
20,208
7,085
5,617
27,685
148,833
7,222
20,903
65,844
30,003
24,806
20,034
10,650
17,593
9,932
27
deposits...
All other
262,657
15,753
200
2,819
72,891
1,718
3,375
37,197
34,579
...i
wi hF.R. Bank:
Secured by U. 8. Govt, obligations...
9,477
5,593 *
2,367
11,253
80,928
28,762
All other...
20,704
Data of reporting member banks In
New York City.
Three ciphers
Number ol reporting
69
banks
bills redis¬
Nov. 16.
69
Nov. 9.
Nov. 16.
discounts
Nov. 9.
Nov. 16.
$
$
7,554.530 1,988,534 1,995,488 1,829,102 1,835,910 11,353,212 11,385,928
20,115
468.933
464.914
12,040
102.934
103,847
3,513
3,590
76,657
notes
20,450
16,875
67,519
ol Indebtedness...
154,005
14/1,572
546,418
Other bonds, stocks and securities..
Total loans & dlsc'ts, & lnvest'ts,
lncl. bills redisc'ted with F.R.Bk. 4,695,438 4,681,752 1,291,432 1,292,005
128,105
124,733
543,306
549,390
Reserve balance with F. R. Bank—
'
219,375
38,444
15,641
540,072
530,087
3,059,193
3,068,680
7,753,947
7,778,161
J—
deposits
L
-—
Government deposits
Bills payable with F. R. Bank:
Sec'd by U. 8. Govt, obligations..
Net demand
Time deposits..
94,003
86,806
4,186,932 4,148,515
292,548
310,279
101,593
80,179
218,209
217,562
906,517
898,695
39,298
21,321
11,930
21,399
162,699
164,544
(a)
884,449
195,496
345*402
19,702
23,494
167,834
124,156
176,574
354,345
353,237
2,074,688
2,060,356
12,294
120,594
117,958
118,740
30,174
17,827
34,340
1,143,298
1,130,269
577,0#
576,850
9,461,722
9,466,335 2,869,213 2,880,022 2,454,609 ,463,896 14,785,544 14,810,253 16,793,749
137,624 1,269,059 1.239,060 1,343,951
192,505
185,875
145,602
915,561
378,224
300,457
303,342
64,505
60,937
62,862
182,090
72,208
7,206,594 1,568,329 1,553,626 1,423,326 1,414,313 10.235.681 10,174,533 10,992,273
664,016 3,002,576 2,982,861 2,786,045
918,450
920,124
671,187
1,398,721
173,216
263,701
214,326
20,776
29,561
208,159
34,766
16,486
93,023
930,952
94,035
66,653
45,237
All other
Bills rediscounted
with F. R. Bank:
obligations..
1,880
Sec'd by U. 8. Govt,
56,098
All otber
.
29,970
170,197
885,347
885,172
314.042
313,401
25,681
29,615
7,244,026
1,412,939
168,279
4,924
1,259
96,672
116,300
64,893
68,630
39,423
40,427
200,988
100
100
100
855
735
523
523
1,478
29,276
893,913
3,044,011
(a)
216,219
100
Cash In vault
$
$
7.535.576
19,655
825
808
807
$
3,540,800■3,638,128 1,085,268 1,087,238
12,116
37,94
461,5 7
Total.
89.835
73,360
71,739
88,854
375,892
459,602
413,768
462,494
415,318
2,192,418
4,986.220 1,440,078 1,443,159 1,341,045 1,348,782
73,587
303,342
Nov. 16'21 Nov. 9 '21. Nov. 19'20
317
317
212
$
Nov. 9.
379,479
2,184,273
279,443
(a)
225,357
1,358
633,782
1,988
1.290
1,566
1,100
25,342
23,917
7,038
31,405
252,053
274,236
99,123
5,562
110,402
37,942
36,101
6,596
100,237
6,269
89,557
114,212
461,578
36.782
488,685
250,056
1,233,428
4.4
6.0
6.1
6.4
6.6
4.7
5.1
12.6
\
Ratio ol bills
R.
payable & rediscounts
Bank to total loans
cent
and Investments, per
a
2,493
20,575
4,971,824
72,750
77,373
73,211
547,717
F.
150
12,781
52,671
283,581
with
2,493
35,173
316,237
718,330
O. 8. bonds
U. 8. certificates
83
58,162
716,913
1,269,059
and all other reporting banks.
212
$
U. 8. Victory notes
U. 8. Treasury
Nov. 16.
81,713
25,649
604,900 10,235,681
548,476 3,002,576
310,193
186,291
183,524
8. Govt, obllg'ns
stocks & bonds. 1,191,033 1,189,048
2,266,249 2,262,789
All other loans and discounts
Loans sec. by U.
Loans secured by
Total loans and
22,172
14,752
2,747
27,633
2,851
75,603
278
$
$
$
$
$
S
Nov. 9.
278
51
51
and discounts, lncl.
counted with F. R. Bank:
295,445 1,225,624 14,785,544
All F. R. Bank CUies. F. R. Branch CUies. Other Selected Cities.
City of Chicago.
Nov. 9.
,
255
100
Federal Reserve Bank and branch cities
(000) omitted.
Nov. 16.
51,819
216,995 1,284,988
659,541
143,268
Bills rediscounted
2.
30,001
1,585
27,331
8,643
625,391
20.2661
99,920'
755,452 4,652,621
181,779. 481,665
16,440
84,194
Time deposits
Government
435,663
1,841
17,133
595,943!
77,922
Cash in vault
Net demand
143,268
743,598
830,698 1,447,444
88,392
63,829
,023,260 5,409.999
bills rediscounted with
38,028
200,780
3,005
Total loans, dlsc'ts
Reserve balance
18,921
63,039
378,405
3,017
2,909
540,072
3,059,193
7,753,947
11,185
33,013
218,459
18,684
380,505 1,634,231
30,207
71,518
8,074
25,145
121,434'
295,545,
456,558
79,953
6,585
76,745
425,868
599,759 1,029,524
111,561
46,997
15,152
9,448
82,145
78,388
807
$
16,310
327,967
3,681
•
51,668
106,573
646,364
3,701
7,294
143,656
(J. S. Victory notes—
U. 8. Treasury notes
$
Total.
65
312,527 1,131,6281
22,018
331,548
60,041
San Fran.
52
78
$
350,223
822,2384,114,308
42,690
329,822
Total loans and discounts
35
%
$
51,612
37
112
(009) omitted.
Dallas.
St. Louis. Mlnneap. Kan. City
Chicago.
43
54,228
195,308
33,504
205,135
197,6111,351,835
591,123 2,557,338
O. 8. bonds
Atlanta.
82
$
$
$
S
Richm'd.
85
58
Ill
49
banks.
loan? and discounts. Including bills redlscounted with F. R. bank:
Loans sec. by U. 8. Govt, obligations..
Loans secured by stocks and bonds—
All other loans and discounts
U. 8. certificates ol
New York. PhUadel. Cleveland.
Boston.
Federal Reserve District.
Rumber ol reporting
Three ciphers
close of business Nov. 16 1921.
....
Comparable figures not available.
2.2
3.4
3.3
2.6
4.0
THE
2292
[Vol. 113.
CHRONICLE
Sales
STOCKS.
($'azctU.
^Bankers'
Wall Street,
Week ending Nov. 25.
Friday Night, Nov. 25 1921.
Stocks.—Business at the
Railroad and Miscellaneous
Exchange has centred chiefly in the bond department
this week.
Owing to a lack of interest in the stock market,
the volume of business has been limited and prices have
Stock
automatically dropped to a lower level.
The decline of
railway shares was, however, generally limited to fractions,
while industrial stocks covered a wider range.
Among the
exceptional features
Union Pacific, Northern Pacific,
are
Mexican Petroleum and U.
has been made.
made at the Stock Exchange this
represented in our detailed list on the
which follow:
pages
Week
Range for Week.
Sales
STOCKS.
Highest.
100
200
% per share.
$ per share.
Nov 1
100% Nov 25 102
American Bank Note.50
700
54
Nov 19
55
50
300
49
Nov 21
1,< 00
51
Nov 21
49% Nov 21
52% Nov 22
Par. Shares
.
Preferred
Am Brake 8 A F...no par
Preferred
100
....
American Chicle..no par
..25
American Radiator
American
Snuff.....100
Nov 22
600
65
Amer Teleg & Cable .100
230
52% Nov 21
Highest.
$ per share i per share.
Fet 105% May
100
Jar
56
43%
Jan
49%
42
Jai
53
Apr
Jan
95
Nov
Nov 21
Nov 23
83%
6%
66%
Nov
29
Nov 22
95
Nov 23
93% Nov 25 94
9%
1,100
8% Nov 23
3,200 84% Nov 21 90%
1001108% Nov 22 108%
200
Amer Sumat Tob, pf. 100
Lowest.
Nov 2
Nov 23
46%
Jan
Nov
Nov
Jan
90%
Nov
Jan 112%
May
64%
Nov
91%
52% Nov 21
48
Aug
54
Nov
48
Sept
66
Lowest.
$ per share
% per share.
' Nov 25 130
100
Union Tank Car, preflOO
1.
96% Nov 25
96% Nov 25
Highest.
$ per share. S per share.
.
Nov 21 121 %
800 103% Nov 25 104
Aug 160%
Feb
Sept 107
Mar
Oct 104
87%
Nov
92
Nov 21
200
44% Nov 25
44% Nov 25
36%
July
47
Van Raalte, 1st pref .100
100
84
Nov 19
84
Nov 19
72
Mac
84%
Weber A Heilbron .no par
800
12% Nov 22
13
Nov W
Jan
13%
64
Nov 22
64
Nov 22
56
May
68% Nov 23
70
Nov 19
65
Oct
United Drug, 1st pref.50
West'seDPM, lstpL-50
100
Wilson A Co, pref.. .100
2,500
For volume of business
on
phia and Boston exchanges,
8%
Feb
Nov
Oct
65
Nov,
Feb
89%
New York, Boston, Philadel¬
see page
2288.
Bonds.—No
Railroad
and
sales of
bonds
State
have been
reported at the Board this week.
The market for Liberty Loans and bonds of foreign
origin has been notably active, while domestic municipals
and corporation issues have been in demand.
Transactions
at the Exchange aggregated nearly $22,000,000 on Wednes¬
day and averaged well above the twenty million mark for
the entire week.
Prominent
Lowest.
Week
All America Cables,
Range since Jan. 1.
Par. Shares
600 125
for
ending Nov. 25.
Range since Jan.
Highest.
Underwood T'writer.lOO
State
The following are sales
week of shares not
I
Lowest.
Union Tank Car....100
S. Steel.
To-day's stock market has shown a little firmer tendency
than that earlier in the week and in several cases some re¬
covery
Range for Week.
for
Week
far in
bond
houses
inform
that
us
the
demand
is
of the
supply and that several new offerings
have been very heavily oversubscribed.
Under these con¬
ditions prices have, of course, advanced, and the question
now being asked is, How long can such a movement con¬
tinue?
Several prominent railway issues have advanced
between 2 and 3 points within the week and a smaller num¬
ber are from 1 to 2 points higher.
excess
Oct
68
Feb
Am Water Wks & Elec—
United
States
the Board
Bonds.—Sales of Government bonds at
limited to various Liberty Loan issues.
are
61% Nov 23
16% Nov 23
61 %
300
17
Nov 21
8%
250
94% Nov 25
95
Nov 25
90%
Jan
19% Nov
96% June
Daily Record of Liberty Loan Prices. Nor.19. Nov.21. Nov. 22. Nor .23. Nor.24. Nor .25.
100
Ann Arbor, pref..... 100
400
22
Nov 22
22
Nov 22
20
Apr
25
First Liberty
1 % Nov 22
2
Nov 23
1
Nov 23 113
Nov 22
103%
.100
100
Partlclp pref (6%). 100
1st preferred (7%)
Amer Wholesale, pref
Nov 23
Assets Realization.... 10
800
Atlantic Refining, pf .100
Atlas Tack Corp..no par
200 113
100
14% Nov 25
14% Nov 25
Austin, Nlch & Co .no par
Preferred......... 100
200
10% Nov 22
68% Nov 22
10% Nov 19
100
68% Nov 22
14
Sept
July
3%
July 113
Oct
20
Apr
Jan
70
Aug
2%
Jan
Nov
13%
8% June
50%
Aug
[High
95.24
95.24
95.28
96.10
96.30
Low
3%% bonds of J.932-47—
Close
(First 3%s)
Total sales in $1,000 units..
Converted
4%
bonds of High
95.12
95.12
95.12
95.30
95.86
95.20
95.12
95.24
96.10
95.29
237
1,371
1,128
724
94.88
94.90
Low
94.88
94.76
•
Jan
10
200
3% Nov 21
12% Nov 22
12% Nov 22
10
Sept
Apr
15
Jan
Barnsdall, Class A....25
100
24
Nov 22
24
Nov 22
24
Nov
27
May
B...........25
600
22% Nov 22
24
Ndv 22
14% June
% Aug
35
700
Preferred
Class
Batopllas Mining..
..20
.
Brooklyn Union Gas .100
Brown Shoe, Inc
100
Buffalo Roch & Pitts. 106
% Nov 23
<00
400
1.95
308
3% Nov 22
% Nov 19
4%
Jan
Nov 23
51
Jan
76%
Nov
33
Feb
Nov
Second
50
Nov 25
50
50
Nov
45%
72%
Mar
175
80% Nov 25
80%
Nov
90
Nov 25
90
Nov 25
90
Nov
90
Nov
26
Nov 23
27
Nov 22
14%
Jan
28
Aug
Calumet & Arizona... 10
400
52% Nov 23
14% Nov 25
53% Nov 23
41%
Jan
53%
Nov
Nov
15%
10%
85%
Nov
209
Mar
4,100
..
80% Nov 25
15% Nov 25
4% Nov 22
14%
3
Nov
79
71
Sept
Nov 19 186
Oct
Case (J I) Plow., .vo par
400
Case Thresh M, pref .100
200
Central RR of N J.
225 199% Nov 23 199%
Nov 19 32
100 32
Cert-Teed
.100
.
Prod..no par
3% Nov 21
78
Nov 23
Nov 19
Nov 19
400
5% Nov 25
6% Nov 21
100
200
9% Nov 22
paid
3,500
9% Nov 23
9% Nov 21
Chicago & Alton. —160
Preferred
C & E HI tr rects 1st
12
Nov 25
22
Aug
5%
9%
Nov
44
Jan
June
5
Apr
12
Nov
80
Nov 2r
10% Nov 23
80% Nov 22
70
July
10%
80%
45
Nov 19
47% Nov 25
36% June
62%
Jan
Nov
8% Nov 19
5%
Aug
Nov 19 106
Nov 19 100
Nov 21
64
Nov 21
200
15% Nov 19
16
Nov 19
Apr 106
58% Aug 65%
13% June 21
100
100
97
Nov 23
97
Nov 23
93%
pf__100
200
20
Nov 19
20
Nov 19
Nov 21
49% Nov 21
15%
39%
Colo Fuel A Iron, pf.100
100 106
Continental Insurance.25
100
64
De Beers ConB M .vo par
Detroit Edison.
Emerson-Brant,
1,300
48
Gray A Davis, Inc.no par
100
10
Habirshaw El C—no par
1,600
Homestake Mining.. 100
200
Hydraulic
Steel..no par
100
Indian Refining...... 10
400
Internat Cement, .no par
Int Nickel, pref.. ...100
6,200
100
Nov
Jan
Nov 100
Oct
Oct
40
Jan
Oct
53
Nov 22
10
Nov 22
9%
Jan
16%
Mar
% Nov 25
2
Nov 22
%
Nov
13%
Jan
Nov 21
55
Nov 21
49%
Mar
61
55
7% Nov 25
10
Nov 19
7% Nov 25
10% Nov 23
7
Aug
7% June
Jan
May
20%
15%
29
Nov 25
21
June
29
67
67
Nov 21
67
Nov
85
1-16
% Nov 22
79% Nov 21
68
Mar
75
Nov 25
75
Nov 25
70
May
80
June
800
66
Nov 23
68% Nov 21
35
Mar
69
Nov
100
91
Nov 25
91
75
Mar
94
Nov
100
Nov 25
100
4% Nov 25
4%
4% Nov 25
1,300 171% Nov 21 173% Nov 21 130
600 150
Nov 21 152
Nov 23 137
100
75
Nov 25
75
Nov 25
64
100
100
60
Nov 25
60
Nov 25
46%
Manhattan Shirt.....25
7,300
30
Nov 19
34
Nov 23
18
Nov 22
100
Mallinson,
pref
Preferred....
100
Market Street Ry.. .100
Preferred
100
Prior preferred
2nd preferred
Marlin Rock
Martin
v
100 100% Nov 22 100%
300
300
100
5, 00
100
400
t c .no par
400
Parry
no
Mathieson Alkali
par
700
50> 3,645
4% Nov 22
16
33
Nov 23
4% Nov 22
17% Nov 25
Nov
%
79,%
Nov
6%
Jan 174%
Apr 160
Nov
May
Nov
Sept
Aug
/
80
Nov
Jan
67
stamped
700
assented
34
Nov
100
Nov 100%
7
May
Morris A Essex.
3
12
Aug
95.04
HOLI¬
95.30
4% bonds of 1927-42
Low
94.66
94.72
94.86
95.04
DAY
95.22
Close
94.66
94.72
94.86
95.04
8
1
4
High
94.84
95.00
95.04
95.36
95.58
Low
94.66
94.74
94.82
95.16
95.26
Close
94.76
94.88
95.00
95.30
95.52
411
1,664
2,089
793
High
96.40
96.48
96.50
96.70
96.96
Low
96.32
96.28
96.32
96.60
96.60
(Second 4s)
1927-42
Total sales in $1,000 units..
Third
bonds of 1928
(Third 4% s)
4%%
96.80
1,321
1,892
1,597
2,312
High
95.08
95.20
95.58
95.78
Low
94.78
94.88
94.96
95.30
95.50
Blose
94.88
94.94
95.18
95.58
1,328
1,926
3,396
3,911
1,628
High
99.90
99.92
99.94
99.94
99.94
Low
4%% bonds of 1933-38
(Fourth 4%s)
99.74
99.86
99.88
99.88
99.90
99.90
99.94
otal sales In $1,000 units..
Victory Liberty
Loan
4%% notes of 1922-23
(Victory 4%s)
99.88
99.90
99.74
Close
96.50
96.30
1,840
3,433
2,719
99.88
99.92
99.92
99.92
99.84
Low
99.86
99.88
99.88
99.90
99.90
! Close
9..88
99.90
99.' 8
99.90
99.94
42
339
35
3%% notes of 1922-23
(Victory 3%s)
.
-
-
-
Total sales In $1,000 units..
above
Note.—The
only sales
Transactions in registered bonds were:
bonds.
....94.98 to 96.00
1st 3%s
160
includes
table
127 3d
5
94.80 to 95.20
133
4th
94.50 to 94.90
178
Victory 4%s
49 2d 4%s
94.50 to 95.12
Govt. Obligations.
S.
Quotations for Short-Term U.
Int.
Int.
Rate.
Maturity.
Mar.
100%.
100
&
Sept. 15 1922
100%,
100%.
June
15 1924
5% <7,
102%
100%,
102%,
100
Sept. 15 1924
5%%
101%
101%
5
Oct
Jan
Mar. 15 1922
5%
18% Nov 23
13
Sept
21
Jan
April
1 1922
4%%
14
Nov 22
19% Nov 25
11%
Aug
20
1
Nov 21
1
1922
Jan
7
Nov 25
27
Aug
4%
Aug
%
Aug
3%
Jan
12
Nov 22
8
June
12
Nov
1,600
80
89
Nov 23
70
Oct
94
Jan
57
161922
100
Foreign Exchange.—The market for sterling exchange
1% Nov 23
10% Nov 19
Nov 19
Nov 2
57
Nov 25
53
Sept
59%
Feb
65
28%
Jan
Nov
33
Feb
June
68
Norfolk A West, pref.100
300
67% Nov 22
68
Nov 25
62
Ohio Body A Blow no par
100
Ohio Fuel Supply
100
7% Nov 25
45% Nov 21
7% Nov 25
45% Nov 21
4% Nov 21
40
Nov 25
87
Nov 19
79% June
600
4% Nov 23
1,400 104% Nov 19 112
7%
3%
Nov
10%
July
Oct
Sept
June
48
Jan
Aug
6
May
Aug 148
May
86
Mar
100
85
Nov 19
85
5
100
100
500
8% Nov 22
63% Nov 19
58
Nov 25
38%
Panhandle P A R, pf .100
100
77
77
Nov 23
68
Parish A Bing'm .no par
200
13% Nov 23
14
Nov 21
Phillips Jones, pref.. 100
100
87
Nov 22
87
Nov 22
<W
Mar
87
Nov
Rand Mines, Ltd.no par
Reis (Robt A Co) .no par
2,300
20
Nov 19
22% Nov 21
19
26%
Sept
200
10
Nov 22
10
Apr
July
10
Jan
500
48% Nov 22
56
Nov
Nov 23
8% Nov 22
Nov 22
100
56
Nov 22
48 % Nov 22
56
Nov 22
300
96
Nov|23
98
Nov 22
8
Aug
17%
Jan
58
Aug
9% June
78
7
15%
Jan
Nov
Oct
Apr
40%
Mar
47%
Nov
80
Jan
93
Aug 104
June
ruled dull but steady and
without essential change.
To-day's
(Friday's)
actual rates
for sterling
exchange were 3 96% @
3 97% for sixty days, 3 98%.@3 99% for checks and 3 98%@4 00 % for
cables.
Commercial on banks, sight, 3 97%@3 99%: sixty days, 3 94%
©3 96%: ninety days, 3 93% @3 95%, and documents for payment (sixty
days), 3 94% @3 96%.
Cotton for payment, 3 97% ©3 99%, and grain for
payment, 3 97%@3 99%.
C1..-,
To-day's (Friday's) actual rates for Paris bankers francs were 6.81 %@
.
6.92% for long and 6.87% @6-98% for short.
German bankers marks are
not yet quoted for long and short bills,
Amsterdam bankers guilders were
35.30@35.42 for long and 35.66@35.78 for short.
Exchange at Paris on London, 56.95 fr.; week s range, oo.42 fr. high and
50.95 low.
»
The range for
week follows:
Checks.
Sixty Days
3 99%
3 97%
3 97%
3 95%
foreign exchange for the
Sterling Actval—
'
High for the week
Low. for the week.-.—
Paris Bankers' Francs—
High for the week
36
Nov 19
38
Nov 23
26
Oct 103
Jan
—
'-13%
6.81%
High for the week..
100
80
Nov 19
80
Nov 19
80
Nov 103
Apr
100 101% Nov 21 101% Nov 21
100 80
Nov 23 80
Nov 23
30
Nov 21 32
Nov 25
88
Low for the week
Amsterdam Bankers'
100
400
Tem CAFP CIA ..no par
600
3% Nov 19
Texas Gulf Sul
9,900
33% Nov 25
35
Third Avenue Ry—100
2,400
Pref trust receipts
Twin City R T, pref .100
200
1,700
100
4% Nov 19
Jan
7% May
Aug 111
Apr
75
June 103
Apr
26
June
48
Jan
Jan
Germany
Nov
25%
Nov 25
33%
Nov
35
Nov
discount.
12%
Aug
premium.
15% Nov 21
16% Nov 22
20%
Mar
16% Nov 25
17
Nov 22
8
Apr
17
Nov
25
Nov 19
27% Nov 25
15
Aug
27%
Nov
74% Nov 21
74% Nov 21
74%
Nov
74%
Nov
The
7.21%
6.89%
7.22%
6.90%
•
.038
.037%
.033%
Guilders—
o_
Boston, par.
^
35.83
,.35.42
High for the week
Low for the week
Domestic Exchange.—Chicago,
3%
00%
3 98
Bankers' Aforks—
800
4%
Cables
4
.
Low for the week
So Porto Rico Sugar.100
7% Nov 23
were
^
2,300
6% Nov 19
Conti¬
exchange was likewise quiet, though prices
somewhat irregular and the trend fractionally lower.
nental
10
Tol St L A W trust rects
100
May
7% Nov 25
7% Nov 21
18% Nov 19
July
100
100%
100%
May
37% Nov 25
July
...100
100%
100%
8%
19%
Nov 21
6% Nov 21
14
Preferred
100%
100%
Aug.
17%
Superior Steel
Asked.
5%%
5%%
5% °?t
4%%
15 1922—
June
Bid.
Rate.
Maturity.
Asked.
Bid.
Sept. 15 1922
65
Standard Milling
coupon
95.50 to 96.56
.94.62 to 95.54
99.70 to 99.84
4%s
4%s
lst4%s.--2d 4s
63
of
100%
Nov 22
..,..100
189
221
100%
15
Preferred
1,707
1,385
High
Total sales In $1,000 units..
100%,
71% Nov 19
Shattuck
95.76
100%
23% Nov 21
1st pref.100
96.64
683
100%
Nov 21
Arizona
96.34
94.96
Loan
100%.
14
Remington,
Liberty
5%%
5%%
5%%
71% Nov 19
Sears, Roebuck, pref .100
Close
Total sales In $1,000 units..
Fourth
1,432
6%
23% Nov 2
100
Loan
5
16 1922
20
1st preferred
Liberty
95.30
1
15 1921
600
....100
bonds of
(Second 4%s)
Dec.
200
SS
m
94.90
Mar. 15 1922
50
Preferred
^
94.72
Feb.
no par
Pacific Mail
^
-
1
1
'
•
<*>
94.66
May
no par
Pacific Tel A Tel
95.00
96.50
'
_
May
N Y Shipbldg
Ontario Silver MlninglOO
Otis Elevator
100
95.00
18%
45%
Mullins Body
25
96.5C
Nov
3,800
200
232
96.00
•
M St P A 8 S Marie
leased line ctfs
95.80
214
96.50
Close
June
June
Maxwell Motor ctfs dep
Maxwell Mot CI B.no par
Mexican Petrol, pref .100
95.70
79
High
Oct
% Nov 21
79%/Nov 21
100
100
Ligg A Myers, CI B..100
Lima Locomotive...100
95.10
274
-
Liberty Loan
May
Nov 21
100
Kresge (S S)
95.10
w>
Nov
Kelly Spring! 6% preflOO
Kelsey Wheel, Inc.. .100
Keokuk A Des M
95.10
Low
Jan
Jan
27% Nov 22
Kayser (Julius) A Co.100
100
95.50
(First
1932-47
Second 4%s)
Jan
Invincible OH rights.... 49,367
Preferred
95.20
of
Total Bales In $1,000 units.
Second
Nov
550
Gen Am Tank Car.no par
94.88
299
Jan
8%
1,200
700
94.90
Converted 4%%
C St P M & Om, pf.100
.
94.80
Total sales in $1,000 units
Cluett.Peabody&Co. 100
Pref trust rects 1st pd
95.88
High
Feb
12
,»
96.00
4%%
Apr
Aug
.
95.44
Converted
bonds
May
90
500
^
95.20
Total sales in $1,000 units..
45% Nov 25
200
2
3
95.30
Close
Jan
75
Nov 22
Nov 25
ill!
94.76
94.88
<•«
Low
Nov 23
..100
Carson Hill Gold
131
-
High
4%% bonds of
1032-47 (First 4%s)
•
75
....100
Preferred
+
.
Converted
42
Bush Terml Bldg, pref..
Butterick
•
-
.Close
Total sales in $1,000 units.
'
1
•
1932-47 (First 4s)
Jan
Auto Sales Corp...... 50
Loan
35.12
34.71
par.
St. Louis, 15@25c.
Montreal, $95
San Francisco, par
35.88
35.17
.
per
per
$1,000
$1,000
Cincinnati, par.
Curb Market.—The
given this week on page
2266.
review
.
of the
Curb Market
is
Daily, Weekly and Yearly
New York Stock Exchange—Stock Record,
OCCUPYING THREE
PAGES
of stocks usually Inactive, see preceding page
For sales during the week
PER
ktlQH
AND
On basis of
YORK STOCK
NEW
for
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 19
Nov. 21
Nov. 22
Nov. 23
Nov. 24
Nov. 25
Week.
*83%
83%
...
1%
86%
87%
86%
87%
87%
88
84%
84
84%
84%
1%
1%
86%
1%
1%
1%
*1%
86
1%
86%
87
87
37%
53
9%
7%
*1%
*85
86%
*85
37%
37
37%,
36%
37%
36%
37
36%
52
8%
86%
37%
*51%
51%
51%'
52
52%
52%
52%
52%
*8%
8
5%
8%
5%
5%
58%
59
59%
4
4%
5
*4%
; 5%
*5
7%
17%
7%
17%
23%
36%
....
i
7%
c
6%
17%
23%
37%
17%
24
37%
69%
69
*105
68%
33%
68%
69
7%
18%
23%
37%
68%
2,400
22%
36%
68%
32%
82%
32%
33%
83
84
71
71%
72
50
49%
49%
200
Do
100
Do
2d
57
*57
60
57
57
52
*50
52
52
52
*50
109% 110
109% 109% *108
110
*107% 109%
111% 112%
111
110
111
110% 111
*3%
5
11% «12%
*3
5
*3%
12%
12
12%
18%
18%
17%
17%
12%
18
11%
17%
12%
12
12.
73%
33%
72%
73%
33%
6
*2%
5
12%
73
74
18%
*97
*5%
2
1%
5%
24%
5%
52%
*18
20
55%
40
90
7%
69
*82
1%
66%
*82
3%
19%
19%
4%
18%
43%
43%
4%
~60~
*60
60
73%
58
58
*19%
6%
67%
6%
67%
67%
2%,
4%'
2%
4%
19%|
18%
19%
43%
43%
45%
57%
60
73%'
*57%
44%
3%
4%'
58%
72%
*56
73%
72%
58
57%
*69
76
*68.>
77
*60
66
*59
66
13%
13%
13%
20%
98
21
21%
*20%
97
97
63
63
57
-25
25
25%
*70
25
25%
25
25%
75
42%
42%
73%
71%
72%
71%
42%
*39%
42%
*31
22
*34
3%
3%
46%
48
23%
36
*30
67%
*8
21%
7
20%
13%
8%
*16
20%
*57
48%
23%
79%
19%
49
23%
24%
37
*30
124%
68
68%
*8
8%
21%
7%
20%
13%
21%
21%
7
7
20%
13%
22
0
22
23
68%
8%
20%
*13%
21
21
21%
7%
21%
13%
13%
13%
9
49
w
25
25%
16
16
16
16
20%
21
20%
12,600
70
9
1,000
22%
1,800
7%
22%
7%
21%
22%
14
14
.1
1
1
60
*57%
9
1
20%
58%
7%«
128%
9
«
16%
21
7%
500
69
9%
*9
8,500
36,400
W
k
9%
38
1,500
'
14%
16
"7%
2,800
34,000
9,500
<
21%
21
*20
7%
5%
80%
20%
49%
t
9
17%
66
2,500
125
9%
■
3,400
12,700
1,700
1,600
1
8%
8
1
I
15
15
15%
*14%
15
*15
25%
25%
*25
26
25
1
17
27
25
17%
700
20%
1,100
58%
7%
1
8%
14
*25%
17%
20%
1
.
59
200
8
1,000
15
600
26
700
151'
.
*25
•
*47%
49
*47%
48%
47%
47%
*11%
12%
*12
13
12
12
*38
39
"17%
38
40
38%
39%
49
*47
11%
.
18
18%
16%
%
16%
38%'
*38
39
39%'
*38%
39%
48%J
48
48
48%
50%
95
95%
95%
96%
96%
97
97
36%
361
35%
36%
35%
36
83
83
83
83%
83%
83%
32%
31
32%
31%
32
60%
60%
60
60%
29%
59%
29%
*55
65
65
65
35
*33
34
31%
31%
89
89
138
138
115% 115%
22%
*47
5%
*124
23
50
1
51
129
*5%
*124
38
38%
94%
110
4%
4%
6%
6%
40%
41%
82
82%
•
/31%
87%
88
1
1
5%
*124
11%
*55
5%
5%
130
*124
11%
57
*11
55%
«
70
71%
71
69%
73
71%
73%
71
71
71
82%
38
37
8i.
82%
82
82%'
81%
58
500
34
900
3034
31%
ocj'5
oow4
115% 115%
22
1
*41
49
r
1
I.
J
1
f
5%
*125
60
68%Sept
6
104% Feb 19
84% June
Jan 28
66% June
37% May
88
23%May 18
14
Dec
Nov
18
17
Jan 10
Aug 6
50
Deo
Nov
37
Dec
63
Jan 19
57
23
Oct 17
32
Mar 11
79
21% Feb
66% Aug
64% Feb
32% Mar
33% Mar
15% Feb
23% Jan
89% Jan 15
60% June 20
Feb
55
7
20% May
9
12%May 10
5% Dec
8% Dec
88% Feb
7%May
2% Oct 13
Oct 13
5
Feb
11
9
Jan 13
41
June 24
28
Feb
16
41% Jan 12
35
70
Apr
41% May
15% Dec
Jan
101
67%June 21
3
Feb
17%June 20
42 June 21
24% Jan 13
60
Jan 13
50
Feb
16% Jan 6
34% Nov 23
111
June21
27%May 16
14
Dec
18
7
128% Nov 25
27% June
110
Feb
Nov 25
61% May
6518 Apr
62% July 18
70
6
Aug 24
12% Mar
3
17
Aug 27
26
Mar
3
14
Aug
7
Mar 11
9
May
9
7
May
24%May 10
15%May 5
ll%May 9
17
Dec
Mar 11
18
12% Mar 12
8% Oct 17
14%June 23
17% Oct 18
5612 Nov 15
8% Feb
11
July
6
9
20%
54%
9
9
9
8%
May
30%May
ll%May
13%June 21
19%May
37%May
Oat 18
12% Deo
70% Jun 10
21
7%June 21
23
7% Aug
Feb
Feb
Deo
15
May
25
May
Do
pref
100
100
100
—
300
800
129
Do
pref
Dec
16% Nov 22
39% Jan 11
24
%May 26
9
9
55% Jan 13
99% Nov 25
Deo
Deo
Dec
84% Deo
26% Dec
67% Dec
30
34
Aug 16
83
June 23
1% Feb
1% Feb
2
28% Aug 24
39%May
67% Aug 26
83% Nov 25
65% Jan 6
90
Jan 20
26% Aug 29
51
Aug 29
24% Oct 17
65
June 22
10
114
July
8
Apr
13§
Ifil
14j
51
Dec
79
Dec
32%
Dec
Oct
45%
291
21%
Dec
Dec
Deo
32%
100
43%
2,
23%June 21
Leather. 100
%
76
Feb
65%May
76%June 25
115%June17
108 May 23
16%June 23
35% July 6
Deo
%
15!
74% Jan 5,
61
29% Aug 10
June
American Express
2
% Oct 31
4
Amer Druggists Syndicate.
3
Jan
90% Nov 10
72%
Dec
138% Nov 16
111
115% Nov 16
105% July
2434 Nov 14
15%
26
59%
Jan 11
6%
67
8%
135
Apr
May
9
95
Dec
Dec
Dec
Feb
Dec
13%May 18
5
59% Nov 16
35
Dec
Nov 25
37
Aug
72% Nov 25
63
Feb
30%
Dec
Dec
56
56%
73%
72%
76
Do
1,800
pref
100
100
11,500 American Ice
Do
2,100
pref...
100
11,200 Amer International Corp.. 100
3,900 American La France F E_. 10
40% Feb 2|
42
Jan 25
7% Aug 23
11% Apr 18
17% Aug 24
62% Jan 31
93
Jan 29
42
Dec
...100
100
80
AUg
96
Nov 17
74
Dec
109
Nov 17
96%June
8%
»
32
i
60
•
1
300
3,200 American Cotton Oil
Dec
40
35
"l,500
37%
•
1,900 American Car A Foundry.100
Deo
14
26% Jan
11
Sept
11%
•
1
7,500
1,900
Dref
22
Aug 17
June 21
50% Oct 4
19% Jan 8
52% Feb 17
40
Jan 12
11%
1
1
534
100
10Q
100
Amer Agricultural Chens.. 100
Do
pref
100
American Beet Sugar
.100
Do
pref
100
Amer Bosch Magneto ..No par
American Can
......100
Do
pref
100
Do
94%
72%
37%
9%
34%
61%
95
*108% 110
4%
6%
American Hide A
4,500 American Linseed
Do
pref
1,400
3,400 American Locomotive
Do
pref
4%
"3,600
5,700
7,000
Amer
1,600
Do
1
41%
j
83%
83%
8
100
98%June 20
25
Safety Razor...
Comm
No par
Smelting A Refining. 100
oref
Jan
63%May
21% Aug 25
100
Am Ship A
6%
41%
American
57
76
39% Aug 20
73%June 20
100
t Ex-rights.
| Leas than 100 shares
a Ex-dividend and rights,
Coal Co. at $5 per share and ex-divldend (100% in stock Aug. 22)
Bid and asked prices; no sales on this day.
share for share, to stock of Glen Alden
82%
58
*32
22
72
37%
37%
37%
8 %
9
9
8%
32% 32%
33%
32%
32% 33%
5934
59%
60
60
59% 59%
95%
96
94%
93%
93%
93%
*109
110
*108
109 I *108% 110
4%
434
4%i
4%
4%
4%
6%
6%
6%
6%
6%
6%
41
40%
41%
41%
41%
40%
37%
8%
6,800
1,900
2,300
60
pref
Air Reduction, Inc
..100
100
...100
No par
Do
pref
2,500
4,400 Allls-Chalmers Mfg
32%
29
Do
Express
14,500 AJax Rubber Inc
50
10
2,700 Alaska Gold Mines
14,300 Alaska Juneau Gold Mln'g 10
No par
21,600 Allied Chem A Dye
700
1
1
70
28%
36%
500
400
83%
137% 138%
5%
.55%
83%
32%
*59%
1
129
11%
36
i
1
...
5%
129
69%
94%
30%
88
88
56
*108
31%
30%
55
61
1
137 !X37%
137% 137%
115
*115
116% *115 , 116%
115|
21%
21%
22%
21%
21% 21%
*47
49
47
47%
*40/ 48
56%
69%
69%
61
34
89
56%
34%
60
33
31%
11%
8%
60
33%
88
11%
8%
*33%
1
1
65
31
11%
69%
1
33%
137% 138
11%
54
99%
1
*60
%
%
97%
1
29%
*31
16%
%
49%
1
♦
60%
29%
59%
29%
62
30
29%
■
»
34
31
30
4
Adams
Advance Rumely
1
83%
32
'
'•
38%
3934
100
800
%
35%
83
4
23% Jan 12
23% Sepv 30
8c Miscellaneous
11%
38%
3934
16-%
1
94%
%
1
1
%
48%
%
11%
<
17%
%
%
%
48%
%
■
1
%
48%
*%
i
j
16%
17%|
%
%
pref
48%
*47
1
•
12
•
%
100
100
Seaboard Air Line
100
Do
pref
100
Southern Pacific Co
100
Southern Railway
100
Do
pref
.......100
Texas A Pacific
.100
Twin City Rapid Transit.. 100
Union Pacific
100
Do
pref
100
United Railways Invest... 100
Do
pref
100
Wabash
100
Do
pref A
10O
Do
pref B
100
Western Maryland (new).. 100
Do
2d pref
.—.100
Western Pacific....
100
Do
pref.
100
Wheeling A Lake Erie By. 100
Do
pref
100
Wisconsin Central
100
Do
Industrial
»
38
Nov
1
1
40
70
30%May
3%
*30%
23%
19%June 23
1,800
19%
0
9
27%June 23
34%
79%
8%
22%
20%
K
•"*;
54
Feb
Feb
64%
61%Sept
July 16
June 24
58
June
31
77% Feb 17
74% Jan 12
64%June 21
39 June 20
Preferred A truBt ctfs... 100
33
w
z
5% Jan 10
23%May 18
48% Nov 25
6% Feb 7
300
2,700 St Louis Southwestern
3%
5%
2% Aug 25
Mar 11
16
33% Mar 11
3% July 28
46 June 21
8,400
35%
Feb
2%
3%
67% Jan 15
25% Aug 3
38% July 30
22%
Dec
8%
63
pref
St Louis-San Fran tr ctfs. .100
Z
7%
7
,' :
60
.100
100
100
100
100
60
50
50
38% July
36%June 24
38% Aug 26
19% Mar 11
35%
W
69
69
8%
*20%
7%
7
20%
49%
25%
34%
35%
124% 124%
68%
*8
,
26,500 Reading
21%
■■
■
48%
124% 124%
9
9
2d
23%
37
*30
124
68
8%
59
7%
20%
48%
23%
123% 124%
Do
3%
534
79%
19%
47%
75
3,100 Pittsburgh A West Va
30
Do
pref.;
1,200
3%
5%
*5%
79%
19%
2534
42
32%
6
pref v to..
42
32%
79%
prior pref v t c
Do
02
32%
4
6%
80%
20%
6
Do
900
Pennsylvania
Pere Marquette v t c
1st pref
0
*3%
500
56%
8,500
Aug
Dec
Dec
11% Dec
33% Dec
3ia Dee
61%June 14
32%June 23
15% Mar 11
50
Apr 29
Do
A
94
3% Nov 22
88%June 21
300
35%
6
1% Aug 25
100
43
21%
39% May
80% June
100
63
Feb
16
3
Jan 11
.100
34%
Feb
8%
Jan 25
58% Jan 25
Western.
Norfolk A
73%
21%
79%
20
21%
*33
21
14
31
Pacific...
N Y Ontario A Western
Northern
*40
22
14% Jan 13
59% Oct
il8 July
12% Oct 18
16
Mar 11
N Y N H A Hartford. ....100
"71%
22%
35%
4
7,300
3,700
25%
32
34
Do
pref.
100
6,000
9,400 Missouri Pacific trust ctfs. 100
Do
pref trust ctfs..... 100
33,700
1,700 Nat Rys of Mex 2d pref.-.100
1,600 New Orl Tex A Mex v t c.. 100
100
11,200 New York Central
200 N Y Chicago A 8t Louis... 100
First preferred
100
Second preferred....... 100
63
34
28
Dec
13% May
May
40
36~500
56%
21%
17% Aug 25
Aug
8%
«
Nov 24
53
93
W
*
28%May
Aug 22
Q
72%
43
18% Feb 7
45% Jan 26
10
Mar 11
Deo
Feb
3
18%
2
83
42
42
42
21%
36
*3%
80
19%
23%
22%
*31
6
6
79%
42
21% .21%
34
75
*72
§73%
*42%
Aug
5% Jan 25
16
Jan 25
1% Aug:0
5
Oct 31
.100
Missouri Kansas A TexaB.100
100
pref.
22%
*
100
100
50
100
98
Dec
80%
26
9
'
|
ll%May 10
Feb
1
5% Nov 18
18% Oct 17
86% Mar 12
9
Nashville
■
1
par
100
65% June
24% Dec
7
Jan
14%May
22,700
25%
*60
pref
34%
■
>
12
79% Jan 29
34% Nov 25
.....100
100
100
pref.
21%
<!
15% Jan 12
June 14
25%June 24
73%May
3,100
ImI
16%June 21
11% Apr 14
60
100
100
Lebigh Valley
27,200
%
May
5% Dec
9% Feb
16% Dec
14
79%
b
42
36
65
Feb
3
7% Jan 17
16%May 9
22%May 9
Aug 24
99%
63
43
22
34%
21%
165
63
2134
56%
72%
22
21%
3% Nov 10
11% Mar 12
83% June
.
May 16
4% Jan. 3
Mlnneap A St L (new)....100
9734
78%
56%
43
21%
34%
22%
110
249
Minn St P A S 8 Marie.-.100
21%
63
71%
21%
79%
3434
21%
Apr 14
Aug 26
_
1% Mar 24
Manhattan Ry guar.
M
57
43
Nov 19
90
100
600
00
57
72%
Aug
2,700
13%
63
72%
*33
*58
W
43
35
100
Louisville A
13%
58
*56
75
78%
34%
79
76
O
97%
78
67
*68
>
21%
96%
334
58%
7384
*56
M
13%
79
35%
21%
63
72%
H
13%
20%
*96%
21%
62%
58
m
£
66
13%
*56
*70
1
1934
48%
334
a
72%
57%
21%
97%
3%
3
47%
3%
13
78%
34%
Feb
Nov 23
500
1834
Deo 1
52
...100
500
70
46%
Q
19%
76
*59
78%
35%
22
*65
60
47%June
97
Apr
35% Aug
6% Oct
4,400
""*1% "2%
60
*57
77
35
•
1
4%
3
18%
66
21%
-
1
Nov 10
...100
pref
Do
72
693
Lake Erie A Western.:
"566
57
56
.1.
'>
10%
20
*109% 110
37% 39%
6%
6%
1
"2%
3%
5
*59
78%
'
t
3
Jan 26
Kansas City Southern
Do
Feb
42
Ore properties.No
Do
*68
97
*9%
18%
t
'• !
Do
600
31% Dec
60
Do
4,000
Feb
Nov 12
100
Gulf Mob A Nor tr ctfs
2,800
53
Feb.
54
52
July,
Interboro Cons Cor p.. No par
25
64
Nov 25
June 21
32
46
3,100
53
Nov 25
72
20
1,000
24%
I
Sept 14
84
Nov 21
pref
Illinois Central
534
584
•
VI
35
Dec1
June!
21% Dec!
57
2
2
1
37%
7
67%
37%
7
*68
13%
20%
1
22% Mar 11
68% Mar 12
56%June 21
100
Iron
98
46% Nov 25
Great Northern pref
300
Jan 24
.-—TOO
o
200
110
8
97%
96
1
109% 109%
40
*35
'
'
1
July
100
100
Bo 2d pref
1st :oref
5,300
5%
20
*18%
1
i
56
56
56%
109% 110
7%
68
62
73
73%
56%
*9%
10%
20
34%
5%
1
■
13,000
60
8
10,800 Erie
2,200
600
Jan 11
Jan
Delaware Lack A Western.
90
th
2%
4%
43%
56%
*37
7%
52%
*9%
110
36%
*68
*19%
*108
*107% 110
36%
7%
*51
24%
52%
73%
•••
1
..."
•/
6%
24%
53
10%
19%
5%
6%
.1
2%
2
25
*11%
1
Dec.
71
Jan
pref
pref
Jan
70% Nov
Dec
36%
49
Duluth S S A Atlantic
11%
18
12
7434
34%
17%
134
Dec
21
Jan 12
27
Delaware A Hudson
5
11%
13% Mar
3% Deo
6% Deo
15%
100
5,900
Do
*3%
18%
97%
*96%
2%
6
20
*18
56%
2
24%
52%
10%
52%
*8%
10%
*5%
*18%
96%
96%
24%
33%
6
18%
*18%
5%
24
*51%
*8%
56
*5%
2
*5%
33%
6
97%
24%
72%
18%
97%
*18%
98
1%
73%
33%
33%
18%
3%
*2%
18
12%
*12
,74
33%
33%
5%
534
3
Oct
Mai
Feb
60
1,700
111% 112%
*2%
3
12
3
4 ,600
pref...
Colorado A Southern
Oet
17
Feb
4
..100
Do
~
*107% 109
3
5
12
18
*2%
47
6% Jan 29
6% Nov 25
9%May 9
20%May 9
95
100
1st Pref
53%
57
*50
6% Sept
109% Deo
Oct
64
Aug
60% Apr 14
100
preferred
58
52
Jan 25
June 18
14
6% preferred
100
Clev Cin Chic A Ht Louis.. 100
46%
57
111%
600
7%
•42%
*50
*12
Chio Rock Isl A Pac
42%
42
42
100
pref....
75
*55
*3%
Do
*68
*68
42
42
pref trust rects...
pref
100
Chlcagd Mllw A 8t Paul--100
49%
9%
119% Jan 11
65%May 9
% Apr 28
% Apr 28
6%June 23
Do
1,900
*56
*2%
Do
10
June 20
46
100
rects
Chicago Great Western
600
71
*41
..100
Chesapeake A Ohio
Chic A East Illinois trust
Feb
12% Sept
40% June
8^800
32%
82%
71
42%
deposit--
27%
9
46% Jan 12
82%
49%
of
Jan
1041s
14% Jan 25
6% Sept 30
3% Sept 30
101 June 20
82
Dec
Jan 11
54
81
33%
50
42%May
Mar 14
47
June 20
71
*68
30% Mar 11
June 21
82%
*49
100
Ohio
90% NOV
Dec
*82
32
32%
50%
RR..100
22
71
50
May
4%
7% Jan 4
89% July 28
...100
5,055 Chicago A North Western .100
Do
pref
.........100
83%
*68
Feb
72
Canadian Paciflo..
12,100
108
*105
76
Nov 25
pref..
Certificates
500
4,500
9,400
33%
51
*68
*41
1,800
6
108
*105
108
11,900
5,700
23%
37%
6834
22%
36%
68%
69
*105
108
70
69%
*49%
37%
Do
5,300
6%
7%
Nov 25
100
4,400 Brooklyn Rapid Transit-.100
33
84
69%
23%
36%
Baltimore A
1,200
59%
18%
88
86
Atlantic
Coast Line
Highest
,
75% Jan 3
1% Nov 17
77
Apr 27
200
9,125
Lowest
t per share 3 per share
77%June 24
100
pref
Atlanta Blrm A Atlanta...100
*82
33%
*82
18%
23
37%
Do
700
6%
_
Highest
$ per share
Atch Topeka «fc Santa Fe-.100
2,000
58%
7%
*18
11,800
119
116
18%
7%
7%
7%
17%
24
*104
108
7%
7%
11534 116%
58%
58%
5%
5%
"
5%
5%
7%
58%
5%
58%
59%
9%
9
10
7%
8%
115% 116%
4%
4%
*4
9%
9%
7%
115% 116%
116% 117
86%
*86
Lowest
$ per share
Par
Railroads
Shares
84%
87%
83%
87%
84
*1%
$ per share
$ per share
$ per share
$ per share
$ per share
SHARE
Range for Previous
Year 1920
109-share lots
EXCHANGE
Saturday
$ per share
87
87%
PER
SHARE
Ranoe Since Jan. 1
STOCKS
Sales
SHARE, NQT PER CENT.
SALE PRIOR—PER
LOW
6
8%
30
10
Jan
4% Aug 19
14
Jan 20
7%
2
85% Nov 10
29%
Dec
Dec
Dec
64%
Deo
3% Aug
44% May
29% Aug 25
63% Aug 26
Ex-dividend.
6
Ej-rtshv
7
6%
'June IA> to
sutscribe
2294
New York Stock Record—Continued—Page 2
For salts during the week of stocks
usually luact ire,
see
second preceding page.
SHARE
PER
NEW
for
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 21
Nov. 22
Nov. 23
Nov. 24
Nov. 25
$ per share
3 per share
3 per share
S per share
Shares
3 per share
857S
31
32
31%
91%
55%
82%
91%
56
83
91*2
54*2
31
32l2
116% 117*4
125*4 125%
94%
*03
81%
31*8
116%
124%
94%
122% *121
122
79*2
79
78
103
25
25
25%
10*2
11
10%
35
34*2
44%
*32
44%
39%
44*4
38%
32*2
91%
56%
83
32%
119*2
125
94*4
121%
79%
103
*101
*102
__
85%
88
*85
84%
39%
26
11*4
34*2
45%
42
95*4
63
120
34%
43%
35
36
36
35
35
45*4
44%
44%
44%
42*4
42%
43
42%
45%
43
71
73*4
42%
43*4
3*2
3*2
31*2
3*2
31
32
22%
23%
21%
95
22%
97%
110
52%
55*2
104
104*2
92*2
102% 103
*90
104
102
5*2
17%
13%
72%
14%
73%
43
♦103
♦51
55%
55
4%
102*4
5*8
*93
96*2
113% 116
4%
♦93
5*2
5*8
17%
14%
16%
13*4
72%
43*2
73
74
44%
82
56*4
....
4%
4%
*94%
5%
5%
17
17
13%
73
13%
73*4
43*2
44%
*81
85
6%
6*4
7*4
32
32%
31*4
32%
6%
30%
67*4
32%
67*4
32%
45%
66*2
32*2
67
65%
34*2
46
33*2
45*8
45%
34*2
46
55
53
53
53
53
12*2
26%
12%
12%
12*2
12%
12*2
26%
26%
26%
38%
38
37*2
25
63
24*2
37%
24%
63*2
26%
37*4
24%
63%
3%
17*4
*40
43
*21
24
21
21%
62
62
62
62%
1
1
92
92
93%
94%
15*2
14%
15%
14%
94%
15%
46%
*45%
48*4
*45%
0*4
46*2
*61
12%
40%
23
41
27*8
38*4
25
63*2
4%
18%
41%
22
22
65
62*2
62*2
1
92
15%
91%
92
14
*46
48*2
14%
46*2
15%
46*2
26%
*38
24*2
62%
62%
4
4*8
3%
19*2
18
40*4
21*2
*60
*%
91%
18%
%
%
24*2
63*8
4
18
*%
91%
14%
45%
*99
89*4
109
34
65%
*88
8%
19%
15%
49
19
*17%
75*2
89*2
109
34%
87*2
*109
33%
07
65
90
*88
8*2
19%
15%
51%
19*2
89%
110
34
66%
90
8*4
18*2
14%
48*2
19*2
10*2
75%
19%
74%
104%
104*2
67*4
82*2
68
83%
66*3
*7
11
*8
11
*30
32*2
*85
♦104
83
34%
85
85
77%
10*8
77*2
77%
15%
%
15*4
64
,
31*2
86
77*2
10*8
15%
*4
65
100
60%
*93
100*2
60%
94
134% 135
11*4
11*2
70
71*2
69*4
70
81*2
31*2
82*2
31%
6*2
31%
66*8
4%
18
90
17%
14%
48%
8*2
18%
15%
CO
41%
800
23*2
600
63
700
M
66%
68*4
O
82
85
A
10
10
*9
10*4
34
34*2
33
33*4
*80
84*2
02
94
11%
11*2
70
*70
72
12,000
11,500
54*2
19
19%
H
83%
77*2
*77
10
61%
94
94
14%
O
w
15*4
z
%
*17%
75*4
8,500
19*4
77*2
104% 104%
99%
w
o
X
134% 135
11
11*4
69%
69%
70%
26,810
85
87*4
3,000
10*2
100
734
35
*80
85
100
77
77
1,100
3,180
9%
2,800
15%
93
w
15
2,300
1,500
63%
99%
64%
99%
61
61%
94
94
70
70
70
70%
81%
69*2
70
69%
69*2
81%
80
82%
1,100
31%
31
81%
31%
82
31
30%
30%
81%
34%
2,400
81
81
81
81
81*2
*79
26%
28
26%
27%
26%
26%
27
♦23
24*2
24
24*2
25%
24
24%
7*4
38*4
38*4
39
25*2
7%
43%
79
79%
76*2
15%
77%
15%
15%
78*8
10%
11
3%
37%
37%
78
9*2
6
8
44
48
79%
78
79*2
*14
77
15%
78%
10%
11
3%
*8%
3%
38*4
9*2
41
40
40
78
77*«
77%
*28
*71
12%
57%
56%
20
28%
73
11%
71*2
12%
57*4
28*2
71*2
*76
7
77*2
78
10%
3%
37*8
11
*8%
*39
76%
4%
38
9%
40
77%
4,000
6%
6%
2,300
49%
15,600
79*4
79
79%
13,800
15*2
*15%
77%
15%
78%
400
10%
10%
11
10%
16
77%
4%
3%
37
37*2
9%
9%
41
41%
76%
75*4
100% 101
4
3%
37%
*8*2
39%
40
76
78
9*2
101% 101%
12%
12%
12
12*2
56%
27%
55
56%
12%
55%
56%
27
27
27
27
71%
12%
71%
72%
*72%
74
62*2
63
60
60
*60
63
12%
55%
73*4
12%
57%
11%
12%
11%
12
12%
11%
12%
56
58
55
73
10%
10%
73*4
11
56%
73*4
10%
57%
73*8
12%
57%
73*2
56%
72*4
11%
56%
3
*10%
44
34%
8*2
40*4
*85
3%
11
44%
34*4
9
40%
90
24*8
24%
10
10
41%
*46
42%
3
63
11*2
3*4
12%
44%
46
33*2
34%
8*4
40%
*87
24
9%
41%
8%
41
90
24%
*60
11*4
3
3%
11%
45%
33*8
12%
45*4
33%
8%
40%
40%
*85
8%
90
45
45%
1,500
33%
33
2,600
8%
40*4
8*2
7%
33%
8%
11,100
40%
40%
40%
7,400
*87
90
*85
42
42%
47%
41%
42*4
48*2
48*2
27%
27%
*27
27%
155
*152
155
*107
110
*107
110
109
14%
9*2
109
4,600
45
47*2
27%
12
24%
10*4
*46
27%
9%
9%
9%
200
14%
9%
*35
38
*35
38
*35
38
*35
38
*35
115
*99
115
*95
115
*95
115
*99
*144
148
*146
150
146% 147
*102
114
114
*102
114
*102
114
Bid and asked prleee; no sales on this day.
147% 148
*102
June 27
Jan
10%June 20
7% Aug 22
53% July 28
Jan
5
68% Jan
4
25
3% Aug 25
22% Aug 24
57% Aug 24
23
Mar 10
38*4 Oct
7
Aug 25
47
10
Kelly-Springfield Tire
25
114
(Less than 100 shares.
No
Loose-Wiles Biscuit tr ctfa. 100
Do
Ex-rights.
preferred
pref
a Ex-div.
100
...100
100
and rights,
75
Jan
Dec
148%
102%
Apr
Jan
104% Nov 25
92
Dec
6
47
Dec
62%May
May
6
93% Jan 11
112
S'W. 20
06
534
48%
Dec
Dec
82
Nov 22
6
Aug
99%
2*4
6
Dec
90
Jan 27
May
Dec
Dec
76
8
Jan
3%
Dec
8
Dec
1734 Nov 21
19% Apr 19
74
Nov 22
Dec
55*4 Dec
16% Nov
9*8
49%May 14
Nov 22
82
Nov
Dec
03
8
43*4 Jan 19
7% Jan
4
34 *2 Nov 21
30% Dec
80*4 Dec
24*4 Dec
80
59%
Jan 12
96
70*4
Apr 30
Jan 11
July 29
32% May
52
June 20
61% Nov
2% Aug 24
9% Atfg 24
28% June 21
12% Jan
21
Nov 23
00
Oct 24
%8ept 17
77% Jan
6
12% Aug 26
34% Aug 16
82% Aug 25
59
June 20
96
June 16
22*2 Aug 22
Aug 25
.49
77
.June 27
5% Oct
3
3
1 )% Oct 14
13*2 Oct
23
Dec
Nov
00
62% Feb
42%May
59% Jan
2
6
23
8
10
9
11
80
10
18
96% May
102% Jan
102% Feb
114
Jan
Apr
129
85%
46
Jan
75%
20%
104%
108%
61%
164%
111%
Jan
6
87
Jan
5
66
60
Jan
80
Aug
89%
Aug
"71% Dec
Sep! 30
June 28
57
Sept
8% Aug
5
3
Nov 16
102%
Jan
Nov 16
61
105U
Apr
9
97
107
Jan
97% June
Dec
Dec
43% Apr 29
107% Jan 11
91
Jan 17
20
24%
Dec
43%
70
Dec
2»6%
81% Dec
16% Dec
Feb 14
68*2 Feb 28
2534May
9% May
6
13% Dec
Dec
84
Dec
40
Dec
47
00
Dec
5
Dec
s35
217g
Dec
90
Jan 11
78
Dec
19%May
Jan
20%
5%
Aug 25
Jan
8
June 21
60
Jan
78%May
117%May
62% Jan
95% Nov
138% Mar
16% Jan
71% Apr
14
6
17
13
5
6
20
15
18
11
18
Nov 12
Aug 22
69
Aug 20
26%June 24
62%June 23
15
Aug 10
71
19
2.534 Nov 22
69%
857g
21% Dec •005
40
Dec
Apr 27
Nov 22
Nov 25
7 ;*4 Nov
100
25
77% Nov 25
105
Nov 16
% Oct ll>
80% Apr 25
109% Aug 22
9% Aug 24
Dec
54
33*4 Feb 25
9% Aug 24
39% Aug 25
93% Mm
Apr
98
Apr
40*4
90
109*2 Nov
10
21
Dec
Dec
16
62
82% Apr 29
63
Dec
100
90
77
Jan
Jan
51% Dec
Deo
Jan 29
74% July 22
5% June 18
64
Jan
05%
92%
Mar 26
44% July 21
75
Jan
Jan
Jan
104
Jan
95
Jan
Apr
16% Mar
44% May
134% Mm
91%
Dec
48
Dec
Dec
Dec
Dec
36%
Dec
Dec
Deo
Dec
Nov
Deo
94%
78*4
*
16%
12*4
04%
68%
19%
79*2
Dec
75%
Jan
Jan
172
Jan
42
MM
Jan
Apr
09
Dec
94
27
Dec
70
Deo
85%
102%
34*2 Nov 25
15
Dec
65%
15
Dec
38%
11%
Dec
20%
Deo
847g
50%June 20
51% Dec
78*4
13
25% Apr 25
Dec
55% Dec
9% Dec
6% Aug
June 20
40*2 Aug 25
10%June21
2
June 30
29% Mar 12
6
Aug 31
33% Aug 31
16% Jan
86
May
16% May
7%
Jan
38*4 Nov
13%
Jan
57
Jan
67% Aug 22
100% Feb
99%Juoe 20
7% Aug 24
36
Aug 25
110
25% Oct 14
Oct 11
11% Aug 24
38% Aug 24
07
Aug 25
5% Aug 5
22% Sept 9
2
Sept 20
4
Jan
6
8% Jan 4
14*2 Jan 3
4*2 Oct 6
32% Aug 24
70%May 31
16
40
0
2
3
21
11
7
10
Jan 29
12%
Apr
Apr
9% Dee
% Dec
Nov
100
Nov
27
Apr
88%
142*2
Apr
Apr
115
Jan
4
88
10%
44
40
Jan 11
8
12% Nov 22
46% Nov 9
3434 Nov 14
434 Jan
9
Apr
9%
61%
17% Jan 11
73*4May 17
75% Nov 14
20
Jan 20
23*4
Dec
28
63*4 Jan 11
42
May 0
70
Jan 18
04% Apr 25
17
May 2
40*4
116%
Jan
Jan
Jan
Jan
Aug
Jan
July
Apr
Sept
Dec
Nov
28% Dec
68
Nov
51%
111%
Jan
Jan
170
84
Apr
Jan
547g
71
Apr
11%
38%
26% Jan
91% Mm
797g Jan
47*4 July
Dec
Dec
Dec
69% Dec
Dec
19
27% Dec
4
Dec
51% Jan
7% July
3
Dec
21%
77g Sept
Dec
13
.
45*4
Jan
Jan
30
Jan
Jan
Nov 19
54%May
5
Jan 25
25%
Dec
152%
105
75
Dec
Mar 11
24% Nov 21
14%
Dec
3
17%May 2
58*2 Jan 11
5*4
Dec
33%
48%
45
Dec
91%
35
Aug
57%
Jan
Oct
15% Dec
127*4 Nov
38%
Jan
8*4 Jan
32
8
Jan
89*4
85*4
25
Nov 22
June 21
Jan
Jan
Dec
Jan 11
Jan 7
85
Jan
43
82*2 Nov 1 »
44%
Apr
Sept
28
10
61
Jan
Apr
Jan
147
12%
1%
32%
71%
Apr
Apr
13
4934 Nov 25
80% Nov 17
July 21
6
25
Jan
67
70
59% Nov 25
Jan 24
44*4
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Dec
21%Apr 21
16
Apr
Jan
Jan
Jan
Jan
11%
29%
28*4
34
94% Nov 25
21% Jan 7
3
52
Jan
15
96%
62%
Feb 18
Mar 23
10% Jan
June 23
Jan
3
94
57%May 17
29*4 Apr 30
162*4 Sept 19
103
Nov 22
97% Jan
3
June
7
21% Mar 28
7% Aug 25
30
Aug 25
12*4 Jan 10
par
2d
Dec
78
22
Loft
Do
42
Jan
21*4
2,400
Lorlllard (P)
7
Aug
41%
•40*4
10
400
44% Jan
20*4
170%
7% Nov
par
Incorporated
6*8 Dec
71% Dec
16% Dec'
Dec
22
Dec
60
May
9
Dec
63*8 Oct 17
Kaims&Gulf
Jan
3
12*4 Feb 10
5t
100
Jan
Apr
Jan
Jan
Jan
3
40*2 Nov
100
100
74%
76*4
125
27%May 11
100
Do
pref.
Jones Bros Tea, Inc
59%
60*2
67%
Jan
Jan
Jan
Jan
Jan
Feb 24
1st pref
Iron Products Corp
No par
Island OH A Transp v t c_. 10
Jewel Tea, Inc
100
61%
21*2
0
Mar
9
19
2d
pref...
105%
19*2 Mar 30
Loew's Incorporated ...No
115
148
*
.100
165%
23% Apr 29
6,800
39
*95
*144
*105
General Electric
100
General Motors Corp..No par
Do
pref
...100
Do
Deb stock (6%)
100
Do
Deb stock (7%)...100
Goodrich Co (B F)___ No par
Do
pref.
100
Granby Cons M, Sm A PowlOO
Greene Cananea Copper..100
Guantanamo Sugar
No par
Gull States Steel tr ctfa.100
Haskell A Barker Car..No par
Hendee Manufacturing
100
Houston OH of Texas
100
Hupp Motor Car Corp
10
Indiahoma Refining
5
Inspiration Cons Copper.. 20
Jan
June
Jan
97% Nov 17
138*4 Jan 22
110
14%
9%
100
Jan
97%
210
9
Aug 25
10
Liggett A Myers Tobacco. 100
Do
pref
100
155
*107
9%
15%June 17
106*4 Mar
100% Mar
283
76
02%June 24
1200
*153
108
14%
1% Oct
June 17
17% Jan 14
154
14%
Dec
Dec
No par
108
14%
Dec
Dec
Lee Rubber A Tire
154
14%
Dec
18
45% Nov 21
43
Nov 22
49%
,600
4,000
30
11% Nov 22
36
Nov 23
84
27%
4,200
28*2
5*4
25%
39*2
66%
88*2
38
300
9,900
9%
43%
Jan 20
Dec
Dec
Dec
Dec
Dec
Dec
85% May
7434 Nov 22
48
u
24%
9%
42*2
100%
Dec
76*4 Nov 14
Temporary 8% pref
100
Kennecott Copper.....No par
Keystone Tire A Rubber.. 10
Lackawanna Steel
100
LacledeGas (St Louis)
100
89
24%
127%May 23
82*4May 5
103
Nov 10
116
International
Nickel (The)25
20,900 International Paper
100
1,100
Do
stamped pref
100
82,500 Invincible Oil Corp
50
50,900
104%
81*4 Jan 8
3% Aug 24
26,400
100
3*4
Debenture pref
Dec
05
92*8 May
129%May 24
95*2 Nov
1
95
Consolidated Gas (N Y)__100
Consolidated Textile..No par
Continental Can, Ino
100
Do
pref
100
Corn Products Refining... 100
Do
pref
100
Cosden A Co
No par
Crucible Steel of America.100
Do
pref
..100
Cuba Cane Sugar
No par
Do
pref....
...100
Cuban-American Sugar
10
Davison Chemical v t c.no par
Dome Mines, Ltd
10
Elk Horn Coal Corp
50
Endicott-Johneon
50
Do
pref
..100
Famous Players-Lasky.JVo par
Do
preferred (8%)
100
Federal Mining A Smelting 100
Do
pref
100
Fisher Body Corp.
No par
Fisher Body Ohio, pref
100
Flak Rubber
25
Freeport Texas Co
No par
Gaston. W A W. Inc__.A%> par
General Asphalt
100
Do
pref
100
General Cigar, Inc
...100
1
Mar
119*2 Nov 21
8
Computing-Tab-Record No par
Consolidated Cigar
No par
Do
pref
100
Conaol Distributors, Inc No par
Do
Do
Jan
Aug 20
100
Corp
Apr
June 24
Callahan Zinc-Lead
10
Central Leather
100
Do
pref
_._100
Cerro de Paaco Copper.iVo par
Chandler Motor Car_._Ato par
Chicago Pneumatic Tool.. 100
Chile Copper
25
Chlno Copper
6
Coca Cola
No par
Colorado Fuel A Iron
100
Columbia GaB A Electric.. 100
Columbia Grapbophone No par
Do
pref
100
Agrlcul
142%
118*4
100
pref
Internat
Dec
Dec
3
Do
pref
,.100
Internat Harvester (new)..100
Do
pref (new)
100
3,900 Int Mercantile Marine
100
12,500
Do
pr f
...100
2,200 Internat Motor Truck..Nopvr
33
42
48
9*4
*11%
24%
9%
*46
14%
*44
12
3
800
Do
82%
97%
88
88
1,300
7,100
1,500
400
28
10
48
15
9*4
11%
11%
28
12*4
3
*72
24%
*150
14%
9*4
73*4
11%
29*2
3*4
10%
*24%
24%
9%
10%
27% 27%
152% 152%
27%
*72
7,800
600
72
62
*61
4,600
4,100
14,600
37%
55*2
27
200
3,100
45%
7*2
46
44%
78*2
15*2
77%
102*2 103
12%
56*2
800,
1,900;
31%
81
3*2
43,800
82*2
26
37*2
*8*2
*39%
4,600
70
*25
7*4
43,100
1,200
3,300
200
134% 135
11
11*4
*79%
8
400
68
<
64*2
12,100
77,100
1,700
2,100
*7
0
9%
15%
*4
02%
99%
61*2
10,100
8*4
8
17*4
6*7*4
77*2
10*8
34%
65*4
18*4
14*2
59%
«
W
83
600
35,300
700
8*4
66*2.
6,800
90%
18*4
W
......
88*4
32%
63*4
8%
17%
Q
8,700
800
104
*85
17%
75
4,800
109*2
87%
90%
1
1,500
300
50
*107
89
17%
74*2
70
31
0
18%
75%
133% 134%
11%
11*2
70
19,330
*99
87*2
88"
107% 107%
32%
33*8
64%
65%
1,100
18,400
4
17%
41%
18
85
25*2
64*2
*20*2
75
61
*81*2
4,700
5*60
15
*93
7,300
38
17
41
41
12%
27
37%
19%
00%
135%
12%
26%
58*2
62%
97*2
134
1,000
11,500
14%
15*4
15*4
*4
*4
62%
63%
99% 100
60%
62
94
6,800
52
19
10
*93
46
51
52%
10
*4
45*8
55
19*2
15*2
%
64*2
98%
10
33%
45%
53*2
77
100
Jao
Jan 19
96
107% Mar 23
18
Mar
Mar
107% Jan 27
0
Jan
83
60
93%
90
Butte Copper A Zinc v t c.' 5
Butte A Superior Mining..; 10
5,700 Caddo Central OllARef No par
14.500 California Packing
No par
8,800 California Petroleum
100
Nov
Dec
100
No
Dec
26
Sept 27
55% Jan
45
61
Nov 16
Highest
79%
par
8% pref. 100
Brooklyn Edison, Ino
Burns Bros
4,100
4,600
33*2
*19
*80
12,900
100
Booth Fisheries..
JaD 26
39%June 24
41%June 23
87 June 13
cum conv
65*4
3%
31% Aug 25
95
Do
600
65
63%
22% Aug 22
100
pref
65
*24*2
Feb 21
100
Do
pref
Bethlehem Steel Corp
Do
10,900
1,700
12,300
64*2
4%
18
93
20% Aug 12
0% Sept
91
100
1,600
3
Jan
Feb 21
100
Oil
Aug 27
57
24
Class B common..100
32%
65*4
12%
26%
37*2
24%
29% Nov 17
95% Jan
lll%June 21
100
100
100
Do
31%
104
90
500
500
30%
33%
47% Oct 19
67*2 Oct 18
Associated Dry Goods
Do
lat preferred..
Do
2d preferred
10,800
24,400
33%
25
Atlantic Fruit..
No par
Atl Gulf A W I S8 Llne__.100
2,800
Do
pref
100
6,500 Atlantic Petroleum
25
43,600 Baldwin Locomotive Wka.100
6%
45%
02
4,000
6%
*51
pref
13,200
7%
31%
1
87%
88%
108*2 108*2
33%
33%
64%
66*4
8
19%
15%
50*4
19*2
19%
75*2
104%
67%
83*4
7%
200
96*2
114% 115%
5%
17
13%
73%
44%
85
*81
52
*103% 105
5
96*2
113% 115*2
5%
43%
52
54%
92*2
16*2
'13%
82
95
22*2
53*2
54%
*92*2 V...
6*8
16*4
42*8
1,200
95%
5
*81
95
30*2
2,500
23
22
*51
14%
3%
Do
32% Nov 21
|
share f per share
per
85% Nov 19
Aug 24
Aug 27!
Associated
4,400
72%
103
95*8
*103
14
3%
31%
24*2
71*4
*97
101
♦98
Amer Writing Paper pref..100
31,200' Anaconda Copper Mining. 50
74
72
73*2
74%
71
96
55*2
16%
41%
73*2
21%
53
112%
I
95*2
104
5*4
*80
76
72*4
101
3%
54*2
16%
100
pref
3,000, Amer Zinc, Lead A Smelt. 25
22
5*8
96*2
111% 114
Woolen
2,000
800:
Jan 11
18
63
100
1*0
common Class B
$
78
86
11*2
94%
103
Do
8,800. Amer
600l
Do
9 per share
110
27
72
Lowest
Highest
$ per share
100
pref (new)
11
22
*93
2,2001
Do
26
*22*2
*92%
950:
11
53
112
78%
79
102% 103
22*4
24
*102
78*4
78%
102% 102%
25
25*2
122
3,900!
11
104
5*2
120% 120%
121
19,550
11*2
53
96*2
31*2
33%
115*4 H7
124% 125
94%
94%
32%
31
Aru Steel Fdry tem ctfs.33 1-3
Pref tem ctfa
100
700
26
31
5%
114% 115%
124% 125
94
94%
600
11*4
3%
32%
*93
American Sugar Reflnlng—100
Do
pref
100
11,900 Amer 8umatra Tobacco
100
61,700 Amer Telephone A Teleg--100
3,200 American Tobacco
100
88
31%
26
31*4
...
85
121
*91
•92*2
*101% 103
56*4
84%
78*4
78%
102*4 102%
55%
4
64*8
55
84
31%
31%
115% 117*4
124% 125%
94*4
95
08
*103
55*2
92
*70
94%
12.499
83
71
98%
22*8
31%
92*2
55%
77
*23
*86*4
*918
83*2
32%
24*3
22*2
96
22*4
86*2
32
92
54%
70*4
98%
*70
*85*2
83
3*4
69*4
98*4
3*8
31%
24%
85%
31*2
91%
54%
70
98*4
77
*71
.
Year 1020
Lowest
Indus. 8c Mlscell. (Con.) Par
Am Smelt Secur pre! ser A. 100
31*2
31
*91
SHARE
Range for Previous
Week.
$ per share
8TOCK
EXCHANGE
the
Nov. 19
YORK
PER
Range Since Jan. 1
On basis of 100-thare lots
STOCKS
Sales'
high and low a alb price-per an abb, not per cent.
94*2June 23
Feb 3
100
Jan
5
130
u Par value 3100.
95
Dec
Dec
9% Nov
14*2
207
Jan
Apr
Jan
Jan
190%
Jan
36
Apr
28
Jan
42
Jan 31
25
Dec
70
Jan
100
Mar 11
100
Dec
115%
183%
110%
Jan
Jan
Jan
104% Feb 28
1 m
Peh
0 Old stock.
a
«
120% Dec
97
Dec
Ex-dlvldend.
New York Stock
2395
Record-Concluded—Page 3
For sales during the week of stocks usually Inactive, see third
preceding page
PER
HIGH
AND LOW
NEW
Saturday
Nov.
Tuesday
Wednesday
Thursday
Nov. 21
Nov. 22
Nov. 23
Nov. 24
Nov. 25.
Week.
Lowest
$ per share
$ per share
$ per share
$ per share
S per share
Shares
$ per share
*70%
80
*56%
58
29
30
29%
29
91%
*89%
108% *103
113% 114%
25
25%
16
14%
24%
24%
*53
54%
*94
94%
*72%
58
58
*56%
27
28
28%
28%
29
28
29
91
89%
90
*89
90
*71
80
28
54%
23%
*53%
95
16
15%
16
12%
12%
12%
*121
123
123
112
112
112% 112%
112% 113
*26
30
*25
30
*26%
*67
72
*65
75
*84
90
*84
*85
■
-
\
f
90
*85
55%
99
;
112% 112%
Sept 22
7
58
Nov 22
Oct
6
89i2 Feb 14
1218 Aug 16
4
Mar 18
2%
41%
*85
Aug 25
100
pref
•13
92%
50
Nat Conduit & Cable..No par
%Sept 19
26
Aug 25
Do
4,500
5,200
Nat
pref
Enam'g <fc
Do
95
Stamp'g__100
pref
55
31%
59
*53
42%
39%
*21%
*11
3%
*18
8%
26
8%
61*4
44%
50%
46%
*10*4
9%
54*4
32%
43%
40%
22%
11%
108
14
13%
32%
31%
31%
*53
57
42%
40%
3%
17%
8%
25%
89
100
40%
40%
22
22
pref...
12%
12%
12%
3%
3%
3
3%
16%
3%
18
17%
;>
45%
51%
9
61%
61
...100
33
33%
13%
32%
13%
32%
33%
12%
34
67
67
1
13%
13%
32*4
12*4
34
32%
32%
13%
32%
13%
12%
13%
13
65%
58%
70
66
72
68
1
61
*58
*90
15%
64%
*15%
16
15%
15%
63
63
63
65
95
*87
f
91
93
15%
15%
61%
*88
26
107
26%
62%
25%
111
107
26%
61%
108%
31
30
30%
36
36%
29%
36%
36%
61%
*89
97
88
88
*87
*105
107
105
ld5
*103
21
21
49
49
14%
24%
*20%
48%
*84*4
86
*83
14%
25%
23
14%
*23
49%
7%
46%
49%
*83%
7%
45%
2%
13%
1%
86
13%
2%
2
*9
12
13
*9%
2%
2%
66%
66%
24
24%
2%
66%
24%
37
35%
35%
23%
.
2%
66%
24%
23%
23%
*37
39
38
38
*72
77
*70
75
89%
171%
88%
112% 113
80
80%
*78
64%
23%
*35
23%
39%
89%
88%
45%
13%
46
>
25
36%
89%
24
24%
*23%
30
31
74%
75
*29%
74%
31
75
*98
103
8%
8%
9%
9%'
9%
10%
45%
9%
45%
30%
28%
60%
57%
45*4
46%
45%
30
30%
60
60%
29%
59%
*84
85%
*33
*84
11%,
10%
35
71%
71%
20%
21
26*4
26%
73%
*31%
73%
71%
20%
*26%
72%
52%
*14%
♦15
16
*46
48%
*6%
*11*4
12%
*6%
11%
39
39%
39%
*70
47
7
*70
90
20%
21%
25%
26
71%
53%
15
47
120% 121%!
49%
52%!
14%
16%'
47
7
12%
40%
90
47%'
*6%
11%
12
39
40
*70
49
48%
49
92
92
94%
94%
94
34%
42%
33
34%
34%
*42
42%
10%
30%
31%
82%
82%
83%
112% 112%
57%
10%
57%
30%
30%
10
31%
31%
59
30%
30%
31%
73%
31%
77
*73-
76
86
*82
86
66%
66%
90
90
*94
98
47%
*38
14
*10
6
30
31
124
*112
*112
*65
29%
.
43%
80
68
44
*73
*65
1
40
17,200
90
»
42%
83%
i
10%
32%
32%
32%
76
—
-
*112
-
-
-
t
1
*
1
1
10,200
3,000
86
1,500
•
7%
7%
43%
80
80
42%
*74
43%
80
I
68%
67%
67%
8%
*8%
9
t
•
"7",000
8%
8%
8%
8%
*Bid and asked prices: no sale on this day.
109
10
Nov
22*4
Jan
3834May 11
24i8
Deo
94
Jan
39% Jan 12
73% Jan 13
30
Dec
931* July
55U
2
15
Deo
121*4
84
Deo
106*4
24% Jan 25
6978May 5
16%
4912
Deo
55*4
Dec
13% Nov 22
5i2 Feb 16
10
Dec
123*8
1778
25U
836s
96*4 Mar
233s Jan 11
6»4 Apr 30
9834 Jan 3
25i2Nov 17
49
56
»
t
Apr 30
22is
37*4
Dec
Dec
Deo
76
Dec
103
*8%
f Lqm th»n 100 shares.
Nov 25
Deo
Deo
106
6*8
Deo
44% Apr 25
75
Jan 13
3478
Dec
(
67%
*•
m *>
—
»
Jan
Jan
9534 June 20
467s Aug 22
207
Jan
7
176
Feb
2247g
961*
100
x
100
100
100
100
pref
100
1st
62%May 23
19
May 6
1U2 Jan 3
38
AUg 25
53sJune 20
8i2Sept 23
3834 Nov 18
84
July 29
41i8 Mar 11
4012 Aug 27
74
Aug 27
26
Apr
37
Aug
1
9
70i4June 23
105
June 21
41% Aug 25
7
5
25J8June 21
Aug
51
Nov 25
7
Jan 13
5*4
27*4 Jan 19
74%May 3
561*
Dec
90
Aug
102
Mar
8
$ Ex-rlgbta.
15
69*4
Apr
Dec
143*4
1161*
Jan
Jan
29
Dec
76
Jan
3
391*
6
113% Nov 14
59t2 Jan 19
1258 Mar 17
76'4
Dec
Dec
109
44 >8
Dec
Dec
115*4
80*4
7
Aug
14
Oct
97
Apr
80U
Apr
88*4
Dec
Dec
Dec
1121*
Jan
76
Feb
79«4 Apr 30
10378 Jan 4
35% Jan 27
44t2 Jan
86i2May
104i8
28i2
24*4
100
Wells Fargo Express
5734 July 30
59
Aug 17
102a4 Jan 18
95
Jan 25
56s Mar 11
9%May 11
100
Union Telegraph. 100
41
72
76
Aug 10
*l%Sepi
Jan 20
94
Apr 12
9678 Jan 14
4912 Jan
Dec
46*4 Nov
80is July
89U Nov
5*4
8
Westingbouse Elec A Mfg. 50
3878 Aug 22
40
White Motor
29i4June 23
30i*
19
50
50
5
25
Do
pref (new)
100
Wilson A Co, Inc, v t c.No par
Wool worth Co (F W)
100
pref
100
Worthington P A M v t C..100
Do
Do
prefB
Wright Aeronautical
a
100
pref A
Ex-div. and rights.
100
no
var
aEx-dlv.
Dec
357g Nov
53
Dec
Jan 11
No par
Dec
Oct
Jan
Jan
55U Apr
37% Apr
78% Jan
116*8 Jan
103*4 Jan
25i*
95i2
58'4May 18
100
Do
pref
Virginia Iron, C A C
Dec
1012 Nov
38
Dec
42% Jan 11
No par
Virginia-Carolina Cbem__.100
200
1,000
4514
2034 July 30
Vanadium Corp.
200
Apr
Jan
pref
100
U S Smeltifig. Ref AM... 50
-
2,500
Jan
Jan
127
53
Willys-Overland (The)
—
Jan
38
4
8,400
-
38*4
66i*
148
Jan
2,000
-
61*4 Dec
191* Dec
20% Sept
Dec
25t2May 19
5%
42%
Oct
Apr 25
27%
—
14
13
Aug 25
Hi* Dec
6I4 Deo
Dec
United States Rubber
Do
Deo
Deo
181* Jan 11
200
8U
5U* Mar
118U Apr
126*8 Apr
10U* Jan
80
July 16
2,900
24i2
Jan 13
7
29%
el42% Deo e212i* Mar
113*8 Mar
100i8 June
77
Dec
911* June
93% Apr 29
46
812 Nov 17
*122% 125
67%
Nov 12
Wlckwlre Spencer Steel...
5%
Jan
Jan
Apr
9234 Nov 14
176
113% Nov 23
82
Feb 7
37
Jan 24
White Oil Corporation.No par
800
42%
94U
4,200
14,000
*74
48*4
8214
Dec
497«Mar 29
44 May
2
17% Jan 8
13%
*112
Dec
91
Westlngbouse Air Brake...
28%
Deo
75
271*
Western
27
20
43
9
Nov
Apr
2318 Nov
9014 Jan
Jan 19
400
11
216*
243
34
600
38%
Deo
106
1,200
10%
Deo
218
8
96
2,800
9
851-4 Dec
1414 Oct
33ts Deo
Jan 11
283aMay
75
9
6
Dec
Sept 13
90
47%
May
2i2
Jan
Jan
Jan
May
Apr
June
Apr
Jan
June
65
47%
*37%
May 11
19
pref
Vivadou (V)
Jan
Apr
Nov
107
151« Aug 25
U S Industrial Alcohol
Do
92i2 May
46
U S Cast Iron Pipe A Fdy.100
Do
3
No par
United Retail Stores..No par
Do
Mar
No par
100
65
1
*8%
Drug..
89%
*93
t
43
Alloy Steel
Do
pref.
50
40,300 United States Steel Corp.. 100
Do
pref
100
2,600
10
13,300 Utah Copper
100
1,700 Utah Securities v t c
13%
*
OH
100
76
*82
1
1
58%
31
I
1
112%
9%
t
I
Union
2,600 U S Realty A ImprovementlOO
57%
I
I
28%
St.No
57%
112
1
t
6
5%
*27%
5078
1061*
91
6
No par
U S Express
7
«
13%
6
Transcontinental Oil
100
82%
1
1
28
Deo
76i2June 28
100
56%
1
1
10%
80
*64
11%
*70
f
90
13%
44%
68
1
64%
28% 29%
29% 29%
125
122% 122% *122
*112
51
1
1
5%
28
'
50
39%
f
18
*6%
11%
*
1
53%
17
1
7%
10
Dec
73
Deo
U S Food Products Corp.. 100
52%
1
7
14%
Apr
297s
9134 Nov 17
46
"3",900
1
»
10%
*10
Jan
Mar
120
22
United Fruit
75%
86;
38
10
124
Dec
40
5,500
67,500
4,600
1,500
32%
38
10
68
Dec
40
Mar 22
120%
120
1
73%
38
13%
Deo
95i2
367s Jan 21
72
Sept 13
45
United
31%
47%
37%
10
United
I
47%
52
51% Jan 11
37
Nov
2
15% Aug 24
25
Tobacco Products Corp... 100
800
42%
47
Nov 14
70%May 19
114% Nov 17
1314 Mar
457*4 Jan
53*8 July
95i* Jan
3,300
15,700
*42
94%
27
Jan
Apr
Feb
1034 Apr 26
47
Nov 14
72%
21
43%!
94%
113*4
1041*
6
103s Jan 7
13% Jan 11
25%
3,100
7%
Deo
90% Deo
Oct 17
70%
33%
*82
276s
72
Jan 24
6% Aug 26
29 June 21
par
pref
Jan
20%
25%
1
33%
42%
75
Deo
Jan 24
16i2May
334 Aug 10
•/
'
l
86
12
96
Sept 10
34%
32%
3
3
5
57
8,900
1,670
31%
83
6
Union Bag A Paper Corp.. 100
95
30
100
June
700
49
82%
112% 112%
57%
57
9%
9%
21
72%
94%
30%
Texas
105i8 Jan
66
Sept
72%
48%
83
124i2June
Nov 25
104
June 25
1
64
14%
53",600
.1
*89
39
124
49
48%
88
47%
30
57%
16is Aug
68i4June
6734June
6
25
29
29
24
13
3
23
28
I
64
13
*122% 125
*56
878 Oct 6
2i8 Oct 18
6914 Aug 23
12*4 Mar 11
1
'
91
1012 Aug 26
par
1
98
46%
5%
88
4012 Oct 17
Transue A Williams
1
88
38%
*28
88
612 Oct 27
No par
C tr ctfs.No
Company (The)
Do
94%
64
95
14%
11%
6
40%
June 21
800
1
*94
64
90%
~95~
7
12
18
35
»
*6%
11%
39%
17i8June 20
..No par
pref
18,600 Superior Oil
94%
*34%
10
Do
Submarine Boat
Texas Pacific Coal A OH..
7,200
48%
94%
34%
7%
39
30
43%
7%
47%
6
*73
63%
*
*82
47
*28
*28
7%
56% '
10
*74
7%
90
82% 83%
112% 112%
57%
08%
10%
*82
7
*42
7
Apr 21
Mar 12
35
1
71
69
119% 119%
50% 53
16% 17%
50
50
24»4 Oct 14
428s Jan
24,600
4,300
10%
27
Jan 15
54
25U Aug 24
85%
21%
June
83
Studebaker Corp (The)... 100
30%
45%
12i8 Mar
Aug
48
8
15
25
22
11
StrombergCarburetor. .No par
60
9%
71
25
25
pref non
59
*82%
20%
*25%
72%
10
Standard Oil of N J
29
1
21%
72U Sept
6II4 Jan
Standard OH of Cal
Tenn Copp A
1
71%
Deo
100
10,600
44,450
I
71%
pref
9%
46%
61
72
Feb
83
32i8June
500
45%
1
511*
Sloss-Sheffield Steel A Iron 100
8%
29%
9%
3
3078 Oct
3%
45
*84
Jan
647sMay
8278 Jan
1,200
103
58%
1
Jan
Jan
98
Shell Transp A Trading... £2
Sinclair Cons Oil Corp .No par
9%
1
23U
Deo
..No par
8%
1
1081*
Dec
100
3%
1
Deo
400
30%
75%
29
72
27
103
1
71%
48%
113
9%
32
56%
48%
57%
9%
32
57%
82%
8%
32
56%
*112
M
W
35
110%
30%
174%
Dec
9
30,900
24
4%
8%
10
57%
*41
1
101
3%
10%
*84
57
*32
45%
29%
59%
85%'
*23%
0
75
800
15
72
Ray Consolidated Copper.
Do
2
441* July
8278 Jan
59
voting... 100
Steel A Tube of Am pref.. 100
Stewart-Warn Sp Corp.No par
78
85%
10%
32%
86
120% 122%
121% 123%
53%
51%
10
101
78
w
24%
30%
<
6,570
3,200
Jan
Deo
3384 Nov 19
7
25
2,100
""7^66
Oct
42i*
Jan
Pure Oil (The) Jfc
Railway Steel Spring
Do
pref..
40%
91
45
Deo
Nov 22
89'8 Aug 24
23%
87
Apr
Aug
3018
26'4
Mar 28
100
50
39
*169% 175%
*111% 111%
Apr
36%
14
203s Oct
Company
Punta Alegre Sugar
23
0
111*4
78
Pullman
36
W
Deo
88
100
36
80%
4%
8%
pref
Do
6%
Jan
Jan
4178 Deo
116«8 Apr
61U
5
Oct
Producers A Refiners Corp.50
Public Service Corp of N J. 100
76
69j4 Dec
641* Deo
Jan
78
6I4 Aug 22
3012 Aug 22
52
July 16
100
Seneca Copper
12%
Deo
Jan
65
27
593s Nov 22
35*2 Jan 11
42%May
35
417*
21
...
Car
23,100
1,300
36,800
*78
103
Steel
24%
78%
4
Do
23%
74
*98
Pond Creek Coal....
Pressed
914 Aug 26
Jan 17
Deo
100
pref
0
87
33% Jan 3
26% Aug 26
16 June 17
17
Nov
x4278 Deo
10% Deo
41i4 May
100
Pittsburgh Coal of Pa
Sears, Roebuck A Co
1131
6%June 20
19»4 Jan
23
12
Jan 11
25
100
pref
18,700
30%
9%
2
*70
38is Aug 25
3418 Aug 17
6
Aug 27
16
100
pref
65
0
46I4 Jan 19
50
Pierce Oil Corporation
63%
23%
4%
100
No par
OQ
76
87
8
6578Nov 4
47% Oct 28
793a Feb 17
7184 Jan 12
13% Oct 27
50
W
23%
39%
23
38%
734 Nov 25
B
24%
36%
*70
645s Jan 11
27*2 Mar 12
Fierce-Arrow M Car
Do
Apr
5>4 Mar
28»4 Sept
3058 Apr 29
People's G L A C (Chic)..100
Philadelphia Co (Plttsb).. 50
Phillips Petroleum
No par
Do
Jan
22%
Dec
2434 Nov 14
Panhandle Prod A Ref..no par
Penn-Seaboard St'l v to No par
Do
77U
Deo
278
25
Pan-Am Pet A Trans
Class
Dec
9
7
4
Pacific Oil
Do
26
8
Jan
Mar 29
39
Savage Arms Corp
.100
Saxon Motor Car Corp .No par
1,200
15,000
Jan
127s Jan
9
8
"2",100
13%
2%
Jan
No par
Steel..
P
32
4
47
13%
110
U4 Oct 17
200
I
Dec
134May 31
1412Nov 23
8
Nov 22
Owens Bottle
12%
24
8%
50
2%
64%
*23%
9%!
pref
San Cecilia Sugar v t c.No par
51
H
I
Do
900
1,300
6,100
86
7%
100
Jan
32*4 Aug 31
3l78 Aug 31
50
500
800
7%
45%
Apr
Jan
North American Co
41%June 23
7514 Oct 20
6,500
22%
86
W
10214
93U
Jan
11
14%
24
22%
Deo
■
10
Remington Typewriter v t o 100
Replogle Steel
No par
Republic Iron A Steel
100
Do
pref
100
Republic Motor Truck.No par
Royal Dutch Co (N Y shares).
St Joseph Lead
10
700
14%
Nov
631*
61
100
98
107
24
j\d
88
9
Mar
May
-57%May
44% Nov
4112 Nov
100
107
.
891*
95
211a Aug 25
67
July 28
600
00
Nov
8 234 Nov
100
90
49%
*30
75%
75%
100% 101
*4
4%
200
45
Deo
pref.
*1%
*9%
2%
113
78%
*23%
1,400
16,900
10,500
11,100
0
169% 171
113
63
90
2
36
24%
Feb 14
Jan
300
H
13%
*1%
*9%
2%
63%
23%
76
1,400
2,600
i'm
109%
30%
30%
36%
36%
M
7%
46%
*13%
39%
15%
63%
65
48t*
200
108
85
23%
800
91
"24%
"v
50
7%
113
80%
;
fc
M
85
7%
66%
60
*60
rH
24
24
86
2%
4,100
33
13,500
13%
5,200
33
2,400
13% 161,700
71
3,940
15%
24% 25%
61% 61%
107% 108%
30%
29%
36
35%
88% 88%
105% 105%
14%
14%
49%
14
15,200
33%
63
q
24%
2
58%
_
170% 172
113
rH
21%
49%
2%
*70
166% 171
113
14%
25
21%
45%
47
107
21%
7%
7%
90
7,400
200
60
1
60
91
10%
32
1
61
10%
11
*90
1
13%
47%
Dec
Deo
Pacific Development...
Pacific Gas A Electric
52%
2
16i4
35i2
Otis
13%
32%
12%
68%
I
1
*90
*60
10%
■:
$
.
'
14
91
62%
88%
11%
59%
32%
33%
59
27
171
68%
.
58
110*4 112%
29% 31%
36%
36%
23%
14
"i-v,
•
11
*90
58%
62
*36
10
I
46
Apr
Jan 10
19
18
22
21
2,500
1,752
44,500
29,900
5,500
jan
13
5
39
8I2 Mar
45%
Jan
1021*
20% Feb 9
45
Jan 26
20is Nov
45
Jan
80
100
10,300 Oklahoma Prod A Ref of Am
5,300 Orpheum Circuit, Inc
46%
10%
1
13%
11
1
Jan
116
New York Dock
Nunnally Co. (The).._A^o par
57%
32%
32%
*13%
2%
*9%
50%
45%
125
171*
Nova Scotia Steel <fe Coal. .100
700
79i4May 16
Dec
I03i2 July
25U Dec
593s Deo
11714
600
62%
Jan 26
35% Jan 18
Dec
2,600
50%
:
96
Nov 18
Jan
Nov
3,200
1,400
Mar
8
12%
7%
Mar
40
66
26%
7%
40
Dec
Feb 19
40%
8%
Deo
25i2
Nov 22
23%
15%
12%
4
14
Do
27
2
Jan
89
9
*12%
8%
Jan
Jan
Deo
69i2
10014
4712 Aug 17
5
13", 200
3%
Deo
100
-M,
62%
•
.
1
57%
32
46%
50%
45%
*10%
9%
./.-V
1
•
32%
10
*13%
51%
y:'
45%
46%
'•
57
52 ®4
Nevada Consol Copper
New York Air Brake
42%
27
.
58%
10
33
7
44%
;•
55%
32%
10
32%
33%
■,
10%
61%
3,400
14%
'?
■■
«•
50%
11
14%
61
*8%
61%
1
1
8% ■;!
26%
34%
3
|
'
900
Jan
Deo
May
108
40%
-
/
"... •'
'
"/ ■
45%
*10%
9%
11
25%
9%
'
,
.■.>
t
;/■
47%
50%
46%
11%
55%
14%
24%
8
,-i' /'
.
.
45
47
*26%
26
v
14
71»4
93
June 20
Mar 31
100
Jan
Aug
2838
47i2
16
May 4
42
1
46%
51%
55
*__.
14%
.
26%
8%
8
61%
44%
62
26
9
8%
17%
8
26
rv'1'/;
•,
6,200
Do
57%
*53
•••,.' '■
23%
12%
800
33%
t
-
108
Jan
26
June 15
120
67*4 July 28
National
13%
57
43%
"l",766
81%
57
t
•
1
42%
42%
8%
'
1
■
33%
44%
41%
12
8%
*88
811
«
41
23
12
*50
57
•'
21%
41%
*21%
*51
44
18%
89
r
*104
57
*31%
55%
31%
31%
15%
'•
-V
13%
56
26
*61
1
1
106%
13%
3%
91
105
108
1
81%
56
55
5434
32%
33%
*90
80%
81
56
55
31%
80%
Jan
Deo
10
4
123
June 11
100
Lead
•
81
81% 81%
81%
*106% 107% *106% 107%
13%
13%
13%
13%
Apr
107
222
30
4478 Oct 18
100
1371*
Oct
25
100
100
pref
Jan
Apr
98
100
Do
National Cloak <k Suit
Deo
69«4
6414 Mar
151i*
Aug
9512
148
56i4 Jan 11
Oct 15
14% Aug 25
par
Deo
14i8
Oct 14
83i2 Jan
12% Nov 22
102
Jan 4
105
Aug 25
15
Sept 13
100
1%
50
100
National Biscuit.
700
73
1
15&4 Jan 3
10
July 20
22 June 21
Montana Power
100
41%
5
I6714 Jan 13
25% Nov 21
1612 Nov 21
10
Dec
~65~ "
84*2 Aug 25
Middle States Oil Corp...
Mldvale Steel <fc Ordnance.
1,600
*70
3078 Nov 12
93% Apr 18
65ia Jan
Dec
66
._100
National Acme
28
66
63*8
102
MontWard&CoIllsCorp No
*26%
'
95
70
June
95
5,100
1.
•••
.
3
55
par
Highest
$ per share $ per short
59% Jan
Miami Copper
Do
Lowest
$ per share
21
100
2,900
'
41%
1%
__no
pref
Mexican Petroleum...
400
Highest
v
100
100
May Department Stores..100
600
15%
12%
12%
123k
m
Year 1920
100
Companies..
pref
Do
1
72
41
Marland Oil..
400
15%
1
!
7,000
89%
*95
1
26%
43
1
•
,.
28%
Do
106%
55%
V
72
"T%
90
•" t"v
X
26%
1%
>■.
.1
112%
*112
30
....
41%
12%
24%
121% 121%
121% 122%
1%
41%
39
15%
4*
•
Manatl Sugar
Mackay
113% 116% 137,866
25
25%
5,300
15
15% 144,500
25%
24%
19,600
'
I
■•'V-ii-
■
95
12%
95
1
V.
2,800
*100
/
15%
"""loo
28%
89%
,1 '
55
: 12%
15%
24%
54%
16
38
.
58%
.
'• '•*. '■
25%
15%
15%
12%
37
1
.
;•".
24%
15%
23%
25%
16
1%
; "• '
»
89%
*56%
28%
28%
1
"
108%
113% 114%
95
25%
12%
1%
T"
• •
..
108% *100
111% 114%
123
m-Sf'
f
108% *100
112% 115%
25%
25%
15%
16%
24%
24%
54%
54%
94%
94%
*
SHARE
Range for Previous
EXCHANGE
the
*72%
%
»
15%
1%
85
89
58
29%
29%
*70%
*56%
28%
*25%
*89%
Friday
PER
1
On basis of lOO^hare lots
STOCK
Monday
19
$ per share
*103
YORK
SHARE
Range Since Jan.
STOCKS
Sales
NOT PER CENT.
SALS PRICE—PER SHARE,
10i2May
May
514 Jan
4
136s
47% Mar
Jan
Jan
Jan
1201* Sept
21
June
76
92%
119
Mar
Oct
Jan
Nov
Jau
69% Mar
25% Oct
32% Sept
Dec
Dec
Dec
55%
Dec
32
Jan
26
Dec
93
Jan
347*
Dec
82%
6 >8
27i2Nov 14
47
Jan
3
7
Aug 25
126
Nov
3
100
June
145
Apr
4!
102
Dec
116
Jan
Deo
Dec
Dec
95
93*4
Jan
Jan
76
Jan
23
105
105
42
Aug 26
June 24
3012 Aug 25
11334 Nov
55i4May
7012 Aug 15
54
Aug
8
6%June23
t Reduced iu
81
5
Feb 11
6712 Nov 23
938 Nov 5
35*8
73
531*
of $25 par.
Par $100.
Jan
2296
New York Stock Exchange—BOND Record, Friday, Weekly and Yearly
Jan.
J1909
t
Exchange method of quoting bonds was aanord and prices are now—"and interest"—except for
«»
BOND8
U.
t.
Noo.
Government.
25
No
Hi0*
Low
J
J
95 10 95 60 9
D *95.80 Sale
9 1.30 3591 '86.00 96.30
95 12
.76
5 85.24 94 90
94.90;
94 80
1101
95.9
D
96.00 Sale
95.00
M N
M H
95.30 Sale
94.63
95 30
19
85.34 93 30
95.46 Sale
91.66
95.58
6339i
85.30 93.53
M S
96 86 Sale
98 28
96.93
7805i
88 00 96 96
J
2i
Liberty Loan—
Liberty Losd—
Of 1928
Fou th Liberty Loan—
of 1933 1938
Liberty Loan—
95.76 Sale
O
A
99.96 Sale
D
D
41930 7«
J
J
2s oonsol coupon....
41980 Q
1925 Q
ooupon
Pan Canal 10-30-yr 2s
Pan Oac&l 10-30-yr 2s reg
99.96 Sale
94.00 100.50
10iofu
82 3
99.96
*9.8 )
100
100*2 June'20
76»2
100
75
100
'7612 >6*2
75
July*!
78
77*4
Sale
10378
957«
78
10412
96*4
218
96'g Sale
.
11
181
1941 F
105 >4 8;we
104
105
212
10434 Sale
103*4
106*4
86*2
102*8
95*8
94*8
9678
100*4
105
34
107
51
107
Berne
(City of) a f Is
1945 M
Bordeaux (City of) 15 yr
68.1934,M
Braall, U 8 extern 8a .......1941 J
Canada (Dominion of) f 8«—1926.A
87
101*8
99*4
101
Sale
100
t 45
Sale
43*4
10534
87*4
82*2
106*8 Sale
90
f 6)48..1944 J
Sale
84i2 Sale
7612
Cuba—External debt 6s of 1904. M
Ezter dt of 6s 1914 eer A. 1949 F
72
4X#
....1949 F
Danish Ccn Municipal 8s "A"1946 F
Series B
1946 F
Sale
76
71*4
106*2
1081a Sale
10714 Sale
106*2
Sale
8312 Sale
A
Pvenob Republlo 26-yr ext 8s. 1946 M
105*2
108*8
Ol
1945 A
Dominican Rep Cons Admflf5s'fi8 F
20-year extern loan
Sale
997« Sale
1926 A
f 8a
Sale
97U Sale
...1946 M
a
Sale
95
Chinese (Hukuang Ry) 6s ol
1911; J
Ohrlatlanla (C ty) a f 8s
1946 A
Denmark eiternal
Sale
904
...1931 A
External 5-year 8 f 8a
Sale
103*4 8ale
10-year 5Ks
1929 F
Chile (Republilc) ext af 8s_. 1941 jF
loan
Sale
104
1946 M
20-year s f 8s
Bergen (Norway) s f 8s
Externa]
101 »a
96*8
S
7Xs_.1941|J D|
Sale
Sale
83
101
98
90*4
435,
66*2
78
95*j 10*78
87
bond
97*4
92*2
89*2
D
Nor Dlv let g 5b.. 1946 J
J
85*s
90
19471J
J
Aug'2lj-
J
83*g
85*2
87*8
1946 J
83
Apr'21 L
867s
1 12*4
Mid Oa A Atl Dlv 5s
Mobile Dlv 1st g 5e
Gent RR A B of Ga coll g
Cent of N J gen gold 5b
29,
Registered
Cheea A O fund A Impt 6b
1st consol gold 5a
1992 WI
85
Sale
82*2
85
Sale
86
87-'*
97*4
104
49
94*4 106*8
40»«
50
63
73
47i
85*2 107
24
R A A Dlv 1st
70*8
96
95
83*2
101*4
98
4s
oon g
Railway lBtllen 3Xb
96*4
680
203,
91
99%
1950.J
Registered
1958 M
....
rei A
lutp 4s
g_.1965 J
U S Mtg A Tr Co cts of dep
1st consol gold 0s
1930 A
General consol 1st 6s
87*8
Oh M A St P gen g 4s
87*4
70*4
70*4
1511
59
73
74*2
90*4
74
90*4
40
59
99%
.Queensland (State) ext s f 7S.1941 A
o
Rio de Janeiro 25-year s f 8a.. 1946 A
8an Paulo (State) ext a f 8a. 1936 J
fweden 20-year 6a
1939 J
O
10£78 Sale", 104*4
101*4 Sale
99*4
101*4
1921 A
jj lOHs
J
Sj
M
63i4
jt
Sale]
Sale
Sate
102*4
Sale
Of 107*4
Sale
A'
1946 F
1945 A
►
ike basis of S5
y7
112*4
D
'40 J
Tokyo City 6s loan of 1912
Sab
<0
10
58
*2
95*4
110
61*2
5
6311
9
8°l
*236
106
2J9
103
371
146
97*4
112*2
131
63*4
26
ser
A.«1989 J
Registered
81*4
103
97*4
10278 112*2
13
66
101*4
104
68
98*2 104
106*2
107*4
83
94
107*4
'
4)4b Corporate stock July 1907 J
J
4)48 Corporate stock
1965 J D
4)4s Corporate stock
1903 M S
4% Corporate stock
...1059 Wl N
4% Corporate stock
1968 M N
4% Corporate stock
1957 M N
95
95*2
95*2
96
94
96
95
95
9J
100
98*2
98*2
9J
100
97*4 Nov'21
99
100
82U
82*2
82*4
94
95
96*2 Nov'21
89*2 Sale
90
yl
89*2
91
87*2
87*4
8734
"80
90*2
8
88*8 Nov'21
88*2 Nov'21
87*4 Nov'21
90
J
89
1960 J
J
Improv't 4)4s__1963 M S
93
95
71*4
75*2
101
101
J
57*8 Sale
56
Atch Top A S Fo—Gen g 4s ..1995 A
O
85'2 Sale
O
*1995, Nov
82*4
76*4 Sale
*1995 Nov
77
80*2
84 *4
Jan'?l
93*4 Sale
92
93*2
93
93*4
Oet'21
71*8 Sale
70*4
A
1987 M N
1879-1929 A
A
O
1879-1929 A
O
Registered
1879-1929 A
O
1933 NT N
10-year secured 7s
1930 J
g
15-ycar secured 6 X» g
1930 Wl 8
Des Plalnes Val 1st gu 4Xb_.'47 Wl S
Frem Elk A Mo V 1st 0S..1933 A O
J
J
A
S
J
Mich Dlv 1st gold 6s...1924 J
Mil Spar A N W 1st gu 48.1947 M
Sale
82*4
210
82
82*2
11
74*8
76*4
77
77
50
44
J
57*8
85*2
75
82*2
Ch Okla A O
67U
76*4
68
77
Keok A Des Moines 1st 5s. 1923 A
St Paul A K C Sh L 1st 4 Xs.'41 F
C R I F A N W 1st gu 68..1921
cons
O
A
78
46
671J
78
87*8
10
79
8778
Cons 6s reduced
12i
83
92
Debenture 5s
1930 Wl
S
65
76
North Wisconsin 1st 6e
1930 J
J
72*8
Superior Short L 1st 5a g._el930 M S
77
82
86*2
86*2
88
73*2
84
Rooky Mtn Dlv 1st 4a
1965 J
Trans Con Short L 1st 4s. 1958 J
J
75
79*2 82
86*2 Sale
92*8
84
Sale
10578 Sale
35
3i
Aug'21
82
84
10578
93
79
Jan'21
12978
Aug'15
78
4
Nov'21
83*2
"3L
106*2
81*2
Sale
109'8
77*2 Sale
102*8
O
1925 J
J
91
77*2
30
99
J
95
78*2
-
79
Day A Mlcb 1st Oons 4X8-1931 J
--
""
5
*66*8 "78
79*2 Sale
75
74
68*4 Sept'21
74*4
77
743s
76*4 Sale
78*2 Sale
Sale
97*2
88*4 Sale
PLEA WVaflys ref 4S..1941 M N
76
87*4 Sale
86*8
8878
90*4
Sale
94
82
Pitts Clev A Tol 1st g 6S..1922 A
O
J
64
1937 M S
85
97
112
05
77
W W Val Dlv 1st g 4s
66
78*2
C I St L A C 1st g 4s
87*2
97
8)
71*4
76
87
"13 "68*8
88
85
Mar'20
86*2 July'21
92*4 Sept'21
Sale
60
86
86
76
Ind B A W 1st pref 4s
73*4
88
O Ind A
~86U
*•
-
m
85
84
95*4
"l02
"""3
50*8
91*4
92*4
84
96*4
64
108
84
....
101*2
102*2
96
cons
93*2
Income 4s
Cleve Short L 1st gu 4Xs
Colorado A Sou 1st g 4s
81
70
70
60*8
66*8
93*8
June'21
Mar'21
Refund A Ext 4Xs
80*8
94*4
July. tDue Aug.
09
94*4
71
91*4
91*2
Feb'19;
8278
8678
90
j
73
73
j
73
7 0*4
102*8
103*2
15
81*8
Jan'21
103*2 105
82
Sale"
98
Sale
102*2 Sale
78*2
75*4
77*8
60
1935 Wl N
D
85*1
92
...!i
3
90
73
75*4
97*4 103*2
81*8
81*8
79*2
1
62*4
61*2
Oct'21
67
53
114
100*2
102*2
79*2 NOV'21
72*4
74
77*4
52
87*2
73
96
65*4
98
97*2
Nov'21
69
Oct'21
74*4
77
92
84*8
101
77*4
72
87*2
85
85*s
97*2
73
5
74*4
I
June'21
1
78*4
62*8
65*8
RP*4
74*4
08
77
78
78
78
78
83
Oct'21'
75*|
83
82*4 Sept'19!
90.
Aug'2L
100
Nov'21!
85*8
"90 "
j
98*4 100
Nov'21;
75
75
15
54
63*4
22*2
7
18
26
87*8
48
79
87*8
14
77
92
6
72
142
93
84*2
101
...J'
64
88*2
81
81
j
Nov'21
78
20
79*2
81
Auu'211
74*2
76*4
80
70
9378 102*2
Mar'17
81*4
73
69
97*x 101*2
57
70
79
7278
75*4
88
64
Oct'21
97*2
86*2
Sale
79
79
81
89
79
64
May'18
88
81*8
64
30
Nov'16
95
73*2
463
I
88
118
..
78*2
102*2 102*8
69
88
75
A
67b
42
75
75*4 Sale
9412
81*2
67
j
79
82
85*2
1
90*2
74
33
99
98U
3
80*8
81*2
78*2
73*2 Nov'21
75
1990 Apr
Ft W A Den C 1st g 6s
1921 J
Conn A Pa# Elvs lit g 48... 1943 A
Cuba RR 1st 60-year 6s *..1962 J
91
76
Hule
100*4
1961! A O
1929 F
100*4 102*4
Aug'21
76
90's
71*8
95
9014 108
Oct'19
98I4 June'21
8()i8 Sale
"89*4 IIII
O
j
Oct'21
99
100*8
1940 A
4S..1940 A
42
Mar'2l
91
100*8
88
93
»y*4 108*8
66*8
68
73 *2
«73g
95
11
70
80*2
W 1st pref 5s_..<11938 Q
Peoria A East 1st
•No prloe Friday; latest bid and asked. aDue Jan. dDue April. cDue
May. ?Due June. ADue
1940'J
6s...1934; J
61*8
61
91*2 Sept'21
"87*4
C C C A I gen cons g
1940 M S
*1930 Q
'
«"<•
107
71
1990|M N
Spr A Col Dlv 1st g 4s
156
Feb'21
64
~S9 "
St L Dlv 1st coll tr g 4s
M
8
95
7.0*2
Registered
*1930 Q
Cln S A CI cons 1st g 6e...l928;J
Jan'12
89
Sale
..
6434
427
108
97
Impt 6s Series A
1929
Cairo Dlv 1st gold 4s
..1939 J
Cln W A M Dlv 1st g 4s...1991 J
89
....
64t2
Feb'20
108*4
75*8
96*8 102
OV5g
90*4
97
90
108
84*4
1993 J
Ref A
8
102
Nov'21
87*2 Sale
1931 J
335
341
78*2
95*4
89*4
20-year deb 4X8
92*4
79*2
79*2
68*4
95'4 May'21
93
1957 as v
77*2
84
98
Tol A Cin dlv 1st ref 4s A-.1959 J
79*2
.
J
Clev Cln Cb A St L gen 48..1993 J
General 5s Series B
79*2
Juue'2l
Chlo T H A So East 1st 68..I960 J
D
Chic A West Ind gen g 6s..«1932 Q M
Consol 50-year 4b
1952 J
J
15 year s f 7X8
1935 M S
91
-
J "89 "
"216 79*4
90*4
D
Gin H A D 2d gold 4X»
1937 J
J
C Find A Ft W 1st gu 4s g-1923 M N
92*4
89
Sale"
D
84*2
79*2 Mar'21
97
107
1930 J
to 3Xs__1930 J
cons 6s
72*2
10078 Nov'20
Southw Dlv 1st gold 3 Xs.. 1925 J
Buffalo R A P gen g 6s
87
82
*1925 Q
*1948 A
O
I
75*8 Nov'21
79*2
82
86
86*2
94
81
Q9
Ol Lor A W oon 1st g 5s..1933 A
80*s
80*8
97*8
Feo'21
108
103
fc014
68
71*2
12
071*
92
Ohlc St P M A O
0412
93
93*4
71
Sept'21
106
A
92
Sale
90
*2
M*4
68
91*2 Sale
1952 M N
5s
98*8
72
62*2
1
79
87*8
Ohio River RR 1st g 5S...1936 J D
General gold 5s
1937 A O
*32
78*8 Sale
1934 A
R I Ark A Louis 1st 4XB..1934 M
Burl C R A N 1st 5b
1934 A
77*4
92
J
i
71
00
84U
85*j
84lt
11
Jan'21
95
69
86*4
4)4s...l930 M S
89*4
95
80*4 Sale
1988 J
731*
l!
S
1988 J
Registered
2
~94~ "95"
*
D
Man G B A N W 1st 3X8.1941 J
Mllw A S L 1st gu 3 XB
1941 J
----
101*2::::
1933 Wl N
Registered
Ohio R I A P—Ry gen 4s
57*8
85*2
97*8
101*2
O
1879-1929
Registered
Sinking fund 5s
77*4 Sale
S
1922 J
J
P June A M Dlv 1st p 3)48.1925 M N
79
68
F
D
Pitts Juno 1st gold 6s
66*4
Sept'19
July'21
80*2
1960 J
East Okla Dlv 1st g 4s_...1928 M
J
Sept 21
A
Conv is lBSue of 1910
I
»i
65*4
102
D
D
...
76*4
90
Sale
99
D
1055 J
1929 J
89*2
59*2
91
21
92*2
66
J
Oonv gold 4s
10-yr oonv 4)4s
Refund A gen 5s Series A..1995 J
68*4
J
Refunding gold 4s
11990 U
Temporary 10-yr 6s
53l8
J
St L Peo A N W let gu 5s.l948!J
Oct"20
Dec'20
Railroad.
,
77
Chic A Mo Rlv Dlv 5s
1926 J
CM A PugetSd 1st gu 4s..1949 J
Mil L 8 A West Imp g 5S..1929 F
Asbiand Dlv 1st g 0S...1925 Wl
July'20
J
81*2
Apr'2l
S
78*4
Sept'20
July'20
101
Canal Improvement 4s
O
79
6378
60*2
.
Sinking fund deb 5s
89*2
Dec'20
*1948 Q
1933
70
58*4
63*8 Sale
115
96*8
79
78U
89*2
77*4
1st 60-year gold 4s._
89 1
83*2
65
72*2
81nklng fund 6s
72
Registered
269
79
Sale
5312
94
95
98*2
97*2
77*4 Nov'21
Registered
67*2
67*4
76
78
71»8
72*2
...
Bait A Ohio prior'8Kb
65*8
66*2
67*2 Salej
61
17
222
87*4
80
O
62
1
stock....1954 W N
1934 A
83*2
1
1)4% Corporate
N Y State—4s
1934 A
81
57*2
57*4
97*8
99*2
al952 M N
Aug'21
80*s
87*2
1st gold 5s
50*2
80*8
86*4
LAN ooll gold 4s
75*8
"63" "64*4
97*8
100*2
99
3a V F A W 1st gold 68
63*2
"66
75*8
Feb'16
70*2
99*2
1930 NT N
76
72*4
73*8
72*4
79*8
68
70
80 *8
99
Gen unified 4)4s
....1964 J D
Ala Mid 1st gu gold 6s
1928 M N
Bruns A W 1st gu gold 4S..1938 J
J
Charles A Sav 1st gold 7s-.1936 J
J
66
5
80's Sale
99
10-year secured 7s
91*4 103
70
81*2
"80*a II"
100
*1952 M 8
62*2
16
!
21
1987 M N
100
Atl Coast L 1st gold 4s
103
Au
73*8
a
pl987 Q
102
92*8
J
D
1886-1920 F
90*2
47*2
269
73*4 Nov'21
D
gold 3Xb
Registered
78
73*8
73*8
72*4 Nov'21
79*2 Nov'21
80*4
75*8 Sale
D
J
Registered
98*2
70
-
-
77
a2014 F
General
78
50
62*2
70
83*2 Sale^
61*8 Sale J
67*2 Sale
4X»
1934 J
4s..-1886-'26 P'
79
-
Mar'!7
55*2
71*2
J
95*8
90*2
-
89
1932 J
Ex
98*2
34.
1987 M N
99
Cal-Arls 1st A ref 4 )4 s "A" 1962 M S
B Fe Pres A Ph 1st g 5s...1942 M S
Sale
*4
1934 J
N'west
Sept'21
3578
26
1987 M N
99
89
1995 A
8
28
90*s
-
68*8 Nov'21
90*2 Nov'21
....1925 J
Cons extended
Aug'2l
General 5s stamped
stock... 1957 M N
Highway Improv't 4Xs-_1905 M
Virginia funded debt 2-3S...1991 J
5s deferred Brown Bros otfs
103
~74»4 ~85*4
---'
109
3*4
J
Fargo A Sou assum g 6S...1924 J
Mllw A Nor 1st ext 4XB—1934 J
54
-
33*2
98
62*2 Sale
O
Permanent 4s
-
85*4
Sept 21
79
100*4
J
el989 J
A
31*4
91*8
100*4
100*4
J
at ,014 A
Ohio
28
J
Gen A ref Ser A 4Xs
Gen ref conv Ser B 6s
Oct'19
83*2
99
O
Nov'21
95*2
Corporate
4% Corporate stock reg...I960 M N
New 4)4s
1957tMN
4)4%
1961J
Sale
-
Stamped 4s...
95*2 Sale
88*8
88*2
87*4
99
1961 M
907s
J
General 4s
'
City—4Mb Corp stock.1960 M 8
4)4 s Corporate stock
1904 M 8
,4)4 8 Corporate stock
1906 A O
•tat* and City Securities.
Y
77*2
84*2
92
32*2 33
33*2 Sale
el989 J
26-year debenture 4s
99*2 103
86*2
85
Gen'l gold 3Xb Ser B
Oeucral 4 Xb Series O
91
97*4 101*4
77®4
-
J
J
Convertible 4Xb
95
69U
-
92
8
el989 Q
29
43*4
96*8 109
102
-
83*8 Nov'21
65*2
92
41
76*2 Nov'21
78
92*4
74*2
81
Sale
77*8
J
75*8
I 54
40
10.1
40
J
753»
Oct'21
J
o
74*8
53*2
1956 J
1 '
87
73*s
41
1946 J
36
-
307s
Ind A Loulsv 1st gu 4s
328
-
40
Refunding gold 5s
Refunding 4s Series C
87*4
f
38
92
Chicago Great West 1st 4s...1959 M S
1947 J
80
July'21
Apr'21
53*2
85
....
1936 J
-
50*4
80
Guar Tr Co otfs of dep
Chlo A Ind C Ry 1st 5s
-
Apr'21
....
91*2
90*4
>"i*4~8378
39*2 Sale
J
1937 M N
Stamped
87*4
90*4
95
i
...
74*8
1*2 Sale
U 8 Mtg A Tr Co otfs of dep
86*4
86*2
80
..1927 Wl N
General 4s
Oblc A E 111
85*2
86*2
70*8 Sept'21
75
69
Chic Burl A Q— 111 Dlv 3X8.1949 J
J
Illinois Dlv 4s
1949 J
J
Nebraska Extension 4s...1927 M N
95*2 108*8
86i2 Sale
71
Warm Springs V 1st g 5s_.1941 M S
Chic A Alton RR ref g 3s
1949, A O
95*2 107*4
116;
1311
90
87
86*4
65
72*2
i2 Sale
80
79
85
O
1946 A
80
74*4
lj
100
78
-
A
30-year oonv secured 5s
Big Sandy 1st 4s
74
95*4
91
Mar 17
20-year convertible 4X8..1930 F
96*8
99*8
Sale
100
99
I
121
837a
86
9
-
74*2
24
352
i
81
88
3
j
(K
78*s June'20
Sale
~87*2
83
751j 8778
92*8 102*4
6
90
66i8
Nov'21
Nov'21
"831i»
8
96
94
I
---
J
94*2
8
D
8 f 8s
1992 M
;
—
1989 J
90
1814
92
I
5
31
-
QfJ
1939,M N
~rr!]"s7
—
-
89*8
95*8
69*2
2
,
Aug'21
2d oonsol gold 4s
.1989 J
J
Greenbrier Ry 1st gu g 4s. 1940 M N
84*2
81
101*4 1228;
Sale
100
67*2
.
72
83*2
90
J
1939 Wl N
80
...
Nov'21
73
35
100
100*4 June'21
80*4
96
89
-
71
24
107*4
108*8
*99*4 100
S
1929 J
Registered
86~8
100*2
102*8
J
Am Dock A Imp gu 5s
1921 J
N Y A Long Br gen g 4e.._1941 M
-
71
137
107
J
Oct 21
May'18
J
*2
8
8678 Sale
102*4 Sale
6e-1937jNI N
19871J
..61987 Q
-
80*4
847s
—J
48.1951! J
70*2
—
1
80
—
I
1946 J
168! 99
100*2
424' 100*2 101*2
90
>1 85*4
1
96
Potts Creek Br 1st 4s
1C0 *2
106*8
94*8
69*2
-
IOU2
65
Sale
A ug'21
92
46
06
88*8 Nov'21
Nov'21
131
101
95
96
Chatt Dlv pur money g
82
90
|
1)9*8
82*2
70
95
o
Stamped
82*2 Sale
A
96
110*4
80
96*8
99*8
wl
1954 J
Paris (City of) 6-year 6s
Adjustment gold is
D
1945 M N
Gousol gold 5s
105
73*2
83*-
109
Registered
110*4 Sale
10878 Sale
D
99*8 100*2
81*2
96
26
99?8 HO34
136
90i2 109*8
13 ! 68
82*2
5
80*4
59j
215,
97*4
Sale
J
f 7s__104OJ
s
71
-
J
95*8
52
4Hs
Hitb
71
9)7s
D
96*4
37*4
107*2
Ann Arbor 1st g is
9978
92*4
108*2
D
97*8 100
83
95*2
86
96*4
867g Sale
87
Sale
X 70*4 Sale
1040 A
external s f 8s
Canal Improvement 4s
96
1944 J
85*i
Sale
Oonsol
uw
-
.1940 J
80 i
Sale
Gold debt 4s of 1004
on
86
O
A 5s.-.1902 A
X
i Mexico—Exter loan £ 5s of 1899 Q
Uruguay Repub ext 8s
cons gu
X
F
J
Lyons (City of) 15-yr 6s.. .1934 M
Marseilles (City of) 16-yr 68.1934 M
Zurich (City of) a f 8s
857«
9978
s
Chlo Ind A Sou 50-yr 4s
1966 J
Chic L 8 A East 1st 4X8-—1969 J
F
F
1931 J
Swiss Confederation 20-yr
J
f deb 0 Ks
1946]J
Car Clinch A Ohio 1st 30-yr 68.38'J
Central of Ga 1st gold Ss.-.plOASiF
25-year
May'21
Apr'20
Craig Valley lBt g 5s
9812 Sale
99*8 s ale
1929 F
Sterling loan is
Cent Ohio 1st 0 g
No.]
High
71
D
1922; J
Chlo Ind A Loulsv—Ref 0S..1947 J
P1922
Jfialy (Kingdom of) 8er A 6Xs.'25
Japanese Govt—£ loan iXs.1925
Beoond series 4)4a
.1925,
Highway
Aet Low
74
O
Coal River Ry 1st gu 4s_..1945 J
96*4
95*8
99%
BXs..l937;F
10-year oonv 6)4s...
XTUss are priest
State
Jo*. 1
96*4 195
95i2 Sale
1921M
notes
8-year oonv 5)4s
»If or way
Mono
or
93*4 1 >5
927* 107
74
90*4
97
104*2
.Gt Brit A Ireland (D K of)—
6-year 6)4%
20-year gold
Pitts con 1st g 0s
Canada Sou
79*2
fo'eign Government.
a
*ioob a
General gold 4Xa
Registered
Argentine Internal 6a of 1909... W
Belgium 26-yr ext ■ f 714 s 8-1945 J
6-year 6% notee
Jan 1926 J
25-year 8 f 8s
1998 A
Clear A Mah 1st gu g 6s... 1043 J
104" mil
102*2 104 Sg
76*2 Sept'21
76i2
1961 Q M
1961 Q M
95.80 99.98
100
June'21
....
1938,Q N
Registered..........
99.96 11131 95.56 100 00
9 * 74
104*4 1041a 104*4 Nov'21
104*4 10412 101*2 Oct'2l
10012
!00
July'21
10034 101 >4 J90
July'18
F
F
Canal 8s 8
do
West 1st g As gu
Canadian North deb
95.78 12189 85 34 95 78
94.78
100
F
1926 Q
*1936 Q
4s registered......
Copenhagen 25 yr
Mange
Last Sale
25
Bit
All A
Mao A
Notes Of 1922 1923..... J
Notes of 1922 1923
J
do
ending Nov
10-yr temp eecur 0s June..1929!
2s consol registered—
Panama
85.40 95 96
96 50
414%
4«
96.20 Sale
D
D
i
4% Of 1927 1942
Oonv 414 % of 1927 1 942
414%
Victory
4*%
314 %
Week
Buffalo RAP (Concluded)—
3X% of 1932 1947
Conv 4% of 1932 1947...
Onnv 414% Of 1932 1947
2d oonv 414% of 1932 1947...
Third
bonds.
Wsst'e
Y. STOCK EXCHANGE
High
First Liberty Loan—
Beoond
BONDS
Since
Jan. 1
Ask Lots
Bit
Mange
Bangs or
Last Sale
Friday
Week endlDg Nov. 25
si
West's
Price
N. Y. STOCK EXCHANGE
and defaulted
income
^
~63*4
63*4
20
87
88*2
92
84i2
82*4
84*2
Sale-
100*2
Sale
----
Sale
101
<
|
O
oDue Oct.
71*8 Sale
70
pDueNov.
71*4
?DaeDee.
29
597s
73
xOptlonsa
2397
New York BOND Record—Continued—Page 2
tits
Z
«
Price
BONDS
Price
Week's
Range
BONDS
N. Y. STOCK EXCHANGE
Friday
Nov
25
Many* or
Since
N. Y. STOCK EXCHANGE
Last Sale
Jan. 1
Week end»ng Nov
25
98%
1923 p
96%
6OI2
Term A Improve 4a
1923 m
Warren lstref gug3H*---3000 p
73
73
72%
Morris A Essex 1st go 3 H82000 j
N Y Lack A W 58
High
Low
BU
Del Lack A Western—
So I Low
95
73
98%
LehVTermRy IstgugSa—1941'a O
95
Leh Val RR 10-yr ooll 0s..al928i
96%
99
74%
87%
Leh A N Y 1st guar g 4b
78
92
Long laid 1st cons gold 5a..41931 Q
1st oonsol gold 4s
41931 Q
Registered
1922
equip 8
Feb'08
99
eonv 5s.
10-year secured 7s
m
1936
1930
;1946
.
99%
8712 Sale
j
1943
»st A ref is
30-year
a
91
158
1936
j
17%
Sale
61%
62%
62%
82
93%
Erie lat oonaol gold 7a ext —1930 m
N Y A Erie 1st ext g 4s
1947 m
3rd ext gold 4Ha
1943 m
4th ext gold 5s
80l2
91%
1928 j
~77%
F
do Series B
Gen
oonv
Ohio A Erie lat gold 6s
1982 m
Oleve A Mahon Vail g 6a_.1938 j
Erie A Jersey 1st a f 6s
1965 j
General gold 5a
Terminal
1st
Crana A T H
Sale
"s" "*8834
81%
M S S M A A lat g 4a lnt gu'26
Mississippi Central lat 5a
1949
66
Mo Kan A Tex—lat gold 4a. .1990
80
107%
2d gold 4a
61% 80
88
«2%
9934 109
100
s8
391
95
109
542
96% 109
85%
77
82% 82%
85%
Oct'21
Nov'21
100
103
Oct'21
D
85%
M K A Okla 1st guar 6s...1942 M N
Sept'21
75
80
Mar'21
99
99%
mm
103
m
M B A T of T 1st gu g 5S..1042
80
•
m
-
-
rn
Sale
1st A refunding 5a Ser B_al923
90
Jan'21
90
Feb'21
65
refunding fia Ser
General
4s
90
70
8
lat A
94%
9u
70
70
8
,1051
'm
1938IM N
1948 J
m
»
+
•■
m
V
76
'
85
83%
76%
Mob A Ohio new gold 6s
"72" *72"
General gold 4a
July'09
79
79%
1962
1963
Sale
98
Sale
i07
.1934
1936
Sale
79%
"40 ~8~5% ~98""
13
Sept'2l
,
1961
Mar'19
93%
90%
56%
64%
69
Non-cum income 5a A.*
1935 A
N Y Cent RR oonv deb 6s_—1936 M N
10-year coll tr 7s..
1930 M S
Aug'21
89
89%
73
76
Oct'21
m
rn
m
73
.--1
;
Nov'21
63
m-
«
»
•
Registered
76%
88is
93
Beeob Creek lat gu g 4a...1936
!
72
7734
Registered
1936
53,
54
63
2d guar gold 5s
1936
Beech Cr
Ext 1st g 3Ha.61951
"84 "7"2" * "85%
Cart A Ad 1st gu g 4s
78%
207
Oct'21
Lehigh Val (Pa) eona g 4a—2003 »w N
General oona 434a
2003 M N
Sale
aaked this
week,
•
26
Sale
6j% Sale
68%
47
20
22
Nov'21
32%
Sale
51
Oot'2
58
1
70
7034
"
48%
22
53
69
58
72
33
I
17
37
Sept'2 j
51%
/
72
Sale
70
72
76
Sale
73
76
75
65
Nov'21
56
40
32
May'2r
30
32
35
71%
7,
65
34
34
34
34
85
85%
27
7558
98% Sale
98
98%
77
8638
91%
94
18
8134
62% 1308
5034
85%
98%
94
623g
9.4
Sale
6238 Sale
5878
6*
Oof it
71%
7384
Oct'2
60%
6*
68
67
"*75%
1*75%
'
80
Oct'21
80%
July%i|
92%
Safe"
78%
807s
82% Sale
74%
87
88% Sale
100
June'19
793s
—
101
101
96%
99%
95
65
6734
66
8b
,
85
Oct*
I
"111 "6684
*83
""79 "64%
"75%
171
75%
Sepi,%Ui
Oct'21|
94
94
66
Oct'51
July'iiil
99
22
75%
1
30
77
29%
Oct'21,
26
1834
Sale
97%
67
Sale
99% Sao
106% Sale
42
I
19
27
16%
30
6684
70%
50
6134
16
90
99%
53%
6734
98
67%
64
99%
399
106
10634
65
64
79
O
85%
73% Sale
72
73%
35
J
68%
70
Nov'21
-
84%
80* "80%"
79%
86%
.
A
A
F A
A
J D
J
J
J
i
J
J
A O
J D
68
Sale
67
64
66%
6I84
.
8
Sale
68
7034
| 71
'"72 ~
16
70
Nov'21
15
59%
50
68
61%
57
49
59
June'21
55
82%
62%
66% June'20
70
71
98
14
J
09''8
10634
79
87
107
7534
—
2834
20%
30 s
30%
33
76%
70%
|
75%'
98
86% Sale
99%
j lw
18%
84
Sale
7834
95%
98
.—
85
72
Oct'21
30
76%
91%
2278
27
lOl"
90
,57
Oof 211
Nov'21
Oct'21
727s
67%
79%
94
Ju!y'14
76!%
81
79%
50
94
85
J
76
60
85% Sale
73%
70
86%
7934
JO
64
68
62
Feb'20
70%
80
Qouv A Oswe 1st gu g
Ka A A G R lat gu g
58—1935 J
J
1997 ■>
D
72
65
65
Registered
Debenture gold 4a
76%
"?1%
76%
59
June'21
"59 "
59%
June'20
6434
72%
67%
87
Lake 8hore gold 3Ha
*81%
73
"77"% "II
65
57
Apr'21
76% July'21
104
May'16
81%
81
78%
81%
80
80
25-year gold 4a
22
67%
76
Registered
2
72%
84
a Due Jan.
154
"155
56
69
6934
66
.
48%
65
78
305s
62
48%
48%
481
52
7034
48
79
76
j
109 ; 49%
70
6834
48% Sale
8478
86
July'2i
......1940
11
1981
58—1942 J
84
Lab Val N Y let gu g 4348—1940
35
32
64
-i
Oct'2I
!
47%
32
47
37
79
3
79
North Ohio 1st guar g 5a__1945
31%
34
69%
Nov'21
1941
190
79
1998 F
Registered
Battle Cr A Stur 1st gu 38.1989
85%
.Apr 1950
Kansas City Term 1st 4a
I960
Lake Erie A West 1st g 5s
1937
1942 J
1998 F
1998 F
Mich Cent ooll gold 3Ha.. 1998
~
80
68%
73%
...
226
66
A
1934 M N
1934 Ml N
80-year deb 4s...
Lake Shore coll g 3 Ha
Oct"09
Ref A lmpt 6a
1997
...1997 J
Registered
75
Oct'21
Sale
tu
J
Registered
88%
m- m
;
1950
3nt A Great Nor 1st g ext 7a.. 1922
2013 A
Debenture gold 4a
"89"
67%
...
_—i
Ind 111 A Iowa lat g 4a
1998 F
Mortgage 3Hs
m
93%
78%
Nov'21
City Sou lat gold 3e..l950
Registered
1
1950
m
86«4
~17
Sept'21
Kansas
w
87%
—
N.W'17
.1951
St Louie Sou let gu g 4a...1931
jamoa Frank A Clear 1st 4a.. 1959
m
July'18
87%
1951
94
m
1
92
703s
47
New York Cent A Hud River—
...
703a
"659
45
98
N O Tex A Mexico 1st 6s
58%
" "94"
"8834
July'vi
4534
47%
69% Sale
*52 J
1963 J
1926 J
Ref A impt 4Ha "A"
104
73%
47%
,73%
6934
9 1%
65
Gold 334a
1951
Joint 1st ref 5a Series A. 1963
70
6934
96
99%
91% Nov'21
....
17
J
1961 A
Consol 4s Series A
423
3U
41
84%
Deo'isu
25
61
May'21
74%
94
85
25
64%
"69% "75"
10178
85
% 100
22% Sale
50
Nov'10
953s
103% Sale
9
1923 J
4Ha.l957 J
1977 A
New Orleans Term 1st 4s
---
87
78% Nov'21
95% Nov'21
Jaaper Branch 1st g 6s
Nat Rya of Mex pr lien
lat consol 4a
Nov'16
Oct'21
39
7834
58%
Nov'21
;
753s
96
82%
58
...
3534
94
Sale
83
.....
...
68
18
96
NO A N'Elst ref A Impt 4HaA
Oct'21
14
36%
84%
1)
84
81%
73%
Nov'21
74
35% r
78%
73%
8ept*2i
70
A
6s_..1928 A
Nat of Mex prior lien 4Hs...1926
100% 108
....
73
Sale
98%
76
45
48
47
75
85
"82
Guaranteed general 4a
1
1932
Chic St L A N O gold 5s—1951
V6%
66%
l
1923
Friday;latest bid and
65%
107%
1951
Carb A Shaw 1st gold 4a
2d gold 5a
7134
17,
20
98
!
i
1951
1951
.......1951
Registered
Nashv Chatt A St List
39
1931 J
St L A Cairo guar g 4s
V.
35
10
1927 J
St Louia Dlv 6a
79%
«
83
Jan'21
Spring! Dlv lat g 3 34a
Western Lines lat g 4a
Mempb Dlv lat g 4a
!
1960
St LouIb Dlv A Term g 8«—1951
Gold 334a
1951
Registered
"67%
m
Dec'20
3348.1963
Bellev A Car lat 6a
14
118
79%
78
79
Litchfield Dlv 1st gold 3S..1951
Loulsv Dlv A Term g
83
76%
75
1953
Omaha Dlv lat gold 3a
79%
Sept'19
82% Sale
1966
15-year secured 634a
15-year secured 6%s g
Cairo Bridge gold 4s
l
1
1952
Montgomery Dlv 1st g 6a. 1947 F
....
18
43
42%
102
—*1927 Q J
1938 M Sj
lat ext gold 6s
34%
33
43%
93%
1929 J
1933 M N
1926 M Si
1927 J D,
Registered
1951
Registered
4s...1938 F
1938 J
St L Ir M A S gen con g 58.1931 A
Rlv A G Dlv 1st g 4s
Verdi V I A W 1st g 5a
34
35% Sale
74
80%
87%
A
Unified A ref gold 4s....1929 J
86
81%
83%
68
...
—I
D
Gen con stamp gu g 6s..1931
68%
67%
36
34
43
98%
10
23
35
39%
3d 7s extended at 4%
67%
Oct'21
1951
S
Pao R of Mo 1st ext g
mm
75
....
Cent Br U P 1st g 4s
8%
Nov'16
72
1061
—
Nov'21
84
1951
1946
72
2d extended gold 6s
Aug'21
86
1976, M
67%
Oct'lb
85
Aiig'2l
83% Sept 21
7 6%
76%
...1951
C..1926]F A
Missouri Pac 40 year 4s
73% June'18
68%
A
A
82
578
81
73%
F
65
66% Nov'21
81
A
O
M S
Missouri Pacific (reorg Co)—
lat A refunding fia Ser A..1965 F
mm mm
-rn'mm
July'20
98% Nov'21
72%
72%
35% Sale
Sher Sh A 80 lat gu g 5S...1942 J
D
Texas A Okla lat gu g 5a.. 1943 M S
«r
90% 103%
136% May'06
93% Oct'21
92
1940 M N
Kan City A Pao 1st g 4s...1990 F
Mo K A E lat gu g 58
1942 A
80
Sale
5% secured notes "ext"...1916
92%
80
73
Nov'10
90
55
82
Mar'20
75
48% Sale
j" J
2001 AO
8534
79
64%
Mar' 10
51
82
Mar 21
i03
2004 M S
Dall A Waco 1st gu g 6s
Sept 20
92%
4
97
94%
90
75
47
Trust Co oertfs of deposit...
99% 103%
80%
75
75
20
46% Sale
1944 M N
St Louis Dlv 1st ref 4s
91
90
77"
27
73 >s Sale
#1990
Trust Co oertfs of deposit...
Gen sinking fund 4 Ha
1936
8i
8134
81
Jao'2
90
70%
lat A refunding 4a...
58
4
J
Trust Co otfa of deposit
lat ext gold 5a
109
08
L07%
85%
82%
J
7434
" *90
47
95
1931 MS
69%
99
"93%
I
1941 M N
66
Nov'21
Sale
90
Nov *21
94%
D
S
84%
64%
Oct'21
87
75
"15
Feb'05
91%
O
10-year coll tr 6I2B
69%
71%
Apr'21
Apr'21
Nov *21
84% Nov'21
7434
7434
Sale
S
let Chic Term a f 4a
71
83% Nov'21
1948 A
L N O A Texas gold 4a
No price
60
47
60%
92
98%
p
lat refunding 4a
f g 5a.. 1925 J
1927 J
Refunding gold 4a
1951 M
M St P AS S M oon g 4b lnt gu'38 J
1st oona 6a
1938
Jan'17
L03
79
F
Purchased lines 834s
a
Minn St Louia let 7a
V% "61 "
Nov'21
88
103
Collateral trust gold 4a....1962
•
"76 " "78%
90
1977 M S
Stamped guaranteed
Midland Term—-1st
66
Houston Belt A Term lat 6e.l937 J
Registered...
Mex Internal 1st cons g 4a... 1977 M
80
69%
9034
70
97
90
La A Jel Bdge Co gu g 4s
1946 M 8
Manila RR—Sou lines 4a....1936 1VI N
~76% "88"
83
61
77
90»4
100
73%
90
50%
100
73%
91%
85%
92%
6a....1936
1963
60-yr 6a
81% Nov'21
1956 F
Registered
cons gu g
oons gu
D
Illinois Central lat gold 4a...1951
Registered
Gen
83
1937 j
Registered
lat gold 3a sterling
SAN Ala
85
80
1937 j
834a
N A C Bdge gen gu 4H®—1946
45's
92
109
93%
101%
75
75
79
Oct'21
80
95
..1937
Iowa Central lBt gold 6B..1938 J
1999 J
Extended lat gold
41
37
75
N Fia A 8 1st gu g 5s
82%
"84%
1922 J
1937 J
gold 334a
40%
86
98
9034 Nov'21
100
Septal
103
74%
*1952
76%
5
—
Oct'21
95
81%
1940 j
Registered
Registered
72%
100
Nov'21
77
7434 Sale
j
40
79
75
60
LAN South M Joint 4s—1952 j
85%
15
87%
73
78
—'
93%
Oct'21
60
94
101
78%
,
Feb'20
77
39
35%
34%
Apr'21
Apr'21
93%
100
76
39
Aug'2l
84
....
100
90
"56
87%
Oct 21
100
100%
93% 100
58%
Nov'21
92% Nov'21
108
109
84%
Nov'19
80
108% Sale
9234
98%
46%
J
88
91
Lex A East lst60-yr 6s gu.1965 A O
LAN AM AM 1st g 4HB-1945 M S
j
Dea M A Ft D lat gu 4a...1935 J
58%
86%
81%
Kentuoky Central gold 4s. 1987 j
50
72
100
Sale
80%
59%
40
58
87
39%
60
82%
"95% I—1
90%
40
•Golf A SI lat ref A t g 5a. .61952 J
Hacking Va* lat oona g 434a—1909 J
lat
A
Apr'21
99
4a„1948 a
Registered
1930
Paduoab A Mem Dlv 4a__.1946 F
j
Nov'21
58%
82
1937 j
1937 J
Col A H V lat ext g 4s
Col A Tol lat ext 4a
j
j
43
*91%
1933 J
Registered
M N
1930 j
40
66
103%
1933 J
Will A S P 1st gold 58—1938 J
Lex gold 4Hs.-_.1031
1st oonsol gold 6a
1934 M N
lat A refunding gold 4a....1949 IW S
Ref A ext 50-yr 5a Ser A—.1962 Q F
85% Sale
Reduced to gold 4348—1933 j
1st guar gold 5s
1931 M N
St Louis Dlv 2d gold 3s ...1980 M S
Atl Knoxv A Cm Dlv 4s...1956 FW N
Jao'18
~8734 *89"
1933 j
Green Bay A W Deb otfa "A"
Debenture ctfg "B"
4s
Atl Knox A Nor 1st g 5s...1946 j
0
Hender Bdge 1st s f g 6s.—1931 M S
Apr'21
99% Sale
108% Sale
1933 J
Registered
gold
N O A M 1st gold 68
2d gold 6s
99
109
1961 j
Pacific ext guar 4s £
1937 IV! N
6b
L Cln A
86%
80
1961 j
c Minn Nor Dlv 1st g
1930 M N
97
78
1936 j
Minn Union lat g 6a
Mont C lat gu g 6s
95
9334
77
fdb"
...1936 M
Registered
7734
77%
j
Jan ih
23%
Grand Trunk of Can deb 7s„1040 A
Mont ext 1st gold 4s
63%
j
June'21
57%
1933 A
Registered
83
7634 Nov'21
99% JNov'VU
1940 j
86
85
83
75%
77%
1940 j
86%
*84 " "87 "
75% J'ily'2!
Registered
Collateral trust gold 6b
85
July'21
Apr'21
83
81%
Unified
Jan'17
97
87
"85% "9134
86%
Gold
68
103
78%
O
76%
Jan'H
S
1927 M
82%
86%
86%
A
68
5s.al932 q j
Louisiana A Ark 1st g 5a
..1027 M 4
Louisville A Nashv gen 6b
1930 j d
con g gu
50
83
69%
glstered.
h
68.1935
con g
ARB 1st gold 6s
51
106%
58
K
62%
15
65%
1st oonaol g 6a
62%
43
79%
Registered
73
Nor Sb B 1st
72
95
86%
38
Florida E Coast 1st 434a
1959 j
Fort St U D Co let g 4348—1941 j
Ft Worth A Rio Gr lat g 4a..1928 j
1st A ref 4 34 a Series A
NY
*91 " "96*"
38%
76%
1942 a
St Paul M A Man 4a
10
77%
Ss—1926 J
A
76%
92
94%100%
42%
69%
ser
64
Au^ 2I
58%
15-year a f 6s
•Great Nor Gen 7a
41
294
Mt Vernon 1st gold Cs-—1923 A
Sol Co Branch 1st g 5a
1930 A
Galv Hous A Hend lat 5s
Sale
41
1942 J
lat gen g 5a
76
......
42%
1940 A
oona gu g
1949 TV! S
1949 M S
Registered-
86%
41%
84%
60
5a.. 1943 m
Wllk A East lat gu g 5s
Ev A Ind 1st
Guar refunding gold 4s
77
"76 ~ *83 "
48%
81
1940 F
gold
75
48%
144
80
N Y Susq A W 1st ref 6a.—1937 j
2d gold 4Ha
1937 F
Mid of N J lat ext 6a
57%
10-year secured 7s
37%
68
71%
82%
78
76% Nov'21
100%
Coal A RR lat our gu 6a...1922 M
Dock A Impt lat ext 6a
1943 j
N Y A Green L gu g 6a
1946 m
63
82% Nov'21
71%
75
83
a f 6a.—1957 j
Long Dock oonsol g 6a
1936 a
98%
78;
85
Ganeeaee River lat
75
66
5191
Safe"
8
68%
7034
d
92%
8D2
1953 A
8334
75
j
87%
865s
..1953 a
4s Series D
91
82%
1937 M IS
50
Aug'19
5)%
Oct'2o
37i2 Sale
42
4134
50-year oonv 4s Ser A_—1953 A
71%
85%
1934
Oct'21
37%
97%
70
Oct'21
1949 M
90% Nov'21
38% Sale
9934
73
JU1V'21
82% June'2i
73
Oct 21
Unified gold 4s
d
64%
39
1996 j
70
91
75
—
67
43
1996 j
1st oonaol gen lien g 4s—1996 j
~8334
20-year p m deb 6s
Jau'20
65%
58%
i
95
83%
Debenture gold 5s
94% Nov'16
59
913s
...
Oof 13
Oct 21
47%
Nov'21
98%
lOO^g
N Y L E A W lit 7a ext —1930 M
Erie lat cons g 4s prior
1996 j
84
Nov'21
61%
34;
Oct'21
96
73%
90%
83%
78%
Nov'21
80
96%
1930 A
5th ext gold 4a
76
95
105
82
95% 101%
77%
50%
..—1932 j
4a
N Y B A M B 1st
7
92
100%
96
"85 ~ 21" 1
10
101%
10
73
92
92%
IOOI4
73i8
100%
98%
98%
99%
Oct'On
71% Nov'21
Gold
105% Mar'08
80
100% Sale
90%
72%
82%
92
1938 j d
.....1922 M 8
High
Mar'12
35
Oct'21
94%
J
AUfe'21
113
...
40%
May'2i
50
J
92
100
Low
So
High
9438 100
Jan. 1
67%
85
Oct'21
.•••••••;'
1945 M S
Since
03
Latt Sale
Atl Dow
Rang«
13.
Mange or
25
66%
"5
Nov'21
73
J
Ferry gold 4>4a
"62 ~ "73%
Apr'll
,
"73"
Registered
1937 a
Dal Sou Shore A Atl g 6a
1937 j
Elgin Jollet A East lat g 5a__194l m
Fenn coll trust gold 48—1961
78>2
501*
j
1937 a
Registered
Nov'21
j
1933 j
General gold 4s
76%
68%
1
5
1996 j
Registered
2
73
J
1933 j
1st lnt reduced to 4s
100% 108
Nov'21
Det Rlv Tun Tot Tun 4Ha..1961 m
Dal Mlsaabe A Nor gen 5a
1941 j
Dal A Iron Range lat 5a
7612
~"~73%
7812
Mtge. A ooll trust 4s A..1949 a
Det A Mack—1st lien g 4a
1995 j
4s
9
7578
4.)
Rio Gr West 1st gold 4a—1939 j
Gold
33
.
1940 j
1940 j
Guaranteed
10
92
73
76i2 Sale
1928 j
1965 f
Rio Gr Sou 1st gold 4s
87i2
107
87i2
107
1936 j
improvement gold 5a
—.
Leh Val Coal Go 1st gug 5S..1933 J
■<■5
7014
Consol gold 4 Ha
1st A refunding 5s
Trust Co oertlfs of deposit...
Rio Gr Juno 1st gu 5a
1939
99
99
8812
Sale
.07
j
Alb A Susq oonv 3Ha
a
Reuse A Saratoga 20-yr 68.1941 m
Den A R Gr—1st cons g 4a
O
Registered
.
Delaware A Hudson—
1st ilen
1941 a
-8a
Week'e
Friday
Nov.
Bid
Hiok
91
AU'%1
1021a
.
ft
25
Nov
66%
95 j
10
98i2 Nov'21
.
Week ending
'
h Due Feb.
Mob A Mai 1st gu g 4b
0 Due June,
h Due July,
D
1997 J D
1928, M S
1931 ;M N
1931 M N
1991'M S
n Dae
Sept.
78%
72%
Nov'21
Sept'21
94%
89%
90%
72%
67%
68%
92
Sale
90
Sale
9034
Juiy'2i
7634
7684
8<i
...
Due Oct.
e Option
sale.
6334
„
7884
94%
90%
sn
82
82
60
75
t
New York BOND Record—Continued—Page 3
2298
BONDS
Price
Week' a
Ri*0*
BONDS
ZV. T. 8TOCK EXCHANGE
Friday
Nov. 25
Ranoe or
Latt Sole
Since
If. Y. STOCK EXCHANGE
Jan. 1
Week ending Nov.
25
90
mm
92
Registered
1931 M
1931 QM
41
1940 J
79%
Michigan Central 6s
m
m
m
mm
1951 M S
1st gold 334 s
1952 HI N
1929 A O
75% Sale
30-year debenture 4s
N Y A Harlem g 3tfs
A
2000 M N
N Y A Northern 1st g 58-1923 A
mm mm
m
96
m
m
101
1932 J
June'21
68
mm
mmm
95
-m
m
|
90
mm
70
96
Prior lien Ser C 6e
73
Cum adjust Ser A 6s
A1955
Income Series A 0s
41960 Oct
"97"% "99"%
99% 100
99% Nov'21
Rutland 1st
71%
66%
Oct'21
70%
74
66%
65%
66%
m
50
Feb'21
50
50
76
Apr'21
76
76
—
103
Nov'16
93
Jan'21
90
May'21
oon g
4)4b
1941 J
58%
Rut-Canada 1st gu g 43.1949 J
57%
81%
St Lawr A Adir 1st g 5s... 1996 J
2d gold 6s
73%
1996 A
Utfoa A Blk Rlv gu g 46—1922 J
98%
Pitts A L Erie 2d g 5s
m m
m
mm
m
m
85
mm
99
85
01928 A
100
Pitts MoK A Y 1st gu 6S..1932 J
2d guaranteed 6s
Registered
95
1934 J
2361 J
West Shore 1st 4s guar
mm
m
m
130%
—2361 J
78%
76% Sale
N Y Chlo A 8t L 1st g
J
1937 A
1937 A
4s
Registered
O
1931 M N
Debenture 4a
N Y Connect 1st gu 4)40 A.. 1963 F
A
Sale
1947 M
Non-conv deben 334s
Non-oonv deben 334>
1947 m e
1954 A O
Non-conv deben 4s
1955 J
8
J
...1966 M N
Non-conv deben 4s
Conv debenture 334s
1948 J
Cons Ry non-oonv 4s
77%
82%
68
80
10
76%
86
*70% "82%
35
60
arlem R-Pt Cbes 1st 4s..1954 M N
A
J
Housatonio Ry oons g 5s..1937 M N
•faugatuck RR 1st 4s
1964 m n
S y Prov a Boston 4s
1942 A
68%
74
68
63
01
Nov'21
50U Bale
49
50%
'46 J
j
1945 J
j
1945 J
J
Providence Seour deb 4s...1967 m n
Providence Term 1st 4s... 1956 m
57%
87
32%
32% Sale
30
3312
32
Registered <5,000 only...#1992 M 8
General 4s
1966 j
Norfolk Sou 1st a ref A 5S...1961 f
Norfolk a Sou 1st gold 5s
D
A
1941 m N
Norf a West gen gold 6s
1931 m n
Improvement a ext g 6s...1934 f
A
New River 1st gold 6s
O
1932 A
n a W Ry 1st cons g 4s...1996 A
1996 A
...
Div'l 1st lien a gen g 40.1044 J
10-25-year oonv 4s
.1932 j
o
o
j
D
10-20-year oonv 4s
1932 M S
10-25-year oonv 4)40—.1938 M S
10-year oonv 6s
1929 M S
Pocah C a C Joint 4s...1941 J
K>
O C a T 1st guar gold 5s..1922 j
J
Solo V a N E 1st gu g 4s
19819 M n
lien
way a land grant g 4s
ral
1st land grant ext g 5a..1930
Consoi gold 5s
1943
Ga A Ala Ry lat con 5a. ..#1946
Registered
1997
Registered
74%
101%
Ga Car A No lat gu g
84
82
84
46
69
61
Cent Pac 1st ref gu g 4a...1949 F
63
70%
"20
86%
104% Sale
88
104%
81% Nov'21
99
99%
J
2d exten 5s guar
1931 J
Gila V G A N 1st gu g 58..1924 M N
Hous EAWTlBtg 58
1933 M N
32
1st guar 5s red
1933 M N
J
H A T C 1st g 5s lnt gu
1937 J
Waco A N W dlv 1st g 6s.. 1930 M N
69
'49"% "59""
39
54%
73%
97% 101%
73%
84
"25
80%
92%
98% July'21
83
Sale
83
83
"""2
Sale
81%
84
72
75
J
J
87
9t Paul-Dulutb Dlv g 4s. .1996
N P-Gt Nor Joint 6)4 a
1936
D
87
Bt P A N P gen gold 6s
1923
A
oertlfioates._1923
Bt Paul A Duluth 1st 5s... 1931
A
Registered
F
1st oonso! gold 4s
1908 J D
Wash Cent 1st gold 4s
1948 Q HI
Nor Pao Term Co 1st g 6S...1933 J
J
J
J
J
D
Paducah A Ills 1st s f 4)40—-1966 J
J
Pennsylvania RR 1st g 4s...1923 MN
Consoi gold 4s.
1943 M N
108"
107%
Safe"
100
----
96
90
90
99
105%
20
Oct'21
108
'309
100
2
May'21
July'2i
""38
73
84
Atl A Yad 1st g guar 4s...
75
52%
61%
54% 54%
96% 107%
73
88
87
88
96% 108
98% 100%
"85%
Sale
95
Sale
107
Sale
106
Sale
84
98
84%
83%
90%
84%
92%
106%
105%
82%
83
84%
67%
80
75
93%
79%
98
80
84%
76%
85%
83
94%
74%
88
81
95
76%
1
12
84
10
94%
64
88
160
95
122
107%
106%
104% 106%
65
70% Sopt'21
98
Sale
83
83%
81%
80
70% Nov'21
50
98
Nov'21
76
79% Sale
71%
71
37
120
Oct'21
100
107%
94% 106%
80
82%
Feb 20
68%—
Guar 16-25-year go°d 4s__.1931 A
69%
72
_
75%
Nov'21
67%
70
69
70%
70
72
May'21
Apr'21
85%
74%
79
M N
80%
89%
J
A
O
Int reduoed to 3348—1942 A
O
J
89%
72%
72%
72%
74%
J
74%
J
82%
Ohio Connect 1st gu 4s
1943 M S
Pitts Y A Ash 1st oons 6s.. 1927 MN
To! W V A O gu 4348 A...1931 J
J
80%
96
91
96
104
1950 F
Erie A Pitts gu g 334s B...1940 J
Series C
1940 J
Gr R A I ex 1st gu g 4349. .1941 J
1933 J
A
J
Series C 4s
1942 M S
f C C A St L gu 4348 A...1940 A O
67
Oct'21
78%
84
1945 M N
82%
84
D
82
1967 MN
82
1970 J
O St L A P 1st oons g 5s... 1932 A
A
D
C
95%
89%
102
82%
Ser A 58.1956 J
J
90
1956 J
J
J
42
83%
83%
79
90
95%
96
80
13
81
*80% "80
80% June'21
$74
f 4s. 1937 J
F
6s
M N
8
S
1936 M N
General 5s
2003
1st cons 60-year 6s
1958
W O A W 1st oy gU 4s
1924
Spokane Internat 1st g 6a
1965
Term Assn of St L 1st g 4)4s.l939
lat cons gold 5s
1894-1944
J
J
Texas A Pac 1st gold 6s
#2000
La Dlv B L 1st g 5s
Sale
87
90
73
74
Sale
42
aOueJan,
42%
5 Due Feb.
132
75
-
1931
69%
57
15
39%
123
34
112
38
55
58%
63%
65%
63%
96%
2
2
621
Nov'21
Oct'21
93
3
Tol A Ohio Cent 1st gu
Western Dlv 1st g 5e
General gold 6s
Tol St L A W pr Hen g
Coll trust 4s g Ser A
Trust
00
*1940
1928
1st refunding g 4s
1962
Union Paclflo 1st g 4s
1947
Registered
1947
20-year conv 4s
1927
1st A refunding 4s
#2008
10-year perm secured 68—1928
Ore RR A Nav oon g 4s
1946
Ore Short Line 1st g 6s
1922
70,
16'
3
77%
90
63
74
35%
50
90
Oct'21
85
94
84
84
Jan'21
92%
92
Sept'21
95%
95%
93%
85%
94
87
85% 86
84% Sale
81% Sale
90% Sale
87%
75
a Due June.
*Due July.
soar
4s
* Due Aug
95
94
94
86
Oct'21
....
86
86
88
Oct 21
....
78
88
73%
85%
81%
8134
85%
199
77%
81%
22
68
87%
91
173
80
Sept'21
....
60%
64
442
66
66
15
Sep 1'21
70% Nov'21
74
67%
....
11
92%
3
71%
71%
81% MarTo
92
Sept'21
mmmm
mmmm
9
89
61%
65
89
57%
66
80
86
71%
85
77%
84%
87
64
92%
71%
"67" " "67%
88%
84%
92
May'21
90%
89%
55
Aug'19
90%
64
50
Oct'21
96
83
65
82
90%
87% Nov'21
64% 57
99% 101%
97%
82%
66
68
91
83
82
Nov'21
Feb'21
1
67
83
99% Nov'21
75%
Aug'21
58
56
98
95
92%
8,%
90%
Apr'21
95
98
74
75%
Jan'21
84%
-r —
91
75%
50
Sept'21
75
Oct 21
65%
87
83%
88%
85%
72%
82
77%
71%
86%
30
60%
90%
67
77%
July'20
86
81%
68%
Nov'21
•81
89
80
10
Oct'21
89
80
90
90
95
86%
86% July'21
80% Oct'21
87
83%
79%
60
I1II "90" ~90~
72% Nov'21
45
58
85
mmmm
71%
71%
85% Mar'21
60
75%
Dec'20
90
96% 100
96
96%
"88"" "89%
Nov'21
88%
80%----
....
Aug'21
39
"77"" "88%
50
....
50
66
75
106% Nov'04
87
Oct'21
mmmm
75
Feb'21
mmmm
75
Sept'21
mmmm
72
Nov'21
mmmm
88%
80%
88%
2|
Feb'19
81%
26
"92% ~90%
75
76
6S%
68%
72
80%
89
75
"is "73"" "si%
15
56%
15%
14
26
45
55% Nov'21
....
Nov'21
5
63%
79
82
Sept'21
76
82
52
Sale
83
52
52
78
81
8784
81%
91%
73
84
79
79
8784 Sale
86
85
78
Aug'21
J
91% Sale
----
90%
M
S
83% Sale
J
102% Sale
101%
83% Sale
83%
100
95%
90
100% 100
94%
96
88 '
8ale
94%
Sale
mmm
150
81%
J
101
-
131
91%
59
103
100
9 j%
75
97% 100
95%
86%
2
30
77%
90
11
89
96
7978
72%
72%
72%
23
29
90
1933 J
78
74% 8ept'2l
72%
Jan'21
27%
83%
96
79% Sept'21
26
97% 103
3
90
86
78
77%
i!
83%
96
1962
1939
1939
Debenture series B 6s
1939
1st lien 60 yr g term 4s
1954
Det A Cb Ext 1st g 5s
1941
Des Moines Dlv lit g 4s—1939
Om Dlv 1st g 3)48
1941
Tol A Cb Dlv g 4s
1941
Wash Terml 1st ga 8)4s
1946
92
....
96
J
4s Ser A
1956
Consols 48 Series B
1957 MN
J
Vera Crus A P 1st gu 4%0__.1934 J
84
88%
June'21
91%
89%
84
....
....
88
87
93
90
MarTO
8384 Sept'21
91%
87%
86%
3
95
85
84
86
May'21
87%
F
76
92%
92%
95%
83
90
15% June'21
J
80
87
J
oons g
vr
1
....
90
"26" "27"'
1926
1st 40
2
76
80
Oct'21
....
"
36
1929 J
"84"
....
55
1946
82%
75%
67%
Nov'21
89
"81% Sale
F
100
I 70%
Mar'21
89
J
80
I
"25
84
July'21
76%
Utah A Nor gold 5s
1st extended 4s
Wabash 1st gold 6a
2d gold 5s
149
86
95
83%
J
;
83
73
Guar refund 4s
Vandalla
12
86
89
5s
87%
86%
86%
60
1936
72
75%
82% Sepi'16
»2
88% Sale
1935
1990
1927
1917
3)48.1925
1950
1917
66%
68%
80
85%
ctfs of deposit
cons g
14
84
76
85%
87%
196
80
85
7o%
80
80
68%
83%
87%
....
80
92%
89%
81%
73%
....
86%
93%
93% 94
82% Sale
43
84
....
72
77I2 Sale
J
75
66%
91%
Mar
72%
62
60
90
J
60%
35
73
79
79% Sale
95
60
"27 'is' ~70"
54
84
85
85
74%
55
87 84
91
84%
76%
89%
76%
62%
17
93
58.1930
5s
1936
62
78
70
2000
2nd gold Income 5s
77
92% 100%
27
78%
68%
"87% Sale"
72
Gen refund s f g 4s
...1953
St L M Bridge Ter gu g 6a. 1930
Virginian 1st 5s series A
Jan 03
S
NoprloeFrlday;latestbld and asked.
84%
88
*8~0~" "81 "
Sept'21
U N J RR A Can gen 4s... 1944 M
s
82
75%
Aug 21
81
84
1st Series B 4s
89%
96
J
Pare Marquette 1st
84
Apr'20
80
Bod us Bay A Sou 1st g 5a..1924 J
Philippine Ry 1st 30-yr
88%
83%
May'21
83% Aug'21
98
88%
85
80
90
1943 MN
8
M
1926
1st consoi g 6s
82%
88
82%
...
88%
S4
*76% "77" "
Nov'21
88
...
82%
Dec'20
Sept'21
Sept'21
Series D 4s guar
1953 J
67
MarTO
July'21
88
Series F guar 4s gold
Series
6)48.1929
Va A So'w'n 1st gu 5s
60-year gold 4s
91
Sept'20
3942 MN
Series G 4s guar
M
1926 M
84%
79
88%
Jan'21
Series C guar
80
M N
93
77
84
91%
J
1925
5S..1945
Mortgage gold 4s
1946
Rloh A Dan deb 5s stmpd.1927
Rich A Meek 1st g 5s
1948 M N
2d 20-year 5s
Tol P A W 1st gold 4s
*80% ~80"%
86% Nov'21
83% Sept 21
...
87
Nov'21
95
79
O
7:
61%
44%
~~29
62%
80
52
1942 A
A
62% Sale
82
77
692
84%
42%
58%
63
59
D
88
...
53%
82%96%
72%
59%
93% 100%
52!
34
43% Sale
O
82
345
58
Sale
34
D
84
227
96%
72%
100%
!
16%
Ulster A Del 1st
Series B guar
Series E 334s guar gold._1949 F
16% Sale
Tor Ham A Buff 1st g 4a
93
78%
88
52%
71%
1922
Kan A M 1st gu g 4s
Apr'20
79% May'19
...
70%
82%
In
68%
56
Feb'12
80
68%
70%
Sale
55%*
A
Mob A Blr prior Hen g
76%
Apr'2l
82
70
98%
53
91%
70%
Knoxv A Ohio 1st g 6s
69
85
86%
64
58
60
55
Dec'15
67
...
Sale
69
Dec'12
.
59
461
72
96%
89%
84%
84%
74% Sale
61% 62%
72% Sale
73% Sale
69%
84%
1946
Ga Pae Ry 1st g 6s
70
09%
Nov'21
88
Series I eons guar 434s.. 1963 F
Cons 1st gold 6s
87
70
84
90%
71%
1948 MN
Phlla Bait A W 1st g 4s
67%
Feb'20
J
E T Va A Ga Dlv g 5s
E Tenn reorg lien g 5s
Ga Midland 1st 3s
67
Nov'21
80
O
June'21
73%
85
1944 J
1948 J
1949
1930
1956
1938
73
76
100%
76
76%
86
72
1948 J
68
83% Nov'21
73
72
67%
Oct'21
MN
40-year guar 4s otfslSer E..1962 M N
100% 101
85
4)48.1944
4s
83
73
13
77
83
W Mln W A N W 1st gu
Pennsylvania Co—
Guar 334e ooll trust reg A.1937 M S
Guar 33Ss ooll trust Ser B.1941 F A
Guar 3340 trust ctfa C
1942 J
E>
Guar 334 s trust ctf D
1944 J
D
78
Sale
66% Sale
A 6S..1943 J
J
1st 30-year 5s Ser B
Atl A Danv 1st g 4s
99% 100
91%
92
105% Sept 21
88
A
cons
Atl A Charl A L 1st A
98%
83
Virginia Mid Ser E 5s
D
A
Ala Gt Sou 1st
98%
73%
80 Car A Ga 1st extd
D
D R RR A B'ge 1st gu 4s g-1936 F
4s Ser A...1956
gen
75%
106%
...J
83
91
71%
162
83
67
"63%
A
Mob A Ohio ooll tr g 4s...1938 M
Mem Dlv 1st g 4)48-6s
1996 J
St Louis dlv 1st g 4s
1961 J
69
1968 J
Series
Develop A
J
1994 J
75%
1965 J
P
1994
5s
68
General 4 34s
General 5s
A
"~~6
100
92
cods g
75% May'21
91%
General 6s
Southern—1st
69
84%
Series B 434b.
1950 A
74%
A
Series C 334s
Series D 334s
1955 J
San Fran Term! 1st 4s
70
I960 F
Oln Leb A Nor gu 4s g
1942
Ol A Mar 1st gu g 434s
1936
OIAP gen gu 434s Ser A..1942
Series B
1942
So Pac RR 1st ref 4s
82
7412
145
100%
"94"% """
1948 M N
O
107%
87
100
4 J48
1936 F
87
87%
108
Consoi gold 4s
1942 M
106%
Sale
'
Consoi
1930 A
61%
Sept 21
54
2047
J
Aug'21
59
"60% Sale"
2047
1961
1946
J
1941 J
No of Cal guar g 5s
1938 A O
J
Ore A Cal 1st guar g 5a
1927 J
So Pao of Cal—Gu g 5a
1937 M N
J
So Pao Coast 1st gu 4s g.,.1937 J
Tex A N O con gold 5s
1943 J
A A N W 1st gu g 5a—
70%
84
J
F
93
68
A
43
75
Apr'21
103%
80
3)48—*1929 J
A
D
31%
"74" "80"~
Sept'21
9284 Apr'21
90
Mort guar gold
Registered
80
90
1949 F
Registered
Through St L 1st gu 4s_. 19541A O
GHASAMAPlst 58...1931 M N
92% 104%
101% 101%
Oct'20
79% Nov'21
77%
D
*1949
#1929 M S
1934 J D
39%
41
73
74
"80% Sale"
D
ooll)—41949
58
66
Oct'21
Sale
99%
"93"
90%
87%
26%
Oct 21
101%
...
102
53% Sale
100
84%
5s—1929
Registered
20-year oonv 4a
20-year oonv 5s
30
70%
28
Oct'21
101%
10284
102
69%
51%
78%
70%
63%
"l5l
73% June'2i
53%
95%
96
78%
Seaboard A Roan 1st 5a.—1926
Gold 4a (Cent Pao
13
59% Nov'20
58% Oct'21
50
Sal6
72% Sale
High-
81%
Southern Paclflo Co-
69
Mig ~63~
5384 Sale
O2047
10-year secured 7s
15-year secured 634s
Alleg Valgen guar g 4s
45
72%
Deo'19
69
68
F
?regon-Wash Co A ref 4s
aolflc Coast 1st 1st g 5s
35
51%
2d
J
.02047 Q
Ref A impt 6s ser B
Ref A imp 4 Josser A
36
Feb'18
74%
6714
6784
80%
Fla Cent A Pen 1st ext 6s_.1923
-
1997
General lien gold 3s
22
104
Sept 21
88%
1945 M S
45
50
49%
Sept'17
J
1948 j
#1992 M 8
32%
70
...1959
Refunding 4s
40%
76
67
O
34%
38%
Aug'13
61
cons g
46
July'14
83
8
W a Con East 1st 4)48
!• y O a W ref 1st g 4a
"31
70% July'2l
O
J
4s...1996 J
South w Dlv 1st g 6s
1947 A O
K C Ft S A M cons
g 6s...1928 M N
K C Ft S A M Ry ref g 4s..1930 A O
K C A M R A B 1st gu 58—1929 A O
St LS W 1st g4sbondctfe... 1989 M N
J
2d g 4s income bond ctfs.pl989 J
D
Consoi gold 4s.._
1932
J
1st terminal A unifying 58.1952
D
Gray's Pt Ter 1st gu g 5S..1947
S A A A Pass 1st gu g 4s
J
1943
O
Seaboard Air Line g 4a
1950
O
Gold 4a stamped.....
1960
A
Adjustment 6s
#1949
St L A 8 F RR
35
9
63% June'21
70k
J
Atl A Blrm 30-yr 1st g 4a.el933 M 8
J
Caro Cent 1st oon g 4s
1949 J
Oct'19
32%
J
1st A oons 68 Series A
July'18
32i2
St Louis A San Fran gen 6s. .1931 J
General gold 5s
1931 J
J
O
80
71%
Oct'17
49
B A N Y Air Line 1st 4e__.1965 F
4s.__
38%
59%
50
40
Cent New Eng 1st gu 4s...1961 J
New England oons 5s
42
3784
53U
34
1966 J
nt y W'obes a B 1st Ser 14 J4®
Nov'21
40
Sale
59
Apr'21
35%
38
A
37
Apr'21
35
1957 MN
prior
86
81
Nov'17
37
38%
38%
3978
41% Sale
1966 J
Non-oonv deben 4s
Non-oonv deben 4s
Paoiflo
66
80
55
41
1930 F
4% debentures
Northern
67%
78%
38% Sale
1956 J
Conv debenture 6s
Registered
81
J
Non-oonv deben 4s
Consoi
85
82% Sale
80% 83%
W Y N H A Hartford—
a
85
mmmm
86
mm — -
90
Jan'09
76%
99% Feb'19
67% June'20
mmmm
J
O
84%
76%
NYC Lines eq tr 5S...1920-22 MN
Equip trust 4^S..-1920-1925
"93" "93 "
95% June'20
mmmm
79% Sale
J
68
71
Og A L Cham 1st gu 4s g.1948 J
J
92%
R W A O oon 1st ext 6s_._kl922 A
59
69% Sale
82% Sale
Low
June'21
71
1950 J
1928 J
Prior lien Ser B 5a
82%
62%
St Loula A San Fran (reorg Co)—
Prior lien Ser A 4s_.
1950 J
Aug'21
Sale
83
68
2
71% Sept'21
113
May'16
mm
73
75%
97%
80%
Dec'17
82% Sale
85%
70%
90
Jan. 1
No.
High
90%
62
Aug'21
Ask Low
Since
*c
85%
70%
85%
7034
Range
Mange or
Last Sale
Bid
Pitta Sb A L E 1st g 5b
lat consoi gold 6s
74
75%
85%
mmmm
73%
O
N Y A Pu 1st cons gu g 4s-1993 A
Pine Creek reg guar 6s
71%
69
75%
86%
85%
25
Week's
Friday
Nov. 25
1940
1943
Beading Co gen gold 4a
1997
Registered
1997
Jersey Central coll g 4s
1951
Atlantic City guar 4a g
1951
St Joe A Grand Isl lat g 4a...1947
90%
74% Sept'20
09% Mar*20
66
ending Nov
Price
J
High
*72~% "74""
Nov'21
74
m
mm
i L A S 1st gold 3tts
N J Juno RR guar let 4a...1936 F
Low
90
90% June'21
98% Nov'18
m
m
mm
No.
93%May'20
m
mm
1940 J
Registered
High
Ask Low
Bid
H TCent AHRRE(Con)—
Mahon C'l RR let 6e
1934 J
Week
28
----
5
28
79%
76%
M N
90
Sale
87%
90
53!
78%
M N
94% Sale
93%
95%
52,
82%
9584
84
84%
20
72
84%
90
Aug'18
65
90
62
Feb'21
56%
A
84%
J
J
J
85
67%
F
J
59%
J
J
85%
J
J
60
A
O
56
M
S
69
70
60%
72
F
A
71%
73
1945 F
A
77%
Due Oct.
V Due
Nov.
84
Sept'21
Aug'21
60% Nov'21
58% May'21
69
Sept'21
78
June'21
# Due Dee.
IIII *60 " "62"
84
84
50%
51%
56%
mmmm
55%
6P
mm**"*
66%
69
78
79%
mmmm
mmmm
'mmmm
mmmm
$ Option
61
sale.
2399
BOND Record-Concluded-Page 4
New York
S'S
s?
1937 J
Weft N Y A Pa 1ft g Of
Gen
gold 4b
1943 A O
pl943 Nov
\
Income 5a
1940 m
Western Pao 1st aer A 5b
A
82
1949 J
75U
73
J
Street
1946
35
O
A
J
J
1951
4 Hit--1932
F
J
Manhat Ry (N Y) cons g 4s.. 1990
98%
82%
Chile Copper 10 yr oonv
Co 1 tr A conv 6s ser A
Computing Tab Reo
82
81
Granby ConsMSAF oon 0s A 1928 M N
Stamped
1928 M N
Conv deben 8s
1925 M N
O
A
1945 M N
58
Pan-Amer. P.AT. 1st 10-yr7sl930
58%
58
44
19]
Sale
59%
59%
7
483$
Oct'21
4612
25
24
5
Sale
-
1927 A
80
81
44%
85%
95
....
67
4i
|
I N
O
1923 J
Detroit Edison 1st coll tr 6s. .1933 J
Detroit City Gas gold 5s
J
1st A ref 6s ser A
11940 M s
1st A ref 6s series B
41940 M 8
J
J
M S
F
A
M N
5a..1922 A O
1937 A O
1997 A O
1926 M S
Ed El HI Bkn 1st oon g 48.1939 J
J
Lao Gas L of St L Ref A ext 5s '34 A O
Milwaukee Gas L 1st 4s
1927 M N
Newark Oon Gas g 5s
1948
1948
1949
1995
J D
J D
F A
J
J
NYAQ EI LAP 1st oon g 5S..1930 F
A
Pacific Q A E Co—Ca G A E—
1937 M N
1942 J J
PacPowALtlBt Aref20yr6s'30 F
A
1949 M 9
6s..1943 A O
1947 M
58.1937 J
Oon G Co of Ch 1st gu g 58-1930 J
Ind Nat Gas A OH 30 yr 5S.1936 M
Mu Fuel Gas 1st gu g 5s._1947jM
Philadelphia Co oonv g 5s...1922 M
ftand Gas A El conv sf 6S...1920 J
S
J
J
N
N
N
O
Syracuse Lighting 1st g 5s...1951) J
D
J
Cb G LA Coke 1st gu g
Syracuse Light A Power 5s..1954 J
Trenton G A EI 1st g 5s
1949 M
9
Union Eleo Lt A P lat g 5s..1932 M S
Refunding A extension 50..1933 M N
f 6S...1930 J
1944 F
6a....1950 J
Utah Power A Lt 1st 5s
J
A
J
Ctloa Gas A Eleo ref 5e
.1957; J
J
Westchester Ltd gold 5s
.1950 J
0
<
1
Int
Internat Cement conv 8s
„
36%
60
National Tube 1st 5s
76
88%
N Y Air Brake 1st conv 6s__1938 M N
Packard Motor Car 10-yr8s_1931 A O
C7
100%
Porto Rlcan Am Tob 8s
95%
95%
106%
107%
Sharon Steel Hoop lsj 8s ser A
Qi
H
24
88%
Nov'21
4
88%
11
88
21
Sept'21
105
*95
"891% 89%
-5
81
100
Sam
98%
100%
23
100
Sale
9834
99%
103
89
81%
85
81
U
75
75
81%
5
104%
90% 8ale
74% Sale
89%
73%
99
89%
90%
74%
Aug'21
76
78%
95
.-.I
73
1
Nov'21
88
80% July'21
85% 104% Apr'17
93
1
96
78% Nov'2l
08%
I
79
■a1
"
91
74%
90
64%
86%
1948 M S
Alaska Gold M deb Os A
Conv deb fla series B__
1925 M 8
8
1934 % %
1920 M
4 Hs 1939 J
Atlantic Fruit conv deb 7s A. 1934 J
1931 M
Atlantic Ref2 deb 6 V4s
Booth Fisheries deb s 1 Os
.1920 A
" <•"»» " • '
10H V
•No prlao Friday; latest old and
D
D
8
O
A
1932
1922
West Electrlo 1st 5s Deo
Wlokwlre Spen Steel 1st
May'20|
81
8
f 745s
Westlngh E A M 7s
Coal, Iron
94%
94%
8534
8534
23,
97
98%
Laokawanna Steel 1st g
90
8534
"97""
Nov'21
"84"
83%
873s
87%
63%
72%
Oct'21
79%
79%
79%
60
89
Mar'17
75
^3%
87%
79%
May'19
~99%
100
91
"
105
99%
94% Nov'21
70%
77
81
83%
82
80
91
88%
8734 Sale
86% N
Sept 11
73
83%
80
88%
87%
77
12
87%
80
81
78
ov'21
77
Mar'20
95
82%
73
78%
77
87
Nov'19
82
77
May'21
7234
73%
12
10
67
V1334
15
75
86% Sale
Sale
104% Sale
26
10
10%
-0
85%
28
103%
67%
"9-4%
94
93
.
72%
56%
Oct'21
72%
19%
10
Telegraph &
Telepl
88
104
J 26
Oct'21
.—
94
asked, a Due Jan. d Due April c
31
.
84
86%
106
79%
93
86%
| 168
D
O
M N
J
10 j34 gaie
104
101
103
105
96
96
95% Sale
98% SaleJ
95
95%
93
96
96% Sale
95%
98%
93%
105% Sale! 104%
97% Sale *96
105%
97%
119
95%
85%
85%
95%
36
80%
86%
371
85%
12
78%
74%
>
Sale
92%
98
J
M N
ivi
A
78
81%
s
F
96%
86% 99
83% Sale
83% 100
"82"
Sale"
71% Sale
b6
92%
102
84%
100
J
103
26
86
360
99
33!
2
101
71
101!
16
7
71%
79%
95%
89%
89%
102
80
105
96
95%
96%
96%
100
94*4 106%
90
97%
85
87%
92%
100
89%
80
78
81%
81%
82
62%
71%
Oct'21
89
75
76
74%
79%
94%
72
94%
94% Nov'21
94
94%
78
Aug'21
Apr'21
82
82
98
80
76
89
80
96%
91
97%
Sale
86
95% Sale
97% Sale
81% Sale
95
96%
97
97%
28
82
82
70%
82%
80
85
Nov'21
82% Sale
81
82%
68
79
85%
90% Sale
72% 75
July'21
Oct'21
88%
80%
91
Nov'21
66
75
91
90% Nov'21
86
91%
89
1*1 N
A
O
M
S
81
MN
ne
91
*80
85
82%
79
80
76%
26
73
80
92%
99%
93%
Oct'21
93
95%
75
52
Jan'21
52
52
80%
86%
83%
81
86%
87% Sale 1
85%
88%
J
6s.l949jM S
73
83
95
98% Sale
MN
19531J
80
l7J
98
98%
188
80
73%
88%
Sale
82
82
1
63
82
94%
96
49
1933 M S
1946'J D
1926 F
Bell Telepb of Pa s f 7s A
1946 A
Cent Dlst Tel 1st 30-year 6e__1943! J
Commercial Cable 1st g 4s...2397,Q
Cumb T A T 1st A gen 5s
1937! J
Mich State Telepb 1st 6s
1924 F
N Y Telep lBt A gen s f 444s.1939 M N
30-year deben s f Os.-Feb 1949 F A
Sale
80
94%
20-year conv 444s
30-year temp coll tr 6s
7-year convertible 6s
South Bell Tel A T 1st s f
8 »
Jan'21i
83%
95
73
9S84 106
80%
92
Oct'21
82
Pacific Tel A Tel 1st 5s
' 67%
84
J
86%
27
85% Nov'21
....
100
93%
S
4s
75
15
86%
28%
.
Sale
100
1930 1*1
Tel ooll tr 4s
Convertible
19%
70
10
102%
94
100%
102%
1929 J
Am Telep A
61%
Oct'21
Nov'21
94%
__
Va Iron CrdA Coke 1st g
83% Sept 21
86
99%
95
Repub IAS 10-30-yr 6s s f.,1940
St L Rock Mt A P 6s stmpd-1966
Victor Fuel 1st s f 5s
*6*8% ~68%
92%
98%
....
99% Sale
10
F
J
Lehigh C A Nav s I 444s A..19641 J
Midvale Steel A O oonv s f 6s 1930 M S
J
Pleasant Val Coal 1st s 16s
1928 J
Pocah Con Colliers 1st a f 6s. 1957
5s...1961
U 8 Steel Corp—(ooup
41903
s f lO-OO-year 6s/reg
41963
Nov'20
68% Mar'21
73
June'21
76
..I960
91%
81
92%
91%
92% Sale
101% Sale
86% Sale
19401
99%
"88'
100%
85
D
Tenn Coal I A RR gen
99%
Sale
87
87%
97
1926
...1962
6S..1923
1st oons 6s series A
83%
84
88
f
85%
I Buff A Susq Iron s f 6s...1932
Debenture 5s
a 1926
Colo F A I Co gen s f 6s
1943
Col Indus 1st A ooll 6s KU
1934
Cons Coal of Md 1st A ref 6s. 1960
75%
73%
July'17
88
93
80
D
82%
114
8534
105
79
98%
83%
87%
90
6
94%
88
95
Sale
91
Feb'21'
93
88
J
Indiana Steel 1st 6s
90
91
88
88%
J
Illinois Steel deb 444s
91
91
91%
J
Elk Horn Coal oonv 6s_.
90%
78
96
1930
A imp s f 5s
112
103
90%
95
93
& Stool
1st A ref 5s guar A
93
77%
112
85
J
20 yr p m
90-%
89
103%
H3
96
1931 MN
7s.. 1935
Beth Steel 1st ext s f 5s
S3
90
111%
....
92%
102
95%
1926
1942
,
113
96
«1924 A
94%
80
104%
100
W*
80
81%
00
87
85
85
11
75
Oct'21
94% Sepl'21
86
Oct 21
75
10 *% Sale 101%
9y7g
96
81
12-year s
103
112
92
J
1930
Conv deb 6s
102%
u7l
75%
102%
80
100
Va-Caro Chem 1st 15-yr 5s..1923 J
Feb* 18
75
~89~% _92~%
gg
102% Sale
113
71
98
91%
U S 8meit Ref A M oonv 6S..1920 F
100%
99%
oe
89
9712
12
10
99
1947 J
10-year 745s
Sq?8
89
8718
761#
1
1'
Sale
89
187
104%
101
1941 J
58.1924 J
1922
99%
Sale
United Drug conv 8s
1st A ref 5s series A
44
107%
75%
102%
104%
109%
75%
102%
104
Sale
Stamped
...1930 J
Union OH Co of Cal 1st 5s___1931 J
U S Realty A I oonv deb g
84
91% Sale
Union Bag A Paper 1st 5s... 1930 J
10j
98%
23
72%
99
66
97%
.
99
J
Steel A Tube gen a f 7s ser C.1951
U S Rubber 5-year sec 7s
Apr'20
89% Sept'2l
91%
91%
13
08%
Sale
90%
89%
...
102
75
75
99
77
79%
104%
101%
M N
88
81
%
209
100%
96
M
*41
1930
88
80%
77
45
91%
1931 IVI N
89%
83%
76.
62
103%
79
182
89% Sept'21
71%
71%
96%
....
102% Sale
36
55
74% Sept'21
104%
102%
91%
95
101% 108%
88
..1942 M N
Standard Milling 1st 6s
88%
Hfil«
yj
....
91'
1951 F
65
107%
,
92% Sale
111% Sale
A
...1944
88%
100%
lj
89
84i2
O
F
1951
5s...
Lorillard Co (P) 7s
79
80
54
5s
Nat Enam A Stampg ist 5S..1929 J
Nat Starch 20-year deb 6s...1930 J
104
"74" "75
A
Oct'21
94
Sale
M N
36
88
91%
13
81
30%
o7
'0184 III-
167
107%
J
International
Paper 6s
Kelly-Springfield Tire 8s
52%
Miscellaneous
Adams Ex ooll tr g 4s
1947
1931
Liggett A Myers Tobao 7" ...1944
08
29
70
105
88
103%
106%
D
J
26%
98%
88%
101
76
92
54%
Sale
M N
1926
134
Sale
S
26
Apr'21
1.6
88% Sale
Agrlo Corp 1st 20-yr 58--1932
62
103
F
30
103%
Sale
62%
490'
..1952 M
182
107
54
89%
86%
63
89%
51
60
60% Sale,
•
94%
61%
Sale
92%
72%
96% Sale
104% Sale
109% Sale
90
88%
62
97
70%
89%
8,)% Mar'21
90% Oct'21
...
92%
A
85%
75
92%
70
80%
94% "24
93%
84%
103
91
Oct'21
70
94
D
68..1930
1942
Debenture 5s
47
25
J?i
21
97
...
J
50%
87
105
1926 Q
2
A
20-year deb 0s
Feb 1940
Goodyear TlreA Rublst sf8s'1941 MN
80%
75
Oons Oas ELAP of Bait 6 yr5s '21 M N
97
102
98%
F
81
36
87%
90
Sale
N
104% Sale
s99% Sale
General Baking 1st 25-yr
60
47
67%
90
1927
Columbus Gas 1st gold 5s__. 1932
96%
du Pont de Nemours A Co 745 s *31 M N
Flak Rubber 1st s f 8s
1941 M
Gen Electric deb g 344 s
65
80%
74
89%
1927
34
A
1931 !*1 N
...1934 M N
J
Cuba Cane Sugar oonv 7s
1930 J
Certificates of deposit 8%
Cuban Am Sugar 1st coll 8s 1931 iw s
Diamond Match 8 f deb 7 Ha. 1036
Distill Sec Cor conv 1st g 5s_1927 A
E I du Pont Powder 4448---1930 J
80
Mar'2i
71
...
103
80%
17
1st 25-year s f 5s
83%
81
73
39
71
40%
I
3234
Sale
359
84%
93%
74%
0-1
33
IO/I2 Sale
86%
80
A
Nov'21
31
104
84
84% Sale
104% Sale
O
61
98%
1017s
65
86% Sale
F
9
92%
1
81
100
97%
89
8S
117
100%
J
1*1
7%
8
95
99%
81
85
82%
77%
O
1931
36
33
93%
82%
1940
50
36%
Sale
100% Sale
F
Baldw Loco Works 1st 5s
Kfl
I
3*
Aug%l
"34" ~36%
86
30
:?il58
85%
95%
Sept'21
7334
611
88%
Atlas Powder conv 7%s g
2q12
98%
97%
Am Writ Paper s f 7-6s
37%
27%
Nov'21
94
46%
50
loo"
87%
20
79%
103%
83
Sale
1947 A
1939 J
1930 F
o»
69
-1
10
60:1
52%
...
■r-i
Nov'2l
88% ...
99% 100
J
Stamped
Armour A Co 1st real est
A
18
1st ref e
100
....
95
90
46%
90% 101
4,
88
D
7%s g........ .1941
Am Cot OH debenture 6s
1931 Ml N
3
h
80
31%
O
Bklyn Edison Ino gen 5s A.. 1949
General Os series B
1930
General 7s series C
1930
General 7a aeries D
1940
Am Wat Wks A Elec 5s
10-year oonv s f 6s
Am Agrtc Chem 1st o 5s
3%
84
75
99%
107%
94%
92%
100%
97% Sale
A
O
6S..1941
1928
Manufacturing and Industrial
10
32
Feb'17
34
1934 J
Peop Gas A C 1st oons g
Refunding gold 5a
D
Wilson A Co lBt 25-yr e f
4838
17%
8,
61
59
Light
Pat A Paesalc O A El 5s
30
83% Nov'21
7734 Sale
49%
09%
(N Y) Inter ctfB
Corp unifying A ref 5s
4%
80
61
Union Tr (N Y) otfa dep
Pacific G A E gen A ref 5s
25%
6%
31
6%
82
62
J
United RRs San Fr a f 4s
Ed Eleo 111 1st oons g 5s
4
8J
1934 J
1924 A
Purchase money g 4s
5s... 1946 M
82%
35
1
25%
4678 dale
St Louis Transit gu 5a
WYGELAPg 6S
37%
0
64
....
63%
50
101
87
86
Cent Foundry 1st a f 6s
Feb'21
27
101
85
88%
S
Corn Prod Refg sfgOs
9034
O
85%
106
....
9?
8OI4 87
5934 Sale
A
90%
90
75
59
Sale
758
J
71%
66
95
99%
107%
21%
4%
67S
98%
A
F
1939 J
75%
24%
25
99% Sale
100% Sale
102%
102%
1
84% NOV'21
1st series C 6s
Deo'll
2o%
Sale
57%
12
37%
Sale
33
100%
Cent Leather 20-year g 5s... 1925 A
50
96%
75
Sale
1st series D 7s
%
07%
81
73%
Sale
71% June'2i
76%
Oct 21
—
83
84%
Sale
37
1538 Nov'21
30
Oct'21
76
United Rys Inv 5b Pitts las..1928 M N
Convertible deb 6a
45%
45%
90
87
1.0J
....
108!
103
82
11
92
76
75%
67%
90
101
F
6K%
10
Oct'21
96
83
3
96
M N
63%
82
80
..1948
OuQueene Lt 1st A ooll Os.,1949
8q G L N Y 1st oons g 5s...1932
Havana Eleo oonsol g 5s
1952
Hudson Co Gas 1st g 6s
1949
West Penn Pow ser A
61%
4278
82%
64
MN
Sklyn Un Gas 1st oons g 5s.. 1945
OInoln Gas A Eleo 1st A ref 5s 1950
52%
22
82
6
O
79
78%
90
...
19%
58%
5212
80%
Sale
21%
11%
8%
48%
63*4 May'21
37%
1900
Kings Co El L A P g 58
Purchase money Os
900
61%
43
Inoome 5s
Kan City (Mo) Gas 1st g
239
59
79
Third Ave Ry 1st g 5s
Oonsol Gas 6 yr conv 7s
10
Sale
54
flt Paul City Cab oons g 5s.. 1937
Columbia G A E 1st 5s
13
5 >%
9
Oct 21
....
75
A
75% Sept'21
A
84
88%
....
A
Wash Wat Pow s f 5s
55
Portland Gen Eleo 1st 5s.. 1935
fa Ry Pow 1st A ref 5s
Union
86
13
92
84%
86%
mmmm
1958 J
cl946,F
46%
82
70
99%
71%
02
1
93%
O
F
01931
0S..1925
1931
Tank Car equip 7s... 1930
23%
Aug'2i
11%
Standard Oil of Cal 7s
Tennessee Cop 1st oonv
Tide Water Oil 644s
4
92
95
----
95% Sale
Pub derv Corp of N J gen 5s.. 1959
Sinclair Con Oil oonv 7%s...l925 MN
75
Sale
37
1930 M N
United Rys St L 1st g 4s
57
6s
A
59
1? '1*69
360
7434
45%
86
94
82%
__ol960
1937
Trl City Ry A Lt 1st s f 5S..1923
Undergr of London 434 s
1933
62
63%
Jan'2(i
73%
30
61
57%
Oct'21
58
5834
16
Portld Ry Lt A P 1st ref 5s..1942 F
Inoome 6s
60
June'21
61%
49
0
4s_..1942
Third Ave 1st ref 4s
129
68
Am Sm A R lat 30-yr 5s ser A
5s A. 1966
4HS-1962
61
8612
New Orl Ry A Lt gen 4)4s..l935
N Y State Rys 1st cons
Ontario Transmission
63
5
2934
M N
13
91%
99%
74%
93%
100
84%
84%
72% Nov'21
94%
94%
84%
2934
83
Refunding A exten 4HS...1931
Montreal Tram 1st A ref 5s..1941
Portland Ry 1st A ref 5s
Sale
84
18
63i2
Col A 9th Av 1st gu g 5s..1993 M
Lex Av A P F 1st gu g 5s
1993 M S
al942
91
92% 100
82
93
98%
7 >%
46
D
Me; W B El (Chic) 1st g 4S..I938 F
MUw Elec Ry A Lt cons g 5s. 1920
80 year adj lco 6s
Certificates of deposit
141
91
s
51%
66
91%
90% 100
53
2934
92
21
85%
2934
84
82
77%
'm
98%
A
Sale
mm*
97%
98%
O
&*'* June'21
82
78
205
A
65
84%
87%
91%
Ontario Power N F 1st 5s... 1943 F
60
1*1
Bway A 7th Av 1st c g 5s..1943 J
N Y Munlclp Ry 1st9'
Oct'21
65
74
77
80%
60
I
35
88%
71%
58
11U%
99%
328
I
92
95
Sale
53
14
90
Apr'20
63
56
87%
101
100 Sale
N Y Dock 60 yr 1st g 4a
37
77
15
Nov'21
98
Morris A Co 1st s f 4 He
60
14
61
|
95
65
60
O
A
1924 M
1924 A O
N Y Rys lat R E A ref
Certificates of deposit
60%
220
84%'
81
78%
84
84
104% 114%
67%
67%
16
87% NOV'21
80
92
O
35
Mexican Petroleum
99
8J
f 8a... 1930 M N
J
Montana Power 1st 5s A
1943 J
65
12
1990
6-year 6% notes
Metropolitan Street Ry
A
11'
82%!
83%;
82%
92%
Great Falls Pow 1st s f 6e
1940 M N
Inter Meroau Marine s f 0S..1941 A O
35
39
5612 Sale
2013 J
Market St Ry 1st cons 5s
J
40%
>
97
2d 4a
i'LtV f Veil 1953
O
1932 A
t 0s._1941 J
s
Oct'21
4
55%
74
7234
Sale
86
Stamped tax exempt
Proper
98% Sale
81% Sale
88%
M N
71%
54
74% Sale
453s Sale
1st 5s..1900 J
Utlca Eleo L.A P 1st g
87% i
110%
62%
59
58
F
Certificates of deposit
s
110%
25
147
60
59
56
J
1967
1932
laterboro Metrop coll 4HS..1950
United Fuel Gas 1st
114%
87
Sale
65
Sale
615s
Adjust Income 5s
N Y A Jersey 1st 5s
Electric
111%
Saie
22%
17
60%
61i8
S
and
75%
Sale
87
111
A.1963
1963
7s._1923
76
70
A
Gas
62
65
Nov'21
59
25
J
1957
.....
31
64
F
1930 M
Eqult Tr
63%
5
113
1'*
1st Ser C 044s (otfs)
64
F
F
Hod A Manhat 5s ser A
Ad J
73
83%
73
F
Ft Smith Lt A Tr 1st g 5s
....
61
66
Sale
98% 100%
92%
95
88% Sale
74
Conn By A L 1st A ref g IHs 1951 J
Manila Elec By
39
5612
Bklyn Un El lat g 4 6s
Stamped guar 4 6s
Interboro Rap Tran
51%
84
1939
1951
Niagara Falls Power 1st 5s. .1932
Ref A gen 6s
01932
Nlag Look A O Pow 1st 5s... 1954
Nor States Power 25-yr 5s A. 1941
60
Certificates of deposit stmpd..
1950
1950
Kings County E 1st g 48..1949
Stamped guar 4s
1949
Nassau Eleo guar gold 4s..1951
Chicago Rye 1st 6s
1927
33
60U Sale
Certificates of deposit
Det United lBt cons g
8
29
35
Sale
34
2002 J
secured noteB.__kl921 J
1st refund oonv gold 4b
Stamped guar 4^s
t*-x ex
817s
Marland OH sf 8a with war'tsl931
Railway
Brooklyn Rapid Tran g 6s
8 yr 7%
75
90
80
....
76%
77%
75
7734
7758 Sale
Sup A Dul dlv A term 1st 4b' 36 M N
r
70
6
77
81%
High
Low
No.
High
Nov'21:
79%
81
Ohio Un Sta'n 1st gu 4Hs
86%
"47" "50"
12
60%
Nov'21
>♦ *u
Ask Low
75%
I960
6s
Cerro de Pasco Cod 8»
90
73
Wis Cent 50 yr let gen 4s
EH 1st oonsol 4s
Building
82
5
56
Sale
1949 M S
1900 J
J
56
Winston Salem S B 1st 4a
66
"75% "88"
...
90% Mar'17
53
54%
---
5448 Sale
89%
60%
53
85
Nov'21
90
Sale
90
J
1930 F
Refunding 4Hi series A...1966 M s
83
...
Jan. 1
1952
1955
Bush Terminal 1st 4s
Consol
Oct'17
36
85
8812
1928 J
Ex ten A Impt gold 5b
84
62%
Since
>t>a
Last Sale
25
Bid
High
51%
...
Nov'21
65
Sale
85
9
1926 A O
Wheeling A L E 1st g 6b
Wheel Dlv 1st gold 5s
89% Nov'21
|
66
65»4
Low
123
62%
57%,
90
J
No.
High
Low
A si
62% Sale
Range
Hangs or
Friday
Nov.
25
Week ending Nov.
Week's
Price
N. Y. STOCK EXCHANGE
Jan. 1
Last Sale
25
Bid
1952 A O
West Maryland 1st g 4s
BP
BONDS
Since
Week's
Hangs or
Nov.
25
Week ending Nov
Range
Price
Friday
11
BONDS
N. Y. STOCK EXCHANGE
West Union coll tr cur 5s
67%
Fund A real est g 445s
94
16-y»ar 6%8 g
58.19411J
1938 J
1950 M N
1936
1
.
112
469
109
63
...
86
04%
88*
92%
88
Sale
87%
June'21
88%
95
87
88%
99
101%
22
101% Sale
Sale
10/%
108
91
88
Sale
8 08
106
Sale
105%
Due Mar. e Due May. g Due June, b Due July, f Due Aug - o Due Oot.
64%
88%
96
"62
75
88%
177
87% 101%
102
96% 109
80
90% Nov'll
90
78
85
Nov'21
Sale
77% 93
94% 112
100*4 109
80%
86
64%
Feb'21
95
90% 92
90% Sale
93%
1937|J
87
91%
107
108%
108
Nortbweet'n Bell T 1st 7s A.1941 F
92%
92% Sale
108% Sale
108% Sale
89%
90%
Nov'21
13
88
106%
6
75
90%
80%
97%
83
77%
99
93%
88
106%
q Due Dec. « Optl n sale.
aoNDa
2300
BOSTON STOCK EXCHANGE—Stock Record
HIGH AND LOW SALS PRICE—PER SHARE,
Sales
NOT PER CENT
No
.
No
19
.
Wednesday
Tuesday
21
Nov. 23
Nov. 22
Thursday
Friday
the
Nov. 24
Nov. 25
129*2 132
132
Week.
76
76
77
76
76»4
92
93
93
94
95*2
1412
15*2
15
15
76
76*2 THANKS¬
GIVING
96*2
121
*19*2
21
15
15*2
20
20
21
22
22
23
24
120
119
119
120
120
*119
•
76*2
^
*119"
*130
...
*75
76
76
76
77
77
*76
36
36
36
36
36
35
13*2
*61
13
13*2
13*2
*61
62
51
51
51
*17
51
51
19*2
*16*2
19*2
*17
70
71
*70
4834
49
*.05
.25
*.05
*69
49
57
57
*.05
.25
*3*2
81
97
81
378
14*2
*
15
*1334
15
157g
*14
16
*1384
15*2
15
12;
9
36
Dec
Jan
8
58*4 Nov 21 i
48
July
55%
JaD
.04 Aug
5
Dec
7%
3%
13*2
100%
Mar
Nov
Nov
8ept
148
334
*3*4
105
97
117
11*2
33
1,080
*.50
200
Nov'21
Last Sale <-10
Nov'21
m'
162
3*4
11*4
22*2
2734
*11
♦
"2184
27*2
39*2
40
75
*3
31*2
1134
32*2
43
42
157
160
156
158
4
*70
3*2
11*2
4*2
22*2
2*4
22*4
27*2
2734
5
5
3*8
3
5*4
3*4
634
7
*12*2
2
65
6434
6
62
62
61
61
79*2
14l2
27g
1412
2%
5
5*8
109
112
*7*4
17%
18
163
163
109
163
163
12*2
"i§"
*14
16
*14
16
*14
3*2
9834
3*2
3*2
98*2
99*2
80
13
14*2
3*2
99%
~13~
16
3*2
3*2
99%
15"
163
13
14%
163.
79*2
"12*2
10p
784
1634
157g
99
163
50*2
*14
14
14
3684
23*2
37*4
3634
3784
37*2
23%
237«
24
19
193g
19
19*4
19%
2334
8*2
24
24
24
9
60
1,465
140
163
37*2
24
24
19
24*8
19*4
24*8
*934
10
*9
*11
23*2
*23
*9*2
*.50
54
*.15
*24
*234
*9
*13*4
*
1,085
1334
*8
54*2
....
13
14
3
32% Dec
60
16
Apr
Dec
29%
74%
Oct
Jan
80
Mar 28
80
Dec
96
Jan
13
Jan
8
6% Deo
41
32
Jan
7
24
Dec
47g Mar 18
4
Dec
73
3*2 Nov 16
16*4 July 16
167g Jan 5
10*2
10
10
*.50
.75
23
24*2
3*2
9*4
13*2
3*8
9
*13*4
*
255
23
24*2
24i2
2412
3*4
*24
3*8
3*4
9*4
13*2
nt
255"
.30
265
1378
1378
14*8
9
*9
13*2
it
3
3%
834
9*g
13*2
57
834
13
13*4
.03
.03
265"
14
260
265
14*2
56
*24
24%
3
3*2
9
9%
13*2
13*2
Last Sale .05
Sept'21
265
14%
10, Wlckwlre Spencer Steel...
5
Mining
Consolidated.. 25
507 Ahmeek
25
200
Algomah Mining
25
.40
262
15
265
147g
Allouez
25
Arcadian Consolidated
Arizona Commercial
25
Bingham Mines
I Butte-Balahlava Copper..
251! Calumet 4 Hecla
10
11
1,140
230
.
...
13,766
15%
9
225
35*2
36
1,408
*1%
2
5
6*2
103s
6*2
10*4
10*2
67g
10%
634
10%
67g
1034
134
I84
*184
2
*2%
2*2
2*2
2%
*2%
284
*.25
.76
*.25
75*2
7678
76%
2
2*2
2%
.75
77
86*2
21*2
*3*4
*1*8
*2*2
1«4
*13s
2*4
86%
21*2
3*2
1*2
134
112
2*4
4*4
2*2
5134
1584
*86
20*2
*3*4
*1*4
*2%
*184
*1*4
2*4
6*8|
22
3*2
134
1*2
2*4
10
2*4
*86
2134
3*4
*1*8
27g
*134
*13g
2*4
2*2
.75
*.35
77
87
*86
52
53
153s
16
3*4
1*2
27g
2
1%
2
2
4*4
2*2
*2
53*2
16%
.50
22*4
3*4
*1%
27«
*134
*1%
22%
4%
2
2
77
2
4
*31
78*2
87
*2
.50 »
*31
6%
.40
4*4
*2
5384
I684
55
17
.40
.40
2
*134
2*2
*2
2*?
2%
.75
77*2
86*2
22*4
3*4
1*2
6*4
83
*2%
Last Sale 25
*22
*2%
2
*2
6
*78%
83
11*2
12
II84
1178'
.50,
*.20
.t
*.20
.50
*-20
.50
2*2
*2
2*2'
*2
25*4
684
25*2
31*2
25%
31%
2534'
*31
31*4
43
43
43
43
43
43
43
*41
43
43
1
1
1
1
*.75
1
*.06
*.06
.10
*2%
*1*4
234
3
2%
1*2
3
*2%
1*4
278
*.38
.42
*.38
284
2
1%'
3
1*4
27g
X,
*1*4
1%
I
*2*2
3
1*2
3V
*1*4
3*8
1*2
3%
.40
3*8
2*8
1*4
3*8
3*8
2
2*2
♦2*8
1*4
1*2
1%
*1*4
2
1*4
*1*4
.46
.46
*.45
11*2
11*2
*11*2
*.35
.50
*.35
..50
*.35
l
*1*4
1%
.50
!
Last Sale 1*4
*.40
2,850
*.35
.50
•
Aasiasment paid
a
15
23%
44%
5
Apr
Jan
26
Feb
Deo
14% Dec
14
Dec
19% Dec
2934 Nov 25
27
Dec
30
25
Deo
Jan II
18*8 Jan 11
57
15
Dec
40c
3
Aug
Oct
4
40*4
Dec
.50 Apr
7
20c
Dec
19
39% June
33
Jan
35
Jan
32
Sept
1%
Dec
16
26
24% Nov 14
334 Jan 6
10
Oct
2
Aug
6% Deo
6% Mar
Apr 28
14
6
•08May 25
265
Not 22
2c
200
16% Jan 17
Oct
Dec
%
Jan
4%
15%
107g
Jan
Apr
40o
409
40%
6% Deo
Jan 28
16%
48%
47t
14%
25
3
Deo
3% Deo
47, Deo
1034Nov 25
7%
Deo
3*4 Jan
6
60c
Aug
3% Jan
6
2
Deo
27g Nov 16
1
Aug
.95May 27
25c
Nov
Jan
42
10% Nov
4% Jan 18
7*2 Jan 6
Feb
Jan
77
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
16
5% Apr
6% Mar
4
Jan
Jan
Sept
June
38
Jan
5
Mar
2% Jui
47g Apr
3% Jan
%
39
Feb
60
75
Jan
6
86% Nov 19
75
Nov
82
16*4 Jan 3
2% Mar 14
22% Nov 22
15
Dec
5
.98
25
2
25
6
25
Michigan
25
Mohawk
25
New Cornelia Copper
5
New Idria Quicksilver....
5
New River Company..
100
Sept20
Jan
4
1*4 Jan 25
1*4 Jan 22
.55 Apr
9
2% Aug 11
1% Aug
43*2 Jan
12*4 Sept
4
3
2
.40 Nov 22
4
Dec
Sept 17
1*4 Apr 12
2%
3*4 Feb 16
1% Dec
1% Dee
2*4 Feb 11
2
Sept '3
1%
Dee
90cf Deo
3
3% Jan
8
1%
Dec
5*4 Jan
8
3%
Deo
5%
11%
3*|May
5
1%
Dec
7%
May 6
17*8 Nov 25
40*s
Dec
72
12% Nov
24
55
.95
Jan
7
35c
Dec
7%
Jan
Jan
Jan
Jan
Mar
Jan
Jan
4
67
Mar
48
Oct
100
77
7
79
Feb
95
Sept
4
Sept 21
July 14
95
5
pref
8*t Jan 20
7
Dec
Mar 23
1234 Nov 25
8
Dec
12%
21%
Oct
80o
40
Feb
15
8
25
.12 Nov 17
25
1
Aug 18
25
15% Jan
25
Osceola
21
3
Aug 10
25
33*2 Aug 25
25
28
Jan
3
Jan
3
10
.75
25
South Lake
*
49
Nov 14
Mayflower-Old Colony
Ex-rlghta
28
79
25
.35 Nov 17
5
.04 Mar
4
60 Jan
21
%
7
Jan
Apr
Jan
Jan
Jan
1
Dec
2%
25% Nov 22
15
Dec
37%
33
20*g
Dec
58
Jan
34*2 Dec
26% Dec
65
Jan
2% Nov *7
May 14
43% Nov 25
44
Nov 21
1
50c
Dec
Jan 18
10c
Mar
3o
Dec
1% Oct
2
.12 Jan
8
J«n
2
Jan
2% Apr
58
25c
Jan
Jan
Sept 30
4% Feb 11
2% Deo
6
June 23
2*4 Feb 17
1
Deo
6%
Jan
33c
Dec
1%
Jan
Oct
l^July
8
.34 Aug 19
1% Aug 16
.95
1% Nov 16
Jan 4
25
Cx-divldond
Mar
1
1
.40May
4
25
.......
May 10
2
5
Mining
2871 Wolverine...............
1
Wyandotte
Oct'21
Nov
3
25
Winona
21
Apr
Jan
Mar
Apr
Jan
Feb
Mar
Dec
227g Sept
12% Feb
32%
Jan
25
Victoria
100
June 20
76
48
Mass Consolidated
Utah-Apex
1
.25 Mar 18
Dec
22% Apr 28
.75 Mar
25%
133
60
1
Copper...
Lake Copper Co
La Salle Copper
Do
Aug 25
1% Apr 2
I %Sept
7
Nov
1
900| Utah Metal 4 Tunnel
1134
rtghw
25
25
1,945| Utah Consolidated.
.50
11*2
*u«1
25
Superior
25
Superior 4 Boston Copper. 10
7,140' Trinity Copper Corp
6
700' Tuolumne Copper
' 5
Nov'21
.50
1134
?• < Mivmeno
7
Hancock Consolidated
710
2*2
1%
11%
Last Sale .35
5*4 Mar 28
...
3W, 3
*.40
.50
12
10
10
25
South Utah M 4 8
.40
6
Apr 5
11% July 29
East Butte Copper Mining
170 Quincy
162' St Mary's Mineral Land..
1,168 Shannon...
3%
.45
.03 Jan
210
Dec
6
Feb 18
10
255
1*4
8
17
36%May
31*2
4384
1*4
3*4
Mar
8
Jan
Dec
Nov
36% Jan
34% Mar
176% Jan
99
Jan
16
Jan
65
Jan
97% Nov
4
17
4
North Lake
100
5
5
1*8 Sept 21
678 Jan 3
Nov
13
19% Nov 14
25*4 Nov 7
3
100
1*4
Aug 22
.15 July
16
Apr
161"
177g
Jan 14
Jan
OJibway Mining
316! Old Dominion Co
1*8
40
Jan
July
85
Jan 10
Jan
5
*.60
1
Last Sale .10
Nov'21
Last Sale 2%
Nov'21
*.40
11*2
.10
.42,
11*2
Bid and asked prices
1*4
.62
2*2
234
1%
1%
.62
*.06
.42
....
1%
1
Mar 29
22
1% Nov 16
43
*25
33
July 12
12
Deo
9
Feb 15
7
2%
2534
44
*.50
.50,
*2
8
.4
61
27
1,425 Nlpis8lng Mines
5,988. North Butte
12
1234
Last Sale .18
Nov'21
42
.40i
lie*
12
41
10
966
2,235
July'21
*78*2
83
634
634
67g
31*2
4334
.10
3
54i2
17*g
25
1,850
2*4
25*2
41%
41*2
l*4l
2
54*2
16%
83
HS4'
32
4%
.40
11*4
30
1,395
4*4
17
*2
23*2
31*2
380
3
Nov
86
63% Nov
138% Jan
63
82% May
9*4May 2
105% Jan 12
25
j Mason Valley Mine
2%
2
54
*.20
25
25
*1*4
2
Nov'21
Last Sale 1*4
2*
6*2
1184
*24*2
460
3
Oct
tl2% Sept
101% Jan
Deo
23% Deo
146% Deo
Feb 17
20
Keweenaw
Last Sale 40
*78*2
6*4
2%, 2%
22*2
3*2
Nov'21
Feb 18
25
Island Creek Coal
2221
Do
pref
304 Isle Royale Copper
500 Kerr Lake
*3*4
Last Sale 1*8
167*4
Daly-West
870
86
11
3l7g
Bob
Apr
Apr
Dec
7%
Nov 18
10*2 Jan 7
30*4 Apr 29
Copper Range Co
1,635, Helvetia
I Indiana Mining
2*2
86
3
1®4
2*8
4*2
635
79
10
25
1
Centennial
8
Sept 24
Sept 21
Apr 13
Aug 12
Franklin
36
Nov'21
77*4
Carson Hill Gold...
891! Davis-Daly Copper
1,975
2
...
*78*2
*8
5
135
7
20
151 Adventure
56
*.15
112
Jan
80*2
8%
Aug 18
39% Jan
17
.26
15
6
25
10
56
36*8 Apr 25
9% Jan 13
1
50
.40
Nov
1
go
56*2
June
July 12
pref
5584
57
118
12
Sept
22*4 Apr
pref
*.15
9
Nov 22
33
1st
.40
r9%
89*2 Deo
68% Feb
8
May
25
2d
56
Jan
64
135
June 16
Do
54
3
Jan
10% Nov
A
7
85
Aug 26
3
Jan 11
June
47
Do
*.15
13
18
92*2 Feb 23
Jan 10
115
.40
3
Jan
Mar 23
638
54
Nov 23
June 16
95*2 Jan
1,682
.75
Jan
June
May
40
24
50
26
7
6
88*2 July 11
...
36%
Dec
27% Nov 18
July
14
.100
Dec
8
3
41*2 Feb
29
10*2
Jan
June 20
19
5
Warren Bros
15%
Nov 25
87
10
6% Mar
36% Jan
28% May
88
Apr
164
Nov
23*4 Apr 12
12*2 Apr 14
14% Nov 23
5
May
Jan
75
...100
Manufacturing.
140
8
Jan
7
14% Sept
36
2934
*9*2
Jan 25
Jan
8
Y»"
*.50
Nov 22
29
29
.75
Dec
8
28
10*2
Dec
15%
5*2 Mar
~18"
*9*2
21
78*4 Nov 10
25
Dec
8
8
21% Nov 22
146
Watch
3%
Jan
17
3%
Dec
Nov
12
4*2 Feb 11
23
6
16*2
*.50
Nov 17
37«
34% Oct
9% Sept
28
.50
Oct 21
9% Oct 25
26
76*2
•
3
14%
9
*.45
49c
13% JaD 10
26
2
vxs
*1*4
1*8 Jan 10
9*2 July 27
*27
357g
234
.08*zOct 29
26
9
*2*2
1*4
12Apr
25
35*2
*1%
6%
10%
*134
.40
10
Dec
Nov
25
9
*.06
Dec
5
60c
26
36*4
1*2
684
10*2
*1
3
13*4
.50
Apr
8
Jan 10
2384
.75
Apr
Jan
25
10
Apr
35%
10
Do
Walworth
38
Dec
6*8 Jan
13
140
Nov
.95
2334
*9*2
9*4
14
4
10
14
100
Slmms Magneto
Apr
Jan
2
4% Mar 18
Nov 25
Waltham
9
41*2
.50June24
1c
Apr 29
20
.15 July 25
24
9
Jan 21
July 26
1,550
35*4
1*2
6*2
41
Jan
12
14% Nov 15
7
9
9
6
19
15
9
2
78*2
83
Dec
23*2
2334
9
9*2
10*8
36*2
15*2
167
Nov
14
9
*1*2
*4
Nov
70
9
4
2334
8*2
3584
*.25
70
9
.10 Feb
16
Sept
2% Nov 15
pref
Ventura Consol OH Fields.
Waldorf
Systemlno
6
'
3
81*4 July
10
1,345
1,309
2,747
2
2*2
2*2
100% Oct
6
10
1,120 Union Twist Drill
5
3,321, United Shoe Mach Corp.. 25
35*2
10
3
Jan
1
Swift 4 Co
35*4
*1*4
*184
Jan
Feb 24
.07
50% Sept 27
58*2 Oct 10
117
8ept 22
13*28ept28
39"
19
74
27
2434
19*4
24%
24*2
15*4
Oct
89% Nov
45% Jan
73
JNo par
Torrlngton
13
"38"
Feb
Nov 12
Boot 4 V Dervoort CI A No par
55
4*2 Apr 30
Apr
5
Pacific Mills
3o
Feb
2
100
5
1
2
New England Telephone.. 100
150
Jan
5
10
Orpheum Circuit Inc
452
Jan 21
Aug 19
Sept 10
100
Linotype
Ohio Body 4 Blower
3
80
2334
884
9*4
13*4
03
248
*52%
*
pref..
99*2
99
9*4
37*2
50*2
27%
Oct 28
6
5 Plant (Thos G) pref
121! Reece Button Hole
12*2
700
24*2
19*4
24%
984
9
381'
"1*5*4
Jan
June
119*2 Nov 21
rll
1,240
Investment Inc..
12,581! National Leather
1,045 New England Oil Corp
110
12*2
38
2334
5*4
15
70
Apr 23
3
No par
Mexican
3
July
Apr
3
10
Do
86
164
100
pref
Mergenthaler
50
Dec
8*2 Jan
Loew's
Theatres
25
McElwaln (W H) 1st pref. 100
Massachusetts Gas Cos
100
894!
~
*54
*50*2
2,297,
15
5
'109
7*2
8*2
17%
80
163
61*2
5*4
18
18*2
66
14*2
234
3
5
111*2 112
*7*4
8*2
8*2
3
5*2
3
60
100
pref
Internat Products
Do
374
*131*2 136
14
Do
Island Oil 4 Transp
Corp.
Llbby, McNeill 4 Llbb__
4,643
61
62
14
67g
14.34
...
65*2
*131*2 136
135
3
13*2
3*2
61*4
65
5
*13
98
*88
27«
3*4
5*4
5*4
11034 112
163
135
16
64%
61*4
"
61
134
13434 *131
15
14*2
*141? 15
7*2
13
*88
64
*130
*18
13
88
930
Jan 19
142*4 Oct 28
Internat Cement Corp.No par
Internat Cotton Mills
50
545
Jan
75
43
25
450
86
July
89
Oct 27
2
50
9
Dec
77
Nov 23
Gorton-Pew Fisheries
3
7
76
Jan 27
42
Greenfield Tap 4 Die
3*8
3
3*8
6*8
1484
Feb 23
Jan 10
100
37% Sept
Dec
75
76
96% Jan
No par
No par
Motor
15%
Jan
7
16
3,540
1,060
46!
Oct 17
April
50
Elder Corporation
110
2
Nov
15
5
Gardner
75
6
13
10
2,499, Edison Electric Ilium
29"
75
Nov 22
Nov
25
2,850
11 4
28%
3*4
6*2
13
65*2
16~T*2
Aug'21
2%
578
3
6
3*8
88
64
2%
2
2
6
13
Last Sale 5*2
77
43*2 Feb 3
23*4 Jan 12
par
Manufacturing
Eastern 8S Lines Inc
Do
pref
685
75
*3
*88
...
156%
"ii
39
75
Eastern
2,079
40
287S
39
*70
7
684
13
13
*88
28
40
3
5
22
East Boston Land
990
11*8
3%
11*2
4*2
22*8
"21*2
*70 "
52
4
32
3%
4*2
K
75
*3*2
11*8
31%
11%
K
39*2
4
63*2June 16
35
10
Boston Mex Pet Trustees No par
Century Steel of Amer Inc. 10
Connor (John T)
10
Nov'21
11*4
12
*11
13
32
4
*3*4
28
3*8
3*2
Last Salt
3*4 Feb 16
Feb 26
Blgheart Prod 4 Refining.
43
3*2
*11
163
3*2
28
*70
.15
13*2
3278
160
3*2
11*2
4*2
22*2
*
*.05
1
Feb 26
130
25
Art Metal Construe Inc.. 10
Atlas Tack Corporation No par
Beacon Chocolate
10
Last Sale 1434 Nov'21
Mar'21
31
33
Anglo-AmCommlCorp-No
3% Jan 19
130
10
....
June'21
Last Sale..15
50
Do
pref
50
Amer Telephone 4 Teleg..l00
Amoskeag Mfg
No par
Do
pref
No par
347
81
97
81
pref
Miscellaneous
Amer Oil Engineering.
Amer Pneumatic Service..
6,481
1
*3*4
*1034
4
*1034
Do
310
378
14
.25
*12%
*3%
107g
31*2
Sept
40
58
*.15
.15
Jan
75
Jan
*.50
13*2
86
Dec
Feb
.75
*.05
Dec
32
21
.25
*1284
65%
76
*.50
.15
Mar
132
49*2 Nov 21'
*.15
13*2
3*2
11*?
Mar
11
Jan
7
.55
*13
7
Nov
3
.25
*.05
.15
13*2
Dec
3
Jan
15%
43
*.05
*13
75c
130
Nov
.50
.25
Oct
69
*.15
1
*.10
Mar
25
40
1,299
Last Sale 4*4
*.50
Jan 28
Oct
143
Rutland pref
100
Vermont 4 Massachusetts. 100
West End Street50
"""12
115*2 117
97
15
.99
49
Jan
50
212
Oct'21
*
81
*13%
15
15*2
Jan 29
Dec
Dec
10c
51
75
Last Sale .10
*1334
1534
25
124
60
48*2
37«
97
4
Oct
Dec
Norwich A Worcester pref. 100
Old Colony
100
1,335
14
81
.75
No par
Jan
Jan 21
.25 Jan 29
133
Jan 29
Nov
68
89*2 Nov
40
Sept
Northern New Hampshire. 100
48*2
*70
114% 115%
81
pref
June22
.25
134
Dec
25
.10
*3*2
97*2
81
334
110
May
74%
13%
1,010
30
58
.09
100
Feb
60
192
51
Last Sale 17*2
19*2
48*2
*58
.25
14*2
"5l"
75
48%
58
*80
15
116*2 117%
97*2
97*2
81
57
384
334
*14*2 15
116*2 119*2
97*2 97*2
378
15
51
49*2
58*4
*17*2
74
48
30
119
Nov 21
13%
62
48*2
57*2
19*2
*69
16*2 Nov 10
Nov 22
77
5
62
50
"
51
14*2 Nov 21
133
7
35*2
55
13*8
100
96*2 Nov 23
25% Feb 8
Jan
62
13*2
*60
62
Highest
Bost A Wore Elec pref .No par
Chic June Ry A U S Y
100
Do
pref
100
Maine Central
100
N Y N H 4 Hartford
100
77
35*2
13%
133s
*60
*52
Do
Mar'21
55
13*4
62
*52
Jan'21
*76
36
*51
78
Boston Suburban Elec.No par
Nov'21
77
36
Apr 16
617# Jan 11
100
pref
Boston A Providence
15
Feb'21
Last Sale 3*2
Last Sale 130
*130
*130
Do
119
100
pref
Boston A Maine
1,240
121
Lowest
100
100
Do
205
Last Sale .25
Last. Sale .75
*130
Boston A Albany
Boston Elevated—
146
"id" *16"
DAY
Highest
Railroads
1,588
24
76
95*2
Year 1920
Lowest
376
132
132
133
75
92
Range for Previous
Jan. l
STOCK
EXCHANGE
Share*
129*2 129*2
Range Since
8TOCKS
BOSTON
for
Monday
Saturday
Sm M*t pag«
.35
Jan
6
25
8*2 July
5
25
,25June 23
4
Feb 15
.75 Jan 17
3*2 Oct
5
•
7
Jan 12
l*/(» Aug
4
42%
Dec
9%
2c
Nov
3%
2% Jan 31
1
2*4 Feb 17
.80Mar
14
4
25c
8ert
2
8
Dec
23
16c
Oct
Feb 21
.48 Jan 13
Dec
Feb
Jan
3% Jan
Par value $10 per share
1
Jan
Jan
Nov, 26 1921.]
THE
2301
CHRONICLE
Sales
Friday
Outside Stock
Last
Stocks (Concluded)
Boston Bond Record.—Transactions in bonds at Boston
Stock
Exchange Nov. 19 to Nov. 25, both inclusive:
Week's
Last
r
,
Price.
4%s.l<032-47
4%s 1927-42
3d Lib Loan 4%s___1928
4th Lib L'n 4%s.1933-38
Victory 4%s
1922-23
Victory 3%s_
85.84 June
85.64 May
95.24 Nov
95.24
700
85.62
Jan
95.24 Nov
95.34
6,650
85.54
Jan
95.34 Nov
96.14
96.52
18,450
88.10
Jan
94.54
95.56
13,550
85.34
Jan
15,750
95.78
Jan
15,000
98.18 July
Nov
10
99.64
99.90
99.90
99.90
10
6s
10
6,000
14%
100
52
52
52
89
88%
89
10
10
6,000
10
Nov
10
1,000
94%
Oct
100
75%
46%
Jan
88
Nov
"86%
86%
88
6,000
Atl G & W I SS L 5S..1959
55
54
55
90,500
Carson Hill Gold 7s ...1923
100
100
100
5,000
Aug
90
Chic June & U S Y 53.1940
Copper Range 5s
Granby Cons 8s
'
-
'
'
«.
6,000
74
1,000
50
Apr
July
84%
70
70
1,000
82
Nov
82
85
91
"99"
86
.91%
98
99
123
Seneca Copper 8s...._1925
Swift & Co 1st 5s___
1944
125
91%
Western Tel & Tel 5s. 1932
88%
89
91%
89%
10"%
74%
Nov
15,800
100% 102%
2,000
79%
Jan
45,000
Jan
102%
86
94
Jan
99
Nov
94
Jan
125
Nov
80%
Jan
78
July
91%
Week's Range
Last
of Prices.
Sale.
Stocks—
Armour & Co pref
Armour
Leather.
______
Beaver Board
84
90%
1,655
66% June
90%
68%
70
>
50
Aug
77
94%
12%
93
94%
1,010
84
Jan
94%
15
12%
1,268
12
July
15%
27%
28%
Booth Fisheries pref___ 100
Case (J I).
(*)
2d
3%
100
preferred
—
36
10
10
Chic C & C Ry pt sh cm. (*)
(*)
Chicago Elev Ry pref.. 100
%
%
4%
1%
Preferred..
4
%
Chic Rys Part Ctf Series 2.
Commonwealth Edison. 100
Continental
Motors
1%
"115%
10
112
5%
5%
Cudahy Pack Co com. .100
50
Decker (Al) & Cohn, Inc(*)
75
Earl
Motors
"9%
(*)
8%
% 1-16
'
Rights
Deere & Co pref.
Diamond
62
100
100
Match.
"107"
8
Aug
42
26
Nov
71
28%
20
Aug
65
105
3%
730
36
14%
%
1,160
10
4%
1%
595
1%
116
5%
Oct
3%
100
183
10% April
Nov
Nov
%
4
37
48%
Sept
Sept
Oct
1
Jan
April
8
April
%
Nov
5
Jan
Aug
68
Jan
1%
Nov
3
Jan
Sept
Sept
116
Nov
3,580
48
100
300
273
100
4%
1,530
7%
Jan
50
600
46
June
63
Jan
75%
300
70
Oct
76
Jan
8%
11
7,725
%
63%
2,100 1-16
107
Nov
59
1,065
95
Oct
July
10
10
175
10
Oct
83
260
61
Jan
78
50
%
91
108
Nov
10%
55%
55%
30
Aug
Aug
6%
5%
15,000
5%
Nov
13
350
3%
Nov
Mar
Brick.
Middle West Util
com.
Preferred
Motor
Co
(*)
(Albert) & Co
(♦)
10
Motor
Republic
Truck
Sears-Roebuck
-
"
-
100
.50
Preferred
Stewart
"ii%
39
WarnlSpeedJcm 100
24
100
99
Swift & Co...
6
3%
80
180
4
350
31,000
19%
270
58%
1,450
•
2%
Oct
15
Jan
Nov
June
Nov
Nov
Jan
34%
■
85
•
-.
3%
24
53%
82
9%
9%
Jan
Jan
April
Nov
Oct
Oct
Jan
30% April
58%
Nov
12
360
39
375
885
1,545
10,085
7%
32
Feb
533
Sept
Nov
21
Wrigley Jr com.
25
162"
96% 102
11,400
Yellow
10
163
150
167
55
55
57
3,566
3,370
Jan
Oct
36%
Jan
88% July
20% Nov
3% Nov
Jan
27%
40% June
105%
Jan
31%
Jan
26
Oct
Sept
z36% June
6%
29
46%
62
Nov
Jan
15%
23%
Mar
53
Nov
106
Nov
Jan
Nov
24% May
Jan
32%
Nov
45
Jan
72%
Aug
102
Nov
74
Mar
170
Nov
Oct
44%
60
Nov
Nov
68%
68%
68%
29,000
60
Jan
69
Chic City & C Rys 5s. 1927
32
32
32%
40.000
31
Oct
41% April
Chicago Railways 5s._1927
4s, Series "B"
1927
66%
66
66%
25,000
61%
Jan
66%
Nov
31
30%
31%
6.000
28
35
Mar
97%
97%
5,000
90%
Jan
97%
Nov
101%
2,000
Mar
97%
Sept
49
49
1,000
44
Sept
91
91%
3,000
80%
Jan
94%
94%
2,000
88%
Oct
101%
49
91%
94%
Nov
April
Nov
Nov
Exchange.—Record
Baltimore Stock Exchange, Nov. 19 to Nov. 25, both inelusive, compiled from official sales lists:
_
.100
1
Preferred
—
Credit
Preferred
Preferred B
Consol Gas E L & P
Preferred
10
28
81
81
Range since Jan. 1.
for
Week.
Shares.
1
.55
Low.
High.
315
21
191
75
31
1,700
1
100
2%
400
.35
1
Mar
June
36%
Mar
Sept
.95
Oct
4
Jan
Jan
Jan
Sept
7
Jan
48
30
39
Jan
48
Nov
25%
20
22
Jan
26
26
53
20%
Feb
27
Nov
2%
2%
.100
95
89
95
446
80
Aug
95
Nov
100
105
104
105
250
100
Oct
105
Nov
84%
285
79
4%
263
July
July
5
83%
4%
1,000
89
Nov
89
Nov
85
5,000
84
'June
76
1,000
72%
99%
1,500
99%
Jan
Nov
Jan
Nov
99%
90%
91
86%
Jan
76
Nov
100
Nov
91
Nov
Nov
67%
47%
Nov
65
Feb
60.
Jan
64%
Feb
91%
2,000
74%
Aug
41
Sept
60% June
Jan
97
Nov
76%
Nov
67% June
14,000
Jan
Sales
Week's Range
of Prices.
Low.
High
Ramge since Jan.
for
Week.
Low.
Shares
High.
22
27
June
80
267
44
Jan
106
198
87
Jan
10%
500
10%
Nov
42
Oct
83
106%
Sept
Sept
10%
Nov
37
69
34
June
37
Jan
2 10
29
Nov
36
Nov
896
92
Jan
119
Apr
114 %
Jan
137
Nov
15
22*
8%
Jan
29%
30
402
27%
July
31
Oct
361
10
25
Aug
56
Jan
7%
314
6
Nov
10
May
6%
69%
3.445
6%
68
Jan
22%
10
Jan
Jan
479
62
Aug
July
75%
Nov
10
125
9
Nov
10
Nov
108
19
Nov
20
Nov
25
43
Apr
49
Mar
6
70
Mar
19
49
65 %
34 %
20
47%
—
47%
73
73
49
49%
180
40
65%
66
121
64%
32%
35%
34%
10,418
33
32%
33
130
35%
34%
36
1,763
Jan
Jan
Nov
Jan
74%
Mar
Apr
42
Oct
28
30%
79%
49%
35%
Sept
Jan
Jan
36
Nov
23
22%
Apr
23%
Nov
27%
23%
27%
2,196
27%
Apr
28%
Feb
50%
7
50
June
52%
"17%
50%
16%
17%
4,093
15
Aug
19% May
56%
71%
57
435
51
Mar
57
72
200
57
25
25
2%
2%
25%
62% June
44%
25
Nov
25
Nov
Nov
3
Nov
90
Nov
90
Nov
1
June
1%
1 1-16 July
1%
2%
150
50
3,000
1%
800
4)
51
49%
Jan
Aug
Nov
1%
60
Jan
51%
41%
1%
33
88
38%
225
1%
_1
..50
Jan
May
225
90
90
....
21
914
100
*41% *41%
41%
41%
Devel.... 1
Traction
40
365
9
6%
Iron...
United Gas Impt
32%
33
36
40
11,46)
51
29%
2,116
420
29
Jan
Aug
Oct
Nov
Mar
33
May
40
Nov
Sea Shore .50
51
Nov
48
100
48
Nov
48
Nov
27%
140
27
June
1
100
1
Nov
1
Nov
30
"27%
27
1
Gas..
Jan
48
....50
Preferred
West Jersey &
110
Nov
"69%
50
Southern Pipe Line
Oct
137
6
.50
Tonopah Mining
88
25
"~7 %
Traction........
&
70
100
137
36
30
Aug
100
14%
par
First preferred
Second preferred
Tono-Belmont
113% 114%
62%
64%
100
64 %
100
.50
Philadelphia Traction...50
Reading ................50
Washington
42
36
Phlla Rapid Transit
Union
40%
77%
30
Nov
30
Jan
49%
37%
Woodburn
Oil...
York Railways pref.
50
/
28%
100
Feb
Bonds—
84.40
96.76
15,050
88.20
Jan
94.72 95.46
27.850
85.60
Jan
95.46 Nov
99.70 100.00 1393900
94.50
Jan
100.00 Nov
68%
Jan
3d Lib Loan
96.2
4th Lib L'n
2007
Small
Jan
96.86 Nov
77%
2007
Amer Gas & Elec 5s
95.26 Nov
94.54 95.26 266,400
4%s. .1927-42
4Kb.-.1928
4%s.1933-38
Victory 4%s
1922-23
U 8 2d Lib L
76
80
80
Nov
76
76
4,000
1,400
68
Mar
76
Sept
92%
Nov
92%
Nov
92%
92%
5,000
Atlan C Elec let 5s... 1938
85
85
3,000
85
Nov
85
Nov
Baldwin Locom 1st 5s.1940
96%
97
3,000
93
Mar
97
Nov
108
109
25,200
101
Jan
109
Nov
32
32
6,000
32
Nov
32
Nov
67
67
8,000
60
Jan
67
Nov
56%
60
34,000
63
Jan
60
Nov
1946
Am Tel & Tel 5s
Bell Teleph ct Pa
7s.
.1945
.
C & East Ills 4s
108%
1955
Elec & Peo tr ctfs 4s..1945
"67"
60
1945
7s..
57
58
900
50
Mar
58
Nov
1936
Small
Gt Northern
108
108
30,000
108
Nov
108
Nov
5,000
59
Jan
72%
Nov
97
June
99%
Nov
97
Nov
75
Nov
72%
Consol
4%e_ —..1923
Gen consol 4s......2003
Pennsylvania RR 7s-.1930
General 4 %s
1965
99%
1,000
97
4,000
75
97
97
75
2,000
107
Lehigh Val cons reg 6s .1923
72%
99%
Keystone Teleph let 5s .'35
107
1,000
85%
85%
2,000
92% May
68% July
100%
Apr
76
Apr
Nov
107
85%
Nov
1966
84
84
76%
Feb
84%
Nov
91%
90%
91%
33,000
82
Jan
91%
Nov
90
91
2.000
81
Jan
91
90
.1951
Phlla Electric 1st 5s
90
500
85
July
90
Nov
89%
Nov
1966
Small
Small registered..
84%
3,000
.1970
89%
89%
..1957
82%
82%
3,000
1,000
76%
25,000
P C C & St L 5s
4s
76%
1997
Reading Trac 6s
1933
105
35
United Rys Invest 5s.1926
78
105
35
6,000
Nov
82% *Ncv
72
80% 141,000
74
106
106
2,000
June
Nov
82%
84%
Nov
Feb
Sept
1,000
35
89%
35
105
Nov
Nov
35
Nov
80%
Nov
65
Apr
106
Nov
106
Nov
Pittsburgh Stock Exchange.—This week's record of
and
transactions
on
the
Pittsburgh
prices
Stock Exchange will be
Nov
26
-25
Nov
89
Apr
Mar
28%
83%
25%
?S
89
10%
Western Union 6%s._1936
36
.50
Jan
76%
Seaboard Air L ref 4s
48
2%
—25
Consolidation Coal— _100
Coeden & Co, pref
of Prices.
High.
Low.
36
81
.50
Central Teresa Sugar. ..10
Commercial
Week's Range
25%
..50
Celestine Oil
82
37
Reading gen 4s
Sales
Friday
Bait Electric pref
1,000
35
..25
no
stamped
of transactions at
Baltimore Stock
Atlan Coast L (Conn)
89
Phlla Co cons & coll tr 5s
Ex-dlvtdend.
..50
Nov
89
97
77%
Consol Tiac N J 1st 5s 1932
Bonds—
.
96
Jan
Aug
250
Feb
99%
13%
15
1,200
Jan
39
3,425
9%
87
Jan
Mar
Aug
16
29%
24
May
July
Ward, Montg & Co.pf.100
Arundel Corporation
Jan
75
42
25
97%
Aug
93
Nov
Sale.
89
300
50~
Preferred
Phlla Insul Wire
25
83
Price.
32,000
63%
50
Phlla Electric of Pa
1,065
Nov
852
Par.
96
63%
Price.
_
66%
7%
59%
2,705
Stocks—
_
150
51
Last
Nov
95
97
Pennsyl Salt Mfg.
50
Pennsylvania
....50
Philadelphia Co (Pitts).. 50
Pref) cumulative 6%) -50
7%
106
z
Nov
101
62%
76%
Penn Cent L & P pf.no par
91
83
(♦) No par value,
98
July
19,000
50
...
85%
49
1941
Jan
89
36
Pennsylvania
27%
83
Wilson & Co 1st 6s
Preferred
Aug
101
90%
37
50
Minehill & S H
North
June
"49%
"91%
1^,000
43,000
46%
Lehigh Valley Transit...50
June
13%
mm*** — —
98
101
60%
100
Navigation
17
United Paper Bd com. .100
Wahl Co
(*)
Edison 6s. 1943
Lehigh
73
13
Metrop W Side El 1st 4s '38
Swift & Co 1st s f g 5s-1944
—
73
110
Commonw
J G Brill Co
600
6
Chicago Telephone 5s. 1923
June
63%
Hunt & B Top pref.
.50
Insurance Co of N A....10
88%
1,225
S...1927
74
80%
74%
Hercules Powder
82%
11,375
Chicago City Ry
7,000
8,000
1,000
.100
20%
7%
Mfg
Yellow Taxi
86%
137
Preferred
Reading
8%
85
26,000
13,000
62%
Elec Storage Battery.__ 100
General Asphalt
100
Southern Coal
99%
Nov
50
Nov
24
102
100
Consol Trac of N J
Mar
29
Jan
47
no par
Cambrla Iron
20%
46%
"9
72
74%
Arkansas Natural Gas—__
27
45%
7%
13%
Wilson & Co com.
2,000
67%
47%
First preferred
Aug
46
Knitting Mills. (♦)
_(*)
.
Aug
"45
Western
86
104%
American Stores
10
15%
2,000
66%
—1936
„
98%
93%
92%
67%
100
79
25
20
Nov
74%
Gas
22%
Carbide & Carbon 10
When Issued
American
350
1,065
7%
■:
91
Par,
200
5%
45%
c_50
Nov
30,000
Nov
76
mm^mmrn
1910
Stocks-
3,950
22
v t
Nov
84%
June
85
_
Last
20%
3%
44%
United Iron Works
99
7 >%
100
89
•V
Sale.
23%
20%
15
Thompson, J R, com
Union
81
21
Swift International
Temtor Prod C&F "A".(*)
Jan
Friday
7%
63%
97%
10%
36%
23%
98%
"63%
Jan
94
97%
.—1922
18%
81%
88%
18%
"19%
60
4,000
27,000
96
98
101
1936
small.
23
—
"19%
100
Preferred
Standard Gas & Electric .50
July
24%
2%
__(*)
com
15%
436
15
19%
'
Quaker Oats Co pref___100
Reo
115
53%
56
1
Piggly Wiggly StInc"A"(*)
Pub Ser of No 111 pref. .100
23%
5'
3
People's Gas Lt & Coke. 100
Pick
10%
50
7%
3%
81
5
10
Orpheum Circuit, Inc
254
3%
81
National Leather.
225
53
"53"
Prior Lien.
Mitchell
69%
3%
22%
3%
100
...100
2,000
84%
99
Nov
Lake Superior Corp
55%
3%
40
10
Hupp Motor
Illinois
«
68%
NOV
-»
-
Keystone Telephone....60
Feb
___100
Sugar 10
67%
98%
Nov
Nov
Libby, McNeil & Libby.10
Lindsay Light
10
Holland-American
Nov
86%
Nov
11
Nov
1,980
82
Hartman Corporation.. 100
Nov
92%
68%
Nov
1931
6% notes
Jan
'
m
Apr
85
July
Feb
64
3%
10%
—
85
June
84%
86
1950
Feb
690
78
'•'#» '
"83"
100
Great Lakes D & D
Oct
75
1,000
85%
86
Wash B & Annap 5s__1941
34% May
94% May
79% Nov
Jan
8%
16% May
Jan
67%
Godchaux Sugar com___ (*)
80
1,000
Nov
Feb
340
51
51
Chic Pneumatic Tool.. 100
$1,000
92%
Nov
30
36
36
100
1st preferred
81
85
.
High.
9
8
8%
26
Oct
92%
98%
1922
Jan
___(*)
Preferred
Mar
99%
_•___
Jan
12%
13
Jan
14%
90
Philadelphia Stock Exchange.-—Record of transactions
Philadelphia Stock Exchange, Nov. 19 to Nov. 25, both
inclusive, compiled from official sales lists:
Shares.
70
,
100
12%
Jan
at
Low.
High.
90
American Radiator....100
American Shipbuild preflOO
Sept
100
1950
do
Range since Jan. 1.
for
Jan
7%
12
Jan
Jan
Funding 5s___
Week.
Low.
Price.
Par.
77%
10
8,000
United Ry & Elec 4s__1949
Income 4s
1949
Sales
Friday
: ■/>. ::i
v-v'
•
100
—
hvV'
52
15,650
8%
13%
Feb
100
■
.
62%
106%
Portl Ry L & P ref 5s
Nov
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Nov. 19 to Nov. 25, both inclusive,
compiled from official sales lists:
.
'
,
Sept
95% June
Pa Water & Pow 5s
Nov
90
40
8,000
Milw Elec Ry & Lt 4%s '31
N Y Telephone 6s w i
Nov
1,000
13,000
« Jan
5
100% 102
102
Fla Cent & Penin 5s__1930
Ga Car & Nor 5s
1929
Nov
10,000
25,000
Jan
18
106%
Fairmont Coal 5s
Nov
91%
83
June
106
Cosden & Co conv s f_——
Davison Sulphur 6s—1927
Elkhorn Coal Corp 6s_1925
Nov
82
99
Refunding 4%s
Nov
82
m
V2H
85%
Miss River Power 5s__1951
84%
Aug
10
81
mm,
68%
Consol Coal ref 5s
Jan
100%
67
1942
6% notes
Sept
Nov
70
Internat Cement 8s._.1926
N E Telephone 5s
1932
Pond Creek Coal 6s.._1923
62
84%
~
~
1949
1925
Jan
NOV
10
207
—1945
7% notes
Nov
■
m,
1951
1931
7%% notes
Nov
100
56
83%
mm
1922
1st refunding 7s
Nov
100
8
13%
High.
Mar
85
81
m
ConsGELA P4%s__1935
99.90 Nov
Series B 6s.______.1926
8%
13%
1933
Chicago Rys 5s
City & Suburban 5s
Nov
Am Agric Chem 7%s._1941
Am Tel & Tel coll 4s.. 1929
t r__
Ala Coal & I 5s_„
95.56 Nov
10
23
80
12%
Bait Elec stmpd 5s___ 1947
Bait Traction 1st 5s
1929
96.74 Nov
100
80
v
Low.
725
Bonds—
95.48 Nov
150
94.44
;
$550
94.94
______
95.44
95.24
Range since Jan. 1.
Shares.
56
Penna Water & Power. 100
United Ry & Electric...50
Wash B & Annap
50
.
High.
94.94
1922-23
—
ser A
Low.
94.94
2d Lib Loan
Alaska Gold
Range since Jant 1.
for
Shares.
49%
par
14%
Preferred
Week.
High.
Low.
U 8 Lib Loan 3%s.1932-47
let Lib Loan 4s__ 1932-47
1st Lib L'n
Range
of Prices.
Sale.
...
Bonds—
Week.
Price.
Par.
.no
for
of Prices.
Low.
High.
Houston Oil pref tr ctfs. 100
Mt V-W'b'y Mills v t r_100
-
Sales
Friday
■'V
Davison Chemical,
Week's Range
Sale.
Exchanges
4
3%
88%
Jan
4%
Nov
found
on
New
page
York
2266.
Curb
|
Market.—Below is
transactions in the New York Curb
Nov.
25, both inclusive, as compiled from
\
a
record of the
Market from Nov. 19 to
the official lists. As
'
THE
2302
CHRONICLE
[Vol. 113.
Friday
noted in
issue of
our
Association
July 2, the New York Curb Market
transferred its activities from the
June 27
on
Broad Street curb to its
the Association is
new
building
issuing
now
an
on
Trinity Place, and
official sheet which forms
Pai
Week's Range
for
of Prices.
Week.
Price.
Low.
Atlantic Lobos Oil
High-
1 %
5
22,700
Acme
Packing
1 1-16
1%
81c
]
80c
3%
16
4%
17
4,600
1,500
500
Cosden & Co, pref
Creole Syndicate
5%
5
23
Jan
Edmonds Oil & Refining.. 1
Petrol..,
400
1% May
400
2%
1%
800
1
Nov
Sept
6%
1%
Nov
100
75c
Nov
1
Nov
Fensland Oil
Nov
Aug
1%
Nov
GHIiland Oil.
Jan
Glenrock Oil
1%
1%
88c
88c
100
11%
1,800
11%
11%
200
11%
11%
112% 116
"lie""
29%
6%
28%
6%
97c
95c
29%
1%
300
50c
11
500
27
4,' 375
1
3,500
Jan
Engineers Petrol Co
1
Fay Petroleum
75c
3%
Cities Service
208
com
Preferred...........
Preferred B
(t)
_
Cleveland Automobile..(t)
Colombian Emerald Synd
.
Conley Tin Foil
(no par)
Continental Candy (no par)
Continental Motors
10
m «...
Hudson Oil
13c
24,000
10%
11%
51,600
4,515
5%
internat
16
15%
1%
97%
16%
6
May
June
105
Nov
2
July
Sept
Petrol
..(no par)
Kay County Gas
1
Keystone Ranger Devel-.l
Magna Oil A Refining
Nov
M agnolia Petroleum
Jan
Manhattan Oil
Feb
Maracalbo Oil Explor
(t)
Margay Oil Corp..(no par)
Feb
Marland Ref.ning.__
July
July
6%
31%
22%
500
22%
Nov
50
4,300
00c
Auff
11
(v m)<tHon eon* <t)
Steamship (no par)
Mexican Investment
2
July
Mexico
65c
Nov
Midwest-Texas
50c
Sept
1%
29%
Aug
July
300
1%
20c
40c
800
63c
90c
4,000
26%
27
2,750
Gibson-Howell Co. com.lC
Gillette Safety Razor
Glen Alden Coal..(no par)
Goldwyn Pictures (no par).
Goodypar T & R,
Preferred
47c
48c
200
4
775
4
15%
177%
1'%
16%
177% 177%
44%
43%
4%
4%
44%
5
com.. 100
12%
12
13%
..100
27%
1%
27%
29
...
13
30c
Grant Motor Car
10
Tobacco, pref.100
Hercules Paper C'orp___(t)
Heyden Chem
(no par)
2,700
100
2,900
256
2,400
7%
62c
13%
130
30%
3
Aug
1
Oct
Nov
4
Nov
Aug
21
Nov
1%
Oct
16%
Oct
50
May
12,400
4
June
20%
1,132
21
June
54
Jan
1%
1%
400
1%
2%
350
2
2
2
100
2
Nov
2%
l%c Nov
Intercontinental Rubb.100
6%
6%
200
6%
Aug
3%
14%
Internat Products com.(t)
Preferred
100
3%
3%
300
3
Nov
13
5
5%
700
5
Nov
14%
c
Lincoln Motor Class A..50
LocomoblleCo.com
(no par)
Manhattan Transit
20
Mercer Motors
(no par)
Missouri Kan & Tex RR w 1
Preferred
w
1
(Philip) Co, Ltd. 10
Motor Products
National
1%
6%
5%
Leather,
com..
10
Parsons Auto Accessories.
Peerless Trk AMot
CorpSO
Perfection Tire «fe Rubb.10
(t)
Reo Motor
5
Republic Ry <&rLt,
Reynolds (R J) Tob B.25
zSchulte Ret'l St's, com
5
Standard Motor Constr.10
Standard Parts, com
100
Sweets Co. of Am rlca._10
Swift International
15
Texas Gulf Sulphur
Tob Prod Exports
Preferred
5
10%
Aug
6,500
1%
Aug
3,200
1%
Aug
18%
100
4%
25
11,900
3,800
100
2
10
9%
Nov
2
17c
27c
1%
1%
1 1-16
1%
15c
10c
30c
11
11
Co
Former
.Standard
Subsidiaries
Anglo-Amer Oil
Nov
17c
Nov
50c
Aug
55c
60c
60c
500
39c
Montana Dev..5
85c
84c
95c
215,700
35c
35c
7c
8c
Caledonia
Mining
2%
1
Apr
Ca h B >y
Jan
Calumet A Jerome Cop
Nov
4c
Nov
1
Consol Cooper Mines
5
Silver
Cresson Con Gold M A M.l
Divide Extension
"22c"
1
Jan
85c
Jan
Nov
37c
Jan
1%
Oct
500
12c
June
35c
Nov
10,000
0c
Sept
10c
July
3c
.-e
t
Esperanaa
2 7-16
Jan
El Salvador Silver Mines. 1
Jan
Emma
22c
4c
11,000
1,000
12c
16c
22c
28c
1,500
16,000
12«
10c
11,500
8,400
3,900
lc
78c
Sept
14,500
02c
Jan
1%
82c
15-16
22c
1%
"He"
7c
85c
2%
25c
1%
13c
.
33,500
17,700
100
266,800
83c
15-10
18c
1%
7c
9C
Jan
July
7-16 June
July-
39c
Oct
Jan
ft 5c
May
June
10c
Nov
Aug
Mar
June
Oct
Nov
2%
Jan
2
Mar
85c
Nov
2%
65c
2%
Nov
Mar
May
9-16 Jan
lc
Silver
Jan
60c
12c
1%
Jan
Sept
28c
91c
Sept
7 16
V
12c
1
520
lc
lc
5,000
lc
Apr
27c
25c
38c
592,300
24c
June
2
4,300
80c
Aug
2
4c
Jan
Mar
Eureka Croesus
1
1
1%
Forty-nine Mining
1
22c
22c
3,000
10c
Aug
2%
Gibson Cons'd..
25c
25c
700
25c
Nov
25c
Nov
Golden State Mine
50c
55c
11,400
35c
Sept
55c
Nov
1%
Mar
Jan
Jan
Jan
Aug 1 13-16 Nov
Nov
8
Sept
25%
5c
Nov
13c
15%
100
13%
Mar
20
32
Nov
Eureka Holly
1%
10c
102
1%
1%
5
500
102
500
28c
12c
5
„_1
Dolores
500
19%
87%
4c
6,100
3c
Canada Copper Co
Nov
5c
18%
Jan
60c
Nov
12%
x84
2
1
3
1-16
1%
Jan
%
Jan
Feb
Jan
Goldfield Cons Mines
10
4c
4c
1,000
3c
Oct
Jan
Goldfield Florence
_1
26c
32c
25,700
20c
June
50c
Sepl
July
Gold Zone Divide
1
16c
19c
27,000
00
Sept
26c
Feb
24c
38c
92,200
Nov
12c
14c
11c
Hard Shell Mining
Harmill Divide
20c
Nov
38c
26,300
7c
May
34c
4%
12,600
7
7%
1,150
2%
2%
3%
5%
1%
5c
6c
9,500
4c
Nov
10c
Feb
16c
16c
5,000
12c
June
1
June
10c
1-16
..25c
Hollinger Cons G M
19
Feb
6
95c
Jul
Hecla Mining
84
Nov
13c
1%
35
Aim
11c
Feb
Feb
Nov
94,000
1-16
Nov
1
%
Nov
50c
32c
1
9
251,300
1%
Oct
Apr
23
28c
Cortez
Aug
3,000
Jan
June
15% Aug
1% June
00c
Sept
29c
oil
__£l
1 3-16
87c
2,800
3%
1
%
21o
0c
Feb
Rights
Reading
3
76c
500
11%
72
6
1,100
3,800
22%
56c
Jan
Feb
%
1%
June
Aug
1%
75c
4.5c
22
%
Jan
Mar
86c
June
1
2
% June
3,000
1%
Oct
lc
Copper Canyon
Aug
55c
4*
Jan
Nov
126,500
5,000
1
9
Sept
1
30
1
3%
10c
Aug
1%
Aug
5% June
73c
3c
3,100
1 3-16
40c
63c
7%
4%
100
Nov
3%
Nov
43,100
6,100
2,400
4,800
34,300
41,000
3,500
12,200
13,700
86%
80c
Butte A NY...
July
Nov
7
Oct
S»pt
86
100
86%
3c
Nov
1
Mar
2%
93
3
Jan
%
Belcher Extension
42
Apr
%
Oct
AlaskarBrit Col Metals
Boston A
June
9%
Nov
Alvarado Min A Mill...20
Jan
88
Nov
Jan
Boston A Ely
29
Feb
2c
Oct
Aug
5c
10
1
5%
50
14%
May
Jan
33%
1%
July
12%
Mining Stocks
Nov
Sept
1 3-16
(no par)
(t)
Nov
15%
_
Wood burn Oil Corp
"Y" Oil A Gas.i
23%
18c
com.
Feb
14,100
13c
Apr
30c
3c
40c
70c
"22%
Con Arizona
15%
Jhd
80c
5
OH
Candalaria Silver
1 3-16
First preferred
World Film, 2d pref
68c
Western States Oil A Gas.l
May
11c
6%
9
Feb
2,100
Vulcan
May
1 5-16
Jan
Nov
4,500
1
3%
lie
1%
14%
15%
2,000
1
28%
1 5-16
Aug
4% June
9%
Feb
1%
1
Jan
5%
iai
3c
Victoria OIL...
5
600
87c
150
62,200
Big Ledge Cooper Co
2,300
100
Jan
5c
37c
Nov
1%
1%
Nov
5%
July
3c
80c
28c
2
2
*nr
Mar
5c
1%
30c
21
1%
------
6%
1
300
1%
July
2%
Sept
Sept
9,500
6,300
1%
%
if%
7%
6%
7,000
3%
1 15-16
25c
25
Jar
May
Oct
70c Sept
3
Aug
3c
14%
Mar
39
58%
Nov
1,500
40,600
10
75c
Jan
Jan
150
July
1,000
8c
9
July
7c
18
Sept
Sept
14
21%
33%
65
6c
13c
2%
4%
72c
19%
2%
2%
23%
31
4
9,000
14%
3
31%
4%
64%
1%
800
74c
21
5%
15%
Willys Corp
5
2%
5%
End Chemical
Nov
2%
Un Retail Stores
Candy, (t)
U S Distrib
West
3%
1
White Eagle Oil A Ref-iT)
Wilcox Oil A Gas
5
Nov
92
Land
Oil...(no par)
Jan
Sept
2%
2
Jan
85c
Jan
Nov
2
2
5
8c
86
Apr
48
July
42c
2
Sharing"25c
Corp com
50
U 8 Light <k Heat
com__lu
U 8 Ship
Corp
10
5%
12
5,600
2%
1%
._
10
Oct
Corp.(t)
Todd Shipyards
Corp__(t)
United Profit
48
Apr
10
United Cigar Stores of Can
Nov
Nov
5
7%
5%
3,500
5
Nov
48
2
3
10
United Texas Petrol
2%
5%
4%
45,300
3,800
7%
3%
Preferred
2
2
1
85c
86
Nov
Oct
1
Jan
4%
5
8,500
25
3%
6
1,200
2%
10c
9c
18
4%
5%
...
Sept
91%
19c
17c
2,230
2,000
Aljfi
Nov
Stanton Oil
6%
36
100
5
2%
13-16
Texas-Ranger
Spencer Petrol Corp
2% June
91%
1%
4%
Nov
92,800
13c
Nov
'
Oct
Tuckeny OH Corp
36
11c
11c
5
6%
Jan
1,250
100
Nov
Mar
7%
(t)
Singer Mfg
Southern Coal & Iron
13%
Aug
5
4
Texon Oil A
36
Sept
1
200
20
2%
34%
0%
790
5%
14%
.....1C
Tidal Osage
4%
1,400
2%
50c
3%
com 100
11%
Nov
Sept
Oil.......
Nov
18
Apr
Nov
Skelly
Nov
18%
4%
34%
Feb
July
Nov
Nov
19
2
5
3,300
10
Jan
June
%
10%
3,100
Simms Petroleum, (no par)
9%
3%
July
6%
1%
1
Feb
11
19
May
26
Aug
Nov
6%
Nov
24
29c
29%
Nov
8c
6%
13%
3%
4
Nov
100
Oct
14
1,000
75c
Sapulpa Refining...
5
Savoy OH
5
Sequoyah Oil & Refining. 1
Nov
800
12
75c
20c
1
Feb
Nov
48c
Feb
20c
6%
Jan
8%
39
5%
4%
14
8%
50c
88 c
10
21%
42c
.
Nov
13%
9%
2
Carlll'lI'Iio
9c
Producers & Refiners...10
Red Rock 011 & Gas
1
22,900
1%
Jan
23c
Aue
4c
2
19
Pennok Oil
1 3-16
1%
17C
10
10
Sept
6%
6%
6%
3%
Gas..
5c
5
2
1
3,800
39
12C
.1
....
9,700
14,900
45c
June
Sept
2%
2%
43c
1%
3%
t
Mar
July
6%
50c
1
5
Oil
11
11,000
Apr
Nov
Sept
74c
2%
5%
10
Oil
24
100
4%
900
2%
Feb
32%
500
25
4
Jan
3%
900
Nov
Mar
1 1-16
300
'ui}
May
June
2
48
Aug
1%
3%
160
lc
600
48
Aug
Aug
1%
1%
Sept
July
2,900
Nov
Jan
3
6c
5
%
Oct
Jan
25
1,500
35c
9%
70c
129
Oct
9,500
500
8%
21%
8%
4%
Sept
Nov
4,700
700
8%
4%
Aug
Sept
JaD
1%
1%
1%
3%
6%
5%
70c
8%
22%
1
17
Nov
2c
25c
2%
17*4
2
3
Feb
Aug
1% Nov
H April
2c
May
14
97%
2c
4
2%
9%
10%
14
11-16
Nov
5
25c
3%
Aug
Mar
South Petrol A Refln
15
Nov
66c
_(no par)
Plggly-Wiggly Stores...(t)
Preferred.
2,700
Aug
Jan
May
Southwest Oil
May
5
6%
50c
52,700
3,800
2%
10c
Jan
Nov
%
5%
3,000
10c
89
Jan
9%
SeptSept
Mar
2 %
July
2%
3c
500
3%
1 11-16 Apr
Jan
13%
200
7%
55c
1,000
14
Salt Creek Producers
Feb
Jan
Apr
13
33,400
4
New
Radio Corp of Amer
1%
25c
(no par)
North Amer Pulp & Pap(t)
Packard Mot Car. com.. 10
15
66c
•
Stubs
Morris
13%
__1
5%
24
Aug
1,300
14
Oklahoma Natural Gas. .25
Omar oil A
Jan
1
3%
14
10%
Ryan Consol...... (no par)
5,000
Libby, McNeill & Libby.10
July
Northwest
15
75c
14
10
Jan
8
Oct
1%
Int Proprietaries v t
Kay County Gas
...
Ohio Ranger.
81
1% June
Aug
0
25
11%
J
Oct
July
24
18c
5-16
13
Nov
1 3-16
1%
Nov
178
6%
com.
Noco Petrol, com
Jan
11
10%
10
Mountain Prod
New England Oil Corp
Noble Oil A Gas.
North American
8,100
14,400
90c
16c
1
National Oil of N J.
2
160
1%
16c
10
OH
Jan
Autr
Oct
Oh Corp..
Apr
Oct
Jan
7,600
2
......
Jan
80
10%
10
20c
Sept
Aug
Sept
Mexican Panuco Oil
Jan
1%
10
ic
3
3%
Apr
Jan
1%
26c
50c
10
Jan
2
17%
5
Oct
1%
62c
Mexican Eagle Oil
Jan
2
16%
10
8
4%
62c
..10
19%
4,300
17%
Merrttt Oil Corp:
42c
6
02c
Meridian Petrol
3,000
3,700
2%
22
160
24%
Nov
Nov
4%
%
Sept
Sept¬
1
5
Nov
12c
4
Garland
June
Jan
Jan
3,000
11,600
4c
22
80c
1%
(no par)
4%
1%
1%
-
Marland Oil of Mexico
Apr
3%
11%
5%
Everett, Heany&Co.Ini
»rh
18,100
1%
98c
3c
1
100
Feb
7%
22%
......
"98c"
81c
1
...
71
200
200
Lyons Petroleum
255
Aug
5,300
2,000
1
July
5%
15%
11c
25
June
2%
24%
20c
Jan
(t)
Lone Star Gas..
35
26%
Preferred
Durant Motors (no par)
Emerson Phonograph..
2
Lance Creek Royalties
Livingston Petrol
101
63c
Curtlss Aerop & Mot com (t)
Denver & Rio Gr RR.
'" ~
Havana
Nov
34
lr>%
11,000
1,900
4,800
1%
4%
91
75c
6
10c
10%
1
10%
12c
12c
1,900
8,800
97%
1 1-16 1 5-10
*
1 1-16
1 11-16
9%
9%
3%
4%
25
5%
23%
""4%
5
2,500
17,700
Imperial OH (Del)..
23%
_
Cities Serv Bankers' sh
2c
Imperial Oil (Canada) coup
Aug
12% June
98 %
1,170
1,745
67c
2c
Nov
28% June
15
2,200
55c
1% 1%
Sept
2%
3%
60c
4%
4%
Nov
8,200
13,000
136,200
32%
7%
Aug
60%
82c
7%
1%
Sept
220
93c
7%
7c
1
59%
82c
Mar
July
7%
1
2
208
59%
"88c"
5c
8c
Jan
Jan
7
July
19,000
3%
105
Mar
32%
10%
11,000
7c •
Oct
1%
Nov
12c
3%
Nov
134
July
28c
1 7-16
Feb
July
Jan
3%, Aug
1%
Oct
Nov
2%
10C
Harvey Crude Oil
Nov
90c
100
1,100
Apr
4%
35c
Aug
Sept
Granada OH Corp C1 A.. 10
116
Oct
95
100
700
4
4%
25%
Aug
3% July
1% May
300
Sent
Oct
2%
30
32,250
4,452
10,500
2
Jan
100
1
500
5%
1%
1
3%
4%
Feb
4%
800
16%
44c
27
13%
Mar
2
34
"I6c"
10
1 1-16
14%
32%
2%
63,200
30%
5
(t)
com
1,400
1
16%
34%
84c
78c
(no par)
1
...
July
_J
2
;
15c
2
..6
2%
3%
99% 100
104% 105
2%
101,500
July
107
1,700
7
33c
14
Aug
11%
28c
4%
5
Federal Oil
Preferred
Nov
2%
24c
2%
75c
25c
29%
Denny Oil
3
1%
2,000
81c
5
Cushlng Petrol Corp
10%
75c
35c
4%
5
Petrol
Jan
Basin
High.
2,600
2,100
1%
Feb
Elk
Low.
0% Sept
10%
4%
5
10
16% May
2% Nov
Ramos sines Jan. 1.
Shares.
High
10%
5
Aug
for
Week.
of Prices.
30%
1
Apr
2
1%
75C
Common B, wl
California Crushed Fruit.
75c
2% Aug
14% July
0% Sr-nr
~28e
25
2
Mar
1,655
10
•
.
3
Brit-Am Tob ord bear.
%
3
10%
2%
Bradley Fireproof Prod..
85c
Oil
British-American Oil
High.
Low.
Shares.
Week's Range
Low.
25c
5
Oil
Continental
Coal
10%
4%
Carib Syndicate
Central Amer Petroleum
Industrial & Miscell.
Acme
Sals.
Pries.
(t)
com
Atlantic Petrol (old)
Boston-Wyoming
Range since Jan. 1,
Last
Sale.
Stocks—
Stocks (Concl.)
Par
noone
Sales
Friday
Week ending Nov. 25—
Last
Other Oil
Big Indian Oil & Gas
the basis of the compilations below:
Far-eli
Sales
Howe Sound Co.
5,500
14
Aug
22
May
195
71
June
89
July
70
98
Oct
102
Nov
Iron
6
Independence Lead Min
Blossom
.1
600
Feb
Jan
4W
Feb
July
7%
Nov
May
3%
6c
"
%
Feb
Nov
Feb
10
25
Sept
32
Nov
Jerome Verde
85
86
200
72
Oct
88
Nov
Jumbo Extension
45
48
50
31
July
53
Oct
172c
168
174
195
Copper
Knox Divide
21c
25c
6,800
12c
1
3c
3c
1,000
2c
Oct
12c
Feb
1U<'
32
85
45
7c
9c
7,500
7e
Jan
t4c
Mar
5
20c
30c
6,900
%
Apr
%
37c
Feb
Sept
find).
.
2/
88%
Standard Oil (Kansas. 100)
Standard Oil of N Y_.
x383
Nov
La Rose Consol Mines
23
June
30%
Nov
MacNamara Crescent
1
6c
6c
1,000
4c
June
20c
Feb
10
86
Sept
98
Nov
MacNamara
lie
12c
9,000
lie
Nov
31c
May
286
294
386
223
Aug
320
Aug
Magma Copper
1
5
21
23%
1,800
17
Mar
25%
Feb
231
10
160
June
237
Nov
1
June
91
103
85%
88%
70
Sept
60% June
1%
1%
May
91
Oil
286
June
800
98
231
Standard
2.
140
30%
98
Line_".~__ioc
155
29
Northern Pipe
Ohio Oil
300
28,200
93%
Mason Valley Mines
MeTntyre Porcupine
ll
McKinley-Darragh-Sav._ 1
Motherlode Coalition..(t)
Motherlode (Old)
600
600
10
570
Oct
600
Nov
375
392
380
296
June
392
Nov
45
200
30
June
45
Nov
75c
68c
75C
11,400
20c
Aug
4c
3c
4c
7,500
8,800
13,300
3c
July
20c
20c
July
1 7-16 Jan
14o
Other Oil Stocks
Allied
Oil
New
21c
10%
30c
46c
55c
10%
11%
3,400
6%
1%
15c
5%
1%
5%
2,800
100
4,000
15,950
1% June
11c
3%
July
■Iuu*
30c
6%
July
Jan
Oct
80c
700
75c
Nov
92c
Oct
lc
lc
1,000
lc
Nov
61c
Feb
62c
70c
62,600
7-16
Mar
1 9-16
20c
30c
11,700
16c
June
42c
Sept
4c
4c
5c
20,500
3o
Aug
10C
June
16%
Ophir
16%
2%
2%
2%
6%
6
7
10.800
4
10c
12,500
5c
1
Feb
Nevada Silver Hills
Jan
New Cornelia
New Dominion
1%
17c
75c
Murray-Mogridge M Ltd. J
National Tin Corp....50c
Nevada
1%
1%
5
Mar
Nov
45
Allen Oil
Mining
Copper—5
Sept
55c
Nov
N1 nissing Mines
5
Aug
18%
Apr
Ohio Copper...
10
10c
6c
17
300
4,300
12
1%
Sept
17
Aug
2%
July
8*
Oct
12c
May
Nov
Nov
Jan
July
Nov. 26
Sales
Friday
Last
Par.
Week's Range
for
Sale.
Mining (Concluded)
of Prices.
Price.
Low.
1X
Pitts & Mt Shasta Cop.-l
Ray Hercules.
Red Hills Flo eDce
High.
Shares.
2*4
32.050
1*4
24c
27c
14,800
18c
24c
,5
20c
10.200
lc
1*4
22c
15c
35c
Nov
*4
July
4*4
May
Feb
Feb
9c
5,000
8,000
*4c
8c
4c
Jan
14c
Aor
18c
6,000
13c
Nov
19c
Nov
4c
Nov
1
9c
9c
1,000
1
45c
49c
500
65c
65c
100
Standard Silver-Lead
1
10c
10c
7,200
1,600
Stewart Mining..
1
3c
3c
South Amer Gold A Plat jlO
Tonopah Belmont Dev
6*4
__1
66c
1
Tonopah Midway
Tonopah Mliuiii
l
66c
3c
June
10c
1,500
98c
27,700
68c
54c
900
July
Sept
17-16
Apr
Sept
1*4
July
Nov
6c
1*4
2,600
1*4
2c
2 7-16
5,500
1,000
4
42c
2 5-16
2*4
2c
18,000
10,500
2c
3
35c
United Verde Ext en
60c
U S Continental Mines new
27 X
27
27*4
1,500
46c
45c
46c
5
87c
80c
87c
4,800
Copper
1
White Knob Cop pref___10
18c
1*4
Apr
Yukon Gold Co
75c
6
Nov
Apr
65o
Aug
1 1-16
Oct
1,900
4c
July
15c
Aug
75c
100
75c
Nov
H April
1,300
Bonds—
May
27*4
11-16
3,000
1*4
3
Aug
5c
1*4
Nov
X May
*4 June
18c
IX
Aug
4
Aug
75c
,
6c
July
5c
Western Utah
Aug
1 11-16 Mar
June
16c
West End Opeclca
Oct
15c
June
2
22
5,900
West End Consol'd
July
1*4
1,000
38c
—
Jan
19-16
1*4
Tonopah North Star
Apr
July
3-16 Jan
Sept
6c
IX
6*4
Feb
8c
6c
1
.
3*4
1*4
1 1-16 May
Oct
3,000
1*4 17-16
X
—
Tuolume Copper
1
United Eastern Mining.. 1
6*4
IX 1 5-16 1 7-16
J
Tonopah Divide
Tonopah Extension
5*4
6c
36c Nov
54c
'
5c
Nov
40c
May
1*4
1*4
Nov
Nov
$
Allied Pack eonv deb 6s '39
Certificates of deposit—
Aluminum Mfrs
45
7S..1925
101*4
1933
102*4
1922
100
1924
100
7a
Amer Tel A Tel 6s
6s
American Tobacco 78.1922
7s
Anaconda Cod Mln 7s.'29
101
104
96
ArmourACo 7% notes.'30
Barnsdall Corp 8s
1931
102*4
Beaver Board Cos 8s..1933
75*4
100*4
1923
38
May
35
Sept
96
Mar
$49,000
*4
20,000
100*4 101*4 120.000
102
102*4
29,000
99*4 100*4 77,000
99*4 100*4 133,000
10,000
1,000
101*4 101*4
6% notes Series A.. 1929
Anglo-Amer Oil 7 *4s__1925
7% notes
51
4
101*4 101*4
1923
Beth Steel 7% notes. .1922
50
4
50*4
96
100*4
100*4 101*4 109.000
95*4
96*4 61,000
103*4 104
79,000
102*4 102*4
57,000
94*4
71*4
96*4
75*4
22,000
94*4
Jan
100*4
Nov
92 X
Jan
100*4
102*4
Nov
Sept
102
Nov
99*4 June
99*4 Mar
91
Jan
June
104
Nov
93
June
102*4
Nov
90
July
Feb
95
June
1936
100*4
100*4 101*4 123,000
94*4
Sept
Canadian Nat Rys 7s—1936
104*4
104
99*4
July
100
100
99*4
Chic A East 111 RR 5s 1151
70 X
Col Grapbophone 8s.
56
17,000
46 *4
56
302,000
40
1925
Consol Copper 8s.
Cons Gas of N Y 8s..
40
10.000
Oct
99*4
Nov
58*4
Aug
Sept
71*4
Nov
85
39
Nov
45*4 June
101
97^4
97*4
Sept
ioox
100*4 100*4
98*4
98*4
98*4
Mar
189,000
7,000
1,000
45,000
102 *4
1C2
8% notes Feb 15.-.1924
104 *4
8% notes Feb 15--. 1925
105
103*4 104*4 98,000
104*4 105*4 144,000
Cuban Tel 1st 7*4a
1941
1923
Cudaby Pack 7s
98*4
100*4
Deere A Co 7*4s
1931
Duquesne Light 7*4s.l936
Galena-Signal Oil 7s
1930
General Asphalt 8s...1930
Goodrich (B F) Co7s ..1926
"i03~
102*4
98*4
99*4
100*4 100*4
97*4
97*4
103
23.000
113,000
5,000
103
1,000
100*4 101*4
105
97 H
97*4
13,000
105
1,000
98
182,000
103
15,000
Grand Trunk Ry 6*4b_1936
Gull Oil Corp 7s.
1933
Heinz (H J) Co 7s
1930
103
102
102*4
102*4 102*4
104*4 104*4
Humble Oil A Ref 7a.. 1923
100*4
Interboro R T 7s
1921
8s J P M
receipts
Kenneoott Copper 7a .1930
Laclede Gas Light 7s
104 *4
Mo Kan ATRR 5s Awl 1962
99*4 100*4 115.000
97
100
98
15,000
99*4 100*4
64.000
90
94
311.000
43
1580000
98
99*4
69,000
National Leather 8s..1925
99*4
97*4
98*4
33,000
N Y N H A Hartf 4b__1922
60*4
97*4
58*4
62
131,000
52
52
98*4
97*4
98*4
93*4
98*4
25,000
1,000
10,000
52
1923
"97M
..1941
~95J4
98
99*4
9.000
94*4
Jan
Nov
"107*4
Nov
94
Nov
39*4
Nov
43
Nov
87
Sept
99*4
93*4
47
Apr
Oct
93
June
92*4 June
98
Nov
Aug
42
Oct
Nov
72
Oct
52
Nov
98*4
Nov
98
Nov
99*4 Nov
100 Mr
Nov
100*4
Nov
Oct
7% ser gold deb 1927.
106
90
Mar
69,000
105*4 106*4
106
106*4
Nov
Nov
Mar
14,000
105
Nov
64
94*4
74,000
106*4
76
Nov
Mar
101*4
105*4
102
Nov
56
97*4
94*4
104*4
105*4
June
71
1,000
101
*.1928
Nov
Sept
103
7% serial gold deb. .1929
7% ser gold deb....1930
7% aer gold deb
1931
98
Nov
101*4
100*4
101*4
104*4
99*4
Jan
100*4
Sept
100*4 100*4 100,000
100*4 100*4 33,000
""90*4
Jan
Nov
101
100*4
100*4
104*4 105*4
104*4 105*4
June
Nov
Oct
Nov
June
10 *4
104*4
Nov
94 \i May
99 H
Oct
Nov
Jan
90*4
101*4
Nov
June
105*4
Nov
101*4
105*4
Nov
97*4
97
86*4
92
97
Nov
Nov
17,000
10,000
100*4
Jan
100
Jan
13.000
100*4
Jan
105*4
15.000
100*4
Jan
106
Nov
12,000
6,000
100*4
100*4
101*4
Jan
106*4
Nov
Aug
106 H
Oct
Nov
108*4
Nov
25,000
89*4 June
100
Nov
87,000
Nov
56,000
93*4 June
97 X
Aug
101*4
102*4
99*4 100
100*4 101*4
101*4 102*4
102 X
Nov
101*4
101*4 101*4
34,000
98*4
Jan
101*4
Nov
99*4 100*4
3.000
99*4
96*4
Bun Co 7s
1931
100
Bwlft A Co 78
1926
101
100*4
1941
104*4
United Oil Producers bs '3i
100*4
United Rys of Hav 7Ha '36
100
107*4 108
4,000
102*4 104*4 1.50,000
99*4 100*4
15,000
Fel
Nov
100*4
Nov
Sept
104*4
Nov
100
Aug
107*4
Aug
July
99*4 100*4
193f
106*4
Western Elec conv 7s. 192.r
104*4
Winch Repeat Arms 7 *4 s '4)
98*4
Vacuum Oil 7s
Nov
July
104*4 104*4
to
Nov
99*4
105*4
Toledo Edison Co 7s
Nov
102*4
104*4
100*4
3,000
2,000
65,000
104*4
Tidal Osage Oil 7s... 1931
£8*4
103
Mar
Nov
105*4
1923
Jan
92*4 June
94
95*4
103*4
Stand OU of N Y deb 6 H s '33
7% ser gold deb 7s
1925
7% ser gold deb
1926
Aug 15 1931
83
Nov
88
90*4 123.000
100*4 101
190,000
104*4 105*4
76.000
7s
Nov
Nov
101
Texas Co 7% equ'nts
Nov
105
98
Bouthw BellTelep 7s -1926
.
102
Sept
87*4
95*4 383.000
100*4 103*4
100*4 100*4
101*4 101*4
100*4 100*4
103*4
Procter A Gamble 7s. .1922
Serial 7s.
1923
7% ser gold deb.
July
94*4
100*4
39*4
-
91*4
98*4
Nov
Oct
39*4
South Ry 6% notes.-.1922
5s when Issued
1994
Aug
June
93 H
1927
June
98
80
1932
Solvay A Cle 8s
Nov
June
90
83
Adj M 5s Series Awi-.-.
7% sernotes. .Oct 15'28
Sbawebeen Mills 7s
1931
Nov
103
98
Oct
6s Series C wi
Reynolds (R J) Tob 6s.'22
Sears, Roebuck A Co 7s '22
100*4
99*4
Nov
Aug
1357000
Otis Steel 8s.
Nov
NOV
Oct
69*4
87*4
84*4
242,000
Philadelphia Co 6s
1944
Phillips Petrol 7*48—1931
100
95
66*4
64
1924
102*4
104*4
105*4
Nov
94 *4 June
19,000
118,000
76
7s
Aug
76
56
4s 1922 franc bonds.....
Nov
77
71
Ohio Cities Gas 7s
Nov
98
101*4
72*4
75*4
1930
Mar
102
75
63*4
.
Mar
Nov
99*4 100*4 163,000
.1962
Nat Cloak A Suit 88..
Mar
101*4
Apr
74
wl
4s Series B
Nov
80
76*4
98
LibbyMcNel ALlbby 7s *31
76,000
8,000
Nov
98*4
102
98
Nov
Nov
Cons Gas El L A P Bait 7s'31
102
Oct
Nov
Jan
97*4
Feb
105
98*4
1941
99*4
101*4
100*4
103*4
Feb
100*4
100*4 101*4 189,000
Copper Exp Ass'n 8S..1922
8s Feb 15____
1923
98
Nov
Jan
101
Consol Textile 8s
96*4
94
1921
.
Nov
Jan
97
May
100*4 31,000
99*4
98*4
12,000
67*4
71*4 1303000
101*4
83
99
105
Nov
102
Canadian Pac Ry 6S..1924
Central Steel 8s w I...1941
Equipment 7s
Nov
Oct
65
19.000
Jar
Oct
99*4
100*4 133,000
100*4 100*4
82.000
100
60
53*4
101*4
37,000
91
June
101*4
105*4 106*4
103*4 104*4
19,000
99*4
June
93,000
97*4
Jan
106*4 Nov
104*4 Nov
97*4 May
95
99
118,000
89*4 June
Government
Argentine Nation 7s..1923
s
99*4
§ Berlin 4s
{Bremen 4*4s
§ Frank fort 4s
3*4
99*4
99*4 332.000
3*4
3*4 17110000
4*4 010 .000
4*4
99*4
3*4
4*4
5
5
05,000
5
46
46
[010,000
42
55
French Govt 4s
55
020,000
66*4
66*4
Oct
Nov
Nov
-.1931
1980
66*4
{Hamburg 4Ms
Philippine Govt 5 *4 s_
941
Rio Grande do Sul 8s_.1946
_
Russian Govt6*4s
101*4
1919
614 s certificates
Nov
17*4
Jan
101*4
99*4
Nov
Nov
5*4s
5*4s certificates
1921
5MS
1926
Switzerland Govt 6*4s 1929
Jan
66*4
Nov
101
101*4 $47,000
3*4
95*4
99*4
12*4
12*4
Nov
Oct
Nov
Mar
Mar
.. —
95*4
13*4
3*4
95*4
16
18.000
13*4
5.000
16*4
Feb
61*4
66*4
49*4
99*4 $121000
Jan
Jan
Jan
50
5,000
99*4
14*4
13*4
15*4
Nov
16*4
18*4
18*4
Jan
4*4 023,000
12
99*4
99*4
Nov
4
Victory 5s
6s
23
Aug
Mar
3*4
10,000
3*4
63,000
79*4
Aug
21
Mar
Nov
96*4
20
Oct
25,000
11,000
20
Aug
Nov
Jan
8
96*4
Aug
Nov
week, where
additional transactions will be found.
0 New stock,
w When Issued,
z Ex divi¬
dend.
v Ex rights,
z Ei stock dividend. J Dollaw per 1,000 lire, flat, i Dollars
•
per
Odd
lots.
1000 marks,
a
f.No par value.
g Marks,
Bid
950
I Listed oh the Stock Exchange this
k Correction.
Sold last week and not reported 50 Scbult
RetallStores com. @ 35.
Atk
*1878
Joint Stk. Land Bk. Bonds
19i8
320
85
195
...100
104
106
100
122
30
32
145
150
5.90
5 70
5.95'
5 75
6.15t 6.85
128
Creecent Pipe Line Co— 50
Cumberland Pipe Line—100
Preferred
new
Continental Oil
5.95
4*4^
Eureka Pipe Line Co
100
Galena Signal OH com...100
85
88
47
49
Central RR of N J 6s
Preferred old
100
104
108
Preferred
100
104
108
100
Indiana Pipe Line Co
50
International Petrol.(no par)
172
175
*82
*16
National Transit Co...12.60
*29»2]
New York Transit Co...100
new..
5.70
00|
5.80
6
Equipment 6s
6.10
5.90 5.70
Canadian Pacific 4 X a A 6s..
Caro Clinobfield A Ohio 6s..
Central of Georgia 4*4s
Illinois Pipe Line
•
Baltimore A Ohio 4 *4s
Buff Rocb A Plttsb 4s A
87
180
Basis
Atch Topeka A Santa Fe 6a. J
Atlantic Coast Line 6s A 6*4e
340
100
Borne Scrymser Co
100
102i2103l2
5i2s 1951 opt 1931
RR. Equipments—Per Cl
112i2 113)4
Buckeye Pipe Line Co— 50
Cbeeebrougb Mfg new...100
99
Chic Joint Stk Land Bk 5s '39
970
100
Preferred
5.70
7.60
—
6.75
6.50
6.00
6.10
5 70
6 00
5.75
Chesapeake A Ohio 6*4®
Equipment 5a
Chicago A Alton 4*4s. 5s...
7.50
83
Chic Burl A Quincy 6s
6.P0
6.70
16U
Chicago A Eastern 111 5J4B-.
8.00
7 00
30*2
Chic Ind A Loulsv 4 34 a
6.50
«
Chio St Louis A N O 5S
6
05]
5.70
Chicago A N W 4*4e
6.10
5.60
7.00
00
148
152
96
Northern Pipe Line Co..100
Ohio Oil Co
26 *285
Penn Mex Fuel Co
25 *23
99
290
5.95
6.80
Chicago R I A Pac 4*4b, 5s—
6.62
6.00
100
675
585
Colorado A Southern 5s
7.00 6.00
Prairie Pipe Line
100
229
233
Delaware A Hudson 6s
Solar Refining
100*355
90
375
Erie 4**s, 6a A 6s—
Prairie OH A Gas
Equipment 6s A 6*$s
25
93
Southern Pipe Line Co..100
5.95|
5.90
—
Standard OH
Standard OH
Standard OH
Standard 011
5.95]
5 75
6.50
5.90
6 10
5.65
5.95
5.70
~
100
40
102
100
...100
10|
Washington OH
lOiV IOH2
330
Equipment 6a A 7a
6.00
6 65
.90
6.76
Equipment 6s
—
5,95
78——J
Pacific Fruit Express
5.90
6 60
6.05
6.80
6 00
5 75
68
73
81
85
St Louis A San Franoisoo 6a
Fdry__100|
125
160
Seaboard Air Line 4*4a A 6a
Southern Pacific Co 4*4a—
5.90 5 60
7.00
_
IO6I2IO8I2
6.75
Pennsylvania RR 4s A 4*48
..100
American Tobacco scrip
6 00
6.00 5.7 5
Equipment 6s
—
Pittsburgh A Lake Erie 6*4a.
Reading Co 4*4s.-----8t Louis Iron Mt A Sou 5a.
Stocks—
Amer Machine A
5.75
Norfolk A Western 4*4s
40
Northern Pacific 7s
oommon.100
6 10
6.75
98
25 *97
160
165
Magnolia Petroleum.... 100
Merrltt OH Corp
10 *10®8| 1078
Mexican Eagle OU
5 *1384' 1434
180
Midwest Refining
50 *170
......
6.75 6.00
6.00 5.70
N Y Ontario A West 4*4a—_
335
35
[
New York Cent 4Kb, 6a
....
American Cigar
6 00
6.40 6 00
MobUe A Ohio 4*4a. 6a
Stocks
Other Oil
600
6.75
Equipment 6*4a
50
97
Preferred
6.00
7 00
Missouri Pacific 6a
111
100| 1°9
Union Tank Car Co.....100
Swan A Finch
Imperial Oil
6.00
6.60
"
lOO.x^OO [410
Standard OH (Ohio)
Preferred
Vacuum Oil
5.70
6.50
ill IV1284
Equipment 6ija A 7a..
Missouri Kansas A Texai 6a..
Y'k.l00i385 390
100
Standard OH of New
5.90
_
„
Preferred
Preferred
6.00
6.10 5.70
..
Standard Oil
Tobacco
6.75
00|
7
230
Southwest Pa Pipe Lines.100
Standard OH
5.80
6.75 6.25
Great Northern 6s
Hocking Valley 4*4s, 5s
[235
60
Illinois Central 4*4 s A 6s
57
Equipment 7s A 6His
(California). 26 *9058, 91
88U Kanawha A Michigan 4 Ha.
(Indiana)
25 *88
Louisville A Nashville 5a—
(Kansas)—100*585 600
Equipment 6s A 6*48
(Kentucky). 100 435 [445
185
Michigan Central 5s, 6s...-_
(Nebraska). 100 175
Minn St P A 8 8 M 4*4a A 6s
of New Jer. 25 175l2176
100
South Penn Oil
600
6 00
6.76 6 00
5 95 660
7 00
Brltish-Amer Tobao ord..£l
111*
12
5 90
6.70
£1
*1112
12
Southern RaUway 4 *4 a A 5s
6.15
5.80
*15
17
Toledo A Ohio Central 4a_~
6.50 6.00
157
165
Union Paclflo 7a
5.90
96
99
Brit-Amer Tobao, bearer.
.
(new)...no par
Helme (Geo W) Co, com. 100
Foil
Conley
100
Preferred
Imperial Tob of G B A Ire_.
Johnson Tin Foil A Met. 100
MacAndrews A Forbes.. 100
100
100
86
100
37
39
Tob..100]
65
70
Scrip
25
Reynolds (R J) Tobaooo.
26
B common stock
100
Preferred
Tobacco Prod Corp 8% scrip
-100
(J S) Co
100
Preferred
10
100
100
Lt, com. ltXJ
Preferred
100
Amer Publlo Util, com—100,
85
80
36
Cities Service Co.
98
165
96
99
80
86
87
6% preferred
7% preferred
Gen'J Tire A Rub, com...100
Preferred
100
Goodyear Tire A R, oom.100
Preferred
100
100
Goodyear TAR of Can pf 100
Miller Rubber
100
Prior pref
100
Rubber
90
100
1134
1212
27
28
60
45
55
65
100
common...100
100
Fajardo Sugar
Federal Sugar Ref,
100
com..100
100
Preferred
Godchaux Sug Inc..(no par)
lOOj
Preferred.....
Great Western Sug, com.
100
lOOj
Preferred.
13*2
74
86
96l2
9812
100
12
18
60
65
Preferred
100
80
83
z80
83
--100
75
Preferred
100
Preferred
12
pref.100
Puget Sound Pow A Lt_-100
Pacific Gas A El, 1st
Preferred
--J0O
*12
15
1941 —MAN
*57
58
2
98
*8
4l2
2U2
1st
52
102
preferred..
--J00
Western Power Corp....100
100
Preferred
Short Term Securities—Pe
Am Cot OH 6s
100
Amer Tel A Tel 6s
100
National Sugar Refining. 100
Santa Cecilia Sug Corp, pflOO
50
75
90
92
6% notes 1922
Amer Tob 7% no tee'22 MAN
10
20
Savannah Sugar, com (no par)
♦17
21
100
55
60
Fin, com. 100
Preferred..
100
Industrial A Miscellaneous
50
150
z61
65
American Brass
lOOj 208
212
140
143
42
44
82,2[
8712
..100
American Hardware
com.100!
JAJ
7s 1929 Series B
30l4
76
75
Cent
95i2 96
9978100
100
IOOI4
IOU4 10U2
101i2l<i2
9 >
| 9512
9934 IOOI4
10314 IO384
102
10212
9934 IOOI4
Anglo-Amer Oil 7*40*25 AAOi
Arm'r ACo7s July I5'30
JAJ15|
Deb 6s J'ne 15 '22 .J&D15I
Deb 6s J'ne 15 '23 .J&D15
Deb 6s J'ne 15 '24 .JAD1E
Beth St 7s July 15 '22-JAJ15
IOOI4IOOI2
98>s
'
98
7% notes July 16 23 JAJ15
*22
25
Canadian Pac 6s 1924. MAS2
*50
55
Federal 8ug Ref 6s 1924MAN
9978 100U
96i2 9712
Company, com..100
99
100
Goodrich (B F)Co 7s'25.AAO
9758
Hocking Valley 6s 1924.MAS
Interboro R T 7s 1921..MAS
9
100
Preferred
Celluloid
89
91
100
100
98
100
Company
z9 4
96
100
z99
101
du Pont(E I) de NemAColOO
100
105
Debenture stock......100
67
69
Chllds Co com
Preferred
....
...100
"si
11922.. JAD
Salt...—100
fA 5
International Silver, pref.100
*83
1st g 5s, Tune
International
'23-MAN16
1931
K C Term Ry 6s
6*48 July
-----JJf,
1929 FAA|
98
81
s2_18
48
Sloes8heffSAI6s'29..FAA
50
l922-.-MA8
AA015
Aug 15 1931.....
Southern Ry 6s
87
~
Swift A Co 7% '26-
68
185
83
86
U 8 Rubber 7 *4a
83l2
♦9112
85
Utah Sec Corp 6a
22.MAS15
9212
West Eleo eonv 7a
1925-AAQi
Flat price.
..
ILast sale,
100
7% notes
d Purchaser also
n Nominal,
x
pays
Ex-dividend,
v
Ex-rlghts.
e
9912
90
92
9912
1011410112
1923.-----MAS
1930- -FAA
accrued dividend,
99
roi2ioi
101 llOUt
-
66
Texas Co 7s
9978 lOOlg
99*1
175
I Basis,
101
80
100
share.
99i2100
100
1927-FAA
LlggettAMyereTob6B'2l JAD
Pub Ser Corp N J 7s 22-MA8
Lehigh Pow Sec 6s
Valley Coal Sales.50
Singer Manufacturing.
977s
9734
| 78
97
Royal Baking Pow, com.100
Preferred
100
Phelps Dodge Corp
34
76
Laclede Gas 7s Jan
100
Tobacco Co
Preferred
•Per
65
29
60
Preferred
Lehigh
63
parj
100
Preferred
Havana
1924.FAAl
112
6
23
10012 10034
Bliss (E W) Co, new..no
Borden
1924..MAS2
7% notes 1923
MAN
AnacondaCop Mln 6s'29_ JAJ|
West India Sug
Preferred.......
13
40
100
Preferred
United Lt A Rys, com_-.100
95
106
12
16
Preferred
104
Tennessee Ry. L A P.comlOO
47
Juncos Central Sugar
I
<*8
130
97
584
| 18i2
*12
12
49
100
—
-50
98
120
-
Preferred
85
10212104
17
Preferred
48
93
'
Standard Gas A El (Del)..60
70
93
83
93
70
45
I
100
Preferred
6
50
50
85
23
South Calif Edison, com.100
3
*i8
78
82*2
434
100
Republic Ry A Light
10
par)
4
*2
North Texas Eleo Co.oomlOO
42
Holly Sug Corp, com (no
66
85
Gen m 7*48
Preferred
10
I
63
1951---JA J;
8 f g deb 7s 1935—
MANj
Northern Ohio Eleo. (no par)
Stocks
Preferred
87*2
I
72
40
Cupey Sugar
2712
86I2
9
JOO
8l2
1212
60
85
100[
50
Cent Agulrre Sugar com..20
Central Sugar Corp. (no par)
25
pref-100,
Mississippi Rlv Pow, com 100,
Preferred
100,
62
Swlnehart Tire A R, com.100
Sugar
10
First Mtge 5s,
3
Caracas Sugar
87
9
North'n 8tates Pow, oom.100
225
85
10
18
Lt.100
Preferred
195
78
,
14
6OI4
---JOO
Tractfon.100
Federal Light A
8U2
75
---100
Preferred
Elec Bond A Share,
80
69
59U
784
Com'w'tb Pow, Ry A
95
82
84
100,
Preferred
88
100
Portage Rubber, 00m
Preferred
com..-100
Preferred
59
96
80
z67
3184 33
209
210
Colorado Power, com ---100
76
Preferred
J 00
Carolina Pow A Lt, oom.100
100
159
*184 43
95
_
Preferred
I04l2106
58
J0O
Amer Power A
(Cletel.ondprices)
Rubber Stocks
Firestone Tire A Rub, com
Mohawk
70
97
100
Preferred
*34
121
60
--60
Preferred
Amer Lt A Trao, com
*70
6.70
6.10, 5.80
Utilities
Amer Gas A Eleo, com...
95
scrip
Weyman-Bruton Co, com 100
Preferred
100
----
Ry 6s
Public
106
82
Preferred
Porto Rican-Amer
Young
Virginian
934
90
Mengel Co
7%
*9U
Equipment 7a
102
Amer Typefounders,
Municipalities
"and Interest" except where marked "f."
Par
Anglo American Oil new. £1
Atlantic Refining
100
Standard Oil Stocks
Nov
Sept
15c
..1
Simon Silver-Lead—
and
2*4
Nov
8c
lc
Silver Mines of Amer
Foreign
Quotations for Sundry Securities.
All bonds prices are
High.
Low.
17c
Rex Consolidated Mln—1
Rochester Sliver Corp
Silver Hills
Trinity
Range since Jan. 1.
Week.
Pittsburgh-Idaho
2303
CHRONICLE
THE
1921.]
10314 1°384
97 U 98
103 I103i2
New stock.
2304
mil
§lailrua(l Intelligente.
RAILROAD GROSS EARNINGS
The
following table shows the
earnings of various STEAM roads from which regular weekly or monthly returns
give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
are
brought together separately on a subsequent page.
be obtained.
can
gross
The first two columns of figures
Latest Oross Earnings.
Jan. 1 to Latest Date.
Latest Gross Earnings.
ROADS.
Week
Current
Month.
Previous
Current
Previous
Year.
or
Year.
Year.
Year.
%
$
Alabama & Vicksb. September
Arbor
2d wk Nov
300.863
Ann
Atch
Topeka & 8 Pe September
Gulf Colo & S Fe_ September
Panhandle 8 Fe__ September
Atlanta Birm & Atl_ September
Atlanta & West Pt_
Atlantic City
Atlantic Coast Line.
Baltimore & Obio__
B & O Chic Term
Bangor 8c Aroostook
Beliefon te Central.
_
Belt Ry of Chicago.
Bessemer & L Erie.
September
September
September
September
September
September
September
September
September
September
September
September
388,218
124,705
122,477
17164
78 18M857I
2,455,001
4,478,324
2,641,965
4,533,051
0 155 941214
139 '5f.5
2,381,700 2,657,106 22,491.591 18,858.989
911,176
960,659 6,987.004 6,709.893
252,904
2,253,028 4,370,117
496,681
1.885,883 2.280.627
215,134
271,461
503,039
437,089 3,874,235 3.829,263
4,417,795 4,976,174 49.611.548 53.431,507
17468612 24570399 148170774 162573872
247,660
223.473
1,877,229 1.496.949
704,880
703.817
5,256,344 4,772.959
55.573
7,597
15.999
86,561
532,055
518,619 4,018,059 3.180,820
1,522,835 2,322,062 10,636,442 10,597.703
142,654
13,947
3,288
1,294.534
7,127,005 8,874,264 58,058.706 63,035,482
Brooklyn E D Term
839,121
975.827
104,405
126.474
Buff Roch & Pittsb. 2d wk Nov
266,829
538,980 12,955,479 20.465.628
Buffalo & Susq.
September
171,630
338,273
1,485,53?| 2,176.549
Canadian Nat Rys. 2d wk Nov 2.572.439 2,880.563 95,372.799 92,109.656
Bingham & Garfield
Boston & Maine
Canadian Pacific.. J 3d wk Nov 4,042,000
5,230,000 168872 000 185960000
Oaro Clinch & Ohio. September
650,436
676,610
5,484.3911 5,267,112
Central of Georgia.
September 1,896,438 2,212,374 16,810.078 18,921,573
Central RR of N J__ September 4,800,960
5,273,344 39.469,157 36.185.726
Cent New England. September
687,481
6,182,121
.
Central Vermont
September
Charleston & W Car September
Ches & Ohio Lines.. September
Chicago & Alton
September
Chic Burl & Quincy. September
Chicago & East 111.. September
Chicago Great West, September
Chic Ind k Louisv.
September
Chicago Junction.. September
.
Chic Milw & St Paul September
Chic & North West. September
Chic Peoria & St L_ September
Chic R I & Pacific..
Chic R I & Gulf.. September
Chic StPM & Om. September
Cine Ind & Western September
Colo & Southern
Ft W & Den City.
Trln & Brazos Val
Wichita Valley
Curnb Val & Martins
Delaware & Hudson
Del Lack & Western
Denv & Rio Grande
Denver & Salt Lake
Detroit & Mackinac
Detroit Tol & Iront.
Det 8c Tol Shore L_
Dul & Iron Range..
Dul Missabe & Nor.
_
Dul Sou Shore k Atl
Duluth Winn & Pac
East St Louis Conn.
Eastern 88 Lines
Elgin Joliet 8c East.
El Paso & Sou West
Erie Railroad
Chicago 8c Erie..
N J & N Y RR..
Florida East Coast.
Fonda Johns & Glov
Ft Smith & Western
Galveston Wharf
Georgia Railroad...
Georgia & Florida..
Grand Trunk Syst..
Atl & St Lawrence
OhDetCanGTJct.
Det G H 8c Milw.
Grand Trk West.
Great North System
Green Bay & West.
Gulf Mobile & Nor.
Gulf 8c Ship Island.
Hocking Valley
Illinois Central Sys.
Internat & Grt Nor.
Internat Ry of Me..
Kan City Mex & Or
K C Mex & O of Tex
Kansas City 8outh_
Texark & Ft 8m__
Total System
Kansas City Term.
_
Kan Okla & Gulf
Lake Sup & Ishpem.
Lake Term
Ry
Lehigh & Hud River
Lehigh & New Eng.
Lehigh Valley
Los Ang & Salt Lake
Louisiana & Arkan.
Louisiana Ry & Nav
Louisville 8c Nashv.
Louisv Hend & St L
Maine Central
Midland Valley.
Mineral Range
Minneap & St Louis
Minn St P & S S M_
Mississippi Central.
Missouri Kan & Tex
5,144,980
827,252
629,127
829,717 4.887,266 5,187,996
253,185
222,035 2,449.813 2,594.844
7.013,666 9,207,145 63,974,313 62,968.523
2,881,466 2,974,660 23,070.474 21,562,801
15810094 18600973 124731266 133408745
2,510,692 3,108,428 20.124,087 22,074,195
2,295,313 2.112,730 18,247.818 17,213,287
1,360,979 1,617,908 11,324,841 11.506,466
490,550
355.350 3,854,349 2,456.263
14271444 16356313 108620223' 121996589
14008144 16935455 108705575 119865935
199,452
288,165
1,530.505, 1,966.368
'
720,105
2,687,153
339,209
2d wk Nov
539,568
September 1,006,439
September
333,812
September
133,430
September
90,239
September 3,839,679
September 7,508,417
September 3,540,473
September
327,525
September
192.224
August
763,840
September
268,320
September
666,441
September 2,018,029
2d wk Nov
83,723
September
September
September
September
September
September
September
September
September
September
September
September
September
September
2d wk Nov
September
September
September
September
September
September
September
September
September
October
September
September
September
September
September
September
159.789
130,163
709,883
1,427,322
745,820
9,294,120
946,938
130,311
717,730
114,665
140,736
214,010
475,984
123.640
1,988,955
201,157
197,275
371,269
1,382,544
11025234
119,829
324,761
263,395
1,252,580
580,801
5,864,228' 4,895,473
2,938,007 20.817,151 23.194,833
436,676 2,690.261
3.274.019
744.258 23,236,755 26,680,777
1,217,907 8,355,767 9.212,298
212,329 2,210.682 1,386,476
152,786
1,190,687 1,247,821
96.744
1.064,745
608,650
5,037.483 34,353,454 32,154,787
8,185,980 64.882.823 57,637,466
4,050.857 23.633,577 28,405,515
289,590 2,092,425 2,036,735
221,516
1,492,822 1,475,980
3.068.362
399,142 4.541.411
301,214
1,988,997
1.633.876
1,686,616 4,367,213 8,672,064
2,789.059 10.772,709 15.004.977
99,431
3,952,212 5,001,343
194,170
1,798.015 1,763.403
182,311
1,192.307
1,048,095
711,683
4.165,168 3.742.128
2.675,339 14,556,862 17.520.396
1,273.383 8,455,792 10,702,476
11551580 76,754.664 76,349,490
1,248,114 7,978,141
9,055,848
133,660 1,121.920
970,521
957,542 10,446,173 10,056.671
131,397
1,012,938 1,069.609
185,995 1.293.968 1,348,399
217,101
2.083,622 1,227,525
606,849 3,899,508 4,873,699
157,541
1,048,834 1,080,299
2,523,463
274,461 2,108.544 2,213,823
249,792
1,443,626 1,424,042
700.712 3,181,569 3,652.909
1.829,753 11,119,268 12,894,044
13244980 70,678.141 89,525,927
124,350
931.241
1,039,192
420,066 3,018,178 2,787,452
312,971
2,125,278 2,207,551
1.967,843 10.424,138 11.570.343
16096 961 16713039 135926186 142541259
1,408,812 1,828,392 13,875,549 12,882,065
177,170
174,405 2.096.794 2,091,768
163,523
160,103
1,389.128 1,208.999
187,084
194,374
1.613,767
1.349.862
1,632,985 2,162,095 14,931,283 14,064,144
192,770
205.231
1,661.029
1.558.415
October
1,945,357 2,394,023 18.506,324 18,314,843
September
158,893
169,255
1,173.668
1,162,931
September
180,364
282,416
1,710.565 1,854,117
September
105,211
221,597
281,100 1,316,985
September
72,562
145,090
991,461
930.296
September
252,466
389,402
2,386.123 2,156,906
September
494.852
323,370 3.542,919 3.246,385
September 6,687,210 7,050,503 56,376,524 51.904.339
September 1,487,218 1,799,768 14,674.906
14.941.340
September
301,298
379,535 2,497,595 3.056.863
September
362,964
331,956 2,981,879 3,047,393
September 10209127
11957217, 87,662,705 93,340,938
September
263.790
293,249 2,156,759 2,312.624
September 1,806,421 2,194,917 15,503,469 15,004.015
September
356,403
529,055 3,312,015 3,662.397
2d wk Nov
2,462
13,556'
584,836
252,652
2d wk Nov
381,957
398,883 14,258,168 14,747,849
September 4,487,933 4,948,906 31,360,918 35.023,276
September
136,448
118,034!
757.784
830,310
September 2,900,914 3,757.975 24,998,535 29,431,211
ROADS.
Week
or
Month.
Current
Year.
Jan. 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
%
$
S
$
Mo K & T Ry of Tex September 2,233,874 2,726,694 20,198,544 20,591,427
Total system
September 5,368.667 6,714,619 47,335,080152,028,977
Mo & North Arkan, September
205.765
7,876
661,406
1,510,068
Missouri Pacific
10082713 10754262 82.034,788 84.608,493
September
Mobile & Ohio
2d wk Nov
361,769
401,298
Columbus & Gr
September
Monongahela
September
Monongahela Conn, September
141,456
418,810
61,361
Montour
154.4611
507.702
15.863,399 15,971,587
1.098,572
1,327.866
2,976,481
2,988,013
290.757 I
5 4,175
2,330,650
October
Nashv Chatt & St L September
121,680
224,392
1,230,134 1,308,530
1,826,049 2,313.253 15,583.279 18,108,637
Nevada-Calif-Ore
1st wk Nov
10,405
14,517
362,553
343,264
Nevada Northern,
September
23,251
80.759
263,512
1.357,610
Newburgh & Sou Sh September
129.765
190,190
1,258,412
961,520
New Orl Great Nor, September
219.060
262,282
1,930,691
1,958,423
N O Texas & Mex__ September
186,316
295,584
1.915,851
2,043,272
Beaum S L & W__ September
164,374
205,803
1,647,009
1,592,410
St L Brownsv &M September
855.980
599,730
4,611,528 5.551,998
New York Central
September
28565729 38308775 240023585 267809689
Ind Harbor Belt. September
836,281 1,160,104
6,670,869 6,624,061
Lake Erie & West September
813,066 1,298,083
6,805,300 8.729,285
Michigan Central September 6.563,379 9.003,530 54,107.636 64,383.503
Cleve C C & St L September
7,111,625,8,776.641 60.038.893 64,183,232
Cincinnati North. September
391,270
394.924
2.872,182
2.610,484
Pitts & Lake Erie September
1,719,158 4.249,347 17,294,561 23,121,879
Tol & Ohio Cent. September
1,015,227|1.440,529 7,987,016 9,160,321
Kanawha & Micb September
452,368
558,080 3,644,106 3,736,114
N Y Chic & St Louis September 2,385.008 3,027.041
20,017,215 20,347,545
N Y Connecting
September
246.309!
301,719 2.573.405
880,169
N Y N H & Hartf— September
10242 144'12224 866 85,575.656 89,713,616
N Y Ont 8c Western September
1,229.019,1.236,106 10,943,496 9,675,191
N Y Susq & West,. September
336,325
445.121
3,215,563 3,268,831
Norfolk Southern
September
637,633
699,775
5,869,084 5,788,771
Norfolk 8c Western. September 6,567,272 8,903.198 59.352,288 61,757,834
Northern Pacific
September 9,864,472 11563628 67,090,285 81.393,252
Northwestern Pac.. September
868 976
859.231
6,478.242
5.905,847
Pennsylv RR & Co. September 41793173 60463268 374428306 397825526
Bait Ches & AtJ__ September
151,612
139.9401 1,284,684
1,219,786
Cine Leb & Nor.. September
932,525
98,591j 134,505
845,764
Grand Rap & Ind September
769.118
984.575! 6.379.084 6,928,830
Long Island
! September 2,842,257 2,807,249 22,174,788 19.465,542
Mary'd Dal & Va September
987,162
127.307,
159.360!
974,242
N Y Phila & Norf September
518,138
744,580; 4,668.258 5,941,067
Tol Peor & West.;September
149,8511 156,837 1,235,191 1.552,549
W Jersey & Seash;
September 1.365,120 1,482,118 10.428,578 10.643,815
Pitts C C & St L. September 7.629,182 9,750,227 71,339.996 77.566,403
Peoria & Pekin Un_ September
147,177.
132,905| 1,234.851 1.154,016
Pare Marquette.... September
3,898,193 4,394.644,28,216.239 29.405,002
Perkiomen
September
100,133i
134,471
952.611
907,116
Phila & Reading
Sep temper 6,502,411 8,496,746 62,757.369 64,418.817
Pittsb & Shawmut— September
135,038
194,493
923,071
1,233,872
Pitts Shaw & North September
92,355
184,308
879,483
1,103,816
Pittsb & West Va
September
169,425
317,789 1,458,368
1.762,197
Port Reading
September
221.648
194,403
1,697,603
1,335,765
Quincy Om & K C
September
115,141
125.635
975.151
972,933
Rich Fred & Potom. September
952,723
718,837
7,639.686 8,286.823
Rutland
September
648.614
538,139
4,391,379 4,281,147
St Jos & Grand Isl'd September
335.624
338,428
2,449,255! 2.424,363
St Louis San Fran.. September 7,207,470 9,470,292
61,241.916 67.498,809
Ft W & Rio Gran. September
166,772
162,980
1,303,811
1,397,644
St L-S F of Texas. September
210.868
163.604
1,442,070
1,256,013
St Louis Southwest. September
1,408,218 2,116,127 12,359.173 15,459,637
St L S W of Texas September
657,465
844,370
5,552,392 6.595,391
Total system
2d wk Nov
531,919
713,065 21.346,862 26 ,'368,826
St Louis Transfer.. September
85,288
135,642
830.000
1,013,454
San Ant & AranPass September
647,435
807,975 4,675,860 4,048,707
San Ant Uvalde & G September
88.605
138,127
932,364
1,129,205
Seaboard Air Line.. September 3,326.663 4,127,702 31.657,459 36.094,624
Southern Pacific Co October
26532 230 29617897 227333 284 230609453
Southern Pacific Co September 23712267 27780850 200801054 200991555
Atlantic S3 Lines. September
878,638
718.025
7,748,445 4.209.023
Arizona Eastern. September
196,980
365,963
2,120,167 2,998,949
Galv Harris & S A September 2,076.936 2,540,655 18.880.493 19.011,307
Hous & Tex Cent. September
1,290.435 1,086,718 9,677,512
8,298,214
Hous E & W Tex. September
276,616
252,250 2,166,996 2,152,465
Louisiana West.
September
348,224
468,242 3,256,859 3.926,294
Morg La & Texas September
704,658
906.040 6,398.994
7,571,265
Texas & New Orl. September
672.308
893.605 6.349,131
7.249,754
Southern Railway.
2d wk Nov 3,279,503 4,030,484 145644 419 170983824
Ala Great South. September
759,082 1.082,064
6,966,910 8,446,324
Cin N O & Tex P. September
1,354,025 2,099.726 12,921,233 15.331,455
Georgia Sou & Fla September
361.839
429,530
3,351,486 3.917,979
New Orl & Nor E_ September
752.871
4,774.003
507,015
5,772,237
Northern Ala
September
70,644
109,646
643,355
1,105,092
Spokane Internat.
September
119,124
139,751
976,464
1,140,196
Spok Portl & Seattle September
839,945
892,722
5,712,998 6,666,525
Staten Island R T._ September
229.099
1,910,463
222,331
1,767,475
Tenn Ala & Georgia 2d wk Nov
2,768
2,618
111,591
163,282
Tennessee Central
September
1,770.222
210,416
280,242
2,162,116
TermRRAssnofStL September
471.893 3,304.807
389,551
3,389,511
St L Mer Bdge T_ September
478,239 2,663,256 3,024,281
325,191
Texas & Pacific
2d wk Nov
687,991
920,583 30.835.092 35.673,396
Toledo St L& West. September
791,319 1,140,298, 6,773,809 8,622,711
Ulster & Delaware.. September
157,603
175,6611 1,341,989 1,101,494
Union Pacific
September 12759483 14455947 82.790.882 93,490,064
Total system
October
21677776 22418216 152051910 173106958
Oregon Short Line September 4,197,306 4,393,412 25,977,986 32,667.974
Ore-Wash RR &N September
3,075,125 2,992.974 21,605,265 24,530,702
Union RR (Penn)
753,784 1,271,196 7,294,318
September
7.504,111
Utah
131.763
184,020i
853,241
September
1,400,044
Vicks Shrev & Pac
355,718
468,8341 3,077,832 3,429,163
September
Virginian Railroad. September 1,271,709 2,016,493 13,866,537 12,515,313
Wabash Railroad._ September 5.259,295!6,307,148 44,361,073 42.859.254
Western Maryland. 2d wk Nov
282,7691 -508,932 15,451,827t 16,463.492
Western Pacific
September 1,281.436 1,856,638 9,093,09041.667,819
Western Ry of Ala.. September
241.906!
256,282
1.879,648i 2,083,187
Wheel & Lake Erie. September
1,358.446 2,022.020 11,166.805112.475,415
Wichita Falls & NW September
223,879
230,737
2.138.002' 2,007,126
Yazoo & Miss Valley September
1,799.067 2.162,055 14.879,952 21,792,654
—
_
__
_
_
_
__
AGGREGATE OF GROSS EARNINGS—Weekly and Monthly.
*
Current
1st
week
2d
week Sept
(17 roads).
3d
week Sept
4th week 8ept
1st week Oct
(18 roads).
2d
3d
week
Sept (18 roads).
Oct
week Oct
(11 roads).
(10 roads).
(14 roads).
(19 roads).
4th week
Oct
(17 roads).
1st
week
Nov
2d
week
Nov
(17 roads).
(19 roads).
Previous
Year.
Year.
Decrease.
$
Weekly Summaries.
$
14.508,570
14.895,215
15,663,906
17,524,098
13,041.475
15,823.655
17,060.029
23,344,095
15,986.608
15,831,129
16,462.977
17,296.330
17,499,614
20.690.651
15.630,831
Increase
Current
or
—1,954,407
—2.401,115
—1.835,708
—3,166,553
*Monthly Summaries.
%
Curr.Yr.
Mileage.
11.87
December- ..229,422
13.88
10.49
January
February
15.30
—2,589,356 16.57
18,943,662
19,908,919
—3.120.007 16.47
—2.848,890 14.31
26.628,203
18,530,260
19,577,819
—3,284,108 12.33
—2,543,652 13.73
—3,746,690 19.14
—
March
April
May
June
_
..232,492
..235,653
..234,832
..220,340
..235.333
..235,208
..230,991
July
..233,815
August
September ..235,155
Prev.Yr.
Previous
Year.
Year.
Decrease.
$
%
$
539 ,197.615 443,124 176
469 ,784,542 503,011 129
405 ,001,273 424.172 348
456 .978,940 458,462 330
219.743,411 ,279,831 381,112 844
234.916 444 ,028.885 457,243 216
235.059 460 .582,512 494,164, 607
228,134
231,513
234,510
233,839
Increase
or
%
+96.073, 439 21.68
—33,226 ,587
6.60
—19,171 075
4.52
—1,483 ,390 00.32
+30.166 ,987
7.91
—13.214 ,331
2.89
—33,582 ,095 6.79
230.410 460 ,989,697 527,396, 813 —66,407, 116 12.69
233,067 504 ,599.664 554,718, 882 —50,119 ,218
9.03
234,559 496 ,784,097 617,537 676 -120,753 ,579 19.55
Xov. 26
Weeks.—In the table which
separately the earnings for the second week
The table covers 19 roads and shows 19.14%
Latest Gross Earnings by
follows
we sum
Latest Gross Earnings.
decrease in the aggregate from
or
Current
Company.
Month.
Year.
the same week last year.
S
Increase.
1920.
1921.
of November.
Decrease.
$
124,705
122,477
538,980
266,829;
2,572,439 2,880,563
4,726,0001 5,677,000
744,258
539,568'
83,723 ;>■
99,431
Buffalo Rochester & Pittsburgh
Colorado & Southern
Duluth South Shore & Atl
534,508
13,556
398,883
361,769
531,919
3,279,503
______
2,523,463
2,462
381,957
_
Canadian National Rys
Canadian Pacific
2,228
272,151
308,124
951,000
204,690
15,708
1,988,955
Ann Arbor
401,298
713,065
4,030,484
2,618
920,583
508,932
Grand Trunk of Canada._^___
Grand
Trunk
Western.
_
Detroit Grand Haven & Mil
Canada Atlantic
Mineral
.
.
_
.
Range
Iowa Central
1
/
Mobile & Ohio
_______
Minneapolis & St. Louis
St. Louis Southwestern
Southern
______
Railway
_______
Tennessee Alabama & Georgia
Texas & Pacific
2,768
_
687,991
282,769
_____
Western Maryland
Total (19 roads)___
,
16,926
39,529
181,146
750,981
150
232,592
226,163
150 3,746,840
15,831,129 19,577,819
—
11,094
13,746,690
Net decrease (19.14%)-.-..---
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
reported this week:
^-./v.' ';.-v > ^Mv4-''.V
-Net
—Neif rom Railway—•
—-Gj as from Railway—
1921.
1920.
after Taxes—•
1921.
1920.
1621.
s
$
5
.
;•
1920.
%
Delaware Lackawanna & Western RR—
Octeber
7,548,162
From Jan 0 72,430,085
1508,388
8,835,932
66,473,398
1,135,017
10,882,325
898,860
2,248,367
15,023,480
"
1,863,813
Illinois Central System—
October ...16,096,961 16,713,039 z3,515,514 x2,655,316
From Jan 1 135926186 142541259*23,341,208 *9,256,162
Railroad Co—
Montour
October
7,816
877
224,392
1,230,134
From Jan 1
1,874,792
>
121,680
1,308,530
___
25,818
5,296
—71,806
-32,531
23
,*307
—96,452
New York Ontario & Western—
___
'
From Jan 1
98,452
1,467,371
1,145,361
10820,552
1,112,052
12,055,548
57,511
-133,687
Southern Pacific System—
October ...26,532,230
From Jan 1 227333,284
7,919,856
6,293,341
7,511,643
29,617,897 9,392,920
230609,453 51,734,336 30,793,136 39,224,074 17,920,967
Union Pacific System—
/
October ___21,677,776
7,010,131
7,020,422
7,616,573
22,418.216
8,187,980
173106,958 42,319,097 44.935,437 32,285,655 34,093,675
From Jan 1 152051,910
revenues
Net After
Other
Gross
Fixed
Balance,
Earnings.
Taxes.
Income.
Income..
Charges.
Surplus.
$
—
uncollectible
Gross
Includes
*
S
$
S
Deficit.
$
Cuba Railroad Co—
Sept 1921__
76,757
11,820
Sept 1920..
138,639
10.245
225,576
30,367
37,890
'
132,272
116,028
390,493
352,411
88,577
128,394
255,943
191,062
766,419
1,194,589
Sept 30'21* 2,482,381
Sept 30 '20* 3,436,375
153,172
Ferrocarril de Camaguey y
Sept 1921__
Sept 1920..
Sept 30 '21*
Sept 30 '20*
*
104,046
140,629
278,497
434,440
Nuevitas—
46,066
2,615
95,484
232
—43,695
112,366
—134,550
—161,349
335
2,696
95,819
46,066
2,696
95,819
352
584
584
46,066
81
For three months period.
ELECTRIC
AND
RAILWAY
PUBLIC
Latest Gross Earnings.
UTILITY COS.
Jan.
1 to Latest Date.
Name of Road
or
Current
Company.
Year.
Month.
Previous
Year
Current
Previous
Year.
Year,
$
3,435.310 3.395.919
435,405
398,497
3,253.097
3,508,808
394,420
375,947
2029,144 1897,863 *24788057 *19924461
1,962,486
220,533 233,476 2,207,557
1.002,767
908,729
84,146
105,295
*747.103
*853.640
79.088
77.234
171,907
175,888
19,512
21,582
122,586
110,863 *1,398.263 *1,212,172
3164,126 2910,418 27.032,902 22,972,222
341,459
411,194
38,558
44,489
532.792
50.626
506,489
62,962
519.767
655.013
87,174
73,389
2,376,668
2.605.510
274,147
321,297
14471000 12043000 125891000 96,665.000
456,968
505,239
62,332
59,478
126.359
124,601 *1,661,085 *1,490,696
359,635
382.644
45,506
41,867
118,842
113,949 *1,351,095 *1.284,060
973,873 1979,787 *14860151 *24300019
729,739
709,016
69,054
82,421
641,169
62.221
684,282
69,443
532.409
71.663
83,369
524,154
77,496
95,321 *1,084.344 *1,084,101
156,980
1,043,169
1,156,861
127,280
2511,572 2653,562 23,105.161 22,832,246
1,077.823
133,849
1,090,255
128,214
1114,844 1209.032 10,379.951 10,311.451
278,381
270,660 *3,252.062 *3.042.703
311.891
2,993.783
2,649.426
301,256
2070,123 2009,547 18,848,999 17,483,765
1,444.471
1.340,580
143,220
153,664
Adirondack Pow & Lt September
Alabama Power Co.. October
aAmer Pow & Lt Co. September
Appalachian Pow Co.
October
Arkansas Lt & Power October
Asheville Pr & Lt Co. August
Ry
September
Bangor Ry & Elec Co September
Atlantic Shore
ikBarcelona Trac,L&P September
Baton Rouge Elec Co September
Valley Tract. September
Bing'n L, H & P Co. September
Blackstone V G & El_ September
/Brazilian TrL&P,Ltd September
Cape Breton Elec Co. September
Beaver
Carolina Pr & Lt Co. August
September
Chattanooga Rv & Lt September
Cent Miss Vail Elec Co
Cities
Service Co
Citizens Trac & Subs.
October
September
City Gas Co, Norfolk September
Cleve Painesv & East August
September
September
September
September
September
September
Dayton Pow & Lt Co. September
Detroit Edison Co
October
Duluth-Sup Trac Co. September
Duquesne Lt Co subs
lignt and power cos September
E St Louis & Suburb- September
East Texas Elec Co_. September
East'n Shore Gas & El September
Eastern Texas El Co. July
Edison El 111 of Brock September
1234,313 1313,476 11,983.942 10,843.340
287,201
397,536 2,844,132 3,081,527
1,187,625
144,707
135,464
1.270,410
362,778
372,249
46,003
43,571
999.348
897,782
138.389
140,089
974,066
900.955
101,260
105,138
Elec Lt & Pow Co of
32.091
Abington & Rockl'd September
September
& Subs. September
Fall River Gas Works August
El Paso Electric Co..
Erie Light Co
.
t
33.544
251.622
192.253
67,740
86.594
160,216
108,544
73,780
370,366
1,711,006
725,706
653,054
3,549,140
273,344
1,718,287
341,143
986,598 1049,362
2,820,808
8.392.207
570,380
149,112
5,987,883
1,247,782
Federal Lt & Trac Co September
Ft Worth Pow & Lt__ September
280,565
218.038
Galv-Houston Elec Co September
Gen G & E & Sub Cos September
Great Western Power October
299,008
September
Harrisburg Ry Co
Havana Elec Ry & Lt September
Haverhill Gas Lt Go. September
567,720
128,938
1049.174
961,934
51.666
37,560
9.504,071
7,461,105
265,769
1,383,420
875.415
Year
u
$
•
73,069
781,737
51,742
23,390
401,150
190,363
693,992
387,475 1
240,912
Philadelphia Co and
Natural
473.670
49,978
Gas Cos__ September
September
October
PortlandRy,Lt&Pow September
Puget Sd Pow & Lt Co September
Reading Tran & LtCo
& Subsidiaries
September
Republic Ry & Lt Co. September
Richmond Lt & RR__ August
Rutland Ry, L & PCo September
Sandusky Gas & EICo September
Sayre Electric Co
September
Second Avenue
August
17th St Incl Plane Co September
Sierra Pacific Elec Co September
South'nCal Edison Co September
South Can Power Co_ August
/Southwest P & Lt Co September
Tampa Electric Co__ September
September
Tennessee Ry, L & P_ September
Texas Electric Ry
October
Texas Power & Light. September
Third Avenue System. September
Twin City R T Co... October
United Gas & El Corp September
Utah Power & Light. September
I Utah Securities Corp September
Verm't Hydro-ElOorp September
Virginian Ry & Power September
Winnipeg Electric Ry September
Yadkin River Pr Co.. August
Youngst'n & Ohio Riv September
Tennessee Power Co.
941.974
149.394
7,526.763 10,985,848
818.281
1,327,073
665,552
678,025
76,666
3619,961 3336,547 35,131,599 31,191,066
*699.637
75.208
♦785.882
81.586
261,748 224,247 2.604.507
1.857.153
783,257 810,923 7,403,992 6,931,805
763,497 816,561 7,403,878 7.256.154
74.360
Phila Rap Transit Co October
Pine Bluff Co
August
Portland Gas & Coke. September
245,650
535,306
77,815
54,758
47,062
14,956
95,213
4,169
75,807
1604,682
66,539
854,574
142,275
193,393
261,152 2,243,832 2,272,094
721,031 *7.727,959 *7,905,420
450,750
81,403
411,649
413,885
414,858
59,581
513,573
492.311
61,243
116,780
139.448
15,999
546,624
652,542
91.774
32,699
4,259
33,902
580,442
654,658
63,971
1544,388 16,332,108 13.398,883
60.187
*10214016 *8,310,379
549,216
842,916
116,205
208.192
513,370
291,853
377,017 *3,005,842
1,284,749
1,772,082
4,891,119
442,214
460,053 *6,166,212
1196,251 1159.323 10,863,662
1,006,792
1,808.714
4,735,311
*3,454,849
*4,331,004
9,124,332
10,549,694
1146,478 1177,112 II,485,516
886,002 861,470 *11004485 *10312121
563,137 536,8/6 4.973,539 4.782.962
697.476 696.550 *8.767,908 *8,163,433
415,889
53,808
368,742
52,449
837,153 867,210 7.609,054 7,229,211
428,368 426,647 4,096,026 3,832,716
♦782,643
69,260 *1,032,376
92,180
456,917
416,340
48,410
62,413
a The Brooklyn City RR. is no longer part of the Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. has been operated by its owners
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
eased 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 and Traction Co. d In¬
cludes
all
sources,
e Includes
constituent or subsidiary companies.
Earnings given in milreis.
g Subsidiary cos, only,
h Includes Tennessee
Railway, Light & Power Co., the Nashville
Railway & Light Co., the
Tennessee Power Co. and the Chattanooga
Railway & Light Co.
i IDdudes both subway and elevated lines,
j Of Abington & Rockland (Mass.).
k Given in pesetas.
I These were the earnings from operation of the proper¬
ties of subsidiary companies.
* Twelve months ended July 31. t Started
operations April 1 1921.
Electric Railway
and Other Public Utility Net Earn¬
ings.—The following table gives the returns of
ELECTRIC
public utility gross and net earnings with
charges and surplus reported this week:
railway and other
Gross Earnings
en
Net Earnings
Previous
Current
^
.
Previous
Current
Year.
Companies.
Year.
Year.
Co._
Oct
375,947
'20 to Oct 31 '21.. 4,488,209
Alabama Power
Nov
1
Gross
Earnings.
$
394,420
3,990,487
Net
after
Taxes.
8
Year.
194,689
2,329,817
Fixed'
Charges.
161,682
2,063,750
Balance,
Surplus.
^
—
14,742"
_
2,006
Oct '21
'20
Traction Co
10 mos end Oct 31 '21
'20
140,877
154,513
1,481,457
1,598,985
*16,748
114,726
0167,795
*219,144
14,742
145,805
145,723
Oct '21
567,720
570,380
7,423,934
6,210,118
355,387
309,069
4,717,235
3,381,679
2,848.244
2,415,883
128,938
149,112
1,247.782
1,314,011
632,113
41,170
—9,057
656,951
40,570
370.534
365,134
16,381
—2,518
124,236
13,419
14,046
137,197
140,370
14,899
9,497
141,782
99,103
410,223
410,209
338.326
3,589,400
2.947,726
3,407,168
71,897
68,923
182,232
—457,175
Duluth-Superior
Great Western
'20
Power Co
12 mos ending Oct
31
'21
'20
Harrisburg Ry Co
Sept '21
'20
9 mos ending Sept
30 '21
'20
560.850
3,336.290
1,781.267
2.779,000
8,159.649
5,107,898
1,314,011
8,312.326
6,594,845
Previou.s
Year.
"
.
Colorado Power
Columbus Electric
Com'w'th P, Ry & Lt
Connecticut Pow Co.
Consumers Power Co
Cumb County P & Lt
1 to Latest Date.
Current
909,702 866,219 8,649,128 7,450,436
71,510
119,633
Huntington Dev & Gas September
780,477
1,163,948
Idaho Power Co
248,723
September
258,412
1,748,849 1,767,113
Illinois Traction Co__ September 1831,753 1756,543 16,195,370 15,045,172
Interboro R T System August
4039,132 4032,389
Keokuk Electric Co__ September
33.642
31,436
275,377
"257",767
140,690
145,592 1.437,812
Keystone Teleph Co. October
1,444,196
21,466
19,581
Key West Electric Co September
196,748
191,349
Lake 8h Elec Ry Syst August
247,331
332,896 1,760.225 2,251,838
258 952
41,716
Long Island Electric. August
37,712
227,903
Lowell Elec Lt Corp. September
95,602
847.625
107,110
958,723
Manhat Bdge 3c Line August
23,477
23,778
189.857
178,647
Manhattan & Queens August
30,619
10,079
222,159
162,190
t Market Street Ry
774,699
4,679,962
September
230,360 245",266
I.960,793 2,013/566
Metropolitan Edison. September
Milw Elec Ry & Lt Co September 1437,813 1661,650 *18579477 *18040127
Miss River Power Co_ September
238,092 244,787
2,049,596 2,002,400
Munic Serv Co & Sub September
196,646 224,234 *2,550,279 *2,362,609
N ashville Ry & Lt Co September
321,832 279,189 2,839,077 2,706,496
Nebraska Power Co
229,733 2,291,007
264,014
2,067,422
September
Nevada-Calif Edison. September
280,584 291.191 2,483,652 2,377,551
44.751
New Jersey Pow & Lt September
44,634
335,539
327,989
201,619 246,368
1,835,565
1,824,584
Newp N & H Ry G & E September
New York Dock Co.. October
386,801
529,665 4,720,520 4,816,144
59,503
N Y & Long Island._ August
55,238
397,975
348,950
N Y & Queens County August
112,930
113,568
848,523
780,176
397.975
N Y & Long Island.. August
59,503
55,238
348,950
6New York Railways. August
835,716 807,303 6,375,412 5,483,374
650.381
93,993
796,400
99,176
6Eighth Avenue
August
b Ninth Avenue
42,885
359,445
242,129
37.773
August
112.930
N Y & Queens County August
848,523
113,568
780,176
89,008
96,473
828,223
748,479
No Caro Pub Serv Co September
660.887
Nor'n Ohio Elec Corp September
911,603 6,461,435 8,409,035
43,550
355.447
Northw Ohio Ry & P September
57,946
347,261
North Texas Elec Co. September
275,320 324,698 2.692,400 2.906.961
224,219
55,449
48,548
187,330
Ocean Electric
August
Pacific Gas & Electric September 3191,864 3139,875 *28238142 25,605,677
Pacific Pow & Lt Co. September
266,902 246.813
2.197,584 1,911,379
387,982
Paducah Electric Co_ September
40,830
355,363
44,524
Penn Cent Lt & Pow_ September
193,018 205,899 *2,377,018 *2,202,264
Penn Edis & Sub Cos September
207,980 217,311
1,750,213 1,617,332
818,179 668,009 *9,438,791
7,668,771
Pennsylv Pr & Lt Co. August
Phila & Western
28,437,560 38,463,953
7,117,814 7,241,266
From Jan 1 268461,145 306273,642 53,478,481 16,608,553
October
October
Houghton Co El Lt Go September
Houghton Co Trac
September
Hudson & Manhattan October
Philadelphia Oil Co
N Y Central RR—
Previous
Year.
81.359
43,809
15,615
Honolulu R T & Land October
Second Week
Jan.
Name of Road
up
of November.
2305
THE CHRONICLE
1921.]
Honolulu Rapid
Oct '21
'20
Transit & Land Co
10 mos ending Oct 31
'21
*20
Hudson & Manhattan RR Co
Oct '21
10 mos ending Oct 31
El
'20
'21
'20
—
81,359
73,069
781,737
693,992
909,702
866,219
8,649,128
7,450,436
6368,016
6489,370
28,318
23,543
278,979
239,473
249,356
118,527
341.286
3.404,901
16
21,990
73,421
106,031
90,542
1,868,991
965,796
2306
THE
Gross
Shore
Elec
Fixed
Taxes.
Charges.
$
Lake
Net after
Earnings.
$
CHRONICLE
$
Balance,
Surplus.
trackage, 80), the
ent time are
49,687
83,066
365,707
660,760
34,691
35,179
315,441
316,628
6186.520
386,801
6196,826
529,665
4,720,520 62,038,832
4,816,144 61.748,663
121,122
93,635
1,219,047
938,217
631,559
628,367
6264,706
6264,740
13,184
14,785
154,584
147,132
110,122
117,608
Oct '21
Philadelphia
3,619,961 £1,104,074
Rapid Transit
'20
£771,630
3,336,547
10 "mos ending Oct 31 '21 35,131,599 *9,453,377
816,879
819.815
8,185,640
8.176,658
80.06 Long Fork Railway Co
25.00
Staten Isl. Rap. Tran. Ry. Co. 23.54
Morgant'n & Kingw. RR. Co. 48.71
Sandy Val. & Elkhorn Ry. Co. 31.76
Total operated mileage
209.07
Corporate Income for the Year 1920.—The income of the
company for the
year 1920 includes (a) the compensation accrued under
contract with the
65.398
103,191
819,785
810,446
287,195
48,185
1,267,737
418,356
219,200
293,950
1,979,426
2,550,788
'20
9
mos
end Sept 30 *21
'20
New York
Oct '21
'20
10
<
mos
ending Oct 31 '21
'20
Philadelphia &
Oct '21
Western Ry Co
'20
10 mos ending Oct 31 '21
74,360
76,666
678,025
'20
665,552
'20 31,191,066
Southern
Oct '21
mos
£34,382
£24,344
£632,454
£464,252
23,962
18,154
258,655
216,731
10,420
6,190
373,801
247,521
291,853
3,454,849
132,095
158,037
1,230,955
1,427,325
39,384
39,045
475,518
473,091
92,711
118,992
755,437
954,234
1,146,478
1,177,112
ending Oct 31 '21 11,485,516
'20 10,549,694
230,203
291,854
2,393,266
2,766,260
198.816
1,937,795
1,881,108
31,387
101.428
455,471
885,152
'20
ending Oct 31 *21
'20
Texas Electric Ry
12
mos
Twin
Oct '21
'20
ending Oct 31 '21
'20
City Rapid
mos
3,005,842
Oct '21
Transit Co
10
377,017
'20
Deficit,
b Net earnings
190,426
—
£
here given
are
Director-General
of Railroads for January and February
1920, $4,803,696;
(b) the income accruing to the company for the period March
1 to Aug. 31
the "guaranty" provision of the
Transporation Act of 1920,
1920, under
t15,189,722; (c)31 1920, during which time the of the company for the by the
the railway operating income property
period
ept. 1 to Dec.
operated
18.375
13.582
192,221
189,748
2,837,576
2,531,460
Utilities Co
12
£7,758,302
before deducting taxes,
After allowing for other income received.
company owns the following railroads, which at the
pres¬
separately operated, viz. (showing main track):
B. & O. Chic. Term. RR. Co..
14,996
47,887
50,266
344,132
Sept '21
[Vol. 113.
was
company for its own account, $6,977,754; a total of
$26,971,173, against
have been charged war taxes and certain
corporate expenses not
chargeable to the United States aggregating
$536,877, leaving net income
for the year to the company from
property used in transportation service of
which
$26,434,295, compared with $27,045,298
accrued during the year 1919, or
decrease of $611,003.
The company also received income from
rents, dividends, interest and
sources for the year amounting to
$5,399,858, an increase
over the year 1919 of
$178,439, making total income from all sources of
a
miscellaneous
$31,834,154..
Deductions from income for rents, interest and other charges
amounted
$24,588,673, a net increase of $901,978 over 1919.
There was an
of $1,475,810 in interest
charges for the year, due principally
to interest accruing on
$17,578,500 6% Serial notes given the DirectorGeneral of Railroads in payment for allocated
equipment, and also on a note
of $9,000,000 in favor of the
Director-General of Railroads in anticipation
of final settlement of all accounts
arising out of Federal control.
From the net corporate income of $7,245,481 shown in the
surplus account
there was appropriated for sinking and other reserve
funds $3,517,573,
included in which is $3,500,000 set apart under the
provisions of the inden¬
ture securing the company's issue of
$35,000,000 10-Year Secured bonds
of July 1 1919, and
applied in retirement at maturity of long-term debt
outstanding.
Dividends on the Preferred stock at the rate of
4% per annum were
declared during the year.
to
increase
Operations.—Freight
Annual, &c., Reports.—The following is
This
index,
which
is
given
monthly,
Steam Roads—
Page.
Central of Georgia Ry. Co
.2075
Cincln. New Orl. <fc Tex. Pacific Ry_2180
New Orl. & Northeastern
RR.1979, 2076
Southern
Electric
Railway...
Railways—
..1983
an
index to all
does
include
not
Industrial Companies (Continued) Page'
International Cement Corp
2190
International Motor Truck
2085
Corp
International Nickel Co..
Invincible Oil Corp
2085
Island Oil & Transport Corp
2085
2190
Kayser (Julius) & Co
Manufacturers Light
Interborough Rapid Transit Co
Michigan United Rys. Co....
Minneapolis St. Ry
Merclxants & Miners Transport. Co. 1988
.2185
Portland Ry. Light & Power Co
2080
Republic Railways & Light Co.
Third Ave. Rys. Co., New York
United Light & Railways
1983
1982
1979
1984
Utah Power & Light Co
Western Ohio Ry
2081
2186
Industrial Companies—
Co
.....1985
Allls-Chalmers Mfg. Co
2082
American Cotton Oil Co
1980
American Hide & Leather Co...
1985
American Light & Traction
2181
Amer. Linen Co., Fall
River, Mass.2C82
American Railway Express Co
American Type Founders Co
American
Water
Works
&
...1979
1981
Electric
Co., Inc
American Zinc, Lead &
Smelting Co. 2188
Bayuk Brothers, Inc.
......2082
Carbon Steel Co.,
Pittsburgh
2077
Central Aguirre Sugar Co
Charcoal Iron Co. of America
2083
2181
Co., Houghton,
2083
Cities Service Co
Coca-Cola Co
1988, 2077
Co.,
Heat
2190
Mergenthaler Linotype Co
Midvale Steel & Ordnance Co.
2191
1989
Morgan Engineering Co., Alliance O.2086
National Leather Co., Boston
2191
New Jersey Zinc Co
1989
New York Telephone Co
2191
Nipissing Mines Co
2192
North American Light & Power Co.
1986
1986
...
Consumers' Gas Co. of Toronto
Crucible Steel Co. of America
2181
2086
Ohio Fuel Supply Co
;
Owens Bottle Co. & Sub. Cos
Pacific Oil Co....
....1989
1989
1989
Packard Motor Car Co
Pan-American
2086, 2180
Petroleum
&
Trans¬
port Co
1989, 2077
Panhandle Producing &
Refining Co. 2181
Parker Mills & Hargraves
Mills, Fall
River,
2082
Chief Consol.
Mining
Mich
&
Pittsburgh
(of Maine)
Air Reduction
Paraffine
Mass...
2086
Companies, Inc
2192
Penn Seaboard Steel
Corp
1989
Pierce-Arrow Motor Car Co.......1989
Pittsburgh Plate Glass Co.....
Pittsburgh Steel Co
2182
1989
Pond Creek Coal Co
...2192
Puget Sound Telephone Co.,
Everett,
Wash
2087
Republic Motor Truck Co
1990
Sherwin-Williams Co., Cleveland...2193
(A. O.) Smith Corp., Milwaukee
2193
2076
South Porto Rico Sugar Co
Players-Lasky Corp
2189
Federal Motor Truck Co
General American Tank Car
Stewart-Warner Speedometer Corp.2193
2189
Streets Co., Chicago...
Studebaker Corp., South
Famous
Goodyear Tire
& Rubber
Corp. 2077
Co., Akron
2084, 2189
„
Goodyear Tire & Rubber Co. of
Canada, Ltd...
2085, 2189
Great Western Power System.
1987
Gulf Oil
2085
Virginia Iron, Coal & Coke Co
Wilmington.. 1987
International Cement
Corp...2085, 2190
Baltimore
&
1981
...2088
Mining Co. 1991
2088
Wlckwlro-Spencer Steel Corp___...1991
Ohio
Railroad.
(95th Annual Report—Year ended Dec. 31
Pres. Daniel
1990
Union Oil Co. of Delaware
United Gas & Electric Corp
United Verde Extension
2181
2077
Bend, Ind.1980
Taylor-Wharton Iron & Steel Co
1990
TideWater Oil Co., N. Y. CIty.1980, 2076
Tobacco Products Corporation..
2088
Triangle Film Corp, N. Y. City....1981
2085
Corporation
Gulf States Steel Co
Hartford Electric Light Co
Hercules Powder Co.,
1920.)
Willard, Baltimore, Nov. 17, wrote in subst.:
Operations.—At 12:01
a.
m.
March 1 1920 the
property was released
and the company resumed the
operation thereof.
company and its subsidiary
companies, however, for the period of 6
months March 1 to Aug. 31
1920, inclusive, accepted the Federal guaranty
of railway
operating income equal to one-half of the
annual compensation
as provided for in the
Act of March 21
1918, or stipulated in the contract
with the
from
Federal
control
1 he
Director-General,
or
of the increases authorized
published at length.
Brazilian Trac, Lt. & Pr. Co., Ltd..2182
Commonwealth Pr. Ry. 4 Light Co. 1982
Connecticut Light & Power Co
2083
2185
revenue
tons,
mile,
annual and other reports of steam railroads, street
railways
and miscellaneous companies published since Nov. 5.
reports in to-day's "Chronicle."
Full-face figures indicate reports
revenues for 1920 increased $45,907,777, or
33.56%.
freight carried was 101,924,520 tons, an increase of 13,062,272
14.70% over 1919, and produced 20,932,667,112 revenue tons one
an increase of 3,729,074,809 tons one mile, or
21.68%.
Revenue
traffic density is indicated by 4,060,504 tons one mile
per mile of road, an
increase over the preceding year of 722,328, or 21.64
%.
The average earning per revenue ton per mile was
0.873 cts., an increase
of .078 cts., or 9.81 %.
The increase in the rate per ton per mile is mainly
due to increases in freight rates authorized by the I.-S. C.
Commission,
effective Aug. 26 1920.
Owing to opposition of some of the State authori¬
ties with respect to rate increases on intra-State
business, the full benefit
The
FINANCIAL REPORTS.
any deficit to be made up
by the Government.
Commencing with Sept. 1 1920 and continuing
thereafter, the property has
been
operated by the company wholly upon its own
responsibility.
During Federal control operating costs
had been largely increased by
reason of advanced
prices of all materials and supplies and
higher rates of
pay granted employees from time to
time, and while some increases had been
made.in the rat,es and charges for transportation, such increases were not
sufficient to maintain the revenue in
proper relation to the expenses.
This
maladjustment still existed when the roads were
released from Federal
control on March 1 1920.
Prices of materials and
supplies continued to
advance after the termination of
Federal control, reaching the maximum in
June or July 1920.
Because of the unusual foreign
demand, and strong competitive market,
prices of fuel coal were exceptionally high,
especially in the Eastern district.
in the operation of the
property for the year 1920, the
expenses reflect
Jan.
1
realized until after
The revenue per passenger per mile for the year was
2.0941 cts., an
increase of .0383 cents, or 14.97%, which increase is accounted for
by the
increase in passenger rates authorized by the I.-S. C. Commission to
become
effective Aug. 26 1920, but as in the case of freight
rates, the increase in
intra-State passenger rates was suspended by some of the State
authorities,
and did not become fully effective until
early in 1921.
Mail revenues for the year are shown as
$4,337,352, an increase over 1919
of $2,860,087, or 193.61%, but this large increase is due in
part to the in¬
clusion in the figures for 1920 of $2,104,681, representing additional al¬
lowances by the Government for the years 1916 to 1919,
inclusive, following
a
decision of the Commission.
Eliminating this adjustment the increase
for 1920 over 1919 in mail revenues is
$755,406, or 51.14%, due partly to
increased rates for this service.
Express revenue decreased $156,190, or 3.24%; other transportation
in which is included switching, increased $743,040, or 31.99%
and miscellaneous revenues, including earnings from
dining cars, storage,
revenue,
demurrage, &c., increased $510,348, or 9.32%.
Total operating revenues for the year were
$231,944,443, of which 78.77%
was from freight,
13.44% from passenger, 1.87% from mail, 2.01% from
express, and 3.91 % from all other revenues.
The increase in total revenues
over 1919 was $49,324,427, or
27.01%.
Increase in Expenses.—Expenditures for maintenance of way and struc¬
tures were $33,059,283, an increase over 1919 of
$6,890,537, or 26.33%,
and for maintenance of equipment $68,872,816, an increase of
$12,508,012,
or 22.19%.
Total maintenance expenditures constituted 45.02% of total
operating expenses and 43.94% of total operating revenues.
Transportation expenses were $113,804,109, an increase ef $34,076,768.
or 42.74%, over 1919, equal to
50.27% of total operating expenses, and
49.06% of total operating revenues.
Transportation train miles for the
year amounted to 40,118,806, an increase of 3,539,685 train miles, or
9.68%,
as against an increase of 21.68% in tons one mile and a decrease of
14.51%
in passengers one mile.
The revenue train load for 1920 averaged 873.33
tons, an increase of 26.25 tons, or 3.10%.
All other operating expenses amounted to
$10,663,100, an increase of
$2,575,958, or 31.85%, and constituted 4.71% of all operating expenses
and 4.61% of total revenues.
Total operating expenses for the year amounted to
$226,399,308, an in¬
crease of $56,051,276, or 32.90%.
The increase in expenses was due in
part to the increased business handled, but in large measure to the increased
cost of all materials which continued to advance until July 1920; to
fuel, the
prices for which continued high throughout the year; to the higher wages
established by the Director-General in the latter part of 1919, which
and passenger rates were made effective in the latter part of
August 1920,
and did not become fully effective until after the end of the
year, the award
of the Railroad Labor Board increasing wages was made retroactive to
May 1 1920.
Railway tax accruals were $6,977,934, an increase of $1,593,897 or
29.72%, and equipment rents increased $315,259, or 14.56%.
Balance Sheet.—There was added to property investment for transporta¬
tion service during the year 1920: For additions and betterments to road,
$6,663,384; for additions and betterments to equipment, $9,122,609; total
additions, $15,785,993; less transferred to other accounts, &c., $1,617,447;
net increase, $14,168,546.
The income for the year 1920 from property used
was
$26,434,295,
There
was
or
in transportation
to
subsidiaries, $2,221,732; (6) for transfers from other accounts, &c.,
$1,358,341.
Net increase, $3,580,073.
Total of all other investments
Dec. 31 1920, $83,388,711.
The increase of $72,483,836 in the grouping "current assets" is due
almost entirely to resumption of operations by the company after the ter¬
mination of Federal control, as is also the increase of $3,248,753 in the
,
,
„
grouping "unadjusted debits."
The increase in deferred assets arises
principally from transactions with the United States Government growing
out of operations of the Federal control and "guaranty" periods, a state¬
ment of which will be given hereinafter.
New Securities.—The following additional securities, aggregating at par
$31,855,076. were issued or assumed during the year 1920, and outstanding
Dec. 31 1920. offset by $4,264,396 securities retired, making the net increase
for the year in long term debt outstanding $27,590,680, viz.:
,
Total $31,855,076 New Obligations Outstanding.
Equipment
trust
of Jan.
15
1920,
for equipment
from Director-General
-
Seaboard Air Line Ry. Co. equipment
sumed in purchase of locomotives
trust
-
acquired
-T—----- —
Series
$696,136,979.
Separately Operated Lines.—In addition to the properties directly
operated,
aggregating 5,155 miles of first main track (owned,
4,924; leased, 151;
Equipment
S,
$17,578,500
as¬
Ten-year secured note in favor of Director-General
Fifteen-year secured note in favor of Treasurer ofU. S
and held for transportation service is
service
about 3.80% on such investment.
added to other investments (a) for acquisition of and advances
Rolling Stock.—The equipment of the property included in the
above mile¬
comprises: 2,638 locomotives, 95.780 freight train
cars, 1,317 passenger
train cars, 2,661 work equipment, 168 tug
boats, car floats and other float¬
ing equipment, and 9 motor trucks and
miscellaneous equipment.
The
investment of the company in this property and in
other property used in
age
were
effective for the entire twelve months of 1920; and to the 20% increase in
rates of pay granted by the Labor Board retroactive to May 1 of that
year.
In this connection it may again be noted that while the increases in freight
the full effect of the increased
basis of costs over the
year 1919
together
l 1920
while the
rates accrued only from
Aujj. 26 1920 and as a result the Increase in basis of operating expenses
during the year greatly exceeded the increase in basis of
operating revenues
Particularly during the period prior to Sept. 1 1920.
was not
decrease in the passengers carried one mile,
notwithstanding an increase in
the number of passengers carried, is explained
by the average distance
each passenger was carried, which was 41.82 miles in
1920, a decrease of 8.63
miles under 1919, or 17.11%.
with
the increase in rates of pay effective
from May
benefit of the increase in freight and other tariff
by the Commission
1921.
•Passenger revenue for 1920 was $31,183,371, a decrease as compared
with 1919 of $540,635, or 1.70%.
The number of passengers carried was
25,354,343, an increase of 772,567, or 3.14%, and the passengers carried
one mile totaled 1,060,218,486, a decrease of
179,926,389, or 14.51%.
The
Pur. mon. notes in
acquisition of Morgantown & Kingwood RR.
Miscellaneous
Securities
trust
Aggregating $4,264,396 Retired at Maturity.
obligations
S. & G. Ry. Co. First Mortgage
Miscellaneous
R.
576,576
9,000,000
3,000,000
1,500,000
200,009
bonds
$3,776,000
361,000
127,396
Nov. 26
CHRONICLE
THE
1921.]
obligations issued or assumed during the year,
nominally issued under authority of the Inter-State Commerce
and other governmental authority, the following securities,
aggregating at par value $13,002,100, which are held by or for account
of the company, viz.:
Refunding & General Mortgage bonds, Series "B," 6%:
For expenditures for add'ns & betterm'ts to way & structures$7,224,000
•"*
For refundment of an equal amount of Pitts. L. E. & W. Va.
system bonds issued in refundment of underlying bonds
362,000
Pitts. L. E. & W. Va. system 4% bonds, ref. underlying liens—
381,000
Toledo-Cincinnati Division First Lien Series "B" 5% bonds, for
In addition to outstanding
there
were
Commission
refundment of an
equal amount of Toledo & Cincinnati RR.
deposited as collateral security--.
5,000,000
35,100
-—
.
the company may be shown,
sheet $8,711,550 Pitts¬
burgh Junction & Middle Division bonds held for some years past as col¬
lateral to the issue of Pittsburgh Lake Erie & West Virginia system mort¬
gage.
This does not represent an increase in this issue of bonds but merely
In order that the total of bonds issued by
there has been added to both sides of the balance
a
restatement of the account.
We issued to the Director-General
6% equipment trust notes
500 (V. 110, p. 871, 922) in payment for 196 locomotives and
cars accepted by the company.
These notes are dated Jan.
for $17,578,2,900 freight
15 1920 and
payable in 15 annual installments of $1,171,900 each.
»
on Dec. 1 1920, the company acquired the leasehold interest of
Seaboard Air Line Ry. Co. in 16 Mallet locomotives in part settle¬
ment for which the company assumed the payment of the proportionate
part of 6% equipment trust Series "S," outstanding.
The amount of the
outstanding obligations thus assumed is $576,576, and is payable in 14
semi-annual installments of $41,184 each, the last payment being due Dec. 1
1927 (V. 112, p. 2535).
,
In anticipation of final settlement of affairs arising out of Federal con¬
trol, the company has given the Director-General its 6% promissory note
for $9,000,000 dated March 1 1920, payable March 1 1930, and secured by
collateral (V. 112, p. 468).
The company alio received a loan from the U. S. Government of $3,000,000 to be expended for additions and betterments to way and struc¬
tures, as evidence of which the company gave its promissory note dated
Oct. 8 1920, payable in 15 years, or Oct. 8 1935, with interest at 6% per
annum, and secured by collateral.
(V. Ill, p. 1471, 1565.)
In the acquisition of the stock of the Morgantown & Kingwood RR. Co.
(V. 110, p. 969), the company gave its notes for $1,500.000 to the Bethle-.
hem Steel Co., payable in equal installments in three, four and five years
with interest at 3% per annum from Feb. 17 1922, at 4% from Feb. 17 1923,
and at 5% from Feb. 17 1924.
•
Accounts with 17. S. Govt.—Final settlement has not been effected with the
Government for the operations of the property during, the ''guaranty"
period, March 1 to Aug. 31 1920, nor \rith the Director-Genefal for the
Federal control, Jan. 1 1918 to Feb. 28 1920-
are
Effective
the
,
A
^
^
M
(1) Account with Government tinder "Guaranty" Provision of Transportation
Act of 1920 (carried in balance sheet under deferred assets):
Amount equal to one-half annual compensation due under
contract with Director-General—
$15,189,722
Deficit in net railway operating income
March 1 to Aug. 31
1920, as audited.—
—
As of
May 1 1920 the company purchased for $40,000 the entire capital
Bridge Company of Foxburg, which owned a railroad and highway
the Allegheny River at Foxburg, Pa.
The railroad portion of
this bridge has been used exclusively by your company for a number of
years on a car toll rental basis, and as it became necessary to rebuild the
stock of the
bridge
over
structure it
was deemed wise to own the property.
Your company has also acquired the outstanding interests in the Little
RR. Co. and the Bellington & Northern RR. Co., formerly
Kanawha
owned by the Little Kanawha Syndicate, and in which your company has
a one-fourth undivided interest.
General Remarks.—In the year much was done towards re-establishing
held
on
Co.
First & Ref. bonds
Miscellaneous issues
2307
the property the
character of service and the standards of physical main¬
tenance which existed prior to the war.
During Federal control the system
was so divided as to come under four different
Regional Directors.
In
order that
a
larger tonnage of coal could be moved
its rails, much of
operated through between St. Louis and Chicago in the West, and New
York in the East, were discontinued at Washington, which made it neces¬
for through passengers to change cars at that point, and resulted in
diverting through business from these trains.
In the ten months of the year during which the property was operated
under the jurisdiction of the company, the pre-war basis for maintenance of
way and structures was re-established, and some improvement made in
track conditions.
The freight car equipment, which was generally pooled
during Federal operation, had been permitted to deteriorate,particularly
during the last year of such operation.
Considerable work is still required
to restore it to proper standard.
Through passenger train service was re-established and the company was
enabled by earnest efforts to restore to its lines much of the high-class traffic
which had been diverted during Federal control.
The company during 1920 moved a larger volume of traffic, measured in
ton miles, than ever before in its entire history, the increase over the pre¬
vious high record being 15.4%.
It was clearly demonstrated during the
year 1920 that the railroads under private management can move not only
as much, but even more, business than they actually didjnove in the same
length of time under Federal control.
sary
.
corporate income and surplus account for years 1920 and 1919.
(Excluding operations of Federal control under Director-General.)
Guaranty
Corporate
Period
Period
March 1 to
Sept. 1 to,
"
Dec. 31 '20.
Aug. 31 '20.
Total 1920.
$
$
Railway operating
Railway operating
$
Total 1919.
$
106,053,773
112,209,881
93,940,970
Net'revs.from'railwayoper (def.) 6,156,113
11,100,027
4,943,913
2,323,006
12,743
1,463,778
322,746
5,397,304
revenues
expenses
Railway tax accruals,
3,074,298
22,185
Uncollectible railway revenues...
Equipment rents—net debit.
Joint
_
_
.
935,737
.
facility rents—net debit
199,994,743
82,840,943 195,050,830
118,101
Total charges to net revenues..
10,306,434
over
the higher grade traffic which the company had developed and enjoyed in
the past was diverted to other lines; passenger trains which had formerly
34,928
2,399,515
440,846
4,122,273
8,272,594
6,977,754 df.3,328,679
4,150,320
Railway operating income, .def .10,306,434
Deficit in ry. oper. income audited
Total audited in
-$25,496,156
"guaranty" period--—
And there has been advanced the company to Dec.
in
anticipation of settlement
31 1920,
during guaranty period charge¬
able to U. 8. Government
Net
Leaving balance due of—
10,306,434
10,306,434
14,000,000
-——
$11,496,156
—
railway operating income.
Income accrued and charged to United States:
6,977,754
....
This account includes only such items relating to the "guaranty" period
as were audited to Dec. 31
1920, and is subject to further changes and
Compensation
adjustment in final settlement with the Government.
Guaranteed income under Transportation Act of 1920...
(2) Accounts with Director-General for the Federal Control Period
(included in balance sheet under deferred assets and deferred liabilities):
(a) Open accounts—Due Director-General of Railroads, $29,963,841—
Corporate liabilities paid by Director-General..
$19,643,130
Revenues and expenses prior to Jan. 1 1918
7,545,653
2,775,058
Miscellaneous accounts
Due the Baltimore & Ohio RR. Co.,
over
by Director-General
Balance due Director-General in open
$992,575
accounts
(6) Capital accounts—Due Director-Gen. of RRs.. $23,674,052—
Advances for additions and betterments to road and equip.$23,674,052
Due the Baltimore & Ohio RR. Co., $13,333,990, viz.:
Road and equipment retired
L-_-_
$3,900,729
Deprec. accrued during Fed. control on equip, in service.9,433,261
—$10,340,062
therefore $11,332,637,
in part settlement of which amount there
has been given the DirectorGeneral the company's promissory note for $9,000,000, leaving balance
Due Director-General in capital accounts
The total due the Director-General of Railroads is
due
as
accounts pertaining to ma¬
terials and supplies which will be settled under provisions of the contract
with the Director-General.
No amounts have been accrued in these ac¬
counts for under-maintenance during Federal control, nor have any amounts
been taken into account for additional compensation and interest due from
or interest due to the Director-General.
The accounts with the DirectorGeneral are all subject to adjustment in final audit and settlement.
the foregoing there are open
Additions and Betterments.—Additions and betterments to
road for 1920
amounted to $6,663,384.
To relieve congested conditions in the
general office building at Balti¬
more, a commodious eight-story building was purchased on a favorable
basis and remodeled.
The facilities at Locust Point, Baltimore. Md., were
enlarged and rearranged to accommodate anticipated business incident to
increased commercial development, notably the large new sugar refinery
being erected by the American Sugar Refining Co., with estimated capacity
of 14,000 cars annually.
At Curtis Bay, Md., three additional mechanical
coal trimming machines were installed.
The work of renewing the main line bridge over the Allegheny River a t
Pittsburgh, Pa., was continued during the year.
The new structure was
placed in service on March 15 1921, replacing an old structure which had
seriously hampered operations in the congested Pittsburgh territory.
Full
double track operation with heavy power is now possible.
As part of the flood prevention project of the Miami Conservancy Dis¬
trict, the re-location of the company's tracks between North Dayton and
Tippecanoe City, Ohio, was completed in July 1920, having included the re¬
location of about ten miles of line to an elevation above the level of the floodretarding dams; at the same time the roadway was prepared for future
second
main track*
6,977,754
Director-
with
General of Railroads..:
4,803,697
15,189,722
28,031,147
19,993,419
26,971,173
536,877
28,031,147
28,031,147
985,848
in transportation service. 26,434,295
27,045,298
18,284
967,170
Total Income accrued and charged to United States...
Gross income from property used....
War taxes and corporate expenses chargeable to gross income
Net Income from property used
Income from lease of road
Dividend income
1,887,629
Income from funded securities..
1,610,652
288,360
51,404
11,839
15,246
949,284
108,732
251,635
1,900.192
1,613,576
340,807
31,763
10,184
31,834,153
32,266,717
340,760
475,979
339,877
430,474
240,470
215,365
19,640,622
1,044,827
111,747
1,663,313
Miscellaneous rent income
Miscellaneous non-operating
Separately
operated
122,711
441,808
physical property
properties—profit
Income from unfunded securities and accounts
Income from sinking and other reserve funds
Miscellaneous income..
Gross corporate income
Deductions from Gross Corporate Income—
Rent for leased roads
...
Miscellaneous rents
_
.
_
297,707
Miscellaneous tax accruals
737,098
Separately operated properties—loss...
21,960,591
Interest on unfunded debt
200,667
249.722
Miscellaneous income charges
Revenues and exp. applicable to period prior to Jan.
326,148
11918.
Total deductions from gross corporate income
24,588,673
23,686,695
7,245,481
8,580,022
2,354,531
2,354,531
(12)3,038,858
Net corporate income
Dividend on preferred stock (4%)
Dividend on Common stock...
Surplus after dividend
4,890,950
Note.—A further $3,500,000 was
[set aside out of income
3,186,633
in 1920 for the re¬
demption of debt.
TRAFFIC STATISTICS
1918.
1919.
5,155
operated
31.
YEARS ENDED DEC.
1920.
Miles
5,154
1917.
5,152
4,989
Operations—
Tons fr't car'd (rev. only)
101.924,520
88,862,248
95,346,229
93,516,882
Tons fr't carried 1 mile..20,932,667.000 17203,592,000 17032,281,000 18144.817,000
Av. rate per ton per mile.
0.873 cts.
0.795 cts.
0.763 cts.
0.591 cts.
Passengers carried
25,354,343
24,581,776
23,915,577
24,788,034
Passengers carried 1 mile.l,060,218,486 1,240,144,875 1,177,564,687
988,096,565
A v. rate per pass, per mile
2.095 cts.
2.941 cts.
2.558 cts.
2.622 cts.
Average train-load
(tons)
873
847
814
785
$2.0864
$2.0548
$2.0728
$1.2236
(revenue only)
Earns, per pass. tr. mile..
Earnings per freight train
mile (revenue only)
$7.6229
$6.7360
$6.2115
$4.6342
$44 992
$35,435
$34,020
$28,031
Gross earns, per mile, incl.
Building of a new double-track bridge at a higher level over the Miami
River at Lawrenceburg, Ind., was commenced in July 1920.
The original
bridge, which was carried out by a flood and an ice gorge in February 1918,
was not restored during Federal control, traffic being detoured for about
10 miles over foreign lines.
This improvement, to be completed during
1921, will cost about $2,200,000.
Six new bridges were completed during the year and work of renewing
bridges at other points is under way.
Automatic signal protection for 27.20 miles of double track and 11.60
miles of single track was installed, and signals over an additional 22.60
miles of double track are now under construction.
Additions and betterments to equipment during 1920 aggregated (net)
$9,122,609, viz.:
....
.
„
.
cars, &c.)
Adjustment in value of equipment
General of Railroads, &c
2,285,137
—
outside operations
.
OPERATING STATEMENT FOR
CALENDAR
YEARS.
[Property operated by U. S. RR. Administration from Jan. 1 1918 to Feb. 29 1920.]
Combined
1920.
*
Average mileage operated...
Operating Income—
5,155
Federal Results
1919.
5,153
1918.
5,151
Co.'s Results
1917.
4,989
$
$
$
...182,710,629 136,802,852 129.877,038 107,174,612
31,183,371
31,724,006
30,871,709
20.704,348
4,337,352
1,662,470
1,477,265
1,325,913
5,180,814
4,661,603
4,817,793
3,373,536
$
Freight..
Passenger
Mail
Express
allocated by Director-
1,835,879
Subsidiary Companies and Operations.—As of March 1 1920, the company
acquired the entire capital stock of the Morgantown & Kingwood RR. Co.,
a railroad extending from a connection with your road near Rowlesburg,
W. Va., to a connection with it at Morgantown, W. Va., 48.71 miles.
This line traverses a territory richly underlaid with bituminous coal, largely
owned and developed in the interest of the Bethlehem Steel Co., and also
reaches several important Industrial developments at Morgantown, W. Va.
The purchase price of the road as $1,500,000, subject to an outstanding
issue of $1,500,000 1st M. 5% bonds.
(V. 110, p. 765, 970.)
3,065,560
2,322,520
2,468,532
2,475,442
5,985,928
5,475,580
5,535,568
4,461,504
231,944,443
182,620,016
Maintenance of way <fe structures.
Equipment acquired (38 locomotives, 3,951 freight train cars,
53 passenger train cars and 16 work train cars)
__ .$13,243,625
Less—Equipment retired from service (53 locomotives, 2,707
freight train cars, 7 passenger train cars and 400 work train
contract
Interest on funded debt
of Dec. 31 1920 $2,332,637.
In addition to
under
Other corporate income:
$28,971,266—
$8,277,009
Agents' and conductors' balances Dec. 31 1917
9,639,381
Corporate assets collected and retained by Director-General 10,930,666
Corporate transactions handled through Federal accounts _ _
124,209
Cash taken
accrued
33,059,283
68,872,816
2,757,205
113,804,109
26,168,745
56,364,804
1,886,255
79,727,341
26,038,246
Maintenance of equipment
Traffic.....
1,713,030
1,351,052
6,222,630
4,868,371
18,536
1,097,111
4,211,500
Other transportation revenue
Revenue from sources other than
transportation
..
Total operating revenues
175,259,575 139,851,910
Operating Expenses—
Transportation
Miscellaneous
operations
General
Transportation for Invest.—Cr.*.
Total operating expenses
29,765
226,399,308 170,348.032
Ratio of expenses to earnings
(97.61%)
Net revenue from
5,545,135
railway
oper...
(93.28%)
12,271,984
49,286,380
1,979,542
79.344,095
23,283
15,022,561
27,100,361
2,505,266
59.315.842
930.204
3,248,486
29,054
161,933,591 108,093,666
(92.40%)
(77.29%)
13,325,984
31,758,244
THE
2308
f
246,456.395
Equipment
.i.
150,715,719
Subsidiary companies operated as constit. parts of the co.286,629,644
Misc. physical property held for transportation purposes4,409,141
Improvements to leased railway property-..
1,484,880
Perpetual leaseholds—capitalized (per contra)-.---—-6,441,200
nn_
Bonds
Miscellaneous
physical property
Investment in other miscellaneous
funds
„
Investments in other companies:
Stocks-.
-
—
Unpledged.
$596,657
717,548
1,083,278
--------
....
Special deposits
Loans and bills receivable
-i— — Traffic and car service balances receivable......
Net balances receivable from agents and conductors
receivable..-
Miscellaneous accounts
11,953,133
3o,800,001
6,603,145
4,420,344
132,580
-
Bonds
27-97®'*~;
.
Bonds
»Wii'-i----
—
freight
84,"139",850
.
nAA
1
:■
for Co.
Issued.
Preferred stock
Separate stk.—Washington
(see contra)
Brch.
1,650,000
1,650,000
1,650,000
18,926,000
33,305,076
49,654,850 348,133,230 331,888,680
5,273,770
99,250,500 94,250,500
66,384,808
80,065,572
33,306,076
.298,478,380
Equipment obligations
Mortgage bonds
Collateral trust bonds..
Miscellaneous obligations
...
RR.
Day. & Mich. RR. Co. Pref.
93,976,730
80,065,572
Co,
stock
Dayton & Michigan
Common stock.
1,211,250
2,728,000
Interest
25>£°7>;™®
6,693,975
matured unpaid...—....
—
Funded debt matured unpaid
-
Unmatured dividends declared
Unmatured rents accrued.
..........
Liability for provident funds
Other deferred liabilities
United States Railroad Administration
—
...
Tax liability....
reserve....
.......
-
— -
Operating reserves.....
.. - -. . ...
depreciation—equipment...
Other unadjusted credits
Additions to property through income and surplus.... — ..
Accrued
Profit and loss, balance
.....
"97,889
6,380,260
83,771,985
490,993
1,026,063
92,417,774
527,668
955,159
6,855,852
29,878",881
34,223,727
4,913,352
12,611,649
21,194,959
1,374,833
8,961,908
19,348,040
..1,013,742,051 896,024,488
Total
securities bear the endorsement of the B. & O.
other companies, viz.:
Akron Union Passenger Depot Co.
The following
with
17,800
1,177,266
2,852,580
24,961
62,239
3,909,37a
58,972
62,079
Unmatured interest accrued....
Insurance
70,249
63,217
8,000
1.177,266
....
Other current liabilities
4,168
310,983
2,051,328
4,032,049
14,'973,995
-
Miscellaneous accounts payable....
Dividends matured unpaid
100,000
100,000
100,000
payable..
payable....
Traffic and car service balances
Audited accounts and wages
2,401.950
1,211,2/0
2,728,000
2,401.950
1,211,250
2,728,000
5,000
2,396,950
Day. & Mich. RR. Co. 1st M. bds.
Home Ave. Ry. Co. cap. stock...
1919.
$
%
%
371,919 152,317,468 152,317,468
60,000,000
1,136,724
60,000,000
$
151,945,549
58,863,276
RR. Co., 3°lntly
1st Mtge. bonds,
RR. Co. 1st Mtge. Sterling bonds, $6,282,bonds, $10,000,000; Washington Termi¬
nal Co. 1st Mtge. bonds, $12,000,000.
The company, through its subsidiary, the
Toledo & Cincinnati RR. Co., guarantees $2,728,000 Consol. 1st Mtge. bonds of
the Dayton & Michigan RR. Co.
The company guarantees $2,505,000 notes of the
Morgan town & Kingwood RR. Co., given in payment of equipment allocated by
$35,000; Kentucky & Indiana Terminal
781; Richmond-Washington Co. 1st Mtge.
the Director-General of
Missouri
Railroads.—V. 113, p. 2184, 1674.
Kansas
&
Texas
Railway
Plan.)
cited fully
on a subsequent page (see also advertising pages), Receiver
C. E. itohaff on Oct. 1 reported to J. & W. Seligman & Co.
and Hallgarten & Co., the Reorganization Managers:
connection with
the reorganization plan,
Development.—The receivership of the system began on Sept. 27 1915.
Since that time capital expenditures have been made on the property
amounting to about $17,550,000 for improvement to roadway and structures
and $11,450,000 for new equipment and improvements to existing equip¬
ment, a total of capital expenditures of about $29,000,000.
In addition,
for the period of the receivership, the ratio to operating revenue of ex¬
penditures for maintenance of way and structure is 18.64% and that for
maintenance of equipment 22.39%.
The road is unquestionably in far
better physical condition to-day than it was at the beginning of the receiver-
rPhe expenditures have been made
for the rehabilitation and improvement
A total of 1,237 miles of roadbed has been
of revision of grade and alignment and
widening of cuts and embankments.
There have been relaid about 785
miles of new heavy rail and about 415 miles of second hand rail which is
heavier than that taken up, making a total of 1,200 miles of rail improve¬
ments.
In addition 239 miles of secondary track have been constructed.
Ties have been liberally renewed on all lines and the proportion of treated
ties greatly increased.
Almost 1,500,000 new tie plates have been applied.
About 365 miles of track have been newly ballasted and 1,020 miles reballasted so that over 72 % of the total line is now in good ballast condition.
To improve drainage more than 80 miles of roadbed have been newly
of every part
materially
of the system.
improved by
4.24
21.08
364.00
504.00
140.00
38.46
?
the Last
Earnings for
Cross
Six
Years—All Dollars.
1915.
1916.
1917.
1918.
1919.
1920.
36,733,682
43,344,150
54,138,799
61,825,376
72,914.737
considering the gross earnings, however, changes in rates must be
borne in mind.
Earnings.—I include in this letter no statement of the net earnings of the
due to the abnormal conditions of railroad
operation during Federal control, and the uncertainty as to rates, wages,
costs and volume of business in the future as compared with the past, such
figures furnish no reliable criterion for an estimate of future earnings under
totally different conditions.
Since the resumption of private operation
on Sept.
1 1920, however, the operating ratio of the system for the first
year of such operation has been 80.19%.
I am satisfied that the future
earning capacity of the system will be ample to provide for the fixed charges
and to justify the contingent requirements proposed under the plan of
reorganization.
A
reason
Reorganization Managers
the
by
condition of the system, and the efficiency with
its transportation
the St. Louis-San
Francisco, Missouri Pacific and the Rock Island.
The comparativefigures for three periods ending Sept. 30 1921 are as follows*.
1921 Periods ending Sept. 30—
3 Months.
6 Months.
12 Months.
M. K. & T. Lines
30.65
34.29
37.13
Frisco Lines
35.03
38.44
40.08
Missouri Pacifici.
36.25
38.87
41.47
Rock Island Lines
36.42
39.37
42.60
"The present excellent
which it is being operated is also shown by comparing
that of other South Western lines, such as
ratio with
..
"For
the fiscal year
1915 the road's gross revenues were
from which figure they have
operating ratio of 80.19% for the year ended Aug. 31 1921.
In the same
period the road earned, after deduction of expenses, taxes and rentals, a
balance applicable to bond interest of
$9,715,009
This compares with the proposed fixed interest requirements of the
new
company,
as
$4,917,717
stated above, of
And with all interest charges,
bonds, payable, if earned, of
including that
on
$7,792,717
OF OLD COMPANY AS
CAPITALIZATION & INTEREST CHARGES
OF JAN.
v
the Adjustment Mortgage
1922.
1
(Including Unpaid Interest Provided for in
Principal—
Reorganization.)
Ann. Int.
$100,563,500 Missouri Kansas & Texas Ry. Co.: $39,999,500
1st M. 4%, $20,000,000 2d M. 4%, $9,992,000
1st and Ref.M. 4%,$10,421,000 Gen.M. 4^%,
$18,974,000 2-Year Secured Gold Notes, $3,253,000 1st M. Extension 5%, $1,924,000 St. L.
1st
M.
Ref.
4%
m
Gold Bonds
?f'f50
44,150
11.009
-
-
2,543,591 Missouri Kansas & Texas Ry. Co. Equip. Notes:
$285,000 10-Year 5%, Series of 1913; $1, 17,400
'15-Year 6%, Series of 1920; $1,081,191 3-Year
6% Lima Locomotive Works, Series of 1920.654,000 Missouri Kansas & Texas Ry. Co. of Texas Equip.
Notes: $204,000 10-Year 5%, Series of 1914;
$450,000 1 5-Year 6% to U. S. Govt., Series of
1921-...
-
-
Antonio Belt & Terminal Ry. Co.
6% Gold Notes
3,000,000 Receiver's 6% Certificates
1,850,000 San
149,765-
31,200
------
1st M.
loo'nnn
1 §0.000
82,S0Z
1,380,051 Bank Loans 6%
$146,543,142
^
44,580
35,320
743,000 Southwestern Coal & Impt. Co. 1st M. 6%
883,000 Boonville RR. Bridge Co. 1st M. 4%
2,000,000 Texas Central RR. Co.: $1,850,000 1st M. 5%,
$150,000 1st M. 4%
*1,689,000 Sherman, Shreveport & So. Ry. Co. 1st M. 5%—
*883,000 Beaumont & Great Northern RR. 1st M. ••>%
200,000 Katy Office Building Co. 1st M. 5H% Serial
Total fixed interest charges of old company—
Total sink, fund charges of old co. for 1922-.
protection to 229
New oil
supplying water for locomotives at 33 points.
The construction of under¬
grade or overhead crossings has eliminated 32 street or highway grade
crossings.
Over 6,200 feet of new steel bridges and 2,214 feet of second¬
hand steel bridges have been erected; over 35,900 feet of wooden trestles
replaced with permanent structures and over 44,000 ft. of trestles
strengthened.
The greatest improvement of terminals has been accomplished at San
Antonio, where complete new facilities have been constructed, including
a belt line 1M miles long, a freight yard, a large passenger station and a
modern re-enforced concrete fireproof freight station.
A new freight sta¬
tion has been completed at Dallas.
At Oklahoma City a new coaling
station, round house, turntable and other terminal buildings together with
rearranged yards with new connecting main track have been constructed.
At Parsons, Kans., the freight terminal yards have been enlarged so as to
accommodate 3,500 cars, more than tripling their capacity; shops, subways
and roundhouse have been constructed or enlarged and one of the most
complete reclamation plants in the country has been built, which has
effected an average saving of $50,000 monthly.
$4,646,655
-
2,500,000 The Kansas City & Pacific RR.: 1st M. 4%
100,000
5,468,000 Missouri Kansas & Oklahoma RR. 1st M. 5%
273,400
4,058,000 Missouri Kansas & Eastern Ry.: $4,000,000 1st M.
5%, $58,000 2d M. 5% —
—
202,900
4,505,000 Missouri Kansas & Texas Ry. Co. of Texas 1st
M. 5%
—225,250
*2,347,000 Texas & Oklahoma RR. Co. 1st M. 5%
117,350
1,340,000 Dallas & Waco Ry. Co. 1st M. 5%
67,000
5,936.000 Wichita Falls & N.W. Ry. Co.: $2,098,000 1st M.
5%, $838,000 1st Lien Coll. Tr. 5%, $3,000,000
v. ■
1st & Ref. M. 5%
$6,808,123
621,253
$7,429,376-
miles of track and 30 new interlocking plants have been erected.
fuel stations have been erected at 25 different points; new mechanical coaling
stations at 7 other points, and improvements in facilities for treating and
$32,453,462,
increased every year until for 1920 (calendar
year) they stood at $72,914,737, an increase in five and a half years of
$40,461,275 or 125%.
Much of this gain, of course, is due to higher rates,
but the average density of freight traffic has also increased every year from
573,398 ton-miles per mile of road in 1915 to 873,342 in 1920, a gain of 52%.
"Since the resumption of full private operation the road has shown an
equipped with drain tile.
New automatic signals have been installed furnishing
issued
statement
further says:
Div.
System.
(Receiver's Statement Accompanying Reorganization
In
24.35
32,453,462
In
Total
Outstanding.
>
-
41.19
20.11
system for recent years because,
Held by or
'
145.35
car
(3)
«
1,650,000
30,431,000
.1,013,742,051 896,024,488
Liabilities—
Per Cent.
Increase.
498.19
(2) Number of Tons Carried One Mile per Mile of Road Revenue Freight.
1915.
1916.
1917.
1918.
1919.
1920.
573,398
624,525
772,394
845,343
775,865
873,342
714,781
1,508,644
2,253,970
-1920-
Common stock
Freight Car and Train.
Dec. 31 '20.
352.84
Average tons per train,
including co. freight..
964,562
-45,.504,550
Total
J'ne 30 '15.
Year ended—
Av'ge tons per locomotive
Average tons per loaded
1.650,000
- ——
Tonnage Hauled per Locomotive,
(1)
~Cr. 8,843
issue—pledged: Stocks, Washing-
Branch (per contra)
ton
Stocks
years:
For
11.496,156
75,037,202
3,963,533
1,508,644
8,836,070
-
— — -
Securities of carrier's own
i920
Operating Results.—The results in the way of increased operating effi¬
ciency and the growth of traffic are shown by the following statistics with
reference to operation for the calendar year 1920 as compared with earlier
6,761", 661
3,582
l|lolt7oo
Transportation Act of
Administration...
Unadjusted debits
Securities of carrier's own issue—Unpledged:
814,992
6,464,740
22,187,766
Deterred
United States Railroad
freight locomotive tractive power of the road has been increased
13,242,464 lbs., or an average per locomotive of 33,106 lbs. in 1915
15,225,870 lbs., or an average per locomotive of 41.151 lbs. in 1920;
2,500 new freight cars have been purchased and in addition large amounts
spent in improvements, principally by way of steel underframes and metal
ends and roofs; 36 new passenger cars have been purchased.
A large amount
of obsolete rolling stock has been retired.
Work equipment such as tank
cars, ballast cars, rock crushers, steam shovels, &c., has been increased
by 2,258 units, while 66 old units have been retired.
to
942,247
4,798,708
366,921
5,326
660,837
14,276,7oy
——
United States Government
The total
from
22,705,345
£>,327
—
—————
receivable....
Rolling Stock.—During the receivership 100 new locomotives have
large number of them and the conversion of all locomotives operating in
Texas and on the Wichita Falls line in Oklahoma from coal to oil burners.
22,532,845
817.548
-
Materials and supplies..
Rents
New
been acquired and in addition extensive improvements have been made in
locomotives already owned, including the application of super-heaters ito
8,013,599
35,800,001
7,029,588
4,339,194
139,084
24,588
sold—25,838
Pledged.
—$21,936,188
100,000
— —
Miscellaneous
- - -
....
.
Deposits in lieu of mortgaged property
Bonds-
purposes have been erected.
284,416.627
4,459,741
1,247,280
6,441,200
a
$5,105,009
1
6,603,145
35,800,000
,
Investment in sinking
141,593,110
Total.
Unpledged.
$6,848,124
Stocks
In addi¬
have
other
tion 34 other station buildings have been constructed and betterments
been made to 17 more, and 55 new roadway buildings for various
243.810,467
separately operated—
Pledged.
and Dallas, DeLeon and Wichita Falls. Tex.
McAlester, Okla.
$
....
Investment in sub. and affil. cos.
<
made
1919.
Investments In—
[Vol. 113.
Terminal improvements of similar nature but of less extent have been
at
New Franklin and Lin dale, Missouri; Muskogee,
Osage and
DEC. 31.
OENERAJj BALANCE SHEET,
Assets—
Road
CHRONICLE
$25,252,238 Interest accrued &
is made in the
unpaid Jan. 1 1922, for which provision
reorganization.
76,283,257 Missouri Kansas & Texas Ry. Co. Capital stock 4% NonI
Cumul. Pref., $13,000,000; Common, $63,283,257.
17,000 Texas Central RR. Co. Pref. stock, $15,000; Com., $2,000.
$248,095,637
based on amounts outstanding in
the $3,000,000 Receiver's Certificate*
U. S. Government as collateral.
expected that the properties on which these bonds are a hen will
Note —Figures
of capitalization are
the hands of the public, except that
includes $759,000 pledged with the
*
It is
not be
included in the reorganized system.
ESTIMATED BONDED
DEBT & INTEREST REQUIREMENTS
REORGANIZATION.
the retirement of all securities dealt
and completion of the expenditures contemplated in
On the basis of
plan.
AFTER
with under the plan,
connection with the
'
Nov. 26
THE
1921.]
Principal
CHRONICLE
Ann. Int.
Requirements.
$407,465
Amount.
Notes).
5%
$7,247,591 Undisturbed Securities (incl. Equip. Tr.
52,942,752 Prior lien Mtge. Gold Bonds, Series A,
27,236,000 Prior Lien Mtge. Gold Bonds, Series B,
12,894,570 Prior lien Mortgage Gold Bonds, Series
2,647,138
1,089,440
773,674
4%
O, 6%.
adjustments were made through the profit and loss account in the general
balance sheet.
»
The operations of the company for the early months of the
year suffered
from the extreme business depression then prevailing, but with the
gradual
.
improvement in business since June and lower costs of operations the com¬
pany's budness is showing
The five lines
$100,320,913
Fixed interest charges
$4,917,717
$57,500,000 Convertible Adjustment Mtge. Gold Bonds 5%. $2,875,000
$157,820,913
'
Main
OF
Mileage—
St.
Line.
Mileage—
Lines.
*
Denison
and
Junction
Sherman
105.03
Sherman
93.70
86.49
10.62
....
408.22
.1
Moran to Iola
Cherokee
Junction
Greenville to Mineola.
to
income
CONDENSED
Fallis to Guthrie
....
758,604
9.82
Ray
6.40
Claims
268.02
Egan to Cleburne.....
43.37
DeLeon to Cross Plains
to
paid in suspense and
freight in transit
52,666
58,925
reserves
Accrued repairs, passenger ac¬
counts,
53,352
470
accrued
Operating
....
&c_......
58,329
855,244
Profit and loss
Total.
.$5,399,044
Total.
..—$5,399,$44
-.1,553.41 1,590.24
Total
13.11
....
payable
Taxes
40.70
1.15
City
Small branches In Okla.
$3,750,000
589,919
33,491
Unmatured Interest and rents
149,638
1,296
13,733
106,132
Temporary adv. (working id.)
Exp., int. & taxes paid in adv.
Warner to
McAlester to Wllburton
Jefferson
receivable..
Materials and supplies
Waco to Rotan
22.93
and branches
24.15
—-
-
375,639
Unmatured interest receivable
,
1921.
Capital stock.
Aud. vouchers & wages unpaid
Miscellaneous accts. payable..
Accounts
51.73
30
Liabilities—
Cash
to
Bonham
79.36
(Wybark).
Jefferson
Junction
Bonham
147,623
$194,770
—
BALANCE SHEET SEPT.
Assets—
Real property & equlpment*_.$3,506,298
Other Investments*..
434,353
98.68
Smith ville to SanMarcos
14.06
....
....
-7.09
....
Granger to San Antonio
202.75
-
50.53
.
Echo to Belton
57.90
Joplin <fc Mine Spurs.
Parsons to Okla. City..
Coalgate to Atoka.....
Osage to Verdark
North
0.69
36.56
to Dallas™..
Denton
15.34
....
$259!076
—
Frederick
to
$601 464
I
Rentals, $125,507; taxes, $89,678; interest, $43,885; total
Depreciation charged off
56.90
Junction
14.06
to Eldo. Spr._
1921.
income, $18,177; total..
$4,285,155
Expenses: General, $400,524; traffic, $108,211; transportation,
■
$2,689,176; maintenance, $485,780; total
3,683,691
■
Walker
and
other
Net
Junction
Frederick
8.50
McBaine to Columbia.
Line
CONDENSED INCOME ACCT. FOR 9 MOS. ENDING SEPT. 30
Revenue: Operating revenue, $4,223,322; other revenue, $43,657;
Wellington to Welling¬
ton
profit.
Balance
to
'
Whltesboro to Forgan.
157.51
....
Kansas City Junction to
Paola
a
are being operated on the following schedule: Boston-Nor¬
Line—tri-weekly;
Providence-Norfolk-Baltimore
Line—
Philadelphia-Boston
Line—Baltimore-Savannah-Jacksonville
Philadelphia-Savannah-Jacksonville Line—semi-weekly.
172.31
Dallas)
Franklin
to
Junction..
Kansas City to Parsons
Junction City to Parsons
Lines.
Hillsboro
to
Greenvill
(via
985.97
Branch
Main
Line.
v
Louis to Galveston
(viaFt. Worth)....
Hannibal
REORGANIZED SYSTEM.
Branch
folk-Baltimore
$7,792,717
.
ESTIMATED MILEAGE
2309
Real Estate, Equipment and Other Investments
Sept. 30 1921—
14 ships (36,246 tons), 43 lighters, 3 tugs,
Floating equipment:
insured for
$3,969,500
Va., Philadelphia, Pa., and
/Jacksonville, Fla.; assessed value
1,359,200
Improvements to leased property, book value
263,944
Office building, Baltimore, Md„ book value.
110,898
Machinery, tools and equipment, book value
160,000
Bonds, notes, mortgages, &c., book value
119,233
—V. 110, p. 172.
Wharf property owned in Norfolk,
Pittsburgh (Pa.) Brewing Co.
1921.)
(Report for Fiscal Year ending Oct. 31
*
miles of other
addition to the above, trackai e is used over 229.68
roads under trackage agreements.— T. H3. P. 2080,
In
...
Ridall, Pittsburgh, Nov. 16, wrote in subst.;
Pres. C. H.
Results.—The gross earnings or the year amounted to $43,660.
Deduc¬
tion of interest on bonds, allowance for depreciation, doubtful accounts,
closed plant expenses, Joss from sale and disposition of assets, and the sum
reserved for taxes accrued and
of $667,164.
Bonds.—The financial
unpaid aggregating $710,824 results in a loss
bonds of the corporation out¬
A deduction of 607 bonds must be
carried under the head of invest¬
ments, which leaves the number of outstanding bonds $3,397,000 par value.
Tech Food Products Co.—In pursuance of authority granted to the officers
of the Pittsburgh Brewing Co. by the stockholders at their last annual
meeting your officers caused to be incorporated and organized the ierh
Food Products Co., have expended the sum of $550,000 in the capital stock
of that company, and leased to that company two brewery plants owned
by the Pittsburgh Brewing Co., one, the Straub Brewery, which has been
fitted up, equipped and is In operation as an ice cream plant, and the other,
the Wainwright Brewery, which has been fitted up and is now operating
statement
....
"...
r
Sherwin-Williams
as
cold
a
storage
Since beginning
plant.
business seven months ago the operations by the Tech
Food Products Co. have been satisfactory and, as w 11 be noted from sepa¬
rate statement herewith,
have been profitably conducted.
of the company are particularly
increased earn ngs.
The prospects
encouraging and the future should show
INCOME ACCOUNT FOR
YEARS ENDING OCT. 31.
[In 1921 includes Tech Food Products Co.—see below.]
Oct. 31
•
1917-18.
$8,845,932
$1,763,888
1919-20.
$1,858,288
1918-19.
$6,673,925
1,720,227
1,839,074
4,636,024
6,412,131
$43,660
$19,214
$2,037,902
$2,433,801
300,063
$19,214
$296,300
25,000
$2,337,965
$319,140
21,000
$2,666,426
$319,140
22.778
(7)426,999
(2)119,245
(4)238,490
Walter H.
substance:
Operating expenses
earnings
Other income
488,840
Res. for Federal taxes.
Preferred
dividends.
_
Common dividends
on
sale of assets.
95,811
'
1921.
(In
1921
Co.).
192'.
Preferred stock.
152,729
1,091,736
1,037,612
Notes receivable..
219,080
128,961
177,302
21,976
760,246
37,505
941,912
41,825
5,962,250
40,500
56,355
Cash.
U. 8. obligations-.
Other
Interest
accrued..
Inventories
Sinking fund..
Cereal
taxes.
for
2,327
30,839
84,740
1 373 994
52,430
Accrued bond lnt.
80,080
706,831
16.950,018 17,813,328
Total
Includes land, building, machinery, equipment and franchise, less depr.
Unsold stocks and bonds in treasury at face value are $181,000 1st Mtge.
bonds, $309,900 Pref. stock and $537,750 Common stock.
FOOD
PRODUCTS
COMPANY,
"
Assets—
Cash
Notes & accounts receivable
Inventories...
|
Ice
cream
156,493
advances
stock
—...
."
550,000
96,818
of Income and Expenses—Seven Months ended Oct. 31 1921.
sales, storage and
$8o7,151
miscellaneous income—
Operating, administrative and selling expenses
Depreciation and bad debts, charged off
...
---
670,929
39.404
$96,818
Net income for period.
-V. 113, p. 425.
Merchants
&
Miners
Transportation Co.
(Special Report Dated Oct. 25 1921.)
President A. D. Stebbins, Oct.
The following report is made at
25, wrote in substance:
this time in pursuance with the resolution
ition at your last meeting, calling for a special report showing the conSassed of the company after final settlement of its compensation claim.
The company's claim for compensation during Federal control has been
settled, and adjustment of all matters pertaining thereto has been made.
The mortgage bonds issued in 1916 and ordered retired in July 1919 have
all been surrendered to the trustee, paid and canceled, so that the company
now has no outstanding bonds, liens or other obligations than current ac¬
counts.
The entire capitalization is represented by capital stock, of which
there is issued $3,750,000.
*
The settlement of our compensation claim does not enter into the income
account for this year, as the claim applied to tbd years 1918-1920 and the
more
than ordi¬
All known losses have been provided for and we have
for future deliveries, except those which have
placed recently with protection against decline.
Losses Due to Fall in Prices.—I wish to point out that, because of our
fiscal year closing Aug. 31 at that date last year the decline in prices and
the general business depression had not materially affected our
industry,
therefore, during the past year we have sustained the entire losses brougnt
about by declining prices and the general business depression.
Outlook.—Since Sept. 1 last there has been considerable improvement
in all of our operations and we view with confidence the outlook for satis¬
factory results during the current year.
The sales for the first two months of the current fiscal year to Oct, 31
compare very favorably with the same months last year, which were ex¬
ceedingly heavy months.
The output compares well with the peak year
1920, while the volume is well ahead of the 1918-19 figures which were
no
contract commitments
been
second
only to the unusual year 1920.
[The volume of turnover for the year ended Aug. 31
021,293.—Ed.]
1921
was
$37,-
BALANCE SHEET AUGUST 31.
1920.
$
A.88€t8~~~*
$
14,304,554 11,957,208
Pat'ts, trade-mks.
136
122
Cash
1,519,252
992,855
Plant & equipm't.
1921.
I
Liabilities—
Notes payable
$
5,039,500
Liberty bonds, &c.
543,887
739,211
Bankers' accep.pay
Notes receivable
341,309
269,595
Accounts
327,000
443,916
payable.
9,298,087 Unpaid dividends.
officers
98,303
565,849 Deposits,
and employees..
Inventory
11,206,268 16,814,260
Securities owned.. 1,792,600
1,891,371 Accrued taxes
133,394 Deferred.........
Empl. loans, <fec..
102,832
Fire loss claim
14,874
Res've, Fed. taxes
Accts.receivable..
1920.
$
Preferred stock...15,000,000
Common stock...14,873,125
6,138,988
262,500
15,000,000
14,868,600
3,024,000
2,506,010
241,986
purchases
1,23 9,408
Deferred..
1,280,112
Contingencies
Surplus
279,450
•
158,271
28,193
133,354
631,373
125,728
486,133
336,761
41,846
1,376,724
678,337
4,481,667
37,302,410 42,942,067
Total
-V.
Total
....37,302,410 42,942,067
113, p. 2193, 737.
GENERAL INVESTMENT NEWS
RAILROADS,
INCLUDING
ELECTRIC
,
ROADS.
Railways 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
under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
matter becomes public or shortly thereafter.
pages
the
Capital and Liabilities—
Building alterations, equipICommon
ment, less depreciation
689,842 (Surplus
Statement
PA.
$36,624|Accounts payable
$25,080
38,8681 Reserve for gallonage disc't
24,430
82,4871Pittsburgh Brewing Co.
5,0001
Mortgages receivable
PITTSBURGH,
(Total Each Side $852,821).
Balance Sheet at Oct. 31 1921
saying in
|
General Railroad and Electric
x
TECH
as
State
Surplus
...16,950,018 17.813,328
Total
bev.
Reeerve
t\,
replacement basis.
4,237,000
14,859
9,545
& Federal taxes.
1,992,384
1,074,207
318,872
Accts. receivable._
5,962,250
4,005,500
Sundry accounts..
270,569
investments
6,100,100
6,100,100
_.
stock
Bonds
i
$
(see text)..
Common
13,495,852 12,944,221
'
1921.)
,
1920.
$
Liabilities—
Plant equipment,
franchise, Ac
Food Products
Tech
includes
1920.
$
Assets—
x
sur$665,940 sur$474,646
def$66/,164def$1141,561
BALANCE SHEET OCT. 31
:
Cleveland.
nary care and have been priced at cost or market, whichever proved to be
the lowest.
Manufactured stocks and goods in process were valued on a
Prepaid
65,693 in¬
closed plant expense.
Balance
r53,0 87
666,396
2^3,231
272,627
Depreciation, &c
Loss
(7)426,999(8^)518,501
(1^)89,434
">'/'
"
Mfrs.),
Cottingham is quoted
1921.
Total.
Deduct—Interest
Estimated State taxes
&c.,
Inventories, &c.—Our inventories have been taken with
232,625
$43,660
$248,692
28,000
1920-21.
Years—
Total net sales
Net
President
account of that number of bonds
on
(Paint,
(Annual Report—Year ended Aug. 31
shows
standing amounting to $4,004,000.
made
Co.
General
Railroad & General
Electric Railway News.
Additional Equipment Certificates Sold by
U. S.—See "Current Events"
above.
Jersey Rai roads Protest Increased Taxes—Say Assessment of Property in
Slate at $415,773,910 is Excessive.—This assessment is an increase of $25,-
544,422—"Times" Nov. 22,p. 31.
Hearings on Bills to Amend Transportation Act—Southern Pacific Counsel
Defends Rater-Making Provision—Senator Cummins Defends Law & Insists
Congress Did Not Intend to Modify Shreveport Decision by Transportation
Act.
See "Current Events" above and "Times" Nov. 23, p. 7; Nov. 21,
p. 20; Nov. 20, Sec. 1, p. 13; Nov. 19, p. 5.
Opposition to Sweet Bill.—Counsel for the Association of Railroad Execu¬
tives before the House Inter-State Commerce Committee Nov. 21 opposed
the Sweet bill which provides for striking out from the I.-S. C. Commission
Act the provision requiring railroad land values to be considered in fixing
of rates—"Fin. Am.
Nov. 22, p. 5.
Not to Press Railway Debt Funding Bill.—Administration has found
ready market for securities and has ample authority—"Post" Nov. 22,
p. 1; "Wall St. Journ." Nov. 22, p. 11.
Would Amend Rail Funding Bill.—Senator Hitchcock Nov. 18 offered
an amendment to the Railroad Funding BiU to prevent the Western rail¬
roads from participating in the benefits of the Act until after they had
lowered their grain, &c., rates in accordance with the recent decision of the
I.-8. C.
C.—"Fin. Am." Nov. 19, p. 4.
Ramsdell on Nov. 24 offered
Senator
benefits
of the
Act from any
tJ
an
.
amendment to withhold the
roads having preferential agreements with
foreign steamship lines—"Times" Nov. 25.
Rail
Workers Ask
Wage Conferences.—,Shop-craft heads, representing
400,000 employees, send request to most carriers—"Times" Nov. 23, p. 23.
Ask Rail Wage Ruling.—New England roads seek saving of $1,000,000
in clerk hire—"Times" Nov. 23, p. 24.
THE
3310
Shop Craft Rules
Expected by Dec. 1.—Railroad Labor Board announces
19, p. 14
"satisfactory progress/'
Will affect 500,000 men—"Times" Nov.
Railroad Electrification—Further Consideration of Super-power
•By. Age" Nov. 19, p. 967. 1003.
.
.
Uphold High Passenger Fares in Arizona & New Mexico^—I.-S.
mission overrules Arizona and New Mexico protests— Times
Report
o
C. Com¬
Nov. 20
A Chicago dispatch Nov. 22 states: The receivership of this road must
be ended by formation of a local company or discontinuance of service and
scrapping of the tox River Valley Line, Judge Evans, of the U. 8. Circuit
Court, told 75 city officials and other officials of affected communities at
a hearing yesterday to consider whether the lines should be abandoned
Action must be taken now because of the fact that the traction line has failed
to earn
f^Higher'Rates in
South.—'The I.-S. O. Commission on Nov. 21 authorized
an advance in freight rates of 26 to 60% in certain tenitory between New
Orleans and Mobile on South and St. Louis and Louisville on North—' Fin
operating expenses under the receivership because of bus compe¬
113, p 2078.
tition —V
Baltimore
Miller & Co
Al°Ord^s0Ro(uls'to
16%
page
Commission makes
reduction mandatory by Dec. 27.
See "Current Events on preceding
and "Times" Nov. 22, p. 21; "Fin. Am.' Nov. 22, p. 2.
Cut Hay and Grain Rates.—Commerce
Confusion in Grain Rates.—Voluntary cut and official cut have resulted
tariffs—"Times" Nov. 19, p. 5.
New England Rates Stand.—No general reduction on farm products—
"Times" Nov 23 p
14
Makes 40% Freight Cut on Pacific Shipments .—ChicagoMilwaukee &
St. Paul tries to meet Panama Canal competition.— Times
Nov. 23, p. 24
Transcontinental Railroads to Cut Lumber Rates.—Transcontinental rail¬
roads have asked the I.-S. C. Commission to reduce rates pn fir timber and
shingles from Pacific Coast to points East of Mississippi River.— Post'
Nov. 22, p. 11; "Times" Nov. 20, p. 14.
.
_
Cancels Carload Rates.—I.-S. C, Commission holds changes in South
unjustified and ruled that (1) rates on grain and grain products from
St. Louis to Memphis in new schedules should not be increased above
12.5 cents per 100 lbs. and from St. Louis to New Orleans should not exceed
31.5 cents; (2) that other rates concerned should be made on approximately
the same basis as that fixed for grain and new schedules filed by Nov. 27.
Nov
20f p« 23*
I
Roads Giving Large Equipment Orders.—Total for the last month or so is
estimated at $50,000,000—$25,000,000 more pending.— Times
Nov. 20
In upsetting
Sec. 8, p.
below
See also citation from
6.
Attack Rail
„
Situation.—See New York daily papers.
Mayor Hylan Would Spend $10,000,000 in N. Y. on Motor
Nov 21
P» 1
Idle Cars 'increase.—The total number of freight cars idle
Buses—"Post"
Nov. 8 totaled
277,669, compared with 264,700 on Nov. 1.
The increase (12 969) in the
number of such cars was the first to be reported since the week of April 7
st when the peak was reached and at which time there were 618,007.
Of the total Nov. 8, 93,172 were serviceable freight cars, while the
gaining 184,497 were in need of repairs
irplus box cars in good order on Nov. 8 totaled 32,747, compared with
on Nov. 1, an increase of 10,119, while surplus coal cars numbered
34,737. or an increase of 1,094 compared with the total on Nov. 1.
Surplus
cote cars numbered 3,246, an increase over Nov. 1 of 51, while surplus stock
yards showed an increase during that time of 1,366.
.
Idle Cars on or About First of
Bad order
Loaded.—The
Cars
Month, on April 7 (Peak) and on Nov. 8.
Oct.
Sept. Aug. July. Apr.S.
Jan,
172
246
321
374
^507
198
203
221
227
111
Nov. 8. Nov.
93
80
184
184
In Thousands—
total
Oper.
Oper.
12 totaled 753,046, compared with 829,722
previous week.
This was 174,540 cars less than were loaded in
1920 and 55,258 cars less than in 1919.
Changes as compared with the week before were as follows: Livestock,
34,269 cars, increase 3,143; merchandise, 466,297 cars, decrease 49,597;
coal, 152,309, decrease 2j,566; grain and grain products, 34,402, decrease
6,519; coke, 6,450, decrease 289; ore, 8,658, decrease 2,321; forest products,
the
50,661, decrease 527.
Total Number of Cars
Nov.
..
Alabama
The company
Loaded with Revenue Freight.
ended
5.
Oct. 29.
Tennessee & Northern RR.—Govt. Loan.—
has applied to the I.-S. C. Commission for authority to
$372,000 6% Equipment Trust notes, $100,000 Prior Lien Mtge. 6%
bonds and a promissory note for $339,000.
The notes and bonds will be
pledged with the Secretary of the Treasury for a loan of $339,000.—
V. 113, p. 182.
Alaska Government Roads.—A ppropriation.-—
The Senate has passed a bill authorizing inclusion in the new budget o
$4,000,000 additional for completing the Government railroad in Alaska
between Seward and Fairbanks.—V. 113, p. 2078.
beginning Jan. 1 an amount sufficient to pay divi¬
dends on the $4,000,000 5% non-cumulative Preferred stock will be laid
aside each day.
This policy has been followed since the organization of the
company in providing a sinking fund to meet interest charges on the funded
debt.
It will probably be the policy of the company to accumulate the cash
year's dividends one year in advance to assure a steady payment
will
not
be
interrupted
by
temporary
curtailment
of
earnings.
("Wall Street Journal," Nov. 16.)—V. 113, p. 2078.
Atlanta & St. Andrews Bay
Ry.—General Manager.—
H. W. Woolf, in addition to his office as Vice-President, has been ap¬
pointed General Manager.—V. 112, p. 256.
Atlantic
Frank L.
City RR.—New Directors.—
>
Sitley and Charles W. Ewing were recently elected directors
Brocklehurst and the late W. G. Brown.—V. 110, p. 2191.
to succeed W. L.
Antofagasta (Chile) & Bolivia Ry.—Div. Omitted.—
The company has suffered
large decrease in gross receipts,
brought about by the depression in the nitrate and mining industries, that
the directors have decided not to declare an interim dividend in respect of
the current year on the Consolidated Ordinary stock.
In June 1920 the capital was increased by a transfer of £1,416,960 from
reserve, and the old Deferred Ordinary stock was converted into the present
Consolidated Ordinary stock.
In Sept. 1920 an interim dividend of 3%
was paid, followed some months later by a final payment, making the total
for 1920 up to 7%.
(London "Stock Exchange Gazette," Oct. 13.)—
V. 113, p. 1674.
Aurora
such
a very
The original mortgage amounting to $1,546,000 of the old Elgin
Aurora & Southern Traction Co. is a first lien on the Fox River division
including the Aurora and Elgin city lines, but is not a lien on the Batavia
power house or the third rail line into Chicago.
(b) The $2,455,000 underlying First Mortgage bonds of the Aurora Elgin
& Chicago are a first lien on the third rail property and the Batavia power
house, but are not a lien on the Fox River division.
(c) The $4,738,000 Aurora Elgin & Chicago General Mortgage bonds have
a lien on both the third rail line, the Batavia power house and the Fox River
I ine, subject to the above underlying issues.
This decision clears the way for a receiver's sale of the property and it is
expected that within the next month Judge Evans will indicate the manner
in which the sale will be conducted.
The question to be decided is whether
the property will be sold as a whole or whether it will be sold in separate
parcels.
It is not expected that stockholders will realize anything in case
o I sale.
("Chicago Economist.")
...
2,784,895
40,183
62,996
774,658
740,237
113,550
251,671
Oper. income... 2,514,040deI2655,821
Non-oper. income.
507,074
315,935
Gross income...
3,021,114def2339,886
Balance, surplus
174,040def5479,630
-V. 113, p. 1771, 1250.
Broadway & Seventh Ave. RR.—Committee for Bonds.—
See Broadway Surface RR
above —V
113,
1250.
p.
Broadway Surface RR., N. Y. City.—Protective Comm.—
The committee named below, in a notice to the holders of the $1,500,000
1st Mtge. 5s, at the request of a number of holders of these bonds, have
consented to act as a committee for the protection of their interests.
The necessity for such protection is indicated by the lack of any trustee;
the approaching maturity of this mortgage; the financial condition of the
companies obligated for payment; the nature of the security; the importance
of united representation in connection with the proposed reorganization of
New York City traction properties; and the fact that all or nearly all the
other similar bond issues are so represented.
It is the intention of the committee to enlarge its number from some of
the larger holders of these bonds.
Holders of such bonds are invi ed to deposit the same, with all unpaid
coupons attached, with Lawyers' Title & Trust Co., depositary, 160 Broad¬
way, New York City.
In the event of
payment of coupons on the deposited bonds, the commit¬
tee will agree forthwith to pay over
of coupons of such bonds
to the certificate holders the proceeds
V
Bright, Pres. Lawyers' Title & Trust Co., New
York, Chairman; Edwin C. Jameson, Pres. Globe & Rutgers Fire Insurance
Co., New York; Henry L. Finch of Finch & Tarbell, New York; Robert
I. Smyth, Sec'y, 160 Broadway, New York.
Prentice & Townsend, Coun¬
sel, 245 Broadway, New York, N. Y.
Committee —Louis
Carolina Clinch.
& Ohio RR.—Loans for Refunding.—
The company has applied to the I.-S. C. Commission for a loan of $6,000,000 for 5 years from the revolving fund, to enable it to meet obligations
maturing on Jan. 1 1922, consisting of $5,000,000 5% Elkhorn 1st M. gold
notes and a note for $1,000,000 to Secretary of Treasury.-—V. 113, p. 2078.
Central Argentine
Ry., Ltd.—Dividend Decreased.—
The directors have declared
year to
final dividend of 2%, making 4% for the
a
June 30, payable Oct. 28. on the £28,186.950 Consolidated Ordinary
stock does not become entitled to a payment until 5% Is paid on the Ordi¬
nary
shares.—V. Ill, p. 1948.
Central
RR.
Wilkes-Barre
Cash
The
of
Co.
Coal
Co.
Dividend of Coal
total
amount
to
be
New
Jersey.—Sale of Lehigh &
$32,500,000—Status and
Stock .for
Company.—
received
for the
sale
of 169,788
shares
(par
$50) of the Lehigh & Walkes-Barre Coal Co. in round numbers is $32,500,000
not $33,500,000] .
For cash dividend, &c., of Lehigh & Wilkes-Barre
Coal Co. see that co. below.—Compare V. 113, p. 2184.
Chicago & Eastern Illinois RR.—Reorganization Plan
Operative.—Kuhn, Loeb & Co., as reorganization managers
under the plan dated March 31 1921 (V. 112, p. 1517,) de¬
clared the plan operative Nov. 21 1921.
(See adv. pages).
Holders of the various bonds not heretofore
deposited with the respective
depositaries under the plan, who desire to participate under the plan, may,
on or before Dec. 18 1921, deposit their bonds with all unpaid coupons at¬
tached, with the U. S. Mortgage & Trust Co., 55 Cedar St., N. Y. City,,
and receive appropriate certificates of deposit thereofr.
Holders of Preferred and Common stock of the (old) company not here¬
tofore deposited with Equitable Trust Co., New York, who desire to par¬
ticipate in the plan must, on or before Dec. 8 1921, deposit their stock with
the depositary and receive therefor appropriate certificates of deposit.
of
deposit and all holders of certificates
of deposit heretofore issued by Equitable Trust Co. representing Preferred
or Common stock of the (old) company who have not heretofore assented
to the
plan or who have not made the initial payment thereon in accordance
the plan, will be permitted to participate in the plan, but only if on
York funds to the Equitable Trust
Co., 37 Wall St., New York, $30 15 per share of such old stock.
Such
certificates of deposit must be presented to the depositary at the time of
payment for notation of payment thereon.
Holders of certificates of deposit issued by Equitable Trust Co., represent¬
ing Preferred or Common stock (old company), who have heretofore as¬
sented to the plan and who have made the initial payment of $5 per share
of old stock in accordance with the plan, shall, on or before Dec. 8 1921,
pay in New York funds to Equitable Trust Co. $25 per share of such old
stock.
Such certificates of deposit must be presented to the depositary
at the time of such payment for notation of payment thereon.
The General Mortgage bonds of the New Cbmpany which under the plan
with
or
before Dec. 8 1921 they pay in New
on
completion of the reorganization are to be issued on account of payments
by holders of certificates of deposit or certificates of stock above referred to,
will carry all coupons maturing on and after May 1 1922, but the coupons
payable Nov. 1 1921 will be detached and cancelled, the amount of the same
being equal to the adjustment of interest payable on deferred payments in
accordance with the terms of the
All holders of bonds
or
stock
or
plan.
of certificates of deposit who do not make
the deposit and payment required under the plan on or before Dec. 8
will forfeit all right of
participation in the reorganization except upon
terms and under such conditions as may
reorganization
managers.—V.
113,
p.
1921
such
in each case be prescribed by the
2078.
2184 ,
.
Chicago Elevated Rys. Coll. Trust.—Income Account.—
Elgin & Chicago RR.—Status of Liens.—
In proceedings brought in the U. S. District Court to establish the lien
of various bond issues of the system, Judge Geiger recently ruled as follows:
(a)
Inc. appl. for inv.
in phys. prop...
3,288,6°8defl915,584
All holders of such certificates
Ann Arbor RR.—Dividend Plan.—
An official says that
which
$
$
2,678,077
Skg. & oth. res.fds.
54,447
Dividends
Net oper. rev...
Taxes, &c_;
issue
for each
1920.
1921.
Deductions
20,908,895 24,622,502
expenses...17,620,197 26,538,086
revenue
This compares with 6% paid for the year 1919-20, when the de¬
ferred stock also received a similar dividend.
The £811,800 of Deferred
.753,046
927,586
808,304
1921
1920...
1919
i
S
stock.
Weekly AverageTotal Year
ls* <>r.
2dQr.
to Date.
829,722
952,621
693,297 744,154
37,435,940
915,615
981,242
817,601
834,488
39,641,123
826,724
935,479
704,035 761,511
36,570,158
Matters Covered in "Chronicle" of Nov. 19 1921.—(a) Proposed Electrifi¬
cation of Heavy Traction Railroads in Zone, Boston to Washington, p. 2152;
(b) 10% Cut Announced in Railroad Rates on Farm Products Pending
Wage Reduction—Previous Rate Cuts, p. 2153 to 2108.
(c) Additional
$5,000,000 Equipment Obligations Sold by United States Government, p.
2154.
(d) Hearings on Capper and Other Bills—Strong Opposition to
Elimination of Rate, &c., Provisions of Transportation Act, p. 2154.
(e)
Railroad Results for First Year under Increased Rates—Deferred Main¬
tenance, p. 2155.
(f) Notices of Railroad Wage Reductions, p. 2154.
Weeks
Nov. 12.
ending Sept. 30.
1920.
$
number of cars loaded with revenue freight
during the week ending Nov.
cars
RR.—Earnings.—
1921.
22^ 28
Good order
Maine
Results for Quarters
B/i—"By.
—"Ry. Age" Nov. 19, p. 977.
Hearing on N. Y. City Transit
Ohio RR.—Bonds Offered—Report.—
1 1933
Boston &
"Iron Age': in "Industrial Summary
fc/ames<?.' Davis, Director-General of RKs.)
Hr.'Strike—
&
New York, are offering a block of Convertible 4H% gold
This issue is secured (equally with the Refunding
& Gen Mtge 5% bonds due 1995) by a general mortgage on practically the
entire property, comprising some 3,508 miles of first track, 1,303 miles of
second track and 3,372 miles of other trackage, subject to prior liens
See annual report on a preceding page—V
113, p 2184
,
bonds due Mar
Mergers.—Association of Secutiry Owners and Road Execu-
Ae£e<lS'slalus'oFa
[Vol. 113
CHRONICLE
Income Account—Results for
Nine Months Ending Sept. 30 1921.
Passenger
Traffic.
$28,129
Other
General and miscell
628,678
Taxes
951,684
293,228
earnings
$12,396,482
transporta. revenue
564,955
Non-operating income__
75,860
Total
earnings
Maint. of way & struc—
Maint. of equipment
Power
Rentals
$13,037,297
$1,487,527
1,266,224
Net earnings
$1,773,950
Interest charges
1,862,099
1,178,513
5,429,365 Net loss for 9 months...
$88,149
Conducting transporta'n
Number of revenue passengers
carried-
133,513,249
Compare V. 112, p. 1398.
Chicago
&
North
Western
Ry.—Bonds
Offered.—
McKinley & Morris, New York, are offering a block of
$250,000 Sinking Fund registered 6s of 1929 at 102 and int.,
to
yield about 5.70%.—V. 113, p. 1674,1470.
Nov. 26
THE
1921.]
Chicago Surface Lines.—Earnings for September 1921.—•
Gross earnings
$4,907,253
...
3,826,464
Operating expenses
$1,080,789
20,000
659,998
Residue receipts
Less joint account expenses
Five per cent interest on
purchase price
Divisible receipts
City's proportion, 55%, as per ordinance
proportion 45%,
Companies'
as per
$400,790
220,434
...
$180,356
ordinance
Nov. 21
Chicago Fare Status.— The U. S. Supreme Court
handed down a decision which holds that the street
in
merce
want
car
fares
subject to the regulation of the Illinois Comr
Commission.
The decision in dismissing the case for
Chicago
of
are
jurisdiction
■' V:
says:
cash fare
on
jurisdiction
Hawkinsville & Fla. South. Ry.—Protective
upon
the surface lines.
Judges Carpenter and Baker of Chicago and Geiger of Milwaukee will
on its merits Dec. 2.
L
The Commission in its order reducing the fares directed the companies
hear the case
by the mortgage securing your bonds and receiver's certificates have been
authorized ranking prior in lien to these bonds.
The company has been
operated at large deficits both prior and subsequent to the receiver's ap¬
pointment and it is the recently announced intention of the Georgia Southern
& Florida Ry. (the guarantor of the principal and interest of $571,000 out¬
standing bonds) to apply to the Court for permission to abandon operation
of the property.
[The I.-S. C. Commission has granted permission to
abandon the road.—Ed.]
"To the end that the committee may be placed in as strong a position as
possible before the Court, in its efforts to protect the bondholders' interests
in the receivership
"operating expenses" immediately and this is taken to mean a
The Commission said in part:
"The 5-cent rate is
temporary only, and is explicitly granted upon the basis that it is a tryout
to reduce
susceptible to readjustment at any time should it be developed that
companies cannot operate at that figure."—V. 113, p- 2184, 1359.
and is
Community Traction Co., Toledo,
Kissel, Kinnicutt & Co., N. Y. City, and William E. Bush, Augusta, Ga.,
Broadway, N. Y. City, and Barrett & Hull,
Compare V. 113, p. 2079, 2185.
v'»
Helena
Connecticut
^
Co.—IFive-Cent Fare for Bridgeport.—
effective Nov. 20, 5-cent
By order of the Connecticut P. U. Commission,
fares without free transfers were put into effect
in Bridgeport for a trial
period of 90 days.
,
In ordering a trial of a 5-cent fare the Commission said:
"In a city where the present patronage is so limited that the revenues
fall short of paying actual operating expenses, an experiment should have
,
demonstrating the success or failure of a 5-cent fare in populous
centres, without transfers, and with contracted fare limits, without serious
financial loss to the company."
At the same time the Commission denied the petition of the City of
the effect of
Houston
The Commission declares:
Bridgeport at the present time is an absolute
port and vicinity.
"Street railway service in
necessity, irrespective of the number of jitneys and extent of their opera¬
tion.
The rates of fare at which jitneys are willing to operate, and the
rates of fare now charged by the street railway company, make it difficult
to reconcile the two forms of service or to maintian a successful street rail¬
way
service with the rates of fare
substantially double those of the jitney
principal demand for increased number of jitneys is largely
.
.
.
The test period should determine
to what extent the reduced trolley fare is practical; to what extent the
public will patronize the street railway service at a reduced or minimum
rate of fare: the ability of the copmany to handle adequately the antici¬
pated maximum traffic presented and to what extent, if any, actual public
convenience and necessity, with reduced trolley fares, may require addi¬
tional jitney service."
A similar order, restoring the 5-cent fare in Norwalk for a 90-day trial,
was
recently issued.
(Compare also "Electric Railway Journal," Nov.
19, p. 924.)—V. 113, p. 1982, 1887.
service.
The
due to the difference in fares.
Cumberland & Pennsylvania RR.—Fares
Reduced.—
has announced a reduction in passenger rates from 3 H
cents a mile to 2 cents, placing the rates on a pre-war basis.
The road
runs from Cumberland to Piedmont, W. Va., 34 miles.—V. 112, p. 1977.
company
Dallas Terminal Ry.
J.
M. Herbert,
& Union Depot Co.—President.—
President of the St. Louis-Southwestern
elected President, with headquarters at
has also been
Dallas, Tex.—V. 113, p. 1573, 627.
Grande RR.—Stockholders' Suit.—
The stockholders' protective committee has caused to be served on
former directors and officials of the company summons in a suit in the
New York Supreme Court to recover $200,000,000 for alleged losses to the
stockholders growing out of misfortunes of the road extending over a
period of five years and ending in the sale of the property to satisfy a
Denver
& Rio
The defendants
named
are
George J. Gould, Edward T. Jeffery,
Arthur
Coppell, Edwin Gould, Kingdon Gould, Edgar L. Marston, Benjamin F.
Bush, Edward L. Brown, Edward D. Adams, Finley J. Shephard, Harrison
Williams, Benjamin B. McAlpin, George G. Haven. Henry U. Mudge,
James Horace Harding, Harry Bronner, Charles C. Huitt, John H. McClement, Alvin W. Krech, Alexander R. Baldwin and the Denver & Rio
Grande Railroad Co.
Attorneys for the committee said they expected to
file the suit immediately.
This litigation grows out of the failure of Denver to pay on Sept. 1 1914
semi-annual interest which it had guaranteed on the old Western Pacific
first mortgage.
Western Pacific was sold at foreclosure for an upset price
of $18,500,000 and the company sued Denver for $-38,000,000, the difference
between the amount of the first mortgage and the upset sale price.
For
further details see'4Current Events" above and New York44 Times'' Nov. 22
and Nov. 23-—V. 113, p. 1573.
Detroit United Ry.—To Pay Bonds.—
5% gold bonds of the Detroit Ry. due Dec 1
paid at Peoples State Bank, Detroit, Mich.—V. 113, p. 2079, 1887..
Fifty ($50,000) First Mtge.
will be
Ephrata & Lebanon Street
Walter
C.
Graeff
was
Ry.—Receiver.—
recently appointed receiver for
operated by the Ephrata & Lebanon
p. 608.
this company,
Trcation Co., Lebanon, Pa.—V. 99,
Equipment 6% Gold Notes.—Notes Sold.—Kidder, Peabody & Co. and Salomon Bros. & Hutzler, New York, an¬
nounce that they have sold $7,666,000 Equipment 6% Gold
Notes of the companies mentioned, which they purchased
from the U. S. Government at par.
The notes and offering are as
,
,
,,,
5.50%: $703,900 Louisville
Ry., $922,700 New York
$647,100 Illinois Central RR
•
n
»
(2) Notes due Jan. 15 1923 at price to yield 5.65%: $703,900 Louisville &
Nashville RR., $286,300 Great Northern Ry. Co., $922,700 New York
Central RR., $647,100 Illinois Central RR.
(3) Notes due Jan. 15 1924 at price to yield 5 75%: $700,000 Louisville
& Nashville RR.. $286,000 Great Northern
Ry., $920,000 New York
Central RR., $640,000 Hlinois Central RR. ^ (Compare V. 113, p. 2079.)
Central RR.,
r
2305.
requiring the company to sell 20 tickets for $1, leaving cash
is expected to be passed by the Houston City Council.
provide that the tickets sold shall only be good for
60 days and that they will not be refunded after the expiration of the time
limit.
Children from 5 to 12 years of age will be carried for 3 cents, school
children not over 17 who are bona fide students 3M cents, and all children
under 5 years of age free.
The tickets shall be for a continuous passage,
which includes transfers.
The ordinance, if passed, becomes effective
7 cents,
Jan. 1 1922.
The ordinance will also contain a
provision that the number of jitneys
allowed to be operated in the city limits shall at no time exceed 200, and
that the ordinance is to run for four months, after which the matter of fares
adjudicated by the Council.—V. 113, p. 1674.
shall be
Interstate Consol. Street Ry.—Wage
Cut.—
Employees have received notice of a proposed wage reduction, effective
20% for car operators and 30% for office employ¬
Jan. 1 1922, amounting to
ees.—V. Ill, p. 294.
Kentucky Traction & Terminal Co —Listing.—
Phila. Stock Exchange on Nov. 19 listed $238,000 additional 1st
Mtge. 5% S. F, gold bonds, due 1951, tobeissued asfollows:
$6,000
The
& Ref.
in exchange for a like amount of Blue Grass Traction Co. bonds, $21,000
in exchange for a like amount of Georgetown & Lexington Traction Co.
Ry. Co. bonds,
trustee, through
bonds, $36,000 in exchange for a like amount of Lexington
the
acquired by
Continental
Trust Co.
of Baltimore,
sinking fund operations, and $175,000 issued against a like amount of cash
deposited with the Commercial Trust Co. against the maturity of $175,000
value Georgetown & Lexington Traction Co. 5% bonds on Nov. 15
1921, making the total amount of said bonds listed Nov. 19 $2,629,000
(numbers 1 to 3,179, both incl., for $1,000 each, excepting numbers of
•1550.000 retired and stricken from the list).—V. 113, p. 1983.
par
Live Oak Perry &
Gulf RR .—Branch Abandoned.—
She branchC. Commission Nov. 16 authorized the abandonment of a
ile I.-S.
line of railroad in Taylor County, Fla.—V. 109, p. 371.
Market Street Ry.,
San Francisco,—City Purchase.—
In an effort to bring about speedy negotiations for the purchase by the
city of San Francisco of the company's properties, a resolution was intro¬
duced by Supervisor J. Emmet Hayden at the meeting of the Board of
Supervisors Nov. 19 urging the purchase of the entire transportation
system by the city and county at the earliest possible opportunity.
The
resolution was referred to the P. U. Committee of the Board.—V. 113,
p.
1574, 1471.
Memphis (Tenn.)
Street Ry.—Accident Campaign.—
Elgin, receivers, in urging the co-operation
public in its accident prevention campaign, state:
"The receivers, during 1920, charged as a part of the cost of service'
$280,000 to the account of injuries and damages.
Actual payments during
the year amounted to $353,000.
It cost each revenue passenger (each time
a ride was taken) over half a cent to pay the injuries and damages account."
—V. 113, p. 1053, 417.
T. H. Tutwiler and Frank S.
of the
Miami
Traction Co .—Municipal Operation.—
(Fla.)
The special election on Nov.
1 in Miami, Fla., resulted in approval
by
the voters of the purchase of the tracks of this defunct company and the
issuance of $100,000 of city bonds for the equipment to resume operation
The Miami Beach Electric Co. which operates cars to
of the line.
Beach through a
—V.
112,
p.
Miami
portion of Miami, has agreed to lease the city's system.
162,
Missouri Kansas & Texas Railway Co.—Reorganization
Dated
Plan
Nov.
1
Syndicate
1921—Underwriting
Over-Subscribed.—The Reorganization Managers, J.
Heavily
& W.
Seligman & Co., 54 Wall St., New York, and Hallgarten
Co., 5 Nassau St., New York, have announced a definite
plan for reorganization, which has been accepted by directors
of the company and the 18 committees representing securities
dealt with under the plan (see advertising pages).
The stockholders' participation in the plan has been under¬
written by a syndicate which Speyer & Co., J. & W. Selig¬
man & Co., Hallgarten & Co. and the Equitable Trust Co.
undertook to organize.
The plan is to be declared operative
&
by the Reorganization Managers when in their judgment a
sufficient amount of securities has been deposited.
Speyer & Co., it is stated, were overwhelmed with
applica¬
participations in the Underwriting Syndicate.
syndicate is for $18,400,000, the amount of the
assessment provided for by the plan on the Preferred and
Common shares of the Missouri Kansas & Texas Ry. Co.
On account of the very large over-subscription, allotments
will have to be very much reduced.
tions for
The
The names of the several committees which have
approved the plan and
recommend its adoption by their respective depositors, as well as a list of
the several Lssues of securities entitled to participate and the provisions
respecting their deposit or assent to the plan, may be found in the adver¬
tising columns of to-day's issue of the "Chronicle."
Further deposits
of securities and the stamping of existing certificates of deposit as assenting
to the plan, where such stamping is required will be permitted until and
including Jan. 7.
'
The Dutch committee representing Missouri Kansas & Texas Ry. 2d
Mtge. 4s will submit this plan to its depositors and the Reorganization
Managers, in case this plan shall be approved by such depositors, are
authorized to enter into such arrangement with the Dutch committee as
in the judgment of the Reorganization Managers may be deemed advisable
to subject the bonds deposited with that committee directly to this plan.
,
follows:
(1) Notes due Jan. 15 1922 at price to yield
& Nashville RR., $286,300 Great Northern
p.
The ordinance will also
....
The
for 6}4 cents.—V. 112,
Electric Co.—New Franchise.—
(Tex.)
An ordinance
fares at
^
,
Bridgeport for further consideration of the jitney service and the petition
of certain Bridgeport corporations and persons to operate jitneys in Bridge¬
(Mont.) Light & Railway.—Fare Increased.—
The Montana State Commission has authorized the company to increase
fares from 8 to 10 cents with tickets
O.—Operations, &c.
for October will show a surplus of nearly $20,000, which
deficits in various funds set up with the exception of the
stabilizing fund.
The sinking fund, which represents cash ownership of the
lines by the city, is now at $159,375.
,'
The stabilizing fund is $53,333; it started in February at $400,000.
A raise in fare was contingent upon the operation for October.
("Electric
Railway Journal," Nov. 12.)—V. 113, p. 1573, 1470.
:
,
you
counsel, Augusta, Ga.
The operations
will take care of all
.
and enforce in every way the guaranty of the bonds,
are urged to deposit your bonds with the Columbia Trust Co., depositary.
60 Broadway, N. Y. City."
Committee.—F. J. Lisman, of F. J. Lisman & Co.; G. F. Hawkins
of
reduction in wages.
the
Comm., &c»'
In a circular to the holders of the First Mortgage 5% bonds, the com¬
mittee named below says in substance:
"A receiver was appointed July 16
1920 in the Superior Court of Bibb County, Ga., for the property covered
with Graham Adams, Sec., 61
authority of city of Pawhuska
versus Pawhuska Oil & Gas Co. and City of Chicago versus Dempsey."
The decision in itself is of far-reaching importance, as it establishes the
supremacy of the State rate-fixing bodies and makes their decisions not
amenable to review by the Federal court.
The decision is construed as
conferring upon the State commissions authority over municipalities and
at the same time depriving municipalities of appeal beyond the State courts.
The suit was brought by the city of Chicago against the old P. S Commisrsion, which established a rate of fare of 8 cents for the surface lines over
the protest of the city officials.
Federal Judge Carpenter Nov. 24 issued a temporary restraining order,
effective at midnight Nov. 24, against the city of Chicago and the Illinois
Commerce Commission, enjoining them from enforcing the Commission's
order reducing Chicago street car fares from 8 cents to 5 cents.
The
Illinois Commerce Commission issued an order Nov. 23 ordering a flat 5 cent
"Dismissed for want of
2311
CHRONICLE
Bonds and Notes Not Dealt
Missouri
Kansas
&
Texas
Ry.
Co.
With
Under the Plan.
Equipment Trust Notes.
The Missouri Kansas & Texas Ry. Co. of Texas
Texas Central
RR.
Equip. Trust Notes.
First Mortgage Gold Bonds.
Katy Office Building Co. First Mortgage Serial Gold Bonds.
San Antonio Belt & Terminal Ry. Co. First Mortgage Gold
Notes.
Included in the Reorganization (See Also Below).
It is the intention not to include in the reorganization the properties
covered by the mortgages securing the bonds listed below, but provision
Properties Not
3312
may
THE
be made under the plan for the settlement of
any
CHRONICLE
obligation of Missouri
terms, on such notice and at such premium, if any. as
by the board and be stated in the certificates therefor.
Kansas & Texas Ry. or of the Missouri Kansas & Texas Ry. Co. of Texas
in respect of guaranteed or assumed bonds.
Texas & Oklahoma RR. First Mortgage 5% Gold Bonds.
The Sherman Shreveport & Southern Ry. First Mortgage 5% Gold Bonds.
Beaumont
on the Preferred stock shall be
payable only out of the net
the surplus of the new company and as and when declared
by the
Board and dividends at the rates carried by the
respective series wfll be
cumulative from and after Jan. 1 1928 or later issue but arrears of dividend
shall not carry interest.
The holders shall not be end-led to
Great Northern RR. First Mortgage 5% Gold Bonds.
Brazos Valley Ry. First Mortgage 5% Gold Bonds.
Reorganization
The reorganization is
Plan—New
Railroad
under foreclosure decree or othenvi.se.
As for as deemed advisable it
is intended to vest directly in the new company the lines of railroad which
be embraced in the reorganization, so that the new mortgages may
be made, as far as deemed by the Reorganization Managers
practicable,
direct liens In their relative order of priority.
or
may
and
1
IIow
1922, and provision may be made
retain
deduct therefrom
or
under
present
any
share and all arrears in cumulative dividends thereon.
Common stock to be authorized to an amount not
exceeding 2,500,000
per
future law.
or
shares, without nominal
or par value.
IIow the 2,500 000 Shares
of New Common Stock
Any bonds payable in any foreign country or countries may, at time of
issue, be made, payable in the currency or the respective currencies there
current, at fixed rates of exchange.
Bonds issued in the reorganization will not contain tax exemption
pro¬
visions.
The new company is to authorize the following securities:
are to be Applied
In respect of existing securities dealt with
under the plan, for
settlement of secured debt, or for other
reorganization
purposes..,
Prior
Lien Mortgage.—Total
authorized
amount
$250,000,000.
Interest payable semi-annually, at such rate as may from time to time be
purposes
determined by the board at time of issue and be stated in the bonds. Central
Union
Trust Co. |of N. Y. and some individual as trustees.
Issuable
in separate series maturing on the same or different dates and redeemable
in whole or in part at times, on notice and at premiums, and
conversion
privileges,
as
may
be
Issued
or
refund, take up
reserved
or
issue
under
(a) to
provide for securities (including any future
control
or
claims
on
the part of the United States
Lien
Mortgage
Bonds
Presently
Interest from
Issuable Under
Jan. I 1922.
the
Plan,
Series A 5% 40-year, redeemable at 105 and interest
Series B 4% 40-year, redeemable at par and interest..
Series O 6% 10-year, redeemable at 102^ and interest
Carrying
$52,942,752
27,236,000
12,894,570
Additional amounts of the authorized Prior Lien
Mtge. bonds of any
series may be issued at the discretion of the
Reorganization Managers to
the extent that additions and betterments made to the
system during the
Federal control period, which the receiver advises
(2)
Cumulative Adjustment Mortgage Gold
$100,000,000, Columbia Trust Co. and
Interest payable annually or
semi-annually
mortgage at such rate not exceeding 7% per
Bonds.—Total
some
as
individual
may
annum
authorized
as
trustees.
be provided in the
as may from time
to time be determined by the board at time
of issue and stated in the
bonds, but required to be paid, prior to the maturity of the
principal, only
out of the net income of the new
company as shall be defined in the Adjust¬
ment Mortgage.
The interest will be cumulative from and after Jan. 1
1925, but such accumulations shall not bear interest.
At the maturity
of the principal, all arrears of cumulative interest shall
be payable.
The Adjustment Mortgage shall also
provide that, until said Jan. 1 1925
no
dividends
on
unless Interest
any
on
class of stock shall be paid
the
or
Adjustment bonds for such
set apart in any year
year at the maximum
rate or rates carried by such bonds shall have
been paid or be set aside for
payment; and that after Jan. 1 1925 no dividends on
any class of stock at
the time outstanding shall be
paid or set apart for payment in any year
■unless the full cumulative interest on the
Adjustment Mortgage bonds shall
have been paid or set aside for
payment.
The Adjustment bonds may be issued in
series,
maturing on the same or
different dates, and redeemable in whole or in
part at times, and at prem¬
iums, as may be determined by the board at time of issue and be
stated in
the bonds of such series but In all
The Adjustment bonds of
cases with accrued cumulative
interest.
any series may be made convertible into
Preferred stock at such rate or
rates, in such manner, under such regulations
as shall be authorized in the
Adjustment Mortgage.
The net income applicable to the
payment of interest on the Adjustment
Mortgage bonds shall be deemed to be the net income as
that term is
defined in-the accounting rules of the
Inter-State Commerce Commission
from time to time In force, but
without deduction in
ascertaining net
income for interest on the
Adjustment Mortgage bonds; and only such
portion of the net income for each year beginning Jan. 1 as the board in
its discretion may
determine, but not less than 50% of such net income
for each such year ending
prior to Jan. 1 1925 shall be required to be
applied,
so far as
necessary therefor, to the payment of interest on
the Adjustment
bonds, and any remaining net
income, to the extent of any difference
between the full interest on the
Adjustment Mortgage bonds and the
interest actually paid
thereon, shall be carried into a separate account
available only for expenditures
chargeable) to capital account under the
accounting rules of the I.-S. C. Commission from time
to time in force.
IIow the $100,000,000
In respect of
settlement
purposes
Adjustment Mortgage Bonds
are
to
be Applied.
existing securities dealt with under the
plan for
of secured claims,
or
for other reorganization
;___
®ti
To be offered to stockholders.
To be issued or reserved for issue
under such regulations and
restrictions as the Reorganization
Managers may determine
and as shall be set forth in the
070
7cp.
5 526 244
Adjustment Mortgage, to a
principal amount equal to that
part in respect of which Prior
Lien Mortgage bonds shall not be
issued of the entire cost of
new equipment,
improvements, betterments and additions
constructed or acquired by the new
company or some sub¬
sidiary company, the cost of construction by the new
company
or some subsidiary
company of new mileage or the cost of
the
acquisition by the new company or some
of other lines
thereof
of railroad
—
or
stocks
subsidiary
or
c9,992,000
dlO,421,000
500
250
250
250
el8,974,000
350
b20,000.000
f3,253,000
gl,924,000
<fc
h2,500.000
RR.
1st
M.
500
15,468,000
Okla.
East.
1,000
Ry.
1st
M.
j4,000.000
g?8,000
750
1
Sept.
1
Wichita
1942...
Falls
<fe
k4,505,000
Ry.
750
11,340,000
1,000
12,098,000
1,200
m838.000
Nov. 1 1940
Northw.
500
Co.—
1st M. 5s, Jan. 1 1939
1st Lien Coll. Tr.
5s, Jan. 1 1925...
1st & Ref. M. 5s, Jan. 1 1940
Southwestern Coal & Irnpt. Co. 1st M.
n3,000,000
250
d743,000
500
6s, July 1 1929..
Boonvllle RR.
Nov.
1
Bridge Co.
1st
...1
5s
Aprill 1942
Dallas<feWacoRy.lstM.5s,
500
5s
M.
....
-
—
4s,
1951
1883,000
Mo. Kan. & Texas Ry. Co. Pref.
Stock
(per 10 shs.), on payment of $20 sh.
1,000
....
13,000,000
Cora. Stk. (per 10
shs.), on payment
of $25 a share.
140
63,283,257
....
175
....
Will Receive
Adj. M.
Existing Securities of Each $1,000
Com.
Slock
Series A
Principal Amount—
'
5s
Mo. Kan. & Tex. Ry. 1st M.
4s, June 1990
2d M. 4s, June 1 1990
.....$1,192 50
1st & Ref. M.
4s, Sept. 1 2004
503 33
Gen. M. 4^8, Jan. 1 1936.
73 13
2-Year Secured Notes,
May 1 1916
525 00
1st M. Extension
5s, Nov. 1 1944
500 00
St. Louis Div. 1st M. Ref.
4s, Apr. 1 '01
250 00
K.
Pref.
Stock
Series A.(No.of Sh)
$23 33
719 37
2d M. 5s, April 1
Mo. Kan. & Tex.
750 00
33 33
537 50
1942
500 00
Co. of Tex.
Jan.
1
656 25 1 9-16 shs.
1st
M. 5s, Sept. 1 1942
Dallas & Waco Ry. 1st M.
5s, Nov. 1 1940
Wichita Falls & Northwestern Ry.—1st M. 5s,
shs.
23^ shs.
36 67
M.5s,Apr.l '42
Ry.
......
525 00
666 67 1 2-3
City & Pac. RR. 1st
M. 4s, Aug. 1'90
Mo. Kan. & Okla. RR. 1st M.
5s,May 1'42
Mo. Kan. & East. Ry. 1st
Cash.
$64 16
541 67
33 33
1939
1st Lien Coll. Tr. 5s, Jan.
1 1925
675 00
1st Ref. M. 5s, Jan. 1 1940._
Southwestern Coal & Irnpt. Co. 1st M.
6s,
July 1 1929
Boonvllle RR.
Bridge Co.
1st
M.
812 50
187 50
890 00
4s,
Nov.
1951
1
26 67
....
Missouri
Kansas &
Texas
Preferred Stock (per 10
ment of $20 a share
Ry. Co.—
shares),
,
on pay¬
60 00
Dec.
10 shs.
75 00
Common Stock (per 10
shares), on pay¬
ment of $25 a share
10 shs.
1
1921 and subsequent coupons,
b Feb. 1 1916 and subsequent
March 1 1916 and subsequent coupons,
d Jan. 1 1916 and
subsequent coupons,
e Witn c up >n
maturi ig Nov. 1 1915 and May 1
1916.
f Nov. 1 1915 and
subsequent coupons,
g April 1 1916 and sub¬
sequent coupons,
h Aug. 1 1921 and subsequent coupons,
i Nov. 1 1921
a
coupons,
and
c
subsequent
k Sept.
1
coupons-
j Oct.
1
1916
and
1916
coupons,
m
subsequent
and subsequent coupons.
I July 1
Jan. 1 1919 and subsequent coupons,
subsequent coupons,
subsequent
1918 and
n
July
1
1917
and
coupons.
Stock.—Holders of stock deposited under the plan will receive in
respect
of same Stock
Participation Warrants.
Certificates of deposit for stock
will not be issued.
The Preferred Stock
Participation Warrants will call for the payment
for every share of the
deposited Preferred stock of the sum of $20, payable
optionally either in full at once or $8 per share at the time of deposit, and
the remaining $12 per share in three
equal installments of $4 per share each.
The Common Stock
Participation Warrants will call for the payment
for every share of the
deposited Common stock of the sum of $25, payable
either in full at once or $10
per share at the time of deposit, and the remain¬
ing $15 per share in three equal installments of $5 per share each.
All payments must be made in New York funds at
Equitable Trust Co.,
Depositary, 37 Wall St., N. Y., and will be noted
pation Warrants.
on
the respective Partici¬
Holders of Participation Warrants who
will be entitled to receive on
make the aforesaid payments
completion of the reorganization new securities
company
bonds representative
-
42,500,000
Bonds Now Issuable.
The Adjustment
Mortgage bonds presently to
be issued and deliverod under the
plan will be of Series A 5% ranking for
interest from Jan. 1 1922,
maturing Jan. 1 1967, redeemable in
whole or
in part at the election of the new
company on any interest day at par and
int. and convertible prior to Jan. 1 1932, into
Preferred Stock S&ries A
7% at the rate of 10 shams for each $1,000 bond with
appropriate adjust¬
ment of interest and dividend.
(3) Preferred Stock.—Authorized amount
$200,000,000, diviaed into
shares of $100 each.
Issuable in series, each series
carrying dividends at
such rate, not exceeding 8% p. a., as
may be determined
by the board
and be stated in the certificates therefor, and
any series may be made
redeemable in whole or in part at the election of
the company, on such
4c
Kan.
6s.
$500
2d M. 5s, April 1 1942.
Mo. Kan. & Tex.
Ry. of Tex. 1st M. 5s,
approximate $8,000,000,
may be funded, or to the extent that other claims or the Director-General
against the system may be settled by such issue, or to provide for further
receiver's certificates which may hereafter be issued
pending completion
of the reorganization.
»
amount
Kan.
Series C
4s.
$500
May 1 1942
Mo.
Series B
5s.
a$3i>,999.500
Aug. 1 1990
Mo.
any of its
to the extent of not
Series A
Public.
St. L. Div. 1st M. Ref.
4s, Apr. 1 *01
Kan. City A Pacific RR. 1st M.
4s,
or
Prior Lien Mtge. Bonds.
With
Sept. 1 2004
Gen. M. 4^s, Jan. 1 1936
2-Year Sec. Notes, May 1 1916
1st M. Exten. 5s, Nov. 1 1944
>
agencies, Governmental or private; (b)
exceeding $25,000,000 bonds to be Issuable to a principal
amount equal to the entire cost, and (c) beyond that amount
of bonds to 80% of the cost, of new equipment,
improvements,
betterments, additions, new mileage, or stocks or bonds
representative of new mileage, whether constructed or ac¬
quired by the new company, or by some subsidiary company_156,926,678
Prior
1,716,845 shares
SECURITIES.
M. K. & T. Ry. 1st M.
4s, June 1 1990.
2d M. 4s, June 1 1990
1st & Ref. M. 4s,
issue of receiver's certificates) not dealt with under the
plan;
for adjustment or funding of claims in connection with Federal
corporate
Will Receive.
$80,178,752
12,894,570
restrictions
for
Outstanding
$250,000,000—Approximate Purposes.
for
issue
Existing Securities of Each $1,000
Principal Amount—
In respect of existing securities dealt with in plan and to settle
S6CUT6(l claims'
To
762,833 shares
future
...
OLD
may have
be determined by the board at time
Series A 5%. $52,942,752; Series B 4%, $27,236,000
To be offered to stockholders (Series C 6%)
___
APPLICATION OF NEW SECURITIES—TERMS OF EXCHANGE FOR
of issue and be stated in the bonds of such series.
Prior Lien Mortgage
__
and Reserved.
20 322 shares
____■
To be offered to stockholders
To be issued or reserved for
(1)
such
the
_
Bonds of any series payable principal or interest in
the United States may be made payable without deduction for any tax or
governmental charge which the new company may be required or per¬
to
other
In respect of
foreign cities.
mitted
or
liquidation, whether voluntary
$200,000,000 Preferred Stock is to be Applied and Reserved.
existing securities dealt with under the plan, for
settlement of secured debt, or for other reorganiza'n
purposes.$24,500,000
To be issued or reserved for conversion of
Adjustment Mortgage
bonds and for future issue for
corporate purposes
175,500,000
Preferred Now Issuable.—The Preferred stoqk to be issued in the reorgan¬
ization will be of Series A, will
carry dividends at the rate of 7% per annum,
and will be made, if allowed
by law, redeemable in whole or in part at $110
Stock.
that, if so determined, the principal and interest, or both, of any of the
bonds may be made payable (1) in N. Y. City only or (2) in said city and
also In one or more American cities or foreign cities or (3) only in one or
more
of
case
part of the Preferred stock then outstanding as shall be
represented at a
meeting called for that purpose.
All bonds will be payable In U. 8. gold coin of or equal to the standard
of weight and fineness existing Jan.
any
to
preferential rights of subscription.
or involuntary, the Preferred
stock shall be entitled to be paid in full out of the assets
$100 per share of
their stock and all arrears In cumulative
dividends, but without merest,
before any amount shall be paid out of said assets to the holders of
the
Common stock, but to no further distribution of assets.
No additional
mortgage is to be put on the property vested in the new company pursuant
to the plan except with the consent of the holders of a
majority of such
In
embrace, except so far as the Reorganization
Managers shall otherwise determine, the various properties now included
in the Missouri Kansas & Texas System (or securities representative thereof)
and these are to be taken over after sale under the general creditors' bill
Bonds
or
further dividend
or
Company.
to
New
be determined
may
Dividends
income
&
Houston &
[Vol. 113.
(subject to possible reduction of Common stock as hereafter stated) viz:
(1) For t referred Stock Participation Warrants at rate per $10,000
par
value of Pref. stock deposited:
(a) $1,400 Prior Lien Mortgage Bonds, Series C, 6%, carrying interest
from Jan. 1 1922; (5) $600 Adjustment Mortgage
Bonds, Series A, 5%,
ranking for interest from Jan. 1 1922; (c) 100 shares Common stock.
(2)
For
Common
Stock
Participation Warrants at rate per $10,000 par
deposited:
Mortgage Bonds Series C 6%, carrying interest
1922; (6) $750 Adjustment Mortgage Bonds Series A
5%,
ranking for interest from Jan. 1 1922; (c) 100 shares Common stock.
value Common
(a)
from
$1,750
Jan.
stock
Prior Lien
1
If necessary in order to obtain the
approval of any governmental authority
the plan the amount of capitalization to be issued
may be reduced
by
as the
Reorganization Managers may in their discretion de¬
termine, but in such event the whole of the reduction will be made in the
to
such amount
Common stock of the
new
company
offered to holders of stock of Missouri
Nov. 26
THE
1921.]
will start to dismantle the system and sell the property for
junk in about three weeks providing an operating company does not make
an attractive offer before that time.
it is stated,
under Participation War¬
be reduced in the same
Kansas Texas Ry. Co.. the amounts deliverable
either class, Common or Preferred,
to
rants of
percentage.
(3o*
Brazos "V"alloy
There are additional
''
creditors and claimants
Schuylkill & Lehigh RR.—New Director.—
Robert L. Russell was recently
and
franchise
other
taxes,
and
compensation
expenses
To the extent that the receiver may
4,000,000
8,103,000
funding the
other capital expenditures.
to
of
6% on the aggregate f-yndieate obligation and $1 50 per share for so
much of the Common stock of the new company so offered to stockholders
under the plan as
such syndicate shall take and pay for but for which
Participation Warrants shall not have been issued.
The compensation of the Reorganization Managers shall be a sum equal
to % of 1 % of the aggregate principal amount of the new bonds and 50 cents
per share of the new stock which would be issuable under the plan to
depositing security holders and stockholders if all securities and stock of
be used for additions and betterments or
became subject thereto.
under ''Financial
Reports"
on a
preceding
page,
opened at 2214, rose to 24, eased off to 22 M and closed at 22 V*.
The
Adjustment 5s, Series, A, started at 40, rose to 43 and eased off to J0.
The Series A 5s of 1961 sold at 71, advanced to 75 and closed at 74.
The
Series B 4s of 1961 opened at 58, rose to 63, at which price they closed.
The Series C 6s of 1931 opened at 90 and advanced to 93.
For closing
prices yesterday
see
"Quotation
Department"
above.]—V. 113, p.
2080.1574.
Co.—Plan.—
of reorganization has become effective
5% 1st Mtge. Debenture stock.
Holders
called upon to deposit the certificates for
their stock at the office of the British Empire Trust Co., Ltd., London,
for exchange for new securities to be issued in exchange therefor in accord¬
ance with the plan, which see in V. 113, p. 1251, 533.
is
given
that the
plan
and binding upon the holders of
of 5% 1st Mtge. Deb. stock are
Tramways Co.—Bonds Offered.-—
Montreal
Harris, Forbes & Co. have purchased a block
on
reduced the upset price from $400,000 to
1983, 1252.
Toledo St, Louis
under the agreement constituting the committee dated Dec.
original of which agreement is lodged with the depositary.
Toledo & Western
Tygarts Valley Traction
Of the $50,500 which will eventually be received from the bond and stock
sale, $25,000 will become immediately available.
Of this amount $16,000
will go to pay for the property of the Grafton Traction Co., recently bid in
under foreclosure by William Farris, trustee for Citizens Bank of Charles¬
ton, W. Va.
ments as are
The balance will be used in making
absolutely necessary at the outset.
Vincennes
of $1,750,000 5% 1st &
Court
injunction of Judge King restraining the city of New Orleans from entering
into any agreement with the company on car fares caused the negotiations
between the city and the company to come to a halt Nov. 9.
It had been
confidently expected that all points in discussion would be amicably settled,
but it is now relt that nothing can be done until the city has got free from
the injunction proceedings.—V. 113, p. 1773, 1471.
New York Central RR.—Court
Affirms Title.—
Appellate Division of the Supreme Court Nov. 18 affirmed a decision
refusing to grant to the City of New York permission
to remove tracks of the company along Riverside Drive from 72d St. to
Spuyten Duyvil, a distance of about 7H miles.
The city authorities have announced their intention to appeal the case.
—V. 113, p. 2186, 2080.
The
Co.—Organized.—
service at Grafton. W. Va., is to be resumed by a local
of the above name.
The decision to this effect was reached at
a meeting of the Chamber of Commerce when assurance was given that a
fund of $50,000 will be raised at Grafton.
First Mortgage 6% bonds in the
sum of $50,000 are to be sold in denominations of $100, $500 and $1,000,
and are being offered for sale at Grafton.
Along with the bonds there will be an issue of Common stock, par $1.
It will be coupled in the selling with the bonds, a $100 bond and one share
of stock costing $101.
Subscriptions to the bonds will be payable 50% at
once and the remaining 50%
on June 1.
Electric railway
This
such repairs and improve¬
("El. Ry. Journal.")
(Ind.) Electric Ry.—Reorganized.—
has been incorporated, with a capital of $100,000, as
reorganization to the Vincennes Traction Co.
G. H.
J. H. Powers and E. C. Theobold, incorporators.
company
Vincennes
Supreme
appointed Auditor and Treasurer; N. D.
1472.
company
See Vincennes
Louisiana
RR.—Officers.—
Roudebush has been
R.
H.
Halted.—
the
15 1914, the
the time for depositing stock without penalty
until Nov. 30 1921.
Stockholders should deposit their stock with the
above-named depositary not later than Dec. 1 1921 in order to enable them
to participate in the settlement made by the committee for the benefit of
all depositing stockholders.
Compare details of settlement in V. 113,
p. 1984,2081.
The committee has extended
continuing in force the
of
& Western RR.—Extension, &c.—
protective committee, Julius S. Bache, Chairman, in
(see advertising pages), says:
Over 96% of the entire issue of both Common and Pref. stock has been
deposited with Empire Trust Co., 120 Broadway, New York, depositary,
notice to stockholders
Ry. & Light Co.—Negotiations
decision
$300,000.
The stockholders'
a
outstanding.
113, p. 1675-
New Orleans
Georgia RR.—Road to Be Sold.
Dec. 15 next and has
—V. 113, p.
Ref. Mtge. bonds of 1941, the same as the present issue now
A public offering is expected to be made early next week.—V.
A
&
Federal Judge Sanford has declined to issue an order allowing this road
be scrapped.
He has ordered the property sold as a going concern
Bushong, Secretary.—V. 113, p.
[Trading in the new securities "when, if and as issued" began on the
N. Y. Curb Exchange on Tuesday.
The Common stock started at 11,
declined to 10 and closed at that price.
The new 7% Preferred stock
Monterey (Mex.) Ry., Light & Power
dated Jan. 1 1902 at 7%.-—V. 113, p. 2186.
,
Receiver Schaff
Compare special statement prepared by
Ry. 1st Mtge. 5% gold bonds
to
during Federal control,
in the receiver's hands,
t
Department of Public Utilities has authorized the company
Jan. 1 1922 for 5 years $330,000 Springfield & Eastern St.
The Mass.
to extend from
Tennessee Alabama
The syndicate formed to underwrite the subscription rights, offered
the holders of Preferred and Common stock, is to receive a commission
each class dealt with under the plan
Springfield Street Ry.—Bonds Extended.—
nnn
of
be able to arrange for
of additions and betterments to the system
cash so made available, together with other cash
cost
Sep¬
under the general order to dismantle and
sell the lines west of Flanders Corner, this work is proceeding and the rails
are being taken up.
The rail? are paid for as removed—V. 113, p.2186
The receiver also reports that
and
Reorganization
Managers;
expenses of
engineering
accounting experts, syndicate commissions, &c___
covering
August
shore.
the hiRh month in cash receipts, due to the summer travel to the
Cash receipts jtunned from $32,859 in July to $53,484 in August.
tember held up well, showing only $1,600 less than August.
was
1,275,000
1,000,000
provisions of the plan
(Conn.).—Operations, &c.—
Shore Line Elec. Ry.
Receiver Robert W. Perkins, in a report to the Superior Court
the 9 months from Jan. 1 to Sept. 30. shows a net profit of $679.
$2,291,000
1,761,000
Equipment trust maturities for 1922Working bank balance.
— -—
Provision for additions and betterments, receiver's obligations,
expenses of foreclosure: expenses of committees, organization,
elected a director succeeding Edward B»
Crosby.—V. 66, p. 901.
Jan. 1 1922.)
Application of $18,420,000 Cash (as o
killed and 17 injured when a train, bound from Provo
Lake, crashed into a northbound train on a siding at Taylorsville,
miles south of Salt Lake City, Nov. 18.—V. 113, p. 1054.
10
proceeded to a point making it practicable to do so.
The Reorganization Managers may in their discretion, for purposes of
adjustment, procure the present issue of and may use additional securities
of any class or character contemplated by the plan.
All statements of
capitalization in the plan and in the accompanying tables omit consideration
of any additional securities which may be issued or used for this purpose.
Estimated
& Utah RR.—-Utah Wreck.—
Salt Lake
Two persons were
to Salt
whose claims will not bo
Receiver's certificates (M. K. & T. Ry. Co. of Tex.) with interest
Bank loans with interest
„_____ —
Deferred interest accrued to Jan. 1 1922, payable in cash under
division of
the South Line for $20,000.
paid by the receivers and it is intended to make adjustments with holders
of unsecured debt when the establishment Of claims under the general
creditors bills shall in the judgment of the Reorganization Managers have
Notice
Toledo, Oct. 29 bid in the Plymouth-Sbelby
See V. 113, p. 2080, 1983.
S. S. Burtsfield,
Reorganization, &c.
Agreements may be made for the adjustment and discharge of any liability
of M. K. & T. Ry. Co. or of the M. K. & T. Ry. Co. of Texas in respect
of the following 1st M. 5% bonds, viz.: (a) $2,347,000 Texas & Oklahoma
RR. Co.; (&) $1,689,000 Sherman Shreveport & Southern Ry. Co.: (c) $883 000 Beaumont &
Great Northern
RR. Co.; (d) $210,000 Houston &
Bonds Not Included in the
Provision for
may
2313
CHRONICLE
successor
under
Armstrong,
Traction
Pacific
Western
Co.—Successor Company.—
Electric Ry. above.—V. 113, p. 1889.
RR.—President.—
General Counsel of the Western Pacific RR. Co.,
the Western Pacific RR. Corporation.
Pacific RR. Corp. have elected the following:
Edward W. Mason, Gen. Mgr. of company, as V.-Pres. & Gen. Mgr.
in charge of operations and maintenance: Charles Elsey, former Sec. & Treas.
as V.-Pres. & Treas. in charge of finance, accounting, real estate and insur¬
ance, and William G. Bruen as Secretary.—V. 113, p. 2081.
A. R. Baldwin, former
been elected President of
The directors of the Western
has
of the lower court in
Ottawa
Electric
Ry.—Valuation.-
present value of the
company's lines and equipment within the
Province of Ontario and necessary for the operation of the system is $4,110,The
922, according to the value set by the Hydro-Electric Power
of Ontario.
Commission
,
When negotiations were under way between the city and the company
last year for the acquisition of the street railway, the company submitted
a valuation made for the company by Professor Herdt.
The amount, ex¬
$5,200,000.—V. 112,
clusive of water power, was
p.
258.
INDUSTRIAL AND MISCELLANEOUS.
Industrial
General
treated
Pennsylvania-Ohio Pow. & Lt. Co.—Bond Application.
for authority to
$707,600 1st Ref.
Sinking Fund bonds and $235,800 Gen. Mtge. bonds.—V. 113, p. 2186.
Philadelphia & Garrettford St. Ry.—Bonds Offered.—
Edward B.
Smith & Co.
recently offered
bonds at 77 and int., to yield about 6%%.
standing,
$2,489,000;
reserved,
$511,000.
a
block of 1st Mtge. 5% gold
Authorized, $3,000,000; out¬
Dated Aug. l 1905; due
Aug.
1 1955.
The Philadelphia & Garrettford Street Ry. is operated by Philadelphia &
West Chester Traction Co. as part of its system under agreement.
Net
profits from the operations of the
have averaged for the last) 5 years
on these bonds.—V. 106, p. 397.
Philadelphia & West Chester Traction Co.
about 2 % times the interest requirements
Utility News.—The
industrial and public
such as is ♦commonly
length on preceding pages under the caption
and Discussions" (if not in the "Editorial
at
"Current Events
Department"), either concurrently or as early as practicable
becomes public.
after the matter
Steel
The company has asked the Ohio P. U. Commission
issue $750,000 10-year 8% notes at 90 to be secured by
and Public
following table summarizes recent
utility news of a general character,
and
Iron
Production, Prices, &c.
—,'Iron Age" of Nov. 24 reports in brief:
(1) RR. Freight Rales.—"Freight rate reductions on iron and steel products
Steel and Iron Markets
be longer deferred than
may
has been expected.
On Tuesday railroad
freight executives at a separate meeting decided to continue to March 31
the 28% reduction on Iron ore rates which was to expire Dec. 31, but de¬
clined
raw
to grant
reductions asked for on coal, coke, limestone and other
materials.
Washington to link up the steel rail price with the question
steel freight rates may postpone for some time the relief all
looked for from lower transportation costs
(2) RR. Orders.—The reduction of Inventory limits buying by manu¬
facturing consumers of steel, but does not check railroad car programs
which call for 1922 deliveries.
At Chicago the 7,000 cars let in the past
three weeks, the 13,000 now up for bids and the 8,000 for which inquiries
will soon come out represent 280,000 tons of steel
The Chicago & Alton has placed 22,000 tons of rails for next year.
The
Grand Trunk will take 10,000 tons for its American lines and the Rock Island
order is expected to be for 45,000 tons.
Lower prices have developed on
recent tie plate business, $37 50 appearing in connection with a South¬
"The effort at
of iron and
industry has
''
Portland Ry.,
Light & Power Co.—Definitive Bonds.—
Ref. Mtge. 25-Year 7 A %
Series "A" gold bonds, due May 1 1946, may now be exchanged for the
definitive certificates at the National City Co., 50 Wall St., N. Y. City
{see V. 112, p. 2084).—V. 113, p. 2080.
The interim certificates for the First Lien &
Port
Reading RR.—New Directors.—
directors
Brocklehurst and the late W. G. Brown.—V. 110, p. 2193
Public Service Corp.,
N. J .—Additional Stock Offered.—
1 began the offering of an additional
Cumulative Pref. stock among its employees and
partial payment, customer-ownership plan which
governed the recent sale of a like amount of 8% Pref. stock.—V. 113,
p. 2080, 1773.
The
corporation beginning Nov.
block of $2,000,000 8%
patrons under
Reading
the
same
Co.-Central
Wilkes-Barre Coal Co.
RR.
of N.
J.-
-Sells
Lehigh
&
Stock.-—
V. 113, p. 2184; also Lehigh &
113, p. 1773.
See Central RR. Co. of N. J. above and in
Wilkes-Barre Coal Co. below.—V.
order.
(3) "Operations are
after having
Robert L. Russell and Charles W. Ewing were recently elected
to succeed W. I.
western
range
gone
but little changed. The Steel Corporation is at 2%
Among independent companies the
somewhat higher.
is from 40 to 50%.
"Two
Mingo, O
,
blast furnaces long idle start making iron this week
week
The Carnegie Steel Co. also
and the steel plant will resume next
Carrie furnaces.
A Wisconsin furnace and two in Eastern
Pennsylvania will go in about Dec. 1.
(4) Prices, &c.—"Steel pipe and tin plate are exceptions to the falling off
in new buying.
The pipe demand is due to active house building and to
recent advances in oil.
"The price situation is in some confusion.
Attempts to stiffen lines
lately weakened have had little success.
In sheets, however, a fresh effort
is under way.
Last week black sheets were easily bought at 2.75c. and
galvanized at 3 75c.
On Nov. 19 several makers withdrew all quotations
below 3c. and 4c.
Some 1922 business has been done, but the leading
starts one of its
producer has not yet opened its books
In wire nails the recent move by the leading interest brought out con¬
Thus far. however, shipments by practically
all makers are of $2 75 nails and there are signs of extensions of old contracts
at that figure.
Similarly $2 50 is the common market on manufacturers'
*'
siderable business at $2 90.
Sandusky (O.) Norwalk & Mansfield Elec. Ry.—Sale.—
Henry Weir, Sandusky, and I. Wilkoff, Youngstown, O., Nov. 16
purchased the Norwalk-Plymouth division for $60,450.
The purchaser.
•
wire.
2314
THE
"Marked weakness is
CHRONICLE
in the rivet market as indicated by a decline
in Eastern Pennsylvania prices of $3 to $4
per ton in two weeks.
"With the 'Iron Age' composite
price of seven rolled steel products at
2.1c. per lb., about 90%, or all but 0 415c. of the projection of the war
seen
peak above the tenryear pre-war average has come off.
(5) Business.—"Awards of fabricated steel work total about 15,000 tons,
with few single contracts calling for more than 500 tons.
New projects
appearing in the week will require close to 20,000 tons.
These are in addi¬
tion to the considerable amounts of steel
products called for by the oil
companies, such as 14,000 tons for one oil
and 50,000 boxes of tin plate for oil cans.
pipe line, 4,000 tons for tanks
[VOL. 113.
Exchange, p. 2123.
(d) Return of American Securities to British Owners
by British Treasury in Feb. 1922, p. 2124.
(e) War Finance Committee
agricultural, livestock, sugar beets and tobacco pur¬
poses and export agricultural machinery, p. 2127, 2128.
(f) Action of
Conferees on Tax Revision Bill—House
Accepts 50% Surtax, p. 2134.
(g) Tariff Bill Opposed in Report of Committee of New York Chamber of
Commerce, p. 2135.
(h) Garment Workers in New York Strike against
Re-Establishment of Piece-Work System, p. 2150.
(i) Samuel Untermyer
Says There Is No Way to Wage Cuts in New York Building Trades until
April 1922, p. 2152.
(j) Anthracite Coal Shipments, p. 2153.
approves advances for
(6) Pig—"With the exception of a sale of 6.000 tons of basic in Eastern
Pennsylvania at $20, furnace, no large transactions in pig iron are reported
and the general tendency is toward a lower level On 1,700 tons of Southern
Alabama Power Co.—Bonds Offered.—Harris, Forbes &
Co. and Coffin & Burr, Inc., are
offering at 97 ^ and'int., to
iron for delivery at Milwaukee, $17 50, Birmingham, was quoted, but $18
yield about 6.20%, $6,500,000 1st Mtge. Lien & Ref. Gold
Bonds, 6% Series, due 1951.
is the
prevailing price."
Oil, Oil Products,
Production, Prices,
DatedJunel 1921, dueJunel 1951, and describedinV. 112,p.2644,2751
&c.
Gasoline Up One Cent.—The Standard Oil companies of New York and
New Jersey announced Nov. 22 another advance of 1 cent a gallon in the
wholesale price of gasoline.
The price in New York now is 27 cents a gallon;
in New Jersey 25 cents, and in Baltimore and
Washington 24 cts.—"Times
21.
"Cracking Process" Has Increased Gasoline Obtained from Crude Oil from
13 to Nearly 30%.—"Barrons Weekly" Nov. 22.
Gasoline Production, &c.—Bureau of Mines reports output of refineries
of U. 8. for September, and stocks on hand at refineries, &c.:
Nov. 23
p.
Output, Ac.
Sept. 1921.
Gasoline, gals
416,913,000
Kerosene, gals ...154,017,299
Gas and fuel, gals.788,408,124
Crude run, bbls.. 35,613,933
Daily Average
Refineries Held Sept. 30—
Sept. 1921.
Sept. 1920.
1921.
1920.
15,129,370
13,897,100
515,325,998 288,195,394
6,638,001
5,133,910
o7I,235,034 379,300.705
26.280,271
27,890,003 1,229,254,127 771,126,965
1,187,131
1,351,644
17,991,036
18,830,079
839,421
1,067.019
Oils purchased and
re-run, bbls
Standard
2,999,042
Oil
Dividends
99,968
Since
Dec.
94,288
1911.—The
various
Standard
Oil
companies since the dissolution in Dec. 1911 have paid in the form' of
cash dividends sums aggregating $925,250,359, as
compiled by C. H.
Pforzheimer & Co.—"Times" Nov. 20, Sec. 2, p. 1.
Big Natural Gas Field in Louisiana Reported.—Federal engineers estimate
new field should have an enormous
yield—"Times" Nov. 21, p 4.
Tidewater Oil Strikers Accuse
Company of Bad Faith and Withholding
Dividends.—"Times" Nov. 20, Sec. 2, p. 1.
"Oil Prices Go Up and
Prices,
Portland Cement
Wages and Other Trade Matters.
'
Produc'n, Shipm'ts and Stocks of Portland Cement for 10 Mos. end. Oct. 311921.
January.
April.
July.
October.
10 Mos.
4,098.000
8,651,000
9,568,000 10.506,000 82,813,000
Shipments...... 2,539,000
7,919,000,10,301,000 12,114,000 86,159,000
Stocks at
10,300,000 12,600,000 10,414,000
5,348,000
Tobacco Output—Cigarettes a Marked Feature.—The
country's output for
September and the 9 months to Sept. 30 compare as follows:
1921—Month—1920.
1921—9 Months—1920.
Cigarettes....4,759,292,579 3,561,755,907 39,731,263,003 34,446,868.692
Cigars.
614,427,829
678,640,116
5,044,027,062 £,088,036,453
Mfd.tob. (lbs.)
31,488,809
32,118,950
267,182,455
302,559,246
Snuff (lbs.)...
3,313,811
3,131.287
26,093,127
29,347,646
Copper.—Copper in large quantities is quoted for December
delivery at
13% cts., an advance of % ct. (with some said to be held for
13^ cts ),
though, in fair amounts, still available at 13 lA cts.
One agency alone is
said to have sold 60,000.000 lbs
of copper so far this
month, suggesting
total sales in November of 140,000,000 or more.—
'Times" Nov. 23, p. 20.
Other Prices
Duty free raw sugar at N. Y. on Nov. 21 sold at a new
low for the year to date, viz.,
3% cts. c, 1. f
off 1-16 of a cent.
The
Cuban Commission sold 23,000
bags Cubas at 2% cents to a local refiner,
price unchanged—"Post" Nov. 21, p. 11.
Fisk Rubber Co. has reduced
prices of tires and tubes 10% to 33 1-3%
under previous schedules; 34x4 cord
casing at $32 50 compares with $48 95
previously and $55 30 a year ago.
"Fin. Am." Nov. 19.
Quicksilver at wholesale in New York on Nov. 22 was advanced
$1 to
$42 per flask of 75 lbs.
—
,
Tidewater Oil Strikers Accuse
Company of Bad Faith
Dividends.—"Times" Nov. 20, Sec. 2,
and
Withholding
1.
Cuts.—Shipping Board conferences plan increase after
obtained, forwarders hear.
"Fin Am." Nov. 18, p. 1
Ends
Wrangle in Building Trade.—
p. 6.
tank wagon price of gasoline in New
England has been ad¬
San Francisco Arbitration Board
['Times" Nov. 20, Sec. 7,
Wholesale
or
vanced
one cent to 28 cents.
Retailers who have been
charging 29 cents
will advance to 30 cents.
Pierce Oil Corporation has
cent
one
advanced gasoline
a
gallon in Louisiana and Arkansas division.
N- Y. Milk Strike Thwarted by
Wagon Deliveries.—Smaller companies put
their service back to
normal, with the others gaining fast.
''Times*'
Nov. 19, p. 8.
Striking Meat Workers Return to Work.—
Nov. 22, p. 21.
i
Spanish Rail Workers Stop Trains for
of comrades.
an
"Sun" Nov. 22, p. 21; "Times"
Hour.—Protest against discharge
"Times" Nov. 20, Sec. 2, p. 1.
Rioting in Berlin Streets.—Mobs "demonstrate"
against high cost of living
picked crews loot shops."
"Times" Nov. 22, p. 1.
North Italian Strike Called
Off.—The general strike recently declared in
Genoa and the strike of the metal
workers in the same area, in progress
for the last eight
weeks, have been ended.
"Times" Nov. 22, p. 10.
Mexico Election
Riots.—Troops called out in Guadalajara; outbreaks in
other cities.
"Times" Nov. 22, p. 13.
while
Legislation, Litigation, Taxation
Amendment of U.S.
Tax
and
Miscellaneous.
Bill.—See Current Events above.
Tariff Extension Bill Signed Nov. 18.—"Fin. Am." Nov.
19,
Income Tax
Decision—Supreme Court Holds Slock Transferred
Income Tax
Decision.—Supreme Court
p.
in
8.
Corporate
holds stock transferred in corporate
reorganization is taxable under 1913 law.
"Times" Nov. 22, p. 1.
Denies Colorado Tax Claim.—N.
Y. Court of
Appeals sets aside Colo¬
rado s transfer tax on estate of Edwin
Harbeck.
"Times" Nov. 23, p. 9.
Dakota Recall Is
Upheld.—State Supreme Court refuses writ to
prohibit
canvassing of vote. "Times" Nov. 23,
p. 14.
'
■^}LLencei^roject'w''Tidewater Association"
eepei\ Waterways Association
projects within country.
^24
Nov
Public
"Times" Nov. 21, p.
believes this vital
wants
all
14; Nov.
money
19, p.
g4^)Wrence 8C^eme practicable?—"Engineering
fyorks
to
to West
spent
on
11
News-Record"
Give
Employment.—Senator Kenyon Introduces bill to
give effect to unemployment conference
plans.
Would have Government
hold iip projects for
periods when labor is not fully
employed. "Times"
JN O v» /Zf
P* uli
fl.sk Poiver Rules
Changes.—Electric companies declare Federal
regulations
prevent development from Federal Commission.
"Times" Nov. 22 p. 18.
Te
/pfu
Unions Wane.—Labor organizations in France reduced to
one-fifth of former strength
byPolitical discord. "Times" Nov.
20. Sec.7,p.4.
KStif £
Soviet.
Christmas, would abolish capitalism and PartV-—To hold convention here
form workers' republic. "Tunes"
Nov. 221 p» 14•
Russian Soviets Open a Bank
on Capitalistic Plan .—"Tunes"
Nov. 19 p
5
Says German Cities Are Nearly
Bankrupt.—Only the Government can
save them
Berlin s chief ourgomaster
declares. "Times" Nov 19 p 4
Vienna Stock Exchange Closes.—A
protest against $20
monthly tax 'on
members. "Times
Nov.
22,
p.
30.
White Lead Prohibition Considered
Practically a Fizzle.—The International
Labor Conference at Geneva, last week
voted in favor of the
prohibition
effective six years hence, of the use of
white lead in interior
painting except
in factories and
railway stations.
As to other uses of
white lead paints
the conference opined that they could be
adequately safeguarded with
regulations (to 2% .it is said, for exterior).
"Oil Paint & Drug
Reporter"
Nov. 21, p. 21.
Times
Nov. 19, p. 6.
Matters Covered in "Chronicle" of Nov. 19
1921.—(a) Merchandise Export
and Import Figures for the United States for
October 1921 p 2109
(b)
War with Germany Held to Have Terminated
July 2 1921* p 2111
(c)
United
Kingdom
Dollar Bonds Admitted to
Dealings
on
a
110,000 h.p.
hydro-electric plant—one
h.p.
system,
aggregating about 1,000 miles in length.
Also controls, largely through
subsidiary
companies,
hydro-electric
possibilities
aggregating several
hundred thousand horsepower.
Company now has in direct service 16,278 customers' meters, and current
is
being supplied directly and indirectly to approximately 55,000 customers.
Present connected load of the system is about
350,000 h.p., and for year
ending Oct. 31 1921 electrical output of system was approximately 460,00,000 k.w.h.
-
Capitalization after this Financing—
Authorized. Outstanding
$40,000,000 $18,751,000
10,000,000
563,400
xl 1,800,000
y
9,000,000
z
zl0,221,000
Closed
238,000
Common stock
Preferred stock
Income Debenture Certificates
1st M. Lien & Ref. 6s (incl, this issue)..
First Mortgage 5s, due 1946
Selma Lighting Co. First 5s, due 1932
All owned by Alabama Traction, Light & Power Co, Ltd.,
representing
the original investment in the property over and above that repre¬
in part
by the outstanding funded debt.
Not limited except by the conservative restrictions of indenture.
$9,000,000 additional pledged under 1st Mtge. Lien & Ref. bonds and
no additional 1st
Mtge. 5s may be issued except for pledge hereunder.
Purpose.—Proceeds of the $6,500,000 bonds will be used (a) to provide
funds for the redemption (by call at 100% and int. on Jan. 1
1922) of
$2,900,000 6% Secured Notes due July 1 1922, and (6) to reimburse com¬
pany in part for expenditures made and to be made in connection with the
large new Mitchell power plant hydro-electric development now under
y
(In barrels.)
Production.....
p.
Property.—Property includes
of the largest in the South—and 2 steam turbine
plants, one of 15,000
one of 35,000
h.p., together with a comprehensive transmission
and
sented
reports that the
production of Portland cement in October 1921 was, according to available
statistics, the largest ever recorded for a single month and 10% % in excess
of the average for the same
period 1917-1921.
The shipments for October
also established a record.
Ocean Freight Rate
Company.—Serves, directly and indirectly the major part of the urban
population of central and northern Alabama including the so-called "Birm¬
ingham district."
Total population estimated, 550,000.
x
Consumption Groups."—"Times" Nov. 20, Sec. 8,p.4.
Output.—The U. S. Geological Survey
contracts have been
Approved.—The Alabama P. S. Commission has approved the issue.
Data from Letter of Pres. Thos. W. Martin, Birmingham, Ala., Nov. 22
'London
Stock
z
construction,
and
other extensions
for
and
additions.
Earnings Years ended Oct. 31—
Gross
Net,
earnings
after operating
Annual int.
this issue)
on
expenses
1921.
and
1920.
$4,488,209
2,329,817
taxes
$3,990,487
2,063,750
funded debt with public (incl. this
1,062,950
Balance
$1,266,867
Transmission Line,
&c.—Recently constructed a transmission line
connecting its system with that of the Georgia Railway & Power Co., and
the latter company is connected by means of transmission lines with the
systems of all of the major power companies in the States of Georgia,
Tennessee, North and South Carolina.
Company has for some weeks
been transmitting its surplus energy through the
Georgia company to the
power companies in North and South Carolina, a distance of about 500 miles
from points of generation to enable mills and factories in those States to
operate which had been closed down or operated on part time on account
of the power shortage.
Company has leased from the U. S. Government for a period of one
year, subject to termination, its new 60,000 kw. steam plant constructed
during the war at Sheffield in connection with Nitrate Plant No. 2.
New Hydro-Electric Plant.—Has begun construction of a second
large
hydro-electric development known as Mitchell power plant (expected to
be completed early in 1923), which will have an initial
generating capacity
of 66,000 h.p. and an ultimate capacity of 120,000 h.p.
This addition
will increase present hydro-electric capacity by over hair and will increase
the total installed generating capacity to 226,000
h.p., of which over
77% will be hydro-electric.
For further description of bonds, physical property, &c., see V
112,
p. 2644, 2751 —V. 113, p. 2187.
Allied
The
Paper Mills .—Consolidation.—
Allied
Paper Mills has been formed to take over the properties of
Paper Co. and Monarch Paper Co. of Kalamazoo, and the Bardeen
Paper Co. of Otsego.
The consolidation represents the combined capacity
of 10 paper machines and 34 coating machines.
A pulp mill, insuring an
adequate supply of bleached pulp is to be purchased.
The authorized capital of the new
company will be approximately $6,000,000, consisting of Preferred stock and no-par value stock, which will
be exchanged for holdings in the companies absorbed.
Officers are Pres., A. L. Pratt; V.-Pres., A. G. Gilman and George
Gerpheide; Sec., George B, Davis; Treas., S. B. Monroe.
the King
American Bank Note
Co.—Preferred Stock Offering.—
Dominick & Dominick have purchased and are offering at $49
a
share,
to yield about6.18%,ablockof6% Cumulative Non-Callable Preferred stock.
The bankers point out that the corporation has
paid dividends without
interruption since 1887 and its present earnings are at the rate of 6.34 times
Preferred dividend requirements.
Net tangible assets are over 310% of
the outstanding Preferred.
Present purchasers will be entitled to the
next quarterly dividend of 1% %,
payable Jan. 1 next to holders of record
The bankers have prepared a circular regarding affairs of the company
a record of earnings from 1906 to 1920, a balance sheet as of
containing
June 30
1921 and other interesting data.—V.
American
Chicle
113,
1890
p
Co.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of 11,092 addi¬
tional shares of Common stock, no par value, on official notice of issuance.
On
Oct.
3
1921
company
offered stockholders
Deferred
$600,000 8%
Debentures, dated Oct. 1 1921, and maturing Oct. 1 1928, at 90, with one
share of stock for every $100
par value of Debentures at $10 per share.
A
par value of $277,200 of Debentures and 2,772 shares of stock was sold.
In addition, 1,800 shares of stock was sold for cash at $10 per share.
The
offering
made to provide additional money for the general corporate
was
purposes.
The account for
„
m
A
,
.
6 months ended June 30 1921 shows:
Total income,
$1,194,448; expenses, taxes, including $99,626 depreciation on plant,
$1,473,657; deficit, $279,209; interest charges, $233,965; total deficit
$558,175; profit & loss surplus June 30 1921, $1,442,196.
See Y. 113,
p. 1576, 1677.
American
See
American
Smelters
Securities
Smelting & Refining Co.
Co.—Exchange Offer.-—
below.—V.
113,
p.
2187.
American
Smelting & Refining Co.—American Smel¬
ters Securities
Co. Pref. A and B
Stockholders Offered the
Opportunity to Exchange Their Stock for 5%
Bonds.—
Official circulars dated Nov. 14 state in substance:
The holders of the
Preferred
stocks
6% Series "A" and the 5%
of the
American
Smelters
Series "B" Cumulative
Securities Co.
are
offered the
privilege of exchanging their stock for the First Mortgage 5% bonds of the
American Smelting & Refining Co. on a "par for par" basis.
This offer
remains open
To
effect
until
the
Dec. 31 1921.
exchange, Series
.
"A
...
stockholders should endorse their
stock in blank, or to the American Smelting & Refining Co.. and send it
to the Central Union Trust Co., 80 Broadway, N. Y. City.
Dividends on
the stock are payable quarterly. Jan., &c., while interest on tin bonds is
payable A. & O. 1.
Consequently, each stockholder will rcothre In exchange
for his stock bonds for the same par amount bearing int. lroui uct. 1 1921
together with a check for $0.00278 per share for each day from Oct. 1 to
jS'ov. 26
the date of
THE
1921.]
deposit, representing an adjustment of the
'
difference between
the dividend and the interest rate.
difference
Bureau"
the present time the entire Common stock of
Securities Co., totaling
180,000 shares.
It owns
The Smelting Co. owns at
American
Smelters
(out of 300,000 shares outstanding) of the Preferred "B"
(out of 153,175 shares outstanding) of
American Smelters Securities Co. Preferred
"A" stock.
The circular to the holders of the Series "B" 5% Cum. Pref. stock says
in substance:
/
■">
"On Jan. 22 1917 all holders of the Series "B" stock were invited to
exchange their stock for an equal par amount of 1st Mtge. 5% bonds of
American Smelting & Refining Co.
The time for such an exchange was at
first limited to March 14 1917, the stockholders were subsequently notified
that the Central Union Trust Co. had been instructed to continue to receive
the stock for deposit under the agreement.
"Of the total Issue of $30,000,000, $27,336,600 had been so deposited
as of Oct. 31
1921, leaving $2,663,400 outstanding in the hands of stock¬
holders.
This small amount of stock outstanding limits the market of
the stock not exchanged, and but few transactions have taken place of late,
although the stock has been listed on the New York Stock Exchange.
On
the other hand, the bonds have been actively dealt in and have at ail times
enjoyed a good market.
The bonds bear the same rate of interest as does
273,366 shares
and it owns 60,198 shares
stock,
,
the
probable that many stockholders have overlooked the fact that
still be exchanged for bonds.
stockholders should endorse their stock in blank,
or to the American Smelting &
Refining Co. and send it to the Central
Union Trust Co., 80 Broadway, N. Y. City.
The bonds given in exchange
will bear interest from Oct. 1 1921. so that if the stock is presented before
the transfer books are closed no adjustment of interest and dividends will
be necessary, since the rate of return is identical.
The transfer books
will probably be closed on or about Dec. 12 and if stock is presented for
exchange after that date it must be accompanied by a check for 1 % % of
its face amount, or $1 25 per share.
The stockholder will receive about
Jan. 2 1922, a check for the dividend of l\i % or $1 25 per share, so there
is no loss in the operation and the adjustment is exact."—V. 113, p. 2187.
Exchange
Stock
listed
19
Nov.
"News
flotation.—(Boston
and
1363.
(A. M.) Castle & Co., Chicago.—Further Data.—
and int. of $500,000 1st Mtge. 7%
B. Hitchcock & Co., Chicago (V. 113, p. 2288),
In connection with the offering at par
Serial gold bonds by F.
a circular further shows:
Dated Nov. 1
on
any
and a premium of H of 1 % for each year or
unexpired life of the bonds.
Interest payable
M. & N. at Chicago Title & Trust Co., trustee.
Denom. $100, $500
and $1,000 (c»).
Company agrees to pay normal Federal income tax of 2 %.
Company.—Established in 1890 and incorp. in 1904.
Company operates
as distributors and jobbers of iron and steel, dealing particularly with rail¬
roads, shipbuilders, boiler makers, contractors and manufacturers of agri¬
cultural implements, maintaining a traveling sales force and 8 branch offices.
Plants located in Chicago.
Is completing a new, entirely fireproof ware¬
house and office building.
Company also owns a building on Morgan St.,
where general offices are now located and where package steel products
thereof
the
of
as bolts, rivets and nuts are warehoused.
Purpose.—Proceeds will be used to retire bank debt incurred for the erec¬
new warehouse and office building, and to restore to working
such
tion of the
capital, funds used for the purchase
Balance Sheet
Assets—
as
Financing).
Liabilities—
'■,
Customers' notes and accounts,
1.
less reserve
,
$40,830 Notes, accts. payable & accrued $224,141
Purchase money mortgage..
97,875
500,000
258,892 First Mortgage 7s
207,100
624,908 7% Cumulative Pref. stock
Common stock...
t-—1,220,000
......I
Cash
of real estate.
of Sept. 30 1921 (After This
„
Merchandise Inventory
199,804
25,793 Surplus
policies on officers' lives.
$6,534,600 additional
Optional
Due $50,000 each Nov. 1 1922 to 1931.
1921.
int. date at par and int.
fraction
Cash surrender value of life ins.
& Telegraph Co.—Listing.—
on
p.
authority to issue 3.000 shares of additional capital stock at $150 a
share, proceeds to be used for funding in part the floating debt for the
purchase of additional property and for the extension of plant.—V. 112,
p. 1744.
Vy.*'
can
Phila.
113,
Cambridge (Mass.) Elec. Light Co.—Stock Application.
has petitioned the Mass. Department of Public Utilities
seems
American Telephone
concentration
water
17).—V.
The company
"To effect the exchange
The
between
Nov.
for
"B" stock.
"It
their stock
2315
CHRONfCLE
Investments
265,722
—
Capital stock—$86,800 in exchange for $104,800 Conv. 4)4% bonds due
1933, $57,800 in excharlge for $57,800 7-Year 6% Conv. bonds due 1925,
canceled, and stricken from the list, and $6,390,000, being part of $89,819,500 covered in company's application dated July 7 1921, to be listed upon
official notice of issuance and payment in full, account of stock allotment
authorized May 10 1921, making the total amount of stock listed Nov. 19
$536,870,300, and reducing the amount of Conv. 4H% bonds listed to
$11,326,000, and the amount of Conv. 6% bonds listed to $41,819,700.
—Y. 113, p. 2188.
■
X-.yv
/
Land, buildings, &c
American Transit Co.—Detroit-Windsor Bridge Project.—
Detroit and Windsor is
result of the Michigan P. U. Commission's order
Nov. 17 authorizing this company, incorp. in Nevada, to do business in
Michigan and to sell $1,500,000 of stock and $4,000,000 of bonds.
The Commission's order requires that stocks and bonds to be sold in
units consisting of one $100 share of stock and three $100 bonds to each
unit.
The stock must net the company par and the bonds must be sold
at not less than $87.
The bonds are to run 30 years and to bear int. of
5% during the 5 years estimated as the necessary period of construction,
nection with the offering of
1967
Construction of an international bridge between
said to be certain as the
and
7% thereafter.
The money from sale of stock and bonds is to be impounded under
supervision of the Commission, not more than $10,000 a month to be used
for preliminary work until the whole issues have been sold and construction
work can be commenced.
The Detroit "Free Press" Nov. 18 further states:
"This company had previously obtained authority by special Act of
Congress to construct a bridge across the Detroit River, and its sister
corporation, the Canadian Transit Co., has obtained similar authority
through Act of the Dominion.
The bridge is to cross the river from a
point near the foot of West Grand Boulevard, Detroit.
"Thomas G. Baillie. attorney for the American company, announced
after issuance of the order that condemnation proceedings to obtain land
for the Detroit approach to the bridge will be commenced this winter.
It
is planned to commence actual construction work in the spring.
The bridge will be of the suspension type, the decks being supported
from cables of nickel-steel wire.
The central span will be the longest
single bridge span in the world.
The bridge will eventually have two
decks, one for railroad trains and one for foot traffic, vehicles and street
cars.
The decks for street traffic will be constructed first, the bridge with
this deck costing $15,000,000.
The railroad deck, to be built later, will
bring the total cost to $28,000,000.
"Charles F. Fowler is, the chief engineer and promoter of the project.
Professor Henry E. Riggs, of the engineering department of the University
of Michigan, is one of the members of the engineering board.
"The American directors are William B. Gregory, of Gregory, Mayer
& Thorn, former Judge James O. Murfin, Allen A. Templeton, J. W.
Austin, Charles P. VanDeusen and Mr. Fowler.
The Canadian directors
are Hiram H. Walker, William J. Pulling, Charles E. King, A. F. Healy
and J. C. Reaume."
It is stated that the company has contracted with R. T. Scott & Co. of
Toronto for the sale of the securities.
Atlantic Petroleum
See Cosden & Co.
Blackstone
Corp.—Stock Exchange Offer.—
below.—V. 113,
Valley
Gas
p.
&
2188,-1890.
Elec.
&c.—
Co.—Stock,
1,168,793
$2,448,921
Total (each side)..
63,982
Other assets...—
and nine months ended Sept. 30
Earnings.—Sales for the five years
1921
totaled $19,954,755; after all deductions including depreciation, interest
borrowed money and taxes, the resutlant profits totaled $1,243,075, or
annual profit profit of
average
$216,187.—V. 113,
p.
on
an
2188.
Central Coal & Coke Co., Kansas City, Mo.—Status,&c.
21,,in letter to Baker, Fentress & Co., in con¬
$1,000,000 1st Lien Coll. Trust notes of the
Pres. Chas. S. Keith, Oct.
substance:
1893, succeeding business organized and operated
In 1906 organized the Delta Lumber Co., subse¬
quently incorporated as the Delta Land & Timber Co., which is engaged
in the manufacture of lumber in the South on an extensive scale, owning
three mills—two in Louisiana and one in Texas.
Oregon American Lumber Co.—Recently acquired all but 20%. of the capital
stock of the Oregon American Lumber Co., $2,000,000 of whose $2,341,000
1st Mtge. notes, due July 1927, constitute the security for $l,OO0,000 Coll.
Trust notes of the DuBois Lumber Co. and Mr. John E. DuBois (see above).
Upon completion of the saw-mill plant to be built in connection with
Oregon American Lumber Co. interests, combined output should increase
250,000 to 500,000 ft. per day, depending upon whether we operate one or
two shifts per day.
We contemplate cutting and delivering to the Columbia
DuBois Lumber Co., says in
History.—Incorp. in
continuously since 1871.
River during the year 1922 approximately
The Oregon American Lumber Co. is just
150,000.COO ft. of logs.
completing a railroad of heavy
present expense of approximately
$2,800,000, from its timber to Banks, Ore., on the United Railways, which
junction is approximately 20 miles from Portland, at which point the com¬
pany owns an 80% interest in extensive booming grounds. ,
Earnings,
Dividends and Disbursements, 1902-1920, Inclusive.
The following statement shows the total annual depletion and deprecia¬
tion charges; the net operating earnings, after general expenses; net annual
conversion available for sinking funds, dividends and purchase of new prop¬
standard
construction throughout, at a
erties, and annual interest charges:
Providence, recommend this company's
with Dec. 1 1921 div. on until that date,
making net price $54 per share and yielding at present div. rate over 7.40%.
-
Net Oper.
Depletion
Year
Earnings.
Ending—
& Deprec.
May 31 1902.
$118,404
May 31 1903221,009
May 31 1904.
322,182
May 31 1905.
282,900
May 31 1906.
372,758
May 31 1907.
263,603
May 31 1908.
322,201
May 31 1909.
388,493
May 31 1910.
359.540
vDec. 31 1911
450,432
Dec. 31 1912.
401,582
Dec. 31 1913.
509,068
Dec. 31 1914.
522,235
Dec. 31 1915- ,■ 541,145
Dec. 31 1916565,988
Dec. 31 1917878,258
Dec. 31 1918. 1,052.995
Dec. 31 1919.
852.517
Dec. 31 1920- 1,180,346
$640,478
940,840
1,127,830
624,917
860,143
1,013.171
952,767
602,519
662.334
$687,325
1,023,583
1,309,310
776,164
1,107,890
1,138,198
1,148,295
862,153
861,764
945,019
1,033,091
1,053,072
690,157
726,742
991,535
2,180,754
2,569,830
1,595,883
2,909.921
$71,557
$758,882
1,161,850
1,450,012
907,817
1,232,901
1,276,775
1,274,968
991,012
1,021,874
807.397
748,397
690,035
327,723
376.482
653,786
1,462,845
1,742.325
927,783
1,881,397
x Net
Conversion.
Interest
Paid.
Total Conv'n
& Earnings.
1,257,830
1,149,979
1,199,103
849,959
' 917,626
1,219,773
2,341,102
2,795,320
1,780.301
3,061,743
138,266
140,703
131,652
125,011
138 577
126,673
128 859
160,110
312.810
116,888
146 031
159,802
190 885
228.238
160.349
225,489
184,418
151,822
Bodell & Co. and Davis & Davis,
x
Capitalization Outstanding Aug. 31 1921—
Bonds (incl. those of underlying companies outstanding in hands
public)
Preferred stock (including that of underlying companies)
Common stock (par $50) has paid dividends of 8% since 1912-of the
31 1913 to 1920 Incl. & Yr. ended Aug. 31
Gross Earns. Yrs. end. Dec.
1921.
$2,647,000
.—$1,745,000 1919-$1,304,000
3,266,907
1,992,000 1920
1,330.000
3,448.000
19182,445.000 1921.
1915--1,515.000
Property.—The company has generating plants of a total of 52,800 h. p.
together with the necessary sub-stations and transmission lines for distribut¬
ing electricity to its 17,000 customers.
Gas plants have a combined daily
capacity of 4,200,000 cu. ft. and there are 261 miles of gas mains including
a 14-mile high pressure line between Pawtucket and Woonsocket to furnish
gas to its 32,000 customers.—Y. 113, p. 2083.
1913.
—-
—
1914
—
-
Border City Mfg.
-
Co., Fall River, Mass.—Balance Sheet.
Oct. 1 '21. Sept. 25'20.
Assets—
Real
—
and
estate
$1,292,4C6 $1,272,728
machinery.
Cotton, cloth and
stock in process
600,378
.
Cash, bills <fc accts.
Reserve
for
_
Interest account..
143,500
556,376
448,556
receivable
U. 8. Govt, secur.
$1,200,000 $1,200,000
208,000
188,000
145,545
220,0' 9
36,619
taxes.
161,866
Capital stock
Mortgage bonds.
Depreciation
284,886
Oct. 1 *21. Sept.25*20'
Liabilities—
Profit and loss
2,350
712,526
1,108,173
584,347
2,800 looms.
Thomas S.
one
Total
has been elected a
caused by the deaths during the year
and Eliot D. Stetson of New Bedford.—V.
Hathaway of New Bedford
of the vacancies
Foster of Weston
director to fill
of Francis A.
112, p. 655.
Bros.—Participation in Wilkes-Barre Sale.—
V See Lehigh & Wilkes-Barre Coal Co. below and Central RR. Co. of N. J.
above and Y. 113, p 2184.—V. 113, p. 1986, 1475.
Burns
Butte &
V Damages
Superior Mining
Co.—Minerals Separation Suit.
of almost $12,000,000 have been
Corp. as due it from
tion North American
byfthe Minerals Separation management
testimony in New York
has been taking
between the two concerns.
named oy the Minerals Separa¬
this company.
This estimate
is placed before the master who
in the long-drawn-out litigation
mentioned,
"measure of damage" as representing the
It is understood that the amount
$11,900,000 was arrived at as a
Dec. 31
31 1911 cover 19 months (May
receiv--
Inventories
Coal & timber lands, plant
13,339,251
equipment
&
Southern RR.
stock, &c., securities
Bevier
Sundry assets
Total (each side)
$1,875,000
5,125,000
264,934
$232,984 Preferred stock
1,402,298 Common stock
1,615,197 Accounts payable
Bills payable.
-
Accounts & notes
and
Accrued
-----
94,314
1,041,326
955,395
161,183
182,382 Special fund for insurance
.$17,727,506 Undivided profits,.—-- 8,728,419
Officers and Directors.—E. F.
Swinney, H. F. Hall, H. C. Flower, Leon
Chicago Railway Equipment
Chicago Yellow Cab Co.,
Fuel &
Results for Quarter
to
succeed the lat
Inc.—New Director.—
Wrigley, Jr., has been elected a
Colorado
Sherwood,
and J. R.
Co.—New Officer.—
elected Vice-President
Williams.—V. 113, p. 1364, 959.
Clarke Moore has been
Charles Haines
225,000
212,331
items
Sundry
Bonded debt
Smith, John N. Penrod, H.N. Taylor, Thomas Mackie, J. C.
E. E. Riley and Chas. S. Keith, Kansas City. Mo.; C. F. Fox
McAllister, Philadelphia, Pa.—V. 113, p. 1775.
A.
Timber
Coke Co. and Delta Land &
Lumber Co. Purchase].
Liabilities—
Assets—
Cash
31 1910
1911).
Balance Sheet July 31 1921 [Central Coal &
Co.
Prior to Oregon American
William
.$2,484,841 $2,698,337
Dividends paid during the year 1920-21 amounted to $180,000, or 15%.
Taxes paid were reported as $369,605 ($280,656 in Federal taxes, $16,684
State taxes and $72,265 city taxes.)
The plant has 119,800 spindles and
$2,484,841 $2,698,337
Total
Figures for period ending Dec.
Totals
to
$5,682,000
2,284.200
3,465,000
$9,605,657 $17,043,169 $26,648,826 $3,038,139 $23,610,686
Available for sinking funds, dividends and purchase of new properties.
y
Common stock at $55 per share,
director.—V. 113, p 964.
Iron Co.—Quarterly Earnings.—
and Nine Months Ending September 30.
1921—3 Mos.—1920. 1921—9 Afos.—1920.
$5,569,147 $13,484,393 $23,587,983 $38,093,341
^
Gross receipts
Net
earnings.
5,430,239
12,223,072
21,669.486
33.714,028
$138,908
Operating expenses
$1,261,321
135,333
$1,918,497
$4,379,313
382,037
$1,396,654
704,969
384,309
$2,221,403
2.059,237
101,633
Other income
$240,541
Gross income
Bond int., taxes, &c
680,780
Depreciation
370.629
Balance, surplus
def.$810,868
113, p. 2188, 2083.
302,906
$4,761,350
741,258
2,'102,215
768,619
$307,376def.$579,092
$1,890,516
—V.
Commonwealth Steel Co.,
An order for 30
pM'
t
_
St. Louis.—Order.—
has been received
complete steel dining car under-frames
Ry.—V. 106, p. 926.
from the Great Northern
_
2316
THE
CHRONICLE
The stockholders will vote Dec. 1
Connor Lumber & Land Co., Marshfield, Wis,—Bonds
Offered.—First Wisconsin Co., Milwaukee, and Baker, Fen¬
tress & Co., Chicago, are offering, at 100 and int., $500,000
8% Guaranteed .First Mortgage Bonds.
Dated Nov.
1
[Vol. 113.
on
increasing the Capital stock from
$500,000 to $3,000,000. • Leonard Dates, Sec., writing the "Chronicle"
Nov. 18, says:
"The proposed increase of our Capital stock from $500,000 to $3,000,000
will be in the nature of
sold
or
placed
on
a
stock dividend only.
None of this stock will be
the market.
1 1923 to May
1933.
Interest payable M. & N. without deduction for normal Federal
income tax not in excess of
2%, at Merchants' Loan & Trust Co., Chicago,
"The Denver is a close corporation and we are increasing the Capital
stock simply because we feel we have been undercapitalized on accountof the large volume of business we have done as compared with our capital¬
or First Wisconsin Trust Co.
First Wisconsin Trust Co. and Walter A.
Graff, Chicago, trustees.
Bonds are uncondh tonally guaranteed by en
dorsement by R. Connor Co., Marshfield, Wis.
The Connor interests have been continuously and successfully engaged
in the manufacture and sale of lumber in the State of Wisconsin for a period
of approximately 60 years.
Average annual income of Connor L. & L.
ization."
1921; due serially semi-annually Nov.
The officers
& Gen.
Detroit City
p.
earnings of the makers and guarantors for the past five years have
averaged $348,000, or in excess of 8 times maximum interest charges on
this issue.—V. 89, p. 351.
Gas
Y.—Notes
N.
of
Co.
Sold.—The
at 100% and int., to yield
6.08%, $20,(100,000 One-Year Secured 7% gold notes, se¬
have sold
cured
by pledge of stock of New York Edison Co. (see
advertising pages).
Dated Dec. 1 1921, due Dec. 1 1922.
Int. payable J. & D. at National
Bank, New York.
Denom. $1,000 (c).
Notes are not callable.
Charles E. Mitchell and Augustus v. Heely, trustees.
City
Data from Letter of Pres. Geo.
B. Cortelyou, Nov. 21 1921,
Company.—Company directly and through subsidiaries does practically
the entire gas and electric light and power business in the Boroughs of Man¬
hattan and the Bronx, N. Y. City, and in large parts of Queens and in
Westchester County, serving a present estimated population of 4,000,000.
Security.—-Direct obligations of company and secured bypledge with the
trustees of $28,000,000
capital stock of the New York Edison Co., the
present dividend rate on which is 7 % per annum.
Subsidiary Companies.—The company also owns $54,794,160 bonds and
notes of subsidiary
companies and $132,232,171, par value, or over 98%,
of their outstanding stocks.
The fatter includes $69,445,400 New York
Edison Co. stock, which will be increased to approximately $86,000,000
upon completion of proposed financing, for the authorization of which appli¬
cation has been made to the P. S. Commission (V. 113, p. 1367).
In con¬
nection therewith, the New York Edison Co.. will acquire all of the bonds
and practically the entire capita] stock of United Electric Light & Power Co.
The combined, gross earnings of these two
companies exceed by over $10,000,000 those of any other electric light and power company in the world.
Capitalization (After This Financing)—
Authorized.
Outstanding.
Common stock, paying 7% dividends
---$125,000,000 $100 000,000
One-Year Secured 7% Gold notes (to be issued to
refund in part $25,000,000 One-Year notes,
due Dec. 1 1921)
20,000,000
20,000,000
S-Year Secured 7% convertible gold bonds, due
Feb. 1 1925
1870.
(Albert) Dickinson Co. (Seed Merchants), Chicago.—
Bonds Offered.—Mention was made in V. 113, p. 2084 of,
the offering of $2,500,000 7% Chicago 1st Mtge. Real Estate
gold bonds at par by Greenebaum Sons Investment Co.,
Chicago. A circular further shows:
net
Consolidated
Gas Co—Stock Authorized.—
The Michigan P. U. Commission has authorized the company to issue
$500,000 Prer. stock to pay for betterments made since March.—V. 112>
Co. available for payment of principal and interest during the last 10 years
has been in excess or 1160,000, and for the last five years in excess of $215,000, or over 5 times the maximum interest charges on this issue.
Combined
National City Co.
are:
D. Sheedy, President; Hugh L. MacWhirter, V.-Pres.
Mgr.; Leonard Dates, Sec.; W. R. Owen, Treas.
Denom. $500 and $1,000.
Dated Nov. 1 1921, due Nov. 1 1926.
Int.
payable M. & N.
The borrower agrees to pay the U. 8. normal income
tax up to 4%.
Greenebaum Sons Bank & Trust Co., Chicago, Trustee.
Peivilege to repay on or before Nov. 1 1925 upon 60 days' notice at 3%
premium, and thereafter upon paying a premium of 2% in addition to the
principal and int.
Trust deed provides for monthly deposits with trustee
to cover maturing interest payments
Company.—Company is recognized as the largest seed merchants in
the world.
The assets of the company, according to recent statement,
aggregate over 5 times the total amount of bond issue.
Company was
established in 1855 and throughout its long and successful history has
shown a steady and substantial growth; it conducts branches in Minnesota,
Nebraska, Iowa and many other States and does a world-wide business
of great magnitude.
The company's 66 years of successful experience and
steady growth, combined with its increasingly large profits and high financial
standing, affords complete assurance of its ability to promptly meet all
obligations.
Purpose.—This loan is made for the purpose of providing additional
working capital.
Security.—Security is appraised at .nearly three times the total amount
of loan and comprises the ownership in fee of 60.18 acres in the new south¬
west manufacturing district where values are enhancing very rapidly, and
control of 11.35 acres extending along the Drainage Canal; group of new
reinforced concrete, steel and pressed, brick buildings, three, four ana
five stories high, 420 ft. square, with covered shipping platforms from
which 100 cars can be handled at one time; railroad yard with over four
miles of trackage and capacity of 350 cars; steel tanks with storage facilities
for 750,000 bushels of grain; land and buildings, Southwest coma* Clark and
.
.
,
/aluatfon*.-—Appraised value of land, buildings and equipment comprising
almost three times in excess
security conservatively placed at $7,046,228,
of amount of loan.—V. 113, p. 2084.
25,000,000
25,000,000
The subsidiary companies have outstanding in the hands of the
public
of $90,585,840 bonds and real estate mortgages, which include
$21,818,000 bonds of the Westchester Lighting Co. guaranteed by the
Consolidated Gas Co.
Offered.—Baker, Fentress & Co. in October offered at 100
int. $1,000,000 8% 1st Mtge. Bond-Secured notes.
Earnings .-—Gross earnings of Consolidated system for 1921 should ap¬
proximate $93,000,000.
Net earnings of the system for the same period,
Due Aug. 1 1927.
The
of DuBois Lumber Co. of Oregon and John E.
after
providing for operating expenses, taxes and renewal and replacement
the charge for gas figured at the inadequate statutory rate
1,000 cu. ft., while naturally unfavorable, are estimated to
exceed materially the annual interest
requirements on the total funded debt
of the system, including the
present issue.
In August 1920 the 80-cent rate was enjoined
by the U. S. District Court
as
confiscatory and inequitable and thereafter the rate was in creased by
stagesi to $1 50 per 1,000 cu. ft.
On Aug. 1 of this year the company
voluntarily reduced this charge to $1 25, which is the rate now in effect,
l he results of these increases will
not be Included in the earnings statements
of the company until final action of the U. S.
Supreme Court, where the
case is now on
appeal.
Expenditures to Plants, &c.—By the end of the current year there will
have been expended since Jan. 1 1920
upward of $60,000,000 for additions
"S18 40 ^e gas and electric properties, including the Astoria
iJght Heat & Power Co.'s new water gas
plant and United Electric Light
*r
s,new electric generating station on the East River north of
rf8££ve8'
of 80 mits per
n
,,
Hell Gate in the Bronx.
.Franchises.—The
various companies comprising the system possess fran¬
furnishing gas and electric service which, in the opinion of counsel,
contain no burdensome restrictions, are
entirely adequate for the business
chises for
requirements
v.
of
the
companies,
and,
for the
most
part
are
113, p. 2188, 1578.
perpetual,
Consol. Machinery h Wracking Co .--Bankruptcy Sale.
™The £Ptire a8?et8 were put up for sale at 58 Greene St., N. Y. City, by
Chas.
Shongood, auctioneer, Nov. 18, by order of U. S. District Court.
.
Consumers Power
Co.—Definitive Bonds Ready.—
T£e due
interim certificates for the Gen. & Ref. Mtge. Series "B" 7%
July 1 1935
may now
gold
be exchanged for the definitive securities
y.mTr3730-VCTi35°pWia"64?75N- Y" ^ ^ V" "3'
P' 13641
Corticelli Silk
Co.—Change in Name and Merger.—
Silk,Co" owning and operating the Corticelli Silk Mills,
has decided to
change its
name to The
Corticelli Silk Company inasmuch as its
P^Y^lP,oL*>r
uc*s i81*6 sol^ un(ier the Corticelli trade-mark. As the same
n1*?.own the stock of the Brainerd & Armstrong Co., the two comP^i^wiU be consolidated under the new name. This consolidation is to
$3 250 000 aS
1921. The capital of the new company will be
X,r^°ch
hange will be made In the management of the
companies and the
houses now maintained by the Nonotuck Silk Co. in the leading
country for the distribution of its products and those
nra+imS?aiiw^ Agjwtrong Co. will be
o celli Silk Co.
Home office of
the
operated under the
now
^?7s^e,n & Co.—Listing—Offer
name
of The
corporation, Florence, Mass.
to Atlantic Petroleum Corp.
stockholders—Earnings.—
Change has authorized the listing of 181,530
of Common
stock
no
par
value,
on
official notice of
SrrSfinm pi TS thethe total outstanding Capital stock of Atlantic
issued and
Corp., making
applied for 1,225,798 shares.
»
Atlantic Petroleum Corp.
are given the
offer to
SJSS?®? their stock for Common stock of Cosden & Co., on the basis of 3
Peteolenm $Z£i«iSfu,K S*0Co' Par *25 each, or 15 shares of Atlantic
par value
shares of Cosden & Co. Common stock,
no
Atlantic Petroleum desiring to avail
themselves of this
%
BaTSrS\v55
1922
.
i
^ their certificates of stock at the office of the U. S. Mtge.
C™?r
N;,Y '°r Equitable Trust Co., Munsey Bld|.,
Cosden & Co. will remain open until Feb. 15
^!>'+v?^'a5P °',a total of $6,807,365 of issued and outstandstwk of the Atlantic Petroleum
Corp. have approved the aforeoffer, and have agreed to exchange their stock for the stock of this
LOliljPaQy.
q
9 months
C° (Cel ) and subsidiary companies for
ending Sept. 30 1921 shows: Total income
^""TO,*23'3?7.037;^ earnings,
626: net before depreciation,
taxes,
911^46 ~V°1l3?p^^U1892P2189 1921 (subject
Cunard
ex-
$2,244,757.
final adjustment), $12,-
Steamship Co., Ltd.'—New Director.—
Major Frederic.Allan Bates has been elected
Denver
$27 288 410' total
«3.95U73Tdi^Sto p£H.«U70™
and Federal
depletion
a
director.—V, 112,
.
p.
2087.
(Colo.) Dry Goods Co. (Importers & Retailers)
—Stock Dividend.—
Lumber
DuBois
Co.
and
John
E.
DuBois.-—Notes
&
joint and several obligations
DuBois and secured by $2,000,000 purchase money 1st mtge. notes of the Oregon Amerfwui Lumber
Co., 80% of whose capital stock is owned by the Central Coal & Coke Co,
Dated Oct. 1921.
of Kansas City. Mo.
Interest payable F. & A.
not in excess of 2% at
„
without deduction for normal Federal income
Continental & Commercial Trust & Savings
Bank rand Calv in Fentress), Chicago, trustees.
Denom. $1,000, $500 and
$100 (c*).
Red., all or part, on any int. date upon 30 days notice at par
and accrued int., and a premium of 1% for each year or part of year the
tax
notes have to run before
Data
from
Letter
of
their fixed maturity.
President John
E.
DuBois, October 21 1921.
Company.—Organized under Oregon law in 1908 to purchase and hold
Entire capital stock is owned by Mr. DuBois.
In 1917 the DuBois Lumber Co. sold to Oregon American Lumber Co.
(all of whose capital stock, except 20% held by associate interests. is owned
by Central Coal &' Coke Co. of Kansas City, Mo.) approximately 27,000
acres of timber land in Oregon, estimated to carry 2,800,000,000 ft. of virgin
yellow fir timber, and took back, as part of the purchase price received for
such timber, $2,650,000 4H% 1st Mtge. purchase money notes of Oregon
American Lumber Co., due July 1 1927.
*
Following the purchase of this timber the Oregon American Lumber Co.
further expended approximately $2,800,000 in main-line railroad construc¬
tion to connect this timber with the Portland market, and in Jan. 1921,
following the practical completion of its railroad, sold to the Inman-Poulsen
Lumber Co. of Portland, Ore., approximately 300,000,000 ft. of the least
accessible of said timber, for about $3 15 per 1,000 ft.
As part considera¬
tion for this 300,000,000 ft. of timber, the Oregon American Lumber Co.
received $300,000 1st Mtge. 6% notes of the Inman-Poulsen Lumber Co.,
which were accepted by the DuBois interests in substitution for an equal
amount of their notes, thus leaving $2,350,000 of the Oregon^American
Lumber Co. notes outstanding, which has since been reduced by $9,000,
leaving outstanding $2,341,000 notes, secured by a first and closed mortgage
on approximately 2,500,000.000 ft. of the highest grade yellow fir timber.
Assets.—Consolidated balance sheet, after giving effect to proceeds of
these notes, shows total assets in excess of $4,000,000. after deducting any
and all liabilities, except this closed issue of $1,000,000.
Security.—The value of said 2,500,000,000 ft. of timber covered by the
Oregon American Lumber Co. mortgage is placed by the Central Coal &
Coke Co. at $3 50 per 1,000 ft., or a total of $8,750,000.
The proportionate
value of security represented by the $2,000,000 Oregon American Lumber
Co. notes securing these $1,000,000 Collateral Trust notes would be ap¬
timber lands.
,
.
_
proximately $7,500,000:
'
Income.—Irrespective of other income, that received by the DuBois
as interest on the Oregon American Lumber Co. and the InmanPoulsen 1st Mtge. notes, which they own, considerably exceeds the maxi¬
mum interest charges on this issue of $1,000,000 Coll. Trust notes.
Sinking Fund.—The sum of $1 35 per 1,000 ft. must be paid for all timber
removed by the Oregon American Lumber Co. from the mortgaged property.
All sums thus paid, except the first $200,000 and interest thereon, must be
applied towards paying the principal and interest of these $1,000,000 of notes
,
.
.
interests
Durant
Motors, Inc.—Sales, Orders, &c.-—
M. B. Leahy, Gen. Sales Mgr. of Durant Motor Co. of New York, Inc.,
subsidiary, which company controls the manufacture and sale of Durant
automobiles for the New England and Atlantic Coast territories, in a sworn
statement Oct. 24, states in substance:
The first Durant car was placed on exhibition in New York Aug. 4 1921,
and the actual signing of contracts for territory with distributors, with one
or two exceptions, was started about Sept. 1
1921.
Up to and including
Oct. 22 1921 contracts with deposits and shipping orders were signed for
24,817 Durant 4-cylinder automobiles and 6,025 Durant 6-cylinder auto¬
mobiles, a total or 30,842 automobiles.
The contracts specify deliveries
dating from Nov. 1 1921 up to and including July 31 1922.
The volume of business represented by these contracts is approximately
$31,000,000.
The total expense, including both the sales and service de¬
partments, from the time these departments were formed, was $15,417.
The portion of the territory not contracted for, and which will be closed
within the next 30 days, will, it is estimated, produce contracts for not lesa
than 5,000 automobiles.
Mr. Leahy estimates that upon the basis of 35,000 automobiles as a total
contracted production for Durant Motor Co. of New York, Inc., the entire
territory, exclusive of Canadian and export trade, would produce a volume
of business requiring the production of 140,000 automobiles in the next
a
nine months.
i
[The Durant Motor Co. of Michigan has applied to the Michigan Securi¬
ties Commission for authorization of $5,000,000 capital stock.
Mr. Durant
holds $1,300,000 of the stock, according to the application, and the other
directors hold $1,000 each.
The petition sets forth that there is no pro¬
motion stock, Mr. Durant and his associates having paid cash for their stock.
The main office, together with automobile factory, will be at
Lansing.
are Edward Ver Linden, Lansing, Pres. & Gen. Mgr.; William C.
Durant, New York, V.-Pres.; E. C. Shields, Lansing, Sec. & Treas.^These
Officers
.
Nov. 26
THE
1921.]
three and Carroll Downs and C. F. Daley, New
of directors.]—V. 113, p. 2084, 1892.
Earl
CHRONICLE
York, constitute the board
Motors, Jackson, Mich.—Stock Rights—Acquisition.
The directors have authorized the issuance of 200,000 shares of additional
Common stock without par value.
Stockholders of record Nov. 22 are
given the right to subscribe for an amount of new stock at $10 a share equal
to their present holdings.
Subscription rights will terminate Dec. 2.
President Clarence A. Earl has completed a deal whereby the Jackson
(Mich.) Metal Products Co. will be taken over by the Earl Motors and
operated as one of its manufacturing units. (Chicago "Economist" Nov. 19 )
—V. 113, p. 1892.
Famous Players-Canadian Corp.,
Ltd.—New Director.
E. E. Shaurer of the Famous Players-Lasky Corp. of N. Y.
elected a director, succeeding H. D. Connick.—Y. 113, p. 75.
General Baking Co., New
York City.—Stock Increase.
The stockholders Nov. 21 authorized
per
has been
an
Invincible Oil
located
on
the 14th floor of 342 Madison Ave.,
No. Vanderbilt 4000 —V. 113, p.
General
Motors
will be
N. Y. City; new telephone
1987.
Corp .—Oakland,
Division.—President
P. S. duPont states:
It
but
is
director.—V.
should have been constant gossip
during
the past few weeks while automobile price revisions were under way.
The
policies of the corporation with respect to certain of its manufacturing di¬
visions
not
were
a healthy condition, with its business stabilized and
The present line of passenger cars, with gradual improve¬
ments, will be continued for the 1922 selling seasons.
Thereafter, new
models as may be required by the trade may be introduced.
See also
V. 113, p. 2084, 2189.
This division is in
sales increasing.
Co.—Dividend
Electric
General
Increased—
Company to Issue Additional Common Stock.—
A
from Frankfurt-on-the-Main says that the Allgemeine Elek-
message
tricitates Gesellschaft has raised its dividend from 14 to 16% after setting
100,000,000 marks for keeping its plant in good repair.
It is pro¬
posed by the directors to issue new Common stock to the amount of 250,000,000 marks within the next 12 months. ("Fin. America ")—V113, p. 854.
aside
Island Oil & Transport
In accordance with the
creditors, said in substance:
while operations since April 5 1921
maintained and physical condition
improved, the condition of the securities market has made it impossible to
sell bonds of the company and liquidate the claims of creditors from the
The advisory committee reports that
have been satisfactory, sales constantly
proceeds.
The advisory committee have therefore deemed it to be for the best
interests of creditors to extend the extension agreement dated April 5 1921
to April 30 1922.
Such extension has been approved unanimously by the
members of the committee.
1921 will be extended to April 30 1922
The extension notes due Oct. 31
on the notes due Oct. 31 was paid].
steadily increasing volume of the company's business has now
reached a point where the committee feel justified in proceeding with
plans which they have long had in mind and which they believe will solve
the company's problems and make possible the liquidation of claims of
creditors.
These plans will be presented shortly.
The committee is doing
everything possible to protect the interests of the creditors.
Chairman Kent writing to the "Chronicle" says:
"The company is
[interest due
The
operating
or
on
satisfactory basis and has approximately $1,000,000
its books.
During the remaining six months every
basis, as some
a very
unfilled contracts
on
effort will be made to re-finance the company on a proper
of
the
directors have
signified their willingness to co-operate with the
committee in that direction."
Advisory Committee.—H. R. Kent, Chairman (V.-Pres. Fort Dearborn
National Bank, Chicago); H. H. Merrick (Pres. Great Lakes Trust Co.,
Chicago)
C. W. Lockwood (V.-Pres. Eau Claire National Bank), S. G.
Moon (Northwestern Lumber Co.), H. W. Sehl (Sehl Advertising Agency,
Chicago), W. H. Stiles (W. H. Stiles & Co., New York), H. Schatia (H.
Schatia Co., New York), with Henry J. & Charles Aaron, counsel.—
V. 110, p. 565.
Great Northern Paper
deposit of sinking fund moneys covering oil sold from the producing
corporation or its subsidiaries during the months of
August and September 1921, has drawn by lot for payment on Dec.
110 and int. 69 temporary 8% & Partic. Secured gold notes of $1,000
and four of $500 each.—V. 113, p. 2085.
a
prop¬
July,
15 at
each,
Jones Brothers Tea Co.,
Habirshaw Electric Cable Co.,
Inc.—Receivership.—
Judge J. C. Knox, Nov. 25, appointed J. 8 Worley and J. B. Johnston,
the Habirshaw Electric Cable Co., Inc., Electric Cable Co.
receivers for
and Bare Wire Co., Inc.
A committee to protect
the interests of stockholders of the Habirshaw
Habirshaw Electric Cable Co., Inc., and the Electric
Perkins, Chairman, E. K. Satterlee
counsel.
The committee are not
asking for deposits but simply for proxies to enable them to look after the
stockholders' interests in the reorganization which is shortly to be announced.
that
a
reorganization committee is working
on
a
Kelsey Wheel Co., Inc.—Initial Dividend—Operations.—
The directors have declared an initial
113,
p.
"Since last June operations have been close to capacity and it is believed
full year 1921 will nearly equal last year's record net
profits of $1,916,000, which were equal, after charges and Preferred divi¬
dends, to $17.25 a share on the outstanding $10,000,000 Common stock.
Ford is one of the company's principal customers."—V. 113, p. 424.
that earnings for the
(G. R.) Kinney Co., Inc., N. Y. City.—Notes Offered.—
Merrill, Lynch & Co. and George H. Burr & Co., New York,
are offering at 98 and int.. yielding about 7.75%, $2,500,000
15-year 7%% secured gold notes.
1921.
Due Dec. 1 1936.
Int. payable J.
deduction for normal Federal income tax not
Dated Dec. 1
Dec.
1 1931 at 105 and int.
Sinking Fund.—An annual sinking fund is to be provided, beginning
1923, sufficient to retire 75% of this issue by maturity, purchasing
5% of the largest amount of notes at any time outstanding if obtainable
Dec. 1
at
or
below 105 and interest.
Letter of
President
E.
H.
Kron, N.
History and Business.—Operates the largest chain of general shoe stores
comprising 102 stores in 97 cities in 22 States, carrying shoes
men, women, boys and children.
Operates four shoe factories.
First
store was opened 27 years ago in Waverly, N. Y., on a capital of $1,500.
Business was developed entirely out of earnings, together with some funds
invested by men taken in as partners.
Present company was incorp. in
in the U. S.,
for
New York in
On
Jan.
1
1917.
1919 acquired through
stock ownership the
shares of stock at $50
a
share.
In the last fiscal year
notes.
the earnings of the companies,
Hocking Coal Co.—Bonds Called.—
($11,000) First Mtge. 6% 20-year Sinking Fund gold bonds have
redemption on and after Jan. 1 1921 at 105 and int. at the
Empire Trust Co., N. Y., trustee.—V. Ill, p. 1954.
Eleven
been called for
redemption.
Purpose.—To pay current debt and furnish
additional working capital.
(after This Financing).
(incl. Sub. Cos.) as of June 30 1921
Balance Sheet
Liabilities—
Assets—
(Other than 15-yr. 7)4%
secured notes & cap. stk.)
equipment, less deprec_$l,127,271
-$1,483,900
1,107,987 Notes payable
Accounts payable
U. S. Liberty bonds...—
396,417
306,750
Notes & accounts receiv-$38,966 Reserve for Federal income
and excess profits taxes
Life insurance
42,537
82,296
Store fixtures, plants and
Cash
—
-
Inventory
6,143,751
.
Merchandise in transit
Total
220,914
Earnings Before
Total
Total net assets
8,673,103
31 for Factories).
1919.
1920.
$
$
9,764,499 11,742,565
3,301,899
3,051,977
ended Jan. 31 for Stores and Dec.
1917.
$
6,529,717
Store sales
—2,526,373
-..9,056,090
profits
Factory profits-.
1918.
$
Total--
Co.—Rate Case.—
injunctions forbidding the Illinois Commerce Commission
interfere with higher rates recently announced by the company were
granted in the Circuit Court at Springfield, 111., Nov. 14.
An appeal to
the Supreme Court was immediately taken by the Attorney-General on
behalf of the Commission.—V. 113, p. 1059, 965.
Permanent
Walter C.
4,309,910
5,821,787
11,975,002 12,816,476 16,052,474
20,887,085
482.823
400,281
546,369
329,697
854,132
629,163
248,767
766,912
737,793
883,104
876,065
1,483,296
1,015,679
figures, after giving effect as of Jan. 31 1921 to a reserve
$1,100,000 so as to reduce inventories to market values and after full
depreciation of plants, stores and fixtures, the earnings for the past five
fiscal years have averaged $779,187, or 4.15 times the interest charges on
this issue, and the consolidated earnings of the G. R. Kinney Co., Inc.,
and subsidiaries, for the first five months ended June 30 1921 of the current
fiscal year, before interest and taxes, were more than $428,000, or at the
rate of $1,027,000 per annum.
From the above
of
resign Jan.
1
as
of rails from the
Sales Manager of the American
Vice-President.
Inland Steel Co..
Vice-President but will continue as a director and
Assistant General
member of the Executive Committee.—V.
Authorized.
.$2,500,000
6,000 000
Lumber
113, p. 1893.
Co., Portland, Ore.—
See DuBois Lumber Co. above.
International
Paper Co.—Tenders.—
received bids until Nov. 23 last for the
Sinking Fund Mtge. bonds sufficient to exhaust
price not exceeding 102)4 and interest.—V. 113, p. 966, 541.
The Bankers Trust Co.. trustee,
sale to it of 1st & Ref. 5%
$58,339 at
a
5,293,300
52,594 sh.
dividends on
Divs. on the
share; in 1918, $5;
60.000 sh.
value
Dividend Record.—Company has paid regular quarterly
Pref. stock since incorporation in 1917 at rate of 8% P- a.
Common stock have been
in
paid as follows: In 1917, $4 per
1919, $7; in 1920, $10; in 1921, $2.—V. 109, p. 1992.
Lackawanna
The Lackawanna
Steel Co.—Reported
Acquisitions.—
Bridge Co. and Ferguson Iron & Steel Corp. both
of
1682.
Lehigh & Wilkes-Barre Coal Co.—Sale of Stock, &c.—
Philadelphia "News Bureau/' Nov. 18, says in subst.:
Wilkes-Barre Coal-
The
The sale of the Jersey Central's holdings of Lehigh &
Co. stock is regarded as definitely assuring cont inuance of movement of the
coal production over Jersey Central rails.
Disturbance of the transporta¬
tion phase
of the business is thus avoided, but in the trade distribution
tonnage there may be some change.
John Kemmerer of Whitney &
wholesale coal commission house, and M. F. Burns, head of
merer,
Inman-Poulsen
Outstand'a.
$2,500,000
rumored.
Chicago.—Order.—
Sheet & Tin Plate Co. at Pittsburgh, has been made a
G. H. Jones, Vice-President, one of the founders of the
will
15-year 7)4% secured gold notes (this Issue)
stock, Cumulative 8%, par $100
Preferred
Buff »lo, have been purchased by the Lackawanna Steel Co., it is
Official announcement of the deal has not been made.—V. 113, p.
Co., Chicago.—New Officer.—
Carroll,
1921.
$
15,065,298
423,461
314,332
Common stock, no par
to
Inland Steel
$1,962,613
-
..$7,025,565
Interest, Federal Taxes and Inventory Adjustment (Years
$8,988,178
assets
Capitalization after This Financing—
Humphrey-Pure Oil Pipe Line Co.—Status, &c.—
See Pure Oil Co. below.—V. 113, p. 2190.
The Chicago & Alton RR. has ordered 10,000 tons
company.—Y. 94, p. 1452.
the shares of
are pledged, after full allowance for depreciation and for inventory
adjustment, but before interest and taxes, were $766,911, or more than
4 times interest charges on these notes.
Convertibility.—Convertible into 8% Cum. Pref. stock on a par for par
basis.
In event that notes are called they may still be converted up to
which
The
to be applied to the payment and cancellation of an equal
company's obligations as represented by its promissory
outstanding on Sept. 30.
See V. 113, p. 1580, 1987.
Illinois Steel Co.,
Johnson-BaUlie
J. Landis Shoe Co., Perry-Norvell Co. and Bedford Shoe Co.
The company capitalized its surplus and the stockholders of
the factory corporations took Pref. stock for the actual money in the busi¬
ness and Common stock in the proportion that their earnings over a 5-year
period bore to Kinney earnings over the same period.
These factories still
continue to sell to outside companies, at the present time 60% of their
output going to such companies.
Factories located at Huntington, W. Va.,
ana at
Millersburg, Palmyra and Carlisle, Pa.
Distributing warehouse
located at Harrisburg, Pa.
Security.—Secured by deposit of all shares (except directors qualifying)
of subsidiary companies valued at more than the face amount of these
Shoe Co.,
factories.
Factory sales
the
Bell Telephone
Y. City, Nov. 1921.
Merger.—
are
Illinois
Stock Exchange.
Listing.—Application will be made to list notes on N. Y.
Data from
Store
notes
& D. in N. Y.
exceeding 2%.
after
Callable, all or part, on any int. date
Denom. $1,000, $500 and $100 (c*).
Penna. 4-mill tax refundable.
2190.
Haverhill Gas Light Co.—Stock Increase Authorized.—
The company has received permission from the Mass. Department of
Public Utilities to issue 2,340 additional
dividend of $1 50 per share on the-
Common stock, payable Jan. 2 to holders of record Dec. 20.
,
A published statement, revised for the "Chronicle," states:
Total..
Haskell & Barker Car Co., Inc.-—Pullman
See Pullman Co. below.—V,
of
Corporation.—-Sale.—
28 on the proposed
of the company's shipyard at Mariner Harbor, Staten
Island, together with all real estate, equipment, &c., for $125,000 (less
5% commission).—V. 113, p. 299.
plan
expected to be presented by Dec. 1 next to creditors, bondholders
and stockholders for their approval.
See V. 113, p. 1365, 1256, 1161, 423
proceeds
$17,153,045 $2,834,368
■
%
District Court will hold a hearing Nov.
S.
which Is
amount
1921—10 Months—1920. Decrease.
$304,7091$14,318,677
Johnson Shipyards
The U.
Cable Co., has been formed, Thomas C.
and H. M. Bates, and White & Case,
It is understood
Inc.—October Sales.—
Decrease. I
1921—October—1920.
$1,541,025
$1,845,734
—V. 113, p. 2085, 1893.
date of
Co.—Extra Dividend.—
has been declared on the capital stock, along
with the regular quarterly dividend of 1)4%, both payable Dec. .31 to
holders of record Dec. 27. In March and Dec. 1920 and in March 1921
extras of 3% were paid.—V. 112, p. 749
An extra dividend of 3%
Electric Cable Co.,
Corp.—Notes Called.—
provisions of the trust agreement dated June 15
erties of the
without
Gillette Rubber Co.—Creditors' Extension, &c.—
H. R. Kent, Chairman of the Advisory Committee, Oct. 22, in a notice
to the
of the National Surety Co., has been elected a
113, p. 2085, 1893.
1921 the New York Trust Co., trustee, having received from the corporation
immune, the future of Oakland being the subject of per¬
sistent rumors.
German
all'
by
sale by the receivers
that there
natural
on
the stockholders.
W. B. Joyce, President
increase in the capital stock, as
1921 the executive offices of the company
5
150,000*
and the
which expired Nov. 22, have announced that they have sold
of the stock to be acquired by the syndicate, and which was not taken
rights
plan outlined in V. 113, p. 1987.
On and after Dec,
Corp.—Stock—New Director.—
J. S. Bache & Co., managers for the syndicate which underwrote
shares of the Common stock, which was offered to stockholders,
Bros., New York, large retail distributers, are members
which
purchased the stock.
of the
KemBurns
of the syndicate
Both of these firms already sell that company s
coal, and it is presumed that in future they will handle a larger proportion.
It is believed that the syndicate which purchased the stock is likely event¬
ually to form a new corporation or issue some securit ies, so that it will not
have the full amount of the purchase price invested permanently.
The
First National Bank of New York connection would appear to assure such
*
THE
23 f 8
CHRONICLE
temporary financing as is required.
New owners can operate the property
through the present organization.
Reports that the purchasing syndicate might contemplate an arrange¬
ment to dispose of their holdings to the Lehigh Coal & Navigation are de¬
nied in competent sources.
Lehigh Coal & Navigation is a holder of a small
block of Lehigh & Wilkes-Barre stock, but is not a member of the purchas¬
ing syndicate and on the contrary put in a separate bid.
Its bid was high
in the principal sum, but the successful bid included interest on deferred
,
P
it
,
has been ascertained from reliable sources that the
with the sale of the stock of the Lehigh &
follows:
Wilkes-Barre Coal Co. were
,
„
„
was
bid of the syndicate
with interest upon
the deferred payments.
___$32,259,720 flat
The bid of the Lehigh Coal & Navigation Co. was
The bid of the Franklin Securities Co. was
The bid of the Massachusetts
Gas Co.
31,920,144 flat
_____
was
(with interest
29,125,000
deferred payments)
upon
as
^
headed by Jackson E. Reynolds,
accepted by the board, was $185 per share, or $31,410,980,
successful
The
which
bids in connection
The bid of the syndicate headed by Brown Bros.
& Co. was
28,694,172
in the syndicate is not likely to be large.
(with interest upon deferred payments)_____
The
participation by Burns Bros,
haring of various members in the syndicate has not yet been
It is intimated
precisely apportioned.
To
Pay
S35 Cash Dividend.—
a
The directors have declared a dividend of $35 a share on the $9,210,000
(par $50) outstanding stock, payable Nov. 29 to stock of record Nov. 21.
No further dividend is to be paid during the current calendar year.
The
following; statement was issued regarding the dividend:
the President reported that on Nov. 17 the Central RR. Co. of
Jersey had agreed to sell 169.788 shares of this company's stock,
owned by the Central RR., it was recommended that dividend action be
>
"As
New
[VOL. 113.
good financial condition.
It is now a question of waiting for a turn in the
market that will take up these cars, and that is expected to come in the
spring of next year.
A reason for the unsalability of these cars is the one
which applies to many others—that is, prices are in process of reduction and
the buyer in many instances holds off in the expectation of still lower figures.
The company just placed on the market a new motor which is said to be of
excellent quality.
(Chicago "Economist," Nov. 19).—V. 110, p. 1854.
Moline Plow Co .—Deposits—Time Extended.—The re¬
organization committee, Frank 0. Wetmore, Chairman, has
notified the holders and owners of all notes, claims, accounts
and demands of whatsoever character againgt, and the hold¬
ers and owners of all classes of stock, of, the company, that
there have been deposited with the various desi^piated de¬
positaries claims of creditors of all classes assenting to the
plan, in an aggregate of more than 96% of the outstanding
claims of creditors against the company; and that the time
for deposit of all notes, claims, accounts and demands of
whatsoever character against, and all classes of stock has
been extended to and including Dec. 12 1921.
(See adv.
pages.).
Compare plan, &c., in V. 113, p. 1581,1894, 2086.
Morehouse-Martens Co., Columbus, O.—Bonds
Offered.
Huntington National Bank, Columbus, 0., and Hayden, Miller & Co., Cleveland, are offering at par and int.
$360,000 1st Mtge. Leasehold 8% gold bonds.
—The
Dated Oct. 1
Due serially, $18,000 semi-annually Oct. I 1922 to
1921.
Int. payable A. & O. at the office of Citizens Trust & Savings
Bank, Columbus, trustee, without deduction for Federal normal income
tax not
exceeding 2%.
Denom. $1,000 and $500(c).
Not subject to
redemption.
Beginning April 1 1922, company covenants to pay each
month to trustee one-sixth of the interest and one-sixth of the principal
April 1 1932.
*
The company has paid semi-annual dividends of 6K % each June and Dec.
from 1909 to June 1921, inclusive.
In March 1921 the company paid a cash
dividend of 150% or
Lewi3ton
$75
per
share.
See V. 112, p. 1030.
.
(Me.) Gas Light Co.—Slock Dividend.—
The P. U. Commission has authorized the company
to make a stock dis¬
tribution of 12H% on its present $400,000 Common stock, payable in 7%
Cumul. Non-voting Preferred stock.
The decision states that the present
capital consists of $400,000 Common stock and $200,000 bonds.
Manati (Cuba)
The
Sugar Co. of New York.—Sales, &c.—
it is stated, has liquidated about 40,000 bags of sugar
through the Commission, bringing unsold stocks down to
about 150,000 bags out of last season's crop of about 401,000 bags.
Re¬
ceipts from this sugar have enabled the company to take care of dead season
expenses, without increased borrowings, which remain substantially un¬
changed in the neighborhood of $3,000,000.—V. 113, p. 632.
on
company,
recent sales
Metropolitan Edison Co.—Preferred Stock Offering.—
The company is offering its 7% Cumulative Participating Pref. stock
(par $100) to its employees and customers at $93 a share, cash, or for $95
a share under a $5 monthly payment plan.—V. 112, p. 1522.
Miami Paper Co.,
West Carrollton, O.—Capital Deer.—
coming due at the next int. payment date.
From Letter of Max Morehouse, President of the Company.
Security.—A general obligation of company and in addition secured by a
building and leaseholds owned and by a chattel mort¬
gage on the furniture and fixtures.
Building.—A four-story structure, completed in June, 1921, at a cost of
$714,926.
The property on which the building stands is held under three
99-year leases, renewable forever, with a maximum rental of $25,200 during
the life of these bonds.
Land has been appraised at $9,000 per front foot, or
at a total valuation of $846,000.
Building has been appraised on the basis
of present costs of material and labor at $606,000.
Company.—Began business in 1891.
Present name adopted in 1907.
While classified as a department store, the business is principally confined
to the sale of dry goods and women's apparel.
Company is now rated as
one of the leading retail mercantile houses in Central Ohio.
Data
first mortgage on the
Net Earnings After All Taxes but Before Interest Charges.
1918.
1919.
1920.
Feb. '21.
$99,169
$89,658
$113,887
$235,217
$74,820
The company has filed a certificate in
authorized
Ohio showing a decrease in the
capitalization from $1,000,000 to $850,000.—"V. 113, p. 736.
Middle States Oil
■
Corporation.—Dividends.—
The corporation has declared the regular monthly cash dividends of 1%
each for Oct., Nov. and Dec., payable Jan. 1 to holders of record Dec. 1.
The directors also
-
mittee to
Middle
West
Utilities
Co.—Preferred Dividend.—
Preferred stockholders have been informed that the Preferred dividend
will be Increased to 4% beginning with the quarter ending Feb. 15.
rate
In May and Nov. last, dividends of 1 ^ % each were paid on the Pref. stock.
Under the reorganization of the company, the Pref. stock is subordinate
to the Prior Lien
stock, but Is entitled, in preference to the Common stock,
dividends of 3% for first year, 4% for second year,
5% for third year, 6% for fourth year and 7% for fifth and each subse¬
quent year.
See re-capitalization plan in V. 110, p. 2076, 2192.—V. 113, p. 1778.
to regular cumulative
,
Midland Cattle Loan Co., Sioux City.—Receiver.—
P. W. Kammann
,
ilton, Nov. 18,
on
Mid-State
appointed receiver for the company by Judge Hemapplication of O. D. Anderson, Pres. of the concern.
was
Horticultural
Co.—-Bonds Offered.—Hunter,
Dulin Co. and First Securities
at 100 and int.
Dated Nov.
Co., Los Angeles, are offering
$350,000 1st Mtge. Serial 7]/2% gold bonds.
The company announces that $250,000 of its 10-Year 8% Convertible
Sinking Fund gold notes, due Sept. 1 1930, have been drawn for payment
31 at 105 and int. at the Columbia Trust Co., N. Y., trustee.
(For
offering of notes see V. Ill, p. 698.)—V. 113, p. 412.
Dec.
Separation North American
Beneficial Owner of 50 Patents on Flotation.—
The company
Corp.—Sole
and the several other respondents named by the Federal
Trade Commission in its amended complaint against owners of the flotation
have filed answer in which a more or less general sweeping denial of
process,
New
a
monopoly
and the exclusive control of the processes for
separation and concentration
of ores covered by the patents. * * *"
The company claims
ownership of
under which
some
50 patents covering flotation
it has granted 140 licenses with
aggregate tonnages of ore
milled and in part treated under these licenses
aggregating 28,000,000 tons
Allegations of stifling or restraining trade through its licensing
policy the Minerals Separation group deny.
Replying to charges of favoritism being shown in granting certain licenses
the Minerals Separation answers that on four
occasions special terms
were given to "meet special and unusual
conditions."
These were:
(1) About Feb. 1915, to the Anaconda-Inspiration
group of mines when
they agreed to use and pay large sums regardless of the outcome of then
existing litigation over patents:
(2) In Aug. 1915, when the St. Joe and Doe Run lead
per year.
companies entered
into agreement guaranteeing extensive use and
payment of large sums to
MInearls Separation ta a time when basic
patents had been declared invalid
by U. S. Circuit Court of Appeals;
(3) About Jan. 1916, the Desloge Lead Co., controlled by same interests
as St. Joe and Doe Run
companies, also agreed similarly as the toher two
although basic patents were then as well declared invalid:
(4) About June 1916 special terms were given to Colusa-Parrott Mining
& Smelting Co.
'because the quality of its dumps, the low recovery and the
narrow margin of profit to said
company, made it equitable at the time in
the opinion of Minerals Separation,
Ltd., to do so."
General denial was made by Minerals
Separation to charges that it
transported materials or apparatus, that it leased or sold
equipment or
engaged in inter-State commerce.
Also, that it had competition or that
others lawfully engaged in similar business.
As to its opinion regarding dominating the field of
flotation the Minerals
Separation answer leaves no doubt in the statement: "If there are flotation
processes not covered by (our) patents * * * respondent denies that they
are important."
(Boston "News Bureau" Nov. 11.)
See Butte & Superior Mining Co. above.—V.
113, p. 1367.
_
Mitchell Motors
Co.—Status, &c.—
_
The works at Racine, Wis., have suspended the manufacture of automo¬
biles because of the large number on hand.
This condition, while unsatis¬
factory,
,
is much better than that in which the
company has found itself
at times in the past year or two, when it had a large amount of floating debt
which it was unable to meet promptly.
At the present time the company
declared on high authority to have cleared up all that debt and to be in
Bedford
Gas
&
Dividend of
Edison Light
New York Edison
4%.—
Co.—Stock.—
Co.—Capital Increase, &c.—
See Consolidated Gas Co. of N. Y.
"Interest of investors
is
on
a
above.
in the pending $30,000,000 20-year
Q}4% bonds
broad scale, being evidenced by the large number of requests being
received
by banking houses to accept tentative subscriptions.
Offering
of the issue is merely awaiting formal approval by the P. S. Commission,
application having been made a few weeks ago."—("Wall Street Journal"
Nov. 18).—V. 113, p. 1367.
North
German
Lloyd Steamship Co.—Capital.—
A cable from Frankfort on the Main Nov. 15 states:
'' The Norddeutscher
Lloyd Steamship Co. is increasing its share capital from 250,000,000 marks
to 600,000,000 marks by an issue of 225,000,000 marks Common shares
the greater part of which will be offered to the old shareholders, these, it is
understood, consisting of 1,035 individuals and 125,000,000 marks Preferred
shares which will be sold to Bremen financiers.
The new capital will be
used for the reconstruction of the company's merchant fleet."—V. 106.
1691.
Northern Indiana Gas & El. Co.—Surrenders Franchises.
The company has notified the Indiana P. 8. Commission of the surrender
of 39 franchises he'd from municipalities and counties of the State.
The
company
will operate under the supervision of the Commission.—V.
113, p. 299.
many of the charges is contained.
The answer does admit "that by reason
of its acquisition by ownership or beneficial interest of * * *
patents in
respect to processes, respondent now claims and asserts * * *
Co.—Extra
The company has filed a certificate with the Mass. Commissioner of
Corporations stating that the capital stock has been increased by $572,400
and that the same had all been paid in on Oct. 27.
See V. 113, p. 1682.
p.
Minerals
Transit
National
An extra dividend of 4% has been declared on the outstanding $6,362,500
capital stock, par $12 50, payable Dec. 15 to holders of record Nov. 30.
A dividend of 8% was paid extra in Sept. last and in Sept. 1920; in March
and June last, and in March and June 1920, 4% each were paid extra,
and in Dec. 1920, 6%.—V. 113, p. 856.
1
1921, due serially Jan. 1 1924-1933, incl., but callable at
103 and int. on any int. date.
Los Angeles Trust & Savings Bank, trustee.
Bonds will be secured by a first closed mortgage on
approximately 1,694
acres of rich, productive farm lam's planted to 8 varieties of
grapes, de¬
ciduous fruits and alfalfa, conservatively appraised at $711,620.
Net earnings from only three of the five properties owned by the company
were:
1919, $112,985: 1920, $102,906: 1921, $102,719.
$79,623
National Cloak & Suit Co., New York.—Notes Called.—
approved the recommendation of the Executive Com¬
employ available funds in completing the purchase of properties
1477, 1059.
under options, acquired at the low price of oil.—V. 113, p.
7 Months
Sept.30*21.
9 Months
Years ended Feb. 1
1917.
North Jersey Steel Co.—Development Work.—
six-page article "Developing North Jersey Iron Ores" by E. C. Kreutz-
A
berg, together with illustrations, was published in the "Iron Trade Review"
Nov.
10.
The North Jersey Steel Co. controls the Beach Glen Mine
property, which is 1.4 miles long by 0.6 miles wide, approximately 500acres.
1
Nunnally Co.—Dividend.—
The company has declared a dividend of 50 cents per share on the 160,000
shares of Common stock, no par value, payable Dec. 31 to holders of record
Nov. 30.
Dividends on the Common stock have been paid as follows:
share; Dec. 1920, $1 per share; June 1921, 50 cents
share.—V. 113, p. 1060.
June 1920, 50 cents per
per
Oregon American Lumber Co.—New Control,
See Central Coal & Coke Co. and Dubois
&c.—
Lumber Co. above.
Pacific Gas & Electric Co., San Francisco.—Bonds
Offered.—National City Co., E. H. Rollins & Sons, New
York, and Mercantile Trust Co., San Francisco, are offering,
at 98 ^ and int., to yield about 6.10%, $10,000,000 1st &
Ref. Mtge. Gold Bonds, 20-Year 6% Series "B."
Dated Dec. 1
in New York
income
1921.
or
Due Dec. 1 1941.
Int. payable June 1 and Dec. 1
deduction of the normal Federal
Coupon bonds in denom. of $500 and $1,000 each,
San Francisco without
tax of 2%.
registerable as to principal only, and interchangeable with fully registered
bonds in denom. of $1,000, $5,000 and $10,000 each.
Bonds are noncallable.
National City Bank, New York, and Mercantile Trust Co. of
San
Francisco,
trustees.
'
.
„
.,
,
„
Approval.—Issuance approved by California Railroad Commission.
Data from Letter of President
W. E. Creed, San Francisco, Nov. 21.
Organization.—Recognized as one of the largest of the well established
service corporations in the United States.
Operates
hydro-electric generating plants, installed capacity of 308.244 h.p.,
4 modern steam tutbine electric plants, installed capacity of 173,592 h.p.
Delivery of power is accomplished through inter-connection with 227 sub¬
stations by means of 9,800 miles of transmission and distribution lines,
serving a connected load of more than 950,000 h.p.
Gas department in¬
cludes 20 manufacturing plants, capacity more than 71,800.000 cu. ft. per
day and 3,100 miles of mains.
Also operates 44 miles of street railway in
and successful public
28
and domestic water supply systems serving 13 communities
miles of distributing mains.
Est. population over 1,850,000.
Sacramento
with
240
Nov. 26
THE
1921.]
Project.—Through Mt. Shasta Power Corp. owns a large part of
and water rights on thr Pit River and tributaries in north¬
ern California, necessary or desirable in the development of one of the most
promising hydro-electric power projects on the entire Pacific Coast.
This
project contemplates the ultimate development of more than 420 000 h.p.
continuous power.
Company has also purchased properties formerly owned
by Northern California Power Co. Consolidated, including valuable water
rights, and has leased for 15 years properties of the Sierra & San Francisco
Pit River
the riparian lands
Power Co.
hydro-electric plants on the upper tributaries of the Pit River
completed with a total capacity of 33,512 h.p. and are now in
operation.
A third plant of 93.834 h.p. will be completed during 1922.
Purpose.—Proceeds will be devoted principally to active development of
the Pit River water powers and reimburse treasury for construction expendi¬
Two
197
new
have been
tures heretofore made.
in Hands of Public Oct. 31 1921.
stock_______$34.004.058llst&Ref. M. 6s, Ser."B"$10,000,000
39,930,930 Gen. & Ref. M. 5s, 1942_x35.822.000
1st & Ref. M. 7s,
5-year 7% Coll. Tr. notes 10.000.000
Series "A"___
10,720,0001 Underly. & Div. (closed)y48,082,200
Capital Outstanding
Common
contemplate an expected production of 80,000 to 100,000 bbls. a day by
the Humphrey-Pure Oil Interests on their Texas properties.
When the Standard purchase contract for 33,000,000 bbls. is filled the
Humphrey-Pure Oil interest will handle a full 50% of all production and
the Standard will purchase the other 50%.
This arrangement, which was
worked out by Ool. A. E. Humphrey and B. G. Dawes, Pres., is expected,
within a short time, to permit full development operations of the producing
properties they control in the Mexia fields.
The Pure-Oil Co., jointly with the Humphreys-Pure Oil Oo.
of Texas
has organized Humphrey-Pure Oil Pipe Line Co. in Texas with an initial
capital of $1,000,000, to build and operate a pipe line system from the
Mexia, Wortham and Currie fields, of Texas, to the Gulf Coast.
In¬
corporators are Col. A. E. Humphrey, Pres. Humphrey-Pure Oil
B. D. Daws, Pres. Pure Oil Co., and C. L. Harty, of Dallas, Tex.
Stock
of the new pipe line company will be held 50% by Humphrey-Pure Oil Oo.
and 50% by the Pure Oil Co.
The following directors have been elected for the new company;
W. P.
Gage (Pres.).Col. H. Maud (Sec. & Treas.), R. Z. McGowan, Rome Rust
Preferred stock
deposited as collateral for
$720,000 deposited with trustee of 1st &
Does not include $16,000 000
x
Co.;
Frank Wheeler.
Construction of the new
and
the above men¬
Ref. M. or $1,&
000,000 owned by the company,
y In addition, $7,473,600 Underlying
Divisional bonds are held alive in sinking fund, and $629,000 are in treasury.
Security.—A direct 1st M. on entire
properties (including new
Pit River
Oil
plants and high-tension trasmission line)
of Mt. Shasta Power
Corp. which joined with the company in execution of the mortgage.
Also
a direct mortgage on the entire properties of the company now or hereafter
owned, acquired subject to the prior liens.
As additional security company
has agreed to secure from time to time the certification of all the Gen. &
Ref. M. bonds which it may be entitled to issue, and promptly pledge the
under the mortgage.
Earnings
Years
Calendar
Gross.
1918
1919
__________
1920
1921
x
—
Balance.
$4,083,219
4,068,561
4,220,191
4,817,789
5,133,531
$4,431,080
5,771.303
5,840,353
6,708,261
8,320,733
After operating expenses, maintenance and taxes,
Compare offering of 7% Series "A" bonds in
x
Ralston Steel Car Co
tion.
Rand Mines,
—V.
but before deprecia¬
V. Ill, p. 2528.—
Pennok Oil Co.—Earnings.—
;
Sept. 30 1921, before deprecia¬
compares with $77,221 for the
quarter ending June 30 last.
Net earnings for the nine months to Sept. 30
1921 amounted to $285.967.—V. 113, p. 857.
Net earnings for the three months ending
tion and Federal taxes, were $49,240; this
Corp.—Denies Control Passes to Banks,&c.—
Pierce has denied the report that control of his co.
states there is absolutely no truth in
impends, or that he has parted with
Pierce Oil
H.Clay
is to pass to banking interests.
He
statement that election of directors
portion of his stockholdings
any
"For some weeks company
kind
one
or
endeavored to obtain funds by
another, but the times were not
propitious and
financing of
the matter
dragged on.
At one time the company needed $10,000,000, but could
have been greatly aided by $6,000,000
This financing, however, was not
available until this week when the Chase National Bank advanced money
enough to tide the company over its present cash stringency.
This,
together with the recent advance in the price of crude oil, has immeasurably
aided Pieree Oil "—("Wall Street Journal").
It is in connection with the financial assistance given by the Chase
National Bank that the rumor had it that the banking interest would
obtain control and which brought forth the denial by V.-Pres. Pierce.
—V. 113, p. 1895.
Potomac Electric Power Co.—Valuation Decision.—
Appeals of the District of Columbia has reversed the opinion
of the District Supreme Court which had upheld the valuation placed by
the P. U. Commission on the property of the company.
The higher court
held that the Commission erred in making the valuation as of July 1 1914
rather than as of Dec. 31 1916.
The Commission has decided to appeal to
The Court of
the U. S. Supreme Court.
The company is collecting
cents and
10 cents per k. w. h., of
places the remainder in a fund pending the
which it keeps 8.075
price outcome of the
In issuing its
Already over $2,000,000 has so far been set aside.
decision the Appellate Court said:
I
"The Commission found the fair value of the property as
case.
1914.
that the rule adopted by
the Commission
We are unable to concur in that view.
principal object of valuation of cost is to provide a rate base and
contemplates that the Commission shall ascertain the
value as of the time of said valuation and not as of some anterior date.
It
has been ruled many times that there must be a fair return to a public
utility 'upon the reasonable value of the property at the time it is being
used for the public.' "—V. 113, p. 1896.
was
correct.
"The
the statute clearly
Producers
Corp.—Bonds Called.—
& Refiners
One hundred thirty-four
($134,000) First Mtge. 10-year 8%
sinking fund
gold bonds, dated June 1 1921, 28 bonds of $500 each and 20 bonds of $100
each, have been called for redemption Dec, 1 at 110 and int. at the Central
Union Trust Co. of N. Y.. trustee.
(See offering in V. 112, p. 2543; V.
113, p. 77).—V. 113, p. 2087, 1896.
Provident Life & Trust Co.
of Philadelphia.—Plan for
Conversion into Mutual Life Insurance Co.—
The company Nov. 23 mailed to the stockholders copies
and plan for the conversion of the company into a mutual life
Pullman
ers
Co.—Haskell & Barker Merger.—The
of a circular
insurance co.
stockhold¬
the following:
the capital stock from $120,000,000 (par $100) to $135,-
will vote Dec. 20 on
(1)
Increasing
000.000 (par $100).
(2) Increasing the number of
shall be done, to elect additional
directors from nine to twelve; and
directors accordingly.
if this
"A proposal that the directors be authorized to purchase for this
company all the assets of the Haskell & Barker Car Co., Inc., and to
pay therefor $275,000 in cash and 165,000 shares of the capital stock of this
company; and, in case of the adoption of the above mentioned amendment
for the increase of capital stock, that this board be authorized to issue and
deliver direct to said Haskell & Barker Car Co., Inc.. or its nominees, the
150,000 shares of increase of capital stock authorized by said amendment,
or to so issue and deliver so much of such increase of stock and so much of
(3)
the present
outstanding stock of this company owned by the company as
the terms or purchase, or such modification
be necessary to carry out
thereof as the stockholders may
may
direct or authorize."—V.
Pure Oil Co.—Contract
113, p. 2192, 1896.
with Standard Oil Co. of
Indiana
Humphrey (Mexia,' Texas) Interests.—Official statements
dated Nov. 19 state in substance:
The company will handle 50% of the crude oil produced by the Hum-
and
arrels
day under a sale in the new
made Texas, Standard
Shreys-Pure Oil interests contract justMexia,with the fields up
a
to 40,000
Oil (Ind.)
disposing of the other 50% and all over 40,000 bbls. a day until
33,000,000 bbls. have been delivered to Standard.
This represents one
of the largest sales of crude oil ever consummated and involves approx I
mately $50,000,000 to be paid by the Standard interests at the rate o
$1 50 a bbl. for the 33,000,000 bbls. contracted.
These arrangement
interests,
Ltd. —Gold Output (in Ounces).—
113,
p.
Decrease.
| 1921—9 Mos.—1920.
8,92316,020,678
6,225,201
Increase.
204.523
Republic Motor Truck Co., Inc.—Deposit Committee for
1 1921 Interest to Be Paid—To Create
Notes and Stock—Nov.
Voting Trust—Outline of Plan.—
A deposit committee for mortgage notes and stock has been formed,
Mortimer N. Buckner, Chairman (Chairman New York Trust Co.);
C. B. Campbell (V.-Pres. A. B. Leach & Co.), Edward O. King (George
viz:
H. Burr & Co.),
with Breed, Abbott &
Y., and R. G. Page,
N.
Morgan, counsel, 32
Sec'y, 16 Wall St., N. Y.
dated Nov, 15 to the
■
in a letter
and stocks, says in substance:
The committee has conferred
Liberty St.,
holders of the notes
,.
,
holders or represen¬
Notes and officers and
directors of the company.
All parties conferred with are of the opinion
that a voluntary liquidation now would be disastrous, and that every effort
should be made to avoid a forced liquidation, and that, if the operations
can
be continued without
all its
with bank creditors,
large amount of the Mortgage
tatives of holders of a
will be able to meet
committee has there¬
interruption, the company
obligations in full without liquidation.
The
recommend the plain outlined below.
fore decided to
plan generally
This
contemplates an extension of the
outstanding Mort¬
in consideration of such
gage Notes to Nov. 1 1926, the company,
to increase the interest rate from 7 to 8%,
extension,
to agree to redeem $300,000 of
notes annually, beginning Nov, 1 1923, and to give to the holders who ex¬
tend the notes an option to subscribe for Com. stock on favorable terms.
Both classes of stockholders are asked to deposit their stock in a voting
trust for the purpose of securing stability and continuity of management,
and to facilitate such action by stockholders as may be necessary to put the
plan into effect.
The bank creditors have consented to
'
,
.
the use of sufficient cash to permit
to depositors of notes of the Nov. 1 1921 coupons, upon
deposit of their notes and surrender of such coupons to the
They have also indicated their willingness to renew their loans and go
with the company as a going concern if the plan is made effective.
Plan of October 31 1921.
„
the
depositary.
along
the payment
_
„
Securities
Trust
Under Plan.—(1) 1st Mtge. & Call.
with May 1 1922 and all subsequent coupons.
Which May Be Deposited
7% Serial Gold Notes,
(2) Preferred stock.
(3) Common stock.
Time for Deposit.—Holders of securities entitled to
may
parties to the plan by depositing securities held by them,
with the depositary, Bankers Trust Co., 16 Wall St., N. Y. City, or
sub-depositary. First Trust & Savings Bank, 68 West
St.,
on or before Dec. 31.
Holders of stock will receive a voting trust
cate or certificates as set forth in the voting trust agreement.
Purpose and Result of Plan.—Purpose is to cause an extension
1926 of the $2,500,000 outstanding notes which mature by
terms as
follows: Series B, Nov. 11921, $500,000; Series C, Nov. 1 1922
Series D, Nov. 1 1923, $1,000,000.
The extended notes will retain
security and lien of the present mortgage
,
,
To Increase Interest Rate.—The rate of interest upon extended notes
will be increased from Nov
1 1921 to the extended maturity from
to 8% per annum.
,
.
.
_
_
Redemption of Notes.—$300,000 of the extended notes
annually, commencing Nov. 1 1923.
,
,
,
,
__A
Rights to Subscribe for Common Stock.—The holder of each
note at the time of the extension will be issued a negotiable
per¬
mitting subscription for 10 shares of Common stock (for
certificates may be issued), of no par value, at $8 per share, at any
prior to the maturity of the note as extended, unless
notes are
participate
be¬
respectively,
,
come
of July 1 1914
to be $10,250,000.
The uncontradicted evidence showed that between
that date and Dec. 31 1916, the time of said valuation, there had been a
sharp rise in values.
Appellants contend that the Commission as matter
of law in reaching a conclusion as to the fair value of their property on
Dec. 31 1916, should have taken into consideration the increased value of
that property as shown by the evidence between the earlier and the later
dates.
This the Commission declined to do, but taking for a basis the fair
value of the property as of July 1 1914, the Commission added net additional
expenditures on the property subsequent to that date and they entirely
ignored the evidence as to the increase in the value of the property forming
the basis of the valuation of July 1
"The trial court was of the view
—Settlement With Government.—
Board.
682,173
1259. 858.
The committee,
Vico-Pres.
of
settlement has been
1921—Sept.—1920.
691,096
2086, 1778.
V. 113, p.
line to handle their share
accepted by the company in its claims
The total claim was for $1,640,433, included
in which was an item for potential profits amounting to $1,000,000.
The
company did not press the latter claim and the Claims Commission recom¬
mends an award of $208,296, against which is to be allowed a credit of
$156,824 for machinery, making net cash payment in settlement of all
claims, $51,472.—V. Ill, p. 2235.
A compromise
against U.S. Shipping
31 1921.
Interest.
Net.
$8,514,299
9,839,864
10,060,544
11,526.050
13,454,264
$20,118,990
22 870,194
26,309,671
34.976 649
37,619,047
will build a similar
production.—V. 113, p. 2087, 1897.
the
.
1920 and Year ended Oct.
1917 to
under
an
bbls. daily.
The Standard interests
power
same
company's pipe line system is already
tentative rights of way having been obtained.
The initial line will
8 inch, extending from the new oil fields to the Gulf.
According to
present plans, the Pure Oil Co. will handle all crude oil delivered by the
new pipe line system pending completion of the pipe line.
The Pure
Co. is moving crude from the new fields by tank cars at the rate of 15,000
way,
be
tioned gold notes,
3319
CHRONICLE
the
Chicago,
certifi¬
Monroe
until Nov. 1
their
$1,000,000;
the
7%
will be redeemed
,
extended $1,000
warrant
which voting trust
time
all
called
for earlier redemption, in which event the subscription privilege must be
exercised at or prior to the date fixed for redemption.
*
x
To Create Voting Trust.—The Preferred stock and the Common stock
will be held in a voting trust in order to secure continuity in control and
management until the maturity or redemption of the extended notes or
until abandonment
To Increase
of the plan.
Common
Stock.—The voting trustees will
■'
take such action,
stockholders, as may be necessary to increase the authorized
Common stock (not exceeding 50,000 shares of additional Common stock)
in order to provide additional Common stock to honor the subscription war¬
rants above referred to, in part for meeting expenses of the company and the
expenses and compensation of the committee and voting trustees, and for
possible future management expenses of the company, to waive on
of the Common stockholders their subscription rights for such additional
on
behalf of
behalf
the consideration for and terms of issue
ratify the proposed extension agreement ex¬
stock, to consent to or approve
thereof, and to authorize or
tending the notes.
,
• ^
Voting Trustees.—E. E. Brown, T. A. Burt, C. B.
and IJ. E. Scheuermann have been requested to act as
and in any event the voting trustees will consist of representatives
ers of the notes, of Preferred and Common stock and of bank
The voting trust agreement is to be dated as of Nov. 1 1921, and
tinue for 5 years.
„
,
Listing.—It is expected that application will be made for listing
mon stock voting trust certificates upon the New York Stock
Campbell, E.G. King
voting trustees;
of hold¬
creditors.
is to con¬
^
the Com¬
Exchange.
Plan to Be
if not
Effective Dec. 31 1922.—The plan
previously declared effective on
Compare letter to
shall terminate
Dec. 31 1922.
the noteholders dated Nov. 1
Republic Rubber Co.—Manager,
automatically
_
1921 in V. 113, p.
1990.
&c.—
E. H. Fitch has been named by the Federal Court as Manager of the
Corporation in Youngstown, O., under Receiver C. H. Booth.
Receiver C. H. Booth is quoted as saying that mechanical rubber sales in
October were 100% larger than in September and in the current month they
have been running at a rate 50% larger than in Octol>er.
The receiver,
it is stated, has cut operating costs at the rate of about $1,000,000 a year
after a similar slice had been made in the cost by former President E. f.
Jones, who retired about April 1 last.—See V. 113. p. 1897,
1478.
St. Regis Paper
Mark A.
Hanna,
sold their common
Co.—Acquisition.—
2d and Carl H. Hanna, Watertown, N.
stock holdings in the Hanna Paper Corp.,
Y., recently
Watertown,
of the controlling stockholders of the St. Regis Paper
liam K. Dick, New York is in the group of purchasers, while
Seaman New York and George M. Seaman, Chicago, remain as
as does Mark A. Hanna.
to a group
Co., Wil¬
Joseph B.
directors,
2320
THE
CHRONICLE
The Hanna brothers retain their preferred stock.
Floyd Carlisle, Pres
of the St. Regis, has been chosen Pres. of the Hanna Co.
The management
of the
St. RegLs will extend over the management of the Hanna Co.
While the sale price is not made public it is said that it amounts to about
$1,500,000 for the common stock in the paper company, plus about $1,
000,000
more for
Norwood & St. Lawrence RR. property.—V. 92, p. 467.
(H. G.) Saal Co., Chicago.—Bonds Offered.—Sharper &
Co. and Sheridan Trust & Savings Bank, Chicago, are offer¬
ing at 100 and int. $600,000 1st Mtge. 8% Serial gold bonds,
dated Nov. 1 1921, due serially Nov. 1 1924 to 1931.
1
Company manufactures dies, tools, automobile parts, white brass and
aluminum die castings, &c. Net sales 1918, $1,022,926; 1919, $2,162,590;
1920-1921
(19 months), $2,888,045.
Sandow Motor Truck Co., Chicago.—No Receivership—
Boston Company an Entirely Separate Enterprise.—
The "Chronicle"
in
its issue of Feb
19
1921
stated that
petition in
bankruptcy had been filed against the " Sandow Motor Truck Co., Boston."
Lest misunderstanding have resulted from this statement we are re¬
quested to say that there never has been a petition in bankruptcy filed
against the Sandow Motor Truck Co. of Chicago.
The latter is a $2,000,000 Maine corporation, manufacturers of Sandow Trucks and Taxicabs,
with miain plant at 3333 Grand Ave:, Chicago, a wholesale retail service
parts station at 2916 W. Lake St. and city sales department at 1621 Michi¬
gan Ave.,
also Chicago.
President T. L. Beach writes:
"A dealer in
Boston, Mass., whose
was
our
the company
name was
a
Sandow Motor Truck Co. of New England
involved, and they had
no
connection whatsoever with
company."
Company.—Formerly
a subsidiary of Standard Oil Co.
(N. J.) until
Has always been the largest individual owner of tank
S.. equipment consisting of all steel tank cars ranging In
capacity from 6,000 to 13,000 gallons.
Business is the leasing of tank cars
under contract to petroleum oil shippers.
Repairs its own tank cars,
maintaining 21 shops for this purpose.
In addition, company has facilities
for the assembling of new cars.
dissolution in 1911.
Scottish-American Oil & Transp. Co., Ltd.—Merger.-
liabilities,
with the exception of 4.100 fully-paid ordinary shares in Tankers.
Ltd.,
and will forfeit the 1,495,900 ordinary shares upon which
£1,271,515 has
been paid, and be released from further liability; Tankers,
Ltd., 2,500,000
ordinary £1 shares will be converted into 10,000,000 ordinary 5s. shares,
and 4.771,455 fully-paid ordinary 5s. shares will be allotted to the Scottish-
American or its nominees, together with the payment of £2,000 cash.
The
preference shares of Tankers, Ltd., which are publicly held, remain un¬
touched, but the preference shareholders shall vote on all questions at all
meetings of the company, and on a poll have three votes for every share.
If the scheme goes through the
Anglo-Persian Oil Co. will act as managers
of the oil interests of Tankers, Ltd., under a modified contract determinable
either side at short notice, and at a reduced remuneration.
Similarly,
the British Tanker Co. (a subsidiary of the
Anglo-Persian) will continue to
of the company's ocean-going vessels, this contract also
being determinable on either side at short notice.—V. 112. p. 379.
managers
Sperry Flour Co., San Francisco.—New Financing.—
We are advised that the $2,500,000
proposed new 5-Year 8% bond (or
note) issue to be aul horized by the stockholders Dec. 20 next "has already
been
subscribed for."
The company's mills are located as follows: Tacoma and
Creston, Wash.;
Stockton. Vallejo, Chico. Maryfville, Fresno,
Salinas, Paso Robles and
Los Angeles, Cal.—V. 113, p. 1990.
Standard Oil Co. (Indiana).—Oil Contract.—
See Pure Oil Co. above.—V.
Sweets Co. of
to
Compare V. 113,
p.
1683,
1780.
in connection with the
gold
bonds dated
additional data:
July
1
offering of 1st & Ref. Mtge. Sinking Fund 7A%
1921 (V. 113, p. 1990), we give the following
Capitalization—
Data From Letter of Knox
Capitalization After This Financing—
Authorized.
Purpose of 1st & ref. mtge. 7 As is
$2,000,000
sh.40,000
2,000,000
Outstanding.
$1,876,300
16,000
xl,665,000
issue).._x4,000,000
x2,094.500
follows: (a) Issued to provide
as
funds toward payment of Conv. Gold Bonds
due July 1 1921,
$800,000;
(6) available for sale to reimburse treasury for a portion of
capital expendi¬
tures on property and
plant, $785,000; (c) to provide for retirement by
exchange or for issue as first mortgage bonds are
retired, exclusive of
$335,000 bonds held in the sinking fund on July 1
to
1921, $1,665,000; (d)
of the Philadelphia
Provide for refunding underlying first mortgage bonds
Roll &
Machine
provided in
extensions,
Co.
and if not
needed
for
the
(e)
$240,500; (e) to provide funds
additions. &c., $509,500.
purpose, to be Issued as
toward the cost of future
(Series A bonds which are limited to
$3,250,000 may be issued only for
purposes and amounts stated under c, b and
c.)
Company.-—Business started in 1742 at High Bridge, N. J., and has been
in successful operation since.
Plant at Easton, Pa.
Principal business of
the company and subsidiaries is
manufacture of alloy steel and iron
castings
railway track and special work, forgings, seamless steel
gas cylinders, sand
and chilled iron and steel rolls and
rolling mill machinery.
Property consists of the works at High
Bridge, N. J., the William Whar^9n """v-, P?., Inc., ^ EafJh>n, Pa., Hunderton Electric & Power Co.,
Jersey Electric Co., and Manganese Steel Safe
Co., all at or near High Bridge
the securities of these subsidiary companies being likewise
covered by the First &
Refunding Mortgage.
j
u
Company owns or controls all the capital stock and
operates Tioga Steel
Iron Co., and 1 hiladelphia Roll &
Machine Co.. which companies have
•outstanding ground rents and mtges. of $637,036 and
$240,500, respectively.
security.
Secured by a direct
mortgage on all physical properties now or
hereafter ownod, subject to
$1,665,000 1st mtge. 6s.
First mtge. 6s
exchanged for these bonds are to be deposited as additional security.
Sinking Fund.—On Jan. 1 1923, and semi-ann.
thereafter the company
agrees to set aside as a sinking fund an
amount eaual to
% of maximum
amount of this issue
outstanding, funds so received to be used to
purchase
bonds up to 105 and int. and
if not available by call by lot at that
price.
Bonds thus retired are to be
kept alive in the sinking fund and the interest
accumulated will lie applied to retire
further bonds.—V. 113,
p.
Tech Food Products
Co.,
1990.
Pittsburgh.—
See Pittsburgh Brewing Co.
under "Financial
Reports" above.
Texas
Gulf
Condensed
6 souths ended june 30 1921 shows: Gross
1 c?8^
a?d other expenses, $1,523,926;
^«tTir !,US for Pei"iod, $1,154,403; surplus at beginning of period,
to&me'eJSSd during
aCCOUnt Fed6ral 'nC°me
*
Jn
9<u q w
A
four-page article, ' The Gulf Coast
Sulphur Industry," by Albert G.
"Engineering & Mining Journa?'
V°li3Wp. 21U93
Title
of June
30
1921.
Liabilities—
Preferred stock
Common stock
Office
Equip. Trust 7% notes._
furniture
investment
26.231
103,967
2,285,181
Accounts
Marketable securities-_
2,487.382
*
$12,000,000
12,000,000
12,262,000
Surplus
Shop
Material
payable
781,115
153,659
11,507.027
Reserve for annuities
,545,604
Total (each side).
1,661,378
$48,703,800
Earnings for Six Mos. ended June 30 1921 [See 1920 report in V.112,p.l279j.
*
Earnings after operating expenses (after deducting $430,558
interest paid and accrued on Equipment Trust
notes)
$2,793,471
Depreciation
1,438,440
Federal income and excess profits taxes
(1st half 1920)
500,557
Net income
$854,474
Net income for first 6 months of 1921 was more than a whole
year's divi¬
dend reouirements on the Pref. stock.
Average net income for 5 years,
1916 to 1920 incl., was $2,951,850, or 3.51 times annual
dividend require¬
ments on total outstanding Pref. stock.
Listing.—Pref. and Common stocks listed on N. Y. Stock Exchange.
—V.
113,
p.
634.
United Electric Light & Power Co.—New Plant, &c.—
See Consolidated Gas Co. of N. Y. above.-—V.
United
Common
States
Finishing
a
1369.
Resumed
on
Stock—Operations.—
par
of
113, p.
Co.-—Dividends
After an intermission of 12 months, dividends
the $2,937,500 Common stock,
dividend of 1 A %.
were
resumed Oct. 15
$100, with the payment
on
on
that date
A
published article understood by the "Chronicle" to be substantially
"The company's plants are now operating at close
75% capacity, compared with one-third of capacity at lowest.
Orders
are coming in in good volume.
The company has sufficient business on
its books to keep up present
operations for three or four months.
"It is understood that unless the
company experiences a decided falling
off in business, it is the intention to
place the Common stock on a 6%
regular basis."—V. 112, p. 2092.
correct, says in brief:
to
Securities Corporation.—Tenders.—
The Guaranty Trust Co., trustee, 140
Broadway, N. Y. City, will, until
Dec. 2, receive bids for the sale to it of 10-Year
6% gold notes of 1912, at
nob
exceeding 101 and int.,
sufficient to
exhaust
$1,320,503.
advertisement in last week's "Chronicle," page xix.—V. 113,
p. 739.
Waltham Watch
The directors
West
End
See
Co.—Defers Preferred Dividend.—
Nov. 21 voted to defer the semi-annual dividend of
on
on
3%
the Cumul. 6% Pref. stock.—V. 112, p. 2302.
Chemical
Co.—Large Borax Contract.—
New
York banking interests affiliated with the
company announce the
receipt of a telegram from F. M. Smith, (President of the company,) announc¬
ing the closing of a contract by which it will supply a minimum of 60,000
tons and a maximum of 240,000 tons of Colemanite
(borax ore) in regular
monthly deliveries over a period of years.
The contract provides that the
Colemanite will be refined into commercial borax; deliveries have been
begun.
The New York interests state that this contract may aggregate
over $10,000,000,
covering all operating costs and other expenses, so that
all other sales should be clear
profit.
The manufacture of borax from the
company's own refinery at Searles Lake, Cal., will be in no way affected.
Compare V. 113, p. 2197.
White Motor Co.,
Cleveland, O.—Business, Sales, &c.—
Business, which has been increasing steadily for some time, reached the
peak since readjustment began in October, when orders were best of any
month
since June 1920.
Sales showed a 20% increase over the average for the
past 12 months.
The company's statement, it is said, shows bills
payable reduced from
$8,750,000 April 1 to $4,600,000, while there is approximately $2,400,000
on hand.—V. 113, p. 1584, 1479.
cash
Willys-Overland Co.—Outlook for 1922.—
President John N. Willys says in substance: "Although the new
plan has
been in effect but a few weeks we have
already received signed contracts
from one-third of our dealers for delivery of cars for 1922.
With these
contracts are their shipping orders to us.
"The shipping orders from this one-third of our dealer
organization call
for the shipment in 1922 of more cars than we have sold to date in 1921.
These advance orders would indicate that our dealers are confident that
they
can sell in 1922 more than double the number of cars
they have sold for us
this year.
The value of the cars already ordered totals $50,000,000.
"With money rates lowering, international conditions
improving and the
certainty that 1922 will be one of the great car replacement years of the
industry, I am very optimistic about 1922 for the industry and particularly
for Willys-Overland because of the
extraordinary low prices at which we
can offer our product."—V.
113, p. 1991, 1781.
Yankee
Fuel
Co.—Foreclosure Sale.—
The property covered by a mortgage made
by the Yankee Fuel Co. was
recently sold at foreclosure [it is said, Sept. 26 by order of Federal Judge
Lewis at Trinidad, Colo.1 and was bought in
by representatives of certain
Oct. 15.
The report, while possibly true, that the property along with other coal
properties
was bought in for $150,000 by Macintosh Kellogg, N. Y. City,
chairman of the bondholders' committee, and would be
purchased by certain
railroad interests, remains unconfirmed.
The Yankee Fuel Co. was reorganized in May 1911 (V. 92, p. 1441) and
succeeded by the New Mexico-Colorado Coal & Mining Co. in Sept.
1912 (V. 95, p. 754), but this company was reported in financial difficulties
n 1917 (Y. 105,
p. 1314, 503).—V. 95, p. 754.
was
Yellow Cab Mfg. Co .—New Director.William Wrigley Jr. has been elected a director
$6,000,000,
on
par
Dec. 7 will vote (a)
on
increasing t.ho canital sfcopk
$100, to $7,500,000: (b) on
authorizing the distribution
as a 25% stock
dividend.
eaismuut on
CU|(RE NT
of the increased stock
The trustees
n
ill meet Dec.
20 for the
purpose of (a) declaring the regular
quarterly dividend and (6) on
authorizing the payment of the stock
should the stockholders authorize the
above increase.
dividend
Union
as
-V.
113, p. 968.
Guarantee & Trust Co.—Stock
Dividend.—
The stockholders
from
Sheet
committees for the benefit of the bondholders depositing with such com¬
Co.—Listing-—Earnings.—
Exchange has authorized the listing of $6,350,000
-in^0in<9^'«aQooUrlt/°,r
?4
Balance
mittees.
Sulphur
CaJbllNst^k°parS$10k
Outstanding.
$12,000,000 $12,000,000
25,000,000
12,000,000
12,500.000
12,012,000
Assets—
Tank car equipt. account $41,546,829
Real estate
47.230
Taylor, High Bridge, N. J., Oct. 28.
7% Cumulative preferred stock.
Common stock
(no par)
First mortgage sinking fund
6% bonds
First & Ref. Mtge. 7lA% gold bonds
(this
x
Authorized.
7% Cum. Pref. stock (par value $100)
Common stock (par value $100)
7% Equipt. Trust notes (V. Ill, p. 597)
usually paid Dec. 1
.
under contract
charges are uniform to all lessees.
Company, not being a
carrier, is not subject to State or inter-State regulation.
Com¬
pany has increased its number of tank cars from
11,881 Jan. 1 1913 to
29,689 Nov. 15 1921 in order to keep pace with the
development of the
petroleum industry.
Of the 29,689 cars owned, all are free and unencum¬
bered except 6,700 cars pledged as security for the
$12,012,000 outstanding
Equipment Trust notes.
Utah
Taylor-Wharton Iron & Steel Co.—Further 'Data-
cars
its rental
common
113, p. 2087, 1583.
America, Inc.—Earnings.—
Net profits in October, after expenses, charges and
depreciation, amounted
$29,491.
the U.
Operation under Lease, &c.—Company only furnishes
and
on
as
in
cars
Accounts receivable
The company being unable to fulfill its contract with Tankers,
Ltd., for
the chartering of vessels, and equally unable to pay the calls on 1,495,900
71 ordinary shares of Tankers, Ltd., it is proposed that Tankers, Ltd.,
shall aosorb the Scottish company, and the chartering contract be canceled.
The Scottish-American Co. will transfer the whole of its assets and
act
[Vol. 113.
Data from Letter of Pres. Wm. A. Barstow, New
York, Nov. 22 1921.
Tank
Car
Co
.—Preferred Stock Sold.—Blair &
Co., Inc., Dominick & Dominick, and The
Equitable Trust
Co., New York- have sold at 103 per share
(flat), 86,000,000
7% Cumul. Pref. (a. & d.) stock.
(See adv. pages )
Dividends
payable Q.-M.
Red. after June 1 1925
at 115 and div
This offering is part of the issue sold
by the company in 1920 to stockhold¬
ers at par (V.
110, p. 174).
The stock offered carries
the div. accruing
from Dec. 1.
—Brown
callable
Brothers
bonds
of
&
Co.
have
NO T I C E S
issued
Governments
foreign
a
circular
and
.
giving
of railroad,
a
list of
industrial
public utility corporations; and also bonds not? callable until five
ten years from
non-
and
years and
date of issue.
—Prince & Whitely, 52 Broadway, New York,
announce that they have
private telegraph wire to the office of D. F. Faulkner & Co.,
City Bank Bldg., Syracuse, N. Y.
Mr. Faulkner was formerly manager of
established
a
the Syracuse office of Hemphill, Noyes & Co.
—Brumley, Chamberlin & Co., members
15 Broad St., have issued
Foundry Co.
a
New York
descriptive circular
on
Stock
Exchange
American Brake Shoe &
Nov. 26
THE
1921.]
weekly, and they get a week's vacation each year.
bread could be sold for 5c a pound, it is said.
(frommzxtml
%ixaz$,
flue
3331
CHRONICLE
Jewish
business men are rapidly organizing every
in a "budget guard" under direction of
A. Lewisohn, City Chairman.
There is a nation-wide
New York City
trade and industry
Sam.
COMMERCIAL EPITOME
National Budget Committee to create and crys¬
sentiment in behalf of the efforts of Gen.
Dawes to effect economy and retrenchment in
plan by the
New York,
less
shows
Business
and
life.
slowed down.
have
jobbers
25 1921.
Transactions by wholesalers
Friday Night, Nov.
The retail trade, ham¬
curtailed buying capacity of
that of fully half of the population, in¬
pered by high prices and the
the
country,
i.e.,
community and unemployed workmen
cities, is nothing like what it would be
cluding the farming
in
towns and
the
normal conditions
under
Northern
the
weather,
cool
that
true
and
Western
Southern
In
active.
snows
has
But nowhere is business at
hurt it,
And
better market in
all the
What
termed
are
Europe.
the coarse grains
do not advance in
being large and the demand, on the
whole, unsatisfactory, so much so that in some parts of
the West merchants are forced to take corn instead of
this
country,
crops
Cotton has advanced on a prospect
Lancashire, which significantly enough
refused to adopt shorter time.
The Southwest needs
money
for merchandise.
of better business in
has
is suffering for the lack
of it.
Collections in this country are generally slower.
In¬
dustries, .as a rule, are not moving at anything like the
normal pace.
High costs, including high wages, and the
inability of the population to pay present high prices ac¬
count for this unsatisfactory condition of things. - Mean¬
while, however, money rates tend downward, bonds are ac¬
tive and rising, and the stock market, though showing a
certain irregularity, has on the whole behaved very well,
to-day being more active and stronger.
All this is cheering
to the business commmunity of this country, which natur¬
rain.
more
The winter wheat crop
sort of a herald in the
Finally, but far from
least, the progress that is being made by the Disarmament
Conference at Washington strikes a new note in human
affairs, gives a new impetus to civilization and points the
way to peace and relief from burdensome taxation to great
ally looks to Wall Street to act as
economic life of the United States.
populations of the globe.
Negotiations between Max D. Stuer and President Ben¬
jamin Schlessinger of the International Ladies' Garment
Workers' Union, to settle the cloak strike, abruptly termi¬
nated on Nov. 21.
The Cloak & Skirt Manufacturers' Pro¬
tective Association refused to accede to the demand of the
union that it
June 1,
recognize the three-year agreement expiring on
1922.
The union talks of an injunction
suit against
According to a textile authority in Char¬
lotte, N. C., while farmers and merchants in South Georgia
are discouraged over the ravages of the boll weevil, manu¬
facturers are pushing production to the limit in practically
all the mills of that section.
Arkansas complains of deter¬
iorating seed.
A reduction of 20% in wages of operatives at
the cotton mill of James E. Whitin. Inc., Uxbridge, Mass.,
occurred on Nov. 21.
Then the mill began operating on full
the
employers.
time.
26,000 employees of Armour & Co.,
soon.
Bakers' Association ask 3,800 work¬
to a wage cut so that a reduc¬
tion can be made in the price of bread from 9c to 7c.
The
scale of wages paid to the workers who are members of
five local unions of the Bakery and Confectionery Workers'
International Union of America is, it seems, from $80 to $90
The New York Master
ers
an
ural gas field
recent
deposits.
they have to buy some farmers have been
their financial obligations, and merchants of
what
unable to meet
Madolia, Minn.,
payment of debts and for purchases of
merchandise.
At Yokohama raw silk has risen so sharply
that here it has advanced this week $7 50 per lb.
Merchants
are
interested to hear that London attributes the recent
rise in sterling very largely to the American disarmament
will accept corn
as
W-'-.
proposals.
There
was
\C
■
for the high price of turkeys, ac¬
excuse
no
Commissioner of Markets.
He says that
much turkey in cold storage now as there
was at
this time last year, and fresh killed turkeys are
arriving by trainloads daily.
-V.".':tTSix inches of snow fell at Bangor, Me., on Thursday in a
storm of nearly 12 hours' duration.
Northern parts of the
State had a heavier snowfall.
It is colder and clear here.
A week ago was the warmest Nov. 18 on record.
No snow
cording
the
to
there is twice as
has fallen here.
active; prime Western
LARD firmer but not
refined to the Continent 11c.;
9.75@9.85c.;
South America 11.25c.;
Brazil
12.25c.
Futures advanced.
The English cables
were higher.
Hog prices were firm.
There was some in¬
vestment buying.
The advance in grain had mqre or less
in
kegs
partly due to covering of shorts and
supposedly against sales of cottonseed
Packers have sold on the upturns.
To-day prices
The rise
effect.
was
demand from the East
oil.
changed little.
They end 22 to 23 points higher than last
Friday.
V■/-'
' ?:'V:
DAILY CLOSING
PRICES OP LARD FUTURES IN CHICAGO.
Mon.
Sat.
...cts. 8.40
January delivery..
8.62
March delivery
PORK
quiet;
mess,
-
8.35
8.57
Wed.
Tues.
8.50
8.72
8.62
8.80
Thur$.
Fri.
Hollday.
8.57
8.80
$25@$25 50; family, $30@$33;
.
short
clear, $22 50@$25.
January closed at $14 25, a rise for the
week of 25c.
Beef quiet; mess, $12@$14; packet, $13@$14;
family, $15@$16; extra India mess, $24@$25; No. 1 canned
roast beef, $3 25; No. 2, $5 25; 6 lbs., $15 50.
Cut meats
slow; pickled hams, 10 to
bellies, 10 to 12 lbs., 13 to
quality.
67@70c.
fiats,
Cheese
20 lbs., 16%@17Ko.; pickled
15c. Butter, 32 to 44cr as to
Eggs,
16@23^c.
fresh
extra,
:/
.
on the spot quiet; No. 7 Rio 8%@8%e.; No. 4
ll%@1234c.; fair to good Cucuta ll^@12c.
Fu¬
have ideclined with lower prices in Rio and scattered
COFFEE
Santos
tures
London exchange wa3 down. The trade has
Much of the business has been in switch¬
ing.
The trade sold March and May in some cases, but
December was bought by commission interests.
At one
time prices for the general list fell, owing to reports of easier
firm offers.
If December notices were to be issued, as some
predicted, to the amount of 200,000 to 225,000 bags, bulls,
it was predicted, would take them up promptly.
To some
this would look like solidifying the bullish position during
the winter months to go no further.
They think the Brazil
Government has the crop pretty well under control.
They
think no pronounced reaction in prices is probable.
Mean¬
time roasters are supposed in some cases to be none too well
supplied.
The local supply of Rio is pretty well reduced.
To-day prices suddenly advanced.
The December notices
were
smaller than expected.
They were said to be for
150,000 bags, and were promptly stopped by prominent in¬
terests.
Prices end 3 points lower to 2 points higher than a
week ago.
Closing prices of futures were as follows:
Spot (unofficial) 8Hc
(March
8.19®8.20j f'Mv _
.7.89® 7 90
liquidation.
been selling
here.
—(May
8.02@8 041 September._7.80@
—
eased slightly on Nov. 21 with a
sale of 6,000 bags Porto Rico at 3%c. c.i.f.
Yet holders
of Philippine centrifugal were understood
to be asking
l-16c. higher, or 3 15-16e. c.i.f.
Cuba was nominally 2^c.
President Zayas of Cuba is quoted as saying that the Sugar
Finance Commission will remain in existence until the grind¬
SUGAR.—Raw
sugar
ing of the next crop commences.
President
idea that grave damage has been done by
Zayas has an
the legislative
proposal to nullify the decree which created the Sugar Fi¬
nance Commission in view of the fact that the Commission
is
the last crop to
offered at 2KCPhilippine centrifugal was offered at 3J^c. c.i.f.
of Cuban at 23^c. e.&f. were believed by some tc>
some sort of a price adjustment clause, based upon
negotiating the sale of the remainder of
American refiners.
c.i.f.
Sales
in their employ to agree
that by reason of high prices for
It has come to this
December.,_8.55@
through their Gov¬
erning Committee, have agreed with officials of the packing
house that a wage reduction is necessary, and fixed its
amount, to become effective Nov. 28.
This is the first time
in the history of the industry that a wage reduction has
been made in this way.
Morris & Co., Chicago packers, re¬
duced wages approximately 10%, effective Nov. 21.
Work¬
ers employed
in the East St. Louis plant of Swift & Co.
have voted to reduce wages 4c to 7%c an hour.
A number of
New England mills closed down Wednesday night, to re¬
main closed until next Monday.
There is talk of curtail¬
ment among the Fall River mills unless trade revives very
The
by
total
and low prices for cotton and other
such basic industries as iron,
steel and coal have been dull, with prices evidently tending
downward.
Prices of these commodities are too high for
consumers.
And there is less business in lumber, even at
weaker prices.
The dulness of the automobile industry re¬
flects the diminished "buying power of the country.
It is
true that the furniture business is brisk, and that factories
in some cases are working overtime.
But this is one of the
exceptions that prove the rule.
The sales of shoes, leather
and copper have increased somewhat.
Raw silk is higher.
The great wheat markets are up with a hot wave in Aus¬
tralia, excessive rains in Argentina, and a rise in the Eng¬
lish markets.
Exports of wheat are still on a liberal scale,
well up towards the remarkably high total of a year ago,
and if the crops of Australia and Argentina get a setback,
of course the outgo of wheat from this country would in¬
crease.
In any case, some of our competitors' supplies are
being diverted to Japan and the Far East, leaving America
products.
of Mines as the greatest nat¬
Oklahoma's State Bank Com¬
Oklahoma banking crisis is
failures having affected less than iy2% of the
official of the Bureau
yet discovered.
missioner declares that the
namely, warm weather
Southern
field, covering an area of 250 square miles,
discovered in Northern Louisiana.
It is described
A natural gas
has been
over,
States two things have
G.
Federal expenditures.
It is
sections of the country,
public
Charles
in some sections in
this time of the year.
extent.
helped trade to some
all
at
with
tallize
carry
Full duty sugars were
date of arrival.
What reason they
so clear.
It is pointed out that
now ready to begin crushing new cane
the committee
price
had for such
belief is not
a
Cuban centrals are
on
2332
with
THE
CHRONICLE
estimated
an
production for Cuba of 3,000,000 tons
3,900,000 last:year.
1,152,222 tons, com¬
pared with 293,674 tons a year ago.
Much of the cane is
said to be in poor condition.
The low price of sugar tended
to prevent usual cultivation.
According to Willett & Gray,
tolling arrangements have been practically completed with
United States refiners, involving about 900,000 tons of
Cuban raws, half intended for export and the rest for de¬
livery in the United States from December 1921 to August
1922.
Ninety-three pounds of refined will be delivered
for 100 pounds of raws and the
tolling charge will be 90c. per
hundred pounds.
It is understood here that the American
the
for
new
crop as compared with
Total stocks at all ports in Cuba are
[Vol. 113.
Pennsylvania
Indiana
14 00
Klectra
$2 28
$2 25
Corning
2 40 Princeton
Cabell....261 Illinois....
2 27
fltrawn
2 27
Thrall
2 25
Somerset, 32 deg.
Plymouth
and above..... 2 65 Kansas
&
Okla
Ragland....
1 25
homa..........
1 65
Moran
2 25
Henrietta
2 25
200
1
Caddo. La., light.
Caddo, heavy
2 00
Wooster
Corsi cana, 11 ght..,
2 78
Lima
2 481Corsicana,
.....
05
2 25
1 25
70
heavy
RUBBER declined early in the week but later on met with
better demand.
Para has latterly been steady.
Smoked
ribbed sheets 18He. on the spot, November or December,
a
19H<l for January-March, 20%c. for April-May and 22He.
July-December.
Para upriver 24 to 24He. for fine and
12(§^14He. for coarse. :,
for
ago.
OCEAN FREIGHTS have been dull and lower.
'
Cuts ranging from 10 to 25% have been made in bcean
freight rates by steamship companies operating into Baltic
and Continental European ports.
Grain, flour and other
important commodities will naturally be affected.
and 47,009 in 1919.
Total stocks on hand were
1,052,526 tons as compared with 1,090,880 last week,
265,857 last year and 137,884 for the same week in 1919.
Exports include 39,933 tons to United States Atlantic ports,
1,500 to Savannah and 20,981 to Europe.
Havana cabled:
Recent charters include grain, Atlantic range to west Italy, 19c.
one,
19^c. two, 20c. three ports, January; grain, Atlantic range to west Italy,
December; deals, St. Johns to the
United Kingdom, 100s., November; 40,000 quarters
grain, Atlantic range to
the Mediterranean not east of west Italy, basis 20c. one
port, December;
sugar, north side of Cuba to New York or Philadelphia, 15c.,
November;
sugar, New Orleans to Boston, 22J^c. prompt; lumber, north Pacific
ports to
north of Hatteras, $16; ore, Huelva to north of
Hatteras, 10s. 6d., No¬
vember; 35,000 quarters grain, Atlantic range to west Italy,
19Hc., De¬
cember; coal, Atlantic range to Havana, $1 60, prompt; 2,061 tons
coal,
Atlantic range to River Plate, 22s. 6d., November;
lumber, Gulf to River
Plate, 200s., December: grain, Atlantic range to Antwerp-Rotterdam
range,
14Kc., spot; grain, Atlantic range to United Kingdom or Continent,
4s.,
prompt; 33,000 quarters grain, Atlantic range to west Italy, 20c., 20Hc.
and 21c., early December; grain, Boston to
Greece, 22c. one, 23c. two
ports, December; grain, Atlantic range to United Kingdom, 4s.; 2,718 tons
net linseed, River Plate to New York,
upriver $3 75, lower river $4, prompt;
2,955 tons net lumber, north Pacific to north of Hatteras, $16,
prompt;
1,357 tons net sugar, north side of Cuba to New York or
Philadelphia,
and Howell & Warner
are the refiners referred to, the Arbuckle and Federal not thus far participating.
Some esti¬
mate the world's visible
supply of cane sugar (Cuba 3,000,-
000 tons) at 6,535,000 tons, against
7,54.3,724 tons a year
They estimate the grand total of all sugars in the
world, including an increase of about 200,000 tons in the
European beet sugar production and a decrease of about
70,000 tons in the United States beet production, at 15,597,000.tons, against 16,520,459 tons last year and 18,446,126 tons in 1914.
Receipts at Cuban ports for the week
were 24,060 tons,
against 20,694 last week, 1,678 for the
same week in 1920 and
8,094 in 1919. Exports for the week
were 62,414 tons as
against 33,263 last week, 16,789 last
year
.
,
20c. one, 20Hc. two, 21c. three ports,
"Rain is wanted."
15Mc., prompt..
of
HIDES have been in less demand.
Bogotas were quoted
at 15c.
River Plate markets are quiet but firm.
To-day
practically no change.
They remain within
a point or two
up or down of where they stood a week ago.
Closing prices of futures were:
cheaper grades of leather
selling somewhat more freely.
Calf skins are
lower.
Taking the hide business as a whole, it has been
slow and without features of
striking interest one way or
the other.
The usual quietude towards the end of the
year,
some think, has set in.
\
Later sales were made of 18,500 bags
Cuban prompt shipment at 2He. c.&f. to an
outport
refiner and 4,156 tons of Philippine
centrifugal, due first
week in December, at 3 7/sg. ex-ship, basis 96 test.-
futures showed
Spot unofficial—4.11c. I March
December
2.35 @
I May
2.22@ 2.231 July
2 31 @ 2 321
..
OILS.—Linseed quiet.
2.42@2 43
English oil is freely offered far
below the price for American; said to be at as low as 55c.
per
American November car loads, 67c.; 65c., it is said,
was bid and
refused; less than car loads, 70c.; five barrels or
gallon.
less, 74c.
Cocoanut oil, barrels, 9H@934e.; Cochin, 10@
10Hc.; olive, SI 15; soya bean, edible, 10H@llc.; lard,
strained winter, 87c.; cod,
domestic, 39@41c.; Newfound¬
Cottonseed advanced early in the week with
land, 43c.
cotton and grain.
The last Government statement showed
a
consumption for the month of October of practically 242,000
barrels, making the total for three months of August, Sep¬
tember and October about 133,000 barrels more than last
year.
At the end of October the Government statisticians
state stocks as 5,000 barrels crude oil and
30,000 barrels
refined oil less than in 1920.
Against this the stock of seed
on Oct. 31 was
25,000 tons larger than for the same period
last year, an excess
equivalent to about 200,000 barrels re¬
fined oil.
Seed receipts up to the end of October were about
1,650,000 tons at^ the mills, against 1,250,000 last year.
Spirits of turpentine, 80c.; rosin, $5 70@$7 75.
Sales of
cottonseed oil to-day, 14,900
barrels, closing as follows:
December
8.20(
8.50(
March
January
8.74@8.75 June
February
8.55 (
April
8.77@8.80 Crude
May—
8.95 (2> 8.96
PETROLEUM
High prices tend
Ark ansas is
one
cases, cargo
lots,
bulk 19c.; export
23He.; 66 to 68
8 to
10c.; barrels
has
been
in
to restrict sales.
fair
9.05@9.12
S. E
demand
and
7c.
bid
steady.
Gasoline in Louisiana and
cent
higher.
New York prices, gasoline,
34Hc.; United States Navy specifications,
naphtha cargo lots 20He.; 63 to 66 degrees
degrees 24He.; kerosene cargo lots, bulk
15 to 17c.; cases, New York,
19H to 21 He.
Refined petroleum tank
wagon to store, 15c.; fuel oil SI 70
per barrel; motor gasoline to
garages, steel barrels, 27c.
The American Petroleum
Institute estimates the daily
average gross crude oil production in the United States for
the week ended Nov. 19 at
1,294,150 barrels against 1,262,200
barrels the
'
.
Country
hides
are
have
dull
and
weak.
The
been
TOBACCO has been in somewhat better demand, but the
have not reached a large total.
In fact, the
actual sales
general
situation
trade is
quiet.
has
shown
Prices
no
great
the whole
change.
In main
still very largely
nominal.
The truth seems to be that they are not
being
subjected to any very searching test.
What the price level
would be on transactions that
^would appeal strongly to
holders is purely conjectural.
Bhit some think it would be
lower.
on
are
Meanwhile the supply of wrappers here is said to be
large and buyers
as
a
rule
are
holding off.
COPPER has latterly been in fair demand and firmer.
There have been rumors of recent liberal sales.
Nearby
12Hc- for January; distant, 13Hc.; spot, electrolytic,
nominally 13H@13Hc.
Lead here, 4.70c.; East St. Louis,
4.35c.
Zinc, here, 5.10c.; East St. Louis, 4.67H®4.70c.
Tin steady, but quiet at 29He. for
spot straits.
PIG
IRON
has
remained
quiet and more or less weak
Birmingham $18 fur¬
Getting these prices seems none too easy.
The
inquiry is only for small lots where there is any at all, and
the tendency of prices is believed to be downward.
The
melt is small, but seems to exceed the demand.
and unsettled.
Buffalo quoted $19,
nace.
STEEL has been dull and more
sends some rather cheerful
town
finished
sheets
and
of
a
less
or
depressed. Youngs-
reports as to sales of full
rather better feeling in the wire
products.
Tin plates here were reported in fair demand.
Pittsburgh wires that there are pretty good orders for pipe,
adding that cold rolled strip is a trifle firmer while cold bars
and scrap are weaker.
Taken for all and all the steel trade is
dull and prices to all appearance have a downward trend.
WOOL has been steady with a moderate demand.
Foreign
have recently declined.
In Boston sales have
markets
in¬
recently included fair weights of fine stapled Montana at 30 @
31c., or up to 87c., clean basis; Ohio unwashed delaine at as
high as 36c., or about 90c., clean basis; Medium noils up to
40c. for high three-eights, and 30c. or 31c. for the best
high
(light oil) field, including Oklahoma, Kansas, North
Texas, Central Texas, North Louisiana and
Arkansas, for
quarters.
The Government has a little over 25,000,000
pounds of wool left and has made allocations for the next
sale on Dec. 1, when nearly 7,000,000
pounds will be offered.
preceding week,
an
increase of 31,950 barrels.
The Mexia field in Central Texas
had
a
daily
average
of 26,900 barrels and California
5,000 barrels.
The
estimated daily average
gross production of the Mid-Conti¬
crease
nent
the
week
ended Nov. 19 was
714,500 barrels, as against
690,150 barrels for the preceding week, an increase of
24,350
barrels.
The production in the Gulf Coast
(heavy oil) field
was 104,350
barrels, against 104,000 barrels for the preced¬
ing week, an increase of 350 barrels.
The combined daily
average gross production of the Southwest field
was 818,850
barrels, against 794,150 barrels for the
preceding week.
Oklahoma and Kansas show
a gross
production of 406,550
decrease of 950 barrels; North Texas shows a de¬
crease of 700
barrels; Central Texas an increase of 26,150
barrels; North Louisiana an increase of 350
barrels; and Ar¬
kansas a decrease of 500 barrels.
The Institute's
analysis
of complete official petroleum statistics
for September 1921
shows that there was an excess of
domestic production and
imports over the indicated consumption,
including exports,
amounting to 2,180,571 barrels for the month, or at an annual
rate of 26,530,390 barrels.
In September 1920 the excess
was 2,341,843
barrels, or at an annual rate of 28,570,692
barrels,
a
barrels.
The announcement of
a
10% decrease in wool freight rates
an experimental
from the West to the Eastern seaboard for
Eeriod of six At the London auction wool dealers. It
months is of interest to Nov. 22, prices
elp trade.
on
10 to
may
were
15
points lower compared with a month ago.
The
approximate quantities to be offered are 72,000 bales of free
wools and 61,000 bales in behalf of the Realization Associa¬
tion.
Attendance was large.
Demand
slow,
Of the 12,withdrawn, notably in
slipe crossbreds,
Compared with
October prices declined were recorded of 10 to 15% in meri¬
nos, including Capes.
New Zealand greasy crossbreds fell
7H to 10%, and Puntas 10%.
Best Victorian greasy
merinos brought 25Hd. and Queensland scoured merinos 39d.
000 bales
offered,
a
fair quantity
was
Australian greasy merinos.
New Zealand
Puntas greasy crossbreds and Cape wools.
Buenos Aires cable advices
report the returr of Americans
speculative account.
British buyers
are taking coarser wools.
German agents have withdrawn,
following their recent heavy purchases with thejmark
to the wool market for
Nov. 26
1921.]
THE
CHRONICLE
falling.
Melbourne, Australia, cables on Nov. 21 said that
prices remained as late last week, i.e., lower
by about 10%
from the
high point on everything except the very choicest
warp wools, or 70s. grade.
Good combing, 64s.-70s. are
quoted
clean landed basis of about 65c., Boston.
on a
Receipts at
From
have been canceled
pending a settlement with
banks there relative to the method of
payments.
The Melbourne wool sale on Nov. 23 closed with
newed
unless
Realization Association is not
the
exceptional circumstances threatening
to
1916.
46,590
1,655
43,276
2,840
23,611
2,000
2.388
2,049
86,014
18,964
54,730
4.178
188
8,609
41
62
15,648
"T,87l
10,709
"7,472
137,225
219,756
269,805
136,346
182,262
239,911
3.086
11,456
__
Norfolk
All others
17,177
Tot. this week
34,761
3,500
8,318
1,405
20,569
116
Since Aug. 1__ 2,783.391
2,479,202 2,680,6462.059,653 2,826.359
3,884,174
re¬
The exports for the week
ending this evening reach a total
97,587 bales, of which 28,024 were to Great
Britain,
7,346 to France and 62,217 to other destinations.
Below
are the
Exports for the week and since
of
steady or a shade higher.
Sydney, 1,338 bales; greasy merino, 10)^d.
Queensland, 3,731 bales; greasy merino, 12p£d.
Aug. 1 1921
follows:
are as
were:
26p£d.
to
Week ending Nov. 25 1921.
22p£d.; scoured 2634>d. to 38 Kd.
West Australia,
1,070 bales; greasy merino, lid. to
17^d.
New Zealand,
4,919 bales, bulk to Yorkshire;
greasy crossbreds, 5%d. to
14d.; slipe, 6)/£d. to 1634>d.; scoured merino, 30
lA&- to 36d.;
pieces, 31^d. to 37d.
Wednesday's offerings comprised
4,000 bales of Realization Association and 8,000 bales of
free wools.
Withdrawals
•
smaller.
were
The details
firm
at
from—
Great
Galveston
Other.
El
61,128
300,145
173,287
3",919
San Antonio
were:
Total.
38,412
22,716
.
Texas City
Houston .-I
3",919
36", 812
36", 580
Britain.
12",180 19", 526
Gulfport
109,968
"ioo
2,146
2",246
388,133
5,629
2,589
18,299
47,514
5",506
47" 576
5", 506
259,906
11,268
41,778
44,100
"
6, <48
5,000
-
2,000
2,000
100
"lJOO
33" 730
8,500
4,659
30,600
51,469
1,044
35,692
14,624
32
32
361
100
209
424
50
638
2,186
2,186
4v606
200
16,000
18,169
1,112
20,806
New York..
Boston
944
Philadelphia
912
59
__
Angeles
San Fran
San Diego..
91,820
41,179
4,877
25,643
4,516
50
18,160
600
Portl'd, Ore.
28,024
Total
1920.
Total
1919. 162,340
72,188
7,346
62,217
97,587
582,835
21,060
16,849
1,150
Tacoma
600
21,060
16,849
Seattle
Total....
200
18-,668
28", 662
11,268
Norfolk
was
3,589
200
Wilmington
Los
50
26
225,972
"
23,586
.
were
182,360
66", 827
95,334
1,000
_
Brunswick
Charleston
Total.
564,154 1,037,586
5,142
5,142
50
Mobile
Baltimore
54,648,000 lbs. (and not 64,648,000, as inadvertently published recently), against
30,932,000 ,lbs. in
September 1920. The consumption this year
from Jan. 1 to Sept.
30, according to Thomas R. Taylor,
was
399,453,(XX) lbs., against 422,036,000 lbs.
during the
same period last
year.
As to the total consumed in Sep¬
tember, the Merchants' National Bank of Boston
recently
stated it at 62,100,000
grease equivalent weight.
Cables
from Bradford
say in the wool market last week topes were
tending downward.
Yarns of hosiery kinds were active for
quick delivery.
Other.
26
7,346
Pensacola.
Savannah..
the
Washington,
France,
Paso.-..
New Orleans
The
merce at
Exported to—
Great
Britain. France.
highest figures of the series.
Japanese
the principal buyers.
consumption of wool in the United States in Septem¬
ber, according to the figures of the Department of Com¬
and Germans
From Aug. 1 1921 to Nov. 25 1921.
Exported to—
Exports
Sydney, 1,292 bales; greasy merino, 19d. to 24Yid.; pieces,
113^d. to 16 3^d.; greasy crossbreds, 63^d. to 12^d.
Queens¬
land, 3,778 bales; greasy merino, 12>^d. to
22)^d.; scoured,
20Hd. to 31 Hd.
Victoria, 738 bales; greasy merino,
133^d. to 223^d.; crossbred, 63^d. to 18d.
New Zealand,
5,664 bales; greasy crossbred, 4%d. to
14d.; slipe crossbred,
6d. to 18 Hd.
At the wool sale in Sydney on Nov. 18
prices
were
1917.
48,047
3,360
250
1,046
Wilmington
lapse of the wool market force a reimposition of the
regu¬
lations.
In London on Nov. 24 the
joint offerings of
Realization Association and free wrools were
covering 12,300
bales.
Demand good.
Prices
Details
1918.
101,458
23.102
42,297
14,686
44,438
5.000
8,288
5,719
9,107
6,618
15,622
N'port N.,&c.
col¬
a
1919.
91.455
23,346
51,604
5,205
22,638
100
1.513
3,317
56,034
1,793
29,748
3,400
10,758
3,987
18.939
Brunswick
Charleston
be
to
7.002
30 279
1,199
New OrleansMobile
Savannah
offerings
6,100 bales.
The market was irregular and
prices now
ruling are 20% below those of the October series.
W. M.
Hughes, the Australian Premier, has announced that the
expired extension of wool regulations governing the British
Wool
1920.
60,667
TexasCity.&c.
of
Australian
1921.
Galveston
Sydney, advices reported offerings still rather ordinary and
short combing
purry fleeces slightly lower.
New Zealand
sales
2333
In order that
comparison may be made with other years,
we give below the totals at
leading ports for six seasons:
1,150
326,056 1,330,592 2,239,483
19,100103,203 194,491
639,083
54,714 121,683 338,7371,037,076
269,344
177,933
706,832 1,615,259
730,228 1,945,237
In addition to above
exports, our telegrams to-night also
give us the following amounts of cotton on
shipboard, not
cleared, at the ports named.
We add similar figures for
New York.
.
On
COTTON.
Galveston
New
Orleans.
Savannah
Charleston
Mobile
Norfolk
Tues.
9,301
Galveston
Texas
Mon.
10,633
19,756
City
Wed.
10,374
7,507
Total.
3,096
60,667
2,441
3,919
3",919
Arthur, &c.
New Orleans
Mobile
2",950
"642
5",968
3,6 i 5
14,497
69
8
420
2,578
4",039
2",051
"283
Brunswick
Charleston
"195
Wilmington
31
"104
31
15,622
250
1,046
3,086
11.456
"147
174
547
729
434
2,954
2,323
1,580
York
Boston
Baltimore
"231
76
"468
"405
"432
"146
"261
19,351
23,521
42,070
20,652
2,779
1,770
Philadelphia
317
710
"492
69
Totals this week.
157
3,187
2.50
1,820
Norfolk
New
30,279
1,199
125
420
Savannah
642
184
3",065
3,767
Jacksonville
The
Fri.
2,441
Houston
Port
Thurs.
69
"16
2,349
15,124
2,561
2.349
364
1,608
16,507 137,225
following table shows the week's total
receipts, the
Aug. 1 1921 and stocks to-night, compared with
total since
the last year:
1921.
1920.
Receipts to
Nov.
25.
This
Week.
Galveston
Texas
City
Houston
Port
Arthur, Ac-
New OrleansGulf port
[SinceAug
1,199
Pensacola
510,840
3,589
68,850
This
Week.
Since Aug
1 1920.
91,455 1,278.392
948
12,243
22,251
199,527
147
5,260
51,604
468,819
5",205
Stock.
1921.
1920.
395,759
11,139
386,208
4,881
425,793
385,671
28",889
15", 903
12", 161
"93
""897
"2",333
"2~02i
22,638
287,483
8.074
30,735
37,436
85,788
769
4,221
14,250
14,141
2,278
186,212
168,059
4,227
241,850
35,313
67,605
200
Jacksonville
"31
Savannah
15,622
Brunswick
250
Charleston
1,046
3,086:
11,456
Wilmington
Norfolk
N'port News, &c
New York
2.561
2,349
1,608
Baltimore
Philadelphia
-
1,668
357,027
12,516
36,237
53,611
164,526
509
"69
Boston
Totals
1921.
60,667 1 ,304,664
2,441
12,944
3,919
182,360
642.
8,389
30,279
Mobile
1
5,457
14,306
27.790
17,908
100
1,513
3,317
17,177
41
100
540
2,627
137.225 2,783,391 219.756
882
120,590
32,421
123,978
111,663
5,920
1,949
,
23~428
13.850
15,788
4,471
5,365
2,479,20211.450.330
1,355,110
_
France.
17,471
15,296
3,798
3,194
Ger¬
Other
Coast¬
many.
Cont't.
wise.
15,171
9,869
21,089
40,924
500
"400
2",435
38,363
82,029
84,051
100
Leaving
Total.
Stock.
61,529
69.562
3,700
1,000
2,731
334.230
356.231
182,512
119,590
13,172
800
123,178
109,763
63,432
800
"300
'700
"500
5,000
Total 1921—
1920—
1919-.
279
1,000
"196
Other ports
Total
Total
4,000
3,200
New York *
*
Sat.
Great
Britain.
Nov. 25 at—
Friday Night, Nov. 25 1921. |
THE MOVEMENT OF THE
CROP, as indicated by our
telegrams from the South to-night, is given below.
For the
week ending this
evening the total receipts have reached
137,225 bales, against 170,422 bales last week and
184,605
bales the previous
week, making the total receipts since
Aug. 1 1921 2,783.391 bales, against 2,479,202 bales for the
same period of
1920, showing an increase since Aug. 1 1921
of 304,189 bales.
b*
Shipboard, Not Cleared for—
1,900
7,000
2,000
7,292
32,030
19,565
28,940
19,925
15,267i
66,948
96,143
90,995
6,679 148,222 1,302,108
9,306 239,433 1,115,677
12,965 222,843 1,292,324
Estimated.
Speculation in cotton for future delivery has been rather
more active,
at higher prices, under the spur of a sharp
rise in Liverpool and more
encouraging news from Man¬
chester.
After being a laggard,
Liverpool suddenly took the
all appearance this was due to a
rather belated
recognition of the fact that the American
crop, even if it
had perhaps been underestimated
lead.
To
by the Government
1,500,000 bales,
Liverpool rise
difference
was small.
was
between
That, at
any
some
rate, was how the
generally interpreted here.
6,537,000 bales, the Government
very
The
esti¬
mate of Oct.
3, and the estimate of 8,000,000 bales, now
very
generally credited here, is held by bulls to be too small to
affect the fundamental
of
situation.
This they consider to be
a
case
a
rising consumption, with good staple cotton
a
small crop here and elsewhere in the
tiful in this country.
The
to have been
7,270,575
ginning
world, and
none too
plen¬
up to Nov. 14 turned out
bales, against 8,914,642 up to the
same date last
year, 7,604,320 in 1919, and 8,706,620 in 1918.
A Japanese concern
estimated the crop at only 7,621,000
bales, adding that 94.4% had been ginned.
Also late re¬
ports state that the Egyptian
prospects are poor.
The
weight of Egyptian bales is, it seems,
decreasing.
For six
ending 1899 they are said to have been 500 lbs. and
1920 only 320 lbs., a decrease in
20 years of 36%.
The
Egyptian soil is declared to be on the whole less fertile.
Pink worms and other
insects have been harmful there.
This year bad weather has
told; also late sowing.
In this
country the pink worm is
attracting more attention.
It is
years
in
spreading
in very productive parts of Texas.
A commis¬
sion has been appointed in
that State to look into the mat¬
ter
and
suggest
a
dispatch mentioned
remedy.
The other day a
New Orleans
a report that a quarantine might be
clared against the whole State
of Texas on account of
pink worm.
That sounded to
many rather far-fetched,
there is no doubt that this
pest is attracting increasing
tention.
cotton
de¬
the
but
at¬
Meanwhile the boll weevil is not
forgotten. Small
it is declared in some quarters, may be ex-
crops,
pected for several years to come, owing to this pest alone,
which since its arrival in Texas in 1892 has overspread
practically
whole
the
remedy is
No known
belt
cotton
And if it is to be reinforced by the
pink worm ?
Bulls would paint a dark picture.
Banks, it
is predicted, too, will be none too ready to make advances
effectual
against it.
Many frozen credits are still unliqui¬
dated.
But it was mainly on the cables that prices in short
order advanced 250 points.
The news from the Washington
the
on
next
crop.
Disarmament Conference,
was considered favor¬
It would reduce excessive taxation and give business
able.
a
chance.
moreover,
Nobody here believes
will be
there
serious
a
a
Its spot
The wise had appar¬
later.
came
Liverpool declined over the holiday.
sales fell from 10,000 bales on Thursday to 6.000
bales to-day.
There was
exclusive of linters.
a crop
Not
a
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 don 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.
1920.
874.000
595,000
1918.
266,000
79,000
3.000
80,000
12.000
83,000
16,000
60,000
969,000
1921.
November 25—
Stock at
bales.
Liverpool
881,000
1 000
Stock at London
Stock at Manchester
Total Great Britain
~
Stock at
Rotterdam
Stock at
Barceiona..
Stock at Genoa
—-
Stock at Ghent
estimate of 8,100,000 bales,
1919.
957,000
685,000
342,000
319,000
19? 000
10 000
107,000
40,000
19,COO
83,000
151,000
1,000
65,000
21,000
23,000
141,000
9,000
46,000
54,000
72.000
1,000
29,000
17,000'
699,000
344,000
250.000
12,000
Stock at Hamburg
Stock at Bremen
Stock at Havre
downward turn
ently been too rapid.
THE VISIBLE SUPPLY OF COTTON
up
__
hitch in the proceedings.
But
[Vol. 113.
CHRONICLE
THE
2324:
Total Continental stocks.—
—
—
119,000
few felt that in any case a reac¬
proves
935,000
461,000
] 668 000 1,301.000
70,000
43.000
9.000
108 .000
727,926
558,097
139,000
American cotton afloat for Europe
420,823
103,000
74,000
56,000
Egypt, Brazil, &c.,afloat for Eur'e
110,000
210,000
174,000
Stock in Alexandria, Egypt
211,000
30 000
874,000
496,000
Stock in Bombay, India
*155,000
735,000
Stock in U. S. ports—
1,355,110 1,515,167 1,412,450
— .1,450 330
working time.
U. 8, exports to-day _
tion
due.
was
Prices had latterly advanced about 2%c per
The short interest had been reduced.
pound.
It was ar¬
gued that the rise discounted a good deal. Fall Itiver was still
quiet.
And there are intimations that unless business im¬
greatly the mills of New England may reduce their
Whether there is anything in this talk re¬
mains to be seen.
New Bedford and Rhode Island mills
suggest lower
been
have
_____
,
Total visible
rather meteoric rise in
made little response to the
product.
And
the price of the raw
22,539
Liverpool stock,,——bales.
526,000
507,000
401,000
149,000
Manchester stock,.—
Continental stock
58 000
69,000
270,000
51,000
615,000
192.000
34,000
*104,000
139,000
—
—
said to have sold January.
Liverpool stock—
420 823
American afloat for Europe
U. S. port stocks
futures
cotton
one
time,
spots
New Orleans, which bought at
The South in general sold at least
sold later.
moderately.
stocks
some
and
Street
Wall
irregular.
sold
to
So did local
certain
a
with
extent,
To-day prices de¬
traders.
clined, owing to a sudden drop in Liverpool, rather smaller
spinners' taking for the week than had been expected, a
strike of 12,000 to 15,000 longshoremen at New Orleans, and
selling by Liverpool and American interests.
Spot markets
were generally quiet and lower.
At one time there was a
rally because of the small issuance of December notices here
and in New Orleans, and a
report that Manchester had re¬
fused to adopt shorter time.
Moreover, there
was more
less trade
buying here, partly for New England mills.
Liverpool sold distant months it bought the
while
months to
December closed at
extent.
some
That was considered by friends of the market as
pretty good sign.
It is said, too, that in the very near
future the New York stock will lose about 15.000 bales.
has been
ton
steadily decreasing for
stated
that
no
cotton
was
some
on
the way
from
New York for delivery on December contracts.
here, despite
It
Galves¬
weeks past.
1,542.660
1,483,140
1,274,038
22,539
30,631
70,192
to-day
Total American
East Indian. Brazil, &c.—
—,,
4,635,352 4,272,978
London stock
-
Continental stock,
India afloat for Europe.
—
—
,
—
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India,
_
-
—
367,000
189.000
3,000
11,000
84 000
108.000
110 000
307.000
—
Manchester stock,
74,000
70,000
74,000
174,000
874,000
12.000
32.000
58.000
43,000
103,000
216,000
735,000
&c
there-to
The closina
drop to-day of some 55 to 65 points, was 100
to 110 points higher than a week ago.
Spot cotton, after
touching 18.90c for middling, dropped to-day to 18.30c,
which, however, is one cent higher than last Friday.
a
1,340,002
45,184
4,231,323 3,223,636
363,000
1,000
21,000
—, —
117,000
16,000
26,000
*15,000
9,000
56.000
311,000
555,000
496,000
.1,729,000 1,647,000 1,143,000 1,105,000
-4,635 352 4,272,978 4,231,323 3,223,636
Total American
Total visible supply,
6,364 352 5,919,978 5,374,323 4,328,636
11.64d.
11.23d.
Middling uplands, Liverp ool_
24.58d.
20.50d.
18.30c.
15.85c.
Middling upland, New York—
,39.45c.
29.05c.
23.75d.
32.00d.
47.00d.
Egypt, good sakel, Liverpool
31.05d.
Peruvian, rough good, Liverpool.
14.O0d.
22.00d.
34.00d.
38.00d.
Broach, fine, Liverpool-_
10.55d.
11.35d.
22.85d.
16.67d.
11.55d.
11.85d.
Tinnevelly, good, Liverpool,
23.10d.
16.92d
__
*
Estimated.
'"y
over
January.
a
U. S. exports
727,926
558,097
,1,450 330 1,355,110 1,515.167 1,412,450
U. S. interior stocks..,
near-
premium
a
or
And
1,274,088 1,340,002
70,192
45,184
supply--,..,—6.364 352 5,919,978 5,374,323 4,328,636
American and other descriptions are as follows:
thing that the advance of late in
was premature.
They think it
was due more to a temporarily oversold condition of
the
market than to any fundamental change for the better in
the business situation.
Meanwhile Japanese interests are
at the Exchange
1,483.140
30,631
Of the above, totals of
reported dull, and wide goods rather depressed.
The manufactured product has
1,542,6 0
Stock in U. S. interior towns,
rule,
Meanwhile print cloths, ^s a
wages.
Total European stocks, .. .
I*-dia cotton afloat for Europe...
Continental imports for past week have been 105,000 bales.
The above figures for 1921 show a decrease over last week
of 64 355
bales, a gain of 444,374 bales over 1920, an excess
990,029 bales over 1919 and a gain of 2,035,716 bales over
of
■::
1918.
o
AT THE
INTERIOR TOWNS the movement—that is,
receipts for the week since Aug. I, the shipments for
the week and the stocks to-night, and the same items forthe
corresponding period of the previous year—is set out in
the
detail below:
The official quotation for middling upland cotton in the
New York market each dav for the past week has been:
Nov. 19 to Nov. 25-—
Sat. Mon. Tues. Wed. Thors. FrP
Movement to Nov. 25 1921.
Movement to Nov. 26 1920.
,
Middling uplands.
Towns.
17.80"
18.40
18.90
18.30
Hoi.
Receipts.
NEW YORK QUOTA T ONS FOR 32 YEARS.
1921_c1920
—
1919
1918
1917
1916—
1915
1914—
18.30
17,30
--39.45
.
—
—
—
1913-C1912—
1911
13.40
12.80
9.40
—
1910—
1909—1908—
15.10
30.30
20.95
11.85 1907
7.75
14.60
9.45
—11.20
1906—
11.20
1905-C-. —11.75
1904
9.70
1897-C1896—-
1903
—11.30
1902—
8.50
1901
8.00
1900— —10.25
1899—
7.75
1898
5.44
1895—
1894—
—
—
—
—
—
—
—
Week.
5.81
7.62
8.62
6.00
1893
8.12
1892— —10.00
1891
8.12
1890-—
9.44
—
—
—
—
FUTURES.—The highest, lowest and closing prices at
New York for the past week have been as follows:
Ala, Birm'g'm.o
Eufaula
644
Saturday,
Monday,
19. Nov.
Tuesday, Wed,'day, Thursday,
21. Nov.
22. Nov.
23. Nov.
25.
Week.
Range
—
__
—.
Closing
17.05
17.30
—
17.80
—
Selrna.,-
Range
Closing
January—
Range.—
Closing
February—
Range
Closing
Little Rock,
_
Pine Bluff—,
Ga., Albany...
Athens
...
Atlanta
Augusta
290
33,179!
1,020
3,922
4,800
94,030;
147
1,316
7,658
6,106
17.82-.40 16.901.52
18.00
16.70-.98 17.07-.45 17.32-.95
16.92-.98 17.25~.30 17.85-.90
—,
16.93
.—
—
—
17.78~.32 16.701.50
17.90-.98
17.24
—
17.95
.
17.84
—
—
18.04-.18 17.95-.18
18.42
17.87
17.75-.21 16.771.46
17.87-.89
—
—
_
16.82
17.08
—
.
__
17.62
—
1,000
-
Mo., St. Louis.
N.C.,Gr'nsboro
Raleigh.
Okla., Altus
16.75
—
17.35
—
17.94
Range
Dallas
17.35
Paris
—
—
15.72
16.30
—
,—
—
—
16.88
—
17.43
Fort Worth—
Stocks
ments.
Nov.
j Seasno. j Week.
1,600
13,400,
801
6,121
38,781
24,818
2,400
1,000
2,000
9,083
24,202
226
7,472
8,394
13,896
1,120
2,000
3,037
3,763
400
5,394]
4,997
1,681
1,000
1,128
1,940
13,634
546
68
2,312
2,188
2,4i9
1,465
1,579
26,964
14,9701
80.503
83,675
9,137)
64,278;
50,988;
189,134!
1,200
—
26.
7,237
5,428
42l! 29,711
700 14,537
900 10,884
5,847; 50,469
13,119, |63,102
86 1 6,035
2,706' 54,002
4.663
25,346
7,899139,031
11,830;
212
14,043
23,094!
15,220]
600
1,983
49,526
3,553
65,136
17,821
7,575
50,936
3,31 l| 82,614
61,103;
2.083, 58,163
1,853
300,, 2,832
12,903
13,238
382
6,022
206
9,578
6,434
10,748
1,286! 17,709
17,136
118,532, 13,893 10,587
212
3,199
3,374
106
15C
1,704
911 11.22C
15,667
18,574
2,673, 11,284
21,912" 2,765; 7,513
19,7111
9,378,
262,263
796
38
700
903 10,323
1,479 10.60C
9,047327,71
464
97,386
9,052!
—
99
22,248'
22,496
267
80,462
8,631!
17,500
89 8
30,360i
405
3,19
1,654^ 13,631
3,670
37,644
3,421
15.44
1,641
560
874
4,577
4,836
3,600
4,479; 45,112
400 11,103
71,500 1,466,330: 60,635298,815
1,345! 11,394
33,587
1,1111
7,104
800
90,094]
17,300,
2,500]
39,949;
21,221
3,15
4,01
1,900
1,200 12,00
1,074
25,846] 1,352 19,29
1,500
15,500
1,000
9,09
71,3911 .344,2811 79,639319,39
3,34i
42,160
2,547j 19.56
120
—
16.80
a
Last year's figures are for Hugo;
Okla.
6 Last year's figures
are
for Clarksville*
The above totals show that the interior stocks have in¬
.
16.00
—
16.58
—•
17.06
15.45~.65 15.55-.80 I5.75-.28 16.30-.50
Closing
16.45
72,720
5,661
56,920
121,743
181,927
23,273
21,396
751
22,799
10,780
41,613
1,000 44,000
358
14,445
7,311
98,970
3,000 76,912
73,775
1,169 59,901
400 18,578
24,250
500 13,007
24,433
1,000 13,518
17.782
674 20,325
25.709
336,978 24,658 27,478
466(18,424
20,362
400
332
5,303
4,534 16,204
49,188
3,016
9,996
37,572
38,269
1,981 21,381
1,420 45,822
84,104
152! 8,847
7,844
460,138 28,141268,985
Ship;
Total, 41 towns201,932 3,861,135179,4621542660 253.9712,927,928194,3781483140
17.09
—
Range
—
49,734
58,307
67
4,623
2,169 47,856
7,083 50,508
11,675141,821
976
18,464
662 13,445
San Antonio.
16.95-.48 16.15i.70
17.07 —
16.45
October—
118; j 17; /16.
1,039
4,913
2,768
12,310
3,843
31,858
15,982
17,484
Receipts.
Week,
760
17.50~.00 16.621.18
17.55-.60
______
789
23.781
134
__
218
17.09
16.00
572
24,693
2,417
|
'
359
4,897
3,654
2,411
3,647
Austinb,—
Brenham
Houston
—
1,294
1,394
24,193
2,599
Tex., Abilene._
—
__
July—
16.15-.49 16.46-.68 16.61-.18 17.27-.70
Range
Closing.— 16.25-. 30 16.57 — 17.15-.18 17.70
August—
.
Honey Grove
-
16.45
B.C., Greenville
Nashville*
17.78
16.62-.80 16.75-.15 17.00-.60 17.60-.18
16.70-.78 16.15-.98 17.55-.60 18.14-.18
Range
Range
Closing
Natchez
Tenn., Memphis
DAY
18.24
582
800
Greenwood
HOLI¬
June—
Closing
September—
_
Oklahoma
16.77~.00 17.10-.46 17.30-.85
Closing
6,000
4,893
Chlckasha
—
16.93-00 17.22~.25 17.76-83
Closing
3,000
.
____
_
Closing
Range
763
_____
Vlcksburg.
Range
Closing.
May—
430
Rome
Yazoo City..
March—
April—
Range
144
Meridian
16.90~.18 17.20-.59 17.40-.06 17.97-.52
17.15-18 17.38-.39 17.97-.05 18.47-.50
770
1,053
995
Ark., Helena..
Greenwood.
—
December—
21,164!
4,771
Clarksdale.
_
_
25.
39.708
La., Shreveport
Miss.,Columbus
November—
Nov.
Week.
1,495
Macon
Friday,
24. Nov.
Season.
Stocks
390
Montgomery.
Columbus—
Nov.
Ship¬
ments.
.—17.55
15.67
—
16.28
—
16.71
16.25-.48 15.45/.50
16.10
creased
during the week 24,470 bales and are to-night 53,520
than at the same period last year.
The receipts at
all towns have been 52,039 bales less than the same week
bales
more
last year.
Nov. 26
1921.]
THE
CHRONICLE
MARKET AND SALES AT NEW YORK.
The total sales of cotton
week at New York
the spot
indicated in the
are
on
For the convenience of the reader
show at
on
CENSUS
each day during the
following statement.
also add columns which
we
glance how the market for spot and futures closed
a
days.
same
Spot
Wednesday
Thursday
Friday
in
the
GIN¬
Census
Bureau completed and issued on Nov. 21 its
report
ginned up to Nov. 14 the present
and
on
the
season
give it below, comparison being made with the
period of the three preceding years:
we
re¬
—Counting Round as Half-Bales—
Excluding Linters.
■
Contr't.
Spot.
Total.
Alabama
California
dec
Steady
-
-
OVERLAND
..-
....
—
—
Georgia.-.
Louisiana-.
^
—
—
—
—
—
Mississippi.
-
—
Missouri—
1
Total
-
—
—
Florida
....
■ i
■
-
....
MOVEMENT
FOR
THE
WEEK
AND
SINCE AUG. 1.—We give below a statement showing the
overland movement for the week and since Aug. 1, as made
from telegraphic reports Friday night.
The results for
the week and since Aug. 1 in the last two years are as follows:
Carolina
Oklahoma
670,681
461,912
685,929
260,447
South Carolina
Tennessee...
Texas—
Virginia
-1921Nov. 25—
-1920Since
Week.
24,658
13,949
1
Via
St. Louis
Via
Mounds, &c
Via
Rock
Since
Week.
Avg. 1.
13,893
6,972
Avg. 1.
343,248
172,841
492
I
122,153
76,225
4,149
14,379
34,260
4,469
31,023
90,378
Island
500
Louisville
1,932
Via
Virginia points
Via
other routes, &c
7,128
5,994
104,882
1,248
4,694
8,841
-.54,163
746,841
36,148
6,587
3,267
611
65,461
8,612
394
l11,898
5,398
13,283
5,964
165,449
3,155,751
6,439
4,544
.7,270,575
8,914,642
....
United States..
Y., Boston, &c_
Between interior towns
-
—
-
Inland, &c., from South
—
320,078
—15,843
185,971
572,551
28,821
480,360
24,537
14,900
1,453,692
228,965
636,459
28,931
602,384
497,0221,185,021
156,063
1,677,618.
14,574
2,422
7,604,320
EXPORTS OF
BREADSTUFFS, PROVISIONS, COT¬
TON,
COTTONSEED OIL AND PETROLEUM.—The
exports of these articles during the month of October and the
ten months for the past three years have been as follows:
34,890
Exports
1921.
9,059
1920.
1919.
from
U. S.
Total to be deducted.
'
The number of round bales included this year is
117,955, against 175,284
bales in 1920 and 84,241 bales in 1919.
The number of American Egyptian
bales included this year is 16,047, compared with 31,514 bales in 1920
and
19.009 bales in 1919.
The number of Sea Island bales included this year is
2,653, against 848 bales in 1920 and 4,231 bales in 1919.
45,775
to N.
68,912
501,251
612,960
1,099,443
2,025,445
All other
6.038
8,645
Total gross overland
Deduct Shipments—
-
1919.
503,077
40,421
674,254
25,404
14,972
1,165,671
299,201
610,236
35,569
64.213
North
up
Shipped—
1920.
552,639
18,710
714,930
11,007
11,154
781,166
260,973
732,122
—
Arkansas—-
Strong
Steady—
Very firm
Strong
HOLI DAY
Q uiet, 60 pts.
Overland
COTTON
1921.
Closed.
__
Via
ON
Manufactures
Market
Quiet, 25 pts. adv__
Steady, 25 pts. adv_
Steady, 60 pts. adv
Quiet, 50 pts. adv..
_
REPORT
of
amount of cotton
Arizona..
___
Division
SALES.
Futures
Market
Closed.
Saturday
BUREAU'S
NING.—The
turns for the like
1
Monday
Tuesday
2335
110 Months.
October.
October.
10 Months.
October.
10 Months.
86,703
Quantities.
Leaving total net overland *
*
—38,320
560,870
27.089
233,375
The
foregoing shows the week's net overland movement
bales, against 27,089 bales for the week last
and that the season to date the aggregated net over¬
has been 38 329
year,
land exhibits
increase
an
over
a
of 327,495 bales.
year ago
-1921In
-1920-
Receipts at ports to Nov. 25-
Since
Week.
Avg. 1.
2,783,391
560,870
1,143,000
.137,225
38,320
Southern consumption to Nov.25a 73,000
—
Wheat *bu.
Corn—bu.
Total bush
Cotton
.248,545
22,470
Came into sight during week
Total in sight Nov. 25
4,487,261
425,422
2,479,202
233,375
1,136.000
Cptt's'd oil
a
4,912,683
4,471,776
985,249
\553,191
38,268
These figures are consumption; takings not available.
Movement into
sight in previous
Week—
Bales.
1919—Nov. 26_
1918—Nov. 29
447,440
276,878
388,417
1917—Nov. 30
\
'v. '
\\ ■
Bales.
years:
Since Aug. 1—
1919—Nov. 28
1918—Nov. 29
1917—Nov. 30—
25,366,408321, 239,338
189,497
20,978,889 228,287,182
868,4211
8,705,014
34,583,099 435,428.835
44,450,674 259,436,355
.4,764,760
4,649,592
-_5.711.754
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
REPORTS
Saturday, Monday.
Galveston.
New
Friday.
17.25
16.50
17.50
18.00
17.50
18.60
17.75
18.20
17.00
15.75
Orleans
Mobile
16.00
17.00
16.50
1
.50
16.75
16.50
17.38
16.25
16.75
17.38
18.00
Baltimore
17.50
17.75
15.00
HOLI¬
Philadelphia
17.80
18.05
17.75
18.65
DAY
Augusta
16.25
17.13
Memphis
18.00
16.50
18.00
17.25
19.15
17.75
18.00
18.50
18.50
18.25
18.00
16.75
17.35
17.10
18.00
17.40
17.75
17.25
-
Houston
16.95
Little Rock
17.75
16.45
Dallas
Fort *Worth
16.50
18.00
NEW ORLEANS CONTRACT
18.00
12.50
18.50
November
December
January
March
May
July
...
October
Saturday,
Nov.
Monday,
19. Nov.
picking has been practi¬
Thermometer-
high 78
high 80
2
Brownsville
Corpus ChristL.
high 86
high 86
1
Dallas
.1
Rio
Palestine
San
Rainfall.
1 day
1
Antonio
.2
_
1
—
1
3
Savannah, Ga
Charleston, S. C
Charlotte, N. C
-
1
-
1
1
3
—
0.16 in.
dry
0.20 in.
days
day
0.60 in.
day
0.04 in.
dry
day
0.16 in.
dry
days
0.36 in.
day
0.64 in.
day
0.22 in.
days
1.35 in.
day
0.04 in.
day
0.14 in.
days
1.65 in.
high 78
low 54
low 24
low 54
low 50
low 34
high 82
high 88
low 42
low 36
low 42
mean
66
mean
52
mean
70
mean
68
56
mean
mean
59
mean
65
mean
66
low 44
high
high
high
high
high
79
78
81
79
75
low
low
low
low
low
47
mean
37
mean
57
48
mean
64
49
mean
64
42
mean
59
63
Nov. 26 1920.
Feet.
Feet.
New
Above
Orleans
of gauge.
Memphis
Above
zero
of gauge.
4.7
22.4
Nashville
Above
zero
of gauge.
14.7
Shreveport
Vicksburg
Above
Above
zero
of gauge.
zero
of gauge.
11.6
15.8
zero
3.9
4.9
7.5
13.4
8.0
RECEIPTS FROM THE PLANTATIONS.—The follow¬
Tuesday,
21. Nov.
adt
evening denote that
Nop. 25 1921.
.13
tylARKET.—The closing
quotations for leading contracts in the New Orleans
markets for the past week have been as follows:
.)•
2,653,497| 36,226,361
TELEGRAPH.—Our
18.55
1
60,732,867 775.413.702
34,705,895 277,875,335
following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
18.00
18.00
16.38
-
69,319,613 1035666538
The
18.00
17.90
18.00
Savannah
Norfolk
BY
Rain.
Galvaston, Texas
Abilene
Selma
Tuesday. Wed'day, Thursd'y,
67,704,073 792,814,020
cally completed.
New Orleans
25.
21.847,310236,992,196
$
I
$
S
with continued favorable weather
Mobile, Ala.
on-
ending
Nov
$
Includes flour reduced to bushels.
Taylor
Closing Quotations for Middling Cotton
12, 890,935
45,087,915:686.
.987,106 133,621,443 883,0*74,913
21,045,660,306,,601,367 37,462,284 451,995,922
91,028,236,408,,192,816 91,247,498952,885,151
25,749,698 328,
,618,138 52,176,631439 568,355
931,376 22,
,434,551
1,300,229, 26,742,955
WEATHER
Del
Week
1,417,232
9,216,691|114,
vices by telegraph from the South this
364,438
Nor. spinners'takings to Nov. 25-127,163
13,686,675 123,450,597
1,620,492 23,297,019
43,033,442 246 545,420
Total... 183,842,885 1752833978 315.808,085 2754267296 235.115.945 2917995956
304,845
3,848,577
59,593 C
623,199
271,015
...
Petrol.,&c.
*
Total marketed
Interior stocks in excess
35,802,977 166,348,814
1,606,770 17,801,468
8
Avg. ].
219,756
27,089
58,000
18,361,807 255,806,737
1,556,578, 14,540,578
Values
Breadst'lfs
Provisions.
Since
Sight and Spinners'
Net overland to Nov. 25
Wheat.bu
Flour.bbls.
Including movement by rail to Canada.
Wed'day^Thursd'y.
22. Nov.
16.06 — 16.37 — 16.94 —
16.31-.36 16.62-.64 17.24-.29
16.40-.48 16.80-.82 17.43-.47
16.40-.45 16.80-. 8 2 17.41-.47
16.20-.29 16.53-.54 17.16-.26
15.85-.93 16.20 — 16.73-.80
23. Nov.
17.49
Friday,
24. Nov.
25.
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:
—
17.90-.96
17.95-.99
17.67-.72
HOLI¬
DAY
—
15.09-.14 15.30-.35 15.83-.95 16.38-.43
Stocks at Interior Towns.
Receipts at Ports.
17.15-.21
17.74-.80
17.28
cotton
Week
17.20.-24
17.28.-36
17.06.-16
16.63.-66
ending
15.65.-70
Tone—
1921.
I
1920.
1919
1921.
1920.
1919.
Receipts from Plantations
1921. I
1920.
I
1919.
Sept.
30..
205,490159,041 118,0181,147,941
920,155
799,810315.437,227.369200.008
982,695,
202,284230,522'1,301,3371,054,0461
893,005336,134235,776 250,558
986.320298.903273.635 323,837
Oct.
Spot
Options
.
Steady
Steady
Steady
Steady
Steady
Steady
Steady
very stdy
Steady
Steady
7.. 258,740 173,236 157,3631,225,335
14.. 275,129
21.. 269,084 241,843
DOMESTIC
EXPORTS
OF
COTTON
MANUFAC-
TURES.—We give below a statement
showing the exports
September and for the
nine months ended Sept. 30 1921, and for purposes of com¬
parison like figures for the corresponding periods of the pre¬
vious year are also presented:
of domestic cotton manufactures for
Manufactures
Month
ending Sept. 30.
9
Mos.
ending Sept.
30.
of
Cotton Exported.
1921.
Piece goods
yards
Piece goods..
value
Wearing apparel—
Knit goods
value
1920.
54,446,446 393,811,476 649,592,483
$6,506,328 $17,908,469 $52,957,805 $185,487,705
715,680
3,650,954
value
512,916
1,952,361
value
384,356
766,673
Yarn
value
451,117
1,780,368
All other
value
1,425,975
4,366,622
Total manufactures of. .value
1920.
62,289,584
Waste cotton...
All other.
1921.
7,895,103
7,584,500
2,155,238
4,435,440
12,794,790
42,835,968
20,467,055
9,987,183
4._
$9,996,572 $30,425,447 $87,822,876 $312,320,402
271,682.316.943,1,380.2361.217,067.1,089,168285.136 3 0,968,353,787
>
I
I
!?38,18^ 261,864'321,746 1 431,1731,296.1231,138.395 294 1 >4340.820370,973
'
11.. 184 605 263 684288 858 1 465 821 1 3
25..
3.590 1 20
076 214 2 3 321 151357 570
0,4 2 214,1191295,1471,0 0,
01,423,5471,238,788 2 4,7
137,225 219,756)269,805 1,542,66 >1,483,1401,274,035! <59,6
18.. 1
1284,076326,859
5279,3491305,055
The above statement
shows:
1. That the total receipts
plantations since Aug. 1 1921 are 3,208,813 bales;
in 1920 were 3,102,401 bales, and in 1919 were 3,152,737
bales.
2. That although the receipts at the outports the
past week were 137,225 bales, the actual movement from
plantations was 159,695 bales, the balance going to increase
stocks at interior towns.
Last year receipts from the planta¬
tions for the week were 279,349 bales and for 1919 they
were 305,055 bales.
I
from the
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
14,573,510
38,968,981
229.3991,312,6991,147,781 1,052,324 280,446 335,578295,403
28.. 217.599
Nov,
The following
at
a
brief but comprehensive statement indicates
glance the world's supply of cotton for the week and
1 for the last two seasons, from all sources from
are obtainable; also the takings, or amounts
since Aug.
which statistics
Week,
1920
1920.
SAVANNAH—To
6,111,250
4,912,683
455,000
49,000
310,000
81,000
4,956,257
4,471,776
299,000
97,000
200,000
68,000
364", 438
37,000
2.000
21,000
2,000
Deduct—
309.849
220,849
89,000
4,172,055
3,184,055
988,000
Embraces receipts in Europe from Brazil, Smyrna, West Indies,
This total embraces the total estimated consumption by Southern
562
100
3,506
3.506
Japan—Nov. 21—Koki Maru, 2,000—
2,000
NORFOLK—To Bremen—Nov. 22—Clarksburg, 1,600
1,600
200
200
32
2,186
To
To Gothenburg—Nov. 19—Mississippi, 200
To Barcelona—Nov. 21—West Lashaway, 200—
14—Novian, 32
22—Pennsylvania, 2,186--
BOSTON—To Manchester—Nov.
LOS ANGELES—To Liverpool—Nov.
Total
97,587
—
-
The
particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
mills,
1,143,000 bales in 1921 and 1,136,000 bales In 1920—takings not being
the aggregate amounts taken by Northern and foreign
spinners, 4,111,581 bales in 1921 and 3,036,055 bales in 1920, of which
3,217,581 bales and 2,048,055 bales American.
& Estimated.
FROM ALL PORTS.-—
INDIA COTTON MOVEMENT
receipts of India cotton at Bombay and the shipments
ports for the week and for the season from
Aug. 1, as cabled for three years, have been as follows:
The
New York
New
November 24.
1,596
13,530
9,002
"157
l"021
100
7,346
Orleans
2,000
Los Angeles
Total
32
2,186
7,346 41,313
28,024
COTTON
1,953
97,587
4,000
14.951
FREIGHTS.—Current rates for cotton from
New
York, as furnished by Lambert & Burrows, Inc.,, are
follows, quotations being in cents per pound:
High
Standard.
Density.
Aug. 1.
200
200
1,600
32
2,186
Boston
ard.
.25c.
Stockholm.,
,57c.
.25c.
Trieste
.75c.
j
.72c.
-
Stand¬
High
Stand-1
Density.
Liverpool...
Manchester-
Week.
Aug. I.
2"000
3" 506
High
Week.
Aug. 1.
Week.
1,044
61,128
3,919
19,526
2,246
5,506
2,000
—
100
2,146
Since
Since
Since
23,286
3,919
Savannah
Norfolk
•
Receipts at—
North.
944
22,716
Mobile
as
1919.
1920.
Mex.& Japan
South. C. Am. &China.
many.
Houston
from all India
1921.
Ger—Oth. Eur ope-
Great
Britain. France.
Galveston
&c.
available—and
ard.
Density.
.65c.
Bombay
.50c.
1.00c.
Vladivostok-
,50c.
Gothenburg.
.47c.
.62c.
.65c.
Since
For the Week.
August
Great
Britain.
Total.
China.
nent.
1.00c.
.21c.
Lisbon
.50c.
.75c.
Bremen
.21c.
.36c.
.16c.
Oporto
.50c.
.75c.
Hamburg...
,21c.
.36c.
.16c.
Barcelona—.
,50c.
.75c.
Piraeus
.60c.
.75c.
.50c.
Japan
.50c.
.65c.
Salonica
.66c.
.75c.
Chrlstiania—
,47c.
Shanghai
,50c.
•65c.
Rotterdam..
Great
Conti¬
Japan &
Britain.
nent.
China.
Japan&,
Conti¬
.75c.
Antwerp
Genoa
Exports
from—
Flume
Havre
1.
16c.
Ghent
415.000
64,000
299,00( )
37,00f
455,000
67,000
Bombay
Total.
7,000
137,000
363,000
507,000
LIVERPOOL.—By cable from Liverpool we have the foK'
lowing statement of the week's sales, stocks, &c., at that port:
15,666 33,660
10.000
201.000
78,000
74,000
17,000
144,000
431,000
289,000
592,000
Sales of the week
Bombay—
'
1921
*
1910
Other
1,584
.
Of which other
a
5,919,978
5,554,581
4,360,581
1,194,000
470,370
332,370
138,000
Total takings to Nov. 25.a
Of which American
*
6,364,352 5,919,978
6,364,352
Visible supply Nov. 25
20—Jomar, 100
Bremen—Nov. 19—Balto,
To Barcelona—Nov.
6,834,722 11,918,933 6,239,837 10,092,033
supply
2,000
To Manchester—Nov. 19—Marden Creek, 562
Season.
Week.
157
1,021
23—Tacoma Maru, 2,000-MOBILE—To Liverpool—Nov. 19—Marden Creek, 1,584
To Japan—Nov.
5,803,389
6,428,707
Visible supply Nov. 18
Visible supply Aug.
1
27l"6l5
American in sight to Nov. 25—
67,000
Bombay receipts to Nov. 24
12,000
Other India shipm'ts to Nov. 24
50,000
Alexandria receipts to Nov. 23-6,000
Other supply to Nov. 23 *
3,919
7,346
9,002
?,436--
19—Jacques Cartier, 9,002
To Rotterdam—Nov. 17—Norramus, 157
To Genoa—Nov. 19—AngeloToso, 1,021
Season.'
f
3,919
To Bremen—Nov.
1921.
Cotton Takings.
Week and Season.
Total
Total bales.
Bremen—Nov. 24—Sophie Rickmers,
HOUSTON—To
NEW ORLEANS—To Havre—Nov. 19—Jacques Cartier,
period.
out of sight, for the like
gone
[You 113.
CHRONICLE
THE
3326
2,000
16",000
56,000
India
2,000
39,000
2,000
12,000
80,000
5,000
49,000
97,000
14,000
12,000
42.000
53,000
107,000
2,000
1920
3*666
1919
8,000
12.000
4.000
6.000
6,000
Actual
export
Forwarded.
Total
-
stock
1921
4,000
12.000
9,000
176,000
371,000
596,000
Total imports
Of which American
1920
20,000
15",000
35.000
22,000
281,000
83,000
386,000
Amount afloat
22,000
61,000
88.000
29.000
186,000
484,000
699,000
s'bbb
1919
According to the foregoing, Bombay appears to show an
compared with last year in the week's receipts of
10,000 bales.
Exports from all India ports record an increase
of 23,000 bales during the week, and since Aug. 1 show an in¬
crease of 170,000 bales.
increase
190,000
2,341.962
1
I
1
Week. Aug.
Week. Aug. 6.
25.430
19.932
31.313
8.283
3,000 135.849
4,500 63.793
900
41,041
20,500 74,844
84,958
28,900
43.000
To America
4,000
74 000
7,000
To Continent and India-
59.000,
5,332
5,332
11.000 243.0C0
Total exports
1.
315,52?
Note.—A cantar Is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week were 190,000 can tars
and the foreign
Moderate
business
Good
demand.
doing.
demand.
10.47
10.94
11.72
11.78
11.64
7,000
7,000
8,000
10,000
6,000
J
Quiet,
6@9 pts.
38@46 pts. 20@25 pts. 40@52 pts.
decline.
advance.
advance.
advance.
Very st'dy,
Steady,
Steady,
Firm,
Steady,
24@53 pts. 14@56 pts. 40@60 pts. 13@17 pts. 18@33 pts.
Market,
Prices of futures at
Liverpool for each day
advance.
are
decline.
given below:
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Nov.
advance.
advance.
advance.
P. M.
19
to
Nov.
Strong,
Steady,
Steady,
\
opened
4
Liverpool
To Manchester, &c
Quieter.
More
HOLIDAY
Market
Since
Since
67 000
To
Friday.
demand.
Futures.
2,609.013
Week. Aug. 6.
Exports (bales)-
Thursday.
Fair
f
300.000
211,993
1,508,165
Since
Wednesday.
Tuesday.
Monday.
Saturday.
Spot.
Mid.Upl'ds
week
46,000
276,000
168,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
spot cotton have been as follows:
Sales
Receipts {cantars)—
Since Aug.
59.000
37,000
27,000
6,000
53,000
889,000
526,000
80,000
The tone of the
12:15
November 23.
Tnis
Nov. 25.
1919.
1920.
1921.
Egypt,
97,000
247,000
180,000
18.
26,000
16,000
3.000
48,000
876.000
532.000
79,000
Nov.
each
P.M.
Alexandria,
23,000
16,000
4,000
60,000
852,000
515.000
87,000
79,000
216,000
137,000
127.000
Of which American
Market,
RECEIPTS AND SHIPMENT.
ALEXANDRIA
Nov. 11.
2,000
55,000
830.000
481,000
Of which American..—
Total all—
4.
40,000
25.000
Nov.
Of which American
12#
25.
12#!
12 X
4
12#
4
i 12#
4
p. m. p. m. p. m. p. m.p. m. p. m. p. m. p. m
12#
4
4
12#i
p. m.p. m.p. m.p. m.
shipments 11,000 bales.
MANCHESTER
MARKET.—Our
d.
received by
cable to-night from Manchester states that the market is
dull but steady for both yarns and cloths, but demand is
improving.
We give prices for to-day and leave those for
previous weeks of this and last year for comparison.
report
I
d.
d
d.
\
d.
d.
I
d.
d.
Id.
d.
d.
November
10.32 10.49 10.79 11.0511.57 11.65
111.7811.5411.45
December
10.33 10.49 10.77 11.0011.47 11.53
11.6711.46 11.39
11.6211.4511.37
January
10.3410.^9 10.74 10.9511.40 11.47
February
10.33 10.48 10.71 10.8911.34 11.41
11.56 11.39 11.32
March
10.33 10.48 10.68 10.8311.28 11.36
11.51 11.34 11.27
10.32 10.46 10.64 10.78 11.22 11.31
11.46 11.30 11.24
10.32 10.47 10.61 10.7311.17 11.26
11.42 11.26 11.20
HOLI¬
April
DAY.
May
June
10.30 10.43 10.56
...
10.67,11.09
11.18
11.34 11.21 11.15
11.12
11.29 11.16 11.10
1920.
8# lbs. Shirt¬
Sept.
30
d.
Cot'n
ings, Common
32s Cop
Twist.
Mid.
to
d.
23
26
23
26
8.
d.
18
July
August
1921.
Finest.
8.
8)4 lbs. Shirt-
Upl's
d.
d.
d.
3
@19 9
14.72 41#
!18 9
@19 9
14.21 40
\ Mid.
i Upl's
to Finest.
d.
@
Cot'n
ings, Common
32a Cop
Twist.
d.
b.
62
8.
d.
10.18 10.28 10.40
10.63'H.OI
10.50| 10.85
September
.9.99
10.20 10.59 10.71
10.88 10.76 10.67
9.98 10.07 10.37 10.47
10.64 10.52 10.46
9.85
October
d.
@34 6
32 0
10.28 10.40 10.53
@
47
29 6
@32 0
14
23#
26
18
9
@19 9
12.62 39
@
45
28 4
@31
0
15.17
22
26
18
9
@19 9
12.64 32
@
38
27
4
@30 0
15.73
28
21#
24)4 18 0
@19 0
12.32 32#
@
40
26 4
4
16.55
@18 9
@18 3
12.11 35
40
26 4
37# 26 6
@18 0
@18 0
10.0
35
4
0
6
15.55
10.88 32
12.41
6
11.23
@
Nov.
23
! 17
9
19
21
17
3
18
18#
20# 17
0
19
21
0
4
25
@
17
29
11.64 28#
@29
@29
@27
@26
125 0
33# 24 0
14.56
SHIPPING NEWS.—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 97,587 bales.
The shipments in' detail as made
up from mail and telegraphic returns, are as follows:
NEW YORK—To
Liverpool—Nov. 18—Baltic, 887—
18—Menominee, 57
Antwerp—Nov. 18—Zealand. 100
I
GALVESTON—To Liverpool—Nov. 19—Mar Caribe,
^887
—
To London—Nov.
57
To
Nov. 23—Glenluss, 12,752
To Bremen—Nov. 18—Sophie Rickmers, 10,401-
100
9 964
'
City,
1,496
100
21,086
2,200
2,200
Antwerp—Nov. 22—And/k,
"
19—Mar Mediterraneo, 8,930
18—Colorado Springs, 4,100
To Naples—Nov. 19—Nicolass, 500
To
To Barcelona—Nov.
To Genoa—Nov.
are
large.
1 496
~
even
some
supplied.
Sooner
or
Moreover, supplies
It looks to close observers as though leading
were
carrying large stocks.
For that matter,
of the smaller consumers seem to be pretty well
Under
the circumstances the demand is small.
will, of course, have to re-enter the
later buyers
market. And wheat,
it is noticed, has recently been stronger.
Export busi¬
There are inquiries now and
then, but actual business is another matter.
That is small.
For Canada is offering high-grade flour at prices which cut
But
ness,
just at
the moment
buying is sluggish.
too, seems to be lacking.
under the American mills;
ada itself is not doing
and even so, it is said that Can¬
much foreign business.
Some reports
indeed that it is doing very little.
In a word, the con¬
dition of the flour business, whether as regards domestic or
say
22 716
Nov. 22—
And/k, 3,098—Nov. 23—Eastern City, 7,587
To Hamburg—Nov. 23—Eastern
To Rotterdam—Nov. 22—And /k,
'
rule, very quiet.
Flour has been, as a
consumers
20#
11
11.16 10.90 10.90
York, Friday Night, Nov. 25 1921.
New
17.74
21
9.931
BREADSTUFFS
19.17
Oct.
7
10.08,10.16
11.00
'i00
8,930
4,100
500
foreign sales, is, for the time being at least, unsatisfactory.
Wheat has advanced on a firm cash situation, small offer¬
at Winnipeg, stronger British mar¬
Argentina following undesirable rains
in Australia, and considerable covering at
ings, higher premiums
kets, higher prices in
there, a hat wave
Nov. 26
CHRONICLE
THE
1921.]
Chicago in what looked to many like an oversold market.
The
Ex¬
been buying both Canadian and
the rise.
cables, however, had much to do with
porters,
have
moreover,
has been in
Recently the of¬
large and the demand poor.
Cash prices
At the Gulf ports American
American wheat.
better demand.
ferings there
is something
*That
were
fact
the
that
the country, strengthened by
week the visible supply in the United
last
4,505,000 bushels, as against only one-third
decrease in the same week last year.
Less attention
States decreased.
such
a
was
therefore paid
this country is still
year
wheat
to the fact that the total "visible" in
50,877,000 bushels, against 39,875,000 a
satisfactory, but
a
In France there are many complaints
is indicated.
unfavorable weather and
In Ger¬
soil conditions.
poor
the weather is seasonable, and growers are offering
many
freely,
more
In
seeding of the new
slight reduction in the
Kingdom,
United
the
has been
acreage
of
In
ago.
with
displaying an easier tone.
markets
the
Italy complaints of unseasonable weather are being re¬
In
ceived.
Spain weather in this grower is not altogether
General rains
have been experienced in Jugo-Slavia, and fair sowings of
grain are expected to be made. Rains and snow in AustriaHungary have improved agricultural
prospects.
In the
Netherlands and Scandinavia reports indicate agricultural
satisfactory for the progress of
conditions
crops.
new
The demand for wheat in the
about normal.
are
United Kingdom has been only moderate, but it
is less pressure
there
wheat
continues
is noticeable
River Plate
of Manitobas for sale.
offered
be
to
in
good quantities.
Continental demand for wheat, according to mail advices,
was slack, but they are taking a good share of the "orders"
fairly
Germany still reports imports impossible.
cargoes.
The United
States
from
ernment
hearing
grain
the
pending
Act,
trading
brought against Secretary of Agriculture
by John Hill", Jr., et al., to test the constitutionality of the
law.
The
has been set for
hearing early in January.
Drought sections in the Southwest are still without relief,
case
to make
people forget the enormous supply.
advanced
a
To-day prices
The rise for the week is only *4c to
%c to lc.
%c.
DAILY CLOSING PRICES OF OATS IN
Sat.
No.
2
white
—-Cts.
—
DAILY CLOSING
45
45
Mon.
cts. 33%
-
May delivery
38%
-
Tues.
off.
At
Thurs.
Fri.
33%
38%
Offerings, too, have
times, indeed, they have been small.
has favored
holders.
the
States
United
last
crease
last week
And
decreased
of 706,000.
year
the
207,000
visible
bus.,
ing 5c higher for the week.
DAILY CLOSING
PRICES
RYE FUTURES IN
OF
Sat.
December delivery...
May delivery
The
following
Mon.
cts. 81%
85%
are
Tues.
82
86%
ings remained light and receipts
markets
were
Country offer¬
falling off.
are
Northwest
Argentine competition
stronger.
was
less of
factor.
a
To-day prices
movement.
higher, rising to
were
The
advance
about three cents at
Wednesday's
Liverpool was
over
time.
one
"high"
new
a
this
on
prices was
2y26, and
up
Buenos
Aires was 5 to 5V2 cents higher, with drought re¬
ported from there for the southern section.
It is said that
in
India
and
other
parts of the Far East and
latterly bought Australian wheat
it seems, has also bought
Of
this cuts
course
Persistent
rope.
May
weeks
past.
liberal
a
scale.
9,350,000 bus. within
down
reports
wheat in Chicago
on
the
Closing prices
Japan,
few days.
a
quantities available for Eu¬
drofight
of
sold
Italy have
at
from
come
Kansas.
the highest
price for five
4 cents higher than a week
are
ago.
DAILY
CLOSING
PRICES
OF
WHEAT
Sat.
N°-
2
red
DAILY
CLOSING
PRICES
OF
delivery
rise
in
has
other
fear
that
near
advanced
the
only
were
taken, and later there
But,
the
on
were
other
point is that there is
will
move
clined to sell
on
on
Thurs.
scale.
GRAIN,
Oats—
No. 2 red
No. 2 hard winterCorn-
No. 2 white
No. 3 white
SI 25
1 22
No. 2 yellow
$0 71
No. 2
46
43%
Barley—
Feeding
Malting
Rye—
115%
the
DAILY
CLOSING
PRICES
OF
Sat.
„
cts.
650,000 bus.
and
that
sooner
or
Longs have been in
CORN
Mon.
68%
IN
NFW
Tues.
68%
$7 00(
17 50
5T50<
6 25 <
4 75(
5 00 (
5 75
7 00
winter straights, soft
Hard winter straights
First spring clears
Rye flour
-
Corn goods, 100 lbs..
Yellow meal
Cornflour
.
.
December
Sat.
„
delivery
cts.
Wed.
70
YORK.
Thurs.'
71% Hoi.
Mon.
Tues.
was
although
reported
receipts
49%
50%
Holl-
54^
54^
55H
5 50
Barley goods—Portage barley
No. 1
$6 50
Nos. 2,3 and 4 pearl
6 50
Nos. 2-0 and 3-0..
6 50@
Nos. 4-0 and 5-0.
5 75
against 638,000 in
the
1 60 (
1 60 (
goods—Carload
spot delivery
1 70
1 65
Fri.
same
this
week
certain hesita¬
a
the
cash
last vear.
For
all
bus.,
that
at 68.396.000 bus., against 34.-
only a small
stronger with corn, and with
a
pretty fair cash demand at Chicago.
Northwestern in¬
terests, it is stated, sold a cargo of
550,000 bus. of 36-lb. No.
decrease.
1.
has
been
clude
a
To-day prices
was
bull
a
rather
moderate scale.
movement at
sum¬
Department of
were as
follows:^
Husking
Cribbing
temporarily suspended in Missouri because of the soft ground.
Har¬
vest was delayed by wet weather in Illinois, but this work has been largely
completed in that State, while the corn remaining in the field in Indiana
was badly damaged by rain and flooding of lowlands.
COTTON.—Cotton picking has been practically finished in the north¬
western portions of the belt.
Some cotton was injured by frost in Cali¬
was
fornia.
WINTER GRAINS.—Unreasonably cold weather prevailed over north
central and northwestern districts during the week, but was preceded in
most localities by snow cover sufficient to protect winter grains.
Heavy
rains occurred in the central Mississippi and Ohio Valleys where moisture
has been needed in some sections which were beneficial for winter wheat.
The week was cold and dry, however, in
the central great plains, and wheat
continued to deteriorate in most sections of that area.
The crop is in a
critical condition for entering the winter in much of Kansas, particularly
in the heavy producing counties, while a large percentage of the grain is not
yet up in
the western portion of the State.
the western two-thirds of Texas.
Serious drouth continues in
The snowfall was beneficial in the Cen¬
South from the Mississippi
Valley eastward by beneficial rains, while the week was generally more
and other grains were favorably affected in the
favorable for germination in the South Atlantic
States.
The statement of the movement of breadstuffs to market
indicated below
prepared by us from figures collected by
Exchange. ' The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. I for each of the last three years have been:
are
the New York Produce
Receipts at—
Flour.
Wheat.
bbls.1961b s. bush. 60 lbs
212,000
Chicago
Minneapolis..
Duluth
Milwaukee...
Toledo
86,000
Peoria..
42,000
Kansas City..
8,000
819,0001
110,000
151,000
470,000
43,000
69,000
22,000
36,000
22, 000
181,000
82,000
355,000
99,000
64,000
26, 000
290, 000
23, 000
1,020 000
156 000
Omaha
454,000
404,000
110,000
185,000
24 000
691,000
'20
5,859,000
8,151,000
'19
467,000
8 914 000
3,899,000
2,301,000
3,923.000
wk.
'21
Same
wk.
Same
wk.
Since Aug. 1—
1921
1920
1919
Total
38,000
54,000
239,000
158,000
47,000
58,000
412,000
38,000
386,000
270,000
Indianapolis..
Total
7,634,000 177,880,000 109,166 000
4,260,000 148,436,000 51,724,000
7,769,000 233 .630.0001 50,360,000
2,672,000
3,037,000
3,994,000
16"000
2,000
368,000
1,361,000
867,000
715,000
422,000
530,000
88 229 000 11 895,000 8,703,000
84,839,000 16,842,000 13,363,000
90,207,000133 .216,000 13,331,000
19 1921 follow:
Flour.
Wheat.
Barrels.
Receipts at—
Bushels.
York...
255,000
Philadelphia..
92,000
27,000
Baltimore
N'port News.
New
237,000
131,000
138,000
22,000
receipts of flour and grain at the seaboard ports for
the week ended Nov.
New
Rye.
1,534,000
545. 000
Louis
St.
Barley.
bush. 32 lbs bushASlbs. bushMlbs.
285, 000
2,364, 000
1.104, 000
38", 000
-
Detroit—...
Oats.
Corn.
bush. 56 lbs
Corn.
Orleans*
2,000
79,000
1,612,000
1,492,000
311,000
Bushels
Oats.
Barley.
Rye.
Bushels.
Bushels.
Bushels.
210,000
215,000
126,000
60,000
147,000
28,000
5,000
49,000
348",666
Montreal
98", 000
Boston
34,000
100,000
340,000
1,330,000
421,000
587,000
5,606,000
1,699,000
23,127,000270,437,000
87,510,000
Galveston
83,0001
2,000
779",000
300,000
40,000
231,000
13,000
were
now at Buffalo, to Buffalo handlers.
on
the crops as
on
demand
325.000
country
In other words, there
@5 40
CORN.—Corn husking was interrupted during the week in the middle
Fri.
49%
But, of course, as every¬
supply is enormous.
The visible
in
5 20
and upper Mississippi and Ohio Valleys by unfavorable weather.
is well along in Kansas and has been completed in Oklahoma.
better.
5ocTnI?r' thG total remains
a
year ago.
and
6 65
6 75
_
Oats
Agriculture for the week ending Nov. 22
71
^
light,
were
somewhat
body knows, the visible
supply last week decreased
328,000
Thurs.
49
53%
Oats advanced with other
grain, but with
tion,
Wed.
48%
May delivery
@64
WEATHER BULLETIN FOR THE WEEK ENDING
DAILY CLOSING PRICES OF CORN
FUTURES IN CHICAGO.
„
©55
52
0 96
There has been
some
bulges, and operators have hesitated to
take the long side for
anything more than a quick turn.
To-day prices advanced slightly, and then reacted, in
spite
of light receipts and
reports that the War Finance Corpora¬
tion had begun measures to relieve
farmers.
Country of¬
ferings were reported larger.
Closing prices were %c
higher for the week.
„
51
-
FLOUR.
112
despite
all
No. 2 yellow
91%
Fri.
hand, it seems no difficult
raising the price materially.
liberal
a
86
day.
closing quotations:
Wheat—
reports of further foreign
big crop,
a
Fri.
Holl-
89
CHICAGO.
Very many
increase greatly in the
Early in the week
matter to get the corn without
it
Frl.
125
110% Holl113% day.
111
fraction,
a
will
movement
crop
export business.
later
109%
111
Buying is therefore cautious.
some
The
YORK.
grain and small receipts of late.
future.
business.
Hoi.
Thurs.
84
tral Rocky Mountain districts, but germination of winter grains continue
at a standstill in California as a result of deficient moisture.
Winter oats
Thurs.
123
109
110%
corn
Wed.
121
FUTURES IN
Mon.
Tues.
Wed.
cts.108
May delivery..
Indian
NFW
120%
WHEAT
Sat. °
December
IN
Tues.
Mon.
cts.120
CHICAGO.
Wed.
82%
87
marized in the weather bulletin issued by the
higher.
supply in
against an in¬
The total is 6,558,000 bus.,
To-day prices advanced, clos¬
against 4,950,000 last year.
last
were
Cash
Some export inquiry
appeared, and sales were reported of 250,000 bushels.
Receipts have increased, but for all that the cash situation
has
NOV. 22.—The influences of weather
cables
CHICAGO.
Wed.
Domestic stocks are
shrinking, but bonded supplies increased about 3V2 millions
Liverpool
46
prices have been particularly strong.
and reduced acreage talk is increasing.
week.
Fri.
|Hol.
32%*33% Holi-J
37%*38% day.*
33
38
Rye has advanced with other grain.
fallen
45
OF OATS FUTURES IN
PRICES
delivery,.
NEW YORK.
Tues.
Wed. Thurs.
Mon.
45
Sat.
December
Spring patents
Supreme Court has enjoined the Gov¬
enforcing
on a case
although somewhat better than recently, is not large enough
new.
have been stronger throughout
2327
this
The
Speculation
big stocks pre¬
time, and the
cash
demand,
Total
wk.
*21
Since Jan.1'21
Week 1920...
Since
*
on
318,000
6,292,000
286,000
Jan.1'2011,916,000224,390,000
19,325,000
314,000
95,000
528,000
41,312,000 16,616,00022,501,000
655,000)
292,000
Receipts do not include grain passing through New Orleans for
through bills of lading.
564,000
25,424,006110,093,00047,494,000
foreign porta
THE
2338
The exports from the several seaboard ports for
ending Nov. 19
Wheal.
Corn.
New York.....
2,270,113;
Boston
109,907
"2',boo]
79,000^ 220,000
New Orleans...
216,000,
Galveston
Total
....
3,000
l
443,000
9,000 557,000
7,061,113 2,129,907 367,260
6,654,418 1,011,708 145,769
Week 1920.....
451,850
12,000 565,333
469,000 585,889 481,854
The destination of these exports for
July 1 1921 is
900
the week and since
below:
as
It is
Philadelphia
Flour.
Nov.
July 1 to—
19,
1921.
Week
1
1921.
Since
Week
Since
Nov. 19
July 1
Nov. 19
July 1
1921.
Since
July 1
|
Barrels.
Kingdom. 138.740
1921.
1921.
Barrels.
Continent
65,877
54,136
82,153
26,354
opinion that
be all
367,260
145,769
6,256,456
Brit. No. Am.Cols.
Total
Total 1920
"5",012
12",208
7,061,113 145,841,092 2,129,907 47,118,078
6,654,418 159,344,455 1,011,705 3,722,834
5,979,871
Wheal.
Corn.
1921.
the
as soon as
better
unable
to
Nov.
1920.
Since
19.
1921.
North Amer.
Since
Week
July 1.
July 1.
Bushels.
Bushels.
report
steadiness,
of some
terial.
cotton
India
Bushels.
Nov.
19.
Since
July 1.
2801666
11 551,000 249.781,000 244.620,000
The
Bushels.
46,956,000
9,183,000
4,815,000
64,830,000
75,913,000
635,000
"396I666
2",1351666
"8641666
4,548,000 123,104,000
82,227,00
0
GRAIN STOCKS.
Wheal,
Corn,
bush.
Philadelphia
Baltimore
bush.
30,000
16,000
2,000
238,000
275,000
39,000
1.999,000
131,000
681,000
559,000
"
i",66o
334,000
18,000
New Orleans
3,987,000
5,418,000
2,799,000
823,000
1,254,000
17,000
2,986,000
Galveston
Buffalo
afloat
Toledo...
Detroit...
Chicago
"
Barley,
bush.
1,098,000
Newport News...
;
Rye,
bush.
166,000
2,538,000
..
Oals,
bush.
1,069,000
61,000
2,355,000
Boston
Indianapolis
Omaha...
Lakes
On
Canal and River
247,000
906,000
91,000
3,304,000
849",66o
"i~,66o
87,000
15,000
1,229,000
4,000
228,000
73,000
2,000
853,000
383,000
2,440,000
6,000
508,000
47,000
724 000
494 000
402 000
287,000
179,000
888,000
330.000
•:
120,000
"
51666
15,000
......
50,877,000 17,936,000 68,396,000
6 558 000
55,382,000 18,705,000 68,721,000
6,760,000
39,875,000
7,127 000 34 328,000
4,596,000
92,905,000
1,160,000 17,294,000 17,455,000
Total Nov. 22 1919
Note.—Bonded grain
4 082,000
4,352,000
3,483,000
3,517,000
not
included above: Oats, 11,000 bushels New
York, 11,000
Boston; total, 22,000 bushels, against
14,000 in 1920; barley, New York, 56,000
bushels; Buffalo, 128,000; Duluth, 7,000;
total, 191,000 bushels, against 4,000
bushels In 1920; and wheat.
1,727,000 New York, 619,000 Baltimore, 10,198,000
695,000 Toled°. 414,000
Philadelphia, 751,000 Boston, 4 133 000 Chicago;
total, 18,447,000 bushels in 1921.
CanadianMontreal
2,855,000
Arthur.26,633,000
1,353,000
239,000
1,353,000
1,471,000
114,000
7,771,000
8,810,000
4,343,000
239,000
195,000
2,000
4,945,000
86,000
6,558,000
4,082,000
239,000
2,187,000
..85,736,000 19,289,000 76,167,000
6,797,000
..90,136,000 20,176,000 77,531,000
6,955,000
..59,099,000
7,241,000 38,671,000
4,601,000
.108,634,000
1.162,000 22,239,000 17,541,000
6,269,000
6,404,000
4,704,000
4,678,000
5,371,000
Total Nov. 19 1921.
.34,859,000
.34,754,000
.19,224,000
.15,729,000
Total Nov. 12 1921.
Total Nov. 20 1920.
Total Nov. 22 1919.
Canadian
Total Nov. 19 1921.
Total Nov. 12 1921.
Total Nov. 20 1920.
Total Nov. 22 1919.
days
importance, caused by the advance of the
not
placing orders for
time in the future.
of
changes
raw
ma¬
there will be another ad¬
l.arge quantities for
any
The fact that this is
near
great
any
the end of the
and the taking of inventories has the effect of curtail¬
ing commitments, while at the same time it has caused some
year
hand
at
prices somewhat, even on a rising mar¬
stocks which they do not wish to have
move
the first
of
the year.
The demand for export
discouraging, and while inquiries still continue, and, in
fact in certain mills, sheetings, for instance, are
running
only on export business; it cannot be denied that the volume
of business
is
sadly below normal, with little evidence of
in the very immediate future.
As a
improvement
whole
trading has been decidedly
some
have
time is
been
more
active
the
strongest
demand
from
Demand
this
on
that
than
for
re¬
There has been the
for
source
fine
fact
market
fact that their
a
quirements appear to be for small lots.
constructions.
The
spotty.
in
noticeable, but it is also
bleaching
purpose
goods is
very quiet, and
there is likewise little activity in ginghams.
The fact that
goods
selling over the counter, bought at lower prices
prevail, on a low level, apparently confuses the
dealer, who recognizes the difficulty that will confront him
than
are
now
when he passes the advance on to the public.
At present,
print cloths, 28-inch, 64 x 64's, are selling at 6%c, and 27inch, 64 x 60's, are listed at 5%c.
Gray goods in the 38^inch, 64 x 64's, are quoted at 9c, .and 39-inch, 68 x 72's, at
9%c.
Three-yard
four-yard at 10c*.
brown
sheetings
sell
There
has
little
been
at
lO^c, and the
activity noted in
ginghams.
WOOLEN
GOODS.—The
woolen
goods section of the
is, of course, unsettled, owing to the strike and other
difficulties.
The dress goods division reports numerous or¬
ders during the week, but most houses complain of the fact
that the orders are for very limited quantities.
There are
market
indications
that
1,244,000
505,000
2,187,000
2,052,000
1,221,000
1,161,000
5,000
the
finer
woolens
will
advance
somewhat
in
price, and the listings of larger companies for the coming
year are slightly higher than the present level.
Authorities
in the trade feel that the
Emergency Tariff now in effect is
just being felt to its fullest extent in this slight advance in
imported woolens.
Generally speaking, the garment manu¬
facturers
are doing absolutely
nothing beyond attempting
adjust the present difficulty with the strikers.
The re¬
tail trade reports a fair amount of
business, and an indica¬
to
tion that there is
of
the
a
little better feeling on the part of buyers.
has been for overcoating and heavy
demand
438,000
SummaryAmerican
few
a
showing price
no great confidence in the
situation, and a conserva¬
tive policy is apparent on the part of most buyers who are
Most
1,291,000
3,737,0002,743,000
.50,877,000 17,936,000 68,396,000
.34,859,000
1,353,000 7,771,000
Ft. William & Pt.
Other Canadian
again
feT.ooo
113,000
1,023,000
765,000
Total Nov. 19 1921
Total Nov. 12 1921
Total Nov. 20 ' 920
21,000
427,000
1,068,000
143,000
716,000
160,000
2,389,000
On
112", 000
498,000
456,000
87,000
444,000
83,000
1,685,000
6,272,000
Kansas City
St, Joseph, Mo
832 000
43,000
5,382,000
2,653,000
9,197,000
1,040,000
215,000
329,000
Peoria
4,657,000
1,799,000
817,000
151,000
18,612 000
3,761,000
783,000
5,227,000
21,826,000
,
254,000
St. Louis
160,000
2,578,000
3,080,000
82,000
3,433,000
Minneapolis
lielooo
585,000
afloat
Milwaukee
Duluth
GOODS.—After
Most dealers realize that
converters
'
States—
than average trade.
more
a
there is
any
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Nov. 19 was as follows:
United
the
is
visible
New York
by
to a higher level, and on an upward movement
buying has been steady, although in small lots.
Apparently
on
July 1.
Bushels.
Bushels.
"
Oth. countr's
Total
clothing centres
benefitted
the matter is settled for good it will
goods are
mills to break their
1920.
Since
8,978,000 203,055,000 193,285,000 2,124,000
8,000
2,680,000
221,000
605,000 13.230,000 38,217,000 1,813,000
1,960,000 30,104,000 12,838,000
712,000
Russ. &Dan.
Argentina
Australia
that
have
for everyone
COTTON
ket, in order to
Week
noticeable
justment
2591666
The world's shipment of wheat and corn for the week
ending Nov. 19 1921 and since July 1 1921 and 1920 are
shown in the following:
Exports.
and
Bushels.
1,500
Other Countries..
this
concerned. ' Business gener¬
both in cotton and woolen, has been dull throughout
been
497,000 12,130,115
1,875,000 39.469,259
5,130,113 104,008,696 1,503,675 32,692,235
55,000
2,103,137
44,010
1,839,010
1,000
1,000
80,210
444,510
264,779
West Indies
Bushels.
Bushels.
Bushels.
So. & Cent. Amer.
in
1921.
.
2,691,081
2,560,024
331,615
407,457
strike
however, the strike lias caused less confusion than might
be expected.
There have been curtailments, but few can¬
cellations, and most of the factors in the trade express the
DOMESTIC
United
the
the week.
Orders are being received, but in very small
quantities, and the retailer, on whom so much depends, has
Corn.
Wheal.
'
Week
,
Boston
as
ally,
Exports for Week.
and
Since
of
strike to the extent of receiving orders which in the usual
course of events would be placed in New York.
As a rule,
1,613,000 1,638,000 120,000,
week..
effect
whole, is widespread.
a
such
819,000
Montreal
The
confront them here.
....
17,000
demands.
they feel they will be unhampered by labor troubles which
8,333
I III
2,000
162,000
I
their
There
is increasing evidence of the determination of some manu¬
facturers to transfer their activities to other
cities, where
Peas.
Barley.
'
[Vol. 113.
city, and in the industry as
Bushels.' Bushels. Bushels.
8,850
226,260(
Baltimore
Rye.
Bushels
Barrels.
2,064,000
Newport News.
Oals.
Flour.
I Bushels.
Bushels.
in
rate
the week
shown in the annexed statement:
are
Exports from,—
CHRONICLE
suiting, and the demand for fancy-backed overcoats, which
so recently
developed, still continues.
One of the large
clothing manufacturers has announced the opening of shops
to dispose of garments direct to the consumer.
The plan is
has
to
give to the buyer a suit or overcoat at $25 or $30, which
apparently is about the price the average consumer has
placed as what he wants to pay.
This experiment has been
tried before
and
has met with indifferent
success.
In
the
present attempt, coming at this very critical time of cautious
buying, it is apt to be the forerunner of similar openings on
of-many manufacturers, according to some authori¬
the part
ties.
THE DRY GOODS TRADE.
New
York, Friday Night, Nov. 25 1921.
At the commencement of the
garment workers' strike last
week the majority of the trade
appeared to feel confident
that an early an amicable
settlement would be effected.
The strike has been in
progress now for two weeks,
and,
despite the fact that negotiations between the strikers
and
the
manufacturers have
has
so
far been
is acceptable
has in
on
some
no
to
practically continuous, there
solution of the
both
cases
been
sides.
come
to
The
an
private terms, and in these
turned
to
the factories.
ception, and not
difficulty advanced
agreement
cases
These cases,
the rule,
which
individual manufacturer
for up to
the
with
however,
the
the
strikers
workers have
are
present
the
time
re¬
spot
lightweights
4.85c.
This
is
with
no
advance in price.
listed
are
closely
in
at
line
3.85c
with
and
the
At present the
the
heavies
Calcutta
at
market,
which has developed no showing of strength over the week.
Reports of heavy shipments from India, together with slow
buying in this market, have caused the depression.
Appar¬
ently there is little indication of renewed buying
scale at *any time in the near future.
on a
large
Linens have occupied a very steady position
during the
week, and appear to be unaffected by the erratic perform¬
ance
of
ex¬
the
placed
other
and
normal,
percentage of workers who have agreed to return to their
jobs is small compared to the number who are still Obdu¬
FOREIGN DRYGOODS.—The burlap market continues to
be very unsteady,
sections
reports
of
from
the
market.
Europe
Imports
indicate
with
country.
are
heavy
near
orders
linen-producing countries for export to this
The demand, while not large, continues to be
steady, and the prices
are
well maintained.
Nov. 26
THE
1921.]
CHRONICLE
2329
BONDS OF OTHER COMPANIES.
•tale imd
Atchison Topeka
City g^arxmewt
Ac Santa Fe System.
Qeneral mortgage 4s, 1995
Chic. Santa Fe. A Calif. Ry. 1st 5s, 1937
First Mortgage, gold, 3 Ha A 4s, 1951'
First Mortgage, Gold Extension
3Ha, *51
First Mtge., Sterling Exten., 3s A 4s, 1951
Eastern Oklahoma Division 1st 4s, 1928
We print the Nov. 1921
in the "Chronicle" of June 11 1921.
list in
added
full, indicating by means of an asterisk (*) the securities
since May 1 1921, while those that have been
dropped are placed in full face brackets.
The following table shows the State and municipal bonds
which are considered legal investments:
Bonds of the United 8t£,tes, or those for
Fairmont, W.Va.
Northampton,
the United State11 Is
Fall River, Mass.
Dis¬
Fitchburg, Mass.
Mass.
Oakland, Cal.
which
faith of
the
pledged, including the bonds of the
trict
of
Columbia.
2s. 1930
_3s, 1918
United States Bonds
"
"
4s. 1925
2s. 1936
3s, 1961
3.65s. 1924
U. 8. Panama Canal
U. S. Panama Canal.
District of Columbia
All issues
Liberty and Victory bonds
Issued bonds and
interestbearing obligations of the following States
Legally
California
Nevada
Colorado
New Hampshire
Connecticut
♦New Jersey
Hammond, Ind.
Peoria, 111.
Philadelphia, Pa.
New York
Hazelton, Pa.
Northeastern RR. cons. 6s, 1933
Norfolk A Carolina RR. 1st 5s, 1939
"
Haverhill, Mass.
Holyoke, Mass.
Sanford A St. Petersburg RR.
Rhode Island
Kansas
South Dakota
Kentucky
Tennessee
Maine
Texas
Maryland
Vermont
Massachusetts
Washington
prior Hen 3Hs. 1925
Convertible 4Hs, 1933
5s, 1995
6s, 1995
Southwestern Division 3 Ha, 1926
Bait. A N. Y. RR. 1st 6s, 1939
Series A ref. A gen. mtge.
*30
Pittsburg Ju. A Mid. Div. 3He. 1925
Plttab. Clev. A Toledo 1st Gs, 1922.
Pitts. Lake Erie A West Va. ref. 4s, 1941
Oconee Division
1946
outside
Chattanooga Rome A Southern 5s,
5s,
General mortgage 6s,
Quincy, 111.
Quincy, Mass.
Racine, Wis.
Kansas City, Kan.
Reading, Pa.
Chicago Milwaukee 5c St. Paul System
Richmond, Ind.
Rochester, N. Y.
General mortgage 3Ha, 4s A 4Ha,
Kenosha. Wis.
of
the
city Issuing the same.
"Special Assess¬
ment" and "Improvement" bonds which
are not the direct obligations of the city
and for which Its faith and credit are not
[Minn. A Pacific Ry. 1st 4s. 1936]
Minn. S. 8. M. A At. Ry. 1st 4s, 1926
Mobile & Ohio System.
First Mortgage 6s, 1927
Ghatt.
Nashv.
St.
5c
Louis
System
Centrevllle Branch 1st 6s, 1923
New York Central System.
Central Railway of New Jersey.
1987
[\mer. Dock A Imp. (guar.) 1st 5s. '21J
Dock A Imp. (guar.) 1st 6s, '36
•
3H8, 1997
Consolidated Mortgage 4s, 1998
Refund. A Impt. 4Ha. 2013
Refund. A Impt. Series B 6s, 2013
Debentures 4s, 1934
4s
1942
Carth. Wat. A Sack. H. RR. 1st 6s. 1931
1989
General A Refunding 4HS, 2014
Rockford, 111.
«•
m
Rock Island, III.
flArlAfl
R Ka
9014
Chic.Milw. A Puget Sound 1st 4a,
Rome, N. y.
Lafayette, Ind.
Lancaster, Pa.
Sacramento, Cal.
Lansing, Mich.
Lawrence, Mass
St. Joseph, Mo.
St. Louis, Mo.
Lebanon, Pa.
St. Paul, Minn.
1949
[Chic. A Lake Super. Dlv. 1st 6s, 1921J
Chic. A Missouri Rlv. Dlv. 1st 5s, 1926
Convertible 4 Ha. 1932
Debentures 4s, 1925 A 1934
Fargo A Southern Ry. 1st 6s, 1924
Milwaukee A Northern exten. 4Ha. 1934
Saginaw, Mich.
Carthage A Adirond. Ry. 1st 4s, 1981
Chicago Ind. A Southern 1st 4s, 1956
Cleveland Short Line 1st 4Hb, 1961
Gouverneur A Oswegatchie RR. 1st 5s,'42
Indiana IUlnols A Iowa 1st 4s, 1950
Jamestown Franklin A Clearf. 1st 4s, 1959
Kalam. A White Pigeon RR. 1st 5s, 1940
Lake Shore A Mich. So. gen. 3Ha, 1997
Lake Shore Collateral 3Hs, 1998
Lake Shore A Mich. So. Deb. 4s, 1928
••
••
«
••
i93i
4gg
Little Falls A DoIgevlUe 1st 3s. 1932
Salem, Mass.
Lexington, Ky.
Lima, Ohio.
Lincoln, Neb.
San Antonio, Tex.
Chester, Pa.
Sandusky. Ohio.
General mortgage 4s, 1958
Lockport, N. Y.
San Francisco, Cal.
Denver
Chlcopee, Mass.
Cincinnati, Ohio.
//
Albany. n. y. //
Allen town, Pa. "
Logansport, Ind.
Scran ton, Pa.
Illinois Division 3 Ha A 4s, 1949
Long Beach, Cal.
Sheboygan, Wis.
Shenandoah, Pa.
1927
Rome W. A O. RR. cons.3Hs,4flA58,1922
Chicago Union Station (guar.)
Sturges Goshen A St. Louis 1st 3s, 1989
Series A, 4Ha. 1963
Spuy. D'vll. A Pt. Mor. RR. 1st 3Ha.'5«
Scries B, 5a, 1963
Utlca A Black River RR. 1st 4s, 1922
Series C, 6 Ha, 1963
♦Paducah A Illinois (guar.) 1st 4Hs, 1956
Norfolk 5c Western System.
1921]
[Wisconsin A Minn. Dlv. 1st 5s,
Chicago Burlington 5c
San Diego, Cal.
Quincy System
Cleveland, Ohio.
Loralne, Ohio.
Clinton, Iowa
Los Angeles, Cal.
Sioux City, Iowa.
Louisville, Ky.
Sioux Fails, So.
Anderson, Ind.
Colorado Spgs., Col.
Ashtabula, Ohio.
Columbus, Ohio.
Lowell, Mass.
Lynn, Mass.
Somerville, Mass.
South Bend, Ind.
Atlantic City, N.J.
McKeesport, Pa.
N.
Battle Creek, Mich.
Dallas, Tex.
Bay City, Mich.
Danville, 111.
Davenport, Iowa.
Aurora, 111.
Baltimore, Md.
Bayonne, N. J.
Beaumont, Tex.
Madison. Wis.
Chicago 5c North Western System.
Maiden, Mass.
General mortgage 3Ha, 4s and 5s, 1987
Springfield. 111.
Springfield, Mass.
Manchester, N. H. Springfield, Mo.
Mansfield, Ohio.
Springfield, Ohio.
Marion, Ind.
Spokane, Wash.
Steubenvllle, Ohio
Marion, Ohio.
Berkeley, Cal.
Beverly, Mass.
Des Plalnes
First A
Nashua. N. H.
Newark, Ohio.
Utlca, N. Y.
Dulutb, Minn.
East Chicago,
Boston, Mass.
East Liverpool, O.
Brockton, Mass.
East St. Louis. Til.
Easton, Pa.
Ind.
Eau Claire, Wise.
Buffalo, N. Y.
New
Toledo. Ohio.
Ind.
Bedford. Mass Waco. Tex.
[New
Brunswick, *Waltham. Mass.
n. j
q
Waterloo, Iowa.
Elgin, III.
Newburgb, N. Y.
Watertown, N. Y,
Burlington, Iowa.
Elizabeth. N. J.
New Castle, Pa.
Wheeling, W. Va.
Elmira. N. Y.
Newport. Ky.
Newport. R. I.
Wilkes-Barre, Pa.
Newton. Mass
Williamsport, Pa.
Butte, Mont.
El Paso. Tex.
Camden, N. J.
Elyria, Ohio.
.
Wichita. Kan.
Iowa.Evanston. 111.
Charleston, W.Va.
Evansvllle. Ind.
Chelsea, Mass.
Everett, Mass.
Cedar Rapids.
North
Adams,
York,
Pa.
Youngs town, Ohio
Mass.
Zanesvllle. Ohio.
Railroad bonds which the Bank Commissioners find to be
legal investments are shown below:
[Boston A Albany RR. deb. 3Hs,
19511
3 He,
1952J
"
COxMPANIES.
Valley Ry. 1st 4Ha, 1947
North Wisconsin Ry. 1st
192*
1961
4s. 192c
Bus.RR.(guar.) conv. 3Ha. '46
1st A ref. 4s, 1943
1st 6s. 1924
Schenec. A Duanesb. RR.
4s, 19353
Portl. A Rumf. Falls Ry. cons.
Delaw. Lackawanna &
4
He, 19373
Somerset Ry.
"
5s, 19383
cons.
"
"
5s, 19633
Conn. A Paasumpsic
River RR. 4s, 1943
Bangor & Aroostook System.
Aroostook Northern 5s, 1947.
Consolidated Refunding 4s,
First Mortgage 5s,
1951.
1943.
1937.
Medford Extension 5s,
Piscataquis Division 5s, 1943.
Van Buren Extension 5s, 1943.
Washington Co. Ry. 1st 3He, 1954
1940
Holyoke A Westfleld RR. 1st 4H>. 1951
Old Colony RR. deb. 4s, 1938
4s. 1924
4s, 1925
"
"
"
Providence
19**
1923
Del. Riv. A Bridge Co.
Hollldaysburgh B. A C. Ry. 1st 4s,
Minn.,No.Dlv. 1st 48, 1948
Spokane Falls A Nor. Ry 1st 6s, 1939
St. P. M. A M. Ry. cons. 4s,4HaA68, '33
Montana Extension 4s, 1937
1930
5s, 1930
1st 4s. 1943
Pblla. Bait A Wash. RR. lat 4s, 1943
General Mtge. 6s, 1960
Plttsb. Va. A Chariest. Ry.
"
a
/
"
4s. 1922
4s, 1926
4s. 1932
1951
1st 4s, 1936
Wilkes-B. Ry. lat 5s. 1928
"
•«
■p
"
Phlla. A Bait. Central
1st 4s.
Sunbury A Lewlston Ry
Sunb. Haz. A
••
2d
1938
6s.
Susq. Bloom. A Berwick 1st 53, 1952
Un. N. J. RR. A Canal Co. gen. 4s, 1948
«
..
••
••
4a, 1944
..
1938
1929
"
Illinois Central System.
Collateral Trust 3 Ha,
1st 4s, 1924
Cairo Bridge 4s,
1950
1951
1943
Penn. A Northw. RR. gen.
«
Sullivan County RR.
Mt. J. A L.
"
Minneapolis Union Ry. 1st 6s A 6s. 1922
Montana Central Ry. 1st 5s A 6s, 1937
Wlllmar A 8ioux Falls Ry. 1st 5s.
Ports.
Junction RR. gen. 3Ha,
"
East. RR. of
1970
1st 4s,
General Mortgage 6s,
Pblla. Wilm. A Bait. RR.
Refunding 4H8, 1961
Pacific Extension 4s, 1940
3Hs. 1932
Worcester RR. 1st 4s
Boston a Providence debenture 6s,
4Hs&nd5s, 1935
(guar.) ref. 3Ha. 2000
Great Northern System.
First and
New York New Haven A Hartf.System
Collateral Trust 5s, 11)23
Piscataquis RR. 1st 4s, 1929
Warren RR.
General Mortgage. Series A, 7s. 1936
New London Northern RR. 1st 4s,
"
Maine Central System.
1930
Morris A Essex RR.(guar.) ref.3 Ha. 2000
Upper Coos RR. 1st 4s, 1930
extension 4He. 1930
(guar.) 4s, 1951
(guar.) 1st 4s, '30
1965
General Mortgage 5s, 1968
Connecting Ry
Harr.
Western Syst
Bangor A Portland Ry. 1st 6s,
4s, 1950
1st A ref. 4s. *1955
-
3HaA4Ha'42
General Mortgage 4 Ha.
Del. A Hudson Co.
Portland Term. Co. (gu.) 1st 4s A 5s,
3Ha, 1948
3 Ha. 1950
1930
Adirondack Ry. 1st 4Ha, 1942
Albany A
"
6s. 1930
Portland
1st 4 Ha,
"
"
Cleve. A Pitts, (guar.) gen.
Consolidated 6s A 3Ha, 1930
4s, 19341
Ry.
Northern Pacific System.
"
4s, 1933J
Ogdens.
6s, 1932
Impt. and Exten. Mtge. 6s, 1934
Norfolk Terminal Ry. (guar.) 1st 4s, 196)
Scioto Val. A New Eng. RR. 1st 4s. 1989
Northw. Ry. 1st 3 Ha, 1935 General Lien 3s, 2047
N.W.Ry.lst 3H8,'41 Prior Lien 4s, 1997
Mankato A New Ulm Ry. 1st 3Ha, 1929 Refund. A Imp. 4Hsand6s, 2047
Minn. A South Dakota Ry. 1st 3 Ha, 1935 8t. Paul A Nor. Pac Ry. 1st 6s, 1923
Milwaukee A State Line Ry. 1st 3Ha, '41 St. Paul A Duluth RR. cons. 4s, 1968
Mllw. Sparta A N. W. Ry. 1st 4s, 1947
1st 5a, 1931
Mliw. Lake Sh.A West. Ry.
Wash. A Columbia River Ry. 1st 4s. 1935
Ashland Division 1st 6s. 1925
Pennsylvania System.
Extension and Improvement 6s, 1929
Consolidated Mortgage 4s. 1943
MarshfiHd Extension 1st 5s, 1922
4s, 1948
Michigan Division 1st 6s, 1924
3Ha, 1945 •
Minnesota A Iowa Ry. 1st 3Ha, 1924
4 Ha, 1960
Princeton A Northw Ry. 1st 3 Ha. 1926
Allegheny Valley Ry. gen. 4s, 1942
Peoria A Northw. Ry. 1st 3Ha. 1926
Belv. Del. RR. (guar.) cons. 4s, 1925
Sioux City A Pacific RR. 1st 3 Ha. 1936
4s, 1927
St. Louis Peoria & N. IV. 1st 6s, 1948
3Ha. 1943
St. Paul East. G.T.Ry.(«uar.Ust4H8.'47
Cambria A Clearfield Ry. gen. 4s, 1955
Wisconsin Northern 1st 4s. 1931
Cambria A Clearfield Ry. 1st 5s. 1941.
Chic. St. Paul Minn. 5c Omaha System Clearfield A Jefferson Ry. 1st 6s, 1927
Delaware 5c Hudson System.
European A No. Amer. Ry. 1st 4s, 1P?3
Maine Shore Line RR. 1st 6s, 1923
A
New River Division 1st
Refunding 6s, 2037
Mo. Val. RR. cons. 6s, '33
Superior Short Line Ry. 1st 5e.
BONDS OF NEW ENGLAND
1931
Columbus Con. A Term. Co. 1st 5s. 1922
"
.
♦Niagara Falls, N.Y.Worcester. Mass.
Erie, Pa.
Canton, Ohio
General Mortgage 6s,
"
Burlington, Vt.
Cambridge, Mass.
1993
Mani. Green Bay A
Troy. N. Y.
New Albany,
Bingham ton, N. y.
Bloomington.IU.
Bluefield, W. Va.
3Ha, 2002
1st 5s, 1927
Iowa Minn. A
Topefea, Kan.
Trenton, N.J.
Ind.
Muskegon. Mich.
"
Consolidated Mortgage 4s, 1996
Frem. Elkh. A
Terre Haute, Ind.
Mollne, 111.
Muncle.
1923
Debenture 5s, 1933
Stockton, Cal.
Med ford, Mass.
Des Moines, Iowa.
Detroit, Mich.
Dubuque, Iowa.
Beloit, Wise.
Boyer Valley RR. 1st 3 Ha,
Collateral Trust 4s, 1926
Superior, Wis
Syracuse, N. Y.
Minneapolis, Minn. Taunton, Mass.
Decatur, 111.
Denver, Colo.
Bellingham, Wash.
Belleville, 111.
Dak
Mlddletown, Ohio.
Milwaukee, Wis.
Dayton, Ohio.
"
Y. A Northern Ry.
Pine Creek Ry. 1st 6s, 1932
South Omaha, Neb.
Bangor, Me.
Concord, N. h.
Council Bluffs,Iowa.
Covington, Ky.
Cranston, R. I.
Cumberland. Md.
Auburn, N. y.
"
N. Y. A Putnam RR. cons. 4s,
Extension 4s, 1922
Nebraska Extension 4s,
Altoona, Pa.
Amsterdam, n. y.
[Cohoes. N. y-.J
Michigan Central Collateral 3Ha. 1908
Mobawk A Malone Ry. 1st 4s, 1991
cons.
Alliance, Ohio.
Dexter A
St. Paul 5c S. S. Marie System.
First Consolidated 4s A 5s, 1938
Chicago. 111.
!!,
First A refunding
Michigan Air Line 1st 4s, 1940
Lewlston, Me.
pledged are not allowable.
Akron, Ohio.
Pa.
La Crosse, Wis.
obligations
Kalamazoo A South Haven 1st 5s, 1939
♦Amer.
school Kingston, N. Y.
district in ♦Kokomo, Ind.
1957
Jackson Lansing A Sag. 1st 3Ha, 1951
First Mortgage
Providence, R. I.
111.
3Hs, 1952
Jollet A Nor. Indiana 1st 4s,
1947
1945
Kalamazoo, Mich.
Connecticut, and
of
the direct
Michigan Central System.
Detroit A Bay City 1st 6s, 1931
Memph. Un. Sta. Co. (guar.) 1st 5s, 1959
Poughkeepsie, N. y
.
Legally authorized bonds of the follow¬
Collateral Notes 7s. 1930x
1926
PottsvlJle,
county, town, city, borough,
district, or sewer
So. A No. Ala. RR. (guar.) cons. 6s, 1936
8o. A No. Ala. RR. cons. 5s. 1963
Jasper Branch Extension 1st 6s, 1923
Loulsv. A Nash. T'l Co.(guar.) 1st 4s, '52
1945'
Mobile Division 5s,
Macon A Northern 5s, 1946
Portsmouth. Ohio
Joplin, Mo.
the State of Connecticut.
Loulsv. Cln. A Lexington gen. 4Hs, 1931
Minn.
general 5s, 1937
Eatonton Branch 5s,
Jollet,
Montana
Alameda, Cal.
ref.4He,
1st 6s, 1922
Johnstown, Pa.
Legally Issued bonds and obligations of
are
"
"
Indianapolis, Ind.
Wyoming
cities
cons.5a,1933
gen. 5s, 1936
"
Kansas City, Mo.
Missouri
[Pensacola A Atlahtlc 1st 6s, 1921]
First Mortgage 1st
Jersey City, N. J.
Wisconsin
which
A gen. mtge.
Jamestown, N. Y.
Minnesota
district, fire
B ref.
♦Series
Jackson. Mich.
West Virginia
Michigan
1945
Southeast A St. Louis Dlv. 1st 6s. 1971
Trust 1st 5s, 1931
Bait. A Ohio RR. 1st 4s, 1948
Port Huron, M ich.
Portland, Me.
Hutchinson, Kan.
Unified Mortgage 4s. 1940
Mobile A Montgom. Ry. 1st 4Ha,
Nash. Flor. A Shef. Ry. (guar.) 1st 6s, '37
New Orleans A Mobile Div. 1st 6s. 1930
Paducah A Memphis Div. 1st 4s, 1946
Baltimore & Ohio System.
First mortgage 5s,
Huntington, W.Va. Pontiac, Mich.
Pennsylvania
1st 4s, 1924
Bav., Fla. A West. Ry. 1st 6s A 6s, 1934
Wilm. A Weldon RR. gen. 4s A 5s, 1935
Wilm. A New Berne RR. 1st 4s. 1947
First Mortgage 1st 5s, 1937
General Mortgage 6s, 1930
Consolidated Mortgage 5s, 1928
Plalnfield, N.J.
♦Illinois
Louisville & Nashville System,
"
Central Railroad of Georgia.
Pittsfleld, Mass.
Oregon
Lehigh Valley System.
Annuity Perpetual Cousol'd 4Ha A 6a
Consolidated 4Ha A 6s, 1923
First Mortgage 4s, 1948
2d 5s, 1946
Petersburg RR. cons. A, 5s, 1926
B, 6s, 1926
Rlchm. A Petersb. RR. cons. 4 Ha, 1940
Pittsburgh, Pa.
North Dakota
Idaho
ing
Florida Southern RR. 1st 4s, 1945
Schuylkill R.E.S.RR. 1st 4s. 1925
West Va. A Pittsburgh RR. 1st 4s, 1990
Wash. Term. Co. (guar.) 1st 3HsA4s. *45
Paterson, N. J.
Western Lines 4s. 1951
Brunswick A Western RR. 1st 4s, 1938
Charleston A Savannah Ry. 1st 7s, 1936
"
Passaic, N. J.
Delaware
Indiana
Springfield Division 3H», 1951
Omaha Division 3s, 1951
1928
Atl. Coast Line of So. Caro. 1st 4s, 1948
Hunt'n A Big Sandy RR.
Va
Purchased Lines 3Ha, 1952
Refunding Mortgage 4s, 1955
St. Louis Division 3s A 3Ha, 1951
1952
Ohio River RR. 1st 6s, 1936
W
Florida
any
First consolidated 4s,
Alabama Midland Ry. 1st 5s,
"
Hamilton. Ohio.
Harrlsburg. Pa.
Atlantic Coast Line System.
•
Pasadena, Cal.
Md.
Hagerstown,
1st 5s, 1940
Transcontinental Short Line 1st 4s. 1958
Cleve. Lorain A Wheel. Ry.
Paducah. Ky.
Mass.
Green Bay, Wis
San Fr. A San Joaq. Val. Ry.
Central of Ohio RR. 1st 4Hs, 1930
Oil City, Pa.
OWn. N. Y.
Fort Wayne, Ind.
Omaha, Neb.
Fort Worth, Texas. Oshkosh, Wis.
Fresno, Cal.
Oswego. N. Y.
Galesburg, III.
Ottumwa. Iowa.
Grand Rapids,MIchParkersburg,
Litchfield Division 3s, 1951
Louisville Division 3Hs, 1953
cieve. T. A V. RR. 1st 4s. 1995
Flint, Mich.
Fond-du-lac,Wisc.
Gloucester,
[Kankakee A Southwestern RR. 5s, '21]
Rocky Mountain Division 1st 4s, 1965
Savings Banks.
—Complying with Section 3976. General Statutes, Revision
of 1918, the Bank Commissioner on Nov. 1 1921 issued
s list of bonds and obligations which, he finds upon investi¬
gation, are legal investments for savings banks.
This list,
as previously explained,
is revised each six months; that is,
during the first week of May and November.
The Com¬
missioner again calls attention to the wording of the law
which discriminates against the "Special Assessment" or
"Improvement" bonds, or other bonds or obligations which
are not the direct obligation of the city issuing the same and
for which the faith and credit of the issuing city are not
pledged.
The list issued on May 1 1921 was printed in full
Connecticut.-—!/^ of Legal Investments for
First Mtge., Sterling Exten., 3
Ha, 1950
Hutchinson A Southern Ry. 1st 5s, 1928
ITEMS.
NEWS
1950
Western
•
••
••
"
4s. 1923
3H8.
Pennsylvania RR. cons. 4a,
*51
1928
2328
THE
CHRONICLE
The exports from the several seaboard ports for the week
ending Nov. 19 are shown in the annexed statement:
Wheat.
Com.
Flour.
Oats.
Bushels.
Bushels.
Barrels.
Bushels.
Ex-pom fjom—
New York
2,270,113;
Boston
Peas.
Barley.
1
their
demands.
Newport News......
8,333
confront
them
such
216:600
New Orleans
Galveston
162:600
17,000
3,000
-
1,613,000 1,638,000
...
week..... 7,061,113 2,129,907
Week 1920.
The destination of these exports for the
strike
Boston
as
It is
here.
and
noticeable
Philadelphia
in
that clothing
have
this
There
manu¬
centres
benefitted
by
the
rule,
900
week and since
than
might
but few can¬
be
below:
as
the
however, the strike has caused less confusion
451,8.50 12,000 565,333
469,000 585,889 481,854
367,260j
6,654,418 1,011,708 145,769
July 1 1921 is
......
9",666 557:600
120.665; 443.060
of
strike to the extent of receiving orders which in the usual
course of events would be placed in New York.
As a
1
819,000
-
Montreal
2,000
effect
their activities to other cities, where
they feel they will be unhampered by labor troubles which
2,000;
79,000j 220,000
The
facturers to transfer
Bushels.' Bushels. Bushels.
8,850
in
city, and in the industry as a whole, is widespread.
is increasing evidence of the determination of some
2,004,000
*
Baltimore
Total
109,907 226,260,
Rye. >
rate
[Vol. 113.
expected.
There have been curtailments,
cellations, and most of the factors in the trade
opinion that
be all
the
express the
the matter is settled for good it will
as soon as
for
better
concerned.
everyone
' Business gener¬
ally,
Flour.
Wheat.
both in cotton and woolen, has been dull throughout
the week.
Orders are being received, but in very small
quantities, and the retailer, on whom so much depends, has
Corn.
Exports for Week.
Week
Since
and
Week
Since
Week
Since
Nov. 19,
July 1 to—
Since
July 1
Nov. 19
July 1
Nov. 19
July 1
1921.
.
1921.
1921.
1921.
1921.
1921.
\
Barrels
Barrels.
Kingdom. 138,740
Continent
65,877
So. & Cent. Amer.
54,136
West Indies
82,153
Bushels.
2,691,081
407,457
1,500
Bushels.
6,256,456
5,979,871
Bushels.
"5,612
12:268
7,061,113 145,841,092 2,129,907 47,118,078
6,654,418 159,344,455 1,011,705 3,722,834
The world's shipment of wheat and corn for the week
ending Nov. 19 1921 and since July 1 1921 and 1920 are
shown in the following:
Wheal.
Exports.
Corn.
1921.
V
1920.
1921.
Nov.
Since
19.
North Amer.
Since
Week
July 1.
July 1.
Bushels.
Bushels.
Bushels.
Nov.
8,978,000 203,055,000 193,285,000
8,000
2,680,000
605,000 13.230,000 38",217:666
Australia
1,960,000
30,104,000
India
Since
19.
2,124,000
221,000
\
Since
..
July 1.
Total
46,956,000
9,183,000
2",13"5",666
"864:666
4,548,000 123,104,000
82,227,00
0
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Nov. 19 was as follows:
GRAIN STOCKS.
Wheat,
United
States—
Corn,
bush.
Boston
Philadelphia
166.000
585:666
2,578,666
3,987,000
5,418,000
2,799,000
823,000
1,254,000
17,000
2,986,000
Galveston...
Buffalo
afloat
Toledo
Detroit....
Chicago
"
-
3,433,000
Minneapolis
St. Louis....
6,272,000
Kansas City
St.
Joseph, Mo
2,000
"l",666
334,000
lie'.ooo
143,000
716,000
849,666
2,653,000
9,197,000
1,040,000
215,000
329,000
2,389,000
1,023,000
765,000
87,666
"1:606
15,000
112:606
832 000
21:66O
Indianapolis
__
Omaha
On Lakes
Canal and River
Total Nov. 19 1921
Total Nov. 12 1921
Total Nov. 20 '920
Total Nov. 22 1919
247,000
1,229,000
4,000
,
73,000
"~5",666
160,000
228,000
113,000
287,000
179,000
888,000
330,000
853,000
383,000
2,440,000
508,000
47,000
724 000
494 000
402 000
4 082,000
2,000
"
of business
is
2,855,000
Arthur.26,633,000
5,371,000
1,353,000
120,000
15,000
7,771,000
8,810,000
4,343,000
4,945,000
4,352,000
3,483,000
3,517,000
239,000
195,000
...50,877,000 17,936,000 68,396,000
34,859,000
1,353,000
7,771,000
34,859,000
34,754,000
19,224,000
15,729,000
Total Nov. 22 1919
1,353,000
1,471,000
114,000
2,000
438,000
1,244,000
505,000
2,187,000
5,000
2,052,000
1,221,000
86,000
1,161,000
6,558.000
239,000
2,187,000
6,797,000
6,269,000
6,955,000
4,601,000
6,404,000
4,704,000
4,678,000
SummaryAmerican
Canadian
Total Nov. 19 1921
85,736,000
Total Nov. 12
1921....90,136,000
Total Nov. 20 1920
59,099,000
Total Nov. 22 1919...
19,289,000 76,167,000
20,176,000 77,531,000
7,241,000 38,671,000
108,634,000
The demand for export
trading has
have
been
been
decidedly
more
active
spotty.
in
the
quirements
appear to be
demand from
strongest
constructions.
goods
than
selling
are
this
Demand
over
now
on
goods
that
than
for
re¬
There has been the
for
source
fine
fact
fact that their
a
for small lots.
The
market
bleaching
is
purpose
quiet, and
The fact that
very
activity in ginghams.
the counter, bought at lower prices
a low level, apparently confuses the
prevail, on
dealer, who recognizes the difficulty that will confront him
when he passes the advance on to the
public.
At present,
print cloths, 28-inch, 64 x 64's, are selling at 6%c, and 27incli, 64 x 60's, are listed at 5%c.
Gray goods in the 38%inch, 64 x 64's, are quoted at 9c, .and 39-inch, 68 x 72's, at
9%c.
Three-yard brown sheetings sell at 10%c, and the
four-yard at 10c.
There has
been
little
activity noted in
ginghams.
WOOLEN
GOODS.—The
woolen
goods section of the
unsettled, owing to the strike and other
difficulties.
The dress goods division reports numerous or¬
ders during the week, but most houses
complain of the fact
market
is, of
the orders
indications
in
course,
are
that
for
the
very
finer
limited quantities.
woolens
will
There
advance
are
somewhat
price, and the listings of larger companies for the coming
slightly higher than the present level.
Authorities
year are
239,000
Total Nov. 19 1921
the year.
time is noticeable, but it is also
some
in the trade feel that the
Emergency Tariff now in effect is
just being felt to its fullest extent in this slight advance in
imported woolens.
Generally speaking, the garment manu¬
facturers
doing absolutely nothing beyond attempting
adjust the present difficulty with the strikers.
The re¬
tail trade reports a fair amount of
business, and an indica¬
are
to
tion that there is
Most
1,291,000
3,737,000
2,743,000
Total Nov. 12 1921
Total Nov. 20 1920
of
sadly below normal, with little evidence of
in the very immediate future.
As a
Canadian—
Ft. William & Pt.
Other Canadian
mar¬
improvement
whole
that
6:666
Note.—Bonded grain not Included above:
Oats, 11,000 bushels New York, 11,000
Boston; total, 22,000 bushels, against 14,000 in
1920; barley, New York, 56,000
bushels; Buffalo, 128,000; Duluth, 7,000;
total, 191,000 bushels, against 4,000
bushels in 1920; and wheat,
1,727,000 New York, 619,000 Baltimore, 10,198,000
695.000 Toled°. 414,000 Philadelphia,
751,000 Boston, 4,133 000 Chicago;
total, 18,447,000 bushels in 1921.
MontrettL...
rising
even on a
i~0i~,666
427,000
1,068,000
91,000
50,877,000 17,936,000 68,396,000
6 558 000
55,382,000 18,705,000 68,721,000
6,760,000
39,875,000
7,127 000 34 328,000
4.596,000
92,905,000
1,160,000 17,294,000 17,455,000
Peoria
On
559,000
39,000
1,999,000
1,799,000
82,000
817,000
43,000
151,000
5,382,000 18,612 000
498,000
3,761,000
456,000
783,000
87,000
5,227,000
444,000 21,826,000
83,000
906,000
1,685,000
3,304,000
254,000
Duluth
bush.
30,000
3,080,000
afloat
Milwaukee..
Barley,
bush.
4,657:666
131:666
681,000
Newport News
New Orleans
Rye,
bush.
1,098,000
16,000
238,000
275,000
18,000
160,000
2,355,000
2,538,000
the first
at
there is likewise little
Oats,
bush.
1,069,000
61,000
Baltimore..
hand
somewhat,
stocks which they do not wish to have
move
discouraging, and while inquiries still continue, and, in
fact in certain mills, sheetings, for
instance, are running
only on export business; it cannot be denied that the volume
converters
visible
New York
and the taking of inventories has the effect of curtail¬
ing commitments, while at the same time it has caused some
is
4,815,000
635,000
75,913,000
1,813,000 64,830,000
"396:666
Most dealers realize that there will be another ad¬
year
any
"286:666
GOODS.—After
to a higher level, and on an upward movement
buying has been steady, although in small lots.
Apparently
there is no great confidence in the situation, and a conserva¬
tive policy is apparent on the part of most buyers who are
not placing orders for any large quantities for
any great
time in the future,■_The fact that this is near the end of the
12,838,000
11 551,000 249.781,000 244.620,000
The
terial.
on
July 1.
Bushels.
712,000
Oth. countr's
than average trade.
more
a
few
days of
steadiness, cotton goods are again showing price changes
of some importance, caused by the advance of the raw ma¬
ket, in order to
■
Bushels.
Bushels.
Argentina...
Russ. &Dan.
report a
COTTON
mills to break their prices
1920.
•
Week
to
justment
259:666
264,779
367,260
145,769
Total
26,354
Bushels.
1,875,000 39.469,259
497,000 12,130,115
5,130,113 104,008,696 1,503,675 32,692,235
55,000
44,010
2,103,137
1,839,010
1,000
80,210
444,510
1,000;
2,.560,024
331,615
Brit.No.Am.Cols.
Total 1920
unable
DOMESTIC
United
Other Countries..
been
4,082,000
1.162,000 22,239,000 17,541,000
of
the
a
little better feeling on the part of buyers.
has been for overcoating and
heavy
demand
suiting, and the demand for fancy-backed overcoats, which
so recently
developed, still continues.
One of the large
clothing manufacturers has announced the opening of shops
to dispose of garments direct to the consumer.
The plan is
has
to
give to the buyer a suit or overcoat at $25 or $30, which
apparently is about the price the average consumer has
placed as what he wants to pay.
This experiment has been
tried
before and has met
with
indifferent
success.
In
the
present attempt, coming at this very critical time of cautious
buying, it is apt to be the forerunner of similar openings on
the part
of-many manufacturers, according to
some authori¬
ties.
THE DRY GOODS TRADE.
New
York, Friday Night, Nov. 25 1921.
At the commencement of the
garment workers' strike last
week the majority of the trade
appeared to feel confident
that an early an amicable
settlement would be effected.
The strike has been in
progress now for two
weeks, and.
despite the fact that negotiations between the strikers and
the
manufacturers have
has
so
far been
is acceptable
has in
oh
some
no
to
been
both sides.
cases
practically continuous, there
solution of the
come
to
The
an
private terms, and in these
turned to the factories.
difficulty advanced
individual
agreement with
cases
These cases,
which
manufacturer
the
strikers
the workers have
however,
are
the
re¬
ex¬
ception, and not the rule, for up to the present time the
percentage of workers who have agreed to return to their
jobs is small compared to the number who are still dbdu-
FOREIGN DRYGOODS.—The burlap market continues to
be very
spot
unsteady, with
lightweights
4.85c.
This
is
no
advance in price.
listed
are
closely
in
3.85c
at
line
with
and
the
At present the
the
heavies
Calcutta
at
market,
which has developed no showing
of strength over the week.
Reports of heavy shipments from India, together with slow
buying in this market, have caused the depression.
Appar¬
ently there is little indication of renewed buying
scale at "any time in the near future.
on a
large
Linens have occupied a very steady position
during the
week, and appear to be unaffected by the erratic perform¬
ance
of
other
and
normal,
placed
sections
reports
of
from
the
market.
Europe
Imports
indicate
with
country.
are
heavy
near
orders
linen-producing countries for export to this
The demand, while not large, continues to be
steady, and the prices
are
well maintained.
Nov. 26
3339
CHRONICLE
THE
1921.]
BONDS OF OTHER COMPANIES.
tfate smd
Atchison Topeka
Citij gqwrtwewt
Ac Santa Fe System.
General mortgage 4s, 1995
Ghlc. Santa Fe. A Calif. Ry. 1st 5s, 1937
Eastern Oklahoma Division 1st 4s, 1928
Hutchinson A Southern Ry.
ITEMS.
NEWS
Savings Banks.
—Complying with Section 3976. General Statutes, Revision
of 1918, the Bank Commissioner on Nov. 1 1921 issued
8list of bonds and obligations which, he finds upon investi¬
gation, are legal investments for savings banks.
This list,
as previously
explained, is revised each six months; that is,
during the first week of May and November.
The Com¬
missioner again calls attention to the wording of the law
which discriminates against the "Special Assessment" or
"Improvement" bonds, or other bonds or obligations which
are not the direct obligation of the city issuing the same and
for which the faith and credit of the issuing city are not
pledged. The list issued on May 1 1921 was printed in full
in the "Chronicle" of June 11 1921. We print the Nov. 1921
list in full, indicating by means of an asterisk (*) the securities
added since May 1 1921, while those that-have been
dropped are placed in full face brackets.
The following table shows the State and municipal bonds
Connecticut.—List of Legal Investments for
which
considered legal investments:
are
for
Fall River, Mass.
pledged. Including the bonds of the Dis¬
Fltchburg, Mass.
trict
of
2s. 1930
Fond-d u-lac, Wise.
3s, 1918
Ind.
"
"
Fort Worth, Texas.
2s, 1930
3s, 1961
,3.65s. 1924
All Issues
U. 8. Panama Canal.
District of Columbia
Liberty and Victory bonds
Issued
Legally
Interest-
and
bonds
bearing obligations of the following States
California
Nevada
Colorado
Indiana
1948
prior Hen 3H a, 1925
ref.
A gen.
Maine
Michigan
Minnesota
West Virginia
Wisconsin
Missouri
Wyoming
"
Paducah. Ky.
Mass.
Va
"
"
Hamilton, Ohio.
Hammond, Ind.
Peoria, 111.
Philadelphia, Pa.
ref.4H8, *30
1922
Pittsburg Ju. A Mid. Div. 3Hs. 1925
Pittsb. Clev. A Toledo 1st Gs, 1922.
Pitts. Lake Erie A West Va. ref. 4s, 1941
Wash. Term. Co. (guar.) 1st
3HsA4s, '45
Pittsburgh, Pa.
First mortgage 5s,
Plalnfleid, N.J.
Mobile Division
Eatonton
5s.
Mobile 8c Ohio System.
First Mortgage 6s, 1927
Chatt.
Nashv.
St.
8c
Louis
First Mortgage 3 H8,
Quincy, 111.
Quincy, Mass.
Racine, Wis.
♦Amer. Dock A Imp.
Central Railway of New Jersey.
Impt. 4Hs. 2013
Refund. A
Refund. A Impt. Series B 6s, 2013
General mortgage 5s, 1987
[Amer. Dock A Imp. (guar.) 1st 5s. *21]
(guar.) 1st 6s, '30
Debentures
4s, 1934
48
1942
Carth. Wat. A Sack. H. RR. 1st 5s, 1931
Reading, Pa.
Chicago Milwaukee & St. Paul System
Carthage A Adlrond. Ry. 1st 4s, 1981
Kansas City, Mo.
Richmond, Ind.
General mortgage 3Hs. 4s A 4H>. 1989
Kenosha, Wis.
General A Refunding 4H8, 2014
Series B 6s, 2014
Chicago Ind. A Southern 1st 4s. 1956
Cleveland 8hort Line 1st 4 Ha, 1961
Kingston, N. Y.
Rochester, N. Y.
Rockford. 111.
♦Kokomo, Ind.
Rock Island,
Kan.
Connecticut.
La Crosse,
Gouverneur A Oswegatcble RR, 1st 5s,'42
Chic.Mllw. A Puget Sound 1st 4a, 1949
Sacramento, Cal.
[Chic. A Lake Super. Dlv. 1st 5s,
1921]
Chic. A Missouri Riv. Dlv. 1st 5s,
1926
Saginaw, Mlcb.
St. Joseph, Mo.
St. Louis, Mo.
Lafayette, Ind.
of
outside
111.
Rome. N. Y.
Wis.
Convertible 4Hs,
Debentures 4s,
1932
1925 A 1934
Lebanon, Pa.
St.
obligations of the city
and for which Its faith and credit are not
Lewlston, Me.
Salem. Mass.
Lexington, Ky.
Paul, Minn.
[Wisconsin A Minn. Dlv. 1st 5s,
San Diego,
Chester, Pa.
Lincoln, Neb.
Sandusky. Ohio.
General mortgage 4s, 1958
Alameda, Cal.
Chicago. 111.
Lockport, N. Y.
San Francisco, Cal.
Denver Extension 4s,
Albany. N. Y.
Chlcopee, Mass.
Logansport, Ind.
Scranton, Pa.
Allen town, Pa.
Cincinnati, Ohio.
Long Beach, Cal.
Alliance, Ohio.
Cleveland, Ohio.
Loraine, Ohio.
8heboygan, Wis.
Shenandoah, Pa.
Altoona, Pa.
Amsterdam, N. Y.
Clinton, Iowa
Los Angeles, Cal.
Sioux City,
Louisville. Ky.
Sioux Falls,
1922
Illinois Division 3 Ha A 4s, 1949
Nebraska Extension 4s, 1927
Anderson, Ind.
Colorado Spgs., Col.
Lowell, Mass.
Ashtabula, Ohio.
Columbus, Ohio.
Lynn, Mass.
South Bend, Ind.
Atlantic City, N. J.
Concord, N. H.
McKeesport, Pa.
Council Bluffs,Iowa.
Covington, Ky.
Madison, Wis.
Cranston, R. I.
Bangor, Me.
Cumberland,
Battle Creek, Mich. Dallas, Tex.
Bayonne, N. J.
Beaumont. Tex.
Medford, Mass.
Dayton, Ohio.
Decatur, III.
Denver, Colo.
Des Moines, Iowa.
Bellingbam, Wash.
Belleville, III.
Beloit, Wise.
Md.
Danville, III.
Davenport, Iowa.
Bay City, Mich,
_
Detroit. Mich.
Dubuque. Iowa.
Duluth, Minn.
Ea9ton, Pa.
Berkeley, Cal.
Beverly, Mass.
Blnghamton, N. Y.
Bloomington, HI.
Bluefield, W. Va.
East
Brockton, Mass.
East 8t. Louis. III.
[New
Eau Claire, Wise.
Buffalo, N. Y.
Troy. N. Y,
Utlca, N. Y.
Ind.
New Albany,
N. J
Tex.
Brunswick, "Waltham, Mass
Waterloo, Iowa.
q
Burlington, Vt.
Elgin, 111.
Newburgh, N. Y.
Watertown, N. Y.
Burlington, Iowa.
Elizabeth, N.J.
New Castle, Pa.
Wheeling, W. Va.
Butte, Mont.
Elmlra, N. Y.
Newport, Ky.
Wichita. Kan.
El Paso, Tex.
Newport, R. I.
Wilkes-Barre,
Newton, Mass
Willlamsport. Pa.
Cambridge, Mass.
Camden, N. J.
Elyria, Ohio.
,
Cedar Rapids. Iowa.Evanston.
Charleston, W. Va.
Chelsea. Mass.
Pa.
-
♦Niagara Falls, N.Y.Worcester. Mass.
Erie. Pa.
Canton, Ohio.
North
III.
York, Pa.
Adams,
Youngstown, Ohio
Mass.
Evansville. Ind.
Everett, Mass.
Zanesville, Ohio.
Railroad bonds which the Bank
Commissioners find to be
legal investments are shown below:
BONDS OF
Boston & Albany RR.
"
ENGLAND COMPANIES.
deb. 3 Ha, 19511
"
3 He, 1952 J
"
..
..
••
NEW
4s, 1933J
4gf 1934]
European A No. Amer. Ry. 1st
Maine Shore Line RR.
4s, 1P?3
1st 0s. 1923
Ogdens. Ry. 1st 4Hs, 192*
Portland Term. Co. (gu.) 1st 4s A 5s. 1901
Portland
A
"
"
"
4s, 1935]
Portl. A Rumf. Falls Ry. cons.
"
"
"
4Hs, 1937]
"
"
5s, 1938]
"
"
53,1963]
4s. 192c
Somerset Ry.
"
"
"
cons.
"
"
4s, 1950
1st A ref. 4s, *1955
1930
Upper Coos RR. 1st 4s,
"
Conn. A Paasumpsic
River RR. 4s, 1943
1931
Columbus Con. A Term. Co. 1st 5s, 1922
New River Division 1st 0s, 1932
Valley Ry. 1st 4H8, 1947
"
.
"
"
extension 4 Ha.
Washington Co. Ry. 1st
Norfolk 8c Western System.
Consolidated Mortgage 4s, 1996
General Mortgage 6s,
Impt. and Exten. Mtge. 6s, 1934
Norfolk Terminal Ry. (guar.) 1st 4a, 1901
Scioto Val. A New Eng. RR. 1st 4s. 1989
2037
Northern Pacific System.
Frem. Elkh. A Mo. Val. RR. cons. 6s, '33
Iowa Minn. A Northw. Ry. 1st 3 Ha. 1935 General Lien 3s, 2047
Manl. Green Bay A N.W.Ry.lst 3H8/41
Prior Lien 4s, 1997
Mankato A New Ulm Ry. 1st 3Hb, 1929
Refund. A Imp. 4Haand6s, 2047
Minn. A South Dakota Ry. 1st 3 H8.1935 St. Paul A Nor. Pac Ry. 1st 6a, 1923
Milwaukee A State Line Ry. 1st 3 H8. '41 St. Paul A Duluth RR. cons. 4s, 1908
1st 6s. 1931
Mllw. Sparta A N. W. Ry. 1st 4s, 1947
Mllw
Lake 8 h. A West. Ry.
Wash. A Columbia River Ry. 1st 4s. 1935
Ashland Division 1st 6s. 1925
Pennsylvania System.
Extension and Improvement 6s, 1929
Consolidated Mortgage 4s. 1943
MarshflHd Extension 1st 5s, 1922
4s,1948
Michigan Division 1st 6s, 1924
3 Ha. 1945
Minnesota A Iowa Ry. 1st 3 Ha, 1924
4 Ha. 1960
Princeton A Northw Ry. 1st 3H0. 1926
Allegheny Valley Ry. gen. 4s, 1942
Peoria A Northw. Ry. 1st 3 Ha. 1926
Belv. Del. RR. (guar.) cons.4s, 1925
Sioux City A Pacific RR. 1st 3 Ha, 1936
4s, 1927
St. Louis Peoria A N. W. 1st 5s, 1948
"
3 Ha. 1943
St. Paul East. G.T.Ry,(guar.>lst4Ha.H7
Cambria A Clearfield Ry. gen. 4s. 1955
Wisconsin Northern 1st 4s. 1931
Cambria A Clearfield Ry 1st 5s, 1941.
Chic. St. Paul Minn. 8c Omaha System Clearfield A Jefferson Ry. 1st 6s, 1927
Cleve. A Pitts, (guar.) gen. 3Ha, 1948
^
Consolidated 6s A 3Hs. 1930
3 Ha. 1950
North Wisconsin Ry. 1st 6s, 1930
3HsA4Ha'42
Superior Short Line Ry. 1st 5e. 1930
Connecting Ry
(guar.) 4s, 1951
Del. Rlv. A Bridge Co. (guar.) 1st 4s, '36
Delaware 8c Hudson System.
General Mortgage 4Ha. 1965
Adirondack Ry. 1st 4 Ha, 1942
General Mortgage 5s, 1968
Albany A Bus.RR.(guar.) conv. 3Ha. "40
Hollldaysburgh B. A C. Ry. lat 4a. 1951
Del. A Hudson Co. 1st A ref. 4s, 1943
General Mortgage 6s, 1970
Schenec. A Duanesb. RR. 1st 6s. 1924
Harr. Ports. Mt. J. A L. 1st 4s, 1943
Delaw. Lackawanna 8c Western Syst
Junction RR. gen. 3Ha, 1930
Penn. A Northw. RR. gen. 5s, 1930
Bangor A Portland Ry. 1st 6s, 1930
Morris A Essex RR.(guar.) ref.3 Ha. 2000 Pittsb. Va. A Chariest. Ry. 1st 4s. 1943
Warren RR. (guar.) ref. 3Ha, 2000
Phlla. Bait A Wash. RR. 1st 4s, 1943
General Mtge. 6s. 1960
Qreat Northern System.
Phlla. Wllm. A Bait. RR. 4s. 1922
First and Refunding 4Ha, 1961
4s, 1926
General Mortgage, Series A. 7s, 1930
4s, 1932
East. RR. of Mlnn.,No.Div. 1st 48, 1948
Phlla. A Bait. Central let 4s. 1951
Minneapolis Union Ry. 1st 5s A 6s. 1922
Sunbury A Lewlston Ry 1st 4s. 1936
Montana Central Ry. 1st 5s A 6s, 1937
Sunb. Haz. A Wllkes-B. Ry. 1st 5s. 192U
Spokane Falls A Nor. Ry 1st 6s, 1939
2d 6s. 1938
Bt.P.M.AM. Ry. cons. 4s,4HaA68, '33
Susq. Bloom. A Berwick 1st 53, 1952
Montana Extension 4a. 1937
Un. N. J. RR. A Canal Co. gen. 4s, 1948
Des Plaines
Topeka, Kan.
Trenton, N. J.
New Bedford, Mass Waco.
East Liverpool. O
1930
3H8. 1954
Maine Central Syitem.
Collateral Trust 5s,
New London Northern
RR. 1st 4s, 19*0
New York New Haven A
Hartf.System
Holyoke A Westfleld RR. 1st
Old Colony RR. deb. 4s, 1938
4s. 1924
"
Providence
»'
"
"
"
"
4H«. 1951
4s, 1925
15)23
4Hband 5s, 1935
Piscataquis RR. 1st 4s. 1929
1940
WUlmar A 8ioux Falls Ry. 1st 5s.
Sullivan County RR. 1st
4s. 1924
••
«
Cairo Bridge 4s,
1950
1944
»
1938
43. 1929
48, 1923
Illinois Central System.
"
Collateral Trust 3 Ha, 1950
lrst A refunding
IP'*
debenture 6s, 1923
"
••
Pacific Extension 4s,
3Hs. 1932
Worcester RR. 1st 4s
Boston A Providence
'•
••
Aroostook System.
Aroostook Northern 5s, 1947.
Consolidated Refunding 4s, 1951.
First Mortgage 5s, 1943.
Medford Extension 5s, 1937.
Piscataquis Division 5s, 1943.
Van Buren Extension 5s, 1943.
&
1989
First A Refunding 6s,
Syracuse, N. Y.
Newark, Ohio.
cons.3Hs,4sA5s, 1922
Spuy. D'vll. A Pt. Mor. RR. 1st 3Ha.'6«
Utlca A Black River RR. 1st 4s. 1922
Debenture 5s, 1933
Superior, Wis.
Nashua. N. H.
1987
Boyer Valley RR. 1st 3H8,1923
Collateral Trust 4s, 1926
Minneapolis, Minn. Taunton, Mass.
Terre Haute, Ind
Mollne, 111.
Toledo. Ohio.
Muncle, Ind.
Muskegon, Mich.
Chicago, Ind.
Boston, Mass.
Mlddletown, Ohio.
Wis.
General mortgage 3Hs, 4s and 5s,
Stockton, Cal.
Milwaukee,
1963
Series C, 6Hs, 1963
♦Paducah A Illinois (guar.) 1st 4 Ha, 1955
5s,
Chicago Ac North Western System.
Springfield, III.
Springfield, Mass.
Maiden, Mass.
Manchester, N. n. Springfield, Mo.
Mansfield. Ohio.
' 8prlngfleld, Ohio.
Spokane, Wash.
Marion, Ind.
Steubenvllle, Ohio
Marion, Ohio.
1st 6s, 1932
Rome W. A O. RR.
South Omaha, Neb.
Auburn, N. Y.
Aurora, 111.
Baltimore, Md.
[Cohoes. N. Y.J
"
Sturgee Goshen A St. Louis 1st 3s,
Series A, 4 Ha, 1963
Series B,
Little Falls A Dolgevllle 1st 3s. 1932
Michigan Central Collateral 3Ha, 1998
Mohawk A Malone Ry. 1st 4s, 1991
cons. 3Hs, 2002
N. Y. A Putnam RR. cons. 4s, 1993
N. Y. A Northern Ry. 1st 5s, 1927
Pine Creek Ry.
Chicago Union Station (guar.)
Iowa.
So. Dak
Somervllle, Mass.
3Hs. 1997
*
1934
1921]
Chicago Burlington dc Quincy System
Cal.
Lima, Ohio.
Akron, Ohio.
Kalam. A White Pigeon RR. 1st 5s, 1940
Lake Shore A Mich. So. gen.
Lake Shore A Mich. So. Deb. 4s, 1928
"
"
"
"
4s 1931
San Antonio, Tex.
pledged are not allowable.
not the direct
Indiana Illinois A Iowa 1st 4s, 1950
Jamestown Franklin A Clearf. 1st 4s,1959
Lake Shore Collateral 3Hs, 1998
Fargo A Southern Ry. 1st 6s, 1924
Milwaukee A Northern exten. 4Hs.
ment" and "Improvement" bonds which
Jester A
•
1997
Consolidated Mortgage 4s, 1998
Providence, R. I.
the direct obligations
Bangor
System
New York Central System.
1947
1945
Poughkeepsle, N. Y
Connecticut, and Lancaster, Pa.
of the Lansing, Mich.
city Issuing the same.
"Special Assess¬ Lawrence, Mass
1
[Minn. A Pacific Ry. 1st 4s. 1930]
Minn. 8. 8. M. A At. Ry. 1st 4s, 1920
Memph. Un. Sta. Co. (guar.) 1st 5s. 1959
Chattanooga Rome A Southern 5s,
Oconee Division
Pottsvllle, Pa.
Kansas City,
Legally authorized bonds of the follow¬
1
First Consolidated 4a A 5s, 1938
1926
Branch 5s,
Jollet, III.
borough, school
district, fire district, or sewer district In
'
Minn. St. Paul 8c S. S. Marie System.
Loulsv. A Nash. T'l Co.(guar.) 1st 4s, '52
1946
Johnstown, Pa.
county, town, city,
"
Michigan Air Line 1st 4s, 1940
Jasper Branch Extension 1st 6s, 1923
1945'
5s,
Jamestown, N. Y.
Kalamazoo, Mich.
3Ha, 1951
Kalamazoo A South Haven 1st 5s, 1939
Centreville Branch 1st 0s, 1923
Macon A Northern 5s, 1946
Portsmouth, Ohio
Joplin, Mo.
3Ha, 1952
Consolidated Mortgage 5s, 1928
Central Railroad of Georgia.
Pittsfleld, Mass.
,
1930x
Detroit A Bay City 1st 6s, 1931
First Mortgage 1st
general 5s, 1937
Jersey City, N. J.
Montana
:
Collateral Notes 7s.
Michigan Central System.
Schuylkill R.E.S.RR. 1st 4s. 1925
West Va. A Pittsburgh RR. 1st 4s, 1990
N. J.
Paterson.
Jackson. Mich.
Legally Issued bonds and obligations or
are
Loulsv. Cln. A Lexington gen. 4Hs, 1931
So. A No. Ala. RR. (guar.) cons. 6s, 1930
So. A No. Ala. RR. con?. 5s, 1963
Jackson Lansing A Sag. 1st
"
Huntington, W.Va. Pontiac, Mich.
Hutchinson, Kan.
Port Huron, Mich.
Portland, Me.
Indianapolis, Ind.
Washington
[Pensacola A Atlahtic 1st 6s, 1921]
Jollet A Nor. Indiana 1st 4s, 1957
Holyoke, Mass.
Vermont
Massachusetts
1995
1995
1930
Lorain A Wheel. Ry. cons.5a.1933
gen. 5s, 1930
Haverhill, Mass.
Texas
Maryland
5s,
mtge. 6s,
"
Harrlsburg, Pa.
Rhode Island
are
♦Series B
New Orleans A Mobile Dlv. 1st 6s. 1930
Cleve.
Rapids,MlchParkersburg, W
Pasadena, Cal.
Green Bay, Wis.
Passaic, N.J.
Hagerstown, Md.
Tennessee
cities
"
Unified Mortgage 4s. 1940
Mobile A Montgom. Ry. 1st 4Ha, 1945
Nash. Flor. A Shef. Ry. (guar.) 1st 5s, '37
Central of Ohio RR. 1st 4Hs,
Grand
South Dakota
Kentucky
which
"
Convertible 4Hs. 1933
Series A ref. A gen. mtge.
Galesburg, 111.
Pennsylvania
Kansas
ing
Bait. A Ohio RR. 1st 4s,
First Mortgage 1st 5s, 1937
General Mortgage 6s, 1930
Paducah A Memphis Dlv. 1st 4s, 1946
Southeast A St. Louis Dlv. 1st 6s, 1971
Trust 1st 5s, 1931
Baltimore & Ohio System.
Hunfn A Big Sandy RR. 1st 6s,
New York
♦Illinois
4s, 1924
Sav., Fla. A West. Ry. 1st 5s A 6s, 1934
Wilm. A Weldon RR. gen. 4s A 5s, 1935
Wllm. A New Berne RR. 1st 4s. 1947
Ohio River RR. 1st 5s, 1936
Oregon
the State of
"
Oshkosh, Wis.
North Dakota
Idaho
Louisville 8c Nashville System.
1940
Petersburg RR. cons. A, 5s, 1926
B, 0s, 1926
Rlchm. A Petersb. RR. cons. 4H3, 1940
Hazelton, Pa.
Delaware
any
Norfolk A Carolina RR. 1st 5s, 1939
Sanford A St. Petersburg RR. 1st
Lehigh Valley System.
Annuity Perpetual Consol'd 4Hs A 6s
Consolidated 4Hs A 6s, 1923
First Mortgage 4s, 1948
Northeastern RR. cons. 0s, 1933
Oswego. N. Y.
*New Jersey
Florida
.
Florida Southern RR. 1st 4s, 1945
Ottumwa. Iowa.
New Hampshire
Connecticut
Western Lines 4s, 1951
Brunswick A Western RR. 1st 4s, 1938
Charleston A Savannah Ry. 1st 7s, 1930
Fresno, Cal.
Gloucester,
Louisville Division 3Hs, 1953
Purchased Lines 3Ha, 1952
Refunding Mortgage 4s, 1955
Springfield Division 3Ha. 1951
Omaha Division 3s, 1951
1928
2d 5s,
Sterling Exten., 3Ha, 1950
St. Louis Division 3s A 3Ha, 1951
1952
Omaha, Neb.
••
U. 8. Panama Canal
consolidated 4s,
Atl. Coast Line of So. Caro. 1st 4s, 1948
OWn. N. Y.
Fort Wayne,
4s, 1925
United States Bonds
Atlantic Coast Line System.
First
Alabama Midland Ry. 1st 5s,
Cleve. T. A V. RR. 1st 4s. 1995
Mass.
Oakland, Cal.
Oil City, Pa.
Flint, Mich,
Columbia.
5s, 1940
Transcontinental Short Line 1st 4s, 1958
Bait. A N. Y. RR. 1st 5s, 1939
Northampton,
Fairmont, W. Va.
faith of
the
San Fr. A San Joaq. Val. Ry. 1st
First Mtge.,
[Kankakee A Southwestern RR. 5s. '21]
Litchfield Division 3s, 1951
Southwestern Division 3Hs, 1925
the United State? Is
Bonds of the United States, or those
which
1st 5s, 1928
Rocky Mountain Division 1st 4s, 1965
First Mortgage, gold, 3 Ha A 4s, 1951'
First Mortgage, Gold Extension 3Hs, '51
First Mtge., Sterling Exten., 3s A 4s,1951
Western
3 Ha.
*51
Pennsylvania RR. cons. 4s. 1928
2330
THE
CHRONICLE
Pittsburgh Ac Lake Erie System
Pitts. A Lake Erie RR. 1st 6s, 1928
Northern California Ry. 1st 6s, 1929
Pitts. McK. A
♦San Francisco Term, let ref. 4g, i960
Southern Pacific Branch Ry. 1st 6s, 1937
Southern Pacific RR. cons. 6s, 1937
♦Oregon A Calif,
Youg.R.(guar.) 1st 6s, 1932
Reading System.
Philadelphia A Reading RR. 6s. 1933
•*
Union Pacific Railroad.
M
(gu.)
**
1st ref. 5b,
ref,
Savings banks may invest not exceeding 10% of their
deposits and surplus in the obligations, of the Government
Kingdom of Great Britain and Ireland and the
Government of the French Republic and the
1927
of the
1955
Government of
♦So. Pac. Coast Ry. (gu.) 1st 4s, 1937
♦Through Short Line (gu.) 1st 4s, 1964
First Mortgage 4s, 1947
the Dominion of Canada or
any of its Provinces, provided
such obligations have a fixed and
definite date of
maturity
and shall be the direct
obligations of such
Refunding Mortgage 4s. 2008
Railroad bonds whioh
These notes are legal under Section 32
x
Southern Pacific System.
and
♦Central Pacific Ry. (gu.) 1st ref.
4s, '49
Northern Ry. 1st 5e. 1938
not
Government or
Province and that the full faith and credit of
such Govern¬
or Province shall be
pledged for its payment, principal
and interest.
to
ment
present not legal under the
general provisions of the law but which
under Section 29
invest
may
exceed
at
are
savings banks
2% therein.
[Vol. 113.
(given below)
are as
Under the foregoing section the
following obligations of
France and the Kingdom of Great Britain
and Ireland are
legal investments:
legal investments
are
follows:
Sec. 29.
The provisions of this Act shall not render
illegal
the Investment in
Investment hereafter In, any bonds or Interest-bearing
obligations issued or
assumed by a railroad
corporation, which were a legal investment on May 28 1913,
so long as such bonds or
interest-bearing obligations continue to comply with the
Republic of France.
nor the
laws in force prior to said date; but no such
bond or interest-bearing obligation that
subsequent to said date, to comply with such laws shall again be a legal invest¬
New French Loan
5s. 1920 1980
Sinking fund gold bonds 8s, 1945
falls
ment unless such bonds or
interest-bearing obligations comply with the provisions
Bos. Rev. Bch. A Lynn RR. 1st
4^8, '27
Louisville Ac Nashville.
United
Shore A Mich.
South.
"
Mlnneap. St. Paul Ac S
S. M. System.
Funding Loan 4s,
Mobile A Ohio RR. 1st ext. 6s, 1927
Victory
"
"
"
68, 1963
Buffalo Rochester Ac Plttsb.
System
Allegheny A Western Ry. 1st 4s, 1998
Buff. Roch. A Pitts. Ry. gen. 6s, 1937
"
"
"
"
pnnH
4Un
New York Central System.
Pennsylvania System.
1967
Elmlra A
Wllllamspt. RR. 1st 4s, 1950
Pittsburgh RR. gen. 3J48, 1940
Erie A
Central Ry. of New Jersey System.
Little Miami RR. 1st 4s, 1962
N. Y. Phila. A Norfolk RR. 1st 4s, 1939
Ohio Connecting Ry. 1st 4s, 1943
Chicago Ac North Western System.
Collateral Trust 5s A 6s, 1929
Pitts. Youngs. A Ash. RR.
"
"
"
5s, 1927
gen. 4s, 1948
cons.
Pitts. Wheel. A Ky. RR. cons. 6s, 1934
Connecticut Railway Ac
Lighting Co.
Sham. Val. A Pottsvllle RR. 1st
3^8, *31
West Jersey A Sea Shore RR.—
First Refunding 4^s,
1951
Traction Co. 1st 5s, 1923
Conn. Lighting A Power Co. 1st
5s, 1939
Bridgeport
Series A, B, C, D, E and F 3 >48 A4s,'36
Del. A Bound Brook RR. cons. 3
>48,1955
East Pennsylvania RR. 1st
4s, 1958
North Pennsylvania RR. 1st 4s, 1936
Phila. Harrlsburg A Pitts. RR. 1st 6s, '25
Phila. A Reading RR. Impt. 4s, 1947
1st 6s, 1922
Cons. 6s, 1923
"
Term. 5s, 1941
Reading Belt RR. 1st 4s, 1950
Sham. Sunb. A Lewlsb. RR. 1st 4s. 1925
Elgin Joliet A Eastern Ry. 1st 5s, 1941
Erie Railroad. System.
Cleve. A Mahoning Val.
Ry. 1st 5s, 1938
[Southern Pacific System J
[San Francisco Terminal 4s, 1950 J
Goshen A Deckertown RR. 1st 6s.
1928
Montgomery A Erie Ry. 1st 6s, 1926
Genesee A Wyoming RR. 1st
6s, 1929
Terminal Railway Assn. of St. Louis
Consolidated Mortgage 5s, 1944
Hocking Valley Railway Co.
First Mortgage
First Consolidated 4J4s, 1999
4>4s, 1939
General Refunding Mortgage 4s, 1953
Colum. A Hock. Val. RR. 1st ext.
4s,1948
Columbus A Toledo RR. 1st ext.
St. Louis
4s, 1955
Illinois Central System.
Mer.Bdge.Term.Ry. 1st 5s, *30
St. Louis Mer. Bdge. Co. 1st
6s, 1929
Chic. St. L. A New Orl.
cons. 5s, 1951
Cons. 3>*s. 1951
Western Maryland System.
Bait. A Cumb. Val. Ext. 1st
6s, 1931
Equipment trust obligations
as
surplus therein):
Central
Railroad of New
Jersey.
New York Central Lines.
4>4s, serially, 1910
4>4s, serially, 1912
serially, 1913
4>4s. serially. 1917
7s, serially, 1921 to
Series A 4>4s, 1923
Series B 5s, 1923
♦Series B 7s, 1924 to 1931
St.
Paul
Ac
Sault
Ste.
seHally
to 1923
trust
Street
Railways In
Conn.
Bonds of Water Cos. In
"
companies:
Ansonia Water Co.
Greenwich Water Co.
Stamford Water Co.
Torrington Water Co.
J*
™
,
"
"
coU- 111181 S®-1946
N. Y. Telephone Co. 1st 4
>4 8. 1939
Bonds of Gas and
Electric Lighting
Companies in Connecticut.
"
Also under Chapter 112 of the
Public
Acts of 1917 any bonds or interest-bear¬
ing obligations of the following water
classified
Amer. Tel. A Tel. Co. coll. trust
4s, 1929
xt
Savings banks may invest not exceed¬
ing two per centum of their deposits and
surplus therein.
Bridgeport Hydraulic Co. 1st 4s, 1925
notes 5s 1923 A 1925
New Haven Water Co. deb. 4>4a 1962
1st 4Ks, 1945
are
8avings banks may invest not exceed¬
ing two per centum of their
deposits and
Connecticut.
Savings banks may invest not exceed¬
ing two per centum of their
deposits and
surplus therein:
Bridgeport Gas Lt. Co. 1st 4s, 1952
Danbury A Bethel Gas A Electric
Light
Company 1st 5s, 1953
[Derby Gas
Co. 1st 4s, 1921]
Hartford City Gas Lt. Co. 1st
4s, '35
New Britain Gas Lt. Co.
1st 5s, 1926
Stamford Gas A Eleo. Co. 1st
2d 4s.
Bonds of Telephone Cos. In Connect.
"
_
Savings banks
may
Invest not exceed¬
ing two per centum of their deposits and
surplus therein.
So. New Eng. Telep. Co. 1st 6s, 1948
Union Ellectrio
6s, *29
1929
Consol. 6s. 1948
Light A Power Co.
Unionville 6s. 1944
United
Illuminating Co.
as
follows:
1
6% (non-callable)
1919, due Nov.
1
coupon
external
1934, interest semi¬
annually May 1 and Nov. 1.
Denom. $100, $500 and
$1,000.
Principal and interest payable in United States
gold coin in the City of New York without deduction of
any
present
or
future French
Government, municipal or other
Further details will be found on a
preceding
"Current Events and Discussions."
Hicksville, Ohio.—State Supreme Court Rules That Public
Bonds Must Be Sold at Not Less Than
Par and Accrued Interest.
—"Through a decision handed down to-day," said a special
dispatch from Columbus to the Cincinnati
"Enquirer,"
dated Nov. 22, "the Ohio
Supreme Court terminated a
practice that had become general
throughout Ohio of
finding
means of
evading the law under which public bonds must
be sold at not less than
par and accrued interest."
"Changes in economic conditions, however,
a
enhancing the value of se¬
curities, ' continued the dispatch, "have also reduced the
frequency of
violations.
"The ruling was made in a case from
the village of Hicksville, Definace
County, the Court of Appeals of that county being sustained.
In brief, the
ruling is that Councilmen who sanctioned the
giving of a commission for
the sale of the
bonds, this being in reality a reduction in the selling price,
are not
individually liable, because there was before them a Legislative
involving the
"On
the
exercise of discretion.
other
hand, the man who received the commission, William
Purdy, is held to be liable for the amount,
$2,309, on an issue of $48,000
of street-4mprovement
bonds.
The Court says that the fact that the legis¬
lation is illegal does not make it less
legislative in its nature."
ey City, N. J.—Proposition to Establish
Municipal Gas
Approved by Voters.—The voters of Jersey City on
Nov. 8 gave a
majority of 30,651 in favor of establishing a
municipal gas plant.
The vote was 35,603 for the proposi¬
tion to 4,952 against.
No plan of action has yet been
adopted.
The New York "Gas Age-itecord" of Nov. 19
said:
Jersey City, having decided by a vote of 35,603 to 4,952, a
majority of
30,651, in a referendum vote to establish a municipal gas plant, is
discussing
to-day ways and means of installing it.
Two ways are possible,
according to officials.
One is for the city to
authorize the issuance of bonds for
acquiring the Public Service Corporation
new
to authorize the issuance of bonds to
It is estimated that it would cost between
$8,000,000 and $10,000,000*
to build and
equip a new plant.
Jersey City has a municipal water plant
Arrangements for constructing the gas plant will be discussed
meeting to be held soon by the City Commission and the City Law
Department.
The vote is accepted in Jersey City as a rebuke to the Public Service Cor¬
poration's monopoly for raising rates and lowering the standard of
gas.
Governor Edwards in
commenting on the vote said: "The same thing will'
happen all over the State unless the Public Service Corporation wakes up •
and gives the people service."
at Boon ton.
at
surplus therein.
Bristol A Plainv. Tram. Co. 1st 4
>48,1945
described
State.
Bonds of Telep. Cos. outside of Conn
Savings banks may Invest not exceed¬
ing two per centum of their deposits and
surplus therein.
are
loan dated Nov.
a
7s, serially 1924 to 1935
Other securities in whioh banks
may invest
as
follows:
Municipal Loans.-—Cities of Marseilles, Lyons
Doubt is expressed of the
feasibility of the first plan because the Public
Service Corporation furnishes gas
through its mains to other parts of the
Union Pacific Railroad.
Equipment
1929
Britain and
Ireland External Loan 5Hs, 1937
uild
Elant by condemnation, the other
plant.
♦Series D 4>4s to 1926
♦Series E 7e, 1924 to 1935
semi-annually to 1923
Baltimore & Ohio Railroad.
of
1935
♦Southern Pacific Company.
Equip, trust of 1912 4>48, serially to 1922
Equip, trust of 1913 4>4s, serially to 1923
Bonds
to
♦Series A 4>4s to 1923
♦Series B 4>4s to 1923
♦Series C 4>4b to 1924
Louisville Ac Nashville Railroad.
Series A 5s,
Erie Railroad.
Equip, trust 6>4s, serially 1921
Marie
4>4s, serially to 1923
Series F 5s,
to 1932.
Pittsburgh & Lake
Series D 4>4s, serially to 1922
Series E
to 1928
1935
B. A A. Equip. Trust
4>4s, ser. '13 to *27
♦Equipment Notes 6s serially, 1921 to '35
♦Chic. St. P. Minn. Ac Omaha RR.
Co.
Minn.
to 1925
to 1927
4 >48,
of Great Britain and
of Great
Plant
5s, serially, 1907 to 1922
Series C 4>4s, 1925
Series D 4>4s, 1926
Series E 5s, 1927
Kingdom
Jer
Joint Equip. Trust—
Illinois Central Railroad Co.
Kingdom
Ireland External Loan 5>4%,
Read & Co. of
New York City are
offering $7,409,100 City of Marseilles,
$7,409,200 City of Lyons and $7,961,000 City of Bordeaux
bonds at 86 V2 and
interest, to net about 7.65%.
The bonds
Act
follows (savings banks may
exceeding two per centum of their deposits and
Series G 4>48, serially to 1926
United
United
Bordeaux Offered by
Bankers.—Dillon,
page under
Reading System.
Det. A Tol. 8hore Line RR. 1st
4s, 1953
Duluth A Iron Range RR. 1st 6s, 1937
Duluth Messabe A Northern
Ry.—•
and
Ireland External Notes,
5>4%, 1921]
Kingdom of Great Britain and
Ireland External Loan 5>4%, 1922
United
French taxes.
Raritan River RR. 1st 5s, 1939
Chic.&Western Indiana RR. 1st 6s, 1932
French
and
Camden A Burl. Co. RR. 1st 4s, 1927
Delaware RR. gen. 4Hs, 1932
N. Y. A Long Brch. RR. gen. 4s A
5b, *41
Wllkes-Barre A Scran. Ry. 1st 4^s, 1938
Invest not
National War (1st
series) 5s, 1924
National War (1st
series) 5s, 1927
National War (1st series)
4s, 1927
Northern Pacific System.
St. Paul A Duluth Division 4s, 1996
Clearfield A Mahoning Ry. 1st 5s, 1943
Lincoln Pk. A Charlotte RR. 1st
6s, 1939
Rochester A Pittsburgh RR. cons.
6s, '22
[Exchequer 5s, 1921]
drawings beginning Jan. 1 1920.
National War (1st
Berles) 5s, 1922
Beech Creek RR.
5s, 1925
5s, 1928
4s, 1928
5s, 1924
Exchequer 5a, 1922
[United Kingdom of Great Britain
1960 1990
bonds
annual
N. Y. A Harlem RR. ref. 3Hs, 2000
1st 4s, 1936
5s, 1938
"
series)
series)
series)
series)
National War (4th series)
Exchequer 3s, 1930
Exchequer 3s, 1930
4%, redeemable by ac¬
cumulative sinking fund, by means of
"
National War (3d
National War (3d
National War (3d
National War (4th
5s, 1929
National War (4th series) 4s, 1929
3>4s, 1925 1928, due 1928
4>4s; 1925 1945, due 1945
War Loan 4s, 1929
1942, due 1942
War Loan 5s, 1929
1947, due 1947
Central Terminal Ry. 1st 4s, 1941
4s, 1934
4s, 1935
4^8, 1937
"
Britain
War Loan
War Loan
Kalam. Allegan A G. R. RR. 1st 6s, 1938
3^6, 1952
4s, 1933
of
Great
Ireland.
and
System
Mahoning Coal RR. 1st 6s, 1934
♦Boston Ac Albany RR.
♦Boston A Albany RR. deb. 3Ha, 1951
Kingdom
Atlanta Knoxv. A Cln. Dlv. 1st 4s, 1956
Lake
series) 5s, 1923
series) 5s, 1925
series) 6s, 1928
series) 4s, 1928
series) 5s, 1923
National War (3d
♦External gold bonds 7>4s, due 1941
of this section.
Atchison Topeka Ac Santa Fe System.
California-Ariz Lines 1st A ref. 4Mb, 1962
National War (2d
National War (2d
National War (2d
National War (2d
Rentes, 3%, 1953
External Dollar Loan
5>4s, 1937
National Defense 5s, 1925
1st 4s. 1940
a
North Dakota.—Suit to Prohibit Further
Delivery of StateBonds Sold Below Par, to Be Submitted to the State
Supreme
Court.—"All questions involved in the suit of a group of
tax-payers to prohibit further delivery of State bonds, under
contract for sale to an Eastern firm at less than par," said a
dispatch from Bismarck to the Minneapolis "Journal" dated
Nov. 19, "will go direct to the State Supreme Court under
an agreement reached last
night' by attorneys for the tax¬
payers and the State and approved by Judge A. T. Cole in
District Court."
"Bonds totaling $6,100,000," continued the dispatch, "were sold
by the
State Industrial Commission at par to the Bank of North Dakota, a State
institution, which in turn sold them below par.
The taxpayers contend this
violates the law which provides for the bond sale at par.
"The Supreme Court may be asked to hear arguments in the case on
-
Monday, Judge Cole said."
Industrial Commission
Bonds at
Signs Contract for Sale of Remaining
Par.—According to a dispatch from Bismarck to
the St. Paul "Pioneer Press" dated Nov. 23^ the Industrial
Commission before relinquishing office Nov. 23
signed
a
'
«,
THE
!Nov. 26 1921.]
contract with
Spitzer, Rorick & Co. of Toledo, 0., for the
remaining authorized bond issues at par.
sale of all of the
The issues included in the contract follow:
$8,000,000 real estate series;
$2,000,000 mill and elevator; $1,000,000 home builders at par with 6%
interest, and $1,300,000 of the Bank of North Dakota bonds, authorized
at 5%, at a discount to make them net 5)4%.
In selling the real estate
series at par the industrial commission increased the rate of interest to 6%
from 5%%.
Attempt to Nullify Recall Election Defeated.—A dispatch
"Times" dated Nov. 22 said:
from Bismarck to the New York
The State Supreme Court denied to-day the application of five taxpayers
for a writ prohibiting the Canvassing Board from canvassing the vote cast
at the recall election Oct.
28.
Sveinbjorn
Attorney-General and Com
Inauguration of R. A. Nestos,
Johnson and John A.Kitchin,elected Governor,
missioner of
Agriculture and Labor, respectively, will
2331
CHRONICLE
take place at 3 p. m
to-morrow.
Paterson, N. J.—Proposition to Acquire Water-Works
System Approved by Electorate.—The voters of Paterson,
N. J., on Nov. 8 voted in favor of municipal ownership of
water works.
Unofficial returns place the vote for the
proposition at 20,000 and the vote against at 3,000.
5
or
pon
semi-a
ifcDue
$10,000
check
the Boa
on
this week have been
as
ALACHUA
NO.
COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
Bowers, Secretary of Board of
(P. O. Gailesville), will receive bids until 10 a. m. Dec. 6
$500,000 6% bonds—V. 113, p. 2002.
Denom. $1,000.
Date
Prin. and semi-ann. int. (J. & J.) payable in New York in
gold.
Due yearly as follows: $10,000 1925, $15,000 1926, $16,000 1927,
$17,000 1928, $18,000 1929, $19,000 1930, $20,000 1931, $21,000 1932,
$22,000 1933, $23,000 1934, $24,000 1935, $25,000 1936, $26,000 1937,
$27,000 1938, $28,000 1939, $29,000 1940, $30,000 1941, $31,000 1942,
$32,000 1933, $33,000 1934, and $34,000 1935.
The bonds will be pre¬
pared under the sunervision of the United States Trust Co. of Jackson¬
ville, Fla., which will certify as to the genuineness of the signatures of the
bond officials and the seal impressed thereon.
The purchaser or pur¬
chasers will be furnished the approving opinion of Chester B. Masslich
of New York City.
for
1921.
1
Financial Statement of Special Road and Bridge
Assessed valuation of taxable property
O. Bemidji), Minn.—BOND OFFERING.—
received until 10:30 a. m. Dec. 6 by A. D. Johnson,
payable in New York.
Due Dec. 1 1930.
Certified check
Minnesota bank or trust company or upon a national bank in any
place for 2% of the amount of bonds bid for, payable to the County Treas¬
urer, required.
The approving legal opinion of Chester B. Masslich, of
New York, will be furnished the successful bidder or bidders.
Bonds are
now ready for delivery.
Bids must be without conditions.
11 a. m. on the above date, the County
bids for $85,000 6% highway reimbursement bonds.
Date Sept. 1 1921.
Interest semi-annual.
Due yearly
on Sept.
1 as follows: $10,000, 1931 to 1938, inclusive, and $5,000, 1939.
Certified check for 2%, payable to the County Treasurer, required.
BOND
OFFERING.—Until
Auditor will
receive
Denom. $1,000.
(P. O. Macon), Ga .—BOND ELECTION.—On Dec. 10
favor of issuing $500,000 school-
the voters will decide whether they are in
house bonds.
COUNTY
Acreage
PopulationOther indebtedness—bond issue
about
450,000
26,000
310,000
-
ALBERT
CITY
CONSOLIDATED
INDEPENDENT DISTRICT
(P. O. Albert City), Buena Vista County, Iowa.—PURCHASE PRICE.
price paid for the $40,000 6% school-building bonds—V. 113, p. 2098
—was 100.50, a basis of about 5.88%.
—The
ALGER, Hardin
County, Ohio.—BONDS NOT SOLD.—The
6% bonds offered on Nov. 7—V. 113, p. 1790—were not sold.
ROAD DISTRICT NO. 3
(P. O. Oberlin), La.—
BOND OFFERING.—A. E. Darbonne, Clerk of Police Jury, will receive
bids until 11 a. m. Dec. 14 for $136,000
City
bonds.
SCHOOL DISTRICT (P. O.
Allentown), Lehigh
Pa.—BOND OFFERING.—'T. P. Wenner, Secretary Board of
Directors, will receive sealed bids until 8:15 p. m. Nov. 29 for $500,000
5% school bonds.
Denom. $1,000.
Date Oct. 1 1921.
Interest semi¬
annually.
Due yearly on Oct. 1 as follows: $63,000 in 1926, $81,000 in
1931, $103,000 in 1936, $130,000 in 1941 and $123,000
in 1946, optional
on or after Oct.
1 1941.
Certified check for 2% of the amount bid for,
payable to C. M. W. Keck, Treasurer, required.
AMARILLO, Potter County, Texas.—BOND SALE.—We are advised
telegram that Mr. Crosby MCConnell was awarded $578,000
5% municipal improvement bonds which were offered on Nov. 22.
The
by special
paid
price
was par
less 10% for expenses.
(P. O. Amarillo).
Potter County, Tex.-—BOND SALE.—R. J. Edwards of Oklahoma City
has purchased $220,000 school bonds at par and interest.
(P. O. Lufkin), Tex.—BOND OFFERING.—
1 John F. Robinson, County Judge, will receive
sealed bids for $500,000 5)4% 1-30-year serial road bonds.
Denom. $1,000.
Date Oct. 1 1921.
Prin. and semi-ann. int. payable in Lufkin and New
York City.
Cert, check for 3% of bonds bid for required.
ANGELINA
Until
2 30
p.
ASHLAND,
held
on
bonds
COUNTY
m.
Dec.
Boyd
County, Ky.—BONDS VOTED.—At the election
1598—the $250,000 general sewer system impt.
Nov. 8—V. 113, p.
were
voted.
SCHOOL
DISTRICT
INDEPENDENT SCHOOL DISTRICT (P. O. Athens),
Henderson County, Tex.—BOND ■ OFFERING.—Bids will be received
at any time by Ernest L. Landman, Attorney-at-law. Athens, for the pur¬
chase of $125,000 5% coupon school-building bonds.
Denom. $1,000.
Date Nov. 1 1921.
Int. M. & N. payable at Austin or Chicago.
Due in
40 years, optional after 20 years.
Bonded debt (including this issue>
Nov. 16 1921 $165,000.
Sinking fund $8,000.
Assessed value $2,489,000.
Ga.—BOND OFFERING.—Sealed bids will be received
until 12 m. Dec. 2 by J. It. Seawright, Chairman Finance Committee at the
office of B. Graham West, City Comptroller, for $174,000 6% coupon (with
privilege of registration) street impt. bonds.
Denoms. $1,000 and $500.
Dated Oct. 1 and Nov. 1 1921. Prin. and semi-ann. int. payable at the City
Treasurer's office or at the city's fiscal agency in New York City.
Due
2 to 10 years serially.
Cert, check for 2% of the amount of bonds bid for,
payable to the city of Atlanta, required.
Official announcement says that
these bonds have been validated by the Superior Court of Fulton County
ATLANTA,
are
BOONTON SCHOOL DISTRICT
(P. O. Boonton),
Morris County,
N. J .—BOND SA LE.—B on bright & Co. and Clark, Williams & Co. were
successful bidders for the following three issues of 5)4% coupon or
registered bonds which were offered on Nov. 18—V.
113, p. 2099:
$101,000 Series A bonds ($105,000 offered) were sold at 104.01, a basis of
about 5.07%.
Due yearly on Dec. 1 as follows: $4,000 from 1923
to 1947, incl., and $5,000 in 1948.
63,000 Series B bonds ($65,000 offered) were sold at 103.85, a basis of
about 5.12%.
Due yearly on Dec. 1 as follows: $2,000 from 1922
to 1946, incl., and $3,000 from 1947 to 195T, incl.
27,000 Series C bonds ($28,000 offered) were sold at 104.12, a basis of
about 5.05%.
Due $1,000 yearly on Dec. 1 from 1922 to 1949,
incl.
Date Dec. 1 1921.
COUNTY
BOULDER
VOTED.—In
a
telegram
SCHOOL
sent
to us
correspondent states that $404,000
DISTRICT NO. 3, Colo .—BONDS
under date of Nov. 25 our Denver
school bonds have been voted.
BRISTOL, Washington County, Va.—BOND SALE.—Weil, Roth &
21 for the following
Co. of Cincinnati were the successful bidders on Nov.
113, p 2099:
$50,000 refunding bonds at 103.
25,000 school bonds at 101.20.
6% bonds—Y
BROADWAY MAIN
STREET
BRIDGE
DISTRICT
(P.
Little
O.
Rock), Pulaski County, Ark.—BOND OFFERING.—Justice Matthews.
receive bids at the office of district, Moore & Turner
Bldg., Little Rock, until 10 a. m. Nov. 29 for 6% 1-25-year serial bridge
bonds amounting to between $2,000,000 and $2,250,000.
District Secretary, will
BROCKTON, Plymouth County, Mass.—BOND SALE.—The
follow¬
ing two issues of 5% coupon bonds aggregating $50,000, Which were
on Nov. 23—V. 113, p. 2212—were sold to Arthur Perry & Co. at
102.07,
a
basis of about
offered
4.54%.
$25,000 "Brockton Sewerage Loan Act of 1921" bonds.
25,000 "Playground Loan 1921" bonds.
Denom. $1,000.
Date Oct. 1 1921.
Prin. and semi-ann. int. (A.
& O.)
payable at the First National Bank of Boston in Boston, Mass.
Due
$3,000 of each issue yearly on Oct. 1 from 1922 to 1926, incl., and $2,000
of each issue yearly on Oct. 1 from 1927 to 1931, incl.
The following bids
were
also received:
Old Colony Trust
102.030 Merrill, Oldham & Co..
102.000 E. H. Rollins & Sons
101.723 Blodgett & Co-._-
Co
Paine, Webber & Co
Edmunds Bros.
Estabrook & Co
R. M.
Grant & Co
Blake Bros.
& Co
Hornblower & Weeks-
101.669 Harris, Forbes & Co
i-_101.660 Watkins & Co
—101.624 R. L. Day & Co
-101.611 Wise, Hobbs & Arnold
101.420
101.350
—101.350
101.300
,--101.280
101.229
101.190
101.010
BROKEN
BOW,
Custer
County,
Neb.—BOND SALE.—During
purchased the following 7% bonds at par:
$40,000 District Paving bonds.- Date Oct. 1 1921.
Due Oct. 1 1937.
15,000 Paving District No. 1 bonds.
Date Oct. 15 1921. Due Oct. 15
October the State of Nebraska
1929.
3 bonds.
Date Oct. 15 1921.
Due Oct. 15
1938.
BRYAN, Williams County, Ohio.—BOND OFFERING.—J.
bids until 12 m. Dec. 12 for the
Village Clerk, will receive sealed
6% special assessment bonds:
$10,500 East Bryan Street
bonds.
A. Neill,
following
Due $500 March 15 1922; $1,000 yearly
and $1,500 on March 15
on
March 15 from 1923 to 1929, inclusive,
in
1930 and 1931.
5,600 West Butler Street bonds.
Due $600 March 15 1922; $500 yearly
on March 15 from 1923 to 1930, inclusive, and $1,000 on March 15
1931.
6,500 South Walnut Street bonds.
Due $500 yearly on March 15 from
1922 to 1928, inclusive, and $1,000 yearly on March 15 in 1929,
1930 and 1931.
12,700 East Butler and South Allen Streets bonds.
Due $700 March 15
1922; $500 March 15 1923; $1,000 March 15 1924, and $1,500
yearly on March 15 from 1925 to 1931, inclusive.
4,500 West Bryan Street bonds.
Due $450 yearly on March 15 from
1922 to 1931, inclusive.
L
„
_
16,000 South Portland Street bonds.
Due $1,500 yearly on March 15
from 1922 to 1929, inclusive, and $2,000 on March 15 in 1930 and
1931.
tax-free.
ATLANTA, Fulton County, Ga.—BOND SALE.—The RobinsonHumphrey Co. of Atlanta has purchased $249,000 4)4 % tax-free redemption
bonds.
Denom. $1,000.
Date Jan. 1 1922.
Prin. and semi-ann. int.
(J. & J.) payable either in Atlanta or New York at holder's option.
Due
yearly on Jan. 1 as follows: $9,000, 1928, and $10,000, 1929 to 1952 incl.
Coupon bonds (subject to registration).
Financial Statement.
..-$372.000,000 00
Actual value of property
Assessed value for taxation, 1921
Total bonded debt
interest.
the
(P.
ATHENS
and
and
par
25,000 Paving District No.
O. Ashland), Boyd County,
Ky.—BONDS VOTED.—The voters on Nov. 8 sanctioned the issuance of
$350,000 school bonds at not exceeding 6% interest—V. 113, p. 1696.
ASHLAND
at
F. S. Moseley & Co
AMARILLO INDEPENDENT SCHOOL DISTRICT
Ida.—BOND
58,
BOONE COUNTY
(P. O. Lebanon), Ind.—BOND OFFERING.—
County Treasurer, Granville Wells, will receive bids until 10 a. m. Dec. 1
for $2,200
5% Fred. B. Alfrey et al, Center Township bonds.
Denom.
$110.
Date Nov. 8 1921.
Int. M. & N.
Due $110 each six months from
May 15 1923 to Nov. 15 1932. incl.
ALLENTOWN
County,
NO.
was
$5,500
ALLEN PARISH
DISTRICT
SCHOOL
advised by special telegram that an issue of $15,000 6)4 %
sold to the Palmer Bond & Mortgage Co. of Salt Lake
are
serial bonds
$6,080,000
___15,000.000
1921
1931;
UDon a
Dist. No. 1, Alachua Co., Fla
Actual valuation of taxable property 1921
Prin. and
1926; $10,000,
annual interest
the
Jan.
Date Dec. 1 1921.
follows: $10,000.
BELTRAMI COUNTY (P.
Sealed bids will be
BINGHAM
Fla.—BOND OFFERING.—R. C.
1
as
County Auditor, for the purchase of all or any part of $250,000 6% State
road bonds.
Denom. $1,000.
Date Dec. 1 1920.
Principal ana semi¬
SALE.—We
Bond Trustees
1
BELLEVUE, Huron County, Ohio.—BOND SALE.—The $9,137 02
6% deficiency bonds offered on Nov. 20—V. 113, p. 2099—were sold to
the First National Bank of Bellevue at 100.383, a basis of about 5.86%.
Date Oct. 15 1921.
Due each six months as follows: $1,500 from April 1
1923 to April 1 1925, incl., and $1,637 02 on Oct. 1 1925.
follows:
Decatur), Ind.—BOND OFFERING.—Mar¬
tin Jaberg, County Auditor, will receive bids until 2 p. m. Dec. 6 for $100,000 6% hospital bonds.
Denoin. $500.
Due $2,500 each six months from
May 15 1922 to Nov. 15 1931, incl.
ADAMS COUNTY (P. O.
Dec.
$10,000. 1941: $10,000, 1946, and $10,000 in 1951.
Cert.
$500 required.
Bids may be mailed to S. H. Noll. Secretary of
of School Directors, Mt. Oliver station, Pittsburgh, Pa.
BIBB COUNTY
NEGOTIATION
AND
PROPOSALS
BOND
Denom. $1,000.
bonds.
(J. & D.) payable at the Fidelity Title & Trust Co. in Pitts-
burgh,
260,993,553 00
5,950,500 00
(including this issue)
Water bonds
-
-
F»Net bonded debt.
Population, 1920 Census
$1,952,000 00
2,116,986 00
Sinking fund
-
-
1,881.514 00
200,616
PTBAKER COUNTY (P. O. Baker), Ore.—BOND OFFERING.—A. B.
Combs, Jr., County Clerk, will receive bids until 2 p. m. Dec. 9 for $425,000
5%*road bonds.
Denom. $50 or multiples thereof up to $1,000 at option
of bidder.
Date Oct. 15 1919.
Int. semi-ann. payable at the office of
County Treasurer.
Due Oct. 15 1939.
Redeemable at option of county
10 years from date thereof or at any interest paying period thereafter.
Cert, check on a reputable solvent bank for 5%, payable to Baker County
required.
A preference right to purchase will be given to citizens of Baker
County.
TOWNSHIP SCHOOL DISTRICT, Allegheny County,
OFFERING.—George H. Mesing, President of the School
Board, will receive^sealed bids until 2 p. m. Dec. 12 for $60,000 5%, 5)i%
BALDWIN
Pa.—BOND
14,500 North Walnut Street bonds.
Due $1,000 March 15 1922
$1,500 yearly on March 15 from 1923 to 1931, inclusive.
Date Sept. 15 1921.
Certified check for 2)4% of the amount bid
payable to the Village Treasurer, required.
and
for,
Purchaser to pay accrued int.
local
BUFFALO, N. Y.—BOND SALE.—An issue of $10,900 23 4%
improvement bonds was sold during October to the Sinking Fund.
BUTTE COUNTY
(P. O. Oroville),
Calif.—BOND SALE.—The San
Francisco "Chronicle" on Nov. 17 said:
"Some idea of the recent improvement
in the municipal bond market
be gleaned from a comparison of the price paid by tne Bank of ItalyAnglo-California Trust Co.-Capital National (or Sacramento) syndicate for
a
block of $1,300,000 Butte County highway bonds at public auction at
Oroville yesterday with that paid by the National City Co. and the Mercan¬
tile Trust Co. on Aug. 30 for $209,000 Santa Cruz County highway 6s.
"The Butte County bonds brought par and accrued interest, while the
Santa Cruz Issue was bought at a figure which permitted the syndicate
to offer them on a 5.40 basis.
There was a slight difference in maturities,
those on the Butte County bonds ranging from 1925-1944 inclusive and
those of the Santa Cruz issue from 1922-1941.
,
"The Butte County bonds will be offered to the public in the near future.
may
,
.
BUTTE, Boyd County, Neb.—BOND SALE.—During last month the
State of Nebraska purchased at par $3,500 6% water-extension bonds.
Date Aug. 15 1921.
Due Aug. 15 1941, optional Aug. 15 1931.
CALIFORNIA
(State of).—BOND
OFFERING.—F. W
Richardson.
as a whole, at public
Capitol (Sacramento),
State Treasurer, will sell in parcels of one or more, or
auction at 2 p. m. Dec. 22, m his office at the State
2332
THE
CHRONICLE
$7,000,000
5% gold highway bonds.
Denom. $1,000.
Date Nov.
3
1921.
Prin. and semi-ann. int.
(J. & J.) payable in gold coin of the United
States of the present standard or value at the office of the State Treasurer
the option of the holder at the fiscal
agency for the State of California
in New York City.
Due $1,000,000 yearly on Julv 3 from 1943 to 1949,
inclusive.
Purchaser to pay accrued interest.
These bonds were mentioned in our issue of Nov. 19 on
page 2212.
COTTONWOOD COUNTY (P. O. Windom), Minn.—BOND OFFER¬
ING.—Sealed bids will be received until
Dec. 7 by S. A. Brown, County
Auditor for $32,000 6% public drainage ditch bonds.
Date Nov. 1 1921.
Prin. and semi-ann. int. payable at some bank in
Minneapolis or St. Paul.
Due yearly on Nov. 1 as follows:
$2,000, 1927 to 1932, incl.; $3,000, 1933,
$2,000, 1934 to 1940, incl., and $3,000, 1941.
Cert, check for $1,600
payable to the County Treasurer.
or at
-
CALIFORNIA (State of).—BOND SALE.—On Nov. 17 the
$2,860,000
4% capital extension bonds—V. 113, p. 1907—were sold to the Bank of
Italy of San Francisco.
Date July 2 1915.
Due July 2 1965.
In con¬
BOND OFFERING.—Bids will be received
by S. A. Brown, County Audi¬
tor, until 2
p. m. Dec. 7 for $48,584 96 5M % trunk highway reimbursement
bonds.
Denom. $1,000, one for $584 96.
Date Oct. 1 1921.
Int. A. &
O.
Due yearly on Oct. 1 as follows: $3,584 96. 1932 and
$5,000, 1933 to
1941, incl.
Cert, check tor 5%, payable to the County
nection with the sale of these bonds the Los
Angeles
wire from Sacramento under date of Nov.
"Times" in a night
17 said:
"Bonds for the construction of the
capitol extension buildings at Sacra¬
mento were sold to-day by State Treasurer Richardson to the Bank
of Italy,
which purchased $2,860,000 of them.
The sum of $393,840 out of $400,000
voted by the Legislature to bring about the sale of the
bonds, which bear
interest at 4%, was paid as commission."
CARTER
COUNTY
(P. O. Ardmore), Okla.—BOND SALE.—An
issue of $500 000 6 % 25-year road bonds voted
by 3 116 to 2 012 at a recent
election
has been sold to R. J. Edwards of Oklahoma
CEDARTOWN, Polk County, [Ga.—BOND OFFERING.—Sealed bids
will be received until 1 p. m. Dec. 5
by J. C. Walker, City Clerk, for the
following 6% bonds:
$50,000 school bonds.
Due $2,000 yearly on Jan. 1 from 1927 to 1951
incl.
55,000 sewer bonds.
Due yearly on Jan. 1 as follows: $2,000
1927 to
1946, incl., and $3,000 1947 to 1951, incl.
58,000 street-impt. bonds.
Due yearly on Jan. 1 as fodows: $3,000 1927
to 1934, incl.. and $2,000 1935 to 1951, incl.
Denom. $1,000.
Date Jan. 1 1922.
Int. semi-ann., payable at the
National Park Bank, N. Y.
Cert, check for $5,000, payable to the
City
of Cedartown, required.
Official announcement says that the bonds are
to be validated on Dec. 3 1921 and advertised and sold
subject to conclu¬
sive legal judgment of validation.
$4,005,829 09
112,500 00
1920 (Census)
4,051
It is stated that the limits of this city were extended this
year and popu¬
lation is now at least 6,000.
It is also stated that the city of Cedartown
owns valuable
property, including municipal water and light plant which
has earned good dividends for
Population
many years
CENTER,
Shelby
and is increasing in value.
County, Tex.—BIDS REJECTED.—All
ceived on Nov. 15 for the $60,000 water-works and
$30,000 sewer
—V. 113, p. 1908—were rejected.
bids
6% bonds
CHAMPAIGN COUNTY (P. O. Urbana), Ohio.—BOND
OFFERING.
—W. B. Crim, County Auditor, will receive sealed bids
until 12 m. Dec. 8
for $10,000 6% bridge bonds.
Denom. $1,000.
Date Dec. 8 1921.
Int
J. & D.
Due $1,000 each six months from June 8 1922 to
Dec. 8 1926 incl.
Cert, check for 10% of the amount bid
for, payable to the Board of County
Purchaser to pay accrued interest.
CHEATHAM COUNTY (P. O. Ashland
City), Tenn.—BOND OFFER¬
ING.—J. J. Naves, Chairman of
County Court, will receive bids until 2 p.m.
Dec. 12 for the purchase of $10,000
5% 20-year coupon school bonds.
Denom. $100.
Int. semi-ann.
CIRCLEVILLE, Piute County, Utah.—BOND OFFERING.—We
CLARK
COUNTY
M.
1
W.
1-20-year bonds
(P.
O.
Arkadelphia),
Elkins & Co. of Little
at 91.
Denom. $500.
Ark.—BOND
Rock were awarded
Date Oct. 1 1921.
SALE.—On
$150,000 6%
Int. semi-ann.
CLAYTON SCHOOL DISTRICT (P. O. Clayton), St. Louis County,
Mo.—BOND SALE.—The Mortgage Trust Co. and
Pape, Potter & KauffInc., both of St. Louis, have purchased $76,250
5% tax-free bonds.
Denom. $1,000, except one $520 bond.
Date Nov. 15 1921.
m
man,
Principal
and semi-annual interest
payable at the St. Louis Union Trust Co., St.
Louis.
Due yearly on Nov. 15 from 1923 to
1939, inclusive.
CLEARWATER
COUNTY
(P.
O.
Bagley),
Minn.—BOND
CLEVELAND CITY SCHOOL DISTRICT (P. O. Cleveland),
Cuya¬
hoga County, Ohio.—BONDS VOTED.—The $2,000,000
.
public library
or
80,795 "for"
CLEVELAND HEIGHTS,
Cuyahoga County, Ohio.—BOND OF¬
FERING.—H. H. Canfield, City Clerk, will receive
sealed bids until 12 m.
Dec. 19 for $5,530
6% street-impt. bonds.
Denom. 1 for $530 and 5 for
$1,000 each.
Date Dec. 1 1921.
Due yearly on Oct. 1 as follows:
$530
1927, $1,000 from 1928 to 1930 incl., and
$2,000 in 1931.
CLINTON COUNTY (P. O.
Frankfort), Ind.—BOND SALE.—The
$393,600 5% bonds issued to provide funds for the
construction
and impt
by Frankfort, HillLsburg and
Scircleville,
on Nov.
19 (V. 113, p. 2099), were
sold to the City Trust Co. of
Indianapolis at 99.10, a basis of about 518%.
Date Feb. 15 1921.
Due $19,680 each six months from
May 15 1922 to
of
a certain
highway petitioned
in Clinton
County, which were
offered
Nov.
15
1931
incl.
COCHISE COUNTY SCHOOL
DISTRICT NO.
SALE,—-The Citizens' Bank & Trust Co. of
Bisbee
$2,500 6% bonds.
Denom. $500.
Int.
the
County Treasurer's
office.
1929 incl.
44,
Ariz .—BOND
has
been
awarded
June 15 and Dec. 15,
payable at
Due $500 yearly on Dec. 15
from 1925 to
Park County, Wyo .—BOND
OFFERING .—Until Dec. 14 E. F.
Shaw, Town Clerk, will receive bids for the
$65,000 6% new water-workssystem bonds voted by 229 to 85 on
Nov. 2—V. 113, p. 2212.
Due Jan. 2
1952.
Optional after 15 years.
CONCORD, Cabarrus County, No. Caro.—BOND
SALE.—On Nov.
17 the following 6%
gold coupon ( with privilege of
registration as to prin¬
cipal only) bonds—V. 113, p. 2003—were
sold to Weil, Roth & Co. of Cin¬
cinnati at 101.40, a basis of
about 5.86%:
$75,000 sewerage extension bonds.
Due yearly on Feb.
1 as follows:
$2,000, 1924 to 1938 incl.; $3,000, 1939 to 1945
incl.\ and $4,000,
1946 to 1951 incl.
30,000 sidewalk bonds.
inclusive.
Due $2,000 yearly on Feb.
1 from 1923 to 1937
Sept. 1 1921.
also received from the
following:
Bond Co., Inc., Sidney
Bids
were
Sutherlin, Barry & Co., Inc.. Hanchett
Spitzer & Co. and M. W. Elkins & Co.
CONVERSE COUNTY SCHOOL DISTRICT
NO. 17
Wyo.—BIDS.—The following proposals were
S. E. Morton
Bid par less $333 34
expense
Bid par less
621 00 expense
Bid par less
490 00
Joseph E. Grigsby
Bankers Trust Company
Sidlo, Sunons Fels & Co
Ben well, Phillips & Co
—
Bid par less
__Bid par less
Bid par less
Boettcher, Porter & Co_
Antomdes & Co
Keeler Brothers & Co
x
Bid par less
Bid par less
Bosworth, Chanute & Ca
was
x
not
Successful bidder.
given
in
This bid
V.
above
113, p. 2004.
considered for the
corrects
the
notice
reason
that $500 deposit check
given under
17" in last week's issue
BWCOOS
292 00 expense
610 00 expense
-
was not
School District No.
expense
465 00 expense
480 00 expense
520 00 expense
Bid par less
625 00 expense
The notice,
statmg that these bonds had been sold
properly certified.
The
(P. O. Douglas),
received for the $16,000
6%
bonds:
on
was
caption
"Douglas County
page 22
3.
COUNTY (P. O. Coquille), Ore.—BOND
OFFERING—The
County Clerk will receive bids until 11 a. m. Dec. 12
for $10 000 6%
coupon bonds.
Denoms. $100 and $500.
Due yearly on Jan. 1
as follows:
$1,000 1924 to 1931, incl., and $2,000 1932.
a*
Wash.—BOND
NO. 6, Wash.—BOND
purchased $10,000 bonds
Ind.—BOND OFFERING.—
for the
following 5% highway bonds.
$3,400 Jno. K. Batman et al, Jennings
Township bonds.
Denom. $170.
5.000 David Toney et al, Liberty
Township bonds,
Denom. $250.
Date Dec. 5 1921.
Int. M. & N.
Due one bond of each issue each six
months from May 15 1923 to Nov. 15
1932, incl.
CRAWFORDSVILLE CONSOLIDATED INDEPENDENT SCHOOL
DISTRICT (P. O. Crawforsdville),
Washington and Louisa Counties,
Iowa.—PRICE PAID.—The price at which the
$100,000 6% coupon taxfree school bonds were acquired—V.
113, p. 2213—was 100.976.
CROOK COUNTY (P. O.
Prineville), Ore.—BOND OFFERING.—
Sealed bids will be received until 2
p. m. Dec. 7 by Asa W. Battles, County
Clerk, for the purchase of $90,000 6% road bonds, or of
any portion thereof.
Denom. $1,000.
Date Dec. 1 1921.
Principal and semi-annual interest
(J. & D.) payable at the fiscal
agency of the State of Oregon in New York
City.
Due yearly on Dec. 1 as follows:
$3,000 1934, $17,000 1935,
$18,000 1936, $19,000 1937, $20,000 1938 and
$13,000 1939.
Certified
check for 5%
required.
The approving opinion of Teal, Minor & Winfree
of Portland will be furnished the successful
bidder.*
CROOK COUNTY
SCHOOL DISTRICT NO. 16
(P. O. Moorcroft),
Wyo.—BOND OFFERING.—Bert Waddell, Clerk, will receive bids until
Dec. 12 for $8,000 6% bonds.
Denom. $500.
Bids less than par will not be considered.
Date Jan. 1 1922.
CUSTER COUNTY SCHOOL DISTRICT NO. 75
(P. O. Miles City)
Mont.—BOND OFFERING.—Until 2 p. m. Dec. 3 sealed
bids will be re¬
by Dorothy G. Gordon, District Clerk, for $1,257 41
6% funding
bonds.
Denom. $1,000, one $57 41.
Date Dec. 1 1921.
Int. semi-ann.
Due Dec. 1 1931, optional Dec. 1 1927.
Cert, check for $100, payable to
the above Clerk, required.
ceived
DANVILLE, Pittsylvania County, Va.—BOND SALE.—C. W. McCo. of Chicago have purchased
$50,000 street-impt. bonds, Series
Near &
"C."
DAYTON, Montgomery County, Ohio.—BOND SALE.—The follow¬
ing 5
% coupon bonds offered on Nov. 21—V. 113, p. 1792—were sold to
Farson, Son & Co. and J. S. Bache & Co. of New York at
108.56, a basis of
about 4.83%:
$57,000 bridge and culvert bonds.
Due July 1 1941.
350,000 (city's portion) street and
sewer-impt. bonds.
Due Nov. 1 1941.
100,000 storm-water-sewer bonds.
Due Nov. 1 1941.
Date
Nov.
1
DECATUR,
1921.
Wise
County, Tex.—BOND OFFERING.—Until 12 m.
Dec. 1 sealed bids will be received
by R. L. Thompson, City Secretary, for
the following 6% bonds:
$100,000 water extension bonds.
Due yearly as follows:
$2,000 1926 to
1945, incl., and $4,000 1946 to 1960, inclusive.
75,000 sewer system bonds.
Due yearly as follows:
$2,000 1926 to
1955, inclusive, and $3,000 1956 to 1960, inclusive.
$1,000.
Date Oct. 1 1921.
Interest semi-annually payable
Bank, Chicago.
Certified check
Texas bank for 1% of bid,
payable to S. T. Lillard, Mayor, required.
These bonds were voted
recently—V. 113, p. 1272.
Denom.
at the Continental & Commercial National
on
a
Statement.
Bonds, excluding these bonds
$36,250
25,000
8,120
1,461,755
2,205
Water works bonds included in above
Sinking funds on hand
Assessed value 1920
Population 1920 Census
DENISON, Grayson County, Tex.—BOND OFFERING.—We are ad¬
vised by special telegram that
$36,000 5% bonds will be offered for sale on
Dec. 19.
DETROIT,
Wayne
County,
Mich.—BOND
Steffens,
Nov.
OFFERING.—Henry
Jr., City Comptroller, will receive sealed bids
28 for the following coupon or
registered bonds.
until
11
a.
m.
$332,000 5lA%
general public improvement bonds.
Date Jan. 1 1921.
Due yearly on Jan. 1 as follows:
$49,000 from 1922 tol926, incl.;
$44,000 1927, $19,000 1928 and $24,000 in 1929.
*500,000 4V%% water supply bonds.
Date Jan. 15 1920.
Due yearly on
Jan. 15 as follows: $17,000 from 1921 to
1940, incl., and $16,000
from 1941 to 1950, inclusive.
*306,000 4^% general public improvement bonds.
Date Jan. 15 1920.
Due yearly on Jan. 15 as follows:
$10,000 from 1921 to 1932, incl.;
$11,000 from 1933 to 1938, incl., and
$10,000 from 1939 to 1950,
inclusive.
8,000,000 5%
as
school bonds.
Date Dec. 1 1921.
Due yearly on Dec. 1
follows: $266,000 from 1922 to
1941, incl., and $268,000 from
1942
to
1951, inclusive.
1,000,000 Wz% public sewer bonds.
Date Dec. 1 1921.
Due yearly on
as follows:
$33,000 from 1922 to 1941, incl., and $34,000
1942 to 1951. inclusive.
Denom. $1,000.
Principal and interest payable at the City Treasurer's
.office or at the official bank of the
city of Detroit in New York City.
Legality approved by John C. Thomson of New York.
Certified check
for 2% of the amount bid
for, payable to the city required.
*
Although it seems that the maturity of this issue is in
error, as the
first bond is due Jan. 15 1921. the notice of this
offering has come to us
officially.
The city of Detroit is also offering $2,000,000 bonds on Nov. 28,
which are not given
above, as the notice of this offering was already given
in our issue of Nov. 19 on
page 2213.
/
Dec.
•
1
from
DIVIDE COUNTY (P. O.
at the office of R.
CONCORDIA PARISH (P. O.
Vidalia), La .—BOND SALE.—On
Nov. 12 the $50,000
6% road bonds—V. 113, p. 1792—were sold
to W. L.
Slay ton & Co. of Toledo at 101.42 and int.
Date
*
CRAWFORD COUNTY (P. O. English),
5,
Crosby), No. Dak.—BOND OFFERING.—
The Board of County Commissioners will redceive
bids until 9
Date Aug. 1 1921.
♦Mrs.
96.40.
Financial
OFFER¬
ING.—H. K. Rude, County Auditor, will receive
sealed bids until Dec. 6,
it is stated, for $11,849 36
highway and $10,126 ditch bonds.
bonds mentioned in V. 113,
p. 1697, were carried by a vote
to 60,072 "against" the issue.
at
are
advised by special telegram that $38,000
6% 10-20-year water and electric
bonds will be offered for sale on Dec.
1.
Nov.
COWLITZ COUNTY DIKING DISTRICT
SALE.—The First National Bank of Kelso has
4 p. m.
re¬
CHAFFEY UNION HIGH SCHOOL
DISTRICT, San Bernardino
County, Calif,—PURCHASER.—The purchaser of the $30,000
6% school
bonds (V. 113, p. 2212) was the California Bank.
The price paid by that
bank was 112.16. a basis of about
5.19%.
*
Commissioners, required.
Treasurer, required.
'
COWLITZ COUNTY DIKING DISTRICT NO.
SALE.—An issue of $73,000 bonds has been sold.
J. B. Pierson, County Treasurer, will receive
bids until 2:30 p. m. Dec. 5
City.
Financial Statement.
Assessed value of taxable property 1921
Total bonded indebtedness, exclusive of
thlsjissue
[Vol. 113.
at not
H. Lynch,
exceeding 6% interest.
a.m.
Dec. 6
County Auditor, for $40,000 funding bonds
Int.
semi-ann.
The bonds will
run
for
a
period of 5 years.
Cert, check for $500, payable to the
County Treasurer,
required.
Official circular says that there has never been any default in
either principal or interest of
any of the obligations of the county, and that
there is no controversy or litigation
pending or threatening the corporate
existence or the boundaries of this
county or the title of its present officials
to their respective offices or the
validity of these bonds or any other out¬
standing bonds.
DOVER,
Norfolk
County,
Mass.—BOND
OFFERING—William
Levis, Town Treasurer, will receive sealed proposals until 8 p. m. Nov. 30
for $60,000 coupon Dover Town House and
Library Loan bonds.
Denom.
$1,000.
Date Dec. 1 1921.
Prin. and semi-ann. int. (J. & D.)
payable
at the First National Bank of Boston in Boston.
Due $6,000 yearly on
Dec. 1 from 1922 to 1931 incl.
The official announcement states that these
bonds are exempt from taxation in Massachusetts, and are
engraved under
the
supervision of and certified as to genuineness by the First National
legality will be approved by Messrs. Ropes, Gray,
Boyden & Perkins, whose opinion will be furnished the purchaser.
All
legal papers incident to this issue will be filed with said bank where
they
may be inspected at any time.
Bidder to name interest rate.
Bonds will
be delivered to the purchaser on or about
Monfday, Dec. 12 1921,lat the
First National Bank of Boston in Boston, Mass.
Bank of Boston; their
DUBUQUE COUNTY (P. O. Dubuque), Iowa.—BONDS DEFEATED.
—An issue of $1,500,000 road bonds has been
defeated, it is
reported.
DULUTH, Minn.—BOND SALE.—On Nov. 21 the $50,000 5^% 30year bonds—V. 113, p. 2100—were sold to the
Guaranty Co. of New York
at 110.637, a basis of about
4.82%.
Nov. 26
THE
1921.]
DUNEDIN, Pinellas County, Fla.—
AND CERTIFICATE
OFFERING.—Percy D. Niven, Town Clerk, will receive bids until 7 p.m.
Dec. 13 for the purchase of $39,000 6% 20-year improvement bonds and
approximately $70,000 8% improvement and sewer certificates.
Certified
check for $500 required.
EAGLE
a
recent
WiCERTIFICATES VOTED.—At
$18,000 certificates carried by a unanimous vote,
RIVER, Vilas County,
special election
$15,000 City's portion general street improvement bonds.
Due Sept. 1 31'
55,000 special assessment Sherman Ave. improvement bonds.
Due from
1 to
PASO
SCHOOL
COUNTY
DISTRICT
NO.
12,
Colo.—BOND
SALE.—Sidlo, Simons, Fels & Co. of Denver recently purchased $40,000
5% school-building bonds which are due from 1941 to 1948 incl.
This
is the unsold portion of an issue of $100,000, $54,000 of which were sold to
local investors and $6,000 to the Bankers' Trust Co. of Denver.
The sale of
the $54,000 bonds and the $6,000 bonds was already
given in V. 113, p.
2004.
EL
PASO
SCHOOL
COUNTY
DISTRICT
NO.
14,
Colo.—BOND
ELECTION.—We are advised by special telegram that an election will
held Dec. 22 to vote on the question of issuing $130,000 school bonds.
be
ESCAMBIA COUNTY (P. O. Pensacola), Fla.—BOND OFFERING.—
Bids will be received until 10 a. m. Dec. 17 by the Board of County Com¬
missioners for
of $1,000,000 road-paving bonds (V. 113, p.
1698).
Bids will be received for the purchase of these bonds either as a
whole or in amounts of $100,000 or more, up to the whole amount of $1,000,000.
Denom. $1,000.
Date Aug. 15 1921.
Prin. and semi-ann. int.
(P. & A.) payable at the Guaranty Trust Co., N. Y.
Due in 30 years with
an option to redeem $65,000 annually beginning one year after date of issue.
A check certified by some bank in Escambia County, for 2%, must ac¬
company each bid.
These bonds are part of an auth. issue of $2,000,000.
The whole of this issue of $2,000,000 road-paving bonds has been validated,
it is stated, by the Circuit Court of Escambia County, and afterwards
submitted to and approved by Wood & Oakley of Chicago.
Bonds cannot
the purchase
be sold for less than 95c.
FAIRMONT
on
the dollar.
SCHOOL
GRADED
FALLS
COUNTY
(P.
O.
Tex.—BOND OFFERING.—Bids
Marlin),
will be received until 2 p. m.
Dec. 7 by E. M. Dodson, County Judge, for
Precinct No. 5 bonds.
Denom. $1,000.
Date
Prin. and semi-ann. int. (A. & O.) payable at Marlin, Tex.
and New York City.
Due April 15 1949, optional after 10 years.
Cert,
check for $3,000 required.
Justice
FALMOUTH,
page
Pendleton
County,
Ky.—BOND
OFFERING.—See
2335.
FAT ELK
DRAINAGE DISTRICT
(P. O. Coquille), Coos County,
Ore.—BOND OFFERING.—The Board of Supervisors of this district will
receive sealed proposals until 11 a. m. Dec. 12 for $10,000 6% bonds.
Denoms. $100 and $500.
Interest semi-annual.
Due yearly on Jan. 1 as
follows: $1,000, 1924 to 1931, inclusive, and $2,000, 1932.
FILLMORE COUNTY SCHOOL DISTRICT NO.
40 (P. O. Ohlowa)
Neb.—BOND SALE.—The Peters Trust Co. of Omaha has purchased $50,
000 6% tax-free school-building bonds.
Denom. $1,000.
Date Sept. 1
1921.
Int. M. & S. payable at the office of County Treasurer.
Due $2,000
•yearly from 1927 to 1951, incl.
This report corrects the one given in V. 113,
1599.
p.
Financial Statement.
Assessed value of real estate and personal property
Total bonded debt (this issue only)
FILLMORE
UNION
GRAMMAR
$1,287,455
40,000 special
1
DISTRICT,
Ventura
County, Calif.—BOND OFFERING.—Sealed bids will be received until
11 a. m. Dec. 7 by L. E. Hallowell, County Clerk, and ex-officio Clerk of
Board of County Supervisors (P. O. Ventura) for $110,000 6% gold bonds.
Denom. $1,000.
Date Dec. 1 1921.
Prin. and semi-ann. int. (J. & D.)
payable at the County Treasurer's office.
Due yearly on Dec. 1 as follows:
$3,000, 1922 tq.1926, incl., and $5,000 1927 to 1945, incl.
Cert, or cashier's
check for at least 2 % of bid, payable to the above official, required.
Bonded
debt, $28,000.
Assessed value,
$5,067,166.
Present rate of taxation
(per $100), 0.59c.
•
FRIARS
POINT
CONSOLIDATED
WHITE
SCHOOL
DISTRICT
DISTRICT,
Coahoma
County,
Miss.—BOND OFFERING.—Y.
E.
Howell, Clerk Board of County Supervisors (P. O. Clarksdale), will offer
for sale at public auction on Dec. 3 $15,000 6% 1-20-year serial bonds.
Int. semi-ann.
Cert, check for $750 required.
GALLATIN COUNTY (P. O. Bozeman),
$125,000 coupon road bonds offered
sold
to
the
Bankers
interest for 5^s.
Trust
Co.
on
of Denver
Date July 11921.
Mont.—BOND SALE.—The
Nov. 18—V. 113,
on
1909—were
their bid of 100.2644 and
Due July 11941; optional July 11931.
GASTONIA, Gaston County, No. Caro .—BOND OFFERING.—D. M.
Jones, City Treasurer, will receive sealed proposals until 12 m. Nov. 29 for
privilege of registration) bonds:
$150,000 water and light bonds.
Due yearly on Feb. 1 as follows: $2,000,
1924 to 1931, incl., $3,000, 1932 to 1939, incl., and $5,000, 1940
to
1961,
incl.
350,000 street-impt. bonds.
Due yearly on Feb. 1 from 1924 to 1939, incl.
Denom. $1,000.
Date Aug. 1 1921.
Prin. and semi-ann. int. F. & A.
payable in New York.
Cert, check (or cash) upon an incorporated bank
or trust company for 2% of the amount of bonds bid for, required.
The
bonds will be delivered at place of purchaser's choice, east of the Mississippi
River, on or about Wednesday, Dec. 7 1921, and must then be paid ior.
These bonds are to be prepared under the supervision of the United States
Mortgage & Trust Co. of New York City, which will certify as to the genuine¬
ness of the signatures of the city officials and the seal impressed thereon.
Legality will be approved by Chaster B. Masslich of New York City, whose
approving opinion will be furnished to the purchasers without charge.
Angeles
County,
Calif.—BOND OFFERING.—
by Fred C. Neet, City
Clerk, for the $60,000 6% water bonds recently voted—V. 113, p. 1490.
Denoms. $1,000 and $500.
Date Jan. 1 1922.
Int. J. & J.
Due $1,500
yearly on Jan. 1 from 1923 to 1962, incl., official announcement says:
"The assessed valuation of all non-operative taxable property of the city
for its last assessment was $1,577,595.
The amount of bonds of the city
outstanding is $131,000."
Sealed bids will be received until 8 p. m. Nov. 29
GLENDORA HIGH SCHOOL DISTRICT (P. O. Glendora),
Los
Angeles County, Calif.—BONDS VOTED.—An issue of $300,000 highschool-building bonds has been voted.
GREENE
COUNTY (P.
O. Bloomfield), Ind.—BOND OFFERING.—
receive sealed bids until Dec. 10 for
Herschel Corbin, County Auditor, will
$15,944 60 6% coupon Lemon's Creek Ditch bonds.
Denom. 10 for $94 46
and 30 for $500 each.
Date Nov. 15 1921.
Int. M. & N.
Due $1,594 46
each six months from Nov. 15 1922 to May 15 1926, incl.
HARTFORD, Hartford County, Conn .—NOTE SALE.—The $600,4\4 % permanent improvement notes offered on Nov. 22—V. 113,
p. 2213—were sold at 99.591, a basis of about 4.56%, to Rutter & Co.;
Watkins & C6. and Redmond & Co., jointly.
Date Dec. 1 1921.
Due
$50,000 yearly on Dec. 1 from 1922 to 1933, inclusive.
The following
bids were received:
000
National City Co., New York
Rutter & Co. and Redmond &
Co., New York__
99.591
Estabrook & Co., Boston.__ 99.10
L.
Day & Co.,
Merrill,
Oldham
Boston, Conning
R.
Boston,
&
Co.,
& Co.,
99.07
Hartford
R.
T.
H. Barnes &
Co. and
Thomson,Fenn&Co.,Hart'd 99.07
Co., Hartford
98.932
;
<
Date Sept.
1
•
1921.
HASTINGS, Dakota County, Minn.—CERTIFICATE SALE.—Gates,
White & Co. of St. Paul have purchased the following 6% coupon certifi¬
cates of indebtedness:
$20,000 certificates of indebtedness.
Denom. $1,000.
Date Sept. 1 1921.
Int. M. & S.
Due $2,000 yearly on Sept. 1 from 1922 to 1931 incl,
25,000 certificates of indebtedness.
Denoms. $1,000 and $5,000.
Date
Nov. 1 1921.
Int. M. & N.
Due $2,500 yearly on Nov. 1 from
1922 to 1931 incl.
Prin. and semi-ann. int.
St. Paul.
payable at the Capital Trust & Savings Bank,
Financial
Statement.
Actual value of taxables (estimated)
Assessed value of taxables
Total bonded debt
$3,500,000
1,719,100
(official 1920)
...
Less certificates of indebtedness
Net bonded debt (less than 5% of
$178,000
95,000
assessed value)
83,000
Population (1920 Census)
4,571
HENDERSON GRADED SCHOOLS IN HENDERSON TOWNSHIP,
Vance
County, No. Caro.—BOND SALE.—On Nov. 22 the $100,000 6%
bonds (V. 113, p. 2101) were sold to A. B. Leach & Co., Inc., of
Bids were also received from Sidney Spitzer & Co., Pru^den
coupon
N. Y. at 103.
&
Co.
and
the
Bond Co.,
Hanchett
Inc.
HENRY COUNTY
(P. O. Paris), Tenn.—BOND SALE.—On Nov, 15
$150,000 6% road bonds—V. 113, p. 1909—were sold to Weil, Roth &
the
at 102.05. a basis of about 5.80%.
Denom. $1,000.
Due yearly on Oct. 1 as follows: $20,000 1926, $24,000
1934, $36,000 1938 and $40,000 1942.
of Cincinnati
Date Oct. 1 1921.
1930, $30,000
HUNTER
SCHOOL
County,
Solano
DISTRICT,
Calif.—BOND
OFFERING.—G. G. Holliday, Clerk Board of County Supervisors (P. O.
Fairfield), will receive bids until 11 a. m. Dec. 5 for $10,000 6% school
bonds.
Denom. $500.
Due $500 yearly from 1922 to 1941, incl.
Int.
semi-ann.
Cert, check for 10% required, .uaiEli
-HUNfTNGfONTBakeTCounty, Ore.—BOND OFFERING.—Sealed
Dec. 1 by W. J. Woods, City Recorder,
$10,000 street-impt. and $5,000 sewer extension 6% bonds.
Denom.
$500.
Date Dec. 1 1921.
Int. semi-ann. (J. & D.), payable at the Fiscal
bids will be received until 8 p. m.
for
Agency of the State of Oregon in New York City.
Bonds to mature in
not to exceed 20 years from date (bidders to specify the maturity or ma¬
turities desired).
The approving legal opinion of Teal, Minor & Winfree
will be furnished the successful bidder or bidders.
HYDE COUNTY DRAINAGE DISTRICT NO. 6, No. Caro .—BOND
OFFERING.—Sealed
bids will be received until
12 m.
Dec.
5 by A.
B.
Litchfield, Secretary of the Board of Drainage Commissioners (P. O. Swan
Quarter) for $130,000 6% 20-year coupon bonds.
Date July 1 1921.
Prin. and semi-ann. int. payable at the National Bank of Commerce, N. Y.
Due yearly beginning July 1 1926.
Cert, check for $1,000, payable to
the Drainage Commissioners, required.
'
*
McCurtain
IDABELL,
County,
Ida.—BONDS
VOTED.—A special
telegram from our Denver correspondent under date of Nov. 25 says that
$75,000 fire truck bonds have been voted in this city.
JACKSON COUNTY
(P. O. Altus), Okla.—BOND SALE.—An issue
sold to the City National Bank of
26
1921.
Int. M. & S.
Due
of $33,000 6% funding bonds has been
Altus.
Denom.
$1,000.
Date Sept.
I
Sept. 26 1931.
.
COUNTY
(P. O. Rensselaer), Ind.—BOND SALE— The
$17,400 5% Baker Improvement No 3413, Barkley Township bonds offered
on Nov. 17—V. 113, p. 2101—were sold to A. P. Flynn at par and accrued
interest.
Date Sept. 15 1921. Due $870 each six months from May 15
JASPER
15 1931, incl.
1922 to Nov.
JEFFERSON COUNTY (P. O. Oskaloosa), Kans.—BOND SALE —
Recently Spitzer, Rorick & Co. of Toledo purchased at 89 the following
5% bonds:
$62,000 Kaw Township Golden Belt Road bonds.
78,000 Sections A, B & F of Williamstown-Norton Road bonds.
Denom. $1,000.
Interest F. & A,
■
BOND SALE.—The Guaranty Trust Co. of Kansas City has purchased
6% Kaw Township Golden
$500 and $1,000.
Date June 1 1921.
$27,000
Belt Road bonds at 96.
Int. J. & J.
Due 1931.
Denoms.
N. Y.—BOND SALE.—
The $120,000 5H% registered highway-improvement bonds offered on
Nov. 21—V. 113, p. 2214—were sold to Eldredge & Co. at 103.60. a basis
fo about 4.71%.
Dato Dec. 1 1921.
Due from 1923 to 1936, incl.
JEFFERSON COUNTY (P. O. Watertown),
Madras), Ore.—CORRECT AMOUNT.
sold during March to the Madras
Madras, and the Citizens
State Bank of Metolius at par and interest was $100,000 (not $50,000 as
stated in V. 112, p. 1053).
The bonds answer to the following description:
Denom. $1,000.
Date Jan. 1 1921.
Int. J.& J.
Due Jan. 1 1941.
JEFFERSON COUNTY (P. O.
—The correct amount of 6% road bonds
State Bank and the First National Bank, both of
JEROME COUNTY (P. O. Jerome),
the following 6% coupon (with
Los
$1,000.
Due from
p.
GARY, Lake County, In A.—BOND OFFERING.—John W. Scott,
City Comptroller, will receive sealed proposals until 12 m. Dec. 16 for
$8,000 6% Ixfnds.
Denom. $1,000.
Date Dec. 16 1921.
Int. J. & D.
Due $1,000 on Dec. 16 in each of the following years: 1923, 1924, 1926,
1927, 1928, 1932, 1935 and 1936.
Certified check for 2 lA % of the amount
bid for, payable to the city, required.
Purchaser to pay accrued interest.
GLENDORA,
Shicler Ave. improvement bonds.
assessment
10 years.
to
Denom.
50,000
SCHOOL
Due from
1 to 10 years.
Co.
DISTRICT
(P. O. Fairmont),
Robeson County, No. Caro.—BOND SALE NOT COMPLETED.—The
sale of the $100,000 6% 30-year school bonds to Bruce Craven of Trinity—
V. 112, p. 958—was not completed, because the Supreme Court declared the
bonds to be illegal.
$150,000 5%
Apr. 15 1919.
10 years.
95,000 special assessment Millville Ave. improvement bonds.
t is stated.
EL
2333
CHRONICLE
Ida.—BOND SALE.—On Nov.211
113, p. 2214—were sold to
yearly on Nov. 1 from 1931
514% coupon road bonds—V.
Reed of Jerome at par.
Due $10,000
$100,000
R.
L.
to
1940, inclusive.
KENMORE, Summit
County, Ohio.—BOND OFFERING.—B. - O.
Sours, City Clerk, will receive sealed bids until 12 m. Dec. 17 for the fol¬
lowing 6% bonds:
$1,000 special assessment bonds.
Date Mar. 15 1921.
Due Mar. 15 1929.
2,700 city's portion bonds.
Date Sept. 1 1921.
Denom. 1 for $700 and
2 for $1,000 each.
Due Sept. 1 1930.
Prin. and semi-ann. int. of the first issue is payable at the City Treas¬
urer's office and of the second issue at the Commercial Savings & Trust Co.
of Akron, Ohio.
Cert, check for 5% of the amount bid for, payable to the
City Treasurer, required.
Purchaser to pay accrued interest.
KENNEDY TOWNSHIP SCHOOL DISTRICT (P. O. Pittsburgh),
Allegheny County, Pa,—BOND OFFERING.—G. R. Speer, Secretary of
the Board of School Directors, will receive sealed bids until 7 p. m. Dec. 5
for $40,000 5}4% or 5)4% school bonds.
Denom. $1,000.
Due on Oct. 1
as follows:
$10,000 in 1931 and 1941 and $20,000 in 1951.
Certified check
for $500 required.
,
KERNERSVILLE
GRADED SCHOOL
DISTRICT
(P.
No. Caro.—BOND SALE.—On
Forsyth County,
ville),
O. KernersNov. 21 the
Bank of Kernersville of Kernersville was the successful bidder for $25,000
6% school bonds at par.
Date Oct. 1 1921.
1924 to 1948, inclusive.
Due $1,000 yearly on Oct. 1
from
KINGSTON, Ulster County, N. Y.—BOND OFFERING.—Palmer
Canfield Jr.. Mayor, will receive sealed bids until Dec. 20 for an issue of
$320,000 514% or 5Y\% paving bonds.
Denom. $1,000.
Due $40,000
yearly on Oct. 1 from 1923 to 1930, incl.
KLAMATH
Nov.
8
the
FALLS, Klamath County, Ore.—BONDS VOTED.—On
$65,000 refunding bonds—V. 113, p. 2005—were voted by
428 to 111.
KOKOMO SCHOOL CITY (P. O. Kokomo),
Howard County, Ind.—
BOND SALE.—The, $40,000
98.809
6% McKinley School Building bonds offered
Payne & Co. of Indian¬
apolis, at their bid of par and accrued interest, plus $1,512, equal to 103 53,
a basis of about 5.18%.
Date Dec. 1 1921.
Due Dec. 1 1926.
98.795
BOND
Kissell, Kinnicutt & Co. and
Watkins & Co., New York.
R. M. Grant & Co., Boston.
the
on
Nov. 22—V. 113, p. 2101—were sold to Gavin L.
LA
98.572
Eldredge & Co., Boston
98.47
E. H. Rollins & Sons, Boston 98.44
Blodgett &
Co.
and Lee,
Higginson & Co., Boston. 98.41
Harris, Forbes & Co., N. Y_ 96.631
FERIA
WATER
SALE.—An
DISTRICT NO. 3, Tex.—
bonds, maturing from 1923 to
IMPROVEMENT
issue of $275,000
6%
1941, incl., has been sold.
LAKE COUNTY (P. O. Crown Point), Ind .—BOND SALE.—The
$45,000 5% Fred. Bloede et al, gravel road of Ross and Center Townships
bonds offered on Nov. 16—V. 113, p. 2101—were sold at par and accrued
interest to the Peoples State Bank of Crown Point, Ind.
Date Sept. 15
Putnam &
1921.
HAMILTON, Butler County, Ohio.—BOND SALE—The following
four issues of 6% improvement bonds offered on Nov. 16 (V. 113, p. 1793
were sold to Stacy & Braun of Toledo at $208,321
(101.132):
election will be held
LANDER,
Fremont
extension bonds.
on
County,
Wyo.—BOND ELECTION.—A special
of $145,000 water-
Dec. 12 to vote upon the issuance
2334
THE
LARCHMONT,
We.tcheater
Y.—
N.
County,
CHRONICLE
MIDDLESEX COUNTY (P. O. New Brunswick), N. J.—BOND
OFFERING.—F. William Ililker, County Treasurer, will receive sealed
proposals until 2 p. m. Dec. 1 for an issue of 5lA % coupon (with privilege
of registration) bridge bonds not to exceed
$47,000.
Date Dec. 1 1921.
Principal and semi-annual interest (J. & D.) payable at the County Treas¬
urer's office.
Due $2,000 yearly on Dec. 1 from 1923 to 1943,
inclusive,
and $1,000 yearly on Dec. 1 from 1944 to
1948, inclusive.
In addition to
the price bid the purchaser must pay accrued interest from the date of
the
bonds to the date of delivery.
Bids are desired on forms which will be fur¬
nished by the county, and each bid must be accompanied by a certified
check or checks drawn upon an incorporated bank or trust company,
pay¬
able to the order of the County Treasurer of the County of Middlesex, for
2% of the par value of the bonds bid for to secure the county against any
loss resulting from the failure of the bidder to comply with the terms of his
bid.
The right is reserved to reject all bids, and any bid not complying
with the provisions hereof will be rejected.
The bonds will be delivered to
the successful bidder at the office of the U.S. Mtge. & Trust Co., 55 Cedar
St., N. Y. City, on Dec. 8 1921, at 11 o'clock a. m.
The bonds will be pre¬
pared under the supervision of the U. 8. Mtge. & Trust Co. of N. Y., which
will certify as to the genuineness of the signatures of the county officials
and the seal impressed thereon; and the approving
opinion of Caldwell &
Raymond, of N. Y. City, as to legality will be furnished to purchaser
without charge.
The
$96,600
coupon or registered improvement bonds offered on Nov. 21—
113, p, 2101—were sold to Barr & Schmeltzer at 102.626 for 5s, a basis
of about 4.76%.
Due from 1926 to 1950, inclusive.
V.
LARAMIE
-■
COUNTY
SCHOOL
DISTRICT
NO.
3
(P.
O.
Burns),
Wyo.—BOND SALE.—The $10,000 6% school building bonds offered on
Nov. 19 (V. 113, p. 2005) were sold to Bosworth, Chanute & Co. of Denver
Date Dec. 1 1921.
LAUREL, Cedar County, Neb.—BOND OFFERING.—Sealed pro¬
posals will be received until 8 p. m. Dec, 7 by Geo. A. Gilbert, Village
Clerk, for $21,500 6% coupon municipal light and power bonds.
Date
Dec. 1 1921.
Int. J. & D. payable at County Treasurer's office.
Due
Dec. 1 1941.
Cert, check for 5% of bid, payable to the village of Laurel
required.
Bonded debt (including this issue) Nov. 19 1921, $139,904
Floating debt (add'l) $20,000.
Assessed value 1921, $1,359,000.
LAWRENCE COUNTY
(P. O. Bedford), Ind.—BOND OFFERING,
Robert Pitman. County Treasurer, will receive bids until 1 p. m. Dec.
for $8,500 6% Indian Creek Bridge bonds.
Denora. 8 for $1,000 each and
1 for $500.
Due beginning May 15 1923.
Date Oct. 15 1921.
Semi-ann
_
int.
payable at
offered
on
the
These bonds were first
County Treasurer's office.
113, p. 1699.
fVOL. 113.
Oct. 21.—V.
(P. O. Lcmoyne), Cumberland
County, Pa.—BOND OFFERING.—L. F. Baker, Secretary of the School
Board, will receive sealed bids until 7:30 p.m. Dec. 12 for $26,000 5% school
bonds.
Date Nov. 15 1921.
Due in 30 years, optional after 5 years.
Financial Statement.
Assessed valuation taxable real estate, 1921
Assessed valuation taxable personal property, 1921
LEVY COUNTY SPECIAL ROAD AND BRIDGE DISTRICT NO. 7,
Fla.—BOND SALE.—Mikler & McLeod were awarded $99,000 6% road
bridge bonds at 95. a basis of about 6.52%.
Total bonded debt, not including this issue--Sinking fund-----Population 1920 Census, 162.334.
LEMOYNE
SCHOOL
DISTRICT
Total assessed valuation
and
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 12 (P. O.
Marysville), Mont.—BOND OFFERING.—The Board of School Trustees
Dec. 10 at the office of County Superintendent of Schools,
Helena, $1,500 6% funding bonds.
Denom. $100.
Date Dec. 10 1921.
Int. semi-ann.
Due Dec. 10 1940 optional Dec. 10 1924 or at any interest
paying date thereafter, at option of school district. Ail bids, other than by
or on behalf of the State board of land commissioners must be accompanied
will sell at 2 p. m.
Payablc to the order of c- Howler,
I, !Certlfied check in the sum of
These bonds are issued for the funding of outstanding warrants issued
by the School District No. 12 prior to the first day of July, of 1921,
such warrants being now outstanding and unpaid.
The bonds shall not be sold for Jess than their
par value, and the Board
reserves the right to reject any and all bids and sell such bonds
of Trustees
at
private sale, if they deem it for the best interests of the district, or to
an exchange of the bonds to take up such legal outstanding indebted¬
ness by issuing the same to any persons holding the warrants of the district,
representing just claims against the district, the exchange to be made dollar
MIDDLETOWN, Butler
-
Sherwood & Merrifield
.101.870
—
LIBERTY COUNTY (P. O. Bristol), Fla.—WARRANT OFFERING.—
Sealed bids will be received until 12 m., Central time. Dec. 17 by J. E.
Roberts, Secretary of Board of Public Instruction, for $18,000 6% coupon
school warrants.
Dcnom. $1,000.
Date Dec. 1 1921.
Int. semi-ann.
Due $6,000 on Dec. 1 in each of the years 1926, 1931 and 1936.
Pur¬
chaser to pay accrued interest.
LINCOLNTON GRADED SCHOOL DISTRICT (P. O. Lincolnton),
Lincoln County, No. Caro.—BOND SALE.—It appears that the $200,000
6% coupon school building bonds offered May 9—-V. 112, p. 1655—have
been sold
Date May 1 1921.
Due yearly on May 1 as follows:
$5,000
1926 to 1935, inclusive, and $10,000 1936 to 1950, inclusive.
LIVERPOOL
TOWNSHIP
RURAL
SCHOOL
DISTRICT
(P.
O.
Valley City), Medina County, Ohio.—BOND OFFERING.—F. H.
Weidner, District Clerk, will receive sealed bids until 12 m. Dec. 3 for $10,000 6% deficiency bonds.
Denom. $1,000.
Date Nov. 1 1921.
Int.
A. & O.
Duo $1,000 each six months from April 1 1923 to Oct. 1 1927, incl.
Cert, check for 2% of the amount bid for, payable to the Board of Educa¬
tion, required.
Purchaser to pay accrued interest.
LOWELL, Middlesex County, Mass.- -boVd SALE.—The $540,000
t/\
/o
wupuu
nigu-suuooj
loan
/yul
oi
uuiius
oii urea
on
x\ uv.
White, Weld & Co. and
Eldredge & Co
Arthur
Perry
&
101.94
102.63
102.34
E. H. Rollins & Sons
101.587
102.08
102.07
Harris, Forbes & Co
Paine, Webber & Co
Middlesex
102.211
Estabrook & Co
Blake Bros. & Co
F. S. Moseley & Co
R. L. Day &
101.54
Trust
-
Safe
Co
Deposit
&
101.82
—
Co
Blodgett & Co
102.046
McDOWELL COUNTY (P. O. Marion), No. Caro.—BOND OFFER¬
ING.—The Highway Commission of McDowell County will offer for sale at
of
a.
m.
Dec. 5 $150,000 6% highway bonds.
Int. semi-ann.
A deposit
$7,500 will be required with each bid.
McMINN
COUNTY
(P.
O.
Athens), Tenn.—BOND SALE.—The
$100,000 6% road bonds offered on Sept. 10 (V. 113, p. 755) have been sold
to
R. J.
Fisher of Athens at par.
McMINNVILLE, Yamhill County, Ore.—BOND SALE—On Nov. 1
Ralph Schneeloch Co. purchased $11,757 32 6% impt. bonds at par.
the
Date Nov. 1 1921.
Prin. and semi-ann. int. (M. & N.) payable at the fiscal
agency of the State of Oregon in New York City.
tional after 1 year.
Due Nov. 1 1931
op¬
MALDEN,
Middlesex
County,
Mass .—TEMPORARY
LOAN.—A
temporary loan of $150,000 which were offered on Nov. 18 was sold on a
4.23% basis to Estabrook & Co. Date Nov. 22 1921.
Due May 15 1922.
MARLIN, Falls County, Tex.—BOND OFFERING.—W. T. Goode,
City Secretary, will on Dec. 7 at 10 a. m. receive sealed bids for the $225,000
10-40-year (opt.) water works impt. bonds recently voted (V. 113, p. 1601).
Denom. $500.
Date Dec.
1 1921.
Int. semi-ann.
MARSHALLVILLE, Wayne County, Ohio.—BOND SALE.—The
$9,000 6% light bonds offered on Nov. 21—V
113, p. 2101—were sold
at par arid accrued interest to the Orrville
National Bank.
Date Oct. 6
1921.
&
Due from 1922 to 1930, inclusive.
MARYSVALE, Piute County, Utah.—BOND SALE.—Keeler Bros.
Do. of Denver have purchased $10,000
7% water bonds.
Date Nov. 1
MEAGHER
COUNTY (P. O. White Sulphur
Springs), Mont.—
OFFERING.—Geo. W. Harden, County Clerk, will deceive sealed
proposals until 10 a. m. Dec. 13 for the $200,000 6% coupon road bonds
recently voted—V
113, p. 1794.
Denom. $1,000.
Prin. and semi-ann.
int. (J. & J.) payable at the County Treasurer's office or at
Kountze Bros.,
N. Y.
Due Nov. 1 1941; optional Jan. 1 1937, or any
interest-paying date
BOND
thereafter.
Cert, check
on
a
local bank for
(.T. & D.) payable at the National Park Bank in New York City.
Due
$691 78 yearly on Dec. 1 from 1922 to 1931 incl.
Cert, check for $100,
to the City Treasurer, required.
Purchaser to pay accrued int.
MILLARD
COUNTY
$20,000 required.
MIAMI, Dade County, Fla.—BIDS.—The following proposals were also
on Nov. 15 for the $52,000
6% street-impt. bonds awarded to the
R. Compton Co. of New York at 100.028 and interest
a basis of
5.99% (V. 113. p. 2215):
Seasongood & Mayer, Cm.$50,975 OOtSteiner Bros., Birmingham
$50 778
Sidney Spitzer & Co., Tol- 50,783 20 [A. T. Bell & Co., Toledo
50.483
Wm.
PMIAMA, Ottawa County, Okla.—BONDS DEFEATED.—At a recent
election $64 000 water and light plant bonds were defeated.
The light
plant project lacked nine votes of carrying and the water project was de¬
feated by 18 votes.
NOTE SALE.—Curtis & Sanger of New York have
purchased $300,000
Date Dec. 1 1921.
Due July 1 1922.
fetf
DRAINAGE
DISTRICT
DISTRICT
NO.
4i
(P. O. Millard), Utah.—BOND SALE.—An issue of $150,000 6% tax-free1
bonds has been sold to the Hanchett Bond Co., Inc., of Chicago. Denoms.
$1,000, $500 and $100.
Prin. and semi-ann. int., payable at First National
Bank, Chicago.
Due yearlv as follows: $5,000, 1926 to 1930. incl., and
$10,000,
960-
1931
to
incl.
1940,
These
bonds
were
mentioned
in
V.
112,
p.
MILLF.
LACS
NO. 13 (P. O.
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
Milaca). Minn.—BOND SALE —The $15,000 6% refunding
on June 29—V. 112, p
2562—have been sold to the Northern
bonds, offered
of Chicago and First National Bank of St. Paul.
MILWAUKEE,
Wise.—BOND OFFERING.—Sealed bids will be re¬
a. m. Nov. 29 by Louis M. Kotecki. City Comptroller and
ex-Officio Secretary to the Commissioners of Public Debt, for the following
6% 20-year serial tax-free coupon bonds:
ceived until 11
$200,000
street opening bonds.
Denom. $1,000.
70,000 b^th bonds.
Denoms. 60 for $1,000 and 20 for $500.
Date July 1 1921.
Cert, check on a national bank or on a city of Mil¬
waukee depository for 1 % of the amount of bonds bid for required.
Bids
are requested for all or none.
The Commissioners of Public Debt reserve
the right to make allotments on the bids.
Bonds must be paid for in Mil¬
waukee, but will be delivered out of the city at expense of purchaser.
5%
of the
principal of the above bonds mature each year, and bonds so maturing
with interest, are payable, at the office of the City Treasurer.
or may be presented for payment to the duly authorized
agent of the city of Milwaukee, N. Y. City.
Interest payable semi-annually
per coupon attached to bonds, on the first day of January and July of each
year.
The unqualified favorable opinion of Hon. Chas. B. Wood of Wood
& Oakley, Chicago, 111., will be furnished, without additional expense,
together with all legal papers necessary to establish the validity of the
bonds.
All the above bonds are issued under the authority of Chapters
40b and 41 of the Wisconsin Statutes for the year 1898, and Acts amendatory
thereof and supplemental thereto pursuant to ordinances of the Common
Council passed at a regular meeting and approved by the Mayor.
together
Milwaukee, Wis.,
MINOT,
Ward
County, No. Dak.—BOND SALE.—During October
Dakota purchased $15,000 4% sewage-dLsposal-plant
Date Apr. 1 1920
Due Apr. 1 1940.
Bonds are not
optional, but may be paid after 2 years.
the
State of North
bonds
at
par.
MISSION,
Hidalgo
County,
Tex.—BOND
SALE.—Recently
L.
J.
Arlitt of Austin purchased the $25,000 street-improvement, $40,000 water¬
works and light, $15,000 sewer and $20,000 city hall 6% bonds, which were
registered
Oct. 3 with the State Comptroller—V.
on
Due in 30
113,
1700.
p.
Date
years.
MISSISSIPPI COUNTY ROAD IMPROVEMENT DISTRICT NO. U
Ark.—BOND SALE.—It appears that $300,000 6% coupon additional
bonds, to be used to pay for the construction of bridges and culverts, all of
ch are practically completed, have been sold.
Denom. $1,000.
Date
Mar. 1 1920.
Prin. and semi-ann. int, (M. & S.) payable at Harris Trust
& Savings Bank, Chicago, or American Trust Co., St. Louis, at option of
holder.
These bonds are being offered to investors as follows:
$150,000 bonds by the Harris Trust & Savings Bank, Chicago, to yield
6.25%.
Due $15,000 on Sept. 1 in even years from 1926to 1944
incl.
150,000 bonds by the William R. Compton Co., St. Louis.
on Sept. 1 in odd years from 1927 to 1945.
Due $15,000
MISSISSIPPI
(State- of).—BOND OFFERING.—The State of Miss¬
issippi, through its Commission, will on Dec. 12 at 12 m. receive sealed
bids for $1,500,000 State improvement bonds, Series "K," "L," "M,"
''N," "O," and "P" at not exceeding 5H% interest.
Denom. $l,OO0.
Principal and semi-annual interest payable at the State Treasury or at
the National Bank of Commerce, N. y.
$20,000 of each series will become
due and payable Jan. 1 1924 and of the remainder, $x0,000 of each series
will become due and payable annually until Jan.
1 1947.
Bias are re¬
quested for the purchase of $500,000, $1,000,000 or $1,500,000 of the
bonds, and on the basis of interest rates 5, 5H and 5X4%Bids must be
accompanied by a certified check for not less than 4 % of bonds it is proposed
to purchase.
Bids must not be less than par and accrued interest.
Full
details of legal proceedings bearing on the validity of the bonds oy John C.
Thomson of N. Y.. will be furnished bidder or bidders
The bonds will
be registerable
to
on
the books of the State Treasurer in the holder's name as
principal only.
MOBILE
COUNTY
(P.
O.
Mobile),
Ala.—BOND
OFFERING.—
Sealed bids will be received until Dec. 19 for $50,000 road bonds, it is stated.
MONTGOMERY
COUNTY
O.
Dayton), Ohio.—BOND OFFER¬
ING.—F. A. Kilmer, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a. m. Dec. 12 for the following 5M % coupon
'P.
bonds:
$45,000 East Park Water Supply improvement
210,000 Fair view Water Supply improvement
Denom. $1,000.
Date Dec. 1 1921.
bonds.
bonds.
Prin. and semi-ann. int. (J. & D.)
payable at the County Treasurer's office.
Due Dec. 1 1951.
Cert, check
for $2,000 on the first issue and $6,000 on the second issue,
payable to the
County Treasurer, required.
The opinion of D. W. and A. S. Iddings,
Dayton, Ohio, and Shafer & Williams of Cincinnati, Ohio, regarding the
legality of the above issues will be furnished the successful bidder.
Pur¬
chaser to pay
accrued interest.
BIDS REJECTED.—All
bids which
were
received
on
Nov.
17 for the
$250,000 5H% bonds offered on that date (V. 113, p. 2006) were rejected
and
the bonds will be readvertised.
MOUNT VERNON, Westchester County, N. Y.—BOND OFFERING.
received
6% tax-anticipation notes.
County, Ohio—BOND OFFERING.—Clay¬
"
-.101.27
MC ALLEN, Hildago County, Tex.—WARRANT SALE.—J. L. Arlitt
of Austin has purchased $44,500
7% street-impt. warrants, dated Oct. 1
1921 and maturing serially in equal amounts Oct. 1 1923 to 1937, incl.
11
$129,118,916
$3,698,000
343,000
int.
April 15 1921.
PftPP ivA/1 •
-
—
payable
la
(V. 113, p. 2214) were sold to White, Weld & Co. and Eldredge & Co.,
jointly, at 102.63. a basis of about 4.42%.
Date Dec. 1 1921.
Due
$27,000 yearly on Dec. 1 from 1922 to 1941 incl.
The following bids were
-;
Bailey, City Auditor, will receive sealed bids until 12 m. Dec. 16 for
$6,917 80 6% East Third Street improvement bonds.
Denom. 10 for
$191 78 and 10 for $500 each.
Date Dec. 1 1921.
Prin. and semi-ann.
Trust Co
LIBERTY. Sullivan County, N. Y.—BOND SALE.—The $18,000
5H% street-unpt. bonds offered on Nov. 21 (V. 113, p. 2005) were sold
to Bonbright & Co. at 102.65. a basis of about 5.14%.
Date Dec. 1 1921.
Due $1,000 yearly on Dec. 1 from 1922 to 1939 incl.
Other bidders were:
Sullivan County National Bank
100.000
O'Brien, Potter & Co
102.396
j
ton
effect
for dollar.
_
--$101,071,007
28,047,909
James Berg, City Comptroller, will receive
sealed bids until 8 p. m. Nov. 30
Prospect Avenue Widening bonds at either 5M%, 5K %.
6% interest per annum.
Denom. $1,000.
Date Dec. 1 1921.
Int.
jayable semi-annually.
Due $2,000 yearly on Dec. 1 from 1922 to 1936.
ncl.
Certified check for $600 required.
Legality approved by Caldwell
& Raymond of New York City.
for $30,000 coupon
or
MULTNOMAH COUNTY DRAINAGE DISTRICT NO.
1, Ore.—
BOND OFFERING.—Sealed bids will be received until 2 p. m. Dec. 2
by the Board of Supervisors at the office of said Board in the Gordon
Building 4th and Stark Streets, Portland, for the purchase of the $200,000
bonds at not to exceed 6% interest—V. 113, p. 1492.
Denoms. not less
Nov. 26
Prin. and serai-ann. int.
than $100.
payable in gold at the
fiscal agency of
York City.
Due yearly as follows: $8,500 in
$9,500 in 7 years, $10,000 in 8 years, $11,000 in
9years, $11,500 in 10years, $12,000in 11 years, $13,000 in 12 years, $13,500
in 13 years, $14,.500 in 14 years, $15,000 in 15 years, $16,500 in 16 years,
$17,500 in 17 years, $18,500 in 18 years, and $19,500 in 19 years.
Cert,
check for 5% of the amount of bonds bid for, required.
"The above sale
is conditional upon the prior validation of the proceedings for the authoriza¬
tion of said bonds by the Circuit Court of the State of Oregon for Mult¬
nomah County, in which Court special proceedings for said purpose are
now pending and also subject to the certification thereof by the Secretary
of State."
DC. Powell is Secretary.
the State of Oregon in New
5 years, $9,000 in 6 years,
issued under authority of Chapter 4, Title 30,
Chapter 384 of the Laws of 1921.
Bids will be
value, maturing on April 1 1926, or as alternate,
bids will be received on serial bonds maturing $14,000 April 1 1927 and the
same amount each Oct.
1 and April 1 thereafter to Oct. 1 1946, when the
full amount is paid.
The interest rate on th bonds maturing April 1 1926
1910—were decisively
paving
$100,000
6%,
The interest rate on the serial bonds maturing 1927 to 1946 is
5M%If short term bonds are sold, the first two hundred bonds will be
$1,000 denomination and the following seven hundred and twenty will be
in $500 denomination.
If the several bonds are sold, the first five of each
maturity will be in $1,000 denomination and the following eighteen in $500
Bristol County,
of $500,000 which was
4.22% discount basis, plus a $1 60
Nov. 21 1921.
Due April 20 1922.
a
Painesville),
Clerk of the
for $295,000
5Vi% coupon bonds.
Denom. $1,000.
Date Dec. 1 1921. Prin. and
semi-ann.
int.- (M.* &
S.) payable at the Painesville National Bank in
Painesville, Ohio.
Due each six months-as follows: $3,000 Mar. 1 1924;
$4,000 Sept. 1 1924; $3,000 Mar. 1 1925; $4,000 Sept. 1 1925; $3,000 Mar. 1
1926; $4,000 Sept. 1 1926; $3,000 Mar. 1 1927; $4,000 Sept. 1 1927; $3,000
Mar. 1 1928; $4,000 from Sept. 1 1928 to Sept. 1 1933 incl.; $5,000 from
Mar. 1 1934 to Sept. 1 1943 incl., and $6,000 from Mar. 1 1944 to Sept. 1
1953 incl.
Cert, check for 5% of the amount bid for, payable to the Dis¬
trict Treasurer, required.
Bonds to be delivered at the Painesville Na¬
PAINESVILLE
Mass.—TEMPORARY LOAN.—A
recently offered was purchased on
Date
j
ENGLAND SPECIAL SCHOOL DISTRICT (P. O. New Eng¬
Hettinger County, No. Dak.—BOND SALE.—The State of
purchased $5,000 4% funding bonds during October at par.
Oct. 1 1920.
Due Oct. 1 1940,
Bonds are not optional but may be
NEW
land),
North Dakota
Date
redeemed after 2 years.
Tuscarawas County, Ohio.—BOND OF¬
FERING.—Walter R. Ritter, County Auditor, will receive sealed bids until
12 m. Dec. 17 for $12,000 6% electric equpiment waterworks bonds.
De¬
nom. $500.
Date Dec. 1 1921.
Int. payable semi-annually.
Due $2,000
each six months from July 1 1922 to Jan. 1 1924 incl.
Cert, check for
$300 required.
Purchaser to pay accrued interest.
NEW
PHILADELPHIA,
Warwick County, Va.—BONDS
NEWPORT NEWS.
SCHOOL
CITY
DISTRICT
O.
(P.
Lake County, Ohio.—BOND OFFERING*—Frank L. Kerr,
Board of Education, will receive sealed bids until 12 m. Dec. 23
SALE.—An issue of
premium, by Blake Brothers.
-v.
denomination.
bonds has been sold.
NEW BEDFORD,
temporary loan
are
in
defeated, it is reported.
County, Neb.—BOND
bonds
is
April 8
Bechtel & Co. of
M. & S.
NAMPA, Canyon County, Ida.—BOND ISSUE DECLINED— On
Nov. 7 the $150,000 street-impt. bonds—V. 113, p. 1795—were voted down.
NASH, Grant County, Okla.—BOND SALE.—An issue of $14,000
electric-light bonds has been sold.
..
"
>
NASHVILLE, Tenn.—BOND ISSUES VOTED DOWN.—On Nov. 17
the $375,000 viaduct improvement $1,800,000 water works improvement,
and $400,000 capitol boulevard extension 6%
30-year bonds—V. 113,
NEBRASKA CITY, Otoe
The
1912.
General Laws of Oregon and
received on $560,000 par
MUSCATINE, Muscatine County, Iowa.—BOND SALE—On
$28 500 6% funding bonds were awarded to Geo. M.
Davenport at par.
Denom. $500.
Date Mar. 1 1921. Int.
p.
3335
CHRONICLE
THE
1921.]
WITHDRAWN.
tional Bank.
Purchaser to pay
accrued interest
Pendleton County,
Nov. 28 J. A. Woodhead, City
FALMOUTH.
7 p. m.
Ky.—BOND OFFERING.—Unti
Clerk, will receive sealed bids for
utility bonds. Denom. $500. Date Dec. 1
payable at the Citizens' Bank, Falmouth.
from 1931 to 1945 incl. Cert, check for $100,
payable to the city, required.
:
!
PASSAIC, Passaic County, N. J.—BOND OFFERING.—Z. A. Van
Houten, City Clerk, will receive sealed bids until 3p.m. Dec. 5 for the fol¬
lowing issues of 5H% coupon (with privilege of registration) bonds not to
$15,000 6% coupon public
1921.
Prin. and ann. int.
Due $1,000 yearly on Feb. 1
exceed the amounts stated:
,,
$168,000 general impt. bonds. , Due yrly. on Dec. 1 as follows;
from 1922 to 1938 incl. and $5,000 from 1939 to 1958 incl.
16.000 school bonds.
Due $1,000 yearly on Dec. 1 from 1922 to 1937 incl.
Denom. $1,000.
Date Dec. 1 1921.
Prin. and semi-ann. int. (J. & D.)
payable at the Passaic National Bank in Passaic or at the Chase
Bank in New York City.
Cert, check for 2% of the amount bid for, pay¬
able to the order of the Custodian of School Moneys as to the school bonds
and to the order of the City of Passaic as to the general impt. bonds.
The
legality of this issue will be examined by Messrs. Hawkins,
Longfellow of New York, whose favorable opinion will be furnished to the
$4,000
National
Delafield &
supervision of the U. S.
to the genuineness of
officially informed that the City Council has withdrawn from
the market, the $450,000 5}4% school bonds which were to be sold on
Dec. 5—V. 113, p. 2102.
purchaser.
The bonds will be prepared under the
Mtge. & Trust Co., N. Y. City, which will certify as
the signatures of the officials and the seal impressed
TOWNSHIP CONSOLIDATED SCHOOL DISTRICT,
Carteret County, No. Caro.—BOND SALE.—The $65,000 6% coupon
bonds offered on Nov. 21—V. 113, p. 2215—have been sold at par.
PEND OREILLE COUNTY SCHOOL DISTRICT
SALE— The State of Washington was the
Nov. 12 for the $2,000 school bonds—V. 113, p.
—We
are
NEWPORT
SCHOOL DISTRICT (P. O. Niles), Trumbull County,
OFFERING.—M. G. Kennedy, Clerk, will receive sealed
proposals until 12 m. Dec. 14 for $56,000 6% coupon bonds. Denom. $1,000.
1921.
Int. semi-annually.
Due $4,000 yearly on Oct. 1
from 1932 to 1945, incl.
Cert, check for 3% of the amount bid for, payable
to the Board of Education, required
Purchaser to pay accrued interest.
These are the same bonds that were offered on Oct. 14—V. 113, p. 1795.
Date
1
Oct.
NORFOLK COUNTY (P.
O. Dedham), Mass.—NOTE
OFFERING.—
Treasurer, will receive sealed bids until 10 a. m.
$290,000 5% coupon Monatiquot River bridge notes.
Denom.
$5,000.
Date Dec. 1 1921.
Prin. and semi-ann. int. (J. & D.)
at the First National Bank of Boston.
Due Dec. 1 1922.
The official
announcement states that these notes are exempt from taxation in Massa¬
chusetts and are engraved under the supervision of and certified as to
genuineness by the First National Bank of Boston; their legality will
approved by Messrs. Ropes, Gray, Boyden & Perkins, whose opinion
will be furnished the purchaser.
All legal papers incident to this issue
will be filed with said bank where they may be inspected at any time.
The
notes will be delivered to the purchaser on or about Dec. 1 1921 at the
First National Bank of Boston in Boston, Mass,
Frederic C. Cobb, County
Nov. 28 for
pavable
be
BERGEN
NORTH
TOWNSHIP
O.
(P.
North Bergen), Hudson
privilege
$500.
Denom.
NILES CITY
Ohio.—BOND
thereon.
NO. 3, Wash.—
successful bidder on
2102—at par for 6s.
BOND
Int. annually (Nov.
15).
PENNSYLVANIA (State of).—BOND
SALE.—The $11,200,000 4% %
Nov. 22—
R.
(optional) coupon or registered tax-free highway bonds offered on
113, p. 2102—were sold to a syndicate composed of the William
Compton Co., the First National Bank, Estabrook & Co., Hannahs,
& Lee, Remick, Hodges & Co. and Redmond & Co., all of New York,
P. Harrison, Smith & Co., Robert Glendenning Co., West & Co., Townsend, Whelan & Co. and Biddle & Henry, all of Philadelphia, at
Date Dec. 1 1921.
Due Dec. 1 1951, optional on or after Dec. 1 1936A Philadelphia syndicate represented by Dillon, Read & Co. bid 103.2977.
The following bids were also submitted:
Amount
V.
Ballin
and
104.31.
,
&
&
&
Curtis & Sanger; Girard Trust
Trust Co.;
Kissel, Kinnicutt
Parsons & Co.; E. B,' Smith
Commercial Trust Co., Elkins, Morris
Bankers
Graham,
Cassatt Co.;
and J. II. Holmes & Co-_.
Drexel & Co , Brown Bros. Co ; Harris,
Co.: Guaranty Co. of N. Y., National
Union Trust Co
i
basis of about 5.58%. Date
from 1922 to 1931, incl., and
incl.
NORTH RIVER IRRIGATION DISTRICT, Garden County, Neb.—
BOND SALE.—The State of Nebraska during October purchased $10,000
6% bonds at par.
Date April 1 1920.
Due yearly on Jan. 1 from 1931
-
Mellon
Pittsburgh Trust Co___
;«•.
Estate of Thomas Potter—
G. H. Stewart
to
1933, incl.
Fa.—BOND SALE.—
The $40,000 5H% coupon or registered general-improvement bonds of¬
fered on Nov. 14 (V. 113, p. 2006) were sold to C. C. Frick & Co. at their
bid of $40,971 (102.427), a basis of about 5.29%.
Date Nov. 15 1921.
Due on Nov. 15 as follows: $500 1925; $2,000 1927 and 1929; $2,500 1931
and 1933; $3,000 1935: $3,500 1937 and 1939; $4,000 1941; $4,500 1943;
$5,000 1945 and $7,000 due in 1947.
Other bidders were:
Biddle & Henry of Philadelphia, Pa_.._._
$40,248 00 for $40,000
Wm. Fluhrer of York, Pa
j.
40,600 50 for $40,000
NORTH YORK
(P.
O. York), York County,
,
8,670 00 for $8,500
1,012 50 for
1,000
Pa
2,525 00 for
2,525
OAKWOOD, Paulding County, Ohio.—BOND OFFERING.—O. K.
Welker, Clerk, will receive sealed bids until 12 m. Dec. 5 for the following
Henry Knidig of York, Pa
A. G. Sharp of York, Pa_„
A. H. Lichtenberger of York,
5H% bonds.
$i 1,400 Oakwood Avenue paving bonds.
Denom.
$1,000 each.
Due $2,400 Nov. 1 1922 and
from 1923 to 1931, incl.
i
1 for $J ,400 and 10 for
$1,000 yearly on Nov. 1
19,200 Forrer Road paving bonds No. 2.
Denom. 1 for $1,200 and 18
for $1,000 each.
Due $1,200 Nov. 1 1922 and $2,000 yearly on
Nov. 1 from 1923 to 1931, incl.
Date Nov. 1 1921.
Int. semi-annually.
Cert, check for 5% of the
amount bid for, payable to the Village Clerk, required.
Purchaser to pay
accrued interest.
DISTRICT NO. 16, Benson County, No. Dak.
issue of $5,000 4% school-bldg. bonds was sold last
month to the State of North Dakota at par.
Date May 1 1920. Due
May 1 1940.
Bonds are not optional but may be redeemed after 2 years.
Caoe May County, N. J.—BOND SALE.—'The issue
Boardwalk and Coast Protection bonds offered on Nov 21—V. 113,
2006—was awarded to the M M. Freeman Co. of Phila. at their bid of
100 647 for $87,000 bonds, which is on a basis of about 5.79%.
Date
OCEAN CITY,
of 6%
p.
follows: $5,000 from 1922 to
incl., and $5,000 in 1938.
Orlando), Fla.—BOND OFFERING.—The
Due yearly on Sept. 1 as
$6,000 from 1936 to 1937,
ORANGE COUNTY (P. O.
of County Commissioners
Board
will receive sealed bids until 2 p. m.
$745,000 6% road bonds.
Date Sept. 15 1921.
Int. semi-ann.
payable in New York.
Due yearly as follows: $85,000 1931, $23,000 1932,
$33,000 1933, $42,000 1934, $52,000 1935, $61,000 1936. $71,000 1937,
$80,000 1938, $90,000 1939, $99,000 1940 and $109,000 1941.
Cert,
check upon a national or State bank for 1% of the amount of bonds bid for,
payable to the order of B. M. Robinson, Clerk of Circuit Court, required.
These bonds, it is stated, have been validated by the Circuit Court and
approved by Jno. C. Thomson of New York.
Dec. 14 for
OREGON (State
of).—BOND OFFERING.—Sealed
bids will be received
Dec. 15 by Roy A. Klein, Secretary of the State Highway
Commission at Room 520, Multomah County Court House, Portland, for
until 11 a. m.
1 1921. Prin. and semiTreasurer, or at the
York City. Cert,
Highway
upon by
Storey, Thorndike, Palmer & Dodge of Boston, and their approving opinion
will be furnished the successful bidder.
Accrued interest from Dec. 1 1921
to date of delivery of bonds will be added to the amount of the successful
bid.
Purchase price to be paid on delivery of the bonds at Portland. Ore.
The bonds will be printed, executed and ready for delivery about Jan. 5
$560,000
ann.
int.
and
Kidder, Peabody & Co.,
- ——
J
]
Philadelphia Trust Co
i
Harry T. Potter
City of Phila., Trustee
The
J
|
—
under the will of Stephen
Girard, deceased
syndicate headed
bonds to investors on a
yielding more than 4
— -
,
All or none
102.68
All or none
103.01
All or none
103 2977 All or none
100.53
50,000
101 07
50,000
100.50
r
100 55
100 10
oX'nRR
20,000
25,000
Par
20,000
Par
1,000,000
by the William R. Compton Co. is offering these
preceding page of this issue at 106 and interest
'
20%.
PERRY COUNTY
103 266
\
Ind.—BOND OFFERING.—
bids until 11 a. m. Dec. 3
Township bonds. Denom.
Interest M. & N. Due $1,130 each six months
(P. O. Cannelton),
Vogel, County Treasurer, will receive
for $22,600 5% John D. Maier, et al., Troy
Wm.
C.
Date Dec. 5 1921.
15 1923 to Nov. 15 1932.
$565.
from May
incl.
OFFERING.-—•
$6,000
for $600 and 1
Bank of
PHILADELPHIA, Neoshoba County, Miss.-—BOND
Clerk, will receive bids until 2 p. m. Dec. 6 for
6% bonds.
Denoms. 4 for $100, 1 for $200, 10 for $250. 4
for $500.
Int. semi-annual, payable at the Citizens Bank or the
Philadelphia, Philadelphia.
Due yearly on Feb. 1 as follows:
1922 to 1925, incl.; $200, 1926: $250, 1927 to 1936, incl.; $600,
to
incl., and $500, 1941.
Certified check for $250 required.
J. V. Welsh, Town
1937
$100,
1940,
Caldwell),
Clerk
De¬
Due
payable to the
PHILLIPS COUNTY SCHOOL DISTRICT NO. 25 (P. O.
Mont.—BOND OFFERING.—Until 2 p. m. Dec. 5 Ruth Hessler,
Board of Trustees, will receive bids for $1,251 15 6% funding
nom. $500, one for $251 15.
Date Sept. 28 1921.
Int. semi-ann.
Dec. 5 1931.
Optional Dec. 5 1926.
Cert, check for $50,
above official, required.
bonds.
(P. O. Petersburg), Ind.—BOND OFFERING.—Her¬
County Treasurer, will receive sealed bids until 2 p. m.
$100,000 6% court-house bonds.
Denom. 40 for $2,000
and 40 for $500 each.
Date Feb. 7 1922.
Due each six months as follows:
$2,500 from May 15 1923 to Nov. 15 1932 incl.; $5,000, May
$2,500 from Nov. 15 1933 to Nov. 15 1940 incl.; $5,000, May 15
and $2,500 on Nov. 15 1941.
Purchaser to pay accrued interest. Bonds
are payable at the County Treasurer's office.
PIKE COUNTY
OBERON SCHOOL
—BOATD SALE.—An
Sept. 1 1921.
1935, inclusive;
Co.,
„•
Dillon, Read & Co.;
Kuhn, Loeb & Co
(102.46) for $250,000 bonds, which is on a
1 1921.
Due $2,000 yearly on Nov. 1
$1,000 yearly on Nov. 1 from 1932 to 1936,
Co.;
Co.;
Co.;
Forbes &
City Co.,
Bros. & Hutzler,
Speyer & Co., Salomon
National Bank
County, N. J.—BOND SALE.—The issue of 6% coupon (with
of registration) school bonds offered on Nov. 17—-V. 113, p. 2006—was
awarded to B. J. Van Ingen & Co. of New York City at a bid of $25,615
Nov.
Bid for.
Price Bid.
Bidder—
State highway
bonds.
(A. & O.) payable at
Date Dec.
the office of the State
office of the fiscal agency of the State of Oregon in New
check for 5% of the par value of the bonds payable to the State
Commission required.
The legality of this issue has been passed
bert H. Harmejer,
Feb.
each
7 for
15 1933;
1941,
O. Waverly), Ohio
BOND OFFERING.—C. W.
and Clerk of the Board of County Commissioners,
until 12 m. Dec. 6 for $1,1000 6% coupon refunding
bonds.
Denom. $1,000.
Date Dec. 1 1921.
Principal and semi-annual
interest payable at the County Treasurer's office.
Due on Dec. 1 as follows:
$1,000, 1932; $2,000, 1933; $3,000, 1934; $2,000, 1935; and $3,000 in 1936.
Certified check for $500, payable to the County Treasurer, required.
Bidders will be required to satsify themselves as to the legality of this issue.
Purchaser to pay accrued interest.
PIKE COUNTY (P.
Penn, County Auditor
will receive sealed bids
PIONEER
IRRIGATION
DISTRICT
(P.
O.
Caldwell), Canyon
received on Nov. 10
Ida.—NO BIDS RECEIVED.—No bids were
$100,000 6% bonds.—V. 113, p. 1911.
County,
for the
PLATTE COUNTY (P. O. Columbus), Neb.—BOND SALE.—The
$100,000 5H% court-house-coropletion bonds, offered on Nov.
2007—have been sold to the U. S. Trust Co. of Omaha at
16—V. 113,
103,025.
p.
DISTRICT NO. 8 (P. O. Glendo)
Wyo.—BOND OFFERING.—Until 2 p. m. Dec. 3 Grover Thompson,
Chairman, will receive sealed bids for $15,000 6% 10-25-year (opt.) funding
bonds.
Denom. $1,000.
Date Dec. 15 1921.
PORTAL INDEPENDENT SCHOOL DISTRICT NO. 5 (P. O. Por¬
tal;, Burke County, No. Dak.—BOND SALE.—Tbe State of North Da
kota has purchased the $18,000 5% school bonds at par.
PLATTE
PORTER
COUNTY
COUNTY
SCHOOL
(P. O.
$28,000 4H % John Runyon et
Valparaiso),
Ind.—BOND SALE.—The
al. Pleasant Twp. bonds
offered on Nov. 19
2336
THE
CHRONICLE
—V. 113, p. 2103—were sold at
par and accrued int. to the Citizens Sav¬
ings Sc. Trust Co. of Indianapolis.
Date Nov. 16 1921.
Due $1,400 each
six months from May 15 1923 to Nov.
15 1932 incl.
Coupon bonds
principal
5% coupon North School bonds offered on Nov. 22—V. 113,
p. 2216—
sold to the Guaranty Co. of New York at
104.137, a basis of about
Date Dec. 1 1921.
Due $20,000 yearly on Dec. 1 from
$209,000 1927 and $214,000 1928
our
Denver
are
deposits in Washington.
telegraphic dispatch
correspondent under date of Nov. 25 states that at a
city $2,000,000 exposition bonds were voted.
(P. O. Deer Lodge), Mont.—CORRECTION.The price at which Ferris &
Hardgrove of Spokane acquired the $25,000
RADNOR TOWNSHIP SCHOOL DISTRICT (P. O.
County, Pa.—BOND OFFERING.—Jos.
In
investors appears
REDWOOD
COUNTY (P. O. Redwood
Falls), Minn.—BOND
FERING.—Sealed bids will be received until 3 p.m. Dec. 2
by L. P.
Total bonded debt of coimty...
Assessed valuation of Redwood
for
REXBURG
SHREVEPORT,
extension
ROCK
ST. LANDRY PARISH ROAD
DISTRICT NO.
14, La.—PRICE
PAID.—The price paid for the $300,000
5% road bonds by Prudden & Co.
113, p. 2103—was par and interest.
SAN FRANCISCO
(City and
County), Calif.—OPTION EXERCISED.
—The Construction Co. of North
American has exercised its
option on the
remaining $8,520,000 4H% bonds.
On Aug. 1 $21,826,000 bonds
were
offered, of which $13,306,000 were sold to the above
company, with an
option on the remainder until Nov. 1.
This
option was extended during
this month to Feb. 15 1922
(V. 113, p. 2007).
These bonds t$8,520,000),
it is stated, are the unsold
portion of $45,000,000 Hetch-Hetchy
water bonds
authorized in 1910, with the
exception of about $5,000,000 held in reserved
against the Construction Co.'s
cost-plus contract.
It is also stated that
Ralph McLearan, Chairman
Supervisors, announced that
of
the Finance Committee of the Board
the money received
from
the
bonds will
of
be
immediately re-invested in government securities and
converted into cash
aslneeded for construction work.
SAN JOSE, Santa Clara
Dec. 27 $500,000 memorial
County, Calif.—BOND ELECTION.—On
auditorium bonds will be voted
upon.
SAN MIGUEL COUNTY
SCHOOL
Las Vegas), N. Mex.—BOND
DISTRICT NO.
2 (P. O. East
Chanute & Co. of Denver
$500.
Date Nov. 1 1921.
payable at the office of County Treas¬
bank in N. Y.
City, at option of holder.
Due Nov. 1
SALE.—Bosworth,
have purchased $100,000
6% bonds.
Prin. and semi-ann. int.
(M.& N )
urer
or
at
some
Denom.
1951, optional Nov. 1 1936.
Actual valuation, estimated
Assessed valuation, 1921
Total bonded debt,
Financial
Statement.
_
~
_
"
Population
$6,000 000
" 4*123
899
135 000
_4,500
„„?CAPPOOSE, Columbia County,
Ore.—BOND SALE.—An issue of
$30,000 6% water bonds has been sold
to E. L. Devereaux &
Co. of Port¬
land at 90.85.
These bonds were voted on
Aug. 13 (V.
113, p. 982).
SEA GIRT, Monmouth
County, N. J,—BOND SALE.—The issue of
6% coupon or registered water-system bonds
offered on Nov. 22 (V.
113, p.
2103)Avas sold to B. J Van Ingen &
Co., of New York, at their bid of
102.50 for $49,000 bonds.
Date Noa'. 1 1921.
$1,000, 1922; $1,500, 1923 and
1924; $1,000,
1025. S1.500 1926 and 1927, $1,000
1928, $1,500 1929 and 1930
and $1,000 in 1931.
21,000 Daleford road sewer bonds.
Denom. $1,000.
Due $2 000 yearlv
on Oct. 1 in 1922 to
1030, incl., and $3,000 Oct: 1 1931
12,000 Daleford Road grading and sideAvalk
bonds.
Denom. $1 000
Due yearly on Oct. 1 as follows:
$1,000 from 1922 to 1925
H $2,000. 1926;
incl.;
$1,000 from 1927 to 1930
incl., and $2,000 in 1931.
Prin. and semi-ann. int. (A. &
O.) payable at the Village
Treasurer's
office.
Cert, check for 10% of the amount bid
for, payable to the Village
Treasurer, required.
Purchaser to pay accrued interest.
BY
BANKERS.—R. M. Grant
&;Co. of New York, Boston, Chicago and St.
Louis, offered and quickly
sold $3,205,000 6% gold tax-free
municipal light and
power bonds.
The
ndsjwere offered to yield from 5.75% to 5 65%,
according to maturity.
Parish,
La .—BOND
SALE.—The
Dallas
of storm
sewers,
and establishment
of
more
parks
and
play¬
ISSUE APPROVED.
—The "Fairmont Times" in one of its
recent issues said: "The
Attorney,
General approved the $15,000 bonds
issued by the town of Smithfield
Wetzel County,
for street improvements.
The bond issue had met with
year because the tOAvn had already reached the
legal limit
indebtedness, amounting to 2^% of the assessed valuation of the
property.
The last Legislature, however, passed a
special Act authorizing
t to increase its indebtedness
up to 5%."
disapproval last
of its
SMITHVILLE, Bastrop County, Tex.—BOND ELECTION—We
advised by special telegram that an election will be
held Dec.
the question of issuing $90,000 school bonds.
on
SPARTANBURG
COUNTY
(P.
O.
Spartanburg).
So.
are
17 to vote
Caro.—
BOND OFFERING.—J. J.
Vernon, County Supervisor, Avill receive sealed
bids until 12 m. Dec. 12 for $137,000
5% highway bonds.
Denom.
$1,000.
(J. & J.) payable
yearly on April 1 as fol¬
lows: $17,000. 1936; $22,000.
1937; $23,000, 1938; $24,000. 1939; $25,000,
1940, and $26,000, 1941.
Certified check for 2%, payable to the above
The approving opinion of Storey,
official, required.
Thorndike, Palmer &
Dodge, of Boston, as to the legality of the bonds Avill be furnished.
Date April 1 1921.
Principal and semi-annual interest
at the Hanover National Bank, Ncav
York.
Due
SPENCER COUNTY (P. O.
Rockport), Ind.—BOND SALE.—The
$18,000 6% Henry L. Meyer et al. drainage bonds offered on
Nov. 17
(V. 113, p. 1912) were sold at
par and accrued interest to Mr. Gene
mahom.
ScanDue $1,800 yearly on Nov. 1 from 1922 to
Date Nov. 15 1921.
1931 incl.
■■■•'.
STAMFORD,
Fairfield
County,
v
Conn.—BOND
OFFERING.—Ed¬
ward N. Fast, City Treasurer, will receive
sealed bids until 12
for
$25,000 5% coupon
m. Nov. 29
public improA'ement bonds.
Denom.
$1,000.
Date July 1 1921.
Prin. and semi-ann. int, (J. &
J.) payable at the Atlan¬
tic National Bank in New York
City.
Due $10,000 July 1 1933 and $15,000
on July
1 1934.
Cert, check for $500
required.
These bonds will be
engraved under the supendsion of and certified as to their
genuineness by
the Old Colony Trust Co. of Boston.
This trust company will further
certify that the legality of this issue has been
approved by Messrs. Ropes,
Gray, Boyden & Perkins, a copy of Avhose opinion will
accompany the bonds
when delivered without
charge to the purchasers.
All
legal paper, incident
to this issue, together with an
affidavit certifying to the proper execution
of the bonds, will be filed with the Old
Colony Trust Co., where they may be
inspected.
Purchaser to pay accrued interest.
STAMFORD, Jones County, Tex.—BOND OFFERING.—A
special
telegraphic dispatch from our Denver correspondent under date of Nov.
25
city will receive bids at any time for the purchase of $125,000
5% water bonds.
states that this
STANLY COUNTY (P. CL
Albemarle), No. Caro.—BOND OFFER¬
ING.—T. D. Harris, Secretary Board of
County Commissioners, will re¬
ceive sealed bids until 12 m. Dec.
1, for $100,000 6% coupon road bonds.
Denom. $1,000.
Date July 1 1921.
Int. semi-ann.
Due yearly on Jan. 1
as follows: $2,000 1931 to
1940 incl., $3,000 1941 to 1950 incl., and
$5,000
1951 to 1960 incl.
Cert, check for 2% of bid,
payable to the Treasurer of
the Board, required.
STARKE COUNTY (P.
O.Knox), Ind.—BOND OFFERING.—A. W.
Carlson, County Treasurer, will receive sealed bids until 2
p. m. Dec. 1
following highway construction and improvement bonds:
$3,602 6% Oliver Bickel et al. bonds.
Denom. $360 20.
Date Nov. 1
1921.
Due $360 20 yearly on June 1 from 1922 to
1931 incl.
4,600 4H% Peter Roney et al.
Railroad
Township bonds.
Denom.
$460.
Date Nov. 15 1921.
Due $460 each six months from
May 15 1923 to Nov. 15 1927 incl.
Int. M. & N.
STOWE TOWNSHIP
SCHOOL DISTRICT (P. O. McKees
Rocks),
Allegheny County, Pa.— BOND OFFERING.—H. E. Emeigh, Secretary
of the Board of School
Directors, will receive sealed bids until 7p.m. Dec. 5
for
$150,000
Oct.
and
1
as
5V£%
or
5H% school bonds.
Denom. $1,000.
Due on
$15,000 1931, $25,000 1936, $35,000 1941, and
1946,
1951.
Certified check for $2,000 required.
follows:
$40,000 in
SUMMIT
£H^£E£,HEI(^7S' £vy?h°??
County, Ohio.—BOND OFFERING.
—Car1 A. Palmer, Village
Clerk, will receive sealed bids until
12 m. Dec. 19
village and at his office at 10111
Euclid
Ave., Cleveland O., for the purchase of the
folioAving 6% coupon special
Assessment bonds, dated day of sale:
$13,500 Daleford Road water bonds.
Denom. $500.
Due vearlv
on
Oct. 1 as follows:
at his office in the ToAvn Hall
of said
SEATTLE, Wash .—BONDS OFFERED
Caddo
15 said:
for the
including this issue
.
9,679,364
237,979
315,652
.
SMITHFIELD, Wetzel County, W. Va.—BOND
of Toledo—Y.
SALEM, Marion
County, Ore.—BOND SALE.—On Nov.
7
the
$28,239 35 6% impt. bonds—V. 113,
p. 1912—were sold to the
Ralph
Schneeloch Co. at 100.42 and interest.
Denom. $500.
Date Nov. 1
1921.
Int. semi-ann.
$44,600,800
34,921,436
grounds."
Denom.
bonds.
Statement.
"Despite opposition in the form of an injunction suit filed
by L. E.
Thomas, State Bank Examiner, the City Council has ratified
the sale of
$1,040,000 of local municipal improvement bonds
bearing 6% interest to
Caldwell & Co. of Nashville, Tenn.
Originally the bonds bore 5%, but after
failing to sell at that rate the Council arranged to
dispose of the securities
at 6%, allowed under the new State
Constitution.
"Among the improvements promised are a public
library .municipal
court building and jail, new central fire
station, new fire alarm system,
HILL,
York
County,
So.
Car o.—BOND
OFFERING.—
S. George Moore.
City Clerk and Treasurer, will receive sealed bids until
12m. Dec. 7 for all or any part of
$250,000
the
matter of record.
1931
"News" of Nov.
RICHLAND
issue
of
Co. and R.
1929 and
COUNTY SCHOOL DISTRICT NO. 79
(P. O. Sioux
Pass), Mont.— BOND OFFERING.—Until 2 p. m. Dec. 14 bids will
be
received by Arthur Sargent, Clerk, for $1,450
6% funding bonds.
Certi¬
fied check for $100 required.
Bids iess than par will not be considered.
ROGERS EASTER ROAD IMPROVEMENT
DISTRICT, Benton,
Madison and Washington
Counties, Ark.—BOND SALE NOT COM¬
PLETED.—The sale of the $321,000 6% road bonds
to Stern Bros. & Co.
of Kansas City—Y.
112, p. 768—was not completed, as the district
did not
excess
Due $1,000 Dec. 1 1922,
1925, 1929,
1933 and 1936.
Denom. $1,000.
Date Dec. 1 1921.
Prin. and semi-ann. int.
payable
at the Capital Trust &
Savings Bank. St. Paul.
Cert, check for 5% of
the total bid, payable to the
County Treasurer, required.
SCHOOL
DISTRICT NO. 1 (P. O.
Ida.—BONDS ALE.—The Palmer Bond
& Mortgage Co. of Salt Lake
City was recently awarded an issue of $15,000
6H% 10-20-year (opt.) funding bonds at par.
Denom. $1,000.
Int.
semi-ann., payable in New York City.
NASH AND EDGECOMBE
COUNTIES, No. Caro.
in
5,000 County Ditch No. 27 bonds.
INDEPENDENT
—NOTE SALE.—An issue of $125,000
6% municipal bonds has been sold
to the Harris Trust &
Savings Bank of Chicago.
Denom. $1,000.
Date
Nov. 15 1921.
Payable at the National Bank of Commerce, New York.
Due Nov. 15 1922.
were
the offering of these bonds to
page
SHERBURNE COUNTY (P. O. Elk
River), Minn.—BOND OFFER¬
ING.—Charles S. Wheaton,
County Auditor, Avill receive sealed bids until
10 30 a. m. Dec. 1 for the
following 6% bonds:
$4,000 County Ditch No. 33 bonds.
Due $1,000 Dec.
1
1924,1926,
$2,008,500
$1,000.
Date July 1 1921.
Prin. and semi-ann. int. (J. &
J.) payable in
New York.
Due yearly on Jan. 1 as follows:
$16,000,1924 to 1928 incl.,
$18,000 1929 to 1933 incl., $7,000 1934 to 1938
incl., and $9,000 1939 to
1943.
Certified check upon a national lank or
upon a bank or trust com¬
pany doing business in South Carolina, for
2% of the amount of bonds
bid for, payable to the alx>ve official,
required.
Bonds will be prepared
under the supervision of U.S. Mtge. & Trust
Co., which will certify as to
the genuineness of the signatures of the
city officials and the seal
impressed
thereon.
The purchaser or purchasers will be
furnished without charge the
approving, opinion of Caldwell & Masslich of New York.
Bonds will be
delivered in any city east of the
Mississippi River at bidder's choice on Dec.
22 or as soon thereafter as the bonds can
be prepared.
preceding
SALE.—Carstens & Earles. Inc., of
Seattle, in a telegram sent
22, advise that they, together with John E. Price
M. Grant & Co.,
acquired $2,000,000 6 % 6-20-year serial
Abater extension bonds on Nov. 21.
Rexburg), Madison County,
ROCKY MOUNT,
a
a
BOND
&
County, including money and credits
6% street-impt. bonds.
bonds
to us under date of Nov.
405,000
20,000
—
1921, is $26,298,672.
as
on
Population, 1910, U. S. Census
Population, 1920, U. S. Census (Increase
33%)
OF¬
$1,583,500
—
these
issue).
Statement.
—
for
Bonds self-suprx>rting (including this
issue).
Net bonded debt...
72 and $11,000 Judicial
Due yearly on Dec. 1 as follows: $3,000, 1927 to
1930
incl., and $4,000, 1931 to 1941 incl.
Cert, check for $5,000,
payable to
the county, required.
The successful bidder to furnish all copies of
pro¬
ceedings and all other papers which may be
required by its attorney together
with blank bonds.
Financial
the bonds which we
reported as having
Co., contractors, of San Francisco, in V. 113,
Financial
Ditch No. 5 bonds.
Outstanding ditch bonds_......
Outstanding road bonds
Outstanding revenue bonds..
The official adver¬
security for county and city
(As off icially reported.)
Actual value of taxable
property (estimaed) ___-$489,900,234
Assessed valuation for purpose of taxation
$244,950,117
Total bonded debt (including this
Larson,
County Auditor, for $45,000 County Ditch No.
as
stated.
advertisement
an
These
C. Storrie &
Wayne), Dela¬
C. Egnert, Secretary of the
Board of School Directors, will receive sealed bids
until 5 p. m. Dec. 14
at the Radnor High School
bldg. in Wayne, Pa., for $30,000 5% tax-free
bonds.
Date Dec. 1 1921.
Due $6,000.
Dec. I in 1926, 1931, 1936,
1941 and 1946,
Cert, check for 5% of the amount bid
for, payable to the
District, required.
The bonds will he issued subiect to the favorable
opin¬
ion of Townsend, Elliott & Munson of
Philadelphia.
1941, inclusive.
eligible
subscriptions received
$11,000,000, it is
10-20-year (opt.) court-house (add'l) bonds was 100 326, not
100 82,
incorrectly reported in our sisue of Nov. 19, on page 2216.
ware
to R.
1912. The
p.
COUNTY
6%
as
both
are
been sold
recent election held in this
POWELL
to
tisement states that these bonds
PORTLAND, ORE.—BONDS VOTED.—A specia
from
or
follows:
1932 to
inclusive.
principal alone
$1,000
Date
Nov.
1
1921.
and semi-annual interest (M. &
N.) payable at the fiscal agency
of the 8tate of
Washington in New York City, or at the office of the
City
Treasurer, at option of holder.
Due yearly on November 1 as
were
1941
with privilege of
registration as to
interest
Denomination
Principal
PORTLAND, Cumberland Uounty, Me.—BOND SALE.—The
$200,000
4.63%.
and
[VOL. 113.
COUNTY
(P.
O.
Akron),
Ohio.—BOND
SALE.—The
$250,000 6% coupon bonds offered on Nov. 22—V. 113, p. 2007—were
sold to W. L. Slayton & Co. of Toledo and R. M.
Grant & Co. of Chicago
at their
103.51,
on
Oct.
joint bid of par and accrued int. plus a premium of $8,775,
equal to
basis of about 5.35%.
Date Oct. 1 1921.
Due $25,000 yearly
a
1
from
1923 to 1932 incl.
SWAMPSCOTT, Essex County, Mass.—NOTE SALE.—The Manufac¬
Bank of Lynn Avas the successful bidder on a
4.06% dis¬
count basis for
turers' National
an
are
due
on
issue of $50,000 notes Avhich
Mar. 14 1922.
were
issued
gage Trust Co. of St. Louis
V. 112, p. 2794).
TARBORO,
on
Nov. 18 and
1
T ALLAH A DG A DRAINAGE
DISTRICT, Winston
CORRECT AMOUNT.—The amount of 6% bonds
County, Miss.—
purchased by the Mort¬
was
$125,000 (not $150,000
Edgecombe County,
as
reported in
No. Car o.—BOND OFFERING.—
J.H.Jocock;, Town Clerk, will receive sealed bids until 2
p. m. Nov. 29
for the following 6% gold bonds, offered
unsuccessfully on
July 26 (V. 113,
p. 658):
$64,000 street improvement bonds.
Due $4,000 July 1 1923 to
1938, incl.
35,000 electric light bonds.
Due $1,000 July 1 1923 to 1945
incl., and
$2,000 July 1 1946 to 1951 incl.
19,000 funding bonds.
Due $1,000 July 1 1922 and $2,000
July 1 1923
to
1931
incl.
Nov. 26
Prin. and semi-ann. int. (J. &
Denom. $1,000.
or
cash for 2% of
UTICA, Oneida County, N. Y.—BOND* OFFERING.—Stuart A. Sny¬
der, City Comptroller, will receive sealed bids until Nov. 30 for the following
TIPPECANOE
COUNTY
(P.
O.
$25,000 public
Dec. 3 for the following 5%
bonds.
WABASH, Wabash County, Ind.—B0ATD SALE.—The $5,750 6%
bonds offered on Nov. 22—V. 113, p. 2104-—were sold to Thos. D.
& Co. at 101.57, a basis of about 5.57%,
Date Nov. 15 1921.
Due $500 each six months from June 1 1923 to June 1 1928 incl. and $250
De¬
TROY, Pike County, Ala.—BOND OFFERING.—Frank P. Folmar,
Mayor, will receive bids until Nov. 28 for $15,000 school, $65,000 funding,
$35,000 auditorium, $10,000 hospital and $25,000 water 6% bonds.
Miami
Ohio.—BOND OFFERING.—Chas. F. Ranreceive sealed proposals until 12 m. Dec. 10 for
County,
$30,000 6% electric-light-plant bonds.
Denom. $1,000. Prin. and semiann. int.
(M. & S.) payable at the office of the Sinking Fund Trustees.
Due $1,000 each six months from Sept. 1 1922 to Mar. 1 1928 incl., and
$2,000 from Sept. 1 1928 to Sept. 1 1932 incl.
Cert, check for $1,000,
payable to the above Auditor, required.
Purchaser to pay accrued interest.
Erie
TONAWANDA,
F. Fries, City Treasurer,
County, N. Y.—BOND OFFERING.—Edward
will receive sealed bids until 8 p. m. Nov. 30 for
$100,000 5% coupon school bonds.
Denom.
Prin. and semi-ann. int. (J. & J.) payable at
Date Jan. 1 1922.
$1,000.
the Chase National Bank in
1 as follows: $3,000 from 1923 to 1942 incl.
and $4,000 from 1943 to 1952 incl.
Cert, check for $1,000, payable to
the City Treasurer, required.
The purchaser will be furnished with the ap¬
proving opinion of John C. Thomson of New York City.
Purchaser to
pay accrued interest.
,
TUSTIN UNION HIGH SCHOOL DISTRICT, Orange County,
Calif.—BOND OFFERING.—J. M. Backs, County Cleric and ex-officio
Clerk Board of County Supervisors (P. O. Santa Ana) will receive bids until
11 a. m. Dec. 6 for $250,000 6% school bonds.
Date Jan. 1 1922. Denom.
$1,000.
Int. semi-ann. payable at the office of County Treasurer.
Due
$10,000 yearly on Jan. 1 from 1924 to 1948, inclusive.
Cert, or eashier's
check for 3% of the amount of said bonds or of the portion thereof bid for.
payable to the Chairman Board of County Supervisors required.
Bonded
deot, none; assessed value of taxable property, exclusive of operative
property, 1921, $10,704,340.
TWIN BUTTES SCHOOL DISTRICT, No. Dak.—BOND SALE.—
During last month the State of North Dakota acquired $4,000 funding
N.
Y.
Due yearly on Jan.
NEW
NEW LOANS
Jan. 11929.
on
1922 to Nov.
et al. Wabash Township bonds.
Denom. $220.
Due $220 each six months from May 15 1923 to Nov. 15 1932 incl.
Date Oct. 15 1921.
Int. M. & N.
TROY.
:
VERSAILLES, Morgan County, Mo.-—BONDS VOTED.—We are
informed by a special telegram, sent to us under date of Nov. 25 by our
Denver correspondent, that the $60,000 water works and $21,000 sewer
system bonds were carried by the voters on Nov. 22—V. 113, p. 2217.
Sharon
Sanbloom
nells. City Auditor, will
Due $1,250
1921.
coupon
15 1931.
4,400 Gus
1
Date Sept.
bonds.
1926, inclusive.
Lafayette), Ind.—BOND OFFER¬
will receive sealed bids until
highway bonds:
improvement
yearly on Sept. 1 from 1922 to 1941, inclusive.
35,000 public improvement bonds.
Date Oct. 1 1921. Due $1,750
yearly on Oct. 1 from 1922 to 1941, inclusive.
8,360.41 delinquent tax bonds.
Date Nov. 1 1921.
Due yearly on
Nov. 1 as follows: $1,712.09 in 1922 and $1,712.08 from 1923 to
ING.—Alfred M. Sucese. County Treasurer,
$3,300 W. E. Golden et al. Wabash and Shelby ToAvnships
nom. $165.
Due $165 each six months from May 15
•••
bonds:
TIMPSON INDEPENDENT SCHOOL DISTRICT (P.O. Timpson),
Shelby County, Tex.—BOND ELECTION.—We are advised by special
telegram that an election will be held Dec. 14 to vote on the question of
issuing $50,000 school bonds.
2 p. m.
Bonds are not
31 1940.
Date Dec. 31 1920.
Due Dec.
optional, but may be redeemed after 2 years.
bonds at par.
J.) payable in gold at
& Trust Co., N. Y.
Certified
the value of the bonds bid for, on an incorporated
bank or trust company, payable to the Town Treasurer, required.
These
bonds are to be prepared under the supervision of the United States Mort¬
gage & Trust Co. or N. Y. City, which will certify as to the genuineness of
the signature of the Town officials and the seal impressed thereon.
Le¬
gality will be approved by Chester B. Masslich of N. Y. City, and J. L.
Morehead of Durham, N. C., whose approving opinions will be furnished to
the purchaser without charge.
Bonds will be delivered to the purchaser
at the office of the United States Mortgage & Trust Co. in N. Y, City on
or about Dec. 6 1921 and must then be paid for in New York funds.
No bid
for less than par and accrued interest will be considered.
the office of the United States Mortgage
check
2337
CHRONICLE
THE
1921.]
y
'
-
SCHOOL DISTRICT NO. 33 (P. O. Menahga),
Minn.—BOND SALE.—An issue of $60,000 7% tax-free coupon school
bldg. bonds has been sold to Gates, White & Co. of St. Paul.
Denom.
$1,000.
Date Oct. 1 1921.
Prin. and semi-ann. int. (A. & O.) payable
at the Capital Trust & Savings Bank of St. Paul.
Due Oct. 1 1936.
WADENA COUNTY
Financial Statement.
Actual value of taxables
,
_._____$900,000
293,264
—____________
60,500
(estimated)
(official 1920) —
4
—
—.—
Assessed value of taxables
Total bonded debt
Population (official estimate)
______
________
___1,000
Enterprise), Ore—BOND OFFERING.—
Sealed bids will be received until 10 a. m. Dec. 7 by J. P. Tobin, County
Clerk, for the purchase of all or any part of $190,000 534% road bonds.
Denoms. $100, $500 and $1,000.Date March 1 1921. Int. semi-ann.
(M. & S.) payable at the County Treasurer's office or at the fiscal agency
of the State of Oregon in N. Y. City, N. Y.
Due yearly on March 1 as
follows: $20,000 1931 to 1935, incl., $10,000 1936 and $20,000 1937 to 1940,
incl.
A draft or duly certified check drawn on a responsible bank in
amount of 5% of the amount of bonds bid for, payable Wallowa County
reouired.
Bids will be accepted for cash only and no bid for less than par
will be considered.
It is provided that should all of the bonds as herein
advertised be not sold on the 7th day of Dec. 1921 then in such case sealed
bids will be received by the County Court up to and on Wednesday, the
4th day of Jan, 1922, at the hour of 2 o'clock p. m. for any and all of the
bonds as are not sold on the 7th day of Dec. 1921, and in case the bonds
are not sold at either of the aforesaid dates or any portion thereof remain
unsold then in such event sealed bids will be received by County Court up
to and on Wednesday the 1st day of Feb. 1922 at the hour of 2 o'clock p.m.
for any or all of the bonds as are not sold either on the 7th day of Dec. 1921
or on the 4th day of Jan. 1922.
*
>'
WALLOWA COUNTY (P. O.
COUNTY
fP.
O.
Williamsport),
Ind.—BONDS REFrank Ilildenbrand, County Treasurer, will receive bids
Dec. 31 for $17,800 5% Robert Silva Free Gravel Road,
Kent Township, bonds.
Denom.. $890.
Date Oct. 3 1921.
Int. M. & N.
Due $890 each six months from May 15 1922 to Nov. 15 1931, inclusive.
WARREN
OFFERED.—J.
until
11
a.
m.
FINANCIAL
LOANS
SI 1,950
We
specialize in
CITY OF HARDIN,
City of Philadelphia
3s
BONDS
FUNDING
City of Hardin, Montana, will sell at public
auction to the highest bidder on the 12TH DAY
OF DECEMBER, 1921, at 8 o'clock P. M. at
Council Chambers, $11,950.00 funding bonds of
the City of Hardin, to be dated November 1st,
33^8
4s
1921, due $1,000.00 January 1st each
1933 to 1938 both inclusive; $1,500.00
1939 to 1941 both inclusive; $1,450.00
of years
in years
January
1st, 1942; interest 6% semi-annually January and
July 1st; denominations of $500.00 each except
one bond of $450.00; principal and interest payable
at offices of City Treasurer, Hardin, Montana,
4)48
4)48
-v
MONT.
5s
5K8
or
at
The
bonds.
than
Biddle & Henry
on
No
a
bid
a
local bank equal to 10% of
will be considered at less
par.
BY ORDER OF THE
By D.
CITY COUNCIL.
T. EGNEW,
City Clerk.
104 South Fifth Street
of good counsel is
setteth business
that which
straight."
BALLARD & COMPANY
y
I
—BACON
constantly
Bankers
are
meeting
problems
Members New York Stock
Exchange
HARTFORD
desire
intelligent advice.
Through
ence
United States and Canadian
new
them — problems
to
about which they
Philadelphia
Private Wire to New York
Call Canal 8437
help
all is done, the
"When
Kountze Brothers, New York City.
bidders will be required
to deposit
certified check
the
Advice
our
long experihave
dealt
AND
l. a. hughes & co.
WaDDELL
Singer Building
Liberty Street,
New
Telephone Oortlandt 3183
with
practically
every
Connecticut Securities
Municipal Bonds.
form
of banking
problem and have helped
our banker customers in
their solution.
Ground Floor
York
HIGH-GRADE BONDS
We invite conference
FOR INVESTMENT
entire Issue* of
jlty. County, School District and Road District
Send* of Texas.
Dealer*" inquiries and offering*
Semi-Monthly Investment
elicited
Circulars
Circular Free
request.
on
on
METROPOLITAN
COMPANY
Request
TRUST
OF
HAROLD G. WISE
100
&
HOUSTON
Broadway, New York
THE CITY OF
,.60 WALL STREET
NEW YORK
716 FIFTH AVENUE
TEXA9
COMPANY
■•(.bibbed
and
correspondence.
MUNICIPAL BONDS
Underwriting and distributing
m
in banking we
1011
F. WM. KRAFT, Lawyer
Over
Q/\rr/
the Banks in
Of
8U%
NATIONAL
New
York city
SAFETY
FOR THEIR
use
PAPER
CHECKS
Specializing in Examination &
Room*
George La Monte &
61
Broadway
Son
New York
Preparation of
and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same.
County, Municipal
617-520, 111 W. Monroe
Harris Trust Building
CHICAGO.
ILLINOIS
St..
H.
M. CHANCE &.
Mining
Engineer*
COAL AND
MINERAL
Examined,
Drexei
Bid*.
CO.
and Geologist*
PROPERTIES
Appraited
Managed,
PHILADELPHIA
-r*"" V***1
2338
THE
These bonds
an
error
ww i
were
In the
first offered
on
Nov.
advertising, the bonds
CHRONICLE
15 )V.
are
113, p. 1914), but, due to
being re-advertised.
Board
or School Directors, will receive sealed bids
until 8 p. m. Dec. 5 for
$30,000 5H% bonds.
Denom. $1,000.
Date Oct. 1 1921.
Cert, check
Purchaser to pay accrued interest.
WASHBURN SCHOOL DISTRICT NO. 4 (P. O.
Washburn), Mc¬
Lean County, No. Dak.—BOND SALE.—Last month the
State of North
Dakota purchased $4,000
4% school bldg. completion bonds at par.
Date
May 1 1920.
Due May 1 1940.
These bonds are not subject to call, but
may be redeemed after 2 years.
for $500 required.
WHELEN
Nov. 28 for $6,000
6% school bonds.
Interest annually (Nov. 7).
Due
Denom. $500.
Date Nov. 7 1921.
$500 yearly on Nov. 1 from 1924 to 1935,
inclusive.
Certified check or cash for $500, payable to the Board
of
County Supervisors, required.
Bonded debt, $7,500.
Assessed value,
non-operative, $852,120.
These bonds were voted on Oct. 8 by 48 to 0.
Official circular states that no
litigation is pending affecting the corporate
existence of district or title of
present officials or validity of these bonds,
and that no bonds of this district have
ever been
repudiated.
WATERTOWN, Codington County, So. Dak.—BOND SALE.—The
Drake-Ballard Co. of Minneapolis, has
j>urchased $85,000 6% funding
bonds at 100.18, a basis of about
5.98%.
Denom. $1,000.
Date Nov. 1
1921.
Due Nov. 1 1931.
WAYNESBURG, Stark County, Ohio.—BOND OFFERING.—S. C.
Stratton, Village Clerk, will receive sealed bids until 1 p. m. Dec. 12 for
$25,874 01 6% East Lisbon strect-impt. bonds.
Denom. 1 for $874 01
and 25 for $1,000 each.
Int. semi-annually.
Due $874 01 July 7 1922;
$1,000 yrly. on July 7 from 1923 to 1925 incl., and $2,000
yrly. on July 7
from 1926 to 1936 incl.
to the
Cert, check for 5% of the amount bid for,
payable
Purchaser to pay accrued interest.
Village Cl<?rk, required.
WELLS
COUNTY (P. O. BJuffton), Ind.—BOND
OFFERING.—
F. B. Fishbaugh, County
Atiditor, will receive bids until 10 a. m. Dec. 15
$4,413 48 6% David House et al drainage bonds.
Denom. 1 for
$363 48 and 9 for $450 each.
Date Dec. 15 1921.
Int. M. & N.
Due
$363 48 Nov. 15 1922 and $450 yearly on Nov. 15 from 1923 to
1931, incl.
BOND SALE.—The $15,379 64
for
6% John Simmerman et al, bonds, offered
Nov. 15 (V. 113, p. 1914), were sold at
par and accrued interest to the
Wells County Bank.
Date Nov. 15 1921.
Due from 1922 to 1940 incl.
on
WELLS COUNTY (P. O. Bluffton). Ind.—BOND
SALE.—The $14,446 77 6% John Dettmer et al., bonds offered on Nov.
19 (V. 113, p. 1915)
were sold to the Weils
County Bank at par and accrued interest.
Date
Nov. 15 1921.
Due $1,486 77 Nov. 15 1922 and $720
yearly on Nov. 15
from 1923 to 1931, inclusive.
WESTWOOD (P. O. Crafton),
Allegheny County, Pa .—BOND OF¬
FERING.—E. McClain, Borough Clerk, will receive sealed
bids until
8 p. m. Dec. 7 for $28,000
hVi % coupon street impt. bonds.
Denom.
$1,000.
Date Oct. 1 1921.
Int. A. & O.
Due yearly on Oct. 1 as follows:
$1,000 from 1933 to 1942 incl., and $2,000 from 1943 to 1951 incl.
Cert,
check for $500 required.
Purchaser to pay accrued interest.
BRIDGE
DISTRICT
(P.
O.
Clark
Gurden),
County,
Ark.—BOND SALE.—The $27,500 6% bonds offered
unsuccessfully on
Oct. 15—V. 113, p. 1798—have been sold to M. W. Elkins &
Co. of Little
Rock.
WASHINGTON
COUNTY
(P.
O.
Bartlesville),
Okla.—BONDS
VOTED.—At a recent election $700,000 road bonds carried, it is
reported.
WASHINGTON COUNTY SPECIAL ROAD & BRIDGE DISTRICT
NO. 1, Fla
BOND SALE.—Caldwell &
Co., of Nashville, were the
successful bidders on Nov. 21 for the
$100,000 6% bonds—V. 113, p. 1914—
at 90 and interest, a basis of
about'6-79%.
Date July 1 1921.
Due July
11951.
There were no other bidders.
WATERMAN
SCHOOL
DISTRICT,
San
Bernardino
County,
Calif.—BOND OFFERING.—Harry L. Allison, Clerk Board of
County
Supervisors (P. O, San Bernardino), will receive sealed bids until 10 a. m.
[Vol. 113.
WESTWOOD SCHOOL IDISTRICT
(P. O.
Crafton), Allegheny
County, Pa.—BOND OFFERING.—E. C. Hamilton, Secretary of the
WHITE (P. O. Aurora), St. Louis
County, Minn.—BOND OFFER¬
ING.—Sealed bids will be received by Joseph Makela, Town
Clerk, until
Dec. 5 for the $200,000
6% coupon refunding bonds (V. 113, p.
324).
Denom. $1,000.
Int. J. & D.
Due $25,000 June 27 1922 to 1929
incl.
Cert, check for $5,000, payable to Gust.
Mattson, Town Treasurer,
2 p. m.
required.
WICHITA COUNTY WATER IMPROVEMENT DISTRICT
NO. 1,
R. Compton Co. of N. Y. and KauffLouis, have purchased and are now offering
yield 6%, $3,750,000 6% tax-free coupon
bonds.
Denom. $1,000.
Date Oct. 1 1920.
Prin.
Tex.—BOND SALE.—The William
man, Smith, Emert & Co. of St.
to investors at
par and int., to
and
semi-ann.
int.
(A. & O.) payable at the Hanover National
Bank, N. Y.
Due yearly on
1 as follows; $42,000 1924; $44,000
1925; $47,000 1926; $50,000 1927;
$52,000 1928; $54,000 1929: $60,000 1930;
$67,000 1931; $74,000 1932;
$83,000 1933; $91,000 1934; $100,000 1935;
$112,000 1936; $133,000 1937;
$136,000 19.38; $149,000 1939; $163,000 1940;
$178,000 1941; $190,000 1942;
$202,000 1943;$212,000 1944; $222,000 1945;
$235,000 1946; $248,000 1947;
$260,000 1948; $268,000 1949; $278,000 1950.
April
•
Financial
Statement.
Estimated actual value of taxable
property..
$68,000,000
Assessed valuation of taxable
property, 1921
34,110,791
Total outstanding bonded
debt, these bonds only
3,750,000
Present estimated population......
42,000
The City of Wichita Falls and about
8,000 acres of adjacent agricultural
lands comprise this district.
WILCOX UNION HIGH
SCHOOL DISTRICT NO. 13
(P.O.Wilcox),
Cochise County, Ariz.—BOND
SALE.—An issue of $100,000
6% bonds
has been sold to J. M.
Sparks of Douglas.
Date Mar. 1 1921.
Int. J. &D.
Due $5,000 yearly on Dec. 1 from
1921 to 1940 incl.
The bonds were re¬
sold by him to the Commerce
Trust Co. of Kansas
City.
The above cor¬
rects the report given under
caption "Wilcox Union High School District"
in V. 113, p. 108.
„
WILDROSE SCHOOL DISTRICT
County,
bonds
was
May 1
No.
NO. 90 (P. O.
Wildrose), Williams
Dak.—BOND SALE.—An issue of
$15,000 4% funding
sold during October to the
State of North Dakota at
par.
Date
1920.
Due May
redeemed after 2 years.
1
1940.
Bonds
are
not
optional but
be
may
T^ILyAM,Sv£OUN7T (p- °- Williston), No. Dak.—BOND OFFER¬
ING.—Sealed bids will bo received until
2 p. m. Nov. 30
by F. A. Hoare,
County Auditor, for the $75,000
funding, $25,000 county poor fund and
$25,000 general fund 6%
coupon bonds (V. 112, p.
2795).
Denom. $500Date Jan. 1 1922.
Principal and semi-annual interest (J. &
J.) payable at
a place
designated by the purchaser.
Due June 30
1927.
WOODBINE,
Co. of Mason
ing
bonds.
Harrison County,
Iowa.—BOND SALE.—Schanke &
City have purchased $11,000 sewer
funding and $9,000 fund¬
FINANCIAL
BOND
CALL
City of New Orleans
Illinois Trust & Savings Bank
«
-
.
Chicago
Capital and Surplus
hnjw j
Accounting Division
City Hall, November 16tn, 1921.
is hereby given that
under the
provisions of Act No. 23 of 1914, as
amended by
Act No. 69 of 1916, of the
General Assembly of
the State of
Louisiana, the following Paving Cetificates of the City of New
Orleans are hereby
Public
La Salle at Jackson
tiTh, Sign of
Department of Public Finances
$15,080,001!
notice
called for payment and will be
paid January 1st,
1922, after which date all interest will
cease:
ISSUE OF 1915
Fays Interest
on
Time
Deposits, Current
Aooounta.
ehsnge.
Has
and Reserve
Deals in
Transacts
a
on
hand at all times
oeilent securities.
Foreign Ex-
Government,
Due
a
variety of
370
Due
ex-
to
Buys and sells
to
inclusive.
January 1st, 1926, Series A, Nos. 371
380 inclusive.
ISSUE OF 1916.
Municipal
Due
and
to
General Trust Business.
January 1st, 1925, Series A, Nos. 341
Corporation Bonds.
to
January 1st,, 1922, Series A, Nos. 533
665 inclusive.
Due January
1st,
20 inclusive.
Due
to
1922, Series C, Nos.
17
January 1st, 1923, Series A, Nos. 666
742 inclusive.
ISSUE OF 1917.
Due
January 1st, 1925, Series A, Nos. 456
481 inclusive.
Due January 1st,
to 487 inclusive.
Due January 1st,
to
to
49o inclusive.
Due
to
Pennsylvania
January 1st, 1926, Series A, Nos. 526
536 inclusive.
Due
to
January 1st, 1926, Series A, Nos. 586
600 inclusive.
ISSUE OF 1920.
Due
to
Bankers, Brokers and Security Dealers
can
locate the houses that will
buy
and inactive stocks
by
or sell many bonds and
referring to the Trading
Department (Pages XII, XIII, XIV,
XV, XVI and XVII)
of the Financial
to
Chronicle.
January
1st,
1922,
Series
A,
Nos.
1
160 inclusive.
Due
...
January 1st, 1923, Series A, Nos. 161
320 inclusive.
.
Due
to
unlisted
1925, Series A, Nos. 485
1925, Series A, Nos. 491
January 1st, 1924, Series A, Nos. 321
470 inclusive.
Any holder of the above Certificates who may
to present the same for payment before
1st, 1922, may do so, and said certifi¬
cates will be paid on presentation with interest
to and including date of Payment.
desire
January
R. M.
MURPHY,
Commissioner of Public Finances,
In the advertisements on
these pages, dealers and brokers
list the bonds and stocks
they wish to buy or sell and indi¬
cate the class of securities
they specialize in.
From time
to time
virtually every security having any degree of salability in the United States is bought or sold
through this
department, the advertisers in which are
quotations
on
thousands of securities.
prepared to furnish
Always turn to the Financial Chronicle
Trading Department when you wish to
buy
or
sell bonds
or
unlisted
or
inactive stocks.
Nov. 26
WYOMING (State of)
BONDS OFFERED BY BANKERS.—Watkhis
Redmond & Co., both of New York, are offering to investors
& Co. and
$1,100,000 5% coupon tax-free State highway bonds.
Denom. $5,000.
Date Sept. 1 1921.
Prin. and semi-ann. int. (M. & S.)
payable at the National City Bank, N. Y., or State Treasurer's office, at
option of holder.
Due Sept. 1 1941; optional 1931.
These bonds, it is
stated, are a legal investment for savings banks and trust funds in New
York, Connecticut and elsewhere.,
This block is part of the $1,800,000
bonds which we reported as having been sold to the State Land Board of
the State of Wyoming at par, in V., 113, p. 209.
YONKERS, Westchester County, N. Y.—NOTE SALE.—S. N. Bond
& Co. was the successful bidder at a 4.45% interest basis plus a premium
of $17 for an issue of $500,000 city notes which are dated Nov. 28 1921 and
due July 12 1922.
^'
101.75 and int.
at
Darke County, Ohio.—BOND OFFERING.—A. T.
will receive sealed bids until 12 m. Dec. 12 for $1,400
bonds.
Denom. $280.
Date Nov. 15 1921. Int. pay
able semi-annually.
Due $280 yearly on Nov. 1 from 1922 to 1926 incl.
Cert, check for 5% of the amount bid for, payable to the Village Treasurer,
required.
Purchaser to pay accrued interest.
YORKSHIRE,
Deubner, Village Clerk,
6% electric light
Schools: Saskatoon, $35,000, various; Luck Hill, $5,500, to WatermanWaterbury Co.; Pinehurst, $3,000, hypothecated to Canadian Bank of
Commerce; Stratford, $2,5 0, to Monarch Life Assurance Co.; Wilmot,
$4,500, to C. C. Cross; Colt Lake, $3,500, to O. O.-Cross; Mounthill,
$3,500, to C. C. Cross.
Rural
telephones: Chadderton, $1,900, to G. Moorhouse, Regina;
Battlevale, $350, locally; Senlac, $1,200, to Great West Life Assurance Co.;
Norden, $2,300, to T. W. Brown, Saskatoon; Hilldrop, $3,500, to H. E.
Shackleton, Prince Albert; Leask, $1,050, to H. E. Shackleton; Goodeve.
$21,000, to D. Shannon, Saskatoon.
Village of Pelly, $1,000, locally.
V
City of Saskatoon, $6,310, various; $24,000, various.
SASKATCHEWAN
Provinces
its
and
Municipalities.
BRANTFORD, Ont.—BOND SALE.—The Dominion Securities
the successful bidder at 99-065 for an issue of $174,000 6%
Corn,
bonds
■was
which were recently
purchased an issue of $45,000
J. M. Robinson & Son have
—
recently
bonds.
OAKVILLE,
Ont.—DEBENTURE SALE.—Gairdner, Clark & Cothe successful bidders at 97 37 for an issue of $40,000 6% debenturesOther
bidders
were:
R. C. Matthews & Co
96-26
Dominion Securities Corp—_-97.05
were
S.
G
Pepler & Co
A. E. Ames & Co
;
96 07
95.63
$157,000 6%
debentures was
and Bell, Ltd.
ST. THOMAS, Ont
BONDS TO BE ISSUED NEXT YEAR.—An
issue of $100,000 memorial hospital debentures will be issued next year.
These are the bonds which were mentioned in V. 113, p. 2009.
SASKATCHEWAN SCHOOL DISTRICTS,
Sask.—DEBENTURES
AUTHORIZED.—The following, according to the "Financial Post" of
Toronto, is a list of authorizations granted by the Local Government
ST.
JOHN,
B.—DEBENTURE SALE —An issue of
recently sold at 100-16 to Thomas Armstrong
N.
Board from Oct. 29 to Nov. 5:
Schools: 8%, Empress, $3,000,
^
15 years annuity; St. Lucia, $4,000,
annuity; Yorkton, $15,000, 20 years annuity; Mackenzie, $500,
annuity; Emerson, $4,500, 10 years annuity; Clinton, $5,000,
20 years annuity; Spring Lake, $2,000, 10 years annuity.
Rural telephones: 8%, 15 years annuity: Good Hope, $2,700; Wakaw
Lake, $31,100; Hoey, $1,500; Forrest Bank, $4,750; Yarbo, $2,600; Dalrymple, $500; Tantallon, $5,800
Town of Wadena, $6,000, 8%,'10 years annuity, electric light extension.
DEBENTURE SALES.—The following, we learn from the same sour c
Is a list of debentures amounting to $120,010, reported sold in the same
period:
,'7
10 years
5 years
(
Revenue Producing
assessed
$1,200,000,000
$48,531,199
$2,855,572
•
-.24,553,163
Debt
>
:.-';
21,122,464
Provincial assets
84,353,683
Railway and agricultural guarantees
32,899,698
(Of this amount $28,582,011 was guaranteed in respect to bonds issues
by railroads now owned or controlled by the Government of the Dominion
Net debenture debt
of
Canada.)
Population (present estimate),
Area, 251,700 square miles.
744.000.
WALKERVILLE, Ont.—DEBENTURE SALE —An issue of $225,000
6% serial debentures was recently sold to the Dominion Securities Corpora¬
tion at 100.59.
The following tenders were received: Dominion Securities
Corp., 100.59; Wood, Gundy & Co., 99 98; A. E. Ames & Co., 99.29;
C. H. Burgess & Co., 99 03; R. C. Matthews & Co., 98.56; McLeod, Young,
Weir & Co., 97.51.
.
WALLACEBURG,
Ont.—BOND SALE.—Aemilius, Jarvis & Co.
recently purchased an issue $73,944 6^% bonds at 101.70, a basis of
about 6 25%.
Tenders received were as follows: Aemilius Jarvis & Co.,
101.70; C. II. Burgess & Co., 101.57; R. O. Matthews & Co., 101.40;
Wood, Gundy & Co., 10115; Dominion Securities Corp., 100.75; McKay
& McKay, 100.24; A. E. Ames & Co., 100.14.
r
WINDSOR, Ont .—DEBENTURE SALE.—The following coupon de¬
aggregating $915,437 12 which were offered on Nov. 21—V. 113,
2219—were sold to Wood, Gimdy & Co. of Toronto at $905,257 87
(98.888):
$90,000 00 6% sidewalk debentures.
Due in 10 annual installments.
94,453 09 5 H% local impt. debentures. Due in 10 annual installments.
15,533 67 6% local improvement debentures.
Due in 20 years.
196,815 20 6% local improvement debentures.
Due in 20 years.
117,968 73
local improvement debentures.
Due in 10 years.
400,666 43 6% local improvement debentures.
Due in 10 years.
bentures
p.
FINANCIAL
ENGINEERS
ENGINEERS
of
Financial Statement.
Fund--
Less: Sinking
96.08
Dyment, Anderson & Co
O. H. Burgess & Co
96.39 Brent, Noxon & Co
96,79
96 47
Wood, Gundy & Co
T.
S. funds).
Estimated value of property municipally
Total funded debt, including present issue
27,408,735
SALE
issue
Legality to be approved by E. G. Long.
The above syndicate is offering
these bonds to investors at 97 and accrued interest, yielding about 5.75%
offered.
DEVON, N. B —BOND
SALE.—An
of)—BOND
(Province
$3,000,000 5M% coupon (with privilege of registration) gold bonds was
purchased on Nov. 18 by a syndicate composed of the Bankers Trust Co.;
A. E. Ames & Co., and Wood, Gundy & Co., Inc., at 104.067 (Canadian
funds).
Denom. $1,000.
Date Nov. 15 1921.
Principal and semi-annual
interest (M. & N.) payable at the Union Bank in Toronto, Montreal, Re¬
gina, Winnipeg or iD United States gold of the present standard of weight
and fineness in New York, at the option of the holder.
Due Nov. 15 1946.
(for payment in U.
CANADA,
2339
CHRONICLE
THE
1921.]
WILLIAM
J\..
QAEHR
Service for
ORGANIZATION
BANKS,
STONE & WEBSTER
ENGINEERS
BANKERS
FOREIGN EXCHANGE DEALERS
INCORPORATED
BUSINESS MEN
Public Utility
The
Specialists
VALUATIONS
REPORTS
international
zation
enables
us
and satisfactory
Gas and Electric
EXAMINATIONS
Management and Operation,
ON
of
our
render
organi¬
complete
a
foreign financial service
of the world.
Bankers
arrangements
make
can
Counsel and Reports,
with
Accounting and Purchasing,
INDUSTRIAL
AND
In all parts
scope
to
cipals, draw their own drafts on all
Public
Utilities
PUBLIC SERVICE
Relations,
Valuation and Rates,
us
whereby they can, as prin¬
parts of the world, or
remit by money
We furnish
abroad.
order to payees
the necessary equipment.
Design and Construction of
central station and
PROPERTIES
power
Correspondence Invited.
industrial
plants and gas plants.
Kardos &
New York
Boston
Chicago
WILLIAM A. BAEHR Organization
Chicago
Peoples Gas Building
32
Burke
Broadway, New York
Philadelphia
Pittsburgh
Baltimore
Chicago
Boston
Brooklyn
Direct Private Wires
Connecting All Offices
THE
J. G. WHITE
ENGINEERING
Edward E. Hall & Co.
(Established I860)
CORPORATION
Sngar Engineerrag Corp.
WOOLWORTH BLDG.,
NEW YORK
Insurance Brokers
Engineers
Constructors
LANE
80 MAIDEN
NEW TORE
INVESTIGATIONS
Tel. John 4171
APPRAISALS
Are
Buildings—Industrial Units
•
your
Holdup
desired.
Liability
Automobile
policies properly
Fire,
policy contracts, ISre
protection end loss adjustments.
Prompt
coverage
procured wherever
Advice
Reports—Valuations—Estimates
EXCHANGE PLACE, NEW
Bonds,
written T
Public Utilities
42
end
YORK
given
on
REPORTS
DESIGN
EXPERIENCED
A
WANTED.
STATISTICIAN
nationally known concern has
an
REMARKABLE
opening in
Its statistical department for a skilled
statistician
and analyst.
For
who
a man
BOND
prehensive statistical and financial reports there
is excellent
of
opportunity to advance to
prominence
in
A
desirable connection is offered to the right man
giving
Reply,
personal
Write to Box N-l,
details
references
and
Indications
position
highly
a
institution.
the
GROWTH
OF
ATTENTION
BUSINESS.
future
greater
Are you
and the
Does
Street, New York.
DO
An
organization function ef¬
you obtained the right organ¬
izing and administrative ability?
UNUSUAL OPPORTUNITY is open in a well
known Wall Street Organization for a man o
substantial banking and investment experience
who has specialized in the study
and analyses
of security Investments and who has
and
force
develop
to
details of former experience,
age,
Financial
New York
executive
an
with
Chronicle,
Pine
90
bond
to
man
charge of
other
or
bond de¬
a
partment,
Organize and direct sales department,
a
An executive with administrative and
thorough
knowledge
of
investment
banking or a competent man to handle
operation of major office?
organizing ability, with managerial,
distributing, purchasing, originating
and investigating experience,
A
Only firms with ample resources and
appreciation of value of such services
need reply.
Box N-2, Financial Chron¬
icle, 90 Pine Street, New York.
man
familiar with principal finan¬
of country,
a
wide
markets
cial
acquaintance
broad
dealers
among
and
knowledge of investment
se¬
curities?
Address
M-12, Financial Chronicle,
90 Pine Street, New Mork City.
Write Box No.
training, references, &c.
M-ll,
and
manage
organization of statistical workers.
an
Reply, stating
and
ability
executive
sufficient
need
you
NEED
YOU
experienced
Take complete
Have
Do
Exchange firms
Companies
Trust
Manage New York, Chicago
office,
ficiently and profitably?
Experienced Analyst Wanted
Stock
Banks and
equipped to secure your share
accompanying profits?
your
Y.
N.
development.
90 Pine
Financial Chronicle,
of
Bankers
Investment
can prepare com¬
Street,
City.
Unlisted Securities Trader
To Houses of Issue
BOND SALESMAN WANTED
Well-known
CONSERVATIVE
HOUSE
BOND
dealing largely in Municipals would secure high
grade
salesman
general line
with
compensation
O.
Box
distributive
of securities.
future in young
P.
ten
years'
ex¬
Are You
perience in Unlisted Bonds and Stocks,
SMALL
high
trader,
and
Connection
unusually
growing firm.
372, City
in
power
offers
attractive
Address G. H.,
desires connection.
Represented in Philadelphia?
Member of
Capable of initiat¬
securities department.
Philadelphia,
Address
ences.
Excellent refer¬
1-17,
,■
f
withdrawing from firm
is
and desires to represent or
Financial
Chronicle, 90 Pine Street, New York
becomercorre-
high-grade housejof issue
a
Full Infor¬
in Philadelphia and vicinity.
City.
and
mation
particulars
Address Box
INVESTMENT MEN
15 years, has been
actively engaged in the bond business in
spondent of
Hall Station.
established Philadelphia
an
Bond House, who, for
ing business and establishing unlisted
WANTED
.request.
on
K-12, Financial Chronicle,
90 Pine Street, New York.
Bankers
Sales
-
Manager
A
GENTLEMAN,
with
broad
experieice
as
a
successful wholesaler and distributor of sound
Wanted
securities
difficult
to
and
market,
Philadelphia investment banking
house
nection considered.
for
has excellent
opportunity
experienced in handling
man
bond
salesmen
who
or
has
business
record.
Permanent
Are you
Un¬
interested in
a
steel
iron
or
cold-drawing, structural
manufacturing plant
which requires a new executive to
help pull it out of a hole and make it
pay?
foundry,
con¬
steel
Address Box M-14, care of
Financial Chronicle, 90 Pine Street, New York.
a
other
or
had
An
selling experience and wishes to
change to executive work.
Re¬
ply to Box L-2, Financial Chron¬
icle, 90 Pine St., New York
utive
TRADER.—Young college
in
ence
well-known
2 years' experi¬
man,
banking * house,
desires
position that will permit him to acquire knowledge
of bond
trading.
Address Box J-4,
care
experienced and successful
sold
former
interest
exec¬
enter
to
Army, and now solicits a business con¬
nection producing living expenses of
about
$15,000
with stock or cash
bonus on results as produced.
Age
is 45; business and personal reputa¬
of very
tion
of Finan
resides
cial Chronicle. 90 Pine Street. New York City.
11,
highest standing.
Now
Pittsburgh.
Address Box M-
Financial Chronicle, 90 Pine St.,
York.
New
FINANCIAL
ft
Please Note:
requiring
special salesmanship, seeks engagement.
questioned
'
7
Mr. Banker,
SPECIALISTS.
TRADERS WANTED
RAISE
BIG
CAPITAL .—Write
"QUICK
copy
FINANCING-
for
if
big capital quickly for oil, mining
business.
Learn how
one
FREE
need
you
or
Industrial
sold OVER
company
ONE MILLION SHARES by my easily
oper¬
ated
plan.
lars.
Write
CUNNINGHAM,
CIALIST,
418
FINANCIAL
Wanted
of
SPE¬
Must
Calif.
ability
possess
to
teen
initiate business and compe¬
that will warrant
tence
fidence
No.
F27421
McKenna
Issued
for
Crucible
the
been
lost.
19
In
the
shares
Steel
that
Certificate
of
name
John
of preferred
Company of America
of
has
made
for
will
be
Trader,
Street
Box
K-12,
Station,
held
N.
Wall
3,
Y.
City.
SALE.
A.
SAW MILL FOR
Accounting Practice
from
(N.
practice,
out-of-town
fidental.
Y.)
new
or.
firm.
of
New
an
accountant
York
Replies
City
held
retiring
practice
strictly
of
con-
Box H-14, care of Financial ChronlcJa.
90 Pins Street, New York City,
j
]
latest
and
Investment
experience;
seeks
rails,
high-grade
or
credentials.
Address
K-l, Financial Chronicle, 90 Pine Street.
brokerage house; highest
concern
retail
SALE.—Modern mill, includ¬
100M
in
cludes
domestic
or
700
to
feet
of
the
cial
are
per
planing
day.
Pacific
A
EXECUTIVE—Experienced
water
nection
The
Over
If interested,
States
possibilities of
Box L-l, care Finan¬
Chronicle, 90 Pine St.. New York City.
with
commercial
officer
concern
Will take financial interest in right
shipments; site in¬
waterfront.
unequaled.
Bank
and
Credit man with successful record desires con¬
Northwest.
for retail, domestic,rail, or
investigate Immediately.
this plant
electrified
150M
established in the heart of the
centre
Strategically located
foreign
kilns,
type
capacity
going
Christian, will purchase New
practice
utilities
public
with
New York City.
OPPORTUNITIES
best
City
brokerage
specializing
mill,
York
and
ambitious;
energetic,
house
investment
wire
prominent
with
now
young,
house;
connection
McKENNA.
ing
O. P.
TRADER
trading
Box
Public
offering
Pine St., N. Y.
a
FOR
BUSINESS
opportunity
strictly confidential. Address
persons are warned
H.
buy¬
Address Box M-10, care
of Financial Chronicle, 90
against negotiating said lost Certificate.
JOHN
desires
securities,
con¬
employees.
BOND
Application has been
duplicate Certificate and all
H.
stock
years' experience investigating,
ing, syndicating and retailing investment
genuine future.
of
Qualifications
LOST:—Notice is hereby given
large national investment organization,
carrying highest references covering fif¬
Grants Building, Los Angeles,
LOST
MANAGER
SALES
Bond and Unlisted Trader
for proof and free particu¬
four
years
Government.
known New
-
J-16,
or
bank.
proposition.
United
Cashier well-
Expert Accountant.
Jersey
Recently
National Bank.-
Address
Financial Chronicle, 90 Pine St., New
York City.
■
^ -*v4 V
t\'\
Nov. 26
THE
1921.]
CHRONICLE
XXXIX
financial
Cotton
Paul Bcbwara
(Jfcifl. O.Ooro
Frank A. Kimball
Aacnat Schlerenberg
1864
192 I
To Institution Executives
& Co.
Corn, Schwarz
and Trustees
COMMISSION MERCHANTS
15
New York
William Street
We
Now York Cotton
particularly well equipped to safeguard
arc
Corporation Treasury Securities.
MEMBERS OF
Exchango
This service includes:
Now Orleans Cotton Exdungo
Now York Produce Exchange
Collecting income promptly. Preparing requisite
Now York Coffoo Exchango
"income
tax
certificates "
•
Crediting collected income, or remitting.
Rendering regular statements of securities
Geo. H. McFadden & Bro.
COTTON MERCHANTS
Any of
PHILADELPHIA
NEW
25
67
held
and income collected.
tAfls
YORK
Street
to
as
officers will welcome
our
fully explain this
the opportunity
vAtts
complete service:
Foreign
«Assistant
Broad
Insurance
Treasurer of
Worth Street
as
Trusteefor
tACls
Institutions
as
Companies
Qustodian
Egyptian and
Dealers in American,
Foreign Cottons
FOREIGN CORRESPONDENTS.
HIbbert, Finlay A Hood, Liverpool.
N. V. McFadden's Cie voor Import en Export,
Central UnionTrjjst Gdmpany
Rotterdam.
Soclete d'Importation et de Commission,
Pachlrl A Co.. Milan.
Baltic Cotton Co., Copenhagen.
Geo.
Havre.
ofNevYork
H. McFadden South American Company,
Inc., Lima, Peru.
office
80
5th Ave. U 60th St.
YORK
NEW
42nd street office
42nd St
Maditon Ave. tc
(Member Federal Reserve System
86 Congress Street
BOSTON, MASS.
William Street
NEW YORK
BROADWAY,
(fapital\ Surplus and Undivided Profits over 30 UftCtUion 'Dollars
& Co.
Hentz
Henry
plaza
COMMISSION MERCHANTS
AND
BROKERS
Member! of
New Yerk Stock Exchange
New York Cotton Exchange
New York Coffee A Sugar Exchange
New York Produce Exchange
Chicago Board of Trade ~
AMERICAN
MFG.
CO.
BOYLE, BROCKWAY & GRAHAM, INC.
MATTERS
Associate Members of
.
FINANCIAL
Liverpool Cotton Aeeoclatlon
Pittsburgh, Po.
Arced®
Union
CORDAGE
Hubbard Bros. & Co.
MANILA, SISAL, JUTE
COFFEE
EXCHANGE BUILDING
B. W.
HANOVER SQUARE
NEW YORK
Noble and West Streets, Brooklyn, N.Y.CIty
Strassburger
INVESTMENT SECURITIES
SOUTHERN
Montgomery,
Alo-
COTTON MERCHANTS
Liberal
Advances
Made
on
Cotton
CHARTERED 1861
Consignments
GWATHMEY A CO.
86-34 EXCHANGE PLACE. NEW YOBK
476
FIFTH
AVENUE.
NEW
United States Trust Company of
MEMBERS
YOBK COTTON EXCHANGE
YOBK STOCK EXCHANGE
YOBK COFFEE EXCHANGE
YORK PRODUCE EXCHANGE
ORLEANS COTTON EXCHANGE
ASSOCIATE MEMBERS
1IVERPOOL COTTON ASSOCIATION
NEW
NEW
NEW
NEW
EEW
New York
WALL STREET
45-47
YOBK
Capital,
m
m
m
•
m
m
Surplus and Undivided Profits,
$2,000,000*00
$15,020,679*60
•
-
This Company acts as Executor, Administrator, Trustee, Guardian,
mlttee, Court Depositary and in all other recognized trust capacities.
It receives
Com
deposits subject to check and allows Interest on dally balanoe».
securities and other property, real and personal,
and acts as Trustee under oorporate mort¬
Registrar and Transfer Agent for oorporate bonds and itookf.
It holds and manages
Stephen M. Weld & Co.
estates, corporations and Individuals,
and
gages,
as
COTTON MERCHANTS
82-92 Beaver Street, New York City
PHILADELPHIA.
UTIOA, N. Y..
WELD A CO.,
90BT0N.
FALL RIVER.
PROVIDENCE.
NEW BEDFORD
LIVERPOOL.
EDWARD
WILLIAM
M.
K1NGSLEY.
1st
President
PELL. Vice-President
WILLIAMSON
FREDERIC
WILFRED J.
WORCESTER,
CHARLES A.
EDWARDS, Ai*t. Secretary
Secretary
W.
ROBBERT,
Asst. Secrete**
ROBERT S. OSBORNE. Asst. Secretary
THOMAS H. WILSON, Asst. Secretary
Assistant Secretary
WILLIAM C.
LEE,
WILLIAM Q.
GREEN, Assistant Secretary
ALTON S.
KEELER. Asst. Secretary
TRUSTEES
JOHN
ROBERT MOORE &, CO.
44 Bsever Street, N. Y.
COTTON
W. SHELDON,
Vice-Pre!.
1
MERCHANTS
Memberi New York Cotton
STEWART,
Chairman
of
WILLIAM ROCKEFELLER
EDWARD W. SHELDON
FRANK
CHAUNCEY KEEP
ARTHUR CURTI8S JAMES
WILLIAM M
KINGSLEY
WILLIAM STEWART TOD
OGDEN MILLS
JOHN
J.
LYMAN
PHELPS
LEWIS CASS LEDYARD
LYMAN
PAYNE
J.
GAGE
WHITNEY
the
Board
CORNELIUS
N. BUB*. SO
HENRY W. de FOREST
WILLIAM VINCENT AST'
WILLIAM SLOANS
Exchange
STEINHAUSER & CO.
Successors to
WILLIAM RAY A CO.
L. F. DOMMERICH & CO.
COTTON BROKERS.
•8 Cotton Exchange
New York
Ordert for future delivery contract* executed en
MM New Yerk
and Liverpool Cotton Exchangee.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
Hopkins, Dwight & Co.
COTTON
General
and
COTTON-SEED
COMMISSION MERCHANTS
ft
Cotton Exehang
NEW YORK
Offices, 254
Fourth Avenue
OIL
NEW YORK
FaWOrt Our N Yean
*
THE CHRONICLE
xxxx
yttumcial
^financial
Listed and Unlisted
Joint Stock
^financial
ann arbor michigan
•'
1
5% SCHOOL BONDS ' I )
Maturing April.
These bonds
the
School
are a
1935,
without
including
the
city
Land
Bonds and Stocks
option
in
direct general obligation of
District,
{VOL. 113.
the
following markets:
Price
;
Denomination $1,000
Augusta
Application
upon
New
Orleans
Milwaukee
Minneapolis
Philadelphia
Buffalo
Charleston
Chicago
1
New York
Detroit
These bonds
the
obligation of
Joint
Land Bank
Minnesota, operating
Southwestern
Washington
Wilmington
South
A-ice 102}^
:i' Yielding
Wires
Date
of
Redwood
Minnesota
Southeastern
Toronto
Reached by Private
the
Minnesota
Falls,
Savannah
Louis
St.
Springfield, O.
Detroit
are
Southern
Stock
Pittsburgh
Cleveland
Cincinnati
Columbus
Denver
Bolger, Mosser & Willaman
Chicago
Due Nov. 1, 1951
Optional Nov. 1, 1931
j»
,
■
Haven
Baltimore
:
New
Boston
Ann Arbor and 3,000 acres adjacent.
Dated Nov. 1, 1921
of
Atlanta
Bank
5^% Farm Loan Bonds
'
in
and
Dakota.
and Interest
5.18% to Optional
5%% Thereafter.
and
MUNICIPAL BONDS
A. A. Housman & Co.
Our
list
current
offers
unusual
lembers New
opportunities
to
diversify
in
high grade Municipal Bonds and
average
exceptionally good
20
:
■■
,vV "»
York
8
Stock Exchange
Broad Street,
to
returns.
Ames, Emerich
"
New York
111
PHILADELPHIA, WASHINGTON
AMSTERDAM, HOLLAND
Correspondence Invited
106
1st
Private wires to principal cities.
Company
Broadway, New York
La
So.
Natl
Wis.
Salic
St.,
Bank
Chicago
Bldg., Mllwaukaa
Republic Building, Kansas City, Mo.
MORTGAGE TRUST COMPANY
Affiliated with
First
National
St. Louis
Bank
Union Trust Co.
Central Bond & Mortgage
Broadway & Locust—St. Louia
South
208
.
LaSalle
Co.
C.I. HUDSON&CO.
66
Street
*
Radon, French
Investment Bankers
Co.
&
BROADWAY,
BOWLING
CHICAGO
N. Y. CITY
GREEN 3800
MEMBERS OF
New York
INVESTMENT
to
Listed and Unlisted
SECURITIES
Securities
Cotton
York
Curb Market
New
the East and Southwaat.
Stock Exchange
New York
New
Private WIrea
York
Coffee Exchange
Exchange
Assn.
Chicago Board of Trade
f( purchase and underwrite entire Issues sf
Philadelphia Stock Exchange
lands and stacks ef established corporations.
We after high-grade investment opportunities
(a
lbs
securities
af
municipalities,
Dodge & Ross
public
ellllftfee. and veil established industrial
Corrttpondence
Department
Underwriters and Distributer! of Investment
Securities
Invited
WEST MONROE STREET
Public Utility
and
CHICAGO
<
Bought
111 W.
Sold
LA
/
.'v:''
Quoted
MONROE ST.,
High Grade Bonds
SOUTH
V:
Industrial Issues
v
Hord, FitzSimmons & Co.
187
Securities
Investment Bankers
wsaslMM.
19
Unlisted
Incorporated
cer-
F. H. PRINCE & CO.
CHICAGO
BANKERS
108 So. La Salle St.
BOSTON, MASS.
SALLE STREET
/Or/r,-y
CHICAGO
IS
gl
INVESTMENT
buy and sell
HIGH-GRADE INVESTMENTS
high-grade
7
\
EMERY. PECK & R0CKW00D
bonds
Members af New Ysrfc * Brntsn stack Bschaase
INVESTMENT SECURITIES
tasntlnental
A
Commercial
Bank
'
Building
CHICAGO
*
Railway Exchange Building
MILWAUKEE
Power
&
Co.
and
Specialists
Government Bonds
CHICAGO
WE OFFER AT MARKET
Amer.
C. F. Childs
808 So.
La
NEW
Salle
St.
120
Light Co. 8a
Atlas Powder Co. Conv.
7^i
DeLaval Separator Co. S. F. 8a
Pfiater & Vogel Leather Co. S. F. 7a
Wisconsin River Power Co. 1st M. 5a
YORK
Broadway
Established
1878
Dominick & Dominick
Members New York Stock Bxchangi
Stevenson
&
RUTTER, LINDSAY & CO., Inc.
Bros.
Perry, Inc.
investment securities
111
Investment Securities
Wiggins Blaet
Broadway
NEW YORK
CINCINNATI
The
Rookery,
CHICAGO.
105
So.
La
Salle
.
St.,
CHICAGO
McClellan & Campion
Telephone Randolph 6520.
FIRST NATIONAL
BANK
W. G. SOUDERS & CO.
RICHMOND, VA.
Capital and Surplus
-
$3,000,000.00
INVESTMENT
John M. Miller, Jr., President
—
■o
SECURITIES
141
W. M. Addison, Vice-President
R.
Burnett,
Vice-President
Alex F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
Corretpondence
New York
Grand Bapldo
&
P. W.
.
STOCK
•
York
Exempt
from
Yielding
Chapman & Co., Inc.,
INVESTMENT
SEASONGOOD.HAAS&MACDONALD
New
CITY
Municipal Bonds
rAra
Central Union Trust Co.
of New York
Broadway
YORK
Detreit
Milwaukee
Exchange
MANAGEMENT
CHICAGO
Invited
Members New York Stock
&
BROADWAY
NEW
808 South La Salla Street,
WANTED
60
ENGINEERING
SECURITIES
Federal
from
118 South La Salle St.,
CHICAGO
US
Broadway
NEW YORK
Taxes-"
7%.
to
Send for List
THE HANCHETT BOND GO.
Incorporated
j
Income
5H%
1919
«
'
>
39 South La Salle Street
CHICAGO
j
@FedFRASER