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INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
VOL. 111.
SATURDAY, NOVEMBER 27, 1920
NO. 2892
Week
glue Ctouicle
PUBLISHED
Clearings
$10 00
6 00
-
European Subscription (including postage)
European Subscription six months (including postage)
13 50
7 75
11 50
Canadian Subscription (including postage)
NOTICE—On account of the fluctuation* in the rate* of
for
New
European
York
subscriptions
advertisements
and
excnange,
be
must
remit¬
made in
and
Oity (semi-annually)
Bankers' Convention (yearly)
Cincinnati
Terms of
Advertising
45 cents
On request
Chicago Office—19 South La Salle Street, Telephone State 5594.
London Office—Edwards & Smith, 1 Drapers' Gardens, E. O.
WILLIAM
Front,
B.
DANA COMPANY,
and
Pine
Depeyster
Streets,
Publishers,
New
I
1919.
$
666.272.52]
Dec.
1918.
%
$
,/—4.:
67,389,93(
1917.
$
568.776.71'
492 564,OOi
+ 2.
64.698 54C)
41.078.44C
Cleveland
140,479,581
121.939.52?
88.691,695
132.000.00C
117,000,00(
+ 15.5I
+ 12.1 I
97.281.71C
Detroit.------
87,081 74-
o5.520.50C.
36,000,00(
31,010.27?
+ 16. t
32.063,65]
26 726 891
16.339.00C
17.681.00C
—7
13.647.00C
13,331,00C
14,717,40C
+ 6.C1
11,583,00()
16,477,141
13,806,40C)
15,940.36'i
+3.' t
13.909 39? 1
4,801 861
5.461.83C)
—12. 1
Milwaukee
Indianapolis
Co.lumbus
...
Peoria
Grand
Rapids...
Dayton
Evansville
Ill-
Fort Wayne.
Akron..
....
Lexington.......
5
7 121.50;
—10.1*
5.947,17?1
,5,509,62?
—10.<)
4 340,68:
3,592 86?
4 158.49]
4,8o6,o4C
—14.'I
4 033 041)
2,899,25*
2,000,00(
+44.S)
1,894,481i
2,951,82C
1.679,371
2,228.451
1.639.11]
+ 35.1)
1.188,58?S
1 355 47C
9,349.00C
12.314.00C
—24.J
7.467.00C)
5.878 00C
900.00C
1.100.00C
—18.1
1,000 00C)
+
13.(?
3,188,584
2,086,335
—io.?
2,000,OOC
—19.C>
2,400,00C
1.280 .OCX
+ 5.C
1,241,794
1,115,225
1,226.875
—O.S
1.152.23C
1,117,41*
+ 19.7
1.120.97C
1,022,42(
—7.2
950,87C
699,72C
4,289,714
2.100.00C
Canton
2.500.00C
1,491.17S
1,305,639
1.365.00C
2.800.00C
1,861,46?
1,514,26?
1,300.000
—13.?1
1,730,062
1,611,487
1,503,849
Bend
1,070,79c
3 205,34
2,043,73.'
4,881.014
2,000,00C
South
3,850,OOC
4 759.97)
6.354.83C >
Rockford
Springfield, Ohio.
9.217.10P.
10,866,88.
5 892,60
4,507,481
Youngstown
Quincy
York.
|
$
68,823,34C
Springfield.
Transient display matter per agate line..
Contract and Card rates
1920.
637.710.667
Chicago
Toledo
funds.
Subscription includes following Supplements—
Bank and Quotation (monthly)
Railway & Industrial (semi-annually)
Railway Earnings (monthly)
Electric Railway (semi-annually)
8tatb
20.
Inc. or
WEEKLY
For One Year
For Six Months
November
at-
Termsof Subscription—Payable in Advance
tances
Railway Section
City Sectioflp
—4.?
1,070,70$
1,134,664
Published every Saturday morning by WILLIAM B. DANA COMPANY, Presi¬
dent, Jacob Selbert Jr.; Vice-President, Arnold G. Dana; Business Manager, William
Mansfield
1,720,795
1,929.258
Decatur
1,394,619
D. RIgga; Secretary, Herbert D. Seibert.
Danville-—
829,996
752.195
—10.7
580,OOC
600,OOC
Lima
900,000
1,007,615
—11.8
933,504
758.2U
1,500,000
1,700,000
727,228
+ 10.0
—10.3
1,166,034
539,870
1.068,314
652,496
635,835
487,186
+ 30.4
31o,93C
272,274
80.000 + 125.3
616.621
Bloomington
Addresses of all. Office of the Company.
Lansing
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to day
have
been
$7,309,045,569, against $8,983,197,138 last week and $7,936,537,932
the corresponding week
Jacksonville, 111..
Per
'
1920.
1919.
Cent.
Arbor
Ann
$3,185,976,780
424.289,602
—40 .C
Tot.MId.West. 1,121.437,293 1.114.739,261
+ 6.0
939,453,201
781,057,672
+ 2.5
136.830,375
125,310,117
Owensboro...
404,178
San
Francisco—
Chicago
Philadelphia.....
Boston...
323,725,481
215,559,974
138,990,454
;
...
...
Kansas City
,
San Francisco
v
Pittsburgh
94,821,000
37.549,334
—7.6
Portland.——
Spokane..
40,050,388
442,755.218
—4.2
301,828.242
+ 7.3
255,990,999
—15.8
Salt Lake City...
194,004,522
—28.4
106,363,304
129,181,068
—17.7
109,500,000
120,420,049
—9.1
9,098,564
8,753,721
19.289,519
19 780,136
5,500,000
3,826,269
Oakland
11.225.557
+13.6
8,203.801
5,624,110
Sacramento
9.069,210
8,556,968
+ 6.0
4,880,713
4.526,460
San
3.142,323
2.500,000
+ 25.7
2,076,700
2,321.534!
Diego
Fresno
New Orleans..
55,197,200
—25.7
$5,216,885,602
1,125,497,618
—7.2
—5.4
Total ail cities, 5 days
—
Total all cities for week
$5,906,766,622
1,402,278,947
$7,309,045,569
$6,342,383,220
1,594,154,712
—6.9
+ 22.4
3,867 409
3,746,905'
7.107,200
7.846,100
—9.3
2.292,046
2,288.837
4.065,628
2,157,068
+ 88.5
973,690
945,20i.
San Jose
2,402,416
2,908,320
—17.4
1.058.366
1.663,592
Yakima...
2,236.639
2,629,529
—14.9
1,397,000
1,003,32*
...
Reno..
Long
$7,936,537,932
—7.9
The full details of the Week covered by the above will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
Saturday, and hence in the above the last day of the week
all cases estimated, as we go to press Friday night.
>
Detailed figures for the week ending Nov. 20 show:
Beach
Total
Pacific..
has to be in
Clearings at—
Inc. or
Dec.
New
York
Philadelphia
$
4,827,794,348 5.462,044,714
-...
492.283,122
496,373.521
%
1917.
$
$
—11.6 3,905.426.048 3,476,183,721
—0.8
478,321,375
367,023,261
106,079,593
166,784.476
93,628,138
+ 13.3
84,581,545
40,636,577
48,094.305
45.048,900
+ 6.8
25,810,586
22.263,737
4.852.221
5,260,070
—7.7
5.191,641
4.683.387
Washington
17,632.946
17.856.513
—1.3
17.810.951
11.269,197
Rochester
11.461,534
10,932,588
Pittsburgh
Baltimore..
190.631,781
Buffalo
Albany..
+ 14.3
158,122,943
91,627,096
+ 4.8
8.796,924
Scrantcn
5.917.166
5.449,167
+ 8.6
4,211,592
Syracuse...Reading
4,406,673
4.496.887
—2.0
5.193,870
2,500,000
2,655,642
—5.9
2.418,201
2,397.337
Wilmington
2.900.000
4,006.082
—27.6
3.270 040
Wiikes-Barre
3 067,885
3.494,491
—12.2
2.100.000
3.166,9942,129,241
Wheeling
4,800,000
5.440,904
—11.8
4,464,686
Trenton
3,979.258
3.782.020
+ 5.2
3,249,791
6.623,661
:
3.668.934
4.305.551
'
4,470.998
2,832 483
1,521,149
1,815,226
York..
1,369,182
1.468.813
—6.7
1,167,084
Erie.-
2.8.54,541
2,432,044
+ 17.3
2.220.124
1,500,530
1.005,966
+ 49.2
900.000
905,421
1.350,000
1.423,323
—5.1
1,681,784
1,243,595
1.126.900
1,065.600
+ 5.7
840,300
955,800
Greensburg
Chester
—
Binghamton
Altoona
Lancaster.
....
Montclalr
4
1,041.292
1,100 196
—5.4
929,544
580.000
2.705 570
2.557.650
+ 5.8
2,404,372
2,145.291
642,392
455,747
+ 41.0
Bethlehem......
3.925.128 Not included
in total.
Huntington
2,403.460 Not included
in total.
461,563
Boston
Providence
436.287
—9.5 4,719.606.944 4.058.894,944
451,130.581
—16.4
373,456.379
14,350,500
15,474,700
—7.3
38,673,462
51,329,340
+ 10.7
18,818,480
16,101,736
Denver
29,636,056
30,072,377
—1.5
25.631,503
23,359,861
Duluth
14,973,650
+ 89.0
St.
Joseph......
12,464,839
7,921,808
17,778,337
—29.9
18,424,875
16,575,698
17,641,076
Moines.....
9,454,873
11.880,793
—16.2
9*312,518
Paul
286.727,618
12 364,400
9,833,007
16,697,605
—21.3
8,122,637
7,903,462
3,209,305
3,964,110
—19.0
3,073,035
13,491,795
Lincoln.
4,506,111
5.762,869
—21.8
3,914,337
2,057,332
2,624.380
—21.6
3,300.000
3,600.000
—8.3
1,973,819
3,,107.190
4,246.509
2,326,085
1.073.088
1,126,815
—4.7
696,677
1,266.250
833,329
+ 52.0
818,094
449.118
631,781
—28.8
549.731
618,484
.548,185
694,091
—20.9
618,085
557,020
2,123.134
1,308,625
+ 62.3
1,419,582
1,489,012
City
Rapids.
Fargo
Fremont.
Hastings
Aberdeen
1,904,517
—0.7
1,701,888
2,624,869
—2.7
2,449,749
2,455,163
1.934,078
+ 10.8
1,840,767
2,238,476
524,671.407
526.215.184
—0.3
444.172,454
427,926.508
158.150,602
—17.0
177,757,931
65,516,122
186,784,021
•89.153,362
—26.5
65.180,475
163,185.149
55,920,142
29,585,568
16,851,256
+ 75.6
21.949,228
21,373,209
28,282.010
38,553.022
—26.6
16,172.497
12,812,126
13.371,985
—4.2
6,765.252
22,500,000
7,900,000
■Memphis
24,689,716
42,773,155
—42.3
23,860,031
•Fort
20,502.452
27,547,438
—25.6
14,980,348
18,871,600
66,868,846
93,480,188
—27.2
64.088,848
42,247,369
Tot. Oth. West
St.
Louis
New
Orleans
Louisville
Houston
Galveston
Worth-
93,078,029
—32.4
69,166,850
55.640.238
14,094,205
—41.0
6,774,701
—10.2
17,501,439
14,108.370
15,128,618
Norfolk
11,317,839
21,072,725
28,125,271
14,299,530
—20.9
10,018,215
8,130,002
4,183,796
5,750.062
Birmingham
Augusta
Knoxville
4,739.147
1,401,932
12,318,000
4.000.000
—15.0
2,400,000
2,721.000
2,400.000
—
16.7
2,800,000
4.000.000
—18.3
434,793
656,150
Tulsa
New Bedford
Dallas
Lowell
1.635.325
1
328.584,744
7,943,176
5.371.340
1,446,435
3.476,177
418.073.223
3,738.927
10,407.327
2.600.000
—15.6
6,163,044
—3.3
3,498,140
in total
+ 1.8
—10.0
4,649,129
2,487,764
+ 55.1
2,400.512
505.140,138
7,432,183
2,761,954
6,391,411
—0.1
2,438,697
2,700.000
2,954,356 Not included
—5.4
19.235,731
4,283.038
732 890
—11.5
3,484,446i
13,408,315
29.842.171
—4.4
699.509
10.955.885;
3,480,212
Mobile
—5.7
1,283,364
784,526
9,700,000
12,679,461
Rock
8,281,044!
—58.7
2.389,423
3,835,587
4,000,000
4,508.046
700,000
—57.6
8.426.252
3.878.457
1,293,481
13,325,075
7.972,833;
20,267,116
3.600,000
2.358.847
1,603.127
1,593,924
2,364.763
+ 4.0
3,380.316
Chattanooga
4.308,278
—3.6
62,883.751
Charleston
Portland
+ 31.9
18.961,177
8.315,924
...
Worcester
239,370
2,305,220
25,263,882
...
Savannah
3,684.168
840.000
...
Nashville
Atlanta
6,575 599
4,468 439
426.119,614
—
Richmond
3 858.931
Total New Eng
.
1,890,459
5,229.926
S tamford
.
2.553,417
+ 3.9
+ 8.1
_
770,966
2,143,905
+ 2.2
924,920
.
644,229
Helena
—9.0
1,000,000
.
Waterloo
5,084.384
Bangor
....
2.424,062
Billings
6,941 829
2.890.693
Springs
Pueblo
9.577 158
810.000
8,123,010
7,000,000
13,145,175
6 317.374
Holyoke
—28.8
8,813,984
8,437,008
8,725,534
Topeka
5,282.580
2,500.000
2.650,000
223,479,044
23.684,610
St.
9.790.494
River
259,441,031/
23,772,354
56.536,686
New Haven
Fall
311,053,786
—20.2
45,891,739
Springfield.-
Hartford
+ 8.0
265,730,192
+ S7.4
Jacksonville
"X\
376.928.012
416,387.820
211.930.381
—16.5
13,088 200
7,998,484
—
449,800,796
52,896,033
Little
Total Middle.. 5,782.991,239 6.388.763,455
500,00C-
793,987
63,302,958
Colorado
$
703,569
1,056,497
52,877,447
48.943.443
Cedar
1918.
—9.8
+ 83.7
In total
99.125,239
Des
ending November 20.
1919.
886,963
2,314,037
997.787 Not included
Omaha
Wichita
Week
800.000
4.250,414
Minneapolis
Sioux
1920.
..
Kansas City..
,
^
8,093,306
—12.0
■0'* Partly estimated.
at noon on
9,880,075
9,903.357
Pasadena
Santa Barbara
All cities, 1 day.--...———
29.594,000
+ 2.6
Stockton
$4,841,972,405
1,064,794,217
21,787,285
+ 1.1
+ 4.3
Eleven cities, 5 days
34,760,224
-8.6
+ 17.9
Other cities, 5 days
+ 5.0
4,778.144
+ 12.8
~
26,975,492
38.145,606
14,076,419
61,406,608
74,328,324
00 00 0
45,285,323
23,851,943
80,000,000
*
•
33.780,000
—18.1
4,832.478
109,946,953
0l
+47.4
45.849,859
14.444,852
64,066,204
-
177,569,483
64,344,000
21,800.000
*124,000,000
94,303,406
-.
129,736
Tacoma
Baltimore..-. ±+.»0*^0*± 00
Detroit ■: 0„ 0*.
182,100,000
Los Angeles
Seattle
'
$3,447,023,619
477.814
681,645
180,258
.........
New Yotk
+
83,848
971,628
Adrian
last year.
Clearings—Returns by Telegraph.
Week ending November 27,
000<m„
Oklahoma
3,400.000
Macon
Austin
....
2,000,000
■
Vlcksburg
Jackson
...
Muskogee
...
Sbreveport
Total
Southern
424,440.
519,555
633.320,
6,097,313j
—8.5
669,114
834,261
5,824.971
+ 4.7
17,034.644
11,939,333
+ 42.7
2,737.460
8.727,294
35.000,000
49,451,742
—29.2
5,027,741
7,453,126
26,173,181
5,842.355
—16.8
2.950,355
3,533,713
828,830.768
—18.2
697,426,634
643,109.404
7,429.986,243
5.399,141,327
4.8.58.250;
678,176.789
692.287
27.000,000
Total all.
8.983.197,138 9.780.076,626
—8.2
Outside N. Y-
4.155,402,790 4,318.031.912
—3.8i3.524,660.194 2.922,957,606
.
other
country is at present going through
a process
price adjustment which, while it parallels many
similar movements in the past,
stand all
would yet appear to
by itself in the rapidity of the descent in
commodity values within
brief
a
time,
of
space
amounting almost to utter collapse. This week there
has been
in many
coming
further sharp break in
a
of the other markets.
lowest
commodity
one
the lowest figures in
years.
There
being borne surprisingly well by
are,
as
was
com¬
to be expected, some
weak spots and some sore spots, but these are
being
removed
view.
taken
or
Some minor bank
of the
of
care
they
as
to
come
suspensions in the remoter parts
country have been
the events of the
among
week, ani yet nothing has happened affecting
even
remotely the soundness of the country's banking
mechanism
as
a
whole.
In
there has been further
purchase of
Motors
the
a
the
In
over.
a
weak
some
larger
the
way
big block of the stock of the General
Corporation, involving change of control of
property, is also important,
In the first
sense.
in
and
double
a
place, it guards against the de¬
velopment of weakness in that quarter, and in the
second
place it cannot fail to be
fluence in the automobile
to
such
stabilizing in¬
industry, which has risen
great dimensions within
a
relatively few
The transaction did not altogether prevent
years.
a
a
further
but the
slump in priq^s on the Stock Exchange,
of the
tone
market
has
nevertheless
con¬
that the result
With the decline in prices, the credit strain is also
the
a
From abroad is
Fact should not be
becoming available for the first time in
months.
risen.
Then
The
also
foreign exchange rates
In
an
money
with
the
our
means
that
a
new
export trade, which
now, as pointed out further
thing but
eign
can
conjunction with the
commodity prices it
impetus is to be given to
even
have
significance of this latter event
hardly be exaggerated.
decline in
many
prices
below, is in any¬
unsatisfactory condition.
With for¬
worth
more
in terms of
also
lower—immensely lower—
here
purchasing
power
greatly increased.
now
letting
up.
During the
held under dis¬
by the twelve banks combined has
duced from
and
pressure on the Fed¬
last two weeks the volume of bills
count
money
of the outside world is very
Finally the
eral Reserve banks is
our
been
re¬
an
in
to be
encouraged
as
yet to reflect to
The merchandise
outflow for the elapsed
portion of the
value greater than ever
before recorded for a similar
period and the
mt in greater
a fact with regard to import8
Consequently while the favor"
foreign trade for the ten months
is
same
degree.
able balance in
our
formidable proportions it is less than two-
is of very
period of 1919, and below
birds that for the like
either
The
year covers a
1918,
1917
total
value
1916.
or
of
merchandise
the
October this year, as
exports for
announced by the Bureau of
Foreign and Domestic Commerce of the Department
of Commerce
yesterday,
$751,729,488, this
was
con¬
trasting with $631,618,449 in the month of 1919 and
For the ten months of the
$501,860,550 in 1918.
current calendar year
is the
the aggregate,
338,
already stated,
$6,498,996,406 last year and
with
compares
$5,060,964,839 two
years ago.
1919 most articles have
over
as
high record for the period, and, at $6,832,324,-
In the augmentation
shared, but the particu¬
larly noteworthy increases have been in coal, cotton
and
manufactures, automobiles,
have
leather.
Mentionable de¬
occurred, however, in provisions and
Imports in October showed
from
millions
with
a very
September, and
1919 and
decrease of
The ten months' aggregate
earlier.
wide margin
high-water mark, standing
$3,098,844,337 in
a
against only
$4,692,695,065,
at
a
at $334,675,831
and $246,764,906 one
$401,845,150
and two years
is by
&c., mineral
cars,
oils, and wood and^manufactures.
$2,569,318,156 in 1918.
gain of 1,594 million dollars
Of this stupendous
over
last
sugar,
year,
chemicals, cotton and manufactures, rubber, fiber
manufactures and wood and manufactures contrib¬
uted
over
053,657, which
was
a
our
foreign
balance of exports of $417,-
with $229,773,299 in 1919
compares
and $255,095,644
chandise
The net result of
one-half.
trade in October
For the ten months
in 1918.
exports exceeded imports by
mer¬
$2,139,629,-
273, against $3,400,152,069 in 1919 and $2,491,646,683 in 1918.
The inward movement of
gold in October
was
of
heavy volume, and, in fact, of greater proportions
than
in
any
preceding month since March
outflow.
of which
was
a
Consequently the net inflow
no
The
less than
1917,
comparatively moderate
imports
were
$108,326,617
was
nearly
$116,831,160,
came
from Eng¬
land,
$3,080,400
South
America, $1,155,097 from Canada, $1,121,348
from
France,
$2,241,393
from
On the other
hand, the
figures of the United States
exports were but $25,931,239, made up mainly of
mentionable extent the
$21,069,215 to Japab, $3,000,000 to China, $617,249
any
off in business for foreign account of which
factor.
reports of a slowing up in
recent
305 from other countries.
ng
further¬
a
from Central America and the West Indies and $906,-
over.
The merchandise export
fail
less of
more or
demand from the outside world.
91 million dollars.
liquidation is to be endured, there is much
great measure the filling of
a
remains, therefore, for later aggregates to give
It
circulation has also been
-further
at
and the comparison with
higher prices have been
against which there
degree, falling from f3,354,180,000 to $3,307,435,000
Altogether, even though it should he found that some
but
corresponding
ignored, however, that the current
aggregate of 13,126,594,000 to $2,948,
601,000, and the total of Federal Reserve notes in
reduced, though in smaller
of the
excess
commitments entered earlier in the year and,
compare
latter
high total
a
outflow represents
more,
of
true,
period when demand for goods
known to have been very good.
The
is with
year ago
been
quoted at 7%, fairly liberal supplies of the
is
It
announced for October
as
months of all earlier years
39
now
time it is in
same
relaxing. Within the week the tension in
money has
greatly relieved, the rate for call loans getting
down to 5% at one
time, and time money being
Etime been speaking
contraction from the extreme
some
creases
siderably improved.
some
definiteness.
reported in March of 1920 and June of 1919,
markets
security
liquidation and
accounts had to be taken
shows
less
or
confirmation to
producers and the mercantile and financial
munity.
be¬
now
necessarily involves much strain, but on
the whole this is
the
war, or
longer series of
even
Comment is
quotations have dropped to the
figures since the
All this
grain prices and
with reference to
common
after another that
an
more
course,
The
of
agencies] have £for]
with
TEE FINANCIAL SITUATION.
to
Mexico and $595,785 to Canada.
For the
ten
Nov. 27
1920.]
months of 1920 there
l
against
CHRONICLE
THE
was a
net
import of $30,255,584
net efflux of $208,847,273 in 1919 and
a
import balance of $21,532,075 in 1918.
ports for October
were
Silver
an
ex¬
moderate, reaching $5,708,601,
in
not intend to
this
is
391,428 the aggregate for the ten months.
will
the
imports for the month
Against
$4,912,050
were
dispatch to his paper that he had been told by
a
"an unofficial German
mainly to China and Japan, and increasing to $104,these
meeting of the Assembly, and that if admission
accept."
Germans
make such
exports for the ten months of the current year were,
He added that
an
official of the Ger¬
League of Nations Association said that the
man
(largely from Mexico and South America), and for
The net silver
delegate that Germany did
apply for admission to the League at
proposed by any member it is unlikely that she
the
longer period totaled $78,408,979.
2073
were
of the
opinion that if they were to
application
of "further
it would be at the risk
now,
emphasizing the hatred left by the war,
therefore, $25,982,449 against $116,667,498 in 1919
and, secondly, that the Germans
and
to whether
$135,819,741 in 1918.
ed."
Canada's
export trade in October exhibited im¬
Discussing
"Times"
this
matter
correspondent said:
provement over the preceding month, and compared
many
with the
have let it be known that
corresponding period of 1919, there is
fairly large gain, which finds explanation in the
siderable
products and
an
goods classed
as
manufactures.
is
a
in
increase
of
shipments
a
con¬
agricultural
augmentation in the outflow of
wood, wood products,
and
paper
Compared with 1918, however, there
slight falling off accounted for by the considerable
doubtful
were
still
were
derstood to
labor
admitted, and other nations
are un¬
Germany that it is
George Nicoll Barnes,
leader, and
an
English
of the representatives of the
one
British Government at the
did last
The French
they would withdraw if
have intimated to
better to wait."
th£
further,
"I believe that Ger¬
has been advised not to apply.
Germany
as
they would get the two-thirds vote need¬
Assembly, argued,
as
week, in favor of Germany's admission.
he
He
reported to have said that in his judgment, "the
shipments at that time of miscellaneous articles which
was
included munitions and army
workingmen of England and bf the rest of the world
the
still
forces
Europe, which
until
the
and
navy
supplies for
engaged in the great struggle in
not concluded by the armistice
was
following month.
outflow of
The
chandise from the Dominion in October, as
promulgated,
was
of
a
mer¬
officially
value of $131,057,000 against
$111,000,000 in 1919 and $131,000,000 in 1918, while
for the ten months of the
calendar
year
the total
was
$1,003,107,139 comparing with $1,025,413,068
and
$1,027,449,926.
the month
trast
were
in 1919, the
con¬
being between $105,770,037 and $91,910,477
and showed
a
Since Jan.
1, they have aggregated $1,152,355,806
gain of
over
30 million dollars over 1918.
against $753,29^,079 and $760,239,091.
The export
balance for the month at $25,286,963 compares
$19,089,523 in October
in 1918,
a year ago
with
and $53,000,000
but for the ten months of 1920 the net im¬
ports stand at $149,248,677 against net exports
of
$272,116,980 last year,$267,210,835 in 1918 and over
350 million dollars in 1917—the latter
amount
a
store
by
a
decided
that "our business
matters
and
Assembly of the League of Nations has con¬
tinued its sessions at Geneva.
had
some
The delegates have
big problems with which to deal.
the newspaper
Most of
correspondents stationed there have
indicated that there
was
considerable question as to
the
ability of the Assembly to deal effectively with
any
of these problems.
Among them might be men¬
tioned the admission of
Germany to the League of
Nations, regarding which little progress appears to
have been
made; the assertion by Germany that the
Allies have
failed, under the terms of the League of
Nations Covenant,
to live up to the terms of the
to work together to re¬
this
at
Continuing, he said
Assembly is to look at
purely from the point of view of the
peace
prosperity of the world, and from that point of
view it is clear that the ex-enemy
admitted
The
as
soon as
States should be
possible."
correspondent at Geneva of the New York
"Herald," in his cablegram last Saturday morning,
directed
special attention to
Government to the
the
note from the German
a
Assembly charging violation
part of the Allies "to live
CXIX of the
of the
up
Treaty of Versailles and Article XXII
the German colonies to other Powers and the
dates for them."
The
understood that "it insists
the
Versailles
under
their
both
to the
over
given out, it
Jthat Germany signed
believing
Treaty,
Article
XXII, the League governing
distribution
administration."
and
why Germany consented to this
pectation ultimately to have
of her one-time colonies
The Associated Press
that
served
manner
"the
as a
a
was
He
of the
one
her ex¬
voice in the affairs
member of the
League."
representative at Geneva ob¬
protest by Germany against the
of the distribution of mandates for her col¬
onies created
particularly
dressed to
of the
colonies
these
League to be adminis¬
added that "the note also declares that
reasons
man¬
correspondent said that while
the full text of the note had not been
was
on
to the terms of
League Covenant, regarding the transfer of
would be handed
high record.
everyone
prosperity and peace."
tered
The
Europe being divided into two hostile
and wanted
camps,
Imports into Canada during
also larger than
tired of
were
a
on
the
marked
impression in the Assembly,
account of the fact that it was ad¬
Assembly instead of to the Council
League of Nations." Continuing, he said that
Treaty and the League, in the transfer of German
"Germany consistently has maintained the attitude
colonies to other Powers, and the
that the Council of the
dates for
man¬
them; the request of the Lithuanians that
the Poles be made
for
assigning of
to
maintain
peace, a
mandate
Armenia, and the general question of the League
making
orders.-
use
of
military force to
carry
out
its
4-4- v-Ky 44
.
ficient
a
League does not
majority of its representatives form
mer
possess
suf¬
authority to deal with such questions, since
a group
of for¬
belligerents, and that the Assembly alone is
representative of the entire League, and, therefore,
competent
to
deal
with
the
question." Giuseppe
There has been
nothing in this week's advices from
Motta, President of Switzerland, and head of the
Geneva or other
European centres to indicate that
Swiss
Germany intends to apply at this time for admission
to the
League of Nations.
The Geneva correspond¬
ent of the New York "Times" said a week ago
to-day
delegation at the Assembly, declared in a
speech that "the Council and the Assembly are two
separate and independent organisms."
ated Press
The Associ¬
correspondent suggested that "it is prob-
CHRONICLE
THE
2074
able that
Committee
the
will be called upon
At the afternoon session
tor Henri La
General
on
Organization
to solve the problem."
week ago
a
international staff."
He
an
said to have startled
was
Assembly by saying that "the time for disarma¬
ment has not
world
that
and
can
yet come."
disarm
He added that "before the
entirely different ideas from those
prevailed before the
applied."
used 'in the
must be inculcated
would be comprised in
force, with
from the
war
According to his proposal the "arma¬
ments and army
tional
and
an
cause
an
interna¬
international staff, ready to be
of
right,' in such
a case as arose
present situation in Armenia."
between
The
corre¬
"obviously there is
of the chief tasks the world
on one
expects it to perform, namely disarmament."
added
that
President
which
"it
will
begin to function openly, for
Branting, of the Assembly Commission, to
this
subject has
throwing the meeting
added
He
that
been
referred,
insists
on
to correspondents."
open
"Representatives
of
Koo
China
He
and
not hesitate to
what is
sion of the
of the Covenant
ers
discouraged at these
are
complications, which
of the
are seen as
Covenant, and
to emphasize that how¬
seem
bating society, it
to fail miserably when it
seems
tries to act under vital and
some
as
peace
of the most recent
of the
obligatory clauses of the
Special prominence
"Times"
given by the New York
was
correspondent
to
an
address
Assembly by Newton R. Rowell,
before
the
Canadian dele¬
a
gate, in which he said that "the League could not
ex¬
repre¬
"Tribune," in discussing
developments at the sessions
Assembly, asserted tfyat "the nations that
neutral
during the
relations
change."
a
the
In
are now
Council
League
are
the
dispatch to the New York
a
claimed that the
was
Assembly
was
The correspondent asserted that "there
been
now
and
taking steps looking to¬
between the Council and the
widening.
were
members of the
dissatisfied with the present
are
between
League Assembly and
ward
and
war
League of Nations,
has
work of actual disarmament."
The Geneva
preservers."
breach
begin the practical
new
affecting the heart
good the League may be as an international de¬
ever
According to this correspondent both
ment that the world must at once
ses¬
Assembly, declared that "leading support¬
"Evening Post" Wednesday it
in agree¬
to
speak disparagingly with respect to
likely to be accomplished at the present
Lange of Norway will make the opening speeches."
are
paper
everything pertaining to the League of Nations, does
sentative of the New York
to-day
plebiscite
correspondent of the New York "Herald,"
the
to function
a
who, by reason of the opposition of his
Covenant
day that "the League Assembly will begin
great differ¬
powerful Polish army."
oppose a
spondent of the New York "Evening Post" cabled
same
a
maintaining order during
having to
The
Fontaine, of the Belgian delegation,
proposed "an international military force, with
the
and observed that
ence
to-day, Sena¬
[VOL. 111.
produced in the League Assembly the
culminating evidence of what has been increasingly
apparent from the outset of the Assembly's official
birth
week
a
ago,
namely that this branch of the
League, representing all member States does not
pect the United States to join if it accepted the idea
propose
of the
ter, in its opinion, is the Council representing only
unity of the world in
raw
materials."
The
to be the dog wagged by the tail which lat¬
Canadian's
eight States."
of
declared that "President Motta is in favor of
speech followed that of M. La Fontaine,
Belgium, who argued that "the possession of raw
materials did not
give priority in use."
Senator La Fontaine said:
a
Continuing,
"I consider the earth
as
property, unique in integrity, from which human¬
ity
as a
whole must derive full advantage in equal
But the
manner.
territory of the earth does not find
itself endowed in every part
Certain nations have the
tions, and
some
by which
no
with the
same resources.
one
nation
should
have
priority in
Mr. Howell
other means of settling disputes."
Sunday, when the delegates to the Assembly
League of Nations
a
uanians that
fifteen
statement
the Poles
were
was
to
avoid
received "from the Lith¬
were
attacking them with
a request that the League put
against Poland Article XVI of the Cove¬
nant, which enjoins that if
goes
supposed to enjoy a
divisions, and
into action
war
a
member of the League
without first trying by all
conflict, it shall be subjected to
an
means
to
economic
blockade, and whatever military and naval pressure
the League Council
may see fit to employ."
The
Assembly also received the more or less disturbing
announcement
that
from
the
Spanish
Premier,
Dato,
"the
Spanish Government had not, as stated
Friday, agreed to send two companies of Span¬
troops to assist in maintaining order during the
treaty which the neutrals cannot join in putting into
effect."
ment in
a
cablegram to his
between
Kemal
Armenia
Pasha
to the immediate
nians."
the
asked until
Polish-Lithuanian
disputes."
upon
The
spondent added that the League Council held
ing
on
Sunday "on the
new
to set¬
corre¬
a
meet¬
aspects of the problem,"
followers
ending of the
States
of
Mustapha
massacres
view
a
of Arme¬
to
act, other Powers would be
is found to undertake the task." This
one
said to have been the
proposal of M. Yiviani of
France, and the "Post" correspondent said that it
was
adopted by the Assembly last Monday.
The
dispatches made public here Tuesday morning put
the Armenian matter in
The New York "Times"
a
somewhat
some
to
Power
save
of
with
a
negotiate with him
"Herald"
view of
as a
representative, in his account,
Assembly adopted
a
resolution for
League to confer with the Powers
constituting
as
de facto Power.
policy of crushing it." The
a
force to put
hostilities in Armenia and to ask
diately to act
was
assign the duty to
He added that the French "were
Britain held firm for the
New York
light.
negotiating with Mustapha Kemal
Armenia."
anxious to
clearer
correspondent said "it
decided that the Council should
the Council of the
plebiscite, which has been decided
the
He added that "in the event of refusal of
United
was
and
that "the League
States to intervene
[Turkish Nationalists], with
ish
the
paper
of Nations will ask the United
stated that "the
Vilna
Armenia, but he feels that there
phases of reconstruction work called for in the
last
tle
even
Monday evening the New York "Evening Post"
other
up some
day of rest,
having
League, and has
suggestion that the League ought to under¬
take the mandate for
are
the
of
correspondent at Geneva made the positive state¬
over
declared, furthermore, that "the principal purpose
of the
League of Nations is to prevent war by set¬
at the
made the
members
na¬
advantage
posed of through mutual benefaction."
Last
nations
arrangement should be arrived at
rights, but these material advantages should be dis¬
ting
all
The "Tribune" correspondent also
some
an
end to
Power imme¬
intermediary between Mustapha
Kemal and the Armenians."
All of the
correspond-
Nov. 27
1920.]
ents indicated
THE
clearly that the oratory of Rene Vi-
viani, formerly Prime Minister of France,
that of Arthur H.
over
According to
Geneva
Balfour
Associated
an
3075
CHRONICLE
out
won
added that "a similar message was
was
Powers who
sent to the
League members."
are
of Great Britain.
Press
dispatch
The advices received in
from
Tuesday afternoon there appeared to be
last
week
Washington
at the close of
regarding the political situation in Ire¬
probability of "a clash between the Council and the
land told of continued violence at several
Assembly of the League of Nations
centres.
of
the question
on
carrying out the Assembly's resolutions for in¬
tervention in the Armenian situation."
man
of the
The Chair¬
Assembly announced the make-up of the
committee "to examine into the details of the
tual intervention.
of South Africa
mittee."
Lord Robert
even¬
Cecil, of the Union
delegation, is Chairman of the Com¬
He is said to be "a
strong proponent of
tle
A statement
week ago
a
last night, containing a survey of
said that "the
the
death
have
of
the Lord
spent its
cablegrams from Geneva to the New York
morning
Wednesday
newspapers
fact that the
emphasized
will wait for America's action with
respect to that
of
correspondent
task of
the New
"Times"
stated
League of Nations will not undertake the
making changes in the Covenant until it
hears proposals from
in effect
the next United States Gov¬
He added that "as the Covenant has been
ernment."
are
York
The
only
a
short time, proposed amendments
to be set aside and
a
standing committee is to be
Mayor of Cork appears to
and the past week's return of
course,
outrages shows that the country has been much less
disturbed than
during the previous fortnight."
show, this statement
The
was
nearly
developments of the next few
situation at the time that it
was
made
public.
By far the most serious outbreak in Ireland since
the
present movement began occurred in Dublin on
The New York "Times" correspondent at
Sunday.
London
began his cablegram regarding the matter
by saying that "an
lin
in the forenoon
connected
orgy
of outrages occurred in Dub¬
Gangs of desperadoes, at nine o'clock
to-day."
sought out "officers and civilians
with
court-martial
the
proceedings
against Sinn Feiners in the Gresham Hotel, and
then in
private residences, and shot them down in
appointed to consider these and all other proposals
their
for amendments made between
The earliest advices stated that fourteen
now
and the second
As
week
a
days clearly demonstrated that it did not reflect the
Assembly of the League of Nations
organization before attempting to amend it.
that "the
the
It
of violent crime which followed
wave
old when issued.
The
important
issued from Dublin Cas¬
Irish affairs for the week ended November 15.
the dates
help for Armenia."
was
bedrooms,
in the
one
presence
of his wife."
were
killed
According to the "Times"
corre¬
meeting of the Assembly, which probably will be
and five wounded.
held next
spondent, "the idea of the raiders, it is believed,
that "the
May
or
proposal to abandon the task of changing
the Covenant
was
Great Britain."
believed
next
The dispatches showed
June."
made
by Arthur J. Balfour of
One correspondent said
Assembly meeting Mr. Harding will have de¬
clared his ideas
on an
international association, and
it will be the task of the
standing committee of the
Council to examine the American
how far the Covenant
can
them, thus preparing the
ica's entry
proposals and
see
be altered in accord with
it is hoped, for Amer¬
way,
Wednesday's dispatches
from
was
in the efforts of the Council
at
one
to
being experienced
and the
Assembly of
The
correspondent of the
stroke, to kill the principal prosecutors
capture and destroy the evidence collected
against the Sinn Feiners.
mitted
by
gangs
The murders were com¬
of from twelve to twenty men. They
in two and threes, through the streets like
came,
and met outside the
peaceful citizens,
ordinary,
Then they forced their way in
places to be raidedU
and killed their victims with
practically
Later advices stated that
ance."
military, not
a
no
resist¬
"by order of the
train left Dublin after 1 o'clock this
afternoon."
The Dublin
Geneva indicated
League of Nations in their effort to deal with
the Armenian situation.
and
[Sunday]
into the League."
also that considerable trouble
the
that "it is
by the Assembly leaders that before the
was,
correspondent of the New York "Her¬
ald," in his account of the affair, said that "Dublin
stands
fied
to-night [Sunday] in a state of siege—terri¬
The tragedy of this Sunday in Dublin
siege.
had two
The first,
phases.
a
carefully planned 'at¬
New York "Herald" called attention to the fact that
tack
the former
ernment, by which fourteen officers were assassi¬
been
body did not meet on Tuesday, as had
scheduled, and he added that "meanwhile re¬
on
military and civil officers of the Irish Gov¬
nated in their homes and two Black and
ports persisted that the British Foreign Office had
attempted to interfere, were shot dead.
raised serious objections
phase
He also said that "apparently the
pha Kemal."
Council
to recognition of Musta-
not desire
does
straightened out."
to meet until
the
row
is
He reported, however, that "the
the purpose
ons."
sidered
at
nation
was
Armenia."
Norway
expressed hope that the United
reply favorably, if an agreement could
on
the circular, but it was apparent that
Geneva
cablegrams
yesterday
that the Council of the League
had sent
a
for
At that time the total of the killed
26, of whom 17
been 70
officers.
were
wounded.
There
was
was
An Associated
placed
said to
Press dis¬
have
long delay must ensue before the Armenians are
stated
game was on,
concerned in the morn¬
patch from Dublin, received here Monday morning,
Friedjof of
succored, if at all."
All the
men
ready with men and money to rescue
States would
a
of arresting
force of Black and Tans
football
Lord Robert Cecil and Dr.
"both
be reached
a
a
ing assassinations and to search for concealed weap¬
Assembly's special committee of six met and con¬
circularizing the nations to find out if any
the descent of
was
Croke Park, where
upon
Tans, who
The second
morning
of Nations
cablegram to President Wilson asking
him if "America would act as
the Armenians and the
a
mediator between
Turkish Nationalists."
It
stated that
before
"shooting began again in the streets just
midnight, and
ported killed."
It
a
was
number of people are re¬
added that "there is much
jnilitary activity." In a cablegram from London it
was
stated that word had been received there that
fire
had
broken
out
in
various places
in Dublin
during the evening.
The Associated Press
made
cablegrams from
Dublin,
public here during the afternoon and early
evening Monday, placed the number of killed at
26
2076
THE
and the wounded at 70.
It
was
prosecutors of the Sinn Fein
The further information
Dublin
"no trains
still
in
wanted
men
number of
motoring
no
said
that conditions in that Irish
were
statement
much quieter
issued
was
in
on
Monday.
which
reprisal,
was a
being claimed that "it
was an
morning murderers."
the
Debate
of Lords
city and
stated
An official
of
correctness
together
the War
attempt to round
Office
that
"the
sending
of
in
fist
a
on
Tuesday.
"a
was
London dispatches
notable
contrast
and
at
Sir Edward
head's
was
crowded."
was
Many
The London
correspondent of the
House of Lords takes the Home Rule Bill
London advices
The Associated Press
time.
a
stated that it became necessary
was
The trouble
was
reported
have
to
been
started
by Joseph Devlin, Irish Nationalist leader,
took exception to the account of the
outrages
who
in
Ireland
tary for
by Sir Hamar Greenwood, Chief Secre¬
Ireland.
The
affair
represented
was
as
having been "a rough-and-tumble scramble, which
was
brought to a close only by the speaker declar¬
ing the sitting suspended." The rumpus lasted only
about fifteen minutes.
it
ness
and also that "the
serious note of the
According to
Belfast
an
resumption of busi¬
"apologies
Speaker
was
at pains not to take
the
on
Agricultural Bill."
Tuesday evening the death roll in Dublin
day before
conditions
totaled
were
better
five
services
in
and
out
Apparently
persons.
there, inasmuch
blegram from that city it
of
was
in
as
a
ca¬
stated that "all train
Dublin
resumed
were
spondent added that "the Curfew Law
In
a
was
strictly
special cablegram to the New York
"Times," made public here Wednesday morning, it
reported that "an amazing fight in a guard¬
was
at Dublin Castle between three Sinn
Fein
room
oners
and
morning."
story it
their
It
custodians
was
dead
by
as
a
were
cover, and
were
Dublin alone and
scores
out
all
Ireland.
ceeding with
locality.
a
and
police and military
fine-tooth combing of this
The prisons
are
all
overflowing.
were
shot
heard,
were
ar¬
and the next few
cess
or
days
failure of its
Press
may
In
an
to find her
acceptable
In
measure.
speech dis¬
a
resentment and taking full account of the
extreme
difficulties
own
in
Ireland
was
he
able to
se¬
salvation."
In the House of Commons
Lloyd George
attitude
on
was
quoted
on
Thursday, Premier
having expressed his
as
the Irish situation
follows:
as
"I have
policy of concilia¬
possible in Ireland until the reign of terror
been broken, for the
very obvious reason that
no
tion is
has
in Ireland who would be
men
prepared to enter into
negotiations at the present time are in terror of
their lives and cannot do
so
freely."
The concession of
some 400,000
square miles of
Russia, which Washington D. Vanderlip,
representing a California syndicate, claims to have
Land
in
obtained from the Russian Soviet
occupied much
city and
Indeed,
Feins,
suc¬
Associated
space
York newspapers.
Government, has
in the London, Paris and New
A dispatch from the French capi¬
tal to the New York "Herald"
dicated that there
was
much
ing the whole transaction.
London from
a
week ago
a
Mr.
Vanderlip arrived
Saturday, and it
cablegram from the former
that he would
cen¬
leave
week for New York to amend the deals he has
put through in Russia."
He
was
reported to be
"very enthusiastic about his 400,000
concession in
oil
to-day in¬
curiosity there regard¬
tre to the New York "Times"
"in
a
Stockholm last
stated then in
square
miles
Siberia, and declares the secret of its
deposits, which he offered John D. Archbold
years
now
Mr.
was
too much oil in the world
about to be utilized to the best
.Vanderlip
that "immense
was
already,
advantage."
reported to have claimed also
deposits of soft coal, and fisheries of
great value, are to be found in the district."
ply to
suggestion that Japan
a
American
astic
can
In
re¬
might object "to
enterprise in Eastern Asia," the enthusi¬
Californian
Japan
prise?"
22
only to be turned down on'the ground
ago,
that there
pro¬
dispatch from Dublin last evening it was" re¬
ported that "Arthur Griffith, founder of the Sinn
eleventh
to withdraw all the armed forces and
leave Ireland
is
Sinn
an
effective control in Ireland it would be better
cure
are
tell the story of the
campaign."
no
through¬
the Government is reaching the climax of its
efforts
to root out the militant element of
the
an
urged that unless the Government
was
throughout
The
into
Government's
escape.
the country.
The Dublin correspondent of the New
York "Herald" said that "a sinister
battle line is be¬
ing drawn tighter and tighter in Dublin
the Home Rule bill for
on
attempt by generosity to Ireland to fashion the
playing
in
men were
more
bill
official
The correspondent
than 100 persons
pris¬
Monday
the
trying to
in the end three
more
on
"from
used, tables and beds
guard official."
furthermore, that
rested in
occurred
that
the prisoners
appears
Bombs and rifles
utilized
added
House of Lords
hour
this
[Tuesday] morning, after the city had passed a
night of quietude, following Sunday's bloodshed and
the raiding activities of
yesterday." The corre¬
obeyed."
count
always been convinced that
Associated Press dispatch ftom
seriously."
representative said that "Vis¬
Grey, former Secretary for Foreign Affairs,
appealed to the Government in the debate in the
exchanged,"
were
incident, and steered the House
into smoother waters
the
On the
stated that
was
peeresses
Thursday morning that "the
several of the hot-headed
In fact, it
corre¬
crowd¬
galleries and the strangers' gallery
New York "Times" said
between
suspend the afternoon session of the House for
the
Carson, listened to Lord Birken¬
speech introducing the bill.
in the side
were
members, according to the
Monday evening and Tuesday morn¬
to
measure was under con¬
of the members of the Commons, in¬
cluding Premier Lloyd George, Andrew Bonar Law
additional
fight
begun
there
ed and many
up
House of Commons the discussion of the
the
that
sideration in the House of Commons." I One
A London cablegram late
Dublin murders resulted
to
a
son,
the Irish Home Rule Bill in the House
on
was
spondent added that "the Upper House
troops to Ireland is being seriously considered."
ing.
with
to-day by the auxiliary police."
apathy displayed when the
controverted, it
was
Monday afternoon said that it had been admitted
In
Londonderry city and the
others, including Prof. MacNeill's
arrested
were
were
prevailing impression the night before that the
park shooting
the
organization; Prof. John MacNeill, Sinn Fein
Nationa} University of Ireland,
city and that their capture might be
by an exhaustive search."
On the whole,
vicinity
the
mur¬
the
effected
was
Fein
[Vol. 111.
member of Parliament for
given that in
running and
were
the
among
was
allowed, in the belief that the
was
it
said that fourteen
were
dered.
CHRONICLE
is
reported
to have said:
"How
interfere with Russia's private enter¬
Mr. Vanderlip made the claim while in
Nov. 27 1920.]
London that his
syndicate "is also to act
2077
CHRONICLE
THE
fiscal
as
I tions with
Russia, but they have nothing to do
agents for the Russian Government in the purchase
the
of
Government."
an
quantity of American goods, 5,000
enormous
locomotives, 50,000 box-cars,
footwear, and
said
were
The
many
other things."
to involve
London
25,000,000
an
Altogether they
outlay of $3,000,000,000.
cablegram quoted Mr. Yanderlip as
having denied
a
published statement that he had told
Lenine that "Senator Harding was
that "he knew
in favor of
nothing about the Senator's letter
Senator Washburn."
According to
interview^ in London, "Mr.
one
falling."
Soviets
of his
Yanderlip is quite
con¬
4,000,000 men under arms," and to
"they are not conscripts, either."
clared that "there
millions of bushels of wheat
are
Russia, awaiting export, and oil wells have
running unchecked
Ludwig O. A. K. Mar¬
that the contracts have
by cablegram
ago
signed."
been
Mr. Yanderlip was reported to have added
that "the
ernment
question of recognition of the Soviet Gov¬
by the United States
was never
mentioned."
Discussing further the question of the contracts, he
quoted
was
saying "my contracts
as
were
duly
so
long that they have had
til trade relations
are
restored between Russia and
If this American
the United States.
crastinates, England will gain
I
as
a
Congress
pro¬
distinct advantage,
fully expect she will sign the trade relations
agreement
pending."
now
clared that in
|
The correspondent de¬
commenting upon the fear at Wash¬
even
ington of dealing with Bolshevik Russia, Mr. Yan¬
derlip asserted that "there is more actual Bolshe¬
made available
would fall
and form lakes of oil."
dispatch from Washington to the
a
Tuesday morning, "some doubt
expressed here
as
to whether Washington
Yanderlip of California is returning from Russia
with
actually signed contracts
Government."
It
added
was
vism and Communism in the White House than there
is in Russia
50% right off."
According to
has been
He
immediately, the price of oil here
New York "Times"
with
advised
tens, Soviet representative at New York, three weeks
reported to have asserted that "if that could be
to bank them up
D.
correspondent quoted Mr. Yanderlip as having
sia, but naturally they cannot become operative un¬
no
Regarding conditions in Russia, Mr. Yanderlip de¬
was
the
said that "Moscow
danger
have added that
been
respect to reports that he had
actually obtained signatures to his contracts,
He is reported to have said that "the
have
in South
With
not
signed and sealed by the Soviet Government in Rus¬
vinced that the Soviet Government is in
of
recog¬
In fact, he declared
nizing the Soviet Government."
to
of
pairs
with
recognition by the United States of the Soviet
the
Moscow
"this
that
doubt is
strengthened by advices received at the State De¬
partment that the Bolshevist organ 'Krasnaya Ga-
it
British
headed
acquisition
Trade,
in the
by
an
information
the
on
American syndicate,
by Washington D. Yanderlip, of territory in
Siberia."
The
to obtain
Government
reported
of
In later advices from London
to-day."
reported that "steps are being taken by the
was
Sir Robert
was
Home, President of the Board
said to have made this announcement
House of Commons in
reply to
question.
a
day the French Foreign Office was re¬
same
zeta,' declared as late as ten days ago, Nov. 12, that
ported to have made it known that "the French
the
negotiations between the Soviet Government and
Government is not interested in the concessions re¬
Mr.
Yanderlip for granting important economic con¬
cessions in East Siberia to American
not been
The correspondent also said
completed."
that "it is believed
promoters had
probable in some well-informed
quarters that there is a string attached to any un¬
derstanding Mr. Yanderlip
the Soviet Government,
may
have reached with
in the form of
a
demand for
recognition by the United States Government of the
Soviet
regime, before ratification of any promised
contract granting valuable
ican interests
concessions to the Amer¬
represented." The London correspond¬
ent of the New York "Herald" cabled that Mr. Yan-
derlip's alleged coup in Russia had stirred Britons
There
greatly.
was
instance, the "Daily Telegraph" said that "it
is seldom that
colossal scale
a
as
ing the bluffing.
Soviets
bluff has been practiced on such a
in the
case
of the
Yanderlip
con¬
It is still difficult to discover who is do¬
cession.
or
Has Mr. Yanderlip tricked the
has he been hoodwinked
by them ?
Or
are
they together trying to deceive the whole world by
the boldest
piece of bluff
ever
imagined?"
Mr. Yan¬
derlip himself was reported as not worrying over
what
London
and to have declared that
thought,
"the confusion here has been caused
to understand that his
a
fiscal
the
agent."
amusing."
by the failure
syndicate is merely acting
When his attention
"Daily Telegraph"
have smiled and
was
as
called to
comment, he was said to
simply observed that it
was
"very
The London correspondent of the New
York "Herald" claims to have obtained the
fied statement from Mr.
that "the
having taken the ground that "it is strictly a matter
between Mr.
iet
Yanderlip and Nikolai Lenine, the Sov¬
Premier."
The
American-Russian Chamber of
Commerce in this
city has sent
from the Russian
Financial, Commercial and Indus¬
trial
one
a
reply to
an
inquiry
Association in Paris, in which it says that "no
regards seriously the alleged contract to pur¬
chase
enormous
amounts of
goods in America, know¬
ing that the Soviet Government cannot possibly pay
for them."
,
unquali¬
Peace
negotiations between the Russians
Poles at
were
and
broken off temporarily last Sat¬
In advices from that centre it was reported
urday.
that
Riga
"Adolph Joffe, head of the Bolshevist delega¬
tion, told M. Dombski, chief of the Polish represen¬
tatives, that the work of arranging for
a
permanent
could not proceed until Poland loyally ful¬
peace
filled her
ders."
Word
promise to withdraw troops to her bor¬
The
came
negotiations
from
Dombski that "a
Moscow
were
resumed
on
Monday.
Riga that M. Joffe notified M.
telegram had been received from
confirming the withdrawal of the Polish
troops to the Polish State frontier."
According to
a
delayed cablegram from Kovno.
Lithuania, made public here
"the Soviet
Thursday
morning,
representative in Alexandrovsk has in¬
formed the Lithuanian Government that the Bolshe¬
vik forces will be
obliged again to
occupy
Yilna."
Yanderlip Tuesday evening
great contracts which he has obtained de¬
pend entirely upon
Washington D. Yan¬
Foreign Office officials were quoted as
derlip."
apparently considerable skep¬
ticism also about the correctness of all his claims.
For
cently reported to have been granted by the Rus¬
sian Government at Moscow to
America opening trade rela-
In
a
cablegram made available in New York a
week ago
this morning the Paris correspondent of
CHRONICLE
THE
2078
the New York "Tribune"
reported that the day be¬
the decrease amounted to
fore, at a meeting of the Cabinet, Laurent Eynac,
fell
of the
385,000.
commissary of oils and petrol, had proposed
that "a
monopoly of petrol and oil be established in
France for the benefit of the State."
the Paris representative of the
The next day
Hew York "Herald"
[Vol. 111.
£10,964,000,
The
£11,-
curtailed
were
goldv stocks
Bank's
aggregate
compares
with £87,901,616 last
and £75,845,656 in 1918.
Reserves total £14,-
£124,112,851, which
year
securities),
(other
Loans
£1,061,000.
£1,519,000; other deposits
and Government securities
sent word that "the French Government has no in¬
597,000, against £19,657,651 in 1919 and £28,305,206
tention thus far to institute
a
similar to the present
bacco and
petroleum monopoly
a
control it exercises
to¬
over
matches, despite recently expressed fears
that the proposed revision of the oil laws
tends to¬
ward the extreme."
Committee of
Chamber of
Foreign
Relations
differed to such
The
extent
an
yesterday morning
to make it
as
just what the Premier did
safe to assume,
Great Britain
however,
that
likely to
are
both
resume
impossible
discount
trade with Rus¬
until
very
The French Prime Minister is in London
three days' conference with Lloyd George, pri¬
recently.
for
a
marily
that the
is
the Grecian situation, but it is believed
on
renewing of trade relations with Russia
likely to receive considerable consideration also.
British
Treasury
Nov. 20 indicated
of
£1,069,000.
for
returns
the
ended
week
increase in Exchequer
an
This is the first time in
a
balances
number of
weeks that ingoes have been in excess of outgoes
with
compares
balance
Exchequer
against £2,727,000
£14,835,000,
were
and
loss last week of £317,000.
a
a
week
as
£3,796,000,
aggregates
now
The week's
ago.
The
expenses
against £11,782,000 last week,
at
7%,
unchanged.
Last week they totaled £683,-
£675,708,000.
were
045,000 and £683,880,000 in the corresponding week
of 19197
We
append
tabular statement of compari¬
England
a
of the different items of the Bank of
sons
return:
BANK
1920.
1919.
1918.
1917.
1916.
Nov. 24.
Nov. 26.
Nov. 27.
Nov. 28.
Nov. 29.
86,693,965
127.903,000
.
Public
deposits.'
Other
deposits
19,307,967
17,990,000
6,628,000 100,989,141
£
£
£
£
Circulation
STATEMENT.
COMPARATIVE
OF ENGLAND'S
and
France
remains
rate
one
The Bank's min¬
respectively.
Clearings through the London banks for the week
It seems
say.
than has been predicted, even
sooner
French
the
by France with Soviet Russia.
Paris and London cable advices
sia
of
Deputies, with respect to the resump¬
tion of trade
to decide
statement to the
a
A
while loaps stand at £74,107,000, in
£65,990,450,
and two years ago,
Leygues has made
£127,963,000.
£86,693,965 and in 1918
was
comparison with £80,080,300 and £100,992,330
imum
Premier
the total
ago
is
Circulation
earlier.
year
year
65,990,450
43,077,010
30,427,890
41,526,139
37,656,285
56,236,730
143,749,163 122,742,622 109,268,585
52,629,716
58,814,870
42,188,117
52,401,000
38.334,530
securities--..
74,107,000
80,080,300 100,992,330
Reserve notes & coin
14,597,000
19,657,651
28,305,206
31,879,592
36,836,757
Coin and bullion.-.124,112,851
87,901,616
75,845,656
56,506,642
56,043,042
11.83%
10%%
16.20%
19.40%
22.25%
7%
6%
5%
5%
6%
Govt, securities
Other
Proportion of reserve
1
to liabilities
Bank
rate
91,342,329 104,270,976
—.
The Bank of France in its
weekly statement
re¬
ports a further gain of 1,820,000 francs in its gold
item this week.
The Bank's gold holdings now ag¬
gregate 5,491 ,696,825 francs, comparing with 5,576,-
962,251 francs last
the year
year
and with 5,462,094,891 francs
before; the foregoing amounts include 1,948,-
367,056 francs held abroad in 1920,
in
francs
and
1919
1,978,278,416
2,037,108,484 francs in
19l'8.
including repayments of
During the week bills discounted increased 52,604,000
Treasury bills, advances and other items, £109,510,-
francs, while Treasury deposits were augmented to
000
the extent of 249,984,000
with
the
total
(against
November
sources
for
total
The
of
week
the
receipts
ending
all
from
diminished by 164,257,000 francs.
brought in £22,167,000, against £16,434,000
contraction, of 449,524,000 francs,
previous
Of
week.
savings certificates £750,000, against £700,000.
£6,250,000, against
£12,750,000.
of £2,889,000
sum
against nothing for this account
Treasury bills
a
was
ceding week.
received,
sold to the amount of £77,665,000,
were
were
and
From
week earlier.
comparison with £79,577,000 last week.
bond sales
Treasury
£601,000, against £550,000 the
pre¬
Treasury bills outstanding continue
expand, and the total is
now
£1,090,379,000,
as
A substantial
re¬
contrasted
with
duction
reported in temporary advances, which
have
is
been
£1,089,054,000.
brought down to £236,364,000, against
£242,714,000
the
week
previous,
and
floating debt stands at,£1,326,743,000,
£1,331,768,000
week
a
ago.
In
the
as
total
compared
the
corres¬
past three weeks being in
The total
which contrasts with
and with
amount
37,423,807,705 francs in 1919
29,072,411,935 francs the
year
before.
On
was
only 6,683,184,785 francs.
Compari¬
figures of last week and corresponding dates in
the
1919 and 1918
are
follows:
as
FRANCE'S COMPARATIVE STATEMENT.
BANK OF
Changes
Gold Holdings—
Abroad
Total
Inc.
Dec.
—
Francs.
.Dec.
Nov. 27 1919.
Francs.
Nov. 28 1918
;'
Francs.
1,820,000
3,543,329,769
3,598,683,835
3,424,986,406
No change
1,948,367,056
1,978,278,416
2,037,108,484
1,820,000
5,491,696,825
5,576,962,251
5,462,094.891
319,262,601
4,059,000
248,241,495
283,648,580
52,604,000
3,279,519,298
1,153,456,124
816,112,297
36,252,000
2,067,027,000
1,328,918,317
1,093,163,810
circulation..Dec. 449,524,000
General
Nov. 25 1920.
Francs.
.—Inc.
.Silver
——Status as ok-
%
SOT Week.
Advances
was
of 800,000,000 francs.
38,806,732,370 francs,
now
of the various items in this week's return with
sons
Treasury
£393,527 in gold holdings
registered in
July 30 1914, just prior to the outbreak of war, the
Note
A further increase of
excess
outstanding is
Bills discounted._ .Inc.
ponding week of 1919 it stood at £1,294,142,000.
A further large
was
circulation, the reduction in this item in the
note
In France
with
and general deposits were
francs
sum
the
foreign credits the
to
duced 36,252,000
advances were re¬
this
advances
in
On the other hand,
francs.
off 4,059,000 francs,
with
which
Sundries!yielded{ £257,000, against £105,000,
as
silver fell
compares
£110,579,000,
£110,116,000
and
£110,433,000
13).
was
revenues
outflow,
38,806,732,370 37,423,807,705 29,072,411,935
deposits.Inc. 249,984,000
287,335,000
deposits._Dec. 164,257,000
3,461,393,894
52,160,777
3,089,275,468
331,282,153
2,816,042,616
shown by the Bank of England statement, although
the
total
£2,000,
of
reserve
result of
as a
£395,000.
the
sustained
small
11.83%, which
No
reduction, viz.,
expansion in note circulation
The deposit items
were
all cut;
hence
at
change has been noted in official discount rates
leading European centres
enna
and
Switzerland;
irom 5% in Berlin, Vi¬
5%% in Belgium; 6% in
reserves
to liabilities advanced to
Paris, Rome and Madrid; 7% in London, Sweden
compares
with 10.75% last week.
and Norway,
proportion of
A year ago
an
a
it stood at 16%%.
In public deposits
and 4%% in Holland.
In London the
private bank rate is a trifle firmer and sixty and
Nov. 27 1920.]
ninety-day bills
THE
CHRONICLE
quoted at 6 11-16@6%%,
against 6%@6 11-16% last week.
Call money in
are
now
London, however, is quoted at 5J4%.
No reports
have been received
by cable of open market dis¬
counts
at other
centres,
far
so
as
be learned.
can
2079
reported that
loans, with Liberty bonds
some
collateral, had been
more
important,
made
as
The
he much freer
Imperial Bank of Germany in its statement,
of Nov. 15, shows an increase in total
coin
as
and bullion
in
gold
(134,000 marks), but
(5,000
marks).
a
small reduction
Treasury
notes
gained
652,549,000 and notes of other banks 547,000 marks.
In bills discounted there
871,000 marks, while
was
deposits registered the huge
gain of 3,405,475,000 marks.
cut
495,175,000 marks,
Note circulation
but
171,772,000
augmented
expansion of 2,779,-
an
other
marks.
liabilities
An
was
were
increase
in
investments is shown of 2,299,000 marks.
During
the week advances expanded
4,556,000 marks. Other
securities, however,
were
The
gold
Bank's
total
reduced 357,884,000 marks.
holdings
reported
are
as
1,091,572,000 marks.
week's
House banks and trust
day, reflected to
securities
off
York
Clearing
companies, issued
extent the
some
of
$15,242,000.
$32,244,000,
exclusive
have
New
of
to
liquidation in the
been
Net
further
a
demand
$4,009,864,000.
Government
Satur¬
on
markets, in that loans sustained
contraction
fell
of
offerings of both call
tions
expanded
Other
changes comprised
$586,000 in cash in
Federal Reserve
reserve),
Bank, to $96,418,000 (not counted
expansion of $187,000 in
an
State banks and trust
$9,341,000,
increase of
an
vaults of members of the
own
and
companies in
gain in
a
depositories by State banks and
$238,000, to $9,651,000.
reserves
own
of
vaults, to
kept in other
reserves
trust
Aggregate
companies of
reserves
were
brought down $23,965,000, to $544,325,000, while
surplus lost $19,735,800, thus reducing the total of
excess
with
here
reserves
held
to
$12,470,380,
as
$32,206,180 the week previous.
given for surplus
are
based
on
comparec
The
figures
above
reserves
legal requirements of 13%, but not including cash in
vault
of
amount
Saturday of
on
Reserve
from
the
to
banks
the
statement
38.3
to
a
40%,
several
weeks.
reduced
$27,521,000,
ago.
ratio
of
the
or
The
$96,418,000 held by these
week
augmented
while
750,000,
$13,457,115.
tomary borrowers of time money
take
the
were
net
deposits
Federal
The
rose
Gold
were
Reserve
note
reserves were
Bank's
rediscounts
at
wholly
able difference of opinion
the business
how
long
and
probable results
looks for
a
take
with the central institu¬
$1,043,439,000 to $991,251,market,
whole, that had been
in evidence
It may be said that
6% has been the quotation at which
most
of the
call has been loaned during this week,
broken by the holiday on
Thursday. Yesterday
time money was quoted at
7@7J4%> while it was
on
statistical
a more
Other
con¬
basis,
says
of
the
that he '
a
corre¬
freight traffic,
Such
equally good authorities
hopeful view of the situation, and believe
begin to get better by next March,
Referring to
week covered
range was
money rates in
a
detail, call loans this
of 5@7%.
A week ago the
The figures relate to both mixed
range
6@9%.
collateral and all-industrials loans
without differen¬
tiation.
Monday and
Tuesday the maximum figure
7%, the low 5%, with renewals negotiated at
7%
on both
days.
Wednesday there was no range, a
single rate of 6% being quoted, which was the
high,
low and ruling figure for the
day. Thursday was a
holiday (Thanksgiving Day).
On Friday the renewal
bais was again 6%, which was also the
maximum and
was
minimum figure.
Call funds
were
with the demand rather
quiet.
week has of course been the
in good
supply,
The feature of the
drop to 5%, which is the
lowest rate established since Oct. 24
1919, and was
possible by the action of several
large concerns
in putting out
approximately $1,000,000 on call early
made
in
the
been
week.
For
fixed
maturities there
has
also
further material decline and
a
sixty and ninety
day funds may now be had at 7@734
%> against
7 M@8%
last week, while four, five and six
months' funds have
dropped to 6%, against 7%%
at the close Friday of last week.
This also is the
lowest
figure recorded in
demand
situation
money.
light.
many months and contrasts
only recently when
tion
as
Brokers
attribute
the
the
easing
enormous
in
liquida¬
the
Stock Exchange, also to the fact
that
is returning to the financial centres now that
on
money
borrowers
high as 834@8}4% for
Offerings were liberal and the
pay
monetary conditions partly to the
The easier conditions in the local
money
were even more
prominent
study of
that business will
date
time
A
careful
money
market still further.
fixed
some
a
a
further depression in trade and
compelled to
this week than they were last.
how far the slowing
country is going, and
practice of working out
a
on
were
and in that of the country as a
predicted for
makes'
on
obtainable
There is consider¬
as to
of the
railroad President who makes
ditions
been
period it will reach.
a
made
were
money market became
nominal affair.
a
decrease for the week of $23,250,000.
284.
money
time since the time
any
almost
the
cut down from
ex¬
keen to
were not
although they
materially better terms than had
with
was
Member bank rediscounts
tion
offerings,
further reduced to $14,-
reserve
or a
banks
reserve
highest percentage in
Bank's
circulation declined $2,987,900.
with other
In the Federa'
cash
this fact and the
during the greater part, if not all, of next year.
a
development naturally would tend to ease the
is
$24,390,000, to $525,333,000, which had the effect of sharply reducing excess
reserves.
offering of time money
they had been in more than a
pectation that business conditions would release still
more funds, Stock
Exchange houses and other cus¬
cut in the reserves of member banks with the
a
active in the
Naturally, because of
year.
Federal Reserve Bank of
as
were more
for their clients than
This
$59,457,000, to $68,056,000,
deposits declined from $270,307,000,
$269,196,000.
Probably the outstanding feature
was
and time money.
sponding decrease in the volume
deposits which this week
the
was
deposits
while net time
to
index of the trend of
an
as
Even
representing the banks and other financial institu¬
down in
statement
6j^%.
reported that the supply
of the former in the loan
department of the Stock
Exchange was well in excess of the demand. Brokers
over
Last
as
market, than the lower quotations have been
money
Every day this week it
issued
low
as
crop
moving
season
is
practically
over.
All-
industrial money is traded in at about
34 of 1% above
regular mixed collateral.
Commercial paper rates continue to be
quoted at
7%@8% for sixty and ninety days' ^endorsed bills
receivable
and six months'
names
of
choice^character
with
the
at
not
names
demand is
A moderate
well known at 8%.
so
reported with most of the business passing
lower
Offerings
figure.
limited.
are
The
expectation is for lower levels in the mercantile paper
market
bankers'
and
demand and
acceptances
reported in the market
were
than for
quite
relaxation
of the
buyers, with the
as
This is undoubtedly the
time.
some
The undertone
and
was
institu¬
larger in the aggregate
were
in
call funds
predicting lower quotations in the
are
easier with
Demand loans
Deliver],
Ninety
Sixty
Thirty
Dayt.
Days.
Days.
63* @6
6X&6X
63*@ 63*
8
8.
bill*
There have been
no
@7
63* @6
63* bid
634 @6
65* bid
8
@7
@7
bid
8
changes this week in Federal
in effect for the various classes of paper
banks:
at the different Reserve
FEDERAL RESERVE BANKS
DISCOUNT RATES OF THE
IN EFFECT NOVEMBER 26
bills
Discounted
90
within
lateral
1
by—
We&eral Restree
Liberty
Treasury
Bank cf—
certifi¬
of
cates
Trade
tural and
tances
teeep-
live -sleek
disc ted
tai ces
for
secured
member
within
banks
90 dyas
and
notes
unsecured
paper
maturing
maturing
wise
and
Victory
91
7
7
to
7
6
BX
6
7
6
7
7
BX
6
5X
6
6-
6H
6
6X
BX
6
6
6
Richmond
t6
6
6
6
Atlanta..
t6
BX
7
6
7
7
Chicago
T6
6
7
6
7
7
BX
6
BX
6
6
6
7
6
BX
7
6
*BX
Louis
6X
■
Dallas
t6
t6
Ban
to
Kansas City
Francisco
>
180
days
fiX
t6
t6
Cleveland
accep¬
bonds
edness
York
Philadelphia
Other¬
indebt¬
Boston
Agricul¬
15-day
secured
notes)
1920.
maturing
[including
col- Bankers'
days
banks'
member
on paper
6
6
BX
6
6X
6
BX
6
6
6
6
6
6
6
@3
were
also
and 6% on paper secured by 4% %
.
borne by certificates pledged as
of Philadelphia, Atlanta, Kansas City
of Cleveland, Richmond, Chicago and San Fran-
t Discount rate corresponds with Interest rate
collateral, with minimum of 6% in the case
6>*% In the case
dsoo.
Note.—Rates shown for
St. Louis, Kansas City
3 48%@3 50%
to
Rates again
factor in the improvement.
a
in the early dealings on Tuesday, but before
moved up
from London
and
a
brought about
lowering in quotations
reaction, and demand
a
cable transfers at
at 3 44 @ 3 47.
Wednesday's market was easier and profit taking
sales were responsible for a further lowering to 3 48@
3 49% for demand, 3 48%@3 50 for cable transfers
and 3 42%@3 43% for sixty days.
Thursday was a
holiday (Thanksgiving Day.)
On Friday the market
was quiet but steady and demand bills were quoted
at 3 47%@3 49%, cable transfers at 3 48%@3 50
and sixty days at 3 42@3 43%.
Closing quotations
were 3 43% for sixty days, 3 48% for demand and
3 49% for cable transfers.
Commercial sight bills
finished at 3 47%, sixty days at 3 40%, ninety days at
3 39%, documents for payment (sixty days) 3 41%
and seven-day grain bills 3 46%.
Cotton and grain
for payment closed at 3 47%. The only gold reported
bills
3
ranged at 3 49%@3 52%,
50%@3 53%
this week
and
172 boxes
was
days
sixty
the Olympic consigned to
on
J. P.
Morgan & Co., though it is understood that the
S. S.
Lapland is
its
on
way
here with $3,700,000 of
precious metal for account of Kuhn, Loeb & Co.
That firm has also received advices that gold to the
the
$725,000 is being shipped to them on the
amount of
secured by 6X % certificates,
and 6% certificates.
and Dallas and
for
and 3 43%
44% for sixty days; easier local money conditions
advanced
prices
demand, 3 49%@3 51 for cable transfers
within
30 Days.
The following is the schedule
Reserve bank rates.
6%%
days 3 41%@3 42%;
On Monday increased
developed and under the stimulus of a brisk
quite active.
was
the close freer offerings
634 @63*
Minneapolis
trading
sixty
and
46%@3 48%
inquiry
on
on
Eligible bllli of number banks
now
3
firmness
quotations
Eligible bills ol non-member banks
*
steady, with the close 3 48%.
nearly 4 cents, to 3 46@3 47%, cable transfers to
up
future.
eligible
Spot Delivery
St.
was
day-to-day rates, sterling exchange on
As to the
brokers
in detail follow:
New
fair degree of activity was shown and
a
Saturday of last week was strong and demand moved
near
bankers' ac¬
ceptances continue to be quoted at 5%%.
Rites
of rates
With the resumption of business on
the undertone
and
ineligible bank bills, also non-member banks bills,
fractionally lower.
Ineligible
characterized
dulness
pre-holiday
and
48,
Friday only
in good
were
number of the large banking
a
result that transactions
result
3
to
transactions.
shortly.
Banks'
tions
[Vol. 111.
CHRONICLE
THE
2080
Celtic and $2,675,000 on
the Finland, from England.
district this
Private advices received in the financial
receiving sub¬
week indicate that Great Britain is
and Dallas are normal rates,
applying to discounts not in excess of basic lines fixed for
the Federal Reserve Bank.
Rates on discounts In excess of
each member bank by
the basic line are sub¬
of accommo¬
for each 26% by which the amount
dation extended exceeds the basic line.
ject to a X% progressive increase
stantial
these
It is said that
shipments of Soviet gold.
shipments
into large figures and are prob¬
run
ably the basis for the coming trade resumption
While trading
in the sterling exchange market has
a week ago, considerable quan¬
been less active than
tities of bills
not
changed hands and price levels were
only well maintained but at times distinctly
strong, with a further
3
advance early in the week to
52% for demand bills.
This
was
3% cents above
with
since that country is demanding gold
Great Britain,
negotiations with Russia can be definitely
before
According to
opened.
a
recent cablegram, Russian
gold amounting to approximately 45,000,000 kronen
arrived
has
it
which
Stockholm,
at
represents payments for exports from
previous high point on the present upward move¬
ment and 21% cents over the low level of 3 31%
is
believed
Sweden.
the
about
touched
last
a
fortnight
ago.
As
was
the
case
week, offerings in the initial dealings were rela¬
tively light,
good buying was recorded and cable
from London came higher, so that a
quotations
general feeling of optimism pervaded the market.
The continued easing in monetary conditions was also
an
important factor in strengthening the
However, late Tuesday afternoon there
situation.
a
sales
moderate reaction,
and
exchange
short
mainly the result of realizing
covering operations.
Liberal
sup¬
plies of commercial bills made their appearance on
At the same time London quotations
the market.
showed
a
falling off.
Bankers attributed the selling
indisposition to carry
movement to some extent to an
the holiday (Thanksgiving
On Wednesday the decline carried demand
large commitments over
Day).
of
the
25.42,
an
cases was
week.
or
displayed
exchange
though the
irregularity,
trend in
Lira
still upward.
quotations
were
advanced to
45 points above the high level of the pre-,
ceding week, while Belgian francs moved up to
65
points
situated,
up.
as
time
compares
any
with 1.57
a
Practically
all
of
trend
these
was
time get above 1.53,
week
persistent selling induced
reactionary
a
ago,
on
and for
currencies shared in
exhibited
in
a
decline to 1.39.
the;
and
on'
bringing
ex¬
sterling
Wednesday heavy losses took place,
change
15.10,j
less favorably
while the quotation was fairly well
Berlin exchange
maintained, it did not at
which
a
French francs
additional 25 points to 15.97 at the opening
majority of
gained
Continental
in
Movements
considerable
Paris down to 16.57, Antwerp francs to
15.62, lire to 27.79 and marks to 1.36, mainly as a
Nov. 27
result of
In the
1920.]
THE
CHRONICLE
profit-taking sales ahd covering of shorts.
case
of
lire, unsatisfactory reports of possible
Socialistic uprisings and a renewal of industrial unrest
in Italy had a
depressing effect and prices once more
broke
2081
Copenhagen checks finished
at 13.50 and cable trans¬
fers
and
13.60,
against
Sweden closed at
13.35
19.25
and
on
against 19.05 and 19.15, while checks
on
Norway fin¬
sensationally—237 points. Reports that ex¬
ports from Germany since April last have exceeded
ished at 13.50 and cable transfers
13.60, against 13.35
and 13.45 last week.
Spanish pesetas closed the
imports created
week at 13.08 for checks and 13.10 for cable transfers,
this
class
been the
of
good impression, and trading in
a
remittance
though the close
resumed
was
rally took place and
some
was
sight bills
the
on
Friday,
of the losses
were
partial
a
regained,
under the best.
against 57.90
as
French
In New York
closed
centre
same
at
16.47,
in the
as
tions
are
apparently
although steps
are
Chilian
14.02.
For
week
checks and
15.75 and
1.42% for checks and 1.44% for cable transfers.
Last
in
kronen
cable
close
finished
for
00.30
at
1.37%.
checks
Austrian
and
For lire the final quotation
bankers'
This
00.31
for
on
closed
with
Finland
27.30 for
at
on
a
week
ago.
weak practically throughout and
a new
and 8.83 for cable
Bucharest at
Poland at 23, against 25, and
on
was
week.
somewhat firmer
was
2.25, unchanged from
exchange
last
26.95
1.22%, against 1.16;
again established
8.35 and
and
26.97
Czecho-Slovakia
at
1.46, against 1.38;
Greek
was
sight bills and 27.28 for cable transfers.
compares
Exchange
on
1.35% and
with 8.90 and 9.00
compares
the week before.
In the neutral
Trading
report.
tions not
ies
exchanges there is nothing
was
new
to
light in volume and rate varia¬
particularly significant.
Moderate
recover¬
shown earlier in the week, but later on prices
were
sagged off and the close, though appreciably above
that
the
of
francs
and
preceding week,
pesetas
was
weak.
Guilders}
all hovered around the closing
in the
and
The
rates.
question of the depreciation"
value]of the peseta continues to disturb Spain
it
is
devoting
understood
much
exchange.
"confused
The
and
that
space
money
new tariff laws imposing
importations than those previously
on
force, have been announced,
4.84
there has been
Madrid
Eastern
Hong Kong
the close
rates
again
sustained
exchange receded
question
the
to
9134-
Yokohama, however, remains at 50%@50%
(unchanged);
Singapore,
Manila
declined to
against
41@4134;
transformation
situation is at present termed
in
the
value
of
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $3,983,000 net in cash as a result of the cur¬
rency movements for the week ending Nov. 26 Their
receipts from the interior have aggregated $9,596,000, while the shipments have reached $5,613,000.
Adding the Sub-Treasury and Federal Reserve op¬
erations and the gold imports, which together occa¬
sioned a loss of $63,236,000, the combined result of
the flow of money into and out of the New York
banks for the week appears to have been a loss of
$59,253,000, as follows:
Into
Week ending Nov. 26.
Banks' Interior movement-..
...
Sub-Treas. and Fed. Res. operations.
Total
Out
The convenient
cover
prevailing situation, to which must be coupled
the recent outbreak of excessive
speculation.
It is
expected that steps will be taken shortly to stop the
increase in note circulation, -curb speculation and
the repayment of
the debt owed Spain by
Banks.
$9,596,000
11,973.000
$5 613,000 Gain
Bankers'
$3,983,000
63,236,000
76,209,000 Loss
$80 822,000 Loss $59,253,000
following table indicates the amount of bullion
in the
Banks
principal European banks:
NOV. 27 1919.
of—
England
France
..
a..
Germany
Geld.
Silver.
Total.
Gold.
Silver.
£
£
£
£
£
124,112,851
141,733,192
.
54,578,600
Aus-IIun._
10,944,0)0
Spain
98,183.000
124,112,851
10,560*.000
87,901,616
152,293,192 143,947,353
344,300
54,922,900
2,369,000
13*313,000
23,007,000 121,190,000
54,538,150
10,832,000
96,782,000
if,320*,000
Total.
£
87,901,616
155,267,353
1,041.656 55,579,800
2,374,000 13,206,000
25,148,000 121,930,000
Italy
32,192,000
3,018,000
35,210,000
32.202,000
2,997,000
35,199,000
NetherlVls
53,012,000
1,635,000
446,000
10,660,000
1,108,000
64,647,000
11,768,000
52,680,COO
Nat. Bel—
10,653,000
1,085,000
Swltz'land
21,636,000
4,316,000
25,952,000
18,990,000
3,414,000
Sweden
15,695,000
16,637,000
"139",000
15,695,000
12,783,000
53,126,000
11,738,000
22,404,000
16,637,000
8,117,000
8,152,000
8,152,000
46,496,300 630,003,943 543,949,119
46,467,350 629,489,915 544,105,224
48,007,650|591,956,769
Denmark
Norway
.
12,644,000
..
8,117,000
Total week 583,507,643
Prev. week 583,022,565
a
sight
bills
Amsterdam
on
finished
Gold
"
182,000
10,634,000
holdings of the Bank of France this year
are
10,816,000
47,951,950|592,057,174
exclusive of £77,,934,682
at
LABOR
30.60, against 3034; cable transfers 30.70 against 30^;
commercial
sight 30.54 against 30 3-16, and
sixty days
30.20
against 29 13-16
day of the week preceding.
Last
week
the
close
was
6.42
and
Probably
Fri¬
Swiss francs closed at
6.40.
AND
TEE
READJUSTMENT
OF
COMMODITY PRICES.
com¬
on
6.37 for bankers' sight bills and 6.35 for cable remit¬
tances.
in
Bank Holdings.
held abroad.
France.
mercial
Change
Net
of
Banks.
$21,669,000
The
Spanish
budget deficits is declared to be partly responsible
secure
Bombay
28%@29J4, against 30@30J4; and Cal¬
28%@28%, against 30@30%.
cutta,
foreign
of
dangerous practice of issuing bank bills to
for the
(unchanged);
46%@46%
at
40%@41,
indeterminate," which it is claimed
pesetas should have taken place.
but
and
66%@66%, against 68@68%; Shanghai to
Nov. 25 1920.
radical
losses,
64@6434, with
to
84%@84% and closing at 87@87%, against 91 @
are
newspapers
difficult the task of explaining why such a
makes
a
against
week ago.
a
Far
prices of last week, and this is true also of Scan
dinavian
exchange finished at 14.00 against
low level of 8.33 for checks
transfers, with the closing figures
8.45, which
15.3734 for
transfers, with the close
drop in the exchange quotationvto 4.05,
remittances, against 00.30 and 00.31 the week
previous.
and
was
further decline to
Peru, although
heavier duties
the
a
15.87%, against 16.12% and 16.25 last
were
week
little improvement is
The check rate
15.50 for cable
marks
Closing rates for Berlin
ago.
and
looking to
on Argentina
fractionally higher at 33.50, and cable transfers
33.6234, against 33.00 and 33.1234, but Brazil ex¬
Belgian francs finished at 15.52 for checks and
a
as ever,
way
was
week.
transfers, comparing with 15.75 and 15.73
said to be under
price levels.
change sustained
for cable
exchange, condi¬
unsatisfactory
as
remedial measures, very
shown in
against 16.74; cable transfers 16.45, against 16.72;
commercial sight at 16.52, against 16.79, and com¬
mercial sixty days 16.58, against 16.85 last week.
15.50
preceding week.
With regard to South American
some
Paris finished at
on
week ago.
a
the
In the final deal¬
on
The official London check rate
57.70,
active than has
more
was
in quite some time.
case
ings, when business
*
Checks
13.45.
cablq transfers 19.35,
no
living man has had so full an oppor¬
tunity to know, by observation at first hand, what
it
means
into
to
some
plunge practically all civilized mankind
of the forms of
war
than Mr. Hoover has
had, and he does not assist or permit any under¬
One of the evil forces let loose by
statement of it.
and from this "unparalleled
is extravagance,
war
speculation, extravagance and waste,"
says Mr. Hoover, the country "will not only reap an
inevitable harvest of unemployment and readjust¬
of
period
ment, but will feel the real effect of four years of
destruction."
He is hopeful, but he recog¬
certain
the only
way
of recovery lies
efficient
willingness
to act as an indulgent mediator, or even counsellor,
for organized labor, which persists in seeking to
make organization hindering instead of construc¬
through more and more of energetic and
industry, and he shows no indication of
tive.
War is
destruction,
we
know, for that is its na¬
with consump¬
ture; but its wasting does not stop
existing products and producers, or with
of
tion
production
future
impeding
by
impedi¬
placing
it wastes labor by both turning
ments in the way;
with
Further¬
his spending becomes more improvident as his
rises, and he starts or helps along a silk-shirt
of living which aggravates the troubles of us
he cares less than ordinarily, and if "out"
use,
shop there are others looking for him.
one
more,
wage
mode
all; and so the cry swells higher
that wages must
correspond to the increased cost of living.
Thus it is that cost makes cost, and high wages
rise to
world
nizes that
[Vol. 111.
CHRONICLE
THE
2082
high prices for
in fault
suffering with those innocent, though not more than
those, or equally with them, for so the law of vica¬
rious penalty requires it.
But it is useless to rivet
union organization more tightly
(supposing this
could be done) or to make union deception and ty¬
ranny more complete.
It is useless to hold commit¬
tee
meetings, pass defiant resolutions, or issue
threatening notices.
It is useless for Mr. Gompers
to notify the world that "we will not tolerate" any
spread and repeat and multiply in
everything and everybody, the persons most
It is useless for Secre¬
reduction in nominal wrages.
L. to announce that "or¬
implements for destroying and by impairing
the producing capacity of labor itself.
The demands ganized labor will insist that the present standards
of living and working be not reduced and that wages
of war work, with the warring peoples in such sharp
be
maintained upon at least the level of 1914, with
haste that time alone could be considered, and with
tary Morrison of the A. F.
it into
the contractors in such a vision of war
the wage
profits that
scale seemed of no consequence, gave or¬
ganized labor its opportunity; it proceeded to "just
hop along" from shop to shop and city to city and to
fix
So
things according to its own shortsightedness.
about that
came
seemingly self-refuting absurd¬
and more wage could be got for less
ity that
more
and less
service, and this has been one of the diffi¬
culties which haveiborne upon us.
duced more,
class
have
a
to the
and
their benefit
each
If
men
only
pro¬
they might have more for their work, to
general satisfaction; but
workers has
of
imagined that it could
monopoly of the blissful experience of put¬
Labor has been
ting in less and taking out more.
increasingly insistent, independent, exacting,
and
due
almost universal
an
An association
figures
some
bottom of
as
of
to
testimony.
V
kind of work that is at the
building construction and especially at
the bottom of
our
problem of housing.
cording to these figures, bricklayers
cents
hour and laid
an
the pay
In 1909,
ac¬
received
55
day; in 1916,
a
had risen 10 cents and the tale of bricks laid
had declined
200; in 1918, the
the bricks laid in
was
1,100 bricks
100 cents
this year,
an
the
a
day
were
pay was
80 cents, and
614; in 1919, the
hour and the
day's tale
is 125 cents
hour, and the
In 1909, $4 40
l,ld0 bricks in eight hours, but in 1920, $10
for 541 bricks in eight hours.
pays
of
bricklaying thus
to 68 and
a
seems
similar
The hourly rate
to have declined from 138
depreciation has doubtless
oc¬
curred in other industrial work.
The
labor
causes
of both relative and
The infant may "insist"
In the item
of housing, for example, the old "standard" has been
lost or lowered, for most of us, and so in all living
necessities; but the standard of living declines,
in almost its entire degree, because the standard of
hear, it is sheer ignorance.
having the moon, but does not get it.
on
are
To put the truth in other
working has declined.
words, labor demands no fewer dollars at the least,
(without understanding it) that its
because it finds
dollar has
shrunk; but it has itself done most of the
shrinking.
the only
Therefore
It is in the nature of things that
spondingly rise.
be so, and
this shall
"resolutions"
well
the
ly
out is for the nominal
way
to gradually shrink and the real wage to corre¬
or
any
it cannot be avoided by any
announcements.
season
as
by insisting that they visit us less rough¬
to expect a larger individual share in the goods
of life without
increasing their total and lessening
their wastage.
THE "VERDICT OF HISTORY."
Many
in
a
the
in the
long
a
year
has passed since there appeared,
small mid-Western
"The Sedalia
name
city,
its limited local
In
field it
the
wage
and not of his
mate of "war
profits," he imagines the employer is
swiftly moving to the millionaire class, feels
cern
for
him, and begins to pity himself and to chafe
under the notion that he is
others'
to
no con¬
gain.
exploited and used for
He shirks, he loiters, he is indifferent
quality of product; for wasted time, spoiled
terial,
or
for work which
may
ma¬
not stand the test of
storm
a
concerning the people who
living.
petrel of
that the editor believed
.
When
the
mere
we
were
still among
All of which might be construed to mean
the people to be more
ity's opinion of them.
thinking of his
was
journalism—and not seldom engaged in sensational
The laborer is
part misled by the legislator's overesti¬
bearing
motto, "Published for the People Now on Earth."
terested in themselves than
In
a newspaper
Bazoo," and supporting the
defects of human nature and not hard to discover.
work.
We might as
expect to calm down these unpleasant gales of
stories
actual decline in
efficiency in such abnormal times
by telling them what pleases them to
to the leaders
587;
an
paid for
If such talk is not a part of
keeping the unionists in submission
wage
was
"day's work" has reached 541 bricks.
wage
of the dollar."
the old habit of
wage
employers in Indiana supplies
one
for the decreased purchasing
power
yet has been less effective on the whole, according
to
allowance made
come
to
in
posterity
or
in¬
poster¬
analyze posthumous fame it is
shadow-shape of
a
ghost that is laid.
For
history, when time has allowed for the attainment
of
perspective, is merely
the
a
human interpretation of
past; and biography takes
on
the glamour of
hero-worship and the colored spotlight glosses over
the
this
tawdry and commonplace.
leaving of
a name
Yet, strange to say,
in history has
woven
itself
Nov. 27
1920.]
THE
into the scroll of
many a
marked effect
the
on
CHRONICLE
human life and has had
aspirations and acts of
ties of the future.
a
lived," is
worthy ambition.
a
But it need
itself little with the verdict of
name
ringing down the
to the
ure
Hall of Fame
can
scious of
be
secret pleas¬
reformer, hut it "butters
To receive
duty
no
pleasure the
more
yesterday."
We
all the to-morrows
ties of
are
are
of him "who
history.
and
failed to
to Mr. Wilson's place
as
interpret the people aright.
why?
Was his vision
ture of the world that he
earth"?
Many
one won¬
democracy,
obey
the
us
by representing
us
And the
way.
THE RETURN TO
now on
as¬
If
we
far
it is
as
to this
will
that
Mr. Wilson,
part of a career that
"go down in history"
Far
is
or
Mr. Hoover, see him
overwhelming overturn, in
verdict upon
a
as
failure in peace that followed.
a
as a
time
as
and
course
the character of the
forming his will,
mitted that this influence
For to be hailed
one.
in the streets of
home whom he assumed to
an
as a
world-deliverer,
polls by those at
represent (if such be the
turn his visions from the future to the
as every
of the
pause
present.
There is the
come.
story of
architect,
seeker after
a
doorway of
a
temple, that future
name
genera¬
tions
might read of his goodness and greatness, did
but wrote it in perishable stucco, while under¬
so,
neath he caused his
It is
able marble.
human nature at
own
to be carved in
reasonably certain, if
imperish¬
we
know
all, that when the stucco crumbled
saved
Government of
which he
others
is
a
can
belief embraced
thing
free
as a
ernment is
tions.
world of
It matters little to the
to-day what the world of to-morrow says
or
thinks of any man.
We
are
therefore
fame has little
tunate
brought to this thought that
possess power
for¬
any one
in the present.
And
this
ought to come home to the reformer who is for¬
ever
engaged in building
a new
unconsciously, for in
a way
or
in this
new
world.
Consciously,
he must
see
himself
world, shining with rewarding splendor,
the reformer would mould the
plastic present into
the marble of his visioned future.
he not
And, doing
so,
only destroys the present, but denies the liber¬
individual
that
that there is
such
no
is bound by his
every one
result of
a
a
choice by the voters
viduals,
recognition of these rela¬
no
original untrammelled
(citizens), voters
could not have had
we
tration, with its promise of
a
a
free indi¬
as
change of adminis¬
return to representa¬
tive Government.
The
man
exists before the Government.
moulds, it
proportion
And in
the
man
of freedom he escapes
it is for the
as
He makes
he makes and
its representative character.
assumes
as
proportion
is
a
In
freeman in the assertion
tyrandy
by Government. And
protection of this personal, individual
freedom that he consents to the formation and rule
of
Government, and in the doing of this consents to
the
of
giving
of certain privileges that
up
rights, for the "public good."
a
himself constitute
over
largess granted
no
institutes
he
and
maintains.
himself is itself
profoundly
creature of limitations.
It
can
assume
ing not specifically delegated to it.
duty of perpetuity, the
out
accrue
The limitations he
power
The
to do noth¬
power
and
to preserve law and
or¬
der, do not, constitute permission to do anything
place in the motives of
enough to
many
but
If there had been
This rule he erects
forget the present in their eager¬
the
relations to others, and being born into a civilized
society is born into these relations. These relations,
however, are not the result of Government, but Gov¬
it must always be to those who suf¬
to live in the future.
by
man,
thus sets upon
ness
a
interfering with
possessing equal rights and liberties. There
to this Government
fer themselves to
It is
do for himself without
lived only in the scorn of those who
so
we rec¬
representative nature
for
do
to
appeared to discover the trick the
And
must begin
deal of trouble if
liberal and
a
not instituted
and the marble
read it.
a
we
objects of Govern¬
starting point that makes simple the whole scheme.
architect's
name
strictly "representative"
a
the nature and
we are
and moulds it.
an
most and lead
us
ognize first the limitations of Government.
necessity than to live in the good-will
people yet to
the
And
of his countrymen in the
fame, who, when ordered to inscribe the king's
over
and
citizen must ask, whether it is
better to live in the graces
hour of their
future
unconscious
meaning of the election) must give him
ask,
a
thing
by ecstasied peoples, running
to be afterwards condemned at the
he must
a
though it be ad¬
to him
foreign cities,
and not by showing
who enters upon the
practice of Government,
And
ment.
was
in shaping his
man
even
was
passes
single unit?
possible, the influence of this vision of
world upon
so
be traced
can
important it is to trace, if such
more
best
they
"REPRESENTATIVE"
to return to
are
first to realize
and
are
leaders that
GOVERNMENT.
Again, former admirers, such
war
us
man
rather than lead, will help
form and
great in
our
liberty
best.
us
War and the American part therein as vindication.
But how much of this
demand of
the
escape
But
favorite shibboleths,
our
we
selves.
duties of the Presidency with the determination to
serve,
question and point to the Great
a
impossible to wholly
our own
demand
we
fastened upon the fu¬
so
forgot the "people
doubt will be amazed and
no
tounded at such
And
And it is
subserved when
shall
It is said, among other things, that he
hero-worshipers, and espe¬
And in this
reaction of adulation in
in their relax
men
politics.
our
leaders.
the
of the earth earthy and
light of the election,
inveterate
are
We should have servants in office and
con¬
can
justice where the pres¬
we are mainly re¬
sponsible for autocracy and egotism in high places.
dreams beside the reali¬
as
moments, speculate much
ders
cially in
to-day.
In the
in
man
he lives and labors than
as
enough for all.
some consolation to the idolaters of a
But it makes little difference to the pres¬
We
ent.
sufficient unto the
said
must it be said of the good.
that the future will do
career
tardy recognition in the
a
be
ent fails.
a
parsnips" for
no
tears that fall upon the untimely grave
died o'
concern
To send
a
It may
having
history.
ages may
the reformed.
so
And to treasure this is task
little better for his
a
If he
day is the evil thereof,
men
throughout the centuries.
"To make the world
3083
touching life and labor
with due respect to
resent
a
free
consent must
people, therefore,
never
A return to
not
do.
so
much
a
transcend its
a
To rep¬
Government-by-
delegated
powers.
representative Government requires
study of what to do
as
of what not to
Since this individual consent constitutes not
delegation of
his
do for himself
a man may
citizens and the State.
power
a
to represent the individual in
personal rights and liberties, but to represent
the citizen in his relation to other
citizens, its
pur-
-
■
'
.
and object is primarily and clearly defined in
the principle of non-interference with the means by
which the individual sustains life, that he may be
freeman and
that system of endeavor we
"business"—otherwise production, dis¬
denominate
tribution
who consents,
become a citizen, one
non-interference with
or
consumption.
and
exchange,
Mani¬
political, cati be recognized
than can an industry, a voca¬
tion, or a personal endeavor. Government can show
no favor to one of these more than to another, or in¬
things, perhaps not!
to all these
pose
a
[Vol. 111.
CHRONICLE
THE
2084
If
road hard.
on
is
Government
because
liberty
But we say we are
And the way is not long, or the
trial we find we cannot live in
"going back."
now
not
sufficiently
"strong"—then we may reverse the process and reinvigorate our already
let
abounding autocracy.
election first.
But
try to live up to our
us
festly no class, social or
by Government, more
of them. This reduces
the scope of Government to its supremest simplicity.
It dissipates the idea that any factor in this Govern¬
ment can conceive or enter upon a "mission."
It dis¬
THE WEAKNESS OF
of all subsidies.
poses
the
It reduces taxation to the
maintenance. It prevents
making of laws that are merely
experimental for
producing of public good—the public good being re¬
tained in the bosom and keeping of the people.
It
law save by the
swerving therefrom
current conception of some larger scope to
prevents the adjudication of any
Constitution, and allows
through
a
no
by a vision of the
Government, that a court (fan
larger public welfare interpret the Constitution in
other than literal terms.
And it prevents in,the
execution of laws any
introduction of personal ideal¬
ism, whether as to domestic or
The task of
about the
'
•
■
"V V'"
V
TO TEMPTATION.
•
be known?
By what name shall right and wrong
deed, any favor to any one
sole basis of revenue for
STRENGTH—THE BUSI¬
NESS MAN YIELDING
What
For
If
and
new
phrases must we feign
costly
plunder and all monstrous wrongs,
blackmail,
bullying grafter can maintain
any
his undetested reign?
should
Thanks¬
giving the long list of disclosures of grafting and
crookedness, extending from Brindell and the vari¬
ous
building contracts, public and private, of this
great city, to the Emergency Shipbuilding and the
sale of surplus supplies by the Government.
It raises many questions of responsibility which
It is
startling and painful that we
both
conjunction with Armistice Day and
have in
Rascals of various grade are every¬
all.
us
concern
it, but their nefarious trade could not be
without the knowledge and co-operation
where in
carried
on
of
of standing
men
who feel greatly abused if they
haled into court or similar names are
are
applied
to them.
foreign affairs.
That such
truly representing a people is not to go
I am
do"; it is merely to
already made by specific direction.
country or the world saying, "I know
things should occur indicates
state of
a
something has gone wrong with the commu¬
that
in a
doing what you would have me
nity.
It was said lately of one of the teams
enforce the laws
recent
great ball game, "They seem to have lost their
stamina."
We need to inquire how far this
Representing the people in legislation is not a per¬
sonal or even a collective striving to enact into stat¬
of
the reformer, or may satisfy some clamorous class,
or
may show forth a party's commission or ability
even to rule, and incidentally serve the public wel¬
fare by its own perpetuation in office—it is simply
primarily and continuously to provide for the main¬
fool idea that may fascinate the mind
utes every
tenance of
ordered
an
Government and to declare the rules of
society in which the individual
the
is
pro¬
personal rights up to
tected in the exercise of those
point where they transcend the rights of others.
And it follows that
a
court is
just
limitations of the Constitution in
as
much bound by
moral
extends.
The
down is
with
a
great French novelist brought out a few years
ago
a
strong men, those upon whom as
community is accustomed to rely.
class the
A
significant fact is that the breaking
powerful story called, Le Demon du Midi,
a
title
adapted from the Biblical phrase, "The de¬
struction that wasteth
is built around the
noon
day."
The
tale
proved their ability in the contests of life
who have
and
at
thought that men in middle life,
come
into the
and all that
possession of money and power
brings,
success
are
exposed to new and
fall.
dangerous temptations before which many
Of
interpretation and
there
course
abundant instances of such
are
adjudication, for it, too, is a representative body,
falls; the power and importance of the novel lies in
and not above its
connecting the fall with the peculiar weakness that
the
from
gress.
people
creator, deriving its just powers
as
and the
more
turn to
able
lose
we
when
to
use
the microscope
telescope less we shall more nearly re¬
to
we
not
so
Perhaps we
the Constitution, even
discover
sight of the Covenant.
Government
find
come
"representative Government."
be
may
we
arduous
Perhaps
a
task
we may
after
restrict it to the duties for which it
intended.
Perhaps
when it cannot find
if
a
is found in
in
'
.
If in Government
if
does a legislature or the Con-
Government
does
all,
was
at
just that stage of their life, that is,
greatest strength.
They have
fought their fight and have won; now they are off
their
guard; in their consciousness of power they
let down the bars.
the
Then the devil
day of exposure
no one
is
gets them, and in
more
surprised than
themselves, and no one angrier or bolder in defense
or
specious self-justification, until the hour comes
of utter confusion and shame.
We
nothing
specific command to do, the
men
the hour of their
have
the
need of work
or
spectacle
bread,
of
men
men
far beyond the
with contracts on hand
people in their individual endeavors and associated
extending into millions of dollars, yielding to the
enterprises will do
shall not become
bullying demands of
the
the
munity from strikes, what they pitifully call "strike
Mighty Father. Perhaps if in our "administrations"
insurance," by repeated payments of thousands of
more,
and
we
abject slaves, crying forever at
we
of
ignore the "classes" they will speedily annihilate
themselves
can
feet
by the sheer clashing of interests that
only in the end be subserved by mutual conces¬
sions*
(with
Perhaps anarchy, in all but its diabolism
which the police power is concerned)
largely disappear with the
disappearance of con¬
stantly growing political repression.
will
And, again,
dollars;
of
their
the
sums
which
a
flagrant traitor, buying im¬
may
be relatively small in view
contracts, but which to-day they, and all
world,
see are
wTith the money,
far smaller, in view of what passed
in character and self-respect.
The main features
tails alone vary.
in his moral
are
always the same, the de¬
There is the
man, grown
careless
judgments; there, the tempter and the-
Nov. 27 1920.]
occasion.
Then follow the
to be done."
into
THE
Behind
"It goes
"Everybody does it," etc., etc.
directors, sharehold¬
"All right. You brought
thing off. We need to know nothing about it."
And
against any protest, "What
done?
could
They had him by the throat."
he
have
And who
wants
"We must
We
play the
in to win."
were
Here
thousand and two shall put ten
not spoken of grafters. But
was
with
man
some courage,
or a single
strong firm had defied Brindell, had trapped and
exposed him, would not the whole miserable busi¬
have
ness
"All
been
stopped?
be
men can
heroic;
John
Stuart Mill said,
some can
be heroic always."
the goods.
What else could he have done?
That is the
in'New
York.
Are
they
of middle life
peculiar temp¬
tations that lie in wait for
that
been fed
less
seem
revelations and
on
indifferent.
discouraging.
York, in particular, has
"We
The
long
so
shame, that the city is
busy and it cannot be helped.
are
By and by things will be better."
However there is
breast and
there
now
retires from business
tion
longer.
no
disturbing. Here and
builder, or a manufacturer,
saying he
To be
enough to live
money
man's
every
and then it is
contractor and
a
in
can
stand the situa¬
he generally retires with
sure
He does not say how far
on.
the pressure on him went,
been paying for
whether he had actually
No
to be concerned for the
immunity,
of his class
one
public,
tion.
or
or
seems
only been threatened.
prepared to wage any
war
against corrup¬
It would be called cowardice if the facts were
now
occupies us; the suggestive fact is that
just this group of men—-prosperous, self-satisfied
men, in middle life—temptation is sure to come in
to
dangerous
against the
under
of
cover
accustomed to carry
Reasons
what
head of
one
contractor,
strike
But he seemed the
There
contractors
them
for
off, and
only
sums
immunity from strikes,
numerous
contracts
paid by big
or
to call
ing with Labor
There
as
was
a
was
as
no
selling his
price, not
themselves,
own
first
once or
we
pay¬
to attack
as
did not
expect it.
as
we
are
bound
strange disease it
RATES.
as a
bully and
lative
a scoun¬
twice, but regularly and by
and
disclosure
warned
their
of
the
and
the
railway
regu¬
Inter-State Commerce
Com¬
have not been
"return" Act of last
composed
February,
of
When the central
regulative
in
the
they
and
pected that in the nature
gentlemen,
aggressor
bodies
mission
agree¬
fellow-contractors
differences between State
rates,
a
or
ended by the
nor was
it to be
ex¬
things they would be-
body granted increases
few months ago, the State bodies
asked to do the
same,
but have not consented.
were
The
Public Service Commission in this State refused to
allow the
and well-known charter
increase, citing State laws and the original
provision of the New York
Central, and the matter
and which suffers incredibly from
unworthy
a
spread.
The old
brought on his prompt exposure. They
might
emancipated Labor, which, alas, tends always
stand by any rascal who
poses as one of them¬
leaders.
confronted with
great strength; it
And
lest like
have
selves ;
are
was
moral cowardice.
have
to
We
strange weakness where
STATE SOVEREIGNTY AND RAILROAD
to his character, or
all, might have done much better. *With
might have
sec¬
where
should
who would be helpless before public
the courts of justice, and they payed his
attack
in the business
us
We encounter "a sad lack of moral stamina"
people, play¬
It is not chimerical to think that
these
or
room
tion.
appears
ment.
one
once
in the business of¬
or appear
to ask what it
means,
man
exposure or
guise,
that, he still finds abundant
For all
with dumb cattle!
uncertainty
to his exposure
drel,
world, the flesh and
and song," was
women
involving millions of dollars, with
traitor who
a
individual, but with
Street" in that
a
great contracts given to bid¬
hundreds of thousands in them for
ing
an
"The
In other form he confronts
ders acting in
collusion, or who were favored by
grafters who shut out other bidders whom they
threatened and could
frighten.
Here were men
with
a
finger.
a
fices.
Meanwhile testi¬
is freely given, both of large
mony
"Wine,
or
in
me
elsewhere.
be others to-day.
may
devil,"
condition.
make
can
comprehensive description of temptation.
Mephistopheles was the devil. He does not frequent "the
of his kind.
one
dealing, not with
a
I
than they can steal from
more
He would not raise
are
and another by pub¬
"Let them rob.
the
were
thereafter let alone.
was
week
class and
the
why they should do just
case.
one way
officials, replied:
We
a
made to him and
money was de¬
manded, defied the grafter, and testified that he
a
a
year."
Fitzgerald, perhaps was his name, putting up a
building in the Wall St. region, who, when threats
of
join
lic
refreshed when the trial
at least
un¬
they
ease;
A very rich man, the
great business, when urged some years ago
reform movement and told that he was be¬
a
every
was
They love
off any situation that may
abundant
are
they did in this
to
was
They
calls them to account ; conscience has
become adjusted to
business; they hate lawsuits,
and are not quixotic.
ing heavily robbed in
community
come
considerations.
no one
to
But the
these
guard, reputation to protect,
Some years ago we had a similar
exposure and a
labor "boss," Sam
Parks, was convicted and sent
brought out that there
fortified
are
of youth;
trouble to escape.
necessary
arise;
They
sins
prudential
have interests to
are
form.
commoner
known.
prison, where he subsequently died. His price
was
relatively modest ; $250 was his usual demand.
Did
accurately picture them?
particular form of temptation
by the Demon in his story is not the
used
was
that
one
of their class?
men
true that the
peculiarly
conscience
a
It is
perfection; but the
aware of the
the
that New
does not live in
men
the astute French writer
situation would
one
the business
concerns
question which many are quietly ponder¬
ing; it would be well if we could say, discussing;
fact is
an
All this may seem a counsel of
dye, too.
are
flight,"
one
situation
game.
a
New York ?
dyed one?"
a
"One shall chase
Is it conceivable that such
So
'"Here's to the good—but not too
good—for the good die young,
And who wants a dead onef
So here's to the old—but not too old—for the old
2085
thousand to
suppose
often partners,
are
gentlemen, who say,
ers,
the
"The work had
excuses:
"I had too much at stake."
'expenses.'"
CHRONICLE
came
back
to
the central
body, which has made its decision, overruling the
I
State body and ordering the higher rates objected to.
[VOL. 111.
CHRONICLE
THE
2086
waterway and the common
than the
of Commis¬
sioner Ford, that the rates required by the State are
lower than the corresponding inter-State and are
therefore prejudicial to inter-State shippers and
passengers and "unjustly discriminatory against in-
provision, meant for the
ter-State commerce."
dary line. But that simple
found, said the majority opinion
It is
This latter
proposition is not and cannot be denied
stage of the proceeding, since it is a mere
arithmetic and the real question in¬
at any
statement of
volved is
It has been
of the dominant power.
one
urged in opposition, in the present case,
"that such incidental jurisdiction
missioner Ford,
as
we
said Com¬
intra-State rates is contin¬
may possess over
dirt road had
carrying) was a mere negative
been dreamed of for
supposedly temporary pur¬
of halting jealous interferences when the infantile"inter-State commerce"of that time came to a boun¬
pose
developed into
a
negative power has been
practical¬
potential power to control
ly almost all physical activities, for Strict intra¬
state traffic is so comparatively trivial that, instead
of
a
barrier set up
line,
have
we
by
a
State or two at its boundary
wall at every State line; the
a
"regu¬
lating" runs back to shop and soil, since what can¬
not be carried across the line except on conditions
affecting prescribed cannot be sold and therefore cannot be
localities." But the real point produced. Here is a centralizing, actual or poten¬
gent upon proof that discrimination exists
particular persons or
seems to him otherwise, for "inasmuch as the basis
of
our
jurisdiction is our power to regulate interit follows that the decisive factor
injuriously
State commerce,
is whether the rates under consideration
That is, while there
affect inter-State commerce."
may
be, conceivably, some cases where the connection
remote and
between these two classes of rates is so
unimportant that it may be disregarded, in every
case where intra-State rates are brought into ques¬
tion the decisive
thereby "injuriously to any
affected
is
commerce
considerable extent."
whether inter-State
is
question
If it is
so
affected, the intra¬
jurisdiction and
though the
state rates "are brought under our
made
subject
whole
to
control,
our
of
structure
rate
volved."
even
State
a
in¬
should be
holding that the majority opinion oversteps the pow¬
ers and limitations of the Commission, and he took
cognizance of the question of State sovereignty which
But Commissioner Ford was not halted
is involved.
tion,
to which he declared that "it is no answer
as
that if this conclusion be admitted it
to this to say
may
have foregone
much thought about princi¬
ples and precedents.
The situation has in it some
tect the
people against extortions by their own prop¬
erties, had been for years weakening the roads and
unwittingly preparing for the final
had thus been
blunder of
seizing them, and after an honest plan
undoing this blunder and re¬
had been devised for
pairing the mischiefs produced by the whole long
maltreatment, we now find the central
of
regulative body, seemingly reversing its old concep¬
and attitude
tion
the
regarding its own dealing with
subject, trying to rescue and protect the strug¬
gling roads, while the State would act as if times
and conditions had not
The
often
they
concrete
is
Taxes are most unlovely when
unpleasant.
come
changed.
application of abstract truths
home to ourselves.
Nobody can be philos¬
rates, though he may clearly foresee the benefits to
State commerce."
over
required
he
added,
that
circumstances
to go so far in asserting our author¬
us
could not be moved to do so save by
we
the most cogent
reasons"; but now the record shows
that the State's refusal to
permit the rate increases
costing the roads nearly 12 millions a year, "and
to that extent the declared purpose
defeated
by
a
maintained
of Congress is
preferential basis of rates and fares
by
authority
of
the
of
State
New
The
come
The commuter, for one, feels
therefrom.
case
must
certainly go higher, and counsel for
the Public Service Commission is
that he will carry
it along.
quoted
as
saying
Before the Court of Ap¬
and-fro
traveler, he
and feels
while
(like
may
not cross State lines at all
them,
interest in traffic which does cross
no
of the good housekeepers who pro¬
some
tested at increased
telephone charges) he objects to
more
for his commutation now that sugar is
going down.
Yet the situation turns an inexorable
paying
face of sternness upon us
they
apparent cause to complain now.
and the unchecked progress
the Federal control; and
now
that
property has returned to private ownership and
operation the various restrictions imposed upon it
by law necessarily become again effective, especially
those conditions
On the other
old
originally imposed by the charter.
hand, counsel for the road contends that
two-cent
is void because
rate
since
was
made by a law which
superseded by
a
higher
au¬
Proverbially and admittedly, circumstances alter
cases;
inexorable,
on
as
they seem to also alter rules and to make
no
of disease; we must go
reasonable right to expect relief
hereafter, or we must pay for that relief hereafter
by accepting some penalties now.
But
the
question of the dominant authority re¬
mains and must be met somehow.
To mention two
especially marked instances of submergence of local
in central
power,
President Wilson
it seemed reasonable to
said,
women
some
two
years
that
is for the States to decide sep¬
tional election is of national
concern
and
The "Chronicle" has repeatedly pointed
out how the
original "commerce" clause of the Con¬
favor of it the advocate of State power
(as
say
ago)
arately, yet against this might be urged that a na¬
precedents.
(a document made before anything better
they
The alternative
therefore be
stitution
as
if it lay between the operating-table
drifting, with
the ballot for
thority.
and not
plained less of the roads we might not have so much
merely went into suspense during the war, not being
even
are
ought to be, and also that if we had formerly com¬
peals he has argued that the legal fixing of the rate
by
It reminds us that we
all.
is
abolished
like
wailing somewhat sharply; in his capacity as a to-
must deal with matters as
York."
the
For after Federal
"regulation," unjustly acting as if intended to pro¬
It has not hap¬
ity, "and
the
unexpected but per¬
haps not unnatural shifts about.
have the effect of completely displacing State
pened heretofore,
is
so
that
we
looking after profits
much absorbed in
all been
opher enough to really enjoy the paying of increased
jurisdiction
have
before the imagination of
Founders, and it has been
accepted without effective protest, because we have
such difficulty, and insisted upon his posi¬
any
never came
the most federalistic of the
course
I
Commissioner Eastman dissented from this view,
by
tial, such as
that if any
unhampered by
any
should
local law, while in
State chooses to limit its
own
might
say
participa-
Nov. 27
1920.]
tion in such
national matter the
a
with its
agrees
THE
sovereignty.
own
of central dominance is the
matter of
limiting choice
The other instance
!
THE PRESENT ECONOMIC SITUATION IN
11
THE FAR EAST.
probably still unsettled
prohibition, in which the State has for the
As in
present waived its independent sovereignty almost
the
completely.
fects of
And yet,
claimed that in
inates
the other hand, it could be
on
shaping the Constitution which dom¬
everywhere each State counts
numeri¬
one
cally and Nevada's handful of people weigh
ily
New York's millions,
as
sovereignty" exemplified and
heav¬
as
that here is "State
so
by
proven
the
even
apparent defeat and surrender of it.
When
shall
transportation, the decision is made for
nature of the
and
on
govern
by the
us
Transportation is essentially
subject.
material scale a continuing process, not
any
considering boundary lines, and unable
tice when it
On this
them.
crosses
cannot be various
to
even
no¬
subject there
authorities, much less conflicting
to undertake such a thing is to block the move¬
ones;
ment as if
physical obstacles
extensions and farther
reason" which
applications of the "rule of
before the
came
imperative;
necessity is
if that be to the
but the final appeal (even
people themselves) must bring State
authority somehow into
central
judicial view long
njiodus vivendi with a
a
handling of transportation.
To maintain
a
Union and also
ent States
independent and sovereign is
a
that
to involve
"The
seems
incompatibilities.
problem
depressing—ef¬
the late
in
The
extend
beyond the
Governors,
fact he
narrow
limits of the Orient.
recently told the Assembly of
to the world
responsibilities
Japan's
draws
It is the
inference:
the
"This is
something
attention of the whole people.
height of folly under these circumstances
employ diplomatic problems for furthering politi¬
cal
struggles."
In
Japan,
as
here, the
and
its
solution,
acute,
porary,
even
is
One
other is the
problem
partial
very
The Japa¬
classes
two
unemployment,
recognition of rights.
fewer than
is
and tem¬
difficult.
presents
problem
difficulties.
no
labor
is complicated and
labor
nese
of
intelligent men
recently been greatly increased. And from this
which deserves every
to
more
recognize, that Japanese problems
now
As Premier Hara has
have
significance of this is in¬
by the fact, which the
Japan
present widespread
apparently have not yet entirely
reached their limit.
creased
and the
war
the conditions and prospects of trade
upon
closing out of
keep its constitu¬
in the Far East,
and manufacture
interposed. Some
were
be found—indeed, must be found, since the
ago may
unrest,
so
modifying—mostly
Europe and this country,
essentially
now
have to decide what power
we
2087
CHRONICLE
of
and
the
discharge
The
600,000 factory employees, and the
shops account for the former
many
To meet the situation the Government
difficulty.
will start many
enterprises, such as railroad and
of highways, and dock
rights shall work, and it is estimated that about 300,000 can be
But these measures will
disparage others re¬ returned to the farms.
enu¬
ship-building, the repair
meration in the Constitution of certain
construed to
not be
tained
in
"others
some
"the powers
the
are
deny
or
And the people did believe
by the people."
for they enacted
retained,"
that
not delegated to the United States by
Constitution,
reserved
to
prohibited by it to the States,
nor
States
the
respectively,
or
to the
To the people, be it observed, is the final
people."
The active force of the idea of State
reservation.
still leave
250,000 unprovided for.
some
office-workers seeking positions as there are
many
hour law is
Mr.
the whole
on
increasing.
At
any
rate,
Wakamiya, Director of the Mercantile Marine
Bureau, is confident that the eight-hour day will
be
nated in the Civil
national agreement
made
The prospect of an eight-
present positions vacant.
sovereignty, in men's minds,, seems to have culmi¬
War; and in the great progress
The unem¬
ployment is still increasing, and there are twice as
applied to
In
by the country since the thought of local gain
seamen
in Japan, whether an inter¬
is made to that effect, or not.
spite of the increase of unemployment^ the
out of the combined wealth and the taxable resources
folly of strikes is being resorted to in Japan as in
of the whole has
this
list of
pushed the "State" feeling into the
To affirm that this
claim the
will continue
so
would be to
gift.of prophesy, and it must be left as a
part of the whole problem of the permanence and the
of bur
success
gan
before
get
on
us
political structure
in
our
daily lives.
harmoniously in
personal independence
doned,
nor
live in
are
thought of.
the presence
fathers be¬
a
is
For
men
and women do
Union of two, in which
neither
aban¬
asserted,
The great majority of people
of policemen and courts that
needed to protect
under
as our
And yet there is an encouraging analogy
that.
but not to restrain them, and
penal statutes with which they never come
into contact.
And each of us, as an
"union" of two, or
entities,
none
generally
three,
or
possibly four, parts
we
approach, if
repress our
zens—for good
the
we
subdue
our own
selves
The
desire to know
and
means
that
to do
the dominance of
justice and to live
kindly and honorably with all mankind.
so
selfishness and become better citi¬
citizenship
some
strike
some
time
ago,
reducing the staff.
150,000 members.
A meeting was held, repre¬
labor
associations,
They passed
a
with
resolution
declaring that the capitalists of Japan, by opposing
the
unrestricted
right to form labor unions, were
"pushing the flock of weak laborers into the Ravine
of Death."
.
With the general economic
depression, the value
of land in the cities and their suburbs has
fallen off.
one
problems before us will appear less formidable on
nearer
tated
Not
only
are
greatly
buyers exceedingly scarce,
mortgage rates have become very usurious.
of the most
180 yen per
was
a
short time ago was valued at
(a tsubo is approximately four
tsubo
yards)
In
important business centres of To¬
kyo, land which only
square
analogy is helpful, if we allow it to be.
on
dismissed 1,000 men on the
senting twelve different
or
well, "many members in one body,
3,000, went
company
ground that the depression in their business necessi¬
but
and all members have not the same office."
The
because the
a
individual, is
completely dominant and all agreeing
very
The Fuji Spinning Co.'s employees, to
country.
the number of
merely academic matters.
sold at auction for 140 yen.
In
the suburbs the decline in marketable values is much
greater.
most
Yet the shortage of houses is one of the
important matters requiring immediate atten¬
tion.
The
amount to
process
now
need
in
the
whole
Empire is said to
122,821 houses; but some 17,000 are in
of construction.
And the Home Office is
conferring with the Financial Office for the de-
frayment in the next financial year of a sum
of ten
the
to be spent in the construction of
million yen
houses needed.
in the deposits in the
savings banks, especially in the sections where the
This decrease is in part due
working classes reside.
that the failure of some of the smaller
to the fact
savings banks induced the depositors to withdraw
from this class of banks and deposit it
their money
in the
amount of the tax will be
Another point of interest
one-half, but the
that, beginning August 1, the tax on fixed bank
deposits is 5%, and this will be deducted by the
banks when
the last few
during
Japan
they pay interest to the depositor, and
paid in directly to the Treasury.
Siberian expenses
The
been
of the Government have
burdensome; for Mkolaievsk and for general
mobilization
lion yen.
postal savings banks.
There has been in
gross
considerably increased.
is
,
There has been a decrease
[Vol. 111.
CHRONICLE
THE
2088
they have amounted to nearly 200 mil¬
The note conversion system of the coun¬
Of the gold re¬
try is still in abnormal condition.
of the Bank of
Japan 222,000,000 yen is held
a
decided decline in the speculative tempera¬
serve
ment and
practice of the public. The weekly reviews
market comparatively dull at the
abroad; if this is not counted, its issue of paper cur¬
months
show the money
of
time
The Japan Bank's
monthly settlements.
books have been
registering only a small increase
In the payment of
in the total amount of its notes.
is in
rency
J apan
its
of the legal limit.
excess
is making
honest effort to atone for
an
mistakes, and substantially improve its reputa¬
tion in the
Prominent
government of Korea.
stock, capital and loans, as representing the real
condition of
Provincial, Municipal and Village Councils, which
promotion, there was a decided decline
during September; and that month's capitalization
was the lowest of any month in the year except Jan¬
when,
uary,
account of the succession of holi¬
on
The Government reports
of
579,818,374:
crisis following
than
more
Forty-eight of these contem¬
yen.
year was
greatly decreased, but the yield of cotton and wheaF
increased
by 25% and 4% respectively.
yen;
of this
but one-half
good by the retrenchment of
the other half will be provided for by the
decay; but up to the last reports from
whole, the Peninsular economic situation for
improved methods of cultivation make the future
prospect
savings deposits, in the hope to
most
In exports, cotton fabrics and other
In imports,
sharp decrease.
sugar
decrease.
a
important respect the experience of
This bank is about to start
It has been found
crease
the force
as
pense
affected
by the
The finan¬
war.
greatly
improved, and its foreign indebtedness largely wiped
report of July, Baron Takahashi, Min¬
Finance, pointed out how the deficit of
million yen
penditures, ordinary
den upon
new
and
framed
so
extraordinary,
largely
by
as
to
a
ex¬
will
income
new
over
and
revenue
be
tax,
put the principal bur¬
those wealthy and most able to
pay.
The
bill raises the minimum taxable income from
500 yen
to 800 yen; and the
instead
made
of
For example, if
family dependent
old,
in the 800
or
upon
are
a
class,
dividends from
shares,
banks and other
all income tax.
a
earner
him old people
has in
over
sixty
one
hundred yen
no
tax
on
that large shareholders in
change of the law,
number of taxpayers will be reduced about
Formosa.
everything I
to visit Formosa and
doing there.
with any
ior
a
To quote
of our
can
see
There is
to encourage Americans
the work the Japanese are
scenery
there that compares
There is
in the world.
a
comfortable rail¬
hotel in Taiboku, and everywhere in the inter¬
are
The
clean, comfortable, Japanese inns."
present economic depression in Japan has had
remarkably little effect
upon
the Korean labor
It is calculated that
passed
over
as many as
em¬
20,000
into J apan proper.
Deducting those who have returned, there
ably
complete
one
countrymen, celebrated as a "world traveler":
"I shall do
way
effecting
rapidly
are
Korean laborers have
salary
result of the
Japanese
transformation in
also made
corporations escaped from nearly
As
is at present difficult.
The
own
the Koreans
among
adequate provision for the ex¬
are
The old law laid
so
an
ployed there.
children under sixteen, his income will
for each such person.
highly desirable greatly to in¬
his tax is
responsible for de¬
be estimated at the reduced rate of
the gross
yen
the
the northern border necessary to
yen,
Arrangements
yen.
relief of those who
pendents.
years
man
being taxed twenty-four
only four
for the
his
very
between
on
well as bandits
the other nations
as
scheme
guard it against attacks from banditti coming from
Manchuria,
themselves; but
cial condition of the Government has been
a
encourage
public to cultivate still more the habit of thrift.
Japan has been in highly favorable contrast with all
which will be
The annual report of
encouraging.
very
Industrial Bank is in substantial accord with
foregoing.
increased, but all other items registered
provided for
"troublous"; but
for
a
two hundred
as
under cultivation and the
the
goods, and copper, witnessed a fair increase,
In his
is described
the extension of acreage
greatest at Osaka, where for
million yen.
one
the
days of October it reached more than
was
On
ports exceeded the exports by 39,000,000 yen.
the
still in favor of exports.
was
balance of trade
matches,
trade, both export
This
balance of trade
the first ten
considerable increase of
the last half year
profit already carried over.
great centres of Yokohama, Kobe and Osaka, the
ister of
There
import, with Chosen; but the amount of im¬
noticeable
out.
The yield of
anything but satisfactory.
rice, millet and beans, and other staple products, was
and
17,000,000
Japan's foreign commerce has been undergoing
In
seri¬
The condition of agriculture in Chosen last
ously.
a
balance of
but
affected
war
was
expenses;
cotton
European
in Manchuria and Chosen
economic
was
amount will be made
ten
deserving of commendation.
the
from the Government lines for the year is
light railways.
are
estimated at
the
or
The net decrease in
plated lines
revenue
that
lines will be built, at an estimated cost
new
as
schools is another plan
matters
ried out.
advisory bodies.
multiplication and improvement of the public
uniformly much decreased.
seventy
consultative
local
act
The
The
Railway Program is being successfully car¬
provision for the appointment of
will
days, commercial and industrial capitalization is
The
is
among
these efforts
are
prob¬
12,000 still remaining, but only
as many as
few hundred of these
are
out of
a
satisfactory employ¬
ment.
There has been
a
great expansion of China's
port trade during the past six years.
chiefly in
crease
soya
in the
beans, cotton and
eggs.
export of beans has been
and that of eggs more
ex¬
This has been
than eightfold.
some
The
in¬
tenfold,
Of this mat¬
ter, Mr. David Fraser, the correspondent at Peking
Nov. 27
THE
1920.]
of the London
"Times,"
"A root cellar may not
says
ordinarily be thought of as
Christian
form of
a
Government, examined and, when it was still not
use
it,
other ideas from West¬
as many
agriculture, for bringing the Chinese out of their
ern
ancient
tural methods is
the
Practical instruction
reserve.
a
valuable part
in agricul¬
of the work done by
The dreadful famine now
prevailing in China, and the failure of the Chinese
missionary of to-day."
Government and
individuals
to attempt
anything
adequate to relieve it, is witness to the sufferings of
a land where habitually "wolves govern the sheep."
1911, under the title of a Republic, China has
Since
really been governed by a number of provincial mili¬
ut¬
terly ruined, disposed of at auction.
Although the volume of foreign trade for Japan
propaganda, but the modern missionary of to-day
knows how to
2089
CHRONICLE
in 1920 is
for the
unprecedented, the outlook for shipping
future is
near
by
means
no
encouraging.
Baron
Kondo, President of the Nippon Yusen Kai-
sha, in
a message
"The
declares:
of
to important members of its staff,
present shipping situation admits
optimism; it will not be long before we are con¬
no
fronted with
a
It is not easy
taken ;
great adversity, a great crisis.
.
.
to say what steps should be under¬
but what is essential is the reduction of work¬
ing expenses
and
business
readjustments."
The
fast falling. The highest rate
during the war was from 800 to 900 yen per
price of ships is
reached
They are
ton for newly built steamers; but this has now gone
maintaining an army of no fewer than a million and
down to about 300 yen.
Owing to the lack of demand
a quarter men, who are allowed to make up for their
for space in their holds, many tramp steamers are
arrears of pay by looting the common people.
And
at present there is no clear and near prospect of re¬ lying idle in different ports throughout the country.
Subsidies were approved by the last session of the
forming the Government of China. The loans made
Imperial Diet for three big lines, namely the N.Y.K.,
to China, especially by the banking institutions of
dictators, the so-called Tuchuns.
tary
Chosen and Formosa and the
Industrial Bank, have
The Tuan Ministry
in Peking used the greater part of the loans for
making war against the South. Now that this Min¬
istry is out of power, the collection even of the in¬
been very
difficult of collection.
the T.Y.K. and the
different routes,
be divided into two
the Eastern and the Western. Sub¬
sidiary aid will be granted to the Osaka Company
the Java-Singapore and
on
the Java-Bangkok lines.
Foreign countries charter a large percentage
terest will not be easy.
During the last half-year Japan's
has fallen off
O.S.K., or Osaka Shipping Co.
The South American lines are to
considerably.
Asiatic trade
This is to an extent due
the
of
These include the British,
and Italian Governments, and
Japanese shipping.
American, French
A considerable number
fall been
Europe have been regaining their lost Oriental trade.
returned to the Japanese Government.
American-Japanese trade continues, however, to be
A net profit of something like 300,000,000 yen has
very satisfactory.
America is the foremost seller of
been realized by the shipbuilders of Japan upon the
goods to Japan, the figure reaching higher than Ja¬
This esti¬
pan's total purchases from Europe, Africa and ships built for the U. S. Shipping Board.
South America, taken together.
In turn, America mate is said to make full allowance for the present
is Japan's greatest customer.
The United States depression of the shipping situation. But for the
buys more than a total third of the sales of Japan, existing slump the profits of the Japanese shipbuild¬
the fact that
to
the former warring countries
of
private individuals.
many
ships has during the summer and
of these
and
tralia combined/
from
South America and Aus¬
than Europe,
more
Certainly, it is highly undesirable,
point of view, that these friendly re¬
be disturbed or temporarily broken
business
a
lations should
increase in the joint
To this must be added an
off.
observing traveler all through China and Ja¬
will be impressed with the fact that it is Amer¬
which lights Asia. In last year China and Japan
pan
ica
took
over
United
200 million gallons
of kerosene from the
dangerous parts of China
find
a
most remote and
safe and hospita¬
It af¬
the first
Anglo-Japanese trade is reviving in Japan.
visibly the monthly trade reports for
months of this year,
especially in a rather re¬
markable increase of exports.
an
increase, but at a rate far
ports.
■
A commission
nent in financial
tion work
pan
ment
some
time
or
freight rate by
companies, and to establish by agree¬
fixed rate which could be enforced.
For
smaller
the
a
prevent the lowering of the
to
Kobe on
The main purpose of the conference
difficult problem arose as
a
Yokohama should be the
to whether Kobe
headquarters, but this
about
20%.
Among the more important
matters of individual
of cocoons is
This is estimated in
of the National Association of Sericul-
interest, the shortage of the fall crop
refuge.
seven
September 7.
was finally settled in favor of Yokohama.
By the
gallons of
conference the new rates were raised on an average
In the homes of the agents of the
Standard Oil Co. travelers in the
fected
ship-owners were put in progress at
nese
States, and more than 10 million
lubricating oil.
ble
Negotiations for the establishment of a freight
conference between American,
British and Japa¬
was
American-Japanese enterprises in China.
The
would have been far larger.
ers
Imports also showed
below that of the ex¬
the
report
turists to amount to over
loss
is
■
promi¬
and banking circles and in planta¬
and Government service, has
visited Ja¬
business relations
50%.
20%.
In one province the
The cause is the excess of wet
the
At Java the
deserted by buyers and an
According to the September report
trade was "a hopeless tangle."
market
was
extreme
chants
reported as
dulness
were
reigned.
alsodn
an
The
wheat-flour
mer¬
extremely depressed condi¬
tion, owing to repeated slumps
in the price of the
material since last summer.
Under the circum¬
raw
between
over
weather.
sugar
of Dutch business men, all
with a view to enhance the
Japan and Holland.
perhaps first worth noticing.
Tokyo and
big stocks, or cornered
the market, in confident expectation of an advance
ing amount, has occurred upon the docks in Yoko¬
in price, were some of them brought to the verge of
hama.
A vast amount of unclaimed material, part
Nearly two million barrels were said
of it ordered by firms that went into bankruptcy be¬ bankruptcy^
to be warehoused in the principal cities; the stock
fore it was paid for, had to be taken charge of by the
Something of the same useless waste of
of which this
material,
country has experienced such a shock¬
stances,
the large flour merchants in
Kobe, who had purchased
abundant and rather more
of wheat also was very
than
As in this
country,
also in the Far East, the
so
iron and steel market is in a
demand
for
The situation is indeed rather
in accordance with the claims and intentions of the
some
the value of the exports
The last remains to
view of the situation the influence of the World Con¬
twenty-five millions, and
vention of
so
three million yen.
passing age—that very pic¬
a
Sunday Schools, which has just been held
satisfactorily in Tokyo is greatly to be welcomed.
Thousands of
and
men
is fast
the sun—Korea and China
Its place is being taken by elec¬
tric railways and other forms of electric
now
taken
census
reached
vehicles.
recently shows that the
railway systems in operation has
707, with
total mileage of lines ac¬
a
gathered
women
turesque and comfortable vehicle, the jinrikisha—-
official
In the
lightened of the people of the whole country.
installed in the country
to this
An
critical; and it is
to see how the differences are to be settled
politicians in California, rather than the more en¬
probably reached
number of electric
its
defend
half times since 1914, and
a
The number
dying out.
to
Japanese electric bulbs has in¬
Japanese firms now have a large export as well as
has
Government
by going to war.
even
not easy
creased about two and
local trade.
rights,
depressed and almost
chaotic condition.
The
by the student class, which have freely asserted the
duty of the Japanese
required.
was
[Vol. 111.
CHRONICLE
THE
2090
delegates
as
convention, from about every nations under
exceptions.
The
marked
being the two
which
reason
cepted in account of this fact
was
generally ac¬
the hatred of the
was
Japanese prevailing in these two countries.
If this
is, indeed, the true explanation, it is scarcely credit¬
tually in operation somewhat exceeding 1,000 miles.
able to the Christian
temper of the! church members
The road in
in the two countries
or
Tokyo is typical of the others; it is a
surface road
are
still
Electric
cars
delivery vehicles
Dutch
kind of
new
power.
fields, which the Japan Pe¬
Company of Tokyo have purchased from
branch
the
of
Standard
remains yet to be
Oil
will
Co.
a
help
seen.
highly suggestive sign of the civil and social
who
persons
devoting large portions of their property to dif-
ferentschemesfor the
of this sort
tributed
Mr. Q.
is
public good. A notable instance
Harada, of Osaka, who has
df
a
benevolent founda¬
tion, to be called the Sikezen Kai,
Accumulating Good.
Forty
of this fund is to be used at
ment of
con¬
practically his entire property of 10,000,000
for the establishment
yen
per
or
Society for
cent of the interest
once
for the encourage¬
public-spirited undertakings, especially for
the relief of
people of good moral habits belonging
to the middle
class, who have tjeen reduced to poverty
by illness
unavoidable calamities.
or
The remain¬
der of the income is to be added to the
til
an
nual
enormous
sum
is
acquired
one
that such
large
sums
of similar
as a
sociation has
ing Japan and its people, and in many instances
they
are
going back
champions of the
as
calumniators."
Two hours after the
ings of the convention,
cured the
pains
the
great
important
business
whose
men
different class from
visits
recent
conserve
have
good-will between the United States and Japan.
The
appeal to them is much
the emotions.
The
reach and influence
largely through
more
people whom their report will
the
are
common
people, especial¬
ly of the younger class, connected with the churches
throughout the country.
We
may
have hope, there¬
fore, that these two different kinds of influence,
a
serve
ly otherwise to flow from the political influence
George Trumbull Ladd.
so¬
CANADIAN
PRICE
ADJUSTMENT
CONCUR¬
RENT WITH THAT IN UNITED STATES.
com¬
Ottawa, Canada, Nov. 26, 1920.
It has
been
averred
by financial observers that
and two
bottom" in the United States about six months
three branches in each Prefecture.
exasperation of the Press and the public to¬
States,
on
tense and has been
account of the California
ing form.
breaking forth in
Among the
more
ings recently held has been
of
more
more
in¬
threaten¬
significant of the meet¬
meeting in Hibiya Park
Japanese citizens of Tokyo who had formerly been
resident
passed
in
on
the
pitable appeal to
public
United
this occasion
men
a
States.
were a
our sense
and the
press
The resolutions
reasonable and hos¬
of fairness, and to the
of both nations for
a con¬
tinuation for the traditional friendly relations that
have
now
Other
existed for
more
than
half
a
century.
meetings have been held, however, especially
pre¬
number
large charity hos¬
legislation, has of late been growing much
to
vailing at present in California.
Imperial Charity Medical Relief As¬
ward the United
op¬
mitigate, if not wholly prevent, the evil results like¬
their respective classes, will
among
industrial
The
so
the traditional feelings
pital in each of the principal cities of the country,
or
se¬
These delegates repre¬
success.
ways a very
strongly tended to
of
Japanese had
spared to make the convention
or expense was
in every way a
sent in
generous
an¬
We note also that the executive
a
burning of the
Imperial Theatre for its meetings and no
should be contributed to the
agreed to establish
of
cause
Japan against its host of malignant defamers and
basis for
examples—is certainly significant of
mittee of the
are go¬
concern¬
erating
public good—and there have been of late
cial progress.
concise ideas
un¬
think of the wisdom of the plan,
may
"They
delegates:
more
principal,
gifts in behalf of national benevolent interests.
Whatever
Sunday School
building erected at such large expense for the meet¬
development of Japan is the increase of
are
article at the close of the
ing back with better and
causing the merchants to seek the dis¬
matters any,
One
an
is
Whether the Borneo oil
troleum
In
Convention, the weekly edition of the Japan "Times
and Mail" affirms of the
and adoption of some
covery
talked about
are
to the influence of the mis¬
sionaries.
The high cost of gasoline and of the wear
for Tokyo.
the
Cars of various types
used; small four-wheeled cars are still nu¬
merous.
on
system.
trolley
lier than
the
and
in
Canada.
none
quite
but
the present
one
adjustments usually "hit
In
recent
ear¬
months, however,
rapid marking dowrn of Canadian share securi¬
ties has been
and
financial
as
rapid
thorough
as on
American markets,
pessimists
could look upon
prices of Canadian securities
stage in
a
further six months' slump.
as
merely
■
Closely reflecting the lower price movement in
the
United
have been
States, Canadian commodity markets
undergoing
re-adaptation.
many
industries
treal there is
an
embarrassing but orderly
Labor demand
are
hardly
closed.
a
has
slackened
and
For example, in Mon¬
clothing factory in operation,
dependent industries are in
and the automobile and
a
bad way.
Retail "sales" have found the public
Nov. 27
1920.]
THE
reflecting the financial stability of the country, shows, as of Sept. 6
apathetic and the movement of goods is sluggish.
Such
staples
third;
a
bushel and sugar
Such
fallen
have
than
more
dropped 50%; hides and silk
price of
a year ago.
(For purposes of above
lars at rate of 40 cents.)
reached 51.75.
<
been well
men
balances
other
and
general soundness of this country's position. Ac¬
cording to the official figures, the 1920 cereal
have shown percentage
following extent:
rye,
because of
With
over
1919 to the
possible to expand credit when orders and
at
We are advised that non¬
Amsterdam.
new
YEAR BONDS'
issue of 5-15 year
of
We
'
.
...
The Governor and Company of the Bank of England are
November,
authorized by
His Majesty's Treasury to receive
the Lords Commissioners of
the 2nd
on
1920, and thereafter until fruther notice, applications for the
above bonds.
The
estimated—may lead the Minister of
News"
The proceeds of the issue will be applied to the
1.
News":
It is not
year,
Nov. 2
on
London "Financial
the
give the details herewith as they appeared in the "Financial
the banks for moving the
|600,000,000 for the current fiscal
would not be
redemption of the unfunded debt of early maturity.
pros¬
impossible that the great increase of tax receipts—
about
appeared in
100%
Nov.
stabilizing all branches of manufacture,
have rendered the procedure difficult.
crop
and
banking system
gradual recovery in Holland exchange, which view
The official announcement of the
This has had the anticipat¬
upon
adverse trade
inflation experienced in
substantial
5% British Treasury Bonds (Series B) offered
pects appeared to justify.
although the demands
currency
and
OFFERING OF BRITISH TREASURY 5-15
Wheat, 49; oats, 43; barley, 14;
part of the banks there has been a uniform
ed effect of
'
.
resident holders of these bonds are not subject to present Dutch taxes.
crops
policy to reduce credit with moderation, and wher¬
ever
■
United States and Holland is 40.2.
abnormal
sound
their
is shared by our correspondents in
26; flaxseed, 104.
On the
•
increases
i
premium during the war and in 1918
a
The recent decline has been largely due to
not
countries.
unreasonable to expect a
the
at
for other large foreign
their traditional ability to correct economic disturbances, it
of
aware
■.
The normal rate of exchange between
The guilder was continuously
rapid declines might easily have generated
panic had not business
countries
statistics all guilders have been converted Into dol
the United States and still less percentages
reg¬
1920,
in
gold reserves to circulation, compared with 38%
percentage of 63%
a
a
cut in two; oats went back 20 cents
corn was
ister half the
a
wheat
as
2091
CHRONICLE
principal and interest of the bonds are chargeable on the Consolidated
Fund of the United Kingdom.
it is
:.v
proceeds of this issue will be applied to the redemption of Unfunded
The
debt of early maturity.
Finance to
repayable at
The bonds will be
par on
the 1st of May 1935, or on the
May in any one of the year 1925 to 1934 incl., at the option of His
1st
lighten the burden of the Business Profits tax and
Majesty's Treasury or of holders of the bonds on notice having been given
allow industries
by the Treasury or the holders
a
greater
reserve
of capital for these
perplexing times.
The bonds will carry interest at the rate of 5% per annum
Wages thus far show
and
production of about 70%.
lic announcement, speaks for more
try when he pleads for
accompanied by
wage
per
main
as
make
dence in
says
or
their
This
a
the
wages
minds
to deliver
more
if
issued
Bills
them
of
discount
at
an
Bank of England)
at the rate of 1% per annum.
such
when
and
,
of
annum
per
I
The first interest
and better
rate
average
6H%
was
case
of each
tion
was
at the rate of 2% per annum.
payment, payable 1st May 1921, will represent in the
bond Interest to that date from the date on which the applica¬
lodged and payment made for the bond, and will include
than
An announcement will be published
Bonds will be
The
OFFERING
OF
BRITISH
Bank of England, or
Treasury bills
disposed of this week by J. P. Morgan & Co.
basis of 6%,
count
some
time past.
dis¬
the rate which has been in effect for
The bills in this week's offering
'
November 22.
on a
are
dated
1
ON
FRENCH
the option of the
BILLS
are
this week
some
on a
6y2%.
.
time been 6%.
transferable lin any sums
multiples of £5, may be re-converted at any time In whole or in
£50) Into bonds to bearer with coupons attached.
warrants in respect of registered holdings will be forwarded by
Dividend
In the case of allotments of registered holdings warrants
post.
of
it had previously for
26;
their nominees.
by coupon.
Dividends
on
The bills in this week's offering
are
dated November 26.
for the first
the original
bearer bonds will be payable
r
.
1921, holdings of oonds of tihs series will be amal¬
the 2nd April,
gamated with holdings of bonds of the previous
,
discount basis of 6>£%—the figure to which
advanced March
was
applicant.
part (in multiples of
CONTINUED
French ninety-day Treasury bills were disposed
the rate
$
obtained in Registered Form or in Bonds to Bearer a
Holdings of Registered Bonds, which will be
which
On
The
of the Bank of Ireland, as
dividend, due 1st May 1921, will be forwarded in all cases to
TREASURY
AT
£100, £200, £500,
In the Books of the
Transferable by Deed.
2.
allottees or
RATE
f
1. Transferable In the Bank Transfer Books, or
TREASURY
Allotments may be
The usual offering of ninety-day British
U,
issued in denominations of £50,
£1,000, and £5,000, and may be registered free of cost
BILLS.
was
interest (if any) will be payable on the
succeeding interest date.
next
giscnssimis
in the "London Gazette" on or about
1921, and thereafter half-yearly until the 2nd November,
1924, of the rate at which additional
CONTINUED
additional
interest at the rate of 2% per annum.
the 2nd May,
arid
the Interest date next succeed-
ing such 1st May or 1st November
(as
annum
or over
development is already in evi¬
it
on
the
to
sold to
rate
discount
cut in pay.
a
|
half-year Additional Interest will be payable
exceeding 5j^% and under 6H%
per
If
as more
were
average
any
1st November,
1st May or
certified by the
re¬
can
during
Treasury
public
indus¬
conditions
additional interest payable during the period ending
1925, as follows:
when
and
ended
pub¬
be advanced if the workers
plants and is regarded
some
one
this large employer,
even
latter
equivalent to
than
maintenance of
a
1st May,
If
higher standard of efficiency. The
a
hour,
it is
up
work.
stated below, will carry
The general
of the Canada Cement Company, in
manager
payable half-
yearly on the 1st May and 1st November and subject to the
sign of general reduction
no
expected to maintain their present ratio to
are
the cost of
uring the month of April in the year pre¬
ceding that in which such repayment is to take place.
series issued in terms of the
Prospectus dated 30th April 1920.
Applications for bonds, which must in every case be
payment of the full amount
may
accompanied by
payable In respect of the bonds applied for,
be lodged at any office of the following Banks at any time at
such offices are open
which
for business, v1z.:[This list, headed by the Bank of
be
England and including some 50 odd institutions we omit.J or they may
forwarded by post to
the Bank of England Loans Office, 5 and 6, Lombard
Street, E. O. 3.
CITY OF AMSTERDAM {HOLLAND) BONDS OFFERED
BY
As
J.
S.
BACHE
indicated in these columns
&
CO.
Nov.
13,
A
of 2s.
commission
6d.
per
£100 will be allowed to bankers, stock¬
brokers, and financial houses on allotments made
in respect of applications
bearing their stamp.
page
1902,
be ob¬
of England;
Applications must be made upon the printed forms which may
an
tained, together with copies of this Prospectus, at the Bank
offering of City of Amsterdam (Holland) 7% internal loan
at the Bank of
bonds to the
Co., 13 George Street, Mansion House, E. C. 4; and at any Bank,
am*
unt of 15,000,000 guilders is being made
by J. S. Bache & Co. of this city.
and change in price,
the bonds
are
Subject to withdrawal
being offered at S3.5 per
1,000-guilder bond, to yield at current rates of exchange
6.67%, with
a
possible additional income from
of Dutch exchange to
is
any
its normal parity of 40.2.
payable May 1 and Nov. 1, and the bonds
are
Ireland; of Messrs. Mullens, Marshall, Steer, Lawford and
Order Office, or Stock Exchange
Bank of England,
.i
=====
i
Money
in the United Kingdom.
London, 30th October 1920.
,
ATTORNEY GENERAL PALMER SAYS ONLY CONGRESS
return
CAN
DETERMINE
CREDIT
TO
GERMANY.
Interest
redeemable
within forty years beginning March 1922, with annual draw¬
ings of 375,000 guilders.
Regarding the financial position
of Holland and the rate of exchange between this country
and Holland, the latest circular of the firm, dated Nov. 22,
says:
In
answer
to the fore
many,
to the
proposal which has
come
prominently
lately to extend a billion dollar credit to Ger¬
and to
use as
collateral the German property in the
Custodian, Attorney General
hands of the Alien Property
Palmer
on
Nov. 20 issued a statement saying:
The Attorney
General, when asked about the story about a plan to use the *
000) amounts to $150 per capita, compared with $236 for the United States,
Alien Property Custodian as a basis for financ¬
United States, said that some
such plan had been suggested to him by various people, but it is not now
being seriously considered.
The disposition of enemy property is a matter
$825 for Great Britain and $1,114 for France.
for Congress to
property in the hands of the
•
Holland has a population of 6,700,000, has no foreign loans outstanding
and its total national indebtedness of 2,540,000.000 guilders ($1,022,000,-
Tne Bank of Netherlands,
ing credit for Germany for purchases in the
determine.
made mention of this
We have in several recent issues
stated in these columns
Nov. 13, page 1898, by William W. Brauer.
A Washington dispatch in the Philadelphia 4'Record"
proposal which has been urged
Nov. 22 had the
Utilization
following to
funds
of German
say
in the matter:
hands of the alien property
the
in
now
President has full authority to permit their use for the establishment
credit 6uch
This
the assertion to-day
of
of a
American bankers.
that proposed by a coterie of
as
was
legal adviser of the Government in
a
discussing the plan for the establishment of a German credit of from $2,000,The opinion of this official is based on the fact
000,000 to $5,000,000,000.
that the proposed
plan does not purpose the disposal of the
'its
$450,000,000 of German property, but merely
use
approximately
by a corporation
organized under an act of Congress and in a manner that gives full guarantee
against any possible deterioration of the value of the seized property.
Congress specifically reserved to
this property, the official stated,
final disposition of
itself the right of
but it also
conferred upon
the President
authority to utilize for the best interests of the American public any
full
enemy
alien property that might be seized during the war.
The President
issue
can
a
NATIONAL
decree for the utilization of this property
without
of the use by the
the law than his permission
Shipping Board of former German ships violated the trading with the
enemy
act.
/
<
Senator Hitchcock
of Nebraska,
...
ranking member of the Committee on
Foreign Affairs, who led the fight in the Senate for ratification of the treaty
"he
said tonight that
funds to establish
why'the proposed plan for using these
credit for Germany should not be carried
a
"if the German
sees no reason
Government wants to
give
so," he said, "and if the lien is taken
do
turned
the
to
individuals
organization and such
this country to
whom
to
a program
The National Bank of Commerce in New York,
The
Germany, France and other foreign customers of the United States."
Objections to the proposed plan uttered yesterday by officials
the
of the State
based on the belief that
of bankers had in mind asking the Government to
group
relinquish
completely all control of the German funds.
been in close touch with
the tatement issued last night by
at
Attorney General Palmer that while some such plan had been presented to
him he
not at this time
was
giving the matter serious consideration.
These bankers say that at the New York
meeting of those who are per¬
erty as a basis the organizers were informed that the Attorney
decision
a
the President had full
that
General had
authority under the war
him by Congress to Issue a decree permitting the use
powers conferred upon
of the property.
a
substantial increase is anticipated in the demand for
no
banking accommodations, either for crop financing or to meet commercial
and industrial requirements.
The credit position is essentially sound and
the future is to be regarded with
confidence.
financed the
The banks and reserve institutions have
beginning of
The
reduction in the aggregate of these requirements is now evi¬
a
Loans of reporting member banks
dent.
volume
enormous
of their reserve strength.
of current requirements with no weakening
of the reserve system expanded
A moderate contraction is now shown.
steadily until the middle of October.
moderately increasing
Interior banks In diverse sections of the country are
purchases of commercial paper, an evidence of the
release of funds from other employments.
They have also begun, in a
the
of their
volume
It is important, however, because,
has occurred is not of large volume.
situation, it indicates an ability greater than might
in the present difficult
have
been anticipated,
interior banks and their
the part of both the
on
liquidate outstanding obligations.
customers to
Such contraction
other banks.
small way, to reduce their borrowings with
It indicates also that the
will be toward the contraction rather than expansion
future trend
of such
obligations.
NEW AMERICAN CHAMBER OF COMMERCE IN THE
PHILIPPINE ISLANDS.
The
following published in "Commerce Reports" of Nov.
is an extract from a communication dated October 13
22
1920, from J. F. Boomer, commercial agent in Manila, to
the Bureau of
The
Foreign and Domestic Commerce:
American
Into it have gone practically all Ameri¬
It has funds at its disposal for the
firms of standing.
suitable quarters,
number
of
called out
for
a
Philippine Islands was
the purpose of having a commercial
for
ago
organization distinctly American.
can
of the
of Commerce
Chamber
establishment of
stock exchange, a downtown lunch room, and other
Its associate
merchant.
the
a
large
The organization has
non-merchant class.
of the
Americans
list has attracted
American enthusiasm than any other organization or event
more
that has interested the
public here for
a
The moving spirits of
all
long time.
it, those who will determine its policies, are wholly American, as are
the
individual
members.
those who
Even
represent
foreign capital
are
American citizens.
It also is understood that there
at
meeting of the Cabinet
make any
the period under review,
Pressure may for a time continue at this cur¬
maximum level.
conveniences
*
fecting the plan for the establishment of the credit with the German prop¬
rendered
a
organized several months
Financiers in Washington who have from the start
the progress of the plan are puzzled
country's credit requirements have, during
high level but
rent
believe that such an
I
were
a
Nov. 19, says in part:
reached
would relieve the situation in Germany and
Department and certain members of Congress
in
regarding current market conditions, issued on
statement
in time the property can be re¬
up
belongs.
it
SOUND.
out."
lien on this property it can
Something must be done to give credit to
large extent.
a
a
CREDIT
VIEWS
COMMERCE
OF
POSITION
as
any more contravention of
BANK
as
the trading with the enemy act, and the
custodian is not prohibited by
[VOL. 111.
CHRONICLE
THE
2093
full disucssion of the proposed plan
was a
Tuesday, but that the President would not
on
undoubtedly be a potent force for the development
The organization will
of American
in this country.
commerce
decision until after he conferred with Secretary of the Treasury
Houston who
It
not present.
was
intimated yesterday that Secretary
was
Houston will confer with the President during this week.
FOREIGN DEPOSITARIES
FORfMEXICAN IRRIGATION
W7o BONDS.
CANADA
AMERICAN OWNED PLANTS IN
Last week, page
The
stimulating effect of the war upon Canadian industryattracted large amounts of American capital for investment
In the Dominion's manufactures.
some
six
There
American-owned
hundred
are now
plants
in Canada
according
estimates of the Bankers Trust Company, New
to
York, in
a
study just completed entitled "The Dominion of Canada."
While there are no available statistics of the amount of
American
capital
used, the study states that it must run
so
Americans have also invested large
into millions of dollars.
sums
in Canadian
securities.
"It
is
Government, provincial and municipal
estimated,"
Bankers
the
says
amount in 1914.
out
citizens
probably
a
year.
to
The
for
sums
interest,
For the period of the
the United States have
sinking fund gold bonds due 1943 to deposit their bonds
Dec.
31
up¬
and insurance,
freights
war
depositary
as
on or
before
1920, subject to the terms of the bondholders*
agreement dated Nov.
A notice made public by the
18.
firm Nov. 21 says:
The following banks
York irrigation
the
and bankers will act as depositaries for the New
4^ % sinking fund gold bonds:
the London County Westminster &
In London,
Berlin,
Deutsche
Bank;
Parr's Bank,
Frankfort-on-Main,
in
Mr.
Ellissen, and Messrs. Teixeira de Mattos Brothers in
Ltd.; in
Lazard Speyer-
Amsterdam.
SPEYER & CO. CALL FOR DEPOSIT OF UNITED STATES
OF MEXICO
annually payable by Canada to
profits,
referred to the fact that Speyer
irrigation works 4
with the New York Trust Co.
against about one-fifth of this
aggregate or perhaps even exceed $75,000,000
now
we
Trust
Company, "that Americans have invested in Canada
wards of $1,250,000,000, as
1994,
& Co. had invited holders of Mexican
and since, these payments
probably amounted to around
$420,000,000."
4% GOLD BONDS OF 1954.
Speyer & Co. announced on Nov. 22 that holders of United
States of Mexico
before Dec. 31 1920
York
depositary
as
due 1954
4% gold bonds
deposit their bonds
were
invited to
attached on or
with the Equitable Trust Co. of New
with all unpaid
37 Wall Street
coupons
and its agents abroad,
subject to the terms of the bondholders' agreement dated
In
quoting returns from 34,380 Canadianjmanufacturing
the
study discloses that the total capital invested was $2,772,517,000, an increase of $778,414,000 or 39%, over the
amount invested in 1915.
Gross value of goods produced in
1917 was $3,015,000,000, while cost of
materials
was
$1,600,000,000 leaving a net valueladded|by the process of
manufacture of $1,400,000,000. v
establishments for 1917 (the latest statistics available)
The total amount of this issue is $40,000,000,
Nov. 221920.
U. S. gold,
and the bonds
were
originally placed by Speyer
& Co. in the United States and by
in London, Amsterdam,
their banking connections
Frankfort and Paris, in 1904-1905.
Speyer & Co. in their I circular state thatjdefault was made in
the payment
of interest on these bonds due June 1 1914, and
that since January
1914 default has also been made in the
sinking fund payments provided for the redemption of these
SIR
HENRY
BABINGTON
SMITH
APPOINTED
DI¬
RECTOR OF THE BANK OF ENGLAND.
Sir
Henry Babington Smith, C.B.E.,
Bank of British West Africa,
a
director of the
a
noted, brings the Bank of British West Africa, Ltd., into
sides
the
alliance
Bank
with
of
banks, for be¬
England this institution is already in
Lloyds
Bank,
holders to have
Ltd.,
London
the
above
defaults
occurred,
County
to have
elected President of the United
whojwill assume office on Dec. 1, is reported, however,
publicly declared that the new Mexican Government "will
nize aU legal
There
are a
number of foreign loans
and unsecured, and guarantees given
of the Mexican Government, secured
by it, on which default has been made,
recognized and provided|for by the MexicanlGovernment.
England and theJStandard Bank of South
York Agency
London, to the New
this week also announcedlthe authorization of
the usual half yearly
dividend of 4%.
I
as
possible."
& Union Bank of
A cable dispatch from the head office of the
recog¬
foreign debts"£and that all its debts will be paid "as far
as
Bank of British West Africa, Ltd., in
bankers
The bankers' circular continues:
General Alvaro Obregon, who has been
States of Mexico, and
Westminster & Parrs' Bank, Ltd., the National Provincial
Africa, Ltd.
the
behalf of the bond¬
the interest and sinking fund installments
paid, but without avail.
This appointment, it is
alliance with another of the world's greatest
the
state, they have made repeated efforts on
Ltd., has been appointed
director of the Bank of England.
Since
bonds.
well
as a
large amount of other claims against it, which will have to be
We therefore consider it important that the holders of the above bonds
should unite, without delay ,|for the.proper and effectual protection of thei*
interests.
Temporary certificates of deposit will be issued by the
depositary,
exchangeable for engraved bearer certificates",
Nov. 27
1920.]
THE
CHRONICLE
and application will be made for the
certificates
listing of the engraved
Exchange.
Speyer &
charge to depositing bond¬
the New York Stock
on
Co. state that
they will make no
holders for their services under this
agreement.
Wickersham & Taft wall act
of
as
counsel.
defaulted interest up to Nov.
$11,000,000.
be
1
Cadwalader,
The total amount
1920 amounts to
over
It is understood that arrangements will also
made for
receiving deposit of these bonds in London,
Frankfort-on-Main, Berlin, Amsterdam
considerable amounts of this issue
and
Paris,
where
held.
are
ton
which
the
full
3093
said
that
the
approval of
the
Consortium for
thej assistance of
China, organized by banking groups in the United States,
Great Britain, France and
Japan had been formed "with
ment
added
interests
of
that
Governments."
four
these
Governments
Chinese people
The
best be 'served by
can
state¬
that
believe
"the
the
co¬
operative action of their several banking communities to the
end that
the Chinese Government may be able to procure
(through loan agreements involving the issue for subscrip¬
tion by the public of loans to the Chinese Government or
other agencies
EGYPTIAN BUSINESS CRISIS.
A London
cablegram to the daily
papers
ment
ed, particularly for the construction of improved
Nov. 25 said:
The continued fall in cotton prices is helping to
paralyze Egyptian busi¬
Cairo dispatch to the Central News under Wednesday's date.
ness, says a
Banks are faced witn a large deficit on merchandise, and the situation has
been aggravated by unsettled conditions in the cotton
industry in America.
Indications point to the cotton trade becoming more
stabilized, but it is
expected that
critical stage will be reached within the next two months,
a
the
dispatch adds.
If banks give necessary assistance without taking pre¬
cipitate action, commercial stability is confidently expected early in the
new
year.
SOVIET
PLANS
TO
ABOLISH
MONEY
IN
RUSSIA.
Regarding plans of the Russian Soviets to abolish
The Council
ofl People's Commissioners in Russia has directed
ment of money,
munist
organ
according to
here.
plan within
a
a
the Russian
month for the abolish¬
Moscow report to the "Red Flag," the Com¬
a
The dispatch
it is
says
expected
that
moneyless
a
period will be decreed, effective from Jan. 1.
According to this information, payments for necessaries of life by work¬
and families in the second category
men
probably will be first abolished along
the lines of the Soviet plan, by which gas, water,
electricity and telephone
service will be furnished.
"After
one
year
In conclusion, the article in the "Red
of organized efforts
victorious
of the
Flag"
says:
proletariat
thousands of year: old commercial system falls like a house of cards.
this
Should
the moneyless scheme succeed in its first and hardest
period here, its adop¬
tion by the whole world could be brought about.
When our children are
they will know money only by memory."
grown
EASTERN
It is thus hoped
PORATION
to assist the Chinese people in their efforts toward
a
greater unity and stability and offer to individual enterprise of all nation¬
alities
equal opportunity and a wider field of activity in the economic de¬
velopment of China.
It is further believed that through such co-operative
action
greater degree of understanding and harmony with reference to
Far Eastern matters may be reached among all five of the nations involved.
a
CHINESE
SHORT
TERM
DEPRECIATED
DOMESTIC
NOTES
OF
LOAN
CHINESE
TO
BUY
BANKS.
The floating of a short term domestic loan of $60,000,000
by China is reported in advices from Trade Commissioner
Lynn W. Meekins at Peking under date of Sept. 16 to the
Department of Foreign and Domestic Commerce at Wash¬
ington, which
quote herewith:
we
A Cabinet order published in the Official Gazette states that the
heavy
depreciation of the Peking notes of the Bank of China and the Bank of
Communications has interefered with trade and caused considerable losses,
The Minister of Finance is authorized to float
of
a
short-term domestic loan
$60,000,000 of which $36,000,000 will be utilized to buy these depreciated
notes
during the period Nov.
$24,000,000 will be used
The notes
thus
1
1920
Jan.
to
31
COR¬
to fix
or
a
The
1921.
balance of
discharge mortgages held by the two banks.
to
regained will be destroyed.
After Jan.
commercial institutions will be permitted to traffic in
BANKING
of
The statement further said:
these two banks
EQUITABLE
means
communication and transportation."
money,
the Associated Press in advices from Belin Nov. 24 said:
Finance Commissioners to prepare
involving a guarantee by the Chinese Govern¬
Chinese Provincial Government) the capital requir¬
or
31
no
official
or
depreciated notes of
market value for them less than their face value.
Holders of these notes may exchange them for loan bonds or accept a de¬
posit certificate bearing interest at the same rate as the bonds.
FORMED.
Both the
certificate and the bonds will be silver, and exchange will be at the face
The
Eqhitable Trust Company of New York announced
this week the formation of
known
The
the
as
Equitable
a
new
banking corporation to be
Eastern
Corporation.
Banking
organization is designed to further develop the
large Far Eastern business now being done by The Equitable
new
Trust
Company of New York and facilitate and build
foreign trade with far eastern countries.
be
capitalized
$2,000,000 with
at
The officers of the
Alvin W.
new
company
its
of $500,000.
will be:
The Ministry of Finance and the currency
bureau have been instructed to draft regulations for the issue of a limited
number
of
new
Amortization
annual
bank
will
The
notes.
begin
on
31
bonds
1921,
will
and
bear
interset
be continued
(1)
Interest
(2)
will
rate
be
6%
and
repayment
'■
Security of repayment will
will
be
effected
by the customs surplus
funds.
The salt surplus releases will be reserved for any deficits left by the
customs
surplus.
for
Such funds will be deposited with the Bank of China and
a
special account and
are not
to be utilzed
other purpose.
any
(3)
Bank notes issued by the Bank of China and Bank of Communica¬
Heman Dowd, Vice-President.
tions will be accepted at their face value for the purchase of such
bonds.
Kracbt, Vice-President.
R. Hunter, Secretary and Treasurer.
James J.
Rogers and
Waldemar F. Oeblmann, Managers of the Shanghai Branch.
announcement
The present business
requires
several
issued
by
the
r
also
company
in
Shanghai
and
other
(4)
No registration of buyers will be kept.
(5)
The bonds will be accepted
(6)
says:
of The Equitable Trust Company of New
representatives
eastern cities.
(7)
York
prominent
far
Such bonds may be purchased or repurchased or sold at discretion
and will be
accepted
as
genuine guaranty bonds in official transactions.
Eastern Banking Corporation will
assume
the far Eastern
JAPAN
POOLS
RIGHTS
Shanghai office.
Road until the completion of the new Robert Dollar Building, Canton Road
the Bund.
The Robert Dollar
and
Building will be when completed the
imposing office building in
Shanghai.
The Equitable
Press advices from Tokio Nov. 22, state that Japan has
making
the ground floor.
in
i
..
newspapers
Georges Le Blanc, Vice-Pres. The Equitable Trust Co. of New York.
These
Richard R. Hunter, Vice-Pres. The Equitable Trust Co. of New York.
Ernest
Kracht,
Manager,
Bullion
Dept.
The Equitable Trust Co.
Drum,
D.
McKee, Chairman,
of San
President,
Mercantile
Trust
Co.
of
San
It is also stated in these advices
the Tsinan-Shunteh-fu,
are
tium reduces
that
S.
John
"Nichi Nichi".
Another newspaper, the
of New York.
John
dominant role
Kaomi-Huchow and Tao-je railroads
and the newspaper questions whether Japan's sacrifice is not too great.
Rogers, Asst. Mgr., The Equitable Trust Co. of New York.
D.
a
Chinese engagements, according to the
that:
Heman Dowd, Vice-Pres. The Equitable Trust Co. of New York.
James J.
the Consortium which will play
up
the financing of
'
Alvin W. Krech, President, The Equitable Trust Co. of New York.
CHINESE
pooled her rights in three railroads in China with the Nations
Eastern Banking Corporation will occupy a handsome suite of offices on
The incorporators of the company include:
THREE
IN
RAILROADS.
The Shanghai Office of the new corporation will be located at 1 Kiukiang
modern
guaranteed reserve funds to oe
as
-
The Equitable
most
legal tender in payment of all kinds of
as
The bonds will also be accepted
deposited with the proper authorities by all banks.
representation for The Equitable Trust Company of New York through its
near
domestic
\
Government duties and taxes, with the exception of customs duty.
Alfred E. 8chumacher, Manager of the New York Office.
The
within
V"
■
be guaranteed
Ernest
D.
6%.
The chief provisions governing the issue of these bonds are:
Georges Le Blanc, President.
Richard
at
by semi¬
drawings.
Bank of Communications under
Krech, Chairman of the Board of Directors.
loan
March
six years.
The company will
surplus
a»
up
value of the depreciated notes.
Francisco.
Japan
"The
Board of Directors, Mercantile Trust Co.
receives
Japan to the
gets
an
"Kokumin
same
Shumbun," complains the Consor¬
level with United States and England and
inter-Nationalized country
principle of Asia for Asiatics,"
the
as
a
neighbor.
newspaper
concludes,
"thus
blow."
a
Francisco.
Emery Olmstead, President, Northwestern National Bank, Portland, Ore.
Enrico N. Stein, Vice-Pres. of Abe Stein & Co., Inc.
PROPOSED
Winthrop W. Aldrich, Member of Murray, Prentice & Howland.
INCREASES IN
They
porators.
are:
Mercantile Trust Company of San
Northwestern National Bank of Portland,
Another
Francisco,
and
Oregon.
bank included among the stockholders Ls the Citizen National
Bank, Los Angeles, California.
The New York offices of the Equitable Eastern Banking Corporation will
be located at 37 Wall St.,
Ne^y York.
The following statement concerning
OF
CHINESE
Day Scandanavia," published
dum
a
recent
tium
on
the 19th inst. of the signing of the Chinese Consor¬
(and published in
statement was issued
representative of The Liberty National Bank advises
a
our
issue of Nov. 20,
page
1996),
It is not
a
that import
point where they would correspond with those con¬
the Swedish Parliament in 1911.
generally believed that such import duties as may be
imposed will
On the
materially affect the imports of Sweden from the United States.
such measures would enable manufac¬
compete in the Swedish markot with the
contrary it might be expected that
by the State Department at Washing¬
Nov. 19 by the Liberty
meeting of the Federation of Swedish Industries a memoran¬
tained in the tariff bill passed by
Coincident with the announcement made by J. P. Morgan
& Co.
on
directed to the Government containing the request
was
duties be increased to
CONSORTIUM.
proposed increases in
National Bank of New York:
The Scandinavian
APPROVAL
CUSTOMS
Swedish customs duties appeared in the issue of "Present
that at
STATE DEPARTMENT AT WASHINGTON EXPRESSES
SWEDISH
DUTIES.
Several important Pacific coast banks are represented among the incor¬
turers
in
the
United
8tates to
manufacturers of European
countries.
/
In connection with the
mind that at the S
restrictions placed upon the importation
above, it must also be borne in
■
present time there are very severe
than necessities.
of goods other
Swedish Finance Council has
The
National Bank
possible point.
of Swedish kroner bills which are then
for wood exports by rrteans
counted in
dis¬
The Council states that credit should not
Swedish banks.
be
their goods abroad, retain the bills In
capital by using bank credits.
be renewed without filing application with the Financial
\iV;.
given exporters who, having sold
their
own
possession and procure the necessary
Wood bills may not
Council.
the extraordinary
IN FINLAND.
BANK ESTABLISHED
Davis at Helsingfors, the following
From Consul Leslie A.
hav¬
ing been received by the Department of Foreign and Domes¬
advices, dated Oct. 8, were announced on Nov. 22 as
Oct.
5
Swedish Finland) was
estaolished In HeLsingfors.
and by this decree is increased to
low,
levied
centages
on
increased: while the
percentages
reaching
annual payments increased accordingly.
established, are as follows:
20 years, and the
centages which have been
Yearly
Percentage
Amount of
Levied.
Property Lire.
Percentage.
50,000
4.50
100,000
5.61
Yearly
Percentage
of
Levied.
Percentage.
5.000,000
1936
.968
10,000.000
2411
1.2055
20.000,000
30.03
1.5015
50.000,000
4014
2017
100.000,000
50.00
2.50
0225
.2805
698
.249
.4665
1,000,000
.581
the
2.000.000
14.48
.728
In the case of fortunes at least
three-fifths of whose total is made up
securities and other movable property as distinguished from
real property,
period during which the payment of the levy must be made is
the
Provisions
Regarding Foreign Investments.
liberal attitude which was previously adopted
No change is made In the
Foreign investments in Italy are subject to taxa¬
those of an Italian citizen; money, however, de¬
toward foreign capital.
tion
the
on
same
basis
as
posited in Italian banks by foreign individuals or business firms
taxation, and
new
is subject to
capital brought into the country for use in a productive
Department of Foreign and Domestic Commerce:
enterprise can be granted a special exemption for a period of years
Trade Commissioner Gerlnger at
has submitted a bill for cre¬
ating a reserve consisting of foreign exchange to be realized from sugar
profits on sales exceeding 257,500 tons.
All foreign money received from
the sale of excess sugar is to be turned over to the Banking Department,
which will use the same for the stabilization of the Czecho-Slovak crown
instance, however, each case will be determined
According to dispatches received from
Prague, the Czecho-Slovak Finance Minister
when they decline in value. Ac¬
cording to statements of the Ministry, it Is probable that the bill will be
passed in view of the present low value of the crown, due to manipulation,
which in future is to be counteracted by use of reserve sufficiently high to
in
foreign markets by purchasing crowns
1,000,000,000
purchase
Municipalities are to collect the luxury and sales
public road districts.
tax.
In this
individually on its merits,
general exemption will be granted.
no
One of the
with the
considering the
questions which has been much discussed in connection
application of the new taxation program has been that of
advisability of requiring securities to be issued in the name of the owner
rather than to bearer.
It has been decided that any action in this direction
must be taken
gradually.
securities Issued to
By the decree, the special tax on dividends from
"bearer" is increased from a rate of 5% to that of 15
This tax does not apply to dividends from
cent.
per
securities issued by
the State
certain changes will be
connection with the progressive income tax,
In
reducing the coal tax from 30% to 20% and in¬
2%. Thirty per cent of the
proceeds of these taxes are to be donated for the relief of State administra¬
tions of Bohemia, Moravia, Silesia and Slovakia counties, municipalities
and
and
crowns.
Another bill is proposed
creasing the luxury and sales tax from 1 to
reduced*
10 years.
TO
is an¬
Reports" of Nov. 18, issued by the
Amount
Property Lire.
"
9.33
receipt of the following advices at Washington
reduced to
The new per¬
due in this connection were distributed, is
which the payments
11 62
STABILIZE EXCHANGE.
nounced in "Commerce
maximum of 50% in the case of property amounting
Furthermore, the original period of 30 years, over
500.000
LEGISLATION
CZECHOSLOVAK
u-S;/.
a
50,000 lire.
100,000,000 lire.
to over
to
The
considered too
However, the per¬
property exceeding this figure have been materially
former maximum was 25%, the new decree establishes
original limit, which was placed at 20,000 lire, has been
The
speaking parts of the country.
PROPOSED
capital, the first modification
which will be allowed exemption:
the amount
to
(Co-operative Bank of
The new bank is founded
The par value of a share will be
100 Finnish marks and the bank will commence its work as soon as sub¬
scriptions have been received for 20,000 shares.
Swedish
made relates
is
which
200,000
Andelsbank
plan and will promote agricultural industries in
the co-operative
on
Finlands
Svenska
the
the State may equal 91%
Percentages Levied on Property.
Commerce at Washington:
On
added
capital and the super tax on war profits are
on
regard to the extraordinary levy on
With
.
CO-OPERATIVE
tic
levy
normal taxes, the amount appropriated by
of the total profit realized.
restraint" be
It also urges that importations be
The representative of The Liberty
in this connection advises that it has become a practice to
reduced to the lowest
increased in such
tax is
credits for export.
exercised in granting
pay
issued a statement emphasizing the
Bank and insisting that "the greatest
attitude of the State
running from 10 to 60 per cent.
Under the new law the
a way as to reach a maximum of 80%, so that when
property values,
to the
Restrictions in Sweden, the issue will say:
With reference to Credit
[Vol. 111.
CHRONICLE
THE
2094
made in the
with
graduated percentages
and new provisions will be adopted,
problem of ascertaining the true
view to facilitating the difficult
a
taxable income.
r
TAXES
OF
READJUSTMENT
ITALY
IN
MEET
TO
DEFICIT.
RESULTS
The
A.
A.
ITALIAN
THE
OF
CAPITAL.
ON
LEVY
following advices dated Oct. 21, and received from
Osborne,
Secretary to
the Commercial Attache at
ment of
Rome, appeared in "Commerce Reports" of Nov. 20:
The returns from the first of the twenty annual assessments
contribution from Italian capital is to be paid have been
by which the
The number of
about 1 % of the total population of
Number lia¬
ble to the
Number lia¬
Per
ble to the
20,483
75,730
19,073
49,490
33,711
37,429
25,933
32,754
,
Rome
Piedmont
Emilia
.
-
Campania
Tuscany
.
-
Venetia
*
Cent*
capital levy.
Compartments.
Liguria
Lombardy
.
capital levy.
Compartments,
1.79
Marches
1.54
Apulia
14.698
1.45
1.41
Umbria
1.23
1.09
Sicily
4,483
5,385
19,964
6,930
2,068
5,311
7,908
Sardinia
Calabria
.94
Basilicata
.87
Abruzzi & Molise
The prosperous
0.69
1.67
.51
the textile
.33
Lombardy has
and other cities, and
Campania contains Naples, the largest city of Italy, as well as a fertile
agricultural domain that has thriven exceedingly in this era of high food
prices.
Calabria,
among
Sardinia and Sicily, and the regions of
large islands,
The two
Basillcata,
the
and
Abruzzi
and
Molise,
have
more
relatively few
a
The following
Last June it was estimated that 620,000 individuals liable to the tax
would be found
in the country
but only 361,000 have been recorded.
The total wealth
subject to tax was estimated at 138,000,000,000 lire, but only
70,000,000,000 seem to be liable.
The predicted annual yield of the levy,
levy
on
capital point to a wider diffusion of funded wealth in Italy than was
supposed to obtain.
There is little evidence that the invested property of
the country is concentrated in a few hands.
Some points must
turns from the first
each member of a
owner.
With
be kept in mind in the consideration of the early re¬
In the first place, it must be remembered that
levy.
propertied family may be regarded
as a separate property
the attention of your readers the following in¬
received by this Commission from the Royal Italian Min¬
istry of Commerce and Industries, which is another tangible proof
tions
after the great blows
sustained by her—just the same as aU other
European warring nations in her financial and economic structure.
The very clever
settlement reached by the Italian Government of the
serious metallurgical
workers' agitation, coupled with the recent adjustment
of the Adriatic questions, are to be
toward rapidly
Italian
recognized
price of said essential commodity, the difference
financial
between
said
Government.
Ir order to cover the heavy amount which will still continue for some time
cost of
due to the reduced difference between purchase price and the actual
bread, the above mentioned ministry has advised that
tion of taxes and other financial
a
reorganiza¬
arrangements has been proposed, such as
increase in the taxes on numerous articles of luxury
on
wine and bottled
liquor* payment of one year in advance of the levy
on
capital
prices
of tobacco,
cigars,
etc.,
established
by
the
special
increased
Government
monopoly, which will undoubtedly have the effect of relieving the financial
budget of about 4,700,000,000 lira.
The above is
as
far
as
a courageous
step, which will have the most favorable results
the financial and economic situation is concerned.
Very truly
DR.
yours,
V.
CANTALUPI,
print here the particulars regarding
THE
May 4 gives the following summary of a new decree covering modifications
previously adopted by the Italian Government:
Italy's intention to appropriate for the benefit of the Government the
major part of profits which were derived as a direct result of the war.
law already
country
price and the actual high cost having been absorbed for a long time by the
The
in effect imposes a graduated tax on such profits or increases in
ITALIAN
GOVERNMENT
GRIP
Trade Commissioner H. C. MacLean writing from Rome under date of
It is
my
recent cable,
a
For Italian Government Mission.
give in "Commerce Reports" of June 9.
in the financial measures
strides of
"
Industries, in
been submitted to the Italian Chamber of
the total.
We take occasion to
the tax, as
and
Deputies for a certain increase in the price of bread established by the
Government which will have the effect lof reducing to a good extent the
this lower amount, instead of the father's having to pay at the higher
rate which would apply to
as great
aprpoaching normal conditions.
Ministry of Commerce
sidered to be worth 800,000 lire, and is called on to pay at a lower rate based
on
of how
couragesously and smoothly Italy is gradually approaching normal condi¬
Thus, in a family consisting of husband, wife, and three children,
possessions totaling 4,000,000 lire, each member is personally con¬
be expected.
appeared in the Nov. 22 issue of that
Dear Sir.—May I bring to
to come,
All the indications from the returns on the first payment of the national
The
favorable effect, and there is
a
relates to the same subject:
paper,
783,000,000 lire, has dwindled to an actual total of 450,000,000 lire in this
first year.
had
communication to the Editor of the New
York "Commercial"
advises that an urgent bill has
Facts Revealed by the Tax Returns.
required until the next harvest.
general feeling that a gradual improvement in conditions may
The
their inhabitants of sufficient wealth to be taxed.
The Food Administrator has already purchased
these measures.
than half of the foreign wheat
formation just
Liguria has the large
and other factory districts about Milan
It is expected that Parliament will promptly
settlement of the Adriatic question has
.45
.42
and the rate on private
imposed on incomes, wines, luxuries and tobacco,
.62
.62
Higher taxes will also be
lire.
saving to the Government of 2,726,000,000
approve
Per
cent.*
industrial regions of the north furnished the larger pro¬
commercial and manufacturing centres, Genoa and Spezia,
presented, which
The
increase in the price of bread which would result in a
meet the present deficit of over 500,000,000 lire.
capital will double in 1921.
Percentage of total population in each region (1911 census).
portion of the property owners liable to the tax.
expected, will
plans provide for an
pu~>lished.
distributed throughout Italy as follows:
the country, and they were
t is
Commerce at Washington on Nov. 18:
opening of Parliament on Nov. 10 measures were
At the
Property of a minimum value of 50,000 lire is taxable.
people subject to this tax was 361,350, or
receipt of the following cablegram from Commercial
the Depart¬
The
Attache MacLean at Rome, was announced by
The
ON
IS
LOOSENING
ITS
BUSINESS.
following is from the monthly bulletin issued
on
Nov. 1
by the Italian Discount & Trust Company of this City.
A bill
providing for the abolition of certain Italian trade restrictions wa»
passed recently by the Chamber of Deputies.
The
measure, among
other
Nov. 27
1920.]
tilings, will limit the activity of the Government in the production and dis¬
tribution of goods, permitting the largest freedom
conditions"
victed
of
possible under existing
and will result in the infliction of heavy penalties for those con¬
profiteering
in
of
articles
prime
textile materials will be taken from the hands of the Government, and
on
hand will be delivered
tive associations which will dispose
regulations for assuring
"corner"
the market will be issued
in
Commerce, which
demand, the
agency,
will not continue to exercise the direct
however,
distribution of
and
manufacture
necessary
the Ministry of Industry and
by
control which it has been exercising over production-
the
to the co-opera¬
over
steady supply to the press and for preventing a
a
"National"
the office controlling
shoes will be abolished.
Within three months from the date on which the law becomes effective,
the list of commodities of which the importation or exportation is subject to
restriction shall be revised and a number of such commodities taken from
also
is
provided that merchants who
enter
into
be offered
ment for from
of food
fixing
agreements
the market are
on
liable to penalties
on
established by a new law on profiteering, namely impris¬
1 to 5 years and a fine of 1,000 lire or more.
The hoarding
,
course
toward normal consumption, is made punishable
with imprisonment up to 5 years
finance
important
PORTED
BUYER
BY
KUHN, LOEB &
From "Financial America" of Nov. 22
ing:-. i;"
OF
we
take the follow¬
fe, v-77
London
market.
open
year,
This is "brand new"
gold—not like the gold that has been brought over recently by the Federal
banks which
"ear-marked"
was
York Federal Reserve Bank, and through it, into the
gone
reserve
because Kuhn, Loeb & Co. have been selling the metal directly
system,
more
Both parties
mediate position to
expand credit.
Kuhn, Loeb & Co. have found that if
For instance,
gold
comes
a
,
consignment of
into their possession after 2.30 p. m., the Assay Office will not
credit for the amount until the following day.
give them
Reserve Bank
on
The
Federal
the other hand, will give them credit therefor up to
a
late
the saving of a day's interest is no small consideration.
In this
the
way
more
up
management of the Federal Reserve
to date
Bank, as compared with the red tape of the Government institution is
enabling the former to accumulate the yellow metal in its vaults more
rapidly than it would in the ordinary course.
Loeb & Co. this
The $65,000,000 gold obtained by Kuhn,
a
product of the mines sold in the open market.
in the
Bankers
case
of gold from the mines
This may be
on
can
British
But the British Government has made speciai exemption
gold exports.
currently offered in the
A
taken by the highest bidder, and because of the low position of
premium on the market gold has ruled.
normal.
118s.
an
At the present time, bar gold in
ounce,
as
compared with about 85s.
Formely India and the Far East were active competitors with
York
New York, but now New
appears to
be the only bidder, after the
The British and Indian treasuries
Government requirements are filled.
are
always given precedent.
Loeb & Co. should be the only New
banking house importing gold from
London at present.
The dis¬
tinction in this respect, however, lies less with Kuhn, Loeb & Co. than it
does with Rothschild & Co., London, who do the actual buying of the metal
and who appear to
are
the
a
be especially favored in this respect.
Kuhn, Loeb & Co.,
matter of interest as to what becomes of this imported gold
of credit expansion.
way
Federal Reserve Bank,
on
a
The initial deposit of the gold at the
basis of 40% reserve, would allow for
a note
expansion is in the proportion of at least 10 to 1.
Therefore the Kuhn, Loeb & Co. importations have provided for a possible
credit expansion of between $600,000,000 and $700,000,000.
Spread over the past ten months or so, this credit expansion has been
It must also be borne in mind that while gold has
"lost in the shuffle."
been coming into the
United States
on
this side there has been
drain out of the country in other directions.
this year to
to
For instance,
we
an
extensive
have shipped
the end of October, $20,000,000 gold to Argentina, $69,000,000
Japan, $29,000,000 to Hong Kong. $28,000,000 to China, $17,500,000 to
Mexico, etc.
and Oct.
Our total imports of gold from all sources between Jan.
1
31 amounted to $315,500,000 while in the same period our total
exports amounted to $285,500,000.
Total imports from England this
year
amounted to $205,300,000-
prospectus
of
the
financing corporation
national need that such
a
proposed
the
$100,000,000
foreign
city, and Chairman of the Committee
on
inaugurated the plan.
Association
As indicated in these columns
13, page 1900, a meeting will be held in Chicago
on
effecting the organization
corporation in accordance with the plan approved
at the recent
annual convention of the Bankers' Association.
The meeting
has been called by John S. Drum, President of
appreciated
thoroughly
to appeal to the bankers, the business men and the
way
a
has received
The nationwide foreign trade financing plan,
Marine Committee of the Association
enthusiastic support from any source than from the
more
no
Agricultural Commission of the Association.
there have been
In addition, I
can say
that
received numerous expressions of effective support from
important business interests.
With the coming into
existence of the corporation, the way will be open
ever-increasing employment in profitable foreign trade of America's
production not required for our domestic uses.
excess
of financing this excess output
means
is
cooperation in obtaining this object is a
It is proposed to
Act with
an
a
To provide effective
national necessity, and suitable
public duty.
is the prospectus as made public this week.
organize a corporation under the provisions of the Edge
for the
authorized capital of one hundred millions of dollars
financing of American foreign
trade, operations to begin on or about Jan. 1
Committee of the American Bankers Asso¬
The Commerce and Marine
bankers, representative of the entire United
comprising fifteen
ciation,
study of the importance of American foreign trade
of such a corpora¬
different reports to the Association, aU
of which have been unanimously approved.
The last report was made to
the Convention of the Association held at Washington in October of this
States, after two years
situation, recommended the organization
to our domestic
tion.
The Committee made four
year
and thereafter the President
of the Association was authorized to
business men to meet and take appropriate steps In
such a corporation for the purposes
request bankers and
connection with
the organization of
stated.
7
Organization Meeting.—Such a meeting
will be held in Chicago
on
Dec. 10
that all banks and business corporations,
Subscribers.—It is proposed
and the
public generally throughout the country, shall bo invited to sub¬
allotment in the event of over-subscription.
It is
scribe for stock, subject to
imperative that
the practical interest of bankers and business men be
the Chicago meeting.
enlisted in this matter prior to
Reasons
Action.—An immediate inauguration of this
the interests of the United States, in order
properly financed, and in order that our
Immediate
for
corporation is believed vital to
that
foreign trade may be
our
industries
not face an anxious
may
unrest.
and
ment
has
Stagnation
commodities such as wool, sugar,
future with possibilities of unemploy¬
developed in the United States for
rubber, coffee, leather, certain metals,
and, to a lesser extent, for wheat and cotton
and various other staples,
practically all such commodities are urgently required in many
countries of the world.
The American dollar is at a premium in
whereas
practically every country of the
world to such an extent that:
the United States to many countries
considerable period have not been paid for by those countries.
Export Trade.—(1) Exports from
Our
during
a
Future exports from
(2)
be paid for in
the United States for an indefinite time cannot
large part except over an extended period.
where, it is believed, exchange may turn,
in the United States has practically stopped
In the case of countries
(3)
within
a
few months, buying
could be made for postponing payment until
except where arrangements
exchange turns.
European
(4)
countries in general are being obliged to confine their
purchases here rigorously to
obtain sufficient raw
necessities of the moment and are unable to
material to restore their industries.
trade outside of Europe, which has been
South America, South
Africa, Australasia and the Far East, is beginning to back up and throw
goods manufactured for export into competition with goods manufactured
Effect on Industry .—Our export
built
up
during
the last several years, covering
for domestic consumption
in the markets of the United States.
Banks.—The banks of the country up to this time have taken
part in foreign loans directly, and also indirectly through the advance of
funds to manufacturers who in turn have in effect loaned their production
abroad.
While such loans have been helpful in continuing our foreign
Loans of
trade, they have been
-
is being distributed by John
Dec. 10 and 11 for the purpose of
of
was
formulated by the Commerce and
carried about as far as conservatism warrants.
Fur¬
meet the situation and allow the distribution of the
undertake to carry.
Scope of Corporation.—Formed under tho Edge Act, which is an amend¬
to the Federal Reserve Law, with sufficient capital to enable it to
ment
operate in many parts of
the world, simultaneously it is believed that the
proposed corporation would offer the best available means of meeting the
situation effectively.
This corporation would carry sufficient weight to
enable
it
undertook
which
This
required is effective leadership, and without question, this can be
institutions can legitimately
Commerce and Marine of the American Bankers'
Nov.
corporation will fill—a need extending to
Washington convention.
producers of this country.
as
a
community.
producing
over-supply of commodities in the United States and prevent the accumula¬
of manufactures, must oe of longer time than banks and industrial
McHugh, Vice-President of the Mechanics & Metals Nation¬
al Bank of this
fully avail
may
tion
CORPORATION.
The
we
:
named by President Drum of the American Bankers
was
ther credits, in order to
PROSPECTUS OF FOREIGN TRADE FINANCING
trade
in this country in order that
As
not only to
thrift
promote
following to say wihle in New York on
regarding the proposed corporation and its need:
smallest
What is
expansion of about $160,000,000; but through the ramifications of banking
credit, the potential credit
to
Mr. Drum had the
Nov. 24
merely the consignees of the metal sent by Rothschild & Co.
It is also
In
participant.
a
foreign markets, and
prime essential to the success of that meeting is the practical interest in it
other
It is commented upon that Kuhn,
York
for the financing
of the bankers and business men of the entire country.
market.
open
the New York exchange and the exchanges at certain other centers, a high
London is quoted at about
vitally
national interest
a
truly national scope, seek
a
our
as
the Federa 1
as
and 11, of this year.
gold from the Bank of England, and there is an embargo
not get
contemplated,
Association to do all things necessary for the success of the Chicago meeting.
has been
year
exchange operation, based on the position of sterling in this market.
pure
The gold is the
open a way
arousing
section of the country
every
ourselves of these markets.
On gold consignments involving several millions of dollars
hour in the day.
as
would take
1921.
position to render the same facilities as the Reserve bank.
a
American
widen
to
and greater production
importers can get immediate credit under certain conditions by
turning their gold into the Assay Office the Government institution is not
in
the
to
by making the investor in
advantageous w ay of handling the
profit by this operation, since the Federal Reserve bank is placed in im¬
While
trade
The following
found this a
It has often meant dollars and cents to them.
incoming gold.
It is believed that such corporation
contemplated, it would have
to the reserve institution.
The importers have
lack of facilities
credits required under
place in the commercial business of this country
maintain but also
for the
Although this $65,000,000 is a private importation most of it has
Nov. 22 said:
on
of the long-time
because
people,
their credit in the Bank of
to
England and which they already counted in their reserves.
to the New
a
provided in
have imported nearly $65,000,000 gold this
they bought in the
Reserve
exports
It would
IM¬
CO.
v;7# v
Loeb & Co.
Kuhn,
our
Trust
Chicago
the
of
arrangements
Reserve System has come to occupy.
It is
GOLD
of
of American
and a fine of more than 500 lire.
READY
Mercantile
the
of
Mr. McHugh, who is chair¬
if organized on the scale and for the objects proposed,
at the
which
committee
present conditions.
the
RESERVE
President
Our domestic situation is seriously affected at this time by
to
products, raw materials, or other necessary goods, or their with¬
drawal from their
FEDERAL
the
of
This Committee
prices or limiting the quantity of goods to
and
meeting in making the prospectus public
the restricted list.
It
Association
Company of San Francisco.
the
of them under Government regulations"
the newsprint supply, however, being still below the
the
man
necessity.
The supply and distribution of newsprint paper, cotton, wool, and other
stocks of those commodities
2015
CHRONICLE
THE
one
to
operate
with interests of the highest standing wherever it
busines.s a certain
and commanding influence abroad.
hundred million dollars capital, it
With
would command the highest degree of
public confidence, attract the best expert talent and give the utmost pro¬
tection to the investor.
It would be in position to formulate a widespread
educational campaign for
production and thrift, and thus create a market
for its debentures among
the private investors of America without in any
way
militating against the existing
investment market.
At the same time
results, tho export
trade not only of individual parts of the country but also of the country as a
whole.
It would be able to carry the expense involved in tho establishment
it
would be in
position to encourage, with pormanent
THE
2096
[Vol. 111.
CHRONICLE
of agencies in foreign countries, wherever necessary to keep in close touch
of those for which
with
valuation in the official reports of
developing conditions.
Subscriptions From Banks.—The Edge Act provides that
may
national bank
a
invest in the stock of any corporation organized under its provisions,
condition that the aggregate amount of stock held in all such corporations
on
shall
exceed
not
of the subscribing
centum
per
bank
s
capital
But, under the provisions of the McLean-Platt Act,
surplus.
bank must file
for
ten
a
and
national
application with the Federal Reserve board before Jan. 1 1921
of Stock.—It is proposed that subscriptions be received at the rate of
$105 per share of $100 thus providing $100 of capital and $5 of surplus for
There will be
each share subscribed.
no
underwriting
Payments.—The law provides that twenty-five
"shall
be
paid
per
or
stated by the Government show a lower
are
September than in the immediately pre¬
earlier months.
America,
lower rates than those of certain
are at
Clothing wool, for example, drawn from Australia, South
South, Africa,
Asia,
certain
and
July, and 66.3c.
to
us
1920, against 60.5c.
promotion stock.
of the capital
cent
in at the commencement of business, and
the balance in
from which
Rice, coming
pound in March of the current year.
per
especially from Japan, China, India.
country
countries averaged
European
only 43.7c. per pound in the imports of September,
in
Sjiam, and French Indo China,
averaged in the import valuation—and therefore the
permission to subscribe for stock of such a corporation.
Price
import prices
ceding month, and nearly all of them
drawn—only
8.9c.
per
average
pound in
value in the
September,
against 10.9c. in May, and 11.1c. in February of the current year.
1920,
Cocoa
imports of September, 1920, averaged 11.6c. per pound against 17.7c. in
July, 1920, and 20.2c. in August, 1919.
to the world movement for lower
The festive banana yields slightly
prices, the average import price per bunch
Installments of at least ten per cent of the whole amount every sixty days
in
September, 1920, having been 46.7c. against 50.4c. in June, and 50.9c.
Payments by subscribing banks would thus be extended through
in
February of the current
thereafter.
the year
1921 and well into 1922, and the corporation would still be able to
do business on as large a
scale
it could safely undertake, in view of the
as
necessity of a careful checking up of all conditions which might surround
its every
operation while the world is in its present unsettled state.
Debentures.—The corporation, as provided by law, may issue its deben6 ures
against existing securities owned by it to
Its capital.
ecured
reason
for its capital being placed at
equal to ten times
one
dollars.
Debentures
could
undoubtedly
one
billion one
be distributed,
by hig-class foreign obligations of sufficiently long time to enable
a
The humble "goober," which held its
year.
price of 9.4c.
pound only last June, averaged in the
per
September imports only 7.6c. per pound, and its product, peanut oil, for
which
an
of which
was
of $1 52 per gallon
average
the average
boldly demanded in the peanut
66c.
pound in November of last
year to
current year;
46.4c. per pound, averages 39.3c. in September;
Chat would not compete with invsetmont bankers handling foreign
but
securities
they should go far toward increasing the merit of such securities through
Suprevision.—The corporation's business and activity will be subject as
provided by law, subject to the supervision by the Federal Reserve Board,
the
25.8c. in September of the
India rubber, of which the average import price in April was
raw
cotton, chiefly from
Egypt, which stood at 69c. per pound in August of the current year, drops
to 54.5c. in
September;, hackled flax, which stood at $2,648 per ton in Aug¬
ust, drops to $1,639 in September;
helping in the reorganization of foreign industries.
import price last Febru¬
average
pound, stand in September at 38.7c.; hides of cattle fall
per
from 38c. per
the restoration of industries in importing countries, and allow of payment
Such operations would naturally be of a class
1920—
manufacturing, especially those for clothing, the decline
equally striking; calf skins, of which the
ary was
b
eing made at maturity.
Potatoes,
import price only the other day—in June,
$3 02 per bushel, were in September $1 04 per bushel.
In materials for
is
was
of the Orient is down in September to 78.2c. per gallon.
areas
hundred millions
is to give it the maximum financial ability of
million
hundred
s
One
f dollars,
o
an amount
head aloft at
to
sisal grass from $226 per ton in February
$150 per ton in September, and jute from $180 per ton in December, 1919.
to $52 per
ton in September, 1920.
body that supervises the Federal Reserve Bank System.
same
Management.—It is proposed that the management of the corporation
shall be
prudent and capable as the management of our bast banking
as
Institutions.
CONSIDERED
Directors.—It is proposed that the directors shall be
holders in
a
way
elected by the stock¬
The economic
Executive Committee.—It is proposed that an
Executive Committee shall
be selected from the Board of Directors.
Officerje.—It Is proposed that
confidence shall
be chosen
men
of proved ability who command public
for the principal
official positions of the cor¬
poration.
Safety.—It Is proposed that
tion except
and then
business shall be handled by the corpora¬
no
that which shall be In the Interest of American foreign trade,
only if it be entirely safe from the standpoint of the stockholders'
lems of rural
Profit.—It is confidently believed that
an
investment in the stock of this
trade, but that such investment will prove to be
entirely safe and In due
an
time profitable one.
Distribution of Debentures.—It is proposed that the
stockholding banks of
corporation shall be its agents in distributing its debenturse and for such
a
corporation will unquestion¬
It will relieve them of
ably prove helpful to the banks of the country.
many
transactions which they
which
carrying
are now
on
in short time form, but
It will not be competitive with the
in fact long time credits.
are
Under successful operation it will prevent
banks, but will reinforce them.
the tying up of further funds by bankers in advances
at the expense
of American industries, without
any
for foreign account
resultant detrimental
competition to the banks.
Effect
a
on
corporation at this time will be most beneficial, and it is also believed that
and
Marine
greater production,
which in
trade,
Committee's
will,
as
report,
heretofore set forth by the Com¬
thrift,
promote,
efficiency and
the result of which will find reflection in our foreign
turn
will
profitable and be productive of greater
prove
wealth.
'prob¬
safeguards to protect both the
public from the manipulation of prices by
speculators will receive the attention of the American Farm
Bureau Federation when it meets in its 2nd annual
tion at
Indianapolis
announcing this
Discussion
Dec. 6, 7 and 8.
on
conven¬
The Bureau in
says:
of these
problems will be undertaken coincident with plans
for the formulation of a National
agricultural policy.
The event is expected
gatherings of agricultural leaders in the history
Delegates representing the million and more members of
of the country.
Farm Bureau Federation in the thirty-three states through
the American
attend, in addition to representatives of
other industries and business organizations closely allied with agriculture.
Authorities
finance, transportation
on
experts, agricultural leaders and
prominent in the National life of the country will address the con¬
vention and lead the discussions.
On the program are W. P. G. Harding,
others
of the Federal Reserve Board
governor
Governor W. L. Harding of Iowa
Henry Wallace, editor of a National farm
Governor Goodrich of Indiana
T. H. McDonald, chief of the U. S. Bureau of Good Roads
magazine
H. G. Shirley, secretary-treasurer of
Trade.—It is believed that the effect of the organization of such
the functioning of the corporation
merce
the
which its organization extends will
Banks.—The functioning of such
on
phases of agriculture presented in the
to attract one of the greatest
service proper compensation shall be paid.
Effect
BUREAU
FARM
DEC 6.
credits and finance, taxation, protective tariffs
the need for adequate
and
farmer and
investment.
corporation will not only be of great benefit and help to American foreign
the
AMERICAN
BY
FEDERATION
that will provide for representation of the entire country
the Board.
on
PROBLEMS OF RURAL CREDITS AND FINANCE TO BE
Thorne of Chicago, an
authority
on
the Federal Highway Council
transportation matters'
Clifford
J. R. Howard,
Gray Silver, legislative
president of the American Farm Bureau Federation
representative of the Federation, and Sir Auckland Geddes, British Ambass¬
ador to the United States.
Ambassador Geddes will speak on the interNational relationships of agriculture.
Others who are
|
expected to speak are E. T. Meredith, Secretary of Agri¬
Herbert Hoover, A. L. Lever, former Congressman, and William
culture
Redfield, former Secretary of Commerce.
WORLDWIDE FALL
In
showing that the
to every
York in
of price reduction has extended
wave
part of the world, the
statement
a
IN PRICES.
issued
a
less
price than the
ninety days earlier.
or
Federation, will discuss the proposed repeal of excess profits taxes and the
imposition of new sales taxes.. A part of this session will also be given over
class of articles sold thirty, sixty,
The statement continues:
Measurement of the prices at
are
sold in the country of
which the various articles which we import
production is quite feasible under our import laws
require the official valuation of the articles entering our ports to be
which
the wholesale value in the country
—the
from which exported to the United States
price at which the articles were actually sold, or the average wholesale
market
price for sHCh articles at the port from which exported to the United
Thus, if we see that the Governmental reports of the import price
8tates.
of any
given article in the month of September, 1920, is less than that of
earlier months in the year we may assume that the average
that class of merchandise was sold
at the date at which
it started to
price at which
in the country of its production was less
us
than in the corresponding date of earlier
Take coffee as an illustration;
it
comes to us
from more than a score of
South America,
Central America, Asia, Africa,
Oceania, and the West Indian Islands;
when we find that the average
September, 1920, Was
representing
valuation of the coffee imported in the month of
stated by the
20.4c. in July;
last year, we
has
21.6c. in May; 22.3c. in February and 23.9c. in October of
know that the average wholesale price of coffee inthe various
pounds imported in the last year was drawn
steadily fallen, and stands at this latest date for
a
less average valuation
which the average import
than in
any
which figures are avail¬
month since April, 1919, in
price of the coffee brought into this country was
exactly that of September, 1920, 16.6c. per pound.
Raw silk, which comes to us
decline
In contemplating
the projection of a National agricultural policy the need
of which is becoming increasingly manifest in farm
circles everywhere, the
American Farm Bureau Federation is seeking to carry out a plan
from a half dozen countries, shows a similar
in the average world price,
the
average
entering the United States in September, 1920,
import price of raw silk
having been but $6 56 per
and $12 28 in March, 1920, when it stood at
the highest point in our import record.
That the world prices of most of the principal articles which we buy
from abroad have fallen, is evidenced by the fact that more than two-thirds
pound against $10 67 in May
toward
before the war but which were abandoned with the
hostilities.
With readjustment, however, there have been
wheh steps were taken
advent
of
renewed demands for a definite agricultural policy and for some time now a
group of leading
agriculturalists, bankers, transportation and trade experts
co-operating with President Howard of the Federation in working
have been
out the essential features
of
a
The results of their delib¬
complete policy.
erations will be submitted to the convention and the policies
will
be
made
the
basis
of
educational,
future
legislative
finally adopted
and economic
activities.
Among the bankers who have been advising with
the
proposed policy are George E.
President Howard
ROGER
W.
ON
The
and
The Secretary
David F. Houston, also has been working with the group
WILLIAMS
DECLARES
MORE
BUSINESS
NARROWER PROFIT IS NEEDED.
declaration
establish
on
Roberts of the National City Bank,
Joseph Hirsch of the American Bankers Association, and John
New York
of the Treasury,
Government at only 16.6c. per pound against 18.4c. in August,
countries from which the billion
able at
credits.
to the discussion of rural
Fletcher of the Fort Dearborn National Bank of Chicago.
months.
countries,
McKenzie, chairman of Taxation Committee of the American Farm Bureau
Nov. 22, points out that
on
imported into
sold in the country of production at
same
Board Will explain the relation¬
Rational City Bank of New
two-thirds of the principal articles now being
>the United States, were
Governor Harding of the Federal Reserve
ship between the Federal Reserve and the farmer, speaking at the evening
session of the second day.
At the afternoon session on the same day, H. C.
that
American
business
must
again
price levels at which the public will normally buy
must
gear
up
point of efficiency
margin of profit,
its machinery of production to such
as
to permit doing business
was
a
on a narrower
made by Roger H. Williams, vice-
president of the National Bank of Commerce in New York,
in an address on November 18, before the Knit Goods
Manufacturers' of America,
at Utica,
N. Y.
The
era
of
extravagant spending and of unusual profits, Mr. Willaims
asserted, is definitely
over,
stating that "We
are now
in
a
Nov. 27
buyer's
1920.]
market
sellers must
and
business,"
for
compete
The
of these
observance
domestic and
our
lower
at
our
price levels.
-continue
in
should be
a
requirements is fundamental to
our
March.
Until these price levels are found, business must
spreading
to doubt that we
Once they
will
see an era
established there
are
of gratifying business
When that
should have
Our past history, before the
fault to find with the times.
no
whole commercial and financial structure, showed that
our
margin of profits by business
question of industrial efficiency is a more important matter than
before
on
inter-National situation.
account of the
It is primarily
on
efficiency that we must depend for the protection of our industries against
We must be self-reliant and not lean on extra-business
foreign competition.
For instance, we must not expect too much from the tariff as
assistance.
Frankly, we must recognize the
and that since we already have the bulk
protection against foreign competition.
vast sums
fact that Europe owes us
of the world's monetary
gold she must ultimately liquidate her debt here by
goods and by attracting our investment in her enterprises.
This does not mean that the tariff must be torn down so as to permit
us
of cheaply produced goods upon our domestic markets.
Unre¬
competition from cheap foreign labor and industries would be
the dumping
strained
But nevertheless a tariff wall should not
ruination.
In the immediate past
high
as
of
our own
We have become used to
making.
prosperity and the recent reaction has come as a shock.
It is natural that
we should look for some one to blame.
Some have sought to blame the
Government, others the banks and not a few
of
that we are not now in the midst
a
months,
have seen in the last few
we
collapse in prices
have not had the same general
The
justification for speaking now
would have been possible in some
The currents of trade that sweep through New York
weeks.
businass situation from far and near and it
with confidence that there have been unmistakable signs in the
bring tidings and omens of the
•can
be said
last fortnight of a turn for
the better in the present movement.
is meant the current recession in the volume
drop in prices which caught so many business
and made it particularly difficult for them to readjust them¬
By the present movement
selves to the new set of
evident
is
conditions.
in
developments
by
liquidation in many quarters.
of the credit strain is
That this process has been carried far
commercial credit,
indicating successful
We are warranted in feeling that the peak
passed and that from now on we shall see easier money
'.'-'T;,;Vvv?": ■'
conditions.
NATIONAL ASSOCIATION OF CREDIT MEN ON LOSSES
THROUGH CANCELLATION OF ORDERS.
Estimating that $250,000,000 has been lost through recent
-cancellations of orders, the Credit Co-operation and Credit
Methods Executive Committee of the
in
of Credit Men,
a
National Association
statement issued this week, by H. F.
Barker, Chairman, emphasizes the need of a strong
Che business of this
mittee wishes to point out
kind of
a
We must
standard of practice in the buying and selling of merchandise.
It
Is but just to say
years
We must
spiritual things, but in a materialistic manner.
inject more religion
A careful survey
tion than
into business.
later instructions has
A surprising
believed.
The indefinite holding up of orders for
been a most potent factor in the slowing up of
demnation
when the
in the sellers' hands, questionable practices were
as
frequently
which in effect are just as serious and deserving of con¬
cancellations.
Purchase agreements were often neglected
Not placing, there¬
commodities could be sold at higher prices.
responsibility on the buyer when conditions were reversed
market came to his hands, yet there has resulted from the lack of
the sole
fore,
and the
of orders a damage to» business
general way to estimate.
good faith in the treatment
endeavored in
a
which we have
It was felt that
the slowing down of business would lead to the selling of datings and terms
rather than the confining of sales to values.
Nothing is more dangerous
in the situation through which we are passing than this temptation.
It
must be avoided and the committee recommended that special emphasis
The
be
(Committee considered the subject of sales terms.
placed upon it in these
minutes in whatever publicity is given them.
rapid turnover of receiva¬
Recuperating from the ills of inflation requires a
liquidity of credit.
Terms, therefore, should be short
collections prompt.
Every tendency to competition in terms and dat¬
bles and the constant
and
ings must be
lieved
of markets,
avoided.
Relative to the cash discount, the committee be¬
unanimously that there should be a reduction rather than an exten¬
Reasonableness must control in the making of terms
offering of the cash premium for prompt payments.
best
The
the inflation
taken
some
a
so
people
many
quarters that the banks
contraction of credit.
good deal of talk about stopping
a
October than
previous time.
any
The fact is that if the banks are open to
volume of indebtedness to increase
as
criticism it is for allowing the
it has sinde the armistice.
given out by the Comptroller of the Currency
ment
nd
and much wild and
about the necessity for delfation, but bank loans were higher in
at
te,
materials,
is by showing that there has been no
There has been
and also since June 30 1917.
to
on
A state¬
the 15th of October
The comptroller's authority does not
State banks and trust companies, but once a year he
under
are
SITUATION.
»
points the way to normal times, George E. Roberts, ViceCity Bank of New York, in the
June 30 1920, the total
on
trust companies,
State banks,
the rediscounts
of member
banks with the
Federal Reserve
Bankers' Convention
few days later, stated that the loans
a
banks
holdings of the Reserve
The Secretary of the Treasury, addressing
not.
are
increase
startling figures, and they do not show all of the increase, for
are
included the open-market purchas&s and other
banks
business
June 30 1919.
of $5,805,736,000 over
the American
and discounts
sevefn
banks had increased since the armistice in the round sum of
of all
billions of dollars.
As the total loans and discounts of these banks on
twice
as
much
as
that the increase since the armistice has been
appears
while
June 30 1917 (the date
which figures are obtainable) was
nearest to our entrance into the war for
we were at war.
should be
the war?
physical volume of business has not increased; production has not
increased; the output of coal has not increased; the tonnage handled by the
railroads has not increased.
The only reason that can be given is that
wages and prices have been advancing, and practically all authorities upon
monetary science agree that an increase of the amount of money in ciruclajion, or of oank credit circulating as money, will have of itself the effect
of raising prices.
If the medium of exchange is increased in volume without
a corresponding increase in the amount of commodities to be handled the
medium will depreciate.
That corresponds to our experience with the
greenbacks during the Civil War and common sense tells us that it is in¬
evitably so.
You cannot increase the supply of goods by printing money
Now
can anyone
give
good reason why so much more credit
a
required to carry on business since the armistice than during
The
with which to buy them or by creating
credit through banks.
increase so
Viewing the situation as each
bank viewed it, seeing only that part of the situation which each bank could
see, it seemed to be necessary to supply more credit in order to keep business
going.
Each bank was urged by its customers to give them the support
which seemed to be necessary to carry on their business.
Prices were to a
The banks are open to
criticism for having allowed loans to
rapidly, but they are not without a defense.
great
extent
demands
goods
of
was
more
The
under
labor
world-wide
for
wage
influences.
increases
were
They were rising and
incessant.
The demand
reported to be very great, and on all sides
necessary to
credit.
the
for
it was said to be
The bankers yielded to the pressure for
What happened in the United States was not exceptional.
increase production.
happened
thing
same
credit and rise of prices were
everywhere.
In England
the expansion
of
proportionately greater than in this country.
production. To
expansion of loans and
profuse use of credit does not always increase
appreciate that fact it is well to examine how the
rise of prices came
about during the war.
Primary
Causes
Due
to
War.
and materials
out
materials. And
the ordinary business of the country did not as a rule fall off.
With em¬
ployment for everybody, and with rising wages and the enormous disburse¬
ments from the Government treasury, there was greater trade than ever
before.
The banks were called upon as a matter of patriotic duty to lend
freely to enable people to subscribe to the loans and also to support business.
All this was done upon the belief that they must do it to promote production,
The war created a
practically unlimited demand for labor
The Government let contracts
right and left and the contractors went
into the market and bid against
each other for labor and
production
that is about
only way any one
employer can increase his output is by stealing labor away from some other
employer.
And that is what we did.
We had a procession of wage-earners
moving from one shop to another, and getting their wages raised at every
move.
There was a turnover in some of the shipyards of something like
30 to 50% a month.
When your industrial organization is doing all that
and
so
long as there was any slack in the
But when every man is at
all you can
do.
industry it did increase
work and every machine running,
You roach the point then where the
it^can do, if you attempt to drive the machine harder you do not increase
production, you simply drive up wages and prices.
After the armistice was signed there was a slackening of business for a
few months.
There was a disposition to hold off on orders until some
definite trend developed.
And then it developed that there was a great
world.
contending that the present price and credit situation
that
savings banks and reporting private banks was $30,891,693,000, an
while
extend
consol¬
a
\
charters.
State
addition
AND CREDIT
compiles
idated statement of the condition of all banks including those doing
goods and for work, and as soon as confidence was
as great as it had been during the war.
In
to the home demand there was a like demand from all over the
That started up the industries again.
The demand was beyond
restored the pressure
raw
of credit, which has been going on at an alarming rate, and
backed up demand for
GEORGE E. ROBERTS ON PRESENT PRICE
product the more
They think there must be
somewhere,
It is said in
to that charge
answer
contraction of credit.
and the
President of the National
buying the
responsible, having brought it about by
sion of such terms.
In
conspiracy
a
threatening talk is indulged in.
are
a
When buying by consumers
situation has developed so rapidly and
busi¬
been placed on the purchase agreement.
We have
indulged in loose practices and nothing has given us a clearer insight into
this unfortunate thing than the cancellations of recent months.
When
the market was
new
materials wihich
market begin to decline.
a
lack of moral fibre has been revealed.
Proper value has not
resorted to, and
This
raw
period of depress on.
labor there is in
by surprise that many have lost their tempers.
manipulation
their
hardship that
a
purchases in wholesale markets slow up, goods accumu
deprived of
But the
of the cancellation practice reveals a more serious situa¬
at first
was
backbone.
that this is a spiritual problem, and the world in recent
has been dealing with
ness.
under all strain, we must
fellow citizens to the need of a strong moral
arouse our
have
country is done too loosely, this com¬
certain salient facts.
If we are to build up the
business conscience which will stand firm
a
business
The statement says:
conscience in commercial transactions.
Believing that
at retail falls off
$20,641,427,253, it
•of business and the precipitate
men unawares
more
slowly the cost of production will be reduced.
These
occurred in the great panics of the past.
somewhat more optimistic vein than
previous
as
credit for the fact
v'A-'I
business situation changes so fast that there is
a
think it
of loans and discounts of all National and
blame
serious panic lies with the Federal
System.
breakdown of business as has
in
Labor is the last to fall and the
the latter
extending|
pronounced, especially in raw ma¬
it Is to be
one to
Although we have probably never seen a more severe
we
more
The farmers
His statement given out on Oct. 15 shows
hunt for some
But it is not so much a time to
than
products.
the Federal Reserve System.
thankful that things have not been worse, and the chief
Reserve
food
last
been
as
shows the increase which occurred between June 30 1919 and June 30 1920
in the future
prosperity has been thrust upon us
be more a matter
must
so
real economic need for.
goods in such quantities as we have a
it
be reared
impossible for Em-ope to liquidate debts here by sending us such
to make it
and
h
in practically all branches
In the last two months the movement has been
rapidly and the decline has been
manufacturers curtail operations and stop
efficiently conducted.
sending
production.
or
way
enter into manufactures should be affected first in any
great successes can be achieved on a narrow
ever
since, until they have given
products should suffer first, but it is natural that the
disarranged
This
ever
large volume of business on a narrow margin of profits,
a
of
reaction from the excessive stimulus which
a
lines broke in March and the weakness
some
period comes, the business man who has prepared and equipped
himself to do
was
Prices in
terials
activity.
experiencing
characterized the situation in the latter part of last year and dow tx to
foreign markets, but they can become effective only
of readjustment.
process
no reason
The country is
business
There are great potentialities of buying power, both
prosperity in 1921.
November number of "The Americas" the official organ
the bank says:
Mr. Williams added:
in
2097
CHRONICLE
THE
their capacity.
was
There was a congestion of business, an
attempt all round
Practically every manufacturer and contractor
and merchant had more business offered than he could handle. -TJiere was
more work to be done than there were wrokers to do it.
The town indus¬
tries were competing with each other for labor and they were competing
with the farms.
I heard of instances of manufacturers sending agents
through the country hiring men off the farms, which is like taking stones
to catch up arrears
at once.
ple of Cuba, instead of using their profits to pay their debts, had gone Into
debt more deeply than ever before, that made the trouble.
Now there is
superstructure.
foundation to put them in the
out of the
situation like that that if you grant credit freely to all
employers and to all traders, you will simply finance their competition
with each other and carry the rising prices still higher.
Every manufac¬
great danger in a
And that is the common
It
increased almost as much in the year 1919
The bank loans of this country
in any year while
the war was going on, but the production in
most lines
less rather than greater.
was
an
they use them as the basis for more indebted¬
old story that people go
was
into deot in good times and
warning of what
because the lessons of experience gave
Set
to
been attempting to hold expansion in check this
the country generally have
They have not succeeded very well, but they have done enough
year.
incur much unintelligent criticism.
to
been held up to criticism because call
The banks of New York City have
but this resulted from
loans have risen at times to extraordinary figures,
credit fron loans
the fact that the banks were withdrawing
did what buyers always do
rowers
Board.
by Reserve
was
that, following the lead of the Federal Reserve Board, the banks of
come
the Stock
on
Exchange in order that it might be used for industrial purposes.
Brake
their
pay
in bad times.
under pressure
debts
credit and industry becomes.
as
It is
ness.
goods he thinks he can sell, every
all the goods he thinks he can sell, but if
the aggregate of all they think they can sell is greater than the capacity of
the industries, it is easy to see that in their efforts to get labor and goods
away from each other they will drive goods higher and higher.
And the
higher wages and prices are lifted the more dangerous the whole fabric of
merchant naturally wants to buy
People never do use the incomes of
experience.
boom times to pay their debts,
naturally wants to make all the
turer
[Vol. 111.
CHRONICLE
THE
2098
The bor¬
in a case of scarcity, they bid high for what
but loans upon the
call market were gradually reduced from about $1,500,000,000 to approxi¬
mately one-half that amount, and subsequent events have shown that
they wanted, in order to attract it from all quarters,
the Federal Reserve Board set
This is the reason why about a year ago
It undertook to stop, or at
Bank loans represent
brake upon this inflation.
about putting a
loans.
least to hold in check, the increase in bank
If a bank lends a man its credit to the extent of $10,000
it creates that much new purchasing power, and when the man checks it over
to someone else, and it goes into another bank as a deposit, it is still purchas¬
purchasing power.
purchasing power
extinguished, the
deposits and loans of some bank will both go down in the sum of $10,000.
That $10,000 created by a loan is just the same in purchasing power and
effect on prices as $10,000 of paper money put into circulation.
People are prone to confuse capital and credit and to think that credit
will take the place of capital to a much greater extent than it can.
Credit
is purchasing power.
You can buy things with credit, but you can¬
not make things with credit.
You cannot actually produce things with
credits.
Credit is intangible it consists of faith, confidence.
But capital
Is always something tangible
It consist of lands, buildings, machinery,
And that $10,000 will continue to circulate as
ing power.
until
somebody
uses
When it is actually
it to pay a debt.
and if you increase
amount of credit, of purchasing power in circulation, without increasing
supply of labor and capital in the same proportion, all that you will
the
accomplish will be to drive
88
prices.
up
from it. That would
not be reasonable, would it?
Then let us not be too impatient about it.
The whole world has been destroying capital and expending credit, dis¬
counting the future, spending their earnings before they were made, and
it is not to be wondered that money, as we call it, or credit, is tight.
We are
obliged to realize, when we consider the matter, that this level of expen¬
spend $30,000,000,000 on a war and feel no ill effects
that this credit which has been profusely
ditures has entailed real costs,
real capital.
created must be offset and supported by
If
family situated in
a
should meet with
a
restore the
individual
capital that
as
for
of the nation
And the principle is just the same for an
lost.
was
nation, but it is not so easy to make people see it in the
a
in the
as
of a single family.
case
prices, has not been such as to impress people that they were suffering
that economy was necessary.
losses or
In normal times if you see a great amount of building going on
will
you
say
The holders of commodities
commodity markets have been falling.
It would have been
into effect
gone
sooner,
It is hard to pay the
since the
credit expansion had
better if the restriction upon
but it is fortunate that the boom did not run longer.
$7,000,000,000 of new bank indebtedness contracted
it might have been $15, -
with commodities at lower prices, but
war
000.000,000 if the bankers had not drawn the rein.
Responsibility
Heavy
We ought to learn by experience to
on
Banker.
avoid and avert these periods of
The responsibility of avoiding them
expansion and collapse.
credit is becoming over-extended.
The situation has been very
perplexing and
difficult
a
Every banker knows that there is a proper relationship
and liabilities, between quick assets
is
and liabilities.
He knows that there
point of credit expansion beyond which he should not go, and he is
a
supervision and scrutiny of the authorities above him.
Every banker is in
a sense
the custodian, or one of the custodians, of the
If he has
available credit of his community.
sibilities, he will want to
whole country.
with that policy which is best for the
If
you
grant there is a reason for holding down the general
you
will
that it becomes a matter of judgment with
see
the individual banker.
Some
people resent the idea that bankers should assume to determine
when credit expansion has gone
assets of his
far enough, but the banker is pledging the
institution, the trust funds left in his care, to support every
did not make
use
He would be unworthy of the trust if he
of his experience,
his study of financial history and his
judgment in determining how far he should go.
No collapse of credit ever comes
when everybody is expecting it.
trouble is that few recognize when the danger line is crossed.
who is over-confident
But,
someone may say,
what you have done:
see
their heads and in replacing what they had lo3t
over
to in
|
The war
prosperity, then, was not
a
It
real prosperity.
was
pros¬
a
ment, and by the pledge of taxation for years to come, and that so-called
over, a
at the
thejsubject generally, it is
dangerous level
a
a
World Poverty Caused Price Break."
situation
level
upon
which to do business?
Because
wheat.
passed and i
s
influence has passed that prices shall turn downward
again, provided, of course, you have the same standard of values
Now If that reasoning is sound it
as
before.
is imprudent and dangerous for
The poverty of
the world, the low buying
All
a
teaches
experience
that
whenever
and that prices are more likely to go
there
will
be
speculate;
as
though
con¬
certain that they
business man to have
was
would not remain the same, and it is dangerous for a
heavy inventories and a heavy amount of Indebtedness under such
If
ditions.
a man
has
a
large stock of goods
or
con¬
a
cent's worth, and if they are.heavy they may break
him.
Every business crisis
known In this country or elsewhere has
ever
come
in just that way—from over-confidence, from over-staying a boom
period,
fro m too much indebtedness on a high level of prices.
Furthermore,
every
of modern times has been followed by just such experiences.
war
true in
England after the
wars
after the Civil War and true
with Napoleon, it
was true
It
was
in this country
And
we can see
Boom
is
tremendously active,
was
awges
and
prices
In
Japan
rising and
were
practica^y unrestricted, but last spring the situation blew
silk, the principal commodity of export, fell
in Japan
has been in
Over in Cuba
perienced
a prostrate
we see a
condition
ever
greater prosperity
than
Cuba
up,
Industry
credit
was
the price of
60%, and the industry
since.
somewhat similar situation.
anybody could have looked ahead in
the
over
a year ago
prosperity.
was
out of
during
the last four
years.
ex¬
If
1915 and foretold the income which
people of Cuba would receive from the next five
sugar crops,
he might
easily have said that at the end of that time they would be in perfectly se¬
and easy financial position.
If he didn't know history or understand
cure
and
But that is not the
was
carried too high
collapsed, with the result that the Government of Cuba has thought
it advisable to declare
avoid general
a
moratorium for the protection of debtors and to
business disaster.
Now the
mere
decline in the price of sugar
would not have made a moratorium necessary; it was the fact that the peo¬
are
rising
But
when
prices
downward,
turn
believe that prices could be always rising.
for
believing that the
go
process
a
falling market.
forward again, and there
or
make
When prices
are
many reasons
of readjustment will be shorter than usual.
We have far from made good the failure to do the normal amount of
con¬
struction
vast
work
amount of
is
a
during the
work, and it will
war.
go
The
ahead
railroads
are
needing
as soon as money
to
works easier.
be carried
on
situation
war
for
patience and co-operation all around.
We
are
this critical stage, this period between the period
precipice.
Some people have been holding that the
I think it would work
obligations to
mately one-half.
I do not think
a
so,
new
level of prices
and I do not want to believe
injustice to many thousands of people.
grave
prices had been permanent, the value of all
pay
We want
level of values gradually rather than by going over
and wages was permanent.
all
There
and the settled conditions of peace, with the least amount of unem¬
to get down to permanent
so.
a
in every part of the country.
calls
ployment and the least disturbance of all business that is possible.
a
do
great amount of house-building to be done, and that is an industry that
fixed
It would
sums
mean
of
money
money
and
would be depreciated approxi¬
that all the savings of the people which
are
in the form of savings bank deposits, promissory notes or life insurance
are
in large part, perhaps one-half,
mean
that the retired farmer
into bonds
or
wiped out
or o us in ess amn
as
with
a sponge.
It would
who has converted his property
mortgages would find the interest
principal when it
sugar
prices
employment, but you cannot compel anybody to buy goods
power
The price of
as
It makes business dull; but nobody
the market.
readjusted business will
human nature, he might have predicted that at the end of that time every¬
the situation worked out.
So long
they will tend to overbuy, and to
goods, and nobody wants to do either on
body in Cuba would be out of debt and independent.
way
on
are
If the recent level of
No country ever
advancing
to
It is unfortunate that production should be checked and workers thrown
of
the tendencies In other countries.
they were enjoying a *l»t of what they thought
come
all interested in getting past
Inevitable.
lively.
business
makes
is foolish enough to
The
Reaction1 From
it
hidden stocks
must
in.Germany after the War of 1870.
given
people buy cautiously, they hold off, they run down their stocks and the
materials and is out of debt,
he can stand a shrinkage in the value of his assets, but if he is in debt his
debts will not shrink
is
check
lower than higher, it is inevitable that
of costs and prices, and go charging
It
a
slow-down In the industry.
a
business man to come out of the period of war prosperity upon this high 1 evel
and booming along
of Europe, and
prices, whenever there is reason to believe that the top has been reached,
people will buy ahead of their needs,
ditions were going to remain the same always.
power
the high exchange rate are the principal factors in the break in prices.
brought about by abnormal and temporary condition
Since the cause was a temporary one, it is just as inevitable that when ft
has
The situation became unbalanced, purchases
industry after another felt the effects.
one
The restriction of credit is not responsible for the decline of cotton or
Now why is it a dangerous
is
boom
More¬
which
upon
to do business.
it
come to every
large part of the world was not producing enough to go on buying
high scale of prices.
fell off and
prosperity has placed us upon a very high 'evel of wages and prices.
In
the opinion of bankers and of experienced business men, and of economists
and students of
is like that which has
In the advance of prices all do not share alike.
period in history.
perity based on borrowing, supported by the taxing power of the Govern¬
Well, I do not
has forced liquida-
the textile industries.
in
The change which has come
War Prosperity Always Fictitious.
man
the suspension of
see
admit that the restriction of loans which has taken place
shelter
The
The
knows that he is over-confident.
never
In
some
of his respon¬
a proper sense
it in such a manner as to serve best interest
use
expansion of loans,
it means prosperity—but if the town has been swept by fire and
sign of prosperity.
reserves
under the constant
production in the woolen and the cotton goods industry.
getting
for bankers.
one
between
burned to the ground you would not say that the activities of the people
was a
over-
is largely
the banker, for he is in position to know better than anyone else when
upon
In ordinary times these symptoms
prosperity but during the war and since they have meant waste and
mean
scarcity.
had had free swing until a collapse came.
dollar of credit that he grants.
with full employment and rising
condition of the last few years,
The
de¬
might have been better off if they had not been able to borrow so freely.
early in the morning and work late, and produce and save and
up
case
It would have to
condition again.
have to do to get back into prosperous
get
that family would
what
a
having had its decline, has been holding steady, while
of that community, and in harmony
independent position, as on a farm
somewhat
a
calamity, we know precisely
for the time and forced
of securities probably fared better than they
would have fared if speculation
The stock market,
the
We could not expect to
might expect.
The situation today is what we
the Stock Exchange was a good thing for
It eliminated speculation
the stock market.
cline of prices, but the holders
It takes labor and capital to produce things
materials.
the
this contraction of loans upon
as
he received it, and the
was paid back, approximately one-half of the purchasing
that he bargained for and that he thought he possessed.
The read¬
of salaries and wages has been only partially made.
A great
salaried people and wage-earners are still losers by the change.
The
justment
many
railroads and
public utilities have been almost ruined by it.
gained anything by it except at the expense of
some
one
Nobody has
else, and it^has
thrown the whole social and industrial organization into confusion.
.
Nov. 27
J.
1920.]
CHRONICLE
THE
HERBERT CASE ON RESERVE
SYSTEM'S ABILITY
The
2099
Treasury Department put
the market altogether nearly $25,000,-
on
000,000 of Government securities.
TO
CREDIT
MEET
NEEDS.
Observing that the reservoir of
Federal-Reserve banks
excess
"while not
the Government
reserves
in
the
a
low
empty stands at
level," J. Herbert Case, Acting Governor of the Federal
Reserve
"A
Bank
Study
New
of
the
of
in
York,
Federal
presenting
Reserve
18
Nov.
on
System
and
During
following the War Period" added that "if the system is to
remain
bulwark of safety and stand ready at all times to
a
further
meet
emergencies there must be
possible
margin of safety."
be refilled."
The
Mr.
wider
a
reservoir he warned "must
reserve
Case, whose remarks
the subject
on
were
presented before the New York State Credit Men at the
Hotel Astor in this
constant
ing that the dangers ahead if such
f olio wed
need
be
not
pointed
hearers that "a continued
ultimate
an
bring
policy of
a
expansion without restriction would be the most
conducive to business and commercial
to
those who
are
development.
policy should be fol-
a
Mr.
out.
Case
told
his
expansion would lead inevitably
The ability of the system to
collatpse."
healthy continuation, he contended is still
a
Add¬
trial,
on
stating however that economic forces have been set in motion,
which will
pressed the opinion that "the readjustment will be orderly
and should produce minimum unsettlement in business
Mr.
affairs."
Case, who sought in his remarks to show
tem
began
the nation's credit requirements
could not stop and
commerce
There
method
financing
the
by
war
minds who
are
have
financed without
been
a
supply
new
sys¬
function.
to
of
turn the total
need of
was
reservoir of the Federal Reserve
There has been much criticism in this
still wondering if
well
as
inflation.
in other countries of the
as
There
the Government's
the
great
some
inquiring
war measures
could not
were
expansion which has taken place.
But it is well to
reflect on the alternative
propositions.
There were per¬
haps but two methods in which the Government could have secured the
necessary funds without credit inflation, neither of which was feasible.
One
to meet total
was
with
agree
couraged
expenditures through taxation.
that such
me
Moreover, the public
You will
doubt
no
confiscation of business profits would have dis¬
a
business
necessary
enterprises
not ready to
was
and
worked
hardships.
many
co-operate in financing a war by
A
second method was for the public to
pay for all Government
securities floated out of savings rather than
by bank credit.
This would
be the ideal method of financing a
war, but the decision as to whether it
shall
be used rests with the public.
method vigorously urged.
securities
ernment
The opportunity was given and the
The facts
paid
were
for,
that
are
not
by
a
large volume of the Gov¬
savings,
but
With approximately the same volume of commodities
developed this greatly increased demand.
by
credit.
bank
the market, there
on
We may safely say,
therefore,
that the difference
between the Government's
requirements for funds, as
expressed in the securities floated, and the volume paid for out of savings,
a good part of the present credit expansion.
War financing
represents
always involves credit expansion unless private saving increases commen¬
with Government requirements.
Trjjr as we may, we cannot get
surate
from this fact.
away
It
this expansion that the Federal
was
A fundamental of the system
support.
that
its
funds
should
be
available
reserve
banks
were
called upon to
It was originally organized was
as
only for industrial,
and
commercial,
agricultural purposes,
was
a
in order that they might be kept liquid.
But this
emergency.
As credit expanded the Federal Reserve System's
war
ratio declined.
reserve
"the relation of the system to
industry and
of credit, and it Is here that the
great
doubt work for gradual contraction, he ex¬
no
You well know that these demands of
credit supply over to the Government.
this method.
city, noted that "there
to think that credit is limitless and that
appear
Our legitimate
in addition to the normal credit demands of business.
were
Armistice
as
It reached approximately 50%
against 85% at
into the
our entrance
at the time of the
The credit
war.
reser¬
and the lessons that have been learned from the operation of
voir was serving a great purpose in putting out the conflagration but was
the
necessarily being gradually depleted.
system in meeting
the credit needs and the peculiar
conditions of this period" spoke as follows:
and credit
The financial
for
test
proDlems of the last four
have
years
test for the Federal Reserve System and would have been
severe
any
banking system.
and strains
stresses
been
a
a
severe
Under the national banking system such
have had would inevitably have resulted in
we
as
collapse with a consequent maladjustment of economic conditions.
a
Be¬
of known defects of tne national banking system, the Federal Reserve
cause
System was organized and fortunately at a time when
were
soon
Snce
that
time
emergency measures
to meet the country's credit and currency demands.
necessary
demands
these
have
constantly
increased
rather
than
diminished and the credit problems have become increasingly complex.
providential that the System
appears
established at the
was
of the World War and that its machinery has been
avaiiab
for
e
It
inception
very
meeting
the extraordinary credit requirements during and following the war period.
Government's
the
That
activities
war
have
been
financed
without
a
collapse and that the credit structure is essentially sound to-day is due to
the
greatly augmented factor of safety which has been introduced into our
This new element of strength and safety arises from
banking system.
both
of
centralization
the
and
reserves
the
provision
credit
of greater
You probably know that the old banking system consisted of
elasticity.
something like 28,000 separate and independent institutions
this
proaching
known
was
anywhere else
the
in
When
wond.
increased saving and
siderable extent to
mental boards.
It
There
was
no
had
been
and
case
a
the
10,000
case
of every
as
many
of need.
different cash
fund
reserve
Thus
in
It
these
janks,
is
different
very
representing
there
as
times of stress it naturaiiy
We
now.
70%
reserves
anywhere from which the
bans: for itself, with results that
country.
of
were
central
no
could draw in
banks
became
for
There
purposes.
institutions
were
have
of America's
unfortunate
approximately
banking
assets,
welded
together
reserves
of these 10,000 banks are, In effect, pooled and mobilized so that
into
a
coherent
and
smoothly
working
they may be directed to places of greatest need.
Although these 10,000
trifle less than one-third of the total number, you will please
that their resources are more than two-thirds of the total banking
banks are
note
a
the
of
resources
nation.
Their
deposits
aggregate
billions, a substantial sum even in thsse days.
and pooling their reserves, there can
system
in
are
excess
of
20
It is to my mind unthinkable
that with 10,000 banks possessing such resources
oe such
our
banking
But the mere centralizaton of
It
was
increased
new
reserves
is not the only added element of
under the new system
reserve
pooling was much more efficient than under the old system of scattered
and, therefore, could support a greater credit structure.
Each
which
they
may
create
those
against
banks in turn
are
deposits.
These
deposits
the
of
the reserves for member banks against
individual
Member Janks create these
great.
deposits
reserves
approximately
on
times
ten
as
the books of the Federal
Reserve banks largely through rediscounting and this process may go on
so
long as
the
Federal Reserve banks maintain their minimum
reserve.
When reserves are held against Federal Reserve notes, however, each dollar
supports a credit structure of only $2M,
so
On the other hand, each dollar of
cerned.
far
or
member banks
as
reserve
ing system supported only approximately $6
are
under the national bank¬
$7 in credit, as against the
was
expansion that had been built up at the time
those administering the system looked toward
its demands might be,
what
order to make safety
doubly
were
we
enormous
entered
the
future
not content with this
as
a
But
war.
surmising
preparation.
reserves.
In
More¬
about a billion dollars of gold poured into this country from Europe
result of a huge favorable balance of trade, and this also utimately
found
and
and,
of
sure, they began to call in the gold and gold
certificates from circulation in order to build up greater
over,
the
powers
its
way
into the Federal
Reserve
system.
Federal
Reserve
other forms of money were paid out to replace the gold.
increased
The
eighteen
months of our participation in the
splendid achievement and loyal co-operation
the
With this
on
war
was
a
record
of
the part of the banks and
Hoards of
a
period of
with
can see that
The rapidity
the
acceleration
speeding up, and that it
a
while both loans and
even
production
declined during 1919.
Due to this continued credit expansion and the consequent decline in the
system's
percentage It was deemed necessary as a matter of pre¬
reserve
take
to
some
towards
measure
checking
the
On
expansion.
a
of occasions the Federal Reserve Board warned the public of the
dangers in the situation, and directed attention to speculative loans, in the
hope that such loans would be checked.
the raising of discount
was
talks," to this
we
advance was made
may
add,
now
A
more
There is
rates.
definite step,
old saying
the discount
does
so
an
however,
that
rate.
"money
The first
Nov. 13 1919, and subsequently a gradual advance
on
made unfcd the maximum rate of 7% on commercial paper was reached.
was
That maximum rate
was
and still Is oelow prevailing market rates of Inter¬
est, and although little progress has been made towards a reduction in the
of
voiume
credit, the
of increase
rate
declined
has now
percentage
to
been
has
about
43%.
checked.
(Exhibit
The
chart
reserve
The
2).
reservoir of excess reserves while not empty stands at a low level,
if the
system Is to remain a bulwark of safety and stand ready at ail ti axes to meet
further possible emergencies there must do a wider margin of safety.
reservoir must be refilled.
reserve
There
are
policy of constant expansion without restriction would be the most
audience the dangers ahead
this
The
j
those who appear to think that credit is limitless and that a
if such
con¬
I need not point out to
policy should be followed.
a
A
continued expansion would lead inevitably to an ultimate collapse and "the
higher they fly the harder they fall" is
case.
The
a
an
old adage that can well be applied
thrust upon us a huge business, a business not based
war
self-liquidating commercial
but
paper
on
Government
bonds.
departure from sound banking principles, but unavoidable.
It
is
The
whole scheme of basing note issues and deposit currency on short-time self-
liquidating commercial
paper was upset
These Government securities
and
assimilated
by
must
the public.
by the flood of Government bonds.
be gradually shaken
It will
require
time
out of the banks
and
saving.
Our
people must be taught and encouraged to exercise thrift and to acquire
prosperity.
curtail
as
An elastic system of credit and note issue implies power to
well
as
to
The ability of the system to bring about a
expand.
healthy contraction is still
on
Although there has been
no
there has been
curtailed.
on
a
trial.
general decline in the volume of bank credit,
redistribution.
Loans for speculative purposes have been
Likewise the volume of loans
on
Government bonds has declined;
In other words,
the other hand, commercial loans have increased.
business and
commerce
have
absorbed funds
as
fast
as
they have been freed
through the assimilation of Government securities by investors.
illustrated by the following
and loaned upon
figures:
This is
Total United States securities owned
by 800 reporting member banks declined approximately
$1,000,000,000 from Jan. 1 to Nov. 1 of this year, while loans on all other
stocks and bonds declined about $260,000,000.
loans and investments, which are made up very
increased
During this period all other
largely of commercial loans,
about $960,000,000.
Now, however, the orgy of buying has spent itself and
a
We
turn.
now
have
a
prices have taken
condition of falling prices, but, as I have said,
as
The general upward move¬
ment in prices resulted from credit expansion, but the reckless and extrava¬
gant spending carried it beyond the point warranted by basic credit condi¬
yet there has been no
public in assisting the Government to float the various Liberty loans.
advanced
prices
index does not show
notes
large margin of safety, the system faced the great emergency.
and
prices
with
come
A great part of the public instead of absorbing
up.
commodity
but,
the immense reservoir of credit with its
reaction
than a year there was
more
extravagance, high
general economic confusion.
Uou
con¬
$12 or $13 under the present system.
This
and
a
Earnings and wages
of expansion of jank loans during and following the war period may be seen
perhaps
maintained
For
unprecedented
unrest
from this chart (Exhibit chart 1).
the basis of a possible credit expansion of approximately $12 or $13.
Federal Reserve bank may extend its deposits to something over 2 M times
public felt
additional Government securities and relieving the banks of that burden,
in this
reserves
but decreased consumption.
time restrictions the
war
of buying set in.
an orgy
consumption
rising prices sprang
on
A
a con¬
industries board had accomplished this by priority
of increased earnings
really disposed of what they had accumulated during the war.
dollar of gold and lawful money now held by the Federal Reserve banks is
Federal reserve
period
a
ducive to business and commercial development.
found that each dollar of
period of restraint,
In spite of the inflation, prices
enterprises and all the business booms which
reserves,
the
war
ultimately industrial
these, welded together,
as
breakdown of
a
has come in the past.
as
strength.
of
The
system.
The
high and
were
numner
cross
a
and began to enjoy some of the savings accumulated.
emergency.
for itself in times of stress the various parts of the system were proceeding
strange that credit liquidation
It had been
People denied themselves to
help "win the war."
With the removal of these
nothing ap¬
machinery to bring about their co-operation in times of
There was little team work, and often when each was working
war.
sacrifice.
orders and price fixing, and the Food and Fuel Administrations by rationing.
caution
were
a moment it is not
some
had been in part restricted and consumption limited by the various Govern¬
central power or
at
stop and think
we
and falling prices did not follow the
tions.
A
limit
was
real credit contraction.
reached
and
the
public
reversing
its
position.
,
organized
has informally
creating
sort of consumers' strike,
a
in
be better illustrated than by a cartoon
a temporary
The new conditions cannot
impasse that tends to cause prices to tumble.
leading his boy the "Public"
of peanuts away from the circus of inflation, extravagance,
with his bag
profiteering, agitation and unrest.
But a period of falling prices is one in
which additional credit is frequently required temporarily, because of in¬
liquidate, canceled orders and poor
creased stocks due to lack of ability to
collections.
economic forces have been set in motion which will
In
doubt work for gradual contraction.
no
my
opinion, the readjustment
nimimum unsettlement in business af¬
will be orderly and should produce
Whenever I have
firmly built.
structure was never more
any
fears I glance
at the
bank's huge portfolio of self-liquidating paper and find that the
there
are
predicated
commodities either temporarily in ware¬
of transportation.
The sonsumer
essentials
diminished with
the
in
turn
a
situation, however,
Our problems have increased rather
vigilance.
which calls for continued
It is
and requires that patience
affairs
be
The credit man of to-day is facing rapidly
him to place new
values
on
changing conditions which cause
Mr. Freas Brown Snyder in ad¬
old factors.
this year
gradually
analysis of inventories, purely
dangerous path."
I agree with
dressing the New York Credit Men's Association on March 25 of
of subjects and limitations of time have
"The diversity
the bank credit man
forced
back to an
statistical in nature, and here he treads a
To-day
him.
must carefully weigh the reserve against inventory
we
de¬
So far as inventory is concerned, statements that are three or
considere d
preciation.
more
months old are more or less obsolete and should not be
dependable guides for granting credit.
Outstanding commitments for the
future delivery of merchandise is another important factor that is not to
Stress at least
than to
capital account reflected in A past statement of
be overlooked.
In times like these we must more and more
two of the three
big credit "C's"—Character and Capacity—rather
depend upon the mere
Reserve system for
what it really is—a great service organization, not
is one, however,
their par collection facilities, in conjunction
banks have developed
Gold Settlement fund in
with the
Washington, in such a manner and to such an extent
collect free of charge checks and drafts drawn on all
41 States of the Union and on many of the banks located in the
that they can now
list.
cleared
28,000 out of 30,000 banks are now on the par
remaining 7 States.
Sept.
the month ending
1920, the total number of checks
15
41,000,000 aggregating about
at about the rate of $170,000,000,000 per annum.
of bankers has been organized, and a committee, re¬
through the Federal Reserve banks was about
$14,250,000,000,
or
A certain association
cently appointed for the prupose of procuring an amendment to
Reserve Act to do away with the par
exchange charge by the paying
the Federal
collection of checks and to permit of an
bank in an amount not in excess of 1-10
of
cleared in the month of Sep¬
tember, an exchange charge at that rate would have amounted to a total
of $14,250,000 for that month or a charge at the rate of about $170,000,000
per annum.
It is contended that this charge by the banks in remitting for
checks drawn upon themselves is for services rendered, but this can hardly
be said any longer to be the proper basis of a charge since the Federal Reserve
banks in presenting checks for payment, will take either cash or an ac¬
ceptable bank draft at the option of the paying bank and will pay trans¬
portation charges in either case.
If these exchange charges are again to be
permitted they will, in the last analysis, have to be paid by the business
interests of the country.
The proposed amendment, therefore, is one
On the basis of the amount of checks
which is of vital interest to all of you.
Of course, in a banking democracy,
just as in a political one, criticism
Often times weak points are made strong only in that
But constructive criticism must always be differentiated from
expected.
the
Reserve banks that ever since their organization the
associations throughout the country have recorded
that which is destructive.
officers of the Federal
credit
various
men's
It has been a source of real gratification to
approval and support not only of the system
their
collection of checks, but aslo of the broader
of the Federal Reserve System as a
the appreciation
express
those
of
whole.
devised for the par
policies governing the operation
It is
a
pleasure to be able to
connected with the Federal Reserve
which has always
Bank of New York of the value of the encouragement
given by you credit men.
been
In closing, may
I ask you, in assaying the present and future
of the System, to look
activities
beyond merely local needs and requirements and to
recognize the large responsibilities in connection with the System's manage¬
ment
as
to
a
whole,
not only in preserving the reserve
foundation of the
general credit structure, but in seeing that it is being built upon a
lasting basis.
sound and
1
high
quence
sales abroad may be largely curtailed by inability
pi
ON
CREDIT
manufacturers should
keep their plants, active and produce
of
view
our
commercial
The
country
This has been amply proven in the past two years.
What
from the spirit of pessimism and realize the
We may have a year or
shadow of the war and its inevitable
in the resources of our country.
is the part of wisdom to keep oneself
but eventual prosperity is sure
A recent practice in our
prosperity.
and it
and one's business in position to enjoy
business activities is very wrong.
and then refuse to accept
People order goods freely to meet their needs
and if prices fall off it is usually in¬
The wholesale walshing of contracts to purchase goods is
and pay for the same if
convenient.
inconvenient:
mainly responsible for the embarrassments in
This practice should
be avoided in future
it
entails heavy
begets confusion
commercial business to-day.
It is by no means honorable
and de¬
losses upon the community
A large business going at full
speed cannot be arrested instantly without making trouble.
The ruthless
cancellation of contracts above referred to is responsible largely for the
preciates
in the
us
of people abroad
eyes
embarrassments in the present
but nothing
country are
Let
There may be trouble in spots
situation.
I believe
that cannot be successfully overcome.
believe
I
banks of the
the
prepared to and fully able to protect our
proceed with manly confidence:
us
NEW
EXCHANGE
STOCK
YORK
ON
CIRCULATION
OF FALSE RUMORS
cirulation
The
of
rumors
reflecting
business houses caused the issuance on
Cox, Secretary of the New
on
the stability of
Nov. 15 by E. V. D.
York Stock Exchange of a circular
resolution adopted on
in which it is
declared that the circulation of rumors of sensational char¬
acter by members "will be deemed an act detrimental to
calling the attention of members to a
Feb.
welfare of the Exchange."
interest and
the
the Governing Committee
1918 by
27
the present
action
its President,
in
an
It has come to the
Referring to
Remick,
of the Exchange, William II.
interview on Nov. 23 said:
York Stock
attention of the Governors of the New
without foundation in fact, have been circu¬
lated during the recent depression, reflecting on the stability of business
houses and individuals.
Although in such a situation as we are passing
Exchange that various rumors
through this is nothing new, the Stock
calling their attention to a
which
Exchange sent a notice to its members
section in the Constitution of the Stock
Exchange
provides:
Rumors.
of rumors of a sensational character
"That the circulation in any manner
by members of the Exchange, or their firms, will be deemed an act detri¬
and welfare of the Exchange.
"That all members of the Exchange shall report to the Secretary of the
mental to the interest
Exchange any information which comes to their notice as to the circulation
of such rumors and all houses having correspondents with whom they have
private wire connections shall obtain and report to the Secretary of the
Exchange any information as to such rumors that comes to the attention of
their
correspondents."
'
.
of the circulation of
security prices in either
is very much alive to the dangers
The Exchange
false information tending to influence
or
rumors
but it must be borne
direction
in mind that it has no control over
the
not members of
the Stock Exchange.
There is however an excellent statute in the laws
of the State of New York which reads as follows:
minds and
speech of the citizens of the country who are
advertisement as to securities.
Any person, who,
to deceive, makes issues or publishes, or causes to be made,
published, any statement or advertisement as to the value or as
to facts affecting the value of the stocks, bonds or other evidences of debt
of a corporation, company or association, or as to the financial condition of
facts affecting the financial condition of any corporation, company or asso¬
ciation which has issued is issuing or is about to issue stocks, bonds or other
evidences of debt, and who knows, or has reasonable ground to believe
that any material representation, prediction or promise made in such
statement or advertisement is false, is guilty of a felony, punishable by a
fine of not more than five thousand dollars, or by imprisonment for not
more than three years, or by both."
"False statement or
with intent
issued
or
is
misinformation has been
The Stock Exchange
and bespeaks the aid of all
which has proven to be
ulterior purposes.
decidedly against such reprehensible methods
expressing the opinion that the credit fabric of the
country is fundamentally
interview
on
sound, A. Barton Hepburn, in an
Mr. Hepburn
"the wholesale welching of contracts to purchase
goods"
"mainly responsible for the embarrassments in
as
commercial business to-day" and while he said "there may
be trouble in
spots," he expressed the belief that there is
nothing "that cannot be successfully
burn
gave
It has been the aim—I may say
Mr. Hep¬
struggle—of the business and banking
the inevitable reaction from the wild
and enable business to reach a lower and
The New
that at
a
FOR
to
inflation
we
have experienced
without
disaster.
People are gregarious
entire community now just as
There is danger that curtailment of
tagious
and fear seems to pervade the
extreme
optimism did a year ago.
sentiment is con¬
STOCK
YORK
DELIVERY
York Stock Exchange announced on
Section 4 of Article XXVI. of the
to
provide for
heretofore.
Constitution
was
be 12:15
p. m.
becomes
This change of
was
day,
amended
instead of 1:00 p. m.
disapproved by a
within one
part of the Constitution.
nouncement of the Exchange also said:
it
Nov. 24
If the amendment is not
majority of the membership of the Exchange
week,
TIME
thej time limit of the delivery of notice for the
return of loans of money to
as
EXCHANGE
OF LOAN RETURNS.
meeting of the Governing Committee on that
steady the; deflation
interests
level
overcome."
expression to his views as follows:
IN NEW
LIMIT
spirit of pessimism and realize
strength in the resources of our country."
Ipld
CHANGE
Nov. 22, contended that "what we now most
need is to recover from the
safer
Reserve Bank are quite able to care
most need is to recover
of slow business in which the.
such
fundamentally sound.
I believe to oe
Federal
and
banks
public needs.
we now
great strength
more
enough to meet local demands which,
population, should be very large
vast
credit fabric of the
The
right-minded people in putting an end to it.
SITUATION.
In
the
It Is for their interest and it is for
their manufacturing power and our
curtail output to meet this situation, but they should
interest that they should restore
our
So called information
OPTIMISTIC
conse¬
Food products
materials, but manufactured goods they must get
from their own rehabilitated factories.
for
their currency and in
ice they are compelled to pay for exchange.
they must have and raw
in
goods, owing to their distressed
for our manufactured
owing to the depreciation of
circulated recently seemingly for
HEPBURN
BARTON
A.
Wholesalers should buy these
public surely will require them in
requirements
public
course
pay
condition and
likelihood be the subject of debate before Congress
year—that is the system for the par collection of checks.
Since the inauguration of the Federal Reserve System, the Federal Reserve
manner.
Of
There
that I must mention in particular because of the fact that
next
must be
meet
and the public vary in degree and importance.
Its continuance will in all
1%.
to
merely
The facilities that it
reservoir for the banking reserves of the country.
offers t.o the banks
In
sufficient
material at the reduced cost in volume
goods and pass them on to retailers, as the
large volume.
Manufacturers should
imperative needs.
Federal
I should like to ask you to look upon the
Before concluding,
banks In
other
continue to make goods from raw
credit fabric.
condition.
a
hundred million people who must be fed. clothed,
a
have
who
readjustments will cloud the horizon
exercised.
said:
than
more
and
housed,
be on strike to¬
ultimately consume—he must buy eventually, and there
he must
105 million of him in this country alone.
than
may
but it must not be overlooked these commodities are the
which
are
loans
consumable goods—life's necesssities,
movable,
on
wheat, cotton, foodstuffs and other
houses or in course
day,
The
Let me assure you that the credit situation to-day is sound.
fairs.
following the armistice
We have
of Europe
:
'
On the other hand,
be carried to an extreme, as unwise expansion was in the
business may
months
recent number of the "Saturday
a
Evening Post" in which "Old Man Work" is
[Vol. 111.
CHRONICLE
THE
2100
a
the time limit for the notice of return of
made at the request of the Stock
loans of money
Clearing Corporation in
for the
inauguration of its system of clearing loans as
of the
Stock Clearing Corporation
(8 to 15).
The an¬
preparation
provided for in Rules
Nov. 27
THE
1920.]
The officials of various leading banking
CHRONICLE
institutions have been consulted
concerning the above amendment to the Constitution and it has met with
their consent
Amend
fifteen"
and
Section,
Section 4 of Article
The
XXVI by substituting the
words "twelve-
"one," in the fourth line of the first sentence; said
amended, to read
as
Joseph Kowal & Co., Inc., doing a small banking business in the North
End and South Boston districts, was ordered by Bank Commissioner
Joseph
C. Allen to-day to
approval.
for the word
follows:
as
acting under
suspend acceptance of deposits.
still
ARTICLE XXVI.
work
at
the
on
books
deposits probably did
be
given before twelve-fifteen o'clock p. m.
Notice for the return
of loans of securities which the Stock Clearing Corporation permits to be
delivered through it must be given before three-thirty o'clock p. m., except
on
half-holidays observed by the Exchange, when such notice must be
given before twelve-thirty o'clock p. m.
All such notices shall be con¬
sidered as in full force until delivery is made."
A
small
Illinois
announced
CLOSING OF THIRTEEN BANKS IN NORTH DAKOTA.
total of thirteen banks in North Dakota
a
within ten
days
marck,
Nov. 24 when four suspensions
on
the
namely
reported in
was
Bank
State
press
dispatches from Bis¬
Mohawl,
of
were
the
announced
the
this
Donnybrook, and
of Glenburn.
The previous day
the
Glenburn
Nov.
the
Bank
State
total suspensions had reached nine,
when the
23,
North
Dakota
Association to
had met in that city on that
Missouri
the
day at the call of officers of
These
In conference with the bankers
were
advices said:
press
county and other officers who are
work out
law, perm'tting officials to withdiaw public funds from the
new
State bank, becomes
operative
Dec. 2.
on
people cooperated unselfishly to that end.
is
a
of
reflection
He said that the North Dakota
national
the
situation.
financial
grain selling movement in the State, made by a Fargo
indicates that farmers still
The Bismarck
A
canvass
newspaper,
holding their grain, demanding higher prices.
are
dispatches of Nov. 24 in making known the
„
State Bank Examiner Lofthus announced that no
receivers
but that an officer of each
were
would
reopen
being
bank has been
special deputy examiner to have charge of tne institution.
Lofthus said he expected many of the banks
Mr.
when the present
financial stringency was passed.
(capital, $50,000),
former
pending
were
an
REPORTS
REGARDING
Reports of
announced Nov. 22
were
Security State Bank at Columbus.
The
closing of the Beach State Bank of Beaeh and the Farmers'
which had
reported
was
on
previously been reported
Nov. 20, the others,
as
having suspended,
being Security State Bank of New England; the Farmers'
State Bank of Havelock,
of Martin
Vogel, Assistant Treasurer of the United States in
present week.
a new
bank with
of the Wall Street district..
the Tolley State Bank of Tolley,
Bank
western part
Examiner,
in
a
statement to-day said that
The bank will make
specialty of call and time loans on securities
he said, are to be classed as failures.
Their
suspension is due to their inability to realize at this time on assets that are
perfectly good, and they probably will reopen later on.
Money loans held by the banks are second mortgages on real estate or
The makers
Others
given to other parties and rediscounted.
are notes
good for payment, but are refusing to sell their grain on
are
the present low
market, and
so
cannot meet the notes.
The Farmers State Bank of Greene, in a statement
said it would be unable to meet the
bank is organized.
to hold their
John
N.
said the fact that farmers are holding
considered the direct cause of the New England Bank closing.
Banks in many
Federal
communities
are
Mr. Vogel declined to comment on the proposal, except
to state that tne matter had been
from
naming
farmers to sell their
Bankers say there
in the near future.
is
blames the
in
to extend more credit to the banks
embarrassed by failure of crops or refusal of
If the Federal Reserve Board would only extend
grain.
said, the situation could be adjusted.
the necessary credit, he
was
under discussion, but it was
The
no
supposed that
a
"call and time loan" bank
directly interested
men more
rubber and other producing concerns are at times,
copper,
During the seasons when their working capital
materials, or in periods of the year when cash is flowing
is not invested in raw
into their treasuries for goods and materials sold, many of the industrial
companies put out their funds for temporary use in the stock and bond
markets.
These
lenders
deposits and in
in
usually
through
act
the
banks where
they
their
have
quarters it is considered logical that the controlling
some
certain
corporations would desire to have an interest in a bank
chief endeavor
was
to
It
seems
meet
the demand for call
and fixed-period
probable that the final decision about the bank will be determined
in part by developments in
the
procedure of financing business
on
the Stock
The Exchange recently put into operation a system, through
Stock Clearing
Corporation, which reduces the turnover of loans on
securities.
Prior to the establishment of the coproration
Exchange
authorities
preferable
a
that
the
credit
it was made clear by Stock
situation
and
made
other factors
medium for reducing the daily payment of old loans and the
ones without going to the extreme of the European method of
making of new
fortnight.
every
Should the Exchange, in
cooperation
with
bankers, decide in the next few months that a method approximating the
fortnightly settlement could be put into effect here, it is deemed possible
that the idea of the new bank would be abandoned.
Mr. Vogel has
announced his intention of remaining in his present office
until the Sub-Treasury at New York is closed.
This is expected to occur
around Jan. 1.
prices.
LAW
DAKOTA
AFFECTING
T0WNLEY
EFFECTIVE DEC. 2.
POWER
From the
item have closed their doors in South Dakota there have
number of
ports
Barre, Vt.,
other suspensions
was
been
of banking institutions in
of the country during the past week.
announcement
made
on
At
Nov. 23 of the
Nov. 22, of the Barre Savings Bank & Trust
on
Company following a run.
its deposits
of $50,000;
on
The institution had a capital
Sept. 1 were said to have been
$1,832,234.
On the 22nd inst. press
closing of
a
Minneapolis "Journal" of Nov. 23,
dispatches from Boston in making
small institution said:
we
take the
following Bismarck, N. D., advices:
North
Dakota's five initiated
power of theTownley
canvass
laws which will take away much of
the
organization in the State will become effective Dec. 2,
expected the State Board of canvassers will have completed their
declared the laws in effect.
The constitution provides the
and
initiated laws must take effect 30 days from the time of election.
this possible, the
________
In addition to the banks which we announce in another
known the
NORTH
NEW
when it is
indication that farmers will change their position
Apparently they are deterinined not to sell their grain
SUSPENSIONS AMONG FINANCIAL INSTITUTIONS.
closing
steel,
He refrained
corporations than in commercial banking were
heavy lenders of Call money.
it is
various
brought to his attention.
of the men who are back of it.
any
co-operating with the farmers in plans
Commissioner of Agriculture and Labor,
North Dakota, where they are
a
bank,
grain for better prices.
Hagan,
Reserve Bank for failing
for present
a
indirectly caused the closing of the Havelock and Tolley banks,
and might be
-
however.
Havelock and Tolley,
their wheat
No such withdrawals
Lofthus, in discussing the suspension of banks at New
Bank Examiner
learned
was
and the sponsors of the plan intend to invite him to be President in case the
settlements
•
explaining its closing,
expected withdrawal of public funds
deposited with it by the Bank of North Dakota.
have been made yet,
a
collateral.
as
Assistant Treasurer of tne United States, it
yesterday, has been asked to examine into the possibilities of such
Exchange.
of the State.
chattel mortgages.
of means who believe
money.
responsible for the closing of five banks in the
None of the banks closed,
men
whose principal function
whose
State
dozen
that the time is opportune for establishing a bank
will be the financing of transactions in securities.
The Minneapolis "Journal" of Nov. 20 in advices
that date said:
business circles
The plan, which has not advanced beyond a
tentative stage, is in the hands of a half
County.
Lofthus,
paid-in capital and surplus amounting
$50,000,000 is being discussed in certain banking and
forces
successive crop failures are
the
current
One of the accounts appearing in the New
The formation of
to
County, and the State Bank of Bantry, McHenry
on
NEW
IN
charge of the local Sub-Treasury, have been
Renville
from Bismarck
BANK
movement looking towards the formation of
a
of Killdeer and the
State Bank of Greene
$50,000,000
$50,000,000 bank in this city under the possible headship
supporting the plan.
England,
having been closed, the
YORK.
in the affairs of several large
now
as
Little could be learned outside of the fact tnat
Three banks whose closing was
E.
reported
examination by the State Auditor.
the Farmers' State Bank of Belfield, the First State Bank
O.
111. (capital,
$100,000), and the Houston Bank of South Charleston, Ohio
Martin Vogel,
closing of the four additional banks said:
named for the closed banks,
a
Low prices of
On Nov. 13 the Union State Bank at Dixon,
today expressing
confidence that the present financial situation would be bridged if all the
named
the principal depositors.
are
York "Times" of Nov. 24 said:
O. E. Lofthus, State Bank Examiner, issued a statemnet
of the
men
$500 per acre.
a
plan for gradual withdrawal of money from the Bank of North Dakota
situation
closing of the
The bank is located in the centre of the richest agri¬
Slope Bankers'
custodians of funds derived from taxation, the purpose being to
a
A special dispatch to ithe
Nov. 23 relative to the
on
cultural district of Champaign County, where farm land recently sold for
study conditions that have caused the clos¬
ing of the various banks.
when
Wiggins and P. E. Wiggins;
dispatches from Mandau stated that bankers of
press
Southwestern
a
blamed.
are
also
was
Nov. 23—the bank
on
said:
Farmers and business
grain
said that
was
institution, it is learned from the Bank
Directory, is the Citizens Bank.
institution
but it
private bank at Homer, 111.,
having been closed
as
of
name
to-day,
company
$100,000.
under the management of C. B.
State Bank of
Adrian, the Donnybrook State Bank of
of the
not exceed
New York "Times"
closing of
his complaint,
on
savings bank business without the license required by law.
Examiners from the Bank Commissioners Department Department were
following is the proposal:
The
The commissioner was
injunction granted by the Superior Court
an
made through the Attorney General's office, that the
company was doing a
"Sec. 4, Notice for the return of loans of money, or of securities which
the Stock Clearing Corporation does not permit to be delivered through it
must
2101
To make
canvassing board has called a meeting for Nov. 29, when
expected all counties will have reported the vote.
the work of the canvassing board
The law governing
provides it shall meet within 35 days after
election.
The most important
law chat was passed is that governing public moneys.
Under the Bank of North
moneys
Dakota law it was provided that all
of Nortn Dakota.
In the recent election, a law was
by the people which provides that only State
the
Bank of North
local
public
in tne Bank
initiated and approved
of every nature and description should be deposited
Dakota.
funds must be deposited in
This gives the custodian of money for the
political subdivision of the
State the right to deposit their funds
wherever they want to.
It is
anticipated this will eventually mean
the withdrawal of about $12,-
Dakota on the basis of its present deposits,
leaving about $3,000,000 of State funds in the bank.
The Bank of North
Dakota had received in public moneys about $5,500,000 from the first Con¬
000,000 from the Bank of North
gressional District and had
$4 000,000.
redeposited in the banks of that district about
the Second District and
It received about $3,000,000 from
redeposited in that district $3,600,000, while in the Third District it re¬
ceived about $3,000,000 and redeposlted $3,900,000.
In the retransfer
approximately $1.500,000 must be taken from the
of these funds,
and
of the county officials is to make very slow
bankers and
not to embarrass the
as
Second
districts'and"placed liTthe^first. This is actua¬
some concern In"the State," but the attitude of the
Third Congressional
tion which has caused
withdrawals so
Bank of North Dakota.
regular examinations of the
Dakota and other State industries by the State Board of
Another of the initiated laws provides for
Bank of North
the Secretary of State.
tor and
or
Audi¬
institution
without previous notice and to make a com¬
This board is made up of the Attorney-General, the State
Auditors.
the State bank twice a year
They are privileged to enter any
of
State.
All are opposed to this present State Administration.
After Jan. 1
this board will be controlled by the Non-Partisans, William Lemke being
State Auditor, and Thomas Hall, Secretary
Attorney-General-elect,
the
both being Non-Partisans, while
a
D.
and
C.
State Auditor-elect,
Poindexter
Thomas Hall, Secretary of State, continues
member.
The third law
the
actual North Dakota
amends very materially the official
Another of the laws that was passed
Heretofore the law provided that every legal notice
laws.
of
kind had to be published in the official county newspaper which is
chosen at an election.
This has been amended so that the official paper
any
official notices required by the
counties or by the cities In which they are located.
Parties publishing
private legal notices, such as mortgage foreclosure notices, etc., are privi¬
serve
legal newspaper.
of the office of State
Superintendent of Public Instruction.
The Legislature
passed the so-called Board of Administration law by which
taken from the Superintendent of Public Instruc¬
powers related particularly to the designation of courses of
These
By the initiated law these
powers are all returned to the Superintendent of Public Instruction and are
removed from the jurisdiction of the State Board of Administration.
Laws in North Dakota are initiated by petition signed by 0,000 voters
These petitions must be in circulation and must be filed at least ninety
days before the election.
It is then made the duty of the Secretary of State
to submit the proposed law to the people, and if a majority approves, it
study and the certification of school teachers.
Nov. 15 the bank also said:
the territory assigned to our Buffalo Branch
such deposits through that branch,* while all other national
banks in this Federal Reserve
District should effect
such!.deposits through
facilitate transactions in this respect
suggested that the following form of letter be utilized in requesting
For convenience and to
directly.
such transfers:
192
-
Federal Reserve Bank of New
York,
Cash Department,
number of powers were
tion.
make
may
it is
initiated lawn relates to the duties and powers
through its Buffalo branch, in
following provisions which supersede
All national banks located in
two years ago
a
Bank of New York, or
nouncement of
us
School Powers.Restored.
The last of the group of
redeeming national bank
be made through the Federal Re¬
the provisions of Circular No. 272, of April 201920, entitled
"Five Per Cent Redemption Fund Payments."
In its an¬
publishes only the official proceedings or
leged to publish them in any
NEW YORK
New York in a circular iseffective that day, all deposits
Treasurer of the United States for
accordance with the
newspaper
Y.
York, N.
New
(or
Buffalo,
Please charge our account
a
Y.)
N.
Sirs:
Dear
and arrange
with you $
United States for a
to the Treasurer of the
payment in lawful money
like amount for the credit of
bank note circulation.
when the transfer has been made.
by us for redeeming our
"
Kindly advise us
Yours truly,
Name of National
PAMPHLETS ON ACCEPTANCES PREPARED BYAMER¬
ICAN ACCEPTANCE COUNCIL
The American Acceptance
Council announces that it has for
pamphlets on bankers'
and trade acceptances.
These publications are pocket size
and have been prepared by the Council with the cooperation
of Federal Reserve bank officials, business men and bankers
these
intelligently
discuss
to
important
Single copies are available upon application to the
Council at prices which merely cover cost of printing and
subjects.
Prices for quantity lots will be quoted upon
handling.
of the Treasury instructions on this subject
issued from the Treasury Department to the national banks under
were
date of Oct. 30 1920.
Very truly yours,
J. H. CASE, Acting Governor.
*
interest
the
in
of
better
credit
conditions.
assigned to the Buffalo Branch of the Federal Reserve
the ten most westerly counties of New York
The territory
Bank of New York comprises
State, as follows:
STATE
Orleans, Genesee, Wyom¬
Erie and Chautauqua.
Monroe, Livingston, Allegany,
ing, Cattaraugus, Niagara,
INSTITUTIONS
TO
ADMITTED
FEDERAL
SYSTEM.
RESERVE
The Federal Reserve Board at
and banking
conducting
Title
Signature of Officer
The Council invites the cooperation of the business
public in the educational campaign which it is
request.
Bank
By direction of the Secretary
distribution a comprehensive series of
qualified
maintained
the five per cent redemption fund
thirty days after election.
becomes a law of the State
best
Washington announces the
admitted to the
week ending Nov. 19 1920:
following list of institutions which were
Federal Reserve system in the
Total
1
OF
RESOURCES
trust
announced
was
YORK
NEW
AND
PANIES
It
on
STATE
TRUST
COM¬
STATE BANKS
year ago,
show
under
show
Iowa
the date of
BANKS AUTHORIZED BY FEDERAL
Sept. 12 1919.
During the same period deposits
of $45,006,979.
The private bankers
.
the
jurisdiction of the State Banking Department
of $30,327,982 which is an increase of ap¬
resources
The Federal Reserve Board has
The
First National
granted permission to the
Bank of Randolph,
Randolph, Nebraska.
SECRETARY OF TREASURY HOUSTON
POSAL FOR POSTPONEMENT OF
In
NOMINATIONS
FOR
SERVE
Pierre Jay,
DIRECTORS
BANK
OF
OF
NEW
FEDERAL
RE¬
YORK
Chairman of the N. Y. Federal Reserve Bank,
Nov. 15 issued a circular to
member banks in this district
and
announcing the nominations
member banks in group 2 for one
one
class B
The candidates for Class A director are
Bank of New York.
Robert H. Treman of Ithaca, N. Y.,
of New York.
class A
director of the Federal Reserve
and Hamilton F. Kean
The candiadte for class B director is Richard
H. Williams of Madison,
director
since
Reserve Bank in 1914
N. J.
the
Mr. Treman has been a
organization
and served
as
of
the
Federal
Deputy Governor from
for
Secretary of the Treasury Houston in a
on Nov. 21 declared that the agitation
issued
changes in the law to permit such
postponement "can
He points out that "the Treasury must
of necessity promptly meet the Government's bills" and
that "if uncertainty is to be introduced now into the tax
payments upon which the Treasury
principally relies, it
clearly will !e impossible for the Government to finance
itself."
He calls attention to the fact there are outstanding
nearly $700,000,000 of certificates maturing on
and $300,000,000
1921 and that on
Dec. 15 1920,
January 3 and January 15
Dec. 15 also there will become payable
additional
on
the semi-annual interest on the first
Liberty Loan and
the
aggregating about $140,000,000.
Secretary Houston states that the December 15 tax install¬
ments, which the Government relies upon to meet these
Victory
identified with numerous other interests.
Treasury
that the pay¬
and profits taxes
only do harm."
He is President of the Tomp¬
kins County National Bank of Ithaca.
Mr. Kean is head
of the N. Y. Stock Exchange house of Kean[ Taylor & Co.,
President of the First National Bank of |Perth Amboy, and
July 1 1916 to Oct. 31 1919.
Dec. 15 installment of income
postponed,
statement
of New York has under date of
received from
be
OPPOSES PRO¬
DECEMBER TAXES
evincing his oppsotion to the suggestions
ment of the
A
RESERVE BOARD
TO EXERCISE TRUST POWERS.
following institution to exercise trust powers:
proximately $5,000,000 over those of Sept. 12 1919.
Class
395,254
6,000
60,000
increase
an
director
Bank, Shenandoah,
——
quarterly call issued by Superintendent of Banks,
George V. McLaughlin, aggregated $5,057,308,650, showing
an increase of $130,000,000 over the call of approximately
a
District No. 7.
Security Trust & Savings
supervision of the New York State Banking De¬
partment, at the close of business Sept. 30 1920,
the last
Surplus. Resources.
$50,000 $724,939
Capital.
of Donaldsonville, Donaldsonville, Ga.$100,000
District No. 6.
Bank
Nov. 19 that the resources of the
companies and state banks, not including savings banks,
under the
The
by national banks in the New York Federal Reserve Dis¬
trict for credit in the 5% redemption fund held by the
passed, affecting the Bank of North Dakota, prohibits
farmers.
He is also a
The Federal Reserve Bank of
sued Nov. 15 announced that,
note circulation were to
(bank from making loans on real estate except to
& Peters.
the
of
5% REDEMPTION FUND PAYMENTS IN
FEDERAL RESERVE DISTRICT.
plete examination of their affairs and to make reports to the Governor and
public.
The members of this board are William Langer, AttorneyKarl Kositzky,
Co., retaining his position
head of the firm of Williams
Equitable Life Assurance Society.
result of the election will be announced about Dec. 6.
to the
General;
qualify he resigned as
Park Bank and the Fulton Trust
as
filling out an unexpired
director of the National
position since June 1 1920,
To
term.
director has
Williams nominee for Class B
Richard H.
held this
director
Industries.
Board to Examine
[VOL. 111.
CHRONICLE
THE
2102
Liberty
Loan
obligations is not expected to exceed $650,000,000,
must finance
its further requirements
and the
through'
Nov. 27
Treasury
THE
1920.]
certificates
of
It would
indebtedness.
be im¬
possible he adds to defer the payment of the December
installment of taxes without forcing an offering of Treasury
certificates of
is
His statement in full
prohibitive amounts.
follows:
as
15 installment of income and profits
that the payment of the December
and,
second, that the "net loss" provisions of the Revenue act* be extended to
the year 1920, presumably to permit the deduction of inventory losses during
postponed by amendment of the Revenue Act of 1918,
for the taxable year 1919, with
accordingly.
The agitation for these
the taxable year 1920 from the net income
redetermination
of the
changes in the law
1919
taxes
only do harm and, from the point of view of the
can
Treasury, it is important that the situation be made clear.
The Revenue act
The taxes due
already
had
ment
and 'have
ment
by setting
due on March 15, June 15, Sept. 15 and Dec.
and profits of the taxable year 1919.
nearly twelve months'
had
the final installment
Dec. 15 1920, represent chiefly
on
due in respect to income
have
every
grace
as
Taxpayers
to this final install¬
opportunity to make provisions for its pay¬
the necessary reserves or purchasing Treasury cer¬
indebtedness.
The Treasury Department, moreover, has
tificates
of
adjusted
its
Revenue act
under
war
up
financial
the tax-payment dates provided
to
program
Dec. 15 1920, and $300,000,000 additional mature on
Jan. 15 1921.
On Dec. 15 there will also become payable the
hard to identify in times of peace, when
are very
equal commercial opportunity and the free operation of supply and
have been re-established.
ment of ail kinds of
The
who
men
In the en¬
24 1919.
disaster which Is now impending over those busi¬
abnormal
conditions to the conditions of unfettered commercial intercourse, Con¬
war
enacted several so-called "relief" provisions.
gress
ending prior to January 1
such net loss may be deducted from the income of the preceding
1920,
(if necessary, from the income of the succeeding year) and that the
year
in expectation of
now
I refer especially to
This provides that in case a taxpayer sustains a net loss in a
Section 204.
taxable year beginning after October 1 1918 and
The result is that there is now no pro¬
period specified in the law.
vision to
care
This provision was enacted
be re-computed accordingly.
the period of industrial and financial contraction which is
Unfortunately this period has occurred after the conclusion
upon us.
of the
for the tremendous shrinkages in inventories which have taken
1920.
place since January 1
This deficiency of the law should have the
prompt attention of Congress so that the tax payers affected may
file claim
against the final installment of 1919 taxes which fails due on
credit
for
days after the convening of Congress.
December 15th,—only 10
of logic and justice, moreover, requires that this
Every consideration
The striking
of
provision should be made a permanent feature of the law.
tificates maturing on
of
Jan. 3 and
credit balances thus obtained as net income for the purposes of taxation
semi-annuai interest on the first Lioerty loan
aggregating about
and the Victory Liberty loan,
To meet tbese heavy maturities of prin¬
$140,000,000.
by the extraordinary burdens im¬
posed upon the Treasury m connection with payments to
the railroads, the
Treasury relies ch.efly on the income and profits taxes payable on Dec. 15.
This installment
expected to exceed $650,000,000.
is not
far as they are not covered by
finance its further requirements, so
must
The Treasury
certificates of indebted¬
ness.
It would, be impossible to defer the payment of the December
installment of taxes without forcing the Treasury to offer Treasury certifi¬
ordinary current receipts, through issues of Treasury
cates in
prohibitive amounts.
Dec. 15 installment
the Treasury would, in effect, be financing private
business, which should provide for itself through ordinary banking channels,
If necessary.
this resulted in serious injustice.
sistently made to the Treasury during the last few months, that Govern¬
various sections of the country to finance
ment funds be made available in
the holding of commodities or the export
of goods to Europe.
equally impossible from the point of view
Under the present revenue law the Treasury receives in
the year 1920 taxes based on the income
and profits of taxpayers during the
The whole financial program of the Government requires that
year 1919.
collection of these taxes.
No change
which would render uncertain the bulk of the Govern¬
the Treasury be able to rely upon the
should be entertained
ment's
tax
receipts and result perhaps in
heavy claims for refunds with
debt and additional short-term financing.
consequent increases in the public
There is, furthermore, no reason in fairness
why taxpayers who made profits
In 1919 and became liable to pay taxes on the
be permitted to
now
basis of those profits should
throw upon the Government the burden of losses in¬
1920.
curred in the conduct of their own businesses in the year
The Treasury must of necessity
If uncertainty is to be
promptly meet the Government's bills.
introduced now into the tax payments upon which
clearly will be impossible for the Govern¬
the Treasury principally relies, it
to finance itself.
ment
DANIEL
or
C.
any
provision contained in Section 204 is not to favor any taxpayer
FURTHER
IN
ARGUMENT
FOR
There is no purpose of
it is entitled or even to
to which It is entitled.
The purpose of
depriving the government of any revenue to which
defer the collection of any revenue
the plan
payers
well as of the tax¬
collected when it is available and
of the hard necessity of destroying
which will be the case if the law is not amended
is to secure the interest of the government, as
by providing that the tax shall be
valuable
of revenue,
sources
and the Department must
to collect taxes
which
of
Internal
Revenue
proceed under the drastic method of distraint
unable to pay.
not properly owing from taxpayers
under effective safeguards, postponements
taxes
should be
permitted for
reasonable time.
a
Daniel
C.
Roper whose proposal for immediate legislation for the post¬
ponement of the December 15 instalment of income and pro¬
fits taxes was referred to in our issue of Saturday last, page
and
of the Dec. 15 installment of 1919
The income of many
in their returns for 1919 was based solely on their
close of that year.
The income
inventories of commodities on hand at the
was
it
Even the amount of the tax due could not be set
tied up.
was
In many of these
instances the price decline is much more
in amount than
An excessive
reported in good faith for 1919.
the total amount of income
and unwarranted tax has already been
payers
aside because
commodities included in the inventories.
involved in the high priced
collected from many of these tax¬
in the three installments of this year.
The collection of another
on
Dec. 15 will be adding Insult to injury.
Therefore, the
installment
purpose
of the suggested extension of time is to
give business men and the
appraise the true situation.
The legislation
proposed is the only way in which we can avoid forcing under the hammer
large productive plants and vast quantities of materials, which will entirely
disorganize the markets and throw out of work thousands of employees.
Such a result will paralyze many industries and create a psychology of
government opportunity to
opposition to the income tax law that might even
jeopardize the continuance
of the law.
and many classes of borrowers are
affected, from the large manufacturing concerns to the producers of raw
materials who have held their products hoping against hope for a favorable
turn in the market.
The bankers cannot properly extend loans of their
appreciatiate the
Commissioner
are
of this net loss suggestion is that, in meritorious cases
The corollary
parts of the country
depositors' money to their embarassed
POSTPONEMENT OF TAXES.
Former
The suggestion,
underlying principle shall be observed.
its
Bankers in all
ROPER
It is to tax only what is income and to avoid taxing
therefore, is that the spirit of the law
special group.
what is not income.
and
taxpayers as reflected
"net loss" provisions of the Revenue Act of 1918
be extended to the year 1920 is
of the Treasury.
of the suggestion that Congress before Dec. 15 make per¬
The purpose
manent the
In this respect the proposal is not different from those in¬
The suggestion that the
is a
such as
by relieving the Treasury Department
Moreover, to extend the time for the payment of the
would simply mean that
balance sheet of gain or loss every twelve months and the treatment
convenient but somewhat arbitrary procedure that has in instances
cipal and interest and at the same time provide for the current requirements
of the Government, enlarged as they are
a
o*
Congress evidently appreciated the crudities
struggling to readjust their affairs from the
are
demand
profits tax, with its uniform treat¬
frame the law of February
came to
deavor to avoid the very
ness
excess
business, ignores entirely the variable elements of risk,
enterprise and initiative.
by
There are outstanding nearly $700,000,000 of cer¬
of 1918.
Such profits could be recognized
improper earnings.
or
conditions but
taxes for that year
provides for the payment of income and profits taxes
In four quarterly installments
15.
of abnormal
ence
the law when it
Suggestions have recently come to the Treasury from various sources, first,
taxes should be
2103
CHRONICLE
clients however keenly they may
injustice of the situation and the need for
immediate
legislative relief.
Surely there is no political or economic excuse
people
as a reason
which can be given to the
for delay in acting upon this righteous demand to
15th.
the
Congress for relief before December
2013, is the author of an article appearing in the November
24 issue of "Commerce and Finance" analyzing the situa¬
REDUCTION
IN
MILK PRICES—MILK DRIVERS'
DEMANDS.
tion,—his presentation being of especial interest in view of
the issuance of Secretary
ments
as
legislative action making permanent the "net loss" relief
provision of the Revenue Act.
The Income Tax law,
on
In his article Mr. Roper
says:
with the exemption of small incomes, the surtaxes
large incomes and the tax on excess profits, has appealed to the people as
equitable and soundly founded on the fundamental of placing the burden on
those who are best able to pay.
To the extent that it taxes actual income,
the present law,
when properly administered, is beyond doubt the most
We are as yet so new, however, in the
taxation that neither the Congress, the execu¬
have clearly defined what constitutes income,
or what methods should be pursued to determine the periods of time through
which business should fiow to establish finally profits and losses for tax
equitable tax system yet devised.
development of this form of
tive department nor the courts
purposes.
The present system
of annual returns, involving an arbitrary grouping
of months, works in many
payer
The
instances relentless harm because it forces the tax
to report as income gains
which have not yet been fully realized.
income has not yet been clearly
place of the inventory in defining
decided.
Even the best accountants are at
of the inventory in
variance
determining taxable incomes.
certain silk merchant made in the year
had in addition goods on
as to
the correct use
It is reported that a
1919 a cash profit of $500,000 and
The tax will be. when finally paid in the
in 1920, greater than the entire amount of his actual cash
reported profit of $1,700,000.
four installments
When this merchant finally comes to dispose of the goods included
In this inventory he is unable to obtain even $2,000,000.
His loss on the
profit.
Inventory consumes
his entire profit and leaves him with a net loss for
Nevertheless, the silk merchant, under the*
1919 of more than $300,000.
present law, is under the
tax on the paper
The term
necessity of completing the payment of the large
profits which he has been unable to realize.
We borrowed it
"Excess Profits" is inexact and confusing.
during the war from the English system.
decided upon by the
Inc.,
It pre-supposes the general exist¬
on
in the
Nov. 19,
a
distributers,
directors of the Dairymen's League,
reduction in December of one cent a quart
price paid by the consumer will be made.
This, it is
pointed out, is the first time in fifteen years in which a drop
has occurred in the December price.
The directors of the
League, said to represent 88,000 dairy farmers
milk to the
of $3.38
a
city voted
on
supplying
the 19th inst. to establish a price
hundred pounds for milk of 3%% fat content,
and $3.18 for that
The price announced
of 3% butter fat.
hundred
the November
prices, the respective prices the current month having been
for December
represents a reduction of 47 cents a
pounds to manufacturing distributers under
$3.85 and $3.65.
with the
The lower price it was stated was voted
understanding that distributers would correspond¬
A statement issued
its action said:
ingly reduce the cost to the consumer.
by the League on Nov, 19 regarding
The reduction of the price of
hand valued at $4,000,000 according to the current
prices at the close of that year.
These goods were acquired at a cost to the
merchant of only $2,800,000.
Therefore in making his excess profit return
he
With the reduction in the price of milk to the
of the Treasury Houston's state¬
opposing the deferment of the tax instalments as well
milk by the farmers of 50 cents a
hundred
and 47 cents less than in November of this
though for the last fifteen years the December price has been
over November, is a result of the Farmers' desire to put the
pounds from December a year ago
year,
in
even
advance
1
price of milk on a pre-war basis.
The Borden Farm Products
dent Patrick D. Fox, was
of the
of the
Presi¬
lowering
Company, thrpugh its
the irst to announce a
action of the directors
price" of Grade B'milk'for December,
announces, be 17 cents a quart, and for
price to consumers following the
League. ! The
will the company
Grade A milk 20 cents a
quart, as compared
with 18 and
21 cents
CHRONICLE
THE
2104
Organized labor's program for the coming year is being framed at the
respectively which had prevailed during September,
October and November.
Mr. Fox
quoted
was
Nov. 20
on
We
the sessions outlined labor's reconstruction
drop in the milk price.
a
distribute milk
to
at
consumers
minimum
a
producers
by
increase
any
because this is
warrant it and
conditions
ecnomic
do
not
period of general recession.
a
Enactment of legislation placing
and Southeastern
element entering into the
milk industry which might make for a lower price.
threatened strike of milk
increase of $10
a
the year
pay, was
with
Nov. 12 when it
reported
stated that
was
tion had been agreed upon
New York "Tribune" said:
having been averted
as
An intenvise
on
basis of arbitra¬
a common
On Nov. 13 the
tentatively.
the differences for
final
not
were
working agreement for the next twelve months
new
a
inasmuch
the
as
membership,
both ojf the union
•
States.
<
.
;
Secretary of the Federation, said that organized labor
would insist that the present
be not reduced and
standards of living and working conditions
be maintained upon at least the level of
that wages
1914, with due allowance made for the decreased purchasing power of the
dollar which Government figures,
he said, show to be more than
Labor leaders, while admitting that there are
causing
some
taches,
explained that the points of agreement relative to arbitration of
was
Europe.
immigration
upon
control of that from Central
campaign of Americanization to counteract the influence of
Frank Morrison,
an
week in pay with two weeks' vacation during
com¬
political theories not in harmony with the principles underlying the Govern¬
ment of the United
drivers, who had sought
drastic restrictions
from all parts of the world with the most rigid
The Borden's Farm Products Company wants it known that it is ready
It
follows:
Opposition to laws restricting the right of workers to quit work.
We have stood out
figure.
because
at all times to give the consumer benefit of any
A
as
pulsory arbitration of industrial disputes.
We have steadfastly stood for a lower price and have honestly endeavored to
against
policy
Repeal of existing laws and opposition to proposed laws requiring
delighted beyond words to be able to report
are
Officials of the Federation attending
meetings of the Executive Council.
saying.
as
[VOL. 111.
production waste, are prone to place the blame, if any at¬
They contend that
inefficient management.
on
100%
evils in the labor situation
difficulties
many
and controversies between labor and its employers have had their, inception
in the inefficiency of
subordinate plant officials.
and the
New York Milk Conference Board, representing the distributers,
At the conclusion Mr. Hoover
have to
ratify this action of their delegates.
I
It is stated that the
men
have been receiving a weekly
of $35 and 2% of collections for a six-day week and
have been making as much as $75 to $80 a week.
wage
assistance'l
what advice and
can
reported
was
stating:
as
invitation by Mr. Gompers to give
present today in response to an
am
to aid American labor in the trying
period of
readjustment through which the nation is passing.
I
feel
that
conference
the
will
be
Certainly it has been enlightening to
productive
I
me.
of constructive
here purely in
am
results.
private
a
capacity and do not represent either employers or labor, but, rather, I hope
HERBERT
HOOVER
INDUSTRIAL
PROBLEMS
ON
TO
INCIDENT
the great mass of the American people
and continuous production
DEVELOPMENT—CONFERENCE
In his address
LABOR.
WITH
Particular
interest
attaches
problems growing out of
ered
to
industrial development deliv¬
our
Engineering
Societies
capacity
President-elect of
Washington
at
Nov.
on
into
in his
19
Earlier in the
that body.
Hoover had been called
week Mr.
dealing with
Hoover before the Federated American
by Herbert
as
address
an
conference
by the
that
"there
problem of employer and employees relationship both in its
aspects of increased production and in its aspects of wasteful
unemployment
engineers.
devoted largely to
the seeking of methods whereby differ¬
between labor and capital
ences
stated, being
was
The sessions of the Council
and in the absence of any
following from the
might be amicably adjusted.
held behind closed doors,
were
official statement
dispatches of Nov.
press
the deliberations and Mr. Hoover's
quote the
we
15 regarding
participation therein:
tribution
not be
might be chosen
as
of Labor to-morrow,
Federation
reports that he
general mediator to seek peaceful settlement of dis¬
a
putes between capital and labor were denied by officials of the Federation.
The
of
conference,
it
explained to-day, will
was
the
concern
"stabilization
It
Is
known
that
Council
the
industrial plants
employment.
has
been
much disturbed because
very
shutting down and throwing workmen out of
are
Mr. Hoover's advices
Industry will be sought and
Labor,
intelligence
world,
solution
a poor
alignment for battle."
are
those
growing
In part
follows:
out
of
and in fact,
country,
our
our
industrial
before
development.
The
industrial expansion of the last fifty years has lifted the standard
living and comfort beyond
under which
system
management."
to
"are
both sides should not and must
on
as an
Among the greatest problems before
any
dream of
it has been
forefathers.
our
Our economic
accomplished has given stimulation
to
a program
formulated.
a
their plants.
fight against reduction
manu¬
This Is the great problem with the
the
in
were
the Asso¬
Washington Nov. 16 said:
Council
closed'
meetings behind
disinclined to talk of the discussions.
groping.
domination
The aggregation of great wealth with its
social
presents
and
economic
a
great extent
power
for economic
which
ills
are
we
constantly
struggling to remedy.
A profound development in our economic system apart from control of
As to the session in which Mr. Hoover took part
Members who
are
disappeared.
labor leaders at the present time, it is asserted.
ciated Press advices from
we
Our business enterprises have become so large and complex that the old J
pleasant relationship between employer and worker has to
of wages, but finds itself checkmated because it cannot interfere with
facturers closing down
yet it presents a series of human and social difficulties to the solution of
which
the relations between laoor and
on
it is said here, Is determined to make
so
organizations
contemplated
enormous
of
keep
invention, to enterprise, to individual improvement of the highest order,
production."
many
workers'
destruction," he argued,
Mr. Hoover's speech was as
the
our
problems," and he added "the growing strength of
National
While it is announced that Herbert Hoover will confer with the Executive
Council of the American
these
to
study by
to secure increased pro¬
are|
^in creation, in craftsmanship and the con¬
the
of
and
careful
most
"we
increased standard of living we must
an
interest
"Battle
deserves
that
"If" he said
duction and
awake
Washington, the conference, it
Nov. 19 Mr. Hoover declared
on
questions in connection with this entire
are
Executive Council of the American Federation of Labor in
session at
President-elect of the Federated Ameri¬
as
Engineering! Societies
can
who wish to see industry stabilized
assured.
capital and service during the last
score
of years has been the great growth
and
local
or
consolidation
of
voluntary
National
associations.
These
associations represent great economic groups of common purpose and are
doors were
quite apart from the great voluntary groups created solely for public service.
evidence, however, that
We have the growth of great employers' associations, great farmers' asso¬
Mr. Hoover's views did not place all blame for conditions now confronting
ciations, great bankers' associations, great labor associations, all economic
labor
groups
employers.
on
It is known
of the Council, while
There
that
was
at the conference
some
members
holding employers largely responsible for present
ditions, admitted that individuals and
con¬
striving by political agitation, propaganda and other
advance group interest.
At times they
come
measures to
to sharp conflict with each
of workers had not
other and often enough charge each other with crimes against public interest.
Mr. Hoover was understood to have told the conference that labor must
system rests upon whether we can turn the aspects of these great National
"played fair" in
even
groups
instances.
some
And to
me
the
question of the successful development of
one
our
economic
do its share in the elimination of industrial faults and ills which make for
associations toward co-ordination with each other in the solution of National
unemployment.
economic problems or whether they shall grow into groups for more violent
Council
Hoover's
said
members
discussion
of
that
they
had
been
deeply
existing conditions because
of
interested
its
bearing
in
Mr
on
the
Federation's search for methods which will avoid intermittent
operation of
industry and consequent unemployment.
was
It is understood that Mr. Hoover
told that labor leaders regarded the action of
plants
operating
or
on
part time
as
employers in closing
some
"little short of
a
was
to credit
said not to
explaining to the Council that he believed other conditions
affected plant operation more than the labor leaders realized.
conditions, the slackening of foreign
as
well
as
Mr. Hoover made
Its
only interest in the creation of
He pointed
He did say,
intimate experience
will have
The
a
changing conditions
of which Mr. Hoover spoke would necessitate changed
policies on the part
of organized workers and particularly of the Federation.
They indicated
of
It developed to-day that a number of important conferences between labor
officials
and
and (economists
engineers
country during the fall.
were
held in various parts of the
The Federation has been assembling information
thus obtained for the study now in progress.
President
greater
Gompers
consideration
"human
element" in
eliminated.
His
is
understood
and
a
better
said
understanding
production, if output is to
views
were
understood
to
have
to
his
must
associates
be
accorded
be increased
indicated
employer and on the other about the domination of organized labor.
belief that better co-operation must be attained between
the
and waste
organized labor
and engineers, holding that the engineers know that organization and co¬
operation
are necessary
The Council
although it
in order to utilize power—human
or
material.
probably will continue its discussions for several days
was
not
believed that
meet with it.
any
more,
other persons would be asked to
among
common
but there is between these
interest, and if
common
we can
find
interest
measures
both
extremists on
One of the most complex difficulties in all discussion and
ation the field of
There
groups a
are
action in
certain
areas
far greater area
by which through co-oper¬
be organized, then the area of con¬
can
flict could be in the largest degree eliminated.
In
this
connection
the
employer
sometimes
overlooks
fundamental
a
fact in connection with organized labor in the United States.
the vast majority
of its membership
and of its leaders
in their attitude of mind and in their social outlook
Socialist doctrines finds its most fertile
ers,
and yet the labor organizations,
area
as
are
This is that
individualists
that the expansion of
in the ignorance
they stand to-day,
of many work¬
are
the greatest
against Socialism.
On the other hand, some labor leaders overlook the fact that if we are
that
strongly the
;
tendency to domination probably exists
bulwark
have
to
in bringing about
of special interests they
these problems is to eliminate this same extremist.
that
they were attempting to arrive at new conclusions and reshape their
policy through the study of economic and industrial conditions confronting
them as well as the employers.
groups
great deal from extremists on one side about the domination
of conflict of interest,
was a suggestion that the
service
be of
can
performed extraordinary service.
We hear
from
conditions.
training in quantitive thought, with their
in industrial life,
sides.
war to peace
entire National life.
our
great National association is public
a
co-operation between these great economic
however, that he believed the existing economic depression was of a tem¬
porary nature, and that it constituted a part of the period of transition
Among labor leaders there
spell breakdown to
service, to give voice to the thought of the engineers in these questions.
of the
forecast.
no
can
Association stands somewhat apart among these great
economic groups in that it has no special economic interest for its members.
domestic demand
and certain other related causes, it was understood.
As to the future outlook,
The latter
This Engineers'
And if the engineers, with their
social crime."
With this in view, however, the former Food Administrator
have agreed,
conflict.
to maintain
in
a
our
high standards of living,
society in which
of the employee, and
standard
or more
of living
we
our
productivity, it can only be
maintain the utmost possible initiative on the
through that, in the long
rim, we can
part
only expand the
by the steady increase of production and the creation
goods for division
over
the
same
numbers.
The American Federation of Labor has
publicly stated that it desires the
support of the engineering skill of the United States in the development of
methods for increasing production, and I believe it is the duty of our
undertake
a
constructive
consideration
of these
great
body to
problems and give
Nov. 27 1920.]
THE
assistance not only to the Federation of Labor,
and the chambers of commerce.
It is primary to mention
From intermittent employment
From unemployment that arises in shifting industrial currents
(3)
From strikes and lockouts.
»
Beyond this elimination of waste there is another field of
measures for
and
ment
unemployment
For example,
groups.
progress
in the
positive increase in production.
In the elimination of the great "waste
need
we
an
average
co-ordination
once
economic
in
that
of but 810 days of employment per annum,
where
a
could
be found among the coal operators, the coal miners, the railways,
great measure of solution could be had if
and the great consumers.
ard of
basis of co-operation
a
The combined result Would be
living for the employee,
a
higher stand¬
reduced risk ijo the operator, and funda¬
mental expansion of economic life by cheaper fuel.
With
our
a
legislation
necessary
against
combination
and
of
lack
the
organizing force to bring about this co-operation, the industry is help¬
any
less unless
we
develop
can
Governmental ownership,
method of Governmental interest, not in
some
shop, these shop committees have resulted in
One of the most important
and misery of intermittent employ¬
at
the bituminous coal industry, where the bad economic functioning of
industry results in
There was a great increase in
shop committees as a method of such organi¬
zation.
Where they have been elected
by free and secret ballots among
the workers, where they are dominated
by genuine desire on both sides for
mutual co-operation in the
great good.
engineers have pointed time and time again to
our
but in stimulation to co-operation in better
or¬
stages of that good has been the tendency
to turn the aspect of some foremen from that of slave
driving to leadership.
great good has been possible by the encouragement of men to creative
effort, in the stimulation of their minds as well as their hands to the solution
And
a
of these problems.
to offer them
an
It makes for pride of craftsmanship and is a real effort
opportunity of self-expression.
Organized labor has opposed
the fear that they may
of many different
forms of these committees because of
There is economic
the surface.
on
ments of organized labor has
unfair employer,
some
break down trade organizaton covering the area
shops.
deeper than appears
cases
reason
for this fear in certain
One of the greatest
accomplish¬
been the protection of the worker from the
and it is worth the employer's notice that this is at the
time the protection of the fair employer from the unfair
competition
same
of the
ganization.
sweatshop.
<
Again, I believe the engineers could assist in the erection of
In help
against the misery in the |great field of seasonal and other un¬
employment we indeed need an expansion and better organization of our
local and Federal labor exchanges.
We have
vast amount of industry,
a
co-operation if organized labor, which has already made
extend more widely its adoption of the principles of
and applying its energies through a
dustries.
ment of
The individual worker is helpless to find the contacts necessary
to make this shift unless the
machinery for this purpose is provided for him.
questions of industrial conflict resulting in lockout and strike one
mitigating measure has been agreed
community.
in principle by all sections of the
upon
That is collective bargaining, by which, wherever possible,
the parties should settle their difficulties before they start a fight.
bridge of
a
beginning, would
a
shop committee,
settling its problems of wages and conditions of labor in general agreement
seasonal in character, which must shift its labor complement to other in¬
In the
without definite
organization.
(1)
(2)
adoption of
co-operation
we can secure
In large industries this mutuality
of interest that existed in small units
cannot be restored
three-phase waste in production:
a
advance unless
an
between the employer and employee.
employers as¬
as
2105
Here again we cannot make
but also to the other great
economic organizations interested in this problem, such
sociations
CHRONICLE
production
well
as
a
shop committee organization to develop¬
to the correction of incidental grievance.
as
There would be little outcry against the closed shop if it were closed
order to secure unity of purpose in constructive increase of production
by
offering to the employer the full value of the worker's mind and effort
as
well
his hand.
as
There is
It is
in
immediate problem in
an
increased production
that is too often
founded not only on the sense of prevention but on the human right to con¬
overlooked by the theorist.
solidate the worker in the proper balanced position
tion will decrease cost and, by providing a greater demand for goods, secure
to uphold his rights
against the consolidation of capital.
This measure,
to
increased
advocated for long
by organized labor, was agreed
years
by the employers' group in the first Industr5 ^ Conference.
supported in the platforms of both political
universal
method
The
and
application of collective barg?'
broken down is in the
of its execution.
friction
arises
almost
other than his
men
organizations
whp''
case
dustries denies the
demand
the negotiations.
V
that
they
can
skill and
was
tion
as
to the
tion and
That
upon
of the public
of
No group should be afraid of
And I believe it would greatly
progress.
understanding of the
of labor.
cause
by compulsory arbitration
pression which must ultimately
or
use
any
tion.
""
other form of Governmental re¬
The prin¬
-
"
That
careful study by
If
conception
community working for the benefit of its human members, not
of its
machines
to
or
aggrandize individuals;
that if we
would ouilt up character and abilities and standard of living in our
life.
recreation, for family
to
are
These considerations, together with protection
against strain, must
These factors being first protected, the maximum
try should become the dominating pin-pose.
and
will
There is
hours
no
some
ly-
the
Battle
and
must not be
these
upon
these factors
primary considerations makes for employment of
an
equal certainty that the eighty-four hour week
a
point of inhuman¬
broad question bearing upon stimulation
of self-interest and
production that revolves around the method of wage payment.
the advantages, difficulties, and weaknesses of
not review
to
bonus,
piecework,
profit, or
you
saving-sharing plans,
that are in
remedy for the deadening result of the same payment to good and
alike.
use
as
a
bad skill
i
The suggestion
I wish to put for your consideration is the possible use
device in encouragement of individual
creating two
or
three levels of
in
wage
for each trade,
the
increased production and
This plan should
for added skill and
be developed
upon
performance by
confidence the classification
an
under
the principle of extra compensation
agreed basic wage.
In order to give
such scales must be passed upon
representatives of the workers in each shop or department.
by
This plan is
destruction
are
a
contemplated
poor
solution
considered
be
as
fortunate
a
present repetitive indus¬
eliminate the creative instinct in their workers,
our
economic
groups
If
We should have provided
stimulates it
that
through protection
I
am
not
one
of those who
Durable hunian
position
progress
as a party
without their stimulation.
Smith nor
from
domination.
We
anticipate the solution of these things in a day.
has not been founded on long strides.
nomic groups, with your lifelong training in
sole mental aspect of
But in
construction,
you,
quantitative thought, with your
the engineers, should be able to
make contribution of those safe steps that make for
real progress.
THE BUILDINGS TRADES BY
THE DISCLOSURES IN
The
developments by the Loekwood Committee of the
State Senate in its
to narrow their
investigation of conditions in the build-
trades have been
ng
the results
seems
iin progress.
so
sensational that
people we cannot permit the dulling
accomplish increased production,
some summary
The November number of the Bulletin of the
Associated General Contractors of America contains an
the
of
which
the
General Contractors
an
Association of
New York,
in
analysis is made of this legislative investigation of
peculiar relations that have existed between Construction
take the
not
been
Contractors, and from this we
following:
The revelations adduced
by the Loekwood Senate Committee on
Housing
pleasant for those contractors whose methods of price-fixing have
exposed,
nor
demanding
far given before the com¬
for labor leaders who have been accused of
price to forestall strikes.
The testimony so
mittee tends to show that two associations, plumbers
tractors, required their members to pay
on
article
"Against Public Policy" by C. A. Crane, Secretary
Labor and the Employing
are
of
desirable, though the investigation is still
the gross amount of their contracts
examination
and
"advice"
to
and cut-stone con¬
body 4%
forwarded for
into a central directing
that all bids were
this central body before being
submitted
received as his
fee about H % of the amount paid in and the balance went into an "insur¬
ance" or "readjustment" fund that a close working alliance existed between
an
attorney who acted as
associations and
director of their operations
which embraces all
the brick-layers, and that
the Building Trades Council,
these
our
could secure this co¬
would have provided a
of the third part to many of these conflicting eco¬
the unions of skilled trades in New York except
we cannot
of backward,
should have given a priceless gift to the twentieth century.
Indeed, if we
Indeed,
The
third alternative that preserves individual
a
industry that
development of
we
we
could be had from their minds as well as from their hands.
to secure the
problems.
Battle quickly loses
development of influential groups
can be assembled for co¬
field of craftsmanship, to discard entirely the contribution to
of these sensibilties.
these
to
both sides should not and
on
alignment for battle.
as an
the socialism of Karl Marx.
upon
that
being successfully experimented with.
We must take account of the tendencies of our
are
increased standard of
an
keep awake interest in creation in craftsmanship and con¬
economic system, based neither on the capitalism of Adam
new
a
character.
tries to
interest between the employer
through the reduction of the great waste of voluntary and
operation throughout all
interest and effort by
agreements
position of each man in such scale to be based upon comparative skill and
now
I wish to make is this:
common
through which skill and mutual consideration
entitled
need
of another
of
area
These organizations, if our society is to go forward instead
should
production of the coun¬
greater economic fallacy than the doctrine that to decrease
below
a
alone suffers from industrial
its rules of sportsmanship and adopts the rules of barbarism.
,
increase in
great
growing strength of National organizations
The precise hours of labor
conditions of trades and estab¬
employment transgresses these fundamentals to
'
There is
I
varying
determination of hours based
proper
greater numbers, and it is
of
now
problem of unemployment needs honest
same
THE LOCKWOOD COMMITTEE.
immediate field demanding attention of engineers.
an
the
with
vary
lishments, but the
is
a
secure
we must
be the fundamentals of determination of hours of labor.
should
the individual who
this be accomplished except by co-operation between
people
have regard to their leisure for citizenship, for
we must
we
living
your
There lies at the heart of all this question the great human
a
bene¬
involuntary unemployment and in the increase of production.
employee relationship both in its aspects of increased production and in
benefit
is
there
initiative,
7
.
questions in connection with this entire problem of employer
engineers.
the
can
In fact, the
In summary, the main point that
renewed considera¬
your
its aspects of wasteful unemployment that deserves most
that this is
upon
Nor
operation in the solution of these questions.
,
contention could be
the jails for enforcement.
ciples formulated by that conference should have
for
of these
in their solution
material progress
The conference did not believe that the industrial
our
placed
groups.
and the employee
distin¬
completely convinced that
to the rights and wrongs
as
more
was
authoritative publicity in these matters.
are
would
we
consideration.
and the condemnation by public opinion
wrong-doing lay the root to real
There
investiga¬
great employer and a most
a
mind
contentions would in itself make
and that in public education
an
but if
must take account of
we
tribution of the worker's intelligence to management.
the illumination
and
where
collective bargaining the
report.
conference, embracing both
advance
conflict
both
independent tribunal for investiga¬
an
be
not
third and independ¬
a
right and wro"g of the whole dispute, but only for
guished representative of organized labor,
cured
the
member, proposed
a
It further proposed that
dispute refused to enter
entire question should be referred to
co-operation to accomplish them rapidly
this unemployment, and we must say to the community that if it is to
changes.
of which I
experience to its assistance.
of the parties at
one
We accomplish these results over long periods of time,
secure
It also proposed that each party should have the right to sum¬
party.
his particular mate thrown out of employ¬
sees
alternatively, if the employer is to take benefits the entire burden should
representation the determination should be left to
mon
worker, he
fit by the cheapening costs and thus the increased standard of living, or
solution to this point by the provision that where there was a
over
ent
It
skilled
require
as
ai more
protect the body of workers only by presenting
The second Industrial Conference,
a
unemployment and great misery.
cheapened commodities, and in the meantime, when this is translated to
than local application
■„
their behalf by skilled negotiators.
on
ultimate greater employment, yet the early
valuable period of time to create the increased area of consumption
a
the individual
of representation
>n
Tl
own
experience and bargaining freedom they
and that thus
of
that increased produc¬
easy to state
ment.
questions of enforcement.
right of
Labor
It has been
The point where the
w.
consumption and
of this process do result in
stages
takes
While it is
independent contractors found it impossible to get material or men to do
association, even though they employed
their work until they joined the
none
but union men and paid union wages,
unless they bought the privilege
District it re¬
In the retransfer
funds, approximately $1.500,000 must be taken from the Second
Richard
redeposited in that district $3,600,000, while in the Third
redeposited $3,900,000.
ceived about $3,000,000 and
of these
districtslandjjlaced in"thJfirst.
Third Congressional
and
tion which has caused some concern
as not
to embarrass the
This is a situa¬
in~the State,"but the attitude of the
officials is to make very slow withdrawals so
bankers and of the county
Bank of North Dakota.
Hoard to Examine
examinations of the
Auditors.
This board is made up of the Attorney-General, the State
tor and the
Secretary of State.
notice and to make a com¬
plete examination of their affairs and to make reports to
to the
Audi¬
They are privileged to enter any institution
the State bank twice a year without previous
Thomas Hall, Secretary of
State.
All are opposed to this present State Administration.
After Jan. 1
this board will be controlled by the Non-Partisans, William Lemke being
the Attorney-General-elect, and D.
C. Poindexter State Auditor-elect,
both being Non-Partisans, while Thomas Hall, Secretary of State, continues
member.
passed, affecting the Bank of North Dakota, prohibits the
actual North Dakota
The Federal Reserve Bank of
Treasurer of the United States
amends very materially the official
kind had to
any
notice of
be published in the official county newspaper which is
This has been amended so that the official paper
chosen at an election.
official notices required by the
Parties publishing
mortgage foreclosure notices, etc.. are privi¬
provisions of Circular No. 272, of April 20 1920, entitled
Redemption Fund Payments."
In its an¬
nouncement of Nov. 15 the bank also said:
the
"Five Per Cent
publishes only the official proceedings or
counties
by the cities in which they are located.
or
private legal notices, such as
leged to publish them in any legal newspaper.
8uperintendent of Public Instruction
of the office of State
two years
a
ago
>
and powers
The Legislature
passed the so-called Board of Administration law by which
taken from the Superintendent of Public Instruc¬
tion.
These powers
related particularly to the designation of courses
Laws in North Dakota are
initiated by petition signed by 0,000 voters
filed at least ninety
days before the election.
It is then made the duty of the Secretary of State
to submit the proposed law to the people, and if a majority approves, it
These
petitions must be in circulation and must be
becomes
a
facilitate transactions in this respect
suggested that the following form of letter
be utilized in requesting
'
.
-192
Federal Reserve Bank of
New York,
Cash Department,
Y.
York, N.
New
of
By the initiated law these
powers are all returned to the Superintendent of Public Instruction and are
removed from the jurisdiction of the State Board of Administration.
For convenience and to
directly.
such transfers:
number of powers were
study and the certification of school teachers.
the territory assigned to our Buffalo Branch
make such deposits through that branch;* while all other national
banks in this Federal Reserve District should effect such deposits through
it Is
""
of initiated laws relates to the duties
The last of the group
All national banks located in
may
us
School Powers Restored.
for redeeming national bank
be made through the Federal Re¬
Bank of New York, or through its Buffalo branch, in
the following provisions which supersede
accordance with
Heretofore the law provided that every legal
circular is-
a
by national banks in the New York Federal Reserve Dis¬
trict for credit in the 5% redemption fund held by the
serve
laws.
New York in
effective that day, all deposits
sued Nov. 15 announced that,
farmers.
Another of the laws that was passed
YORK
5% REDEMPTION FUND PAYMENTS IN NEW
FEDERAL RESERVE DISTRICT.
bank from making loans on real estate except to
newspaper
a
The
Equitable Life Assurance Society.
result of the election will be announced about Dec. 6.
the
of
note circulation were to
The third law
He is also
Peters.
head of the firm of Williams &
as
the Governor and
General; Karl Kositzky, State Auditor, and
a
Park Bank and the Fulton Trust Co.,
The members of this board are William Langer, Attorney'
public.
June 1 1920, filling out an unexpired
qualify he resigned as director of the National
retaining his position
To
term.
Class B director has
Williams nominee for
by the State Board of
Bank of North Dakota and other State industries
or
H.
held this position since
director
Industries.
Another of the initiated laws provides for regular
(VOL. 111.
CHRONICLE
THE
2102
(or Buffalo, 'N.
*
Please charge our account
a
Y.)
Sirs:
Dear
payment
in lawful money
like amount for the credit of
<
,—and arrange
to the Treasurer of the United States for a
the five per cent redemption fund maintained
with you $
—
bank note circulation.
by us for redeeming our
Kindly advise us when the transfer has been
Yours truly,
made.
"...
thirty days after election.
law of the State
Name of National Bank
PAMPHLETS ON ACCEPTANCES PREPARED BYAMER¬
ICAN ACCEPTANCE COUNCIL
~TheAmerican Acceptance Council announces that it has for
distribution a comprehensive series of
were
date of Oct. 30
1920.
,
pamphlets on bankers'
These publications are pocket size
and have been prepared by the Council with the cooperation
of Federal Reserve bank officials, business men and bankers
qualified to discuss intelligently these important
Single copies are available upon application to the
Council at prices which merely cover cost of printing and
handling. Prices for quantity lots will be quoted upon
best
subjects.
The Council invites the cooperation of the business
jand banking public in the educational campaign which it is
conducting in the interest of better credit conditions.
'
Very truly yours,
J.
and trade acceptances.
request.
Title
Signature of Officer
the Treasury instructions on this subject
issued from the Treasury ^Department to the national banks under
By direction of the Secretary of
*
The territory
assigned to the Buffalo Branch of the
Bank of New York comprises the ten most
State, as follows: Monroe,
,
Federal Reserve
westerly counties of New York
Livingston, Allegany, Orleans, Genesee, Wyom¬
ing, Cattaraugus, Niagara,
Erie and Chautauqua.
ADMITTED
INSTITUTIONS
STATE
■
H. CASE, Acting Governor.
TO
FEDERAL
RESERVE SYSTEM.
The Federal Reserve Board at
Washington announces the
following list of institutions which were admitted to the
Federal Reserve system in the week ending Nov. 19 1920:
Total
RESOURCES
OF
YORK
NEW
PANIES AND
It
trust
announced
was
TRUST
COM¬
STA TE BANKS
a
the date of
call of approximately
increase of $130,000,000 over the
year ago,
show
under
show
Sept. 12 1919.
During the same period deposits
of $45,006,979.
The private bankers
the
jurisdiction of the State Banking Department
of $30,327,982 which is an increase of ap¬
resources
NOMINATIONS
FOR
SERVE
Pierre Jay,
DIRECTORS
BANK
OF
395,254
6,000
BANKS AUTHORIZED BY FEDERAL
.
RESERVE BOARD
TO EXERCISE TRUST POWERS.
The Federal Reserve Board has
granted permission to the
following institution to exercise trust powers:
The
National Bank of Randolph, Randolph, Nebraska.
First
OF
FEDERAL
RE¬
YORK
NEW
member banks in this district announcing
from member banks
director
and
one
class B
in
group
director of
Robert H. Treman of Ithaca, N. Y.,
of New York.
H. Williams
the nominations
2 for one class A
the Federal Reserve
and Hamilton F. Kean
The candiadte for class B director is
of Madison, N. J.
director
since
Reserve Bank in 1914
the
July 1 1916 to Oct. 31 1919.
Richard
Mr. Treman has been a
organization
and served
as
of
the Federal
Deputy Governor from
He is President of the Tomp¬
National Bank of Ithaca. Mr. Kean is head
the N. Y. Stock Exchange house of Kean! Taylor & Co.,
kins County
President of the First National
Bank of Perth Amboy, and
identified with numerous other interests.
TREASURY HOUSTON OPPOSES PRO¬
POSAL FOR POSTPONEMENT OF
be
postponed,
statement
The candidates for Class A director are
Bank of New York.
SECRETARY OF
DECEMBER TAXES
evincing his oppsotion to the suggestions that the pay¬
ment of the Dec. 15 installment of income and profits taxes
Chairman of the N. Y. Federal Reserve Bank,
received
of
60,000
-
In
of New York has under date of Nov. 15 issued a circular to
A
Bank, Shenandoah,
Iowa
increase
an
proximately $5,000,000 over those of Sept. 12 1919.
Class
7.
Security Trust & Savings
quarterly call issued by Superintendent of Banks,
George V. McLaughlin, aggregated $5,057,308,650, showing
an
District No.
Surplus. Resources.
$50,000 $724,939
supervision of the New York State Banking De-
partment, at the close of business Sept. 30 1920,
the last
Capital.
of Donaldsonville, Donaldsonville, Ga.$100,000
District No. 6.
Bank
Nov. 19 that the resources of the
companies and state banks, not including savings banks,
under the
•
on
STATE
for
Secretary of the Treasury Houston in a
on Nov. 21 declared that the agitation
issued
changes in the law to permit such postponement
"can
only do harm."
He points out that "the Treasury must
of necessity promptly meet the Government's bills"
and
that
"if uncertainty is to
be introduced now into the tax
payments upon which the
Treasury principally relies, it
clearly will !e impossible for the Government to finance
itself."
He calls attention to the fact there are outstanding
nearly $700,000,000 of certificates maturing on
and $300,000,000
1921
and that
on
additional
on
Dec. 15 also there will become
the semi-annual interest on the first
Victory
Dec. 15 1920,
January 3 and January 15
payable
Liberty Loan and the
aggregating about $140,000,000.
December 15 tax install¬
which the Government relies upon to meet these
Liberty
Loan
Secretary Houston states that the
ments,
obligations is not expected to exceed $650,000,000,
Treasury
must finance
and the
its further requirements through
Nov. 27 1920.]
Treasury
certificates
It would
indebtedness.
of
be
im¬
possible he adds to defer the payment of the December
installment of taxes without forcing an offering of Treasury
certificates of prohibitive amounts.
is
follows:
as
His statement in full
j
Suggestions have recently come to the Treasury from various sources, first,
taxes should be postponed by
The Revenue act
provides for the payment of income and profits taxes
The taxes due
Dec. 15
on
due in respect to income and
have
had
already
ment
and 'have
ment
by setting
tificates
of
adjusted
its
March 15, June 15, Sept. 15 and Dec.
1920, represent chiefly the final installment
profits of the taxable year 1919.
nearly twelve months'
had
grace
Taxpayers
to this final install¬
as
opportunity to make provisions for its pay¬
every
the necessary reserves or purchasing Treasury
The Treasury Department,
moreover,
up
cer¬
has
indebtedness.
financial
program
dates provided by
$700,000,000 of cer¬
On Dec. 15 there will also become payable the
Jan. 3 and Jan. 15 1921.
on
tax-payment
1920, and $300,000,000 additional mature on
tificates maturing on Dec. 15
semi-annuai interest
the
to
There are outstanding nearly
Revenue act of 1918.
the first Lioerty loan and the Victory Liberty loan,
To meet these heavy maturities of prin¬
cipal and interest and at the same time provide for the current requirements
of the Government, enlarged as they are by the extraordinary burdens ap¬
aggregating about $140,000,000.
the railroads, the
Treasury relies ch.efly on the income and profits taxes payable on Dec. 15.
This installment is not expected to exceed $650,000,000.
The Treasury
must finance its further requirements, so far as they are not covered by
ordinary current receipts, through issues of Treasury certificates of indebted¬
ness.
It would, be impossible to defer the payment of the December
posed upon the Treasury .n connection with payments to
Installment of taxes without forcing
cates in
the; Treasury to offer Treasury certifi¬
1
prohibitive amounts.
Moreover, to extend the time for the payment of the Dec. 15 installment
would simply mean that
effect,! be financing
the Treasury would, in
private
business, which should provide for itself through ordinary banking channels,
f
In this respect the proposal is not different from those in¬
sistently made to the Treasury during the last few months, that Govern¬
If
The suggestion that the
be extended to the year
of the Treasury.
sections of the country to finance
the export of goods to Europe.
the holding of commodities or
1920 is equally impossible from the point of view
Under the present revenue law the Treasury receives in
and profits of taxpayers during the
The whole financial program of the Government requires that
year 1919.
the Treasury be able to rely upon the
collection of these taxes.
No change
should be entertained which would render uncertain the bulk of the Govern¬
ment's
tax
result perhaps in heavy claims for refunds with
receipts and
consequent Increases in the public debt
and additional short-term financing.
There is, furthermore, no reason in fairness
why taxpayers who made profits
In 1919 and became liable to pay taxes on
the basis of those profits should
now
permitted to throw upon the Government the burden of losses in¬
be
curred in the conduct of their own businesses in the year 1920.
promptly meet the Government's bills.
The Treasury must of necessity
If uncertainty is to be introduced now into
the Treasury principally relies, it clearly
disaster which is now impending over those busi¬
struggling to readjust their affairs from the
are
enacted several so-called "relief"
provisions.
This provides that in case a taxpayer sustains a net
Section 204.
the tax payments upon which
will be impossible for the Govern¬
1920,
net loss may be deducted from the income of the preceding
such
(if necessary, from the income of the succeeding year) and that the
year
This provision was enacted
be re-computed accordingly.
in expectation of the period of industrial and financial contraction
now
vision to
care
ROPER
Commissioner
Former
ARGUMENT
FURTHER
IN
FOR
in the law.
The result is that there is now no pro¬
for the tremendous shrinkages in inventories which have taken
place since January 1
This deficiency of the law should have the
1920.
prompt attention of Congress so that the tax payers affected may file
credit
for
convening of Congress.
Every consideration of logic and justice,
moreover,
requires that this
provision should be made a permanent feature of the law.
of
Revenue
Daniel
C.
Roper whose proposal for immediate legislation for the post¬
ponement of the December 15 instalment of income and pro¬
fits taxes was referred to in our issue of Saturday last, page
"Commerce and Finance"
The striking
of
balance sheet of gain or loss every twelve months and the treatment
a
credit balances thus obtained as net income for the purposes of taxation is a
convenient but somewhat arbitrary procedure that has in instances such as
this resulted in serious injustice.
the suggestion that Congress before Dec. 15 make per¬
The purpose of
provision contained in Section 204 is not to favor any taxpayer
manent the
or
any
It is to tax only what is Income and to avoid taxing
special group.
The suggestion,
what is not income.
therefore, is that the spirit of the law
There is no purpose of
which it is entitled or even to
defer the collection of any revenue to which it is entitled.
The purpose of
the plan is to secure the interest of the government, as well as of the tax¬
payers by providing that the tax shali be collected when it is available and
by relieving the Treasury Department of the hard necessity of destroying
valuable sources of revenue, which will be the case if the law is not amended
underlying principle shall be observed.
its
and
depriving the government of any revenue to
and the Department must
proceed under the drastic method of distraint
properly owing from taxpayers unable to pay.
to collect taxes which are not
corollary of this net loss suggestion is that, in meritorious cases
The
under effective safeguards,
should
taxes
be
and
postponements of the Dec. 15 installment of 1919
The income of many
1919 was based solely on their
the close of that year.
The income
permitted for a reasonable time.
inventories of commodities on hand at
was
it
Even the amount of the tax due could not be set
tied up.
was
involved In the high priced commodities
In many of these
payers
in amount than
reported in good faith for 1919.
and unwarranted tax has already been
aside because
included in the inventories.
instances the price decline is much more
the total amount of income
An excessive
collected from many of these tax¬
in the three installments of this year.
The collection of another
on
Dec. 15 will be adding insult to injury.
Therefore, the
installment
give business men and the
The legislation
proposed is the only way in which we can avoid forcing under the hammer
large productive plants and vast quantities of materials, which will entirely
disorganize the markets and throw out of work thousands of employees.
Such a result will paralyze many industries and create a psychology of
opposition to the income tax law that might even jeopardize the continuance
purpose
of the suggested extension of time is to
government opportunity
to appraise the true situation.
of the law.
in all parts of
the country and many classes of borrowers are
producers of raw
hoping against hope for a favorable
of their
keenly they may
appreciatiate the injustice of the situation and the need for immediate
turn
in the market.
The bankers cannot properly extend loans
legislative relief.
Surely there is no political or
economic excuse which can be given to the
demand to the
for delay in acting upon this righteous
Congress for relief before December 15th.
people
2013, is the author of an article appearing in the November
24 issue of
claim
against the final installment of 1919 taxes which fails due on
December 15th,—only 10 days after the
depositors' money to their embarassed clients however
TAXES.
Internal
of
which is
Unfortunately this period has occurred after the conclusion
upon us.
of the period specified
Bankers
POSTPONEMENT OF
loss In a
taxable year beginning after October 1 1918 and ending prior to January 1
materials who have held their products
C.
abnormal
I refer especially to
affected, from the large manufacturing concerns to the
DANIEL
o^
In the en¬
1919.
conditions to the conditions of unfettered commercial intercourse, Con¬
gress
to finance itself.
ment
Congress evidently appreciated the crudities
to frame the law of February 24
taxpayers as reflected in their returns for
"net loss" provisions of the Revenue Act of 1918
the year 1920 taxes based on the income
who
men
demand
tax, with its uniform treat¬
business, ignores entirely the variable elements of risk,
came
deavor to avoid the very
necessary.
ment funds be made available in various
hard to identify in times of peace, when
The excess profits
enterprise and initiative.
taxes for that year
In four quarterly installments due on
15.
ment of all kinds of
war
only do harm and, from the point of view of the
are very
have been re-established.
ness
Treasury, it is important that the situation be made clear.
Such profits could be recognized
improper earnings.
or
conditions but
war
equal commercial opportunity and the free operation of supply and
15 installment of income and profits
of the Revenue act be extended to
the year 1920, presumably to permit the deduction of inventory losses during
the taxable year 1920 from the net income for the taxable year 1919, with
redetermination of the 1919 taxes accordingly.
The agitation for these
can
under
amendment of the Revenue Act of 1918, and,
second, that the "net loss" provisions
changes in the law
of abnormal
ence
the law when it
that the payment of the December
3103
CHRONICLE
THE
a reason
as
REDUCTION
analyzing the situa¬
IN
MILK PRICES—MILK DRIVERS'
DEMANDS.
tion,—his presentation being of especial interest in view of
the issuance of Secretary
opposing the deferment of the tax instalments as well
ments
legislative action making permanent the "net loss" relief
as
In his article Mr. Roper says:
provision of the Revenue Act.
The Income Tax law,
on
With the reduction in the
of the Treasury Houston's state¬
with the exemption of small incomes, the surtaxes
large incomes and the tax on excess profits, has appealed to the people as
decided upon by the
Inc.,
on
in the
Nov. 19,
the
are
best able to pay.
present law,
To the extent that it taxes actual income,
when properly administered, is beyond doubt the most
We are as yet so new,, however, in the
equitable tax system yet devised.,
development of this form of taxation that neither the Congress, the execu¬
have clearly defined what constitutes income,
methods should be pursued to determine the periods of time through
tive department nor the courts
what
or
which
business should fiow to establish finally
^
purposes.
The
present system of annual returns,
of months, works in many instances
payer
The
profits and losses for tax
to report as income gains
involving
an
arbitrary grouping
relentless harm because it forces the tax
which have not yet been fully realized.
clearly
place of the inventory in defining income has not yet been
decided.
of the
Even the best accountants are at variance as to the correct use
inventory in determining taxable incomes.
certain silk merchant made in the year
had in addition goods on hand
1919
a
It is reported that a
cash profit of $500,000 and
he
reported profit of $1,700,000.
four installments in 1920, greater
profit.
In this
The tax will be. when finally paid in the
than the entire amount of his actual cash
When this merchant finally comes to dispose of the goods included
Inventory he is unable to obtain even $2,000,000.
His loss on the
Inventory consumes his
present law, is under the
tax on the paper
The
term
during the
S3.38
It pre-supposes the general exist¬
r
a
hundred pounds for milk oL33^% fat content,
of 3% butter fat.
for December represents a
The price announced
reduction of 47 cents
a
hundred
November
prices, the respective prices the current month having been
pounds to manufacturing distributers under the
S3.85 and S3.65.
with the
The lower price it was stated was voted
understanding that distributers would correspond¬
ingly reduce the cost to the consumer.
by the League
on
The reduction of the price of
year,
in
even
advance
A statement issued
Nov, 19 regarding its action said:
milk by the farmers of 50 cents a hundred
pounds from December a year ago and 47 cents less
than in November of this
though for the last fifteen years the December price has been
over November, Is a result of the Farmers' desire to put the
The Borden Farm Products
1
Company, through its Presi¬
dent Patrick D. Fox, was the
first to announce a lowering
price of milk on a pre-war basis.
of the
from the English system.
of
necessity of completing the payment of the large
profits which he has been unable to realize.
We borrowed it
said to represent 88,000 dairy farmers supplying
city voted on the 19th inst. to establish a price
and $3.18 for that
of the
"Excess Profits" is inexact and confusing.
war
League,
milk to the
entire profit and leaves him with a net loss for
Nevertheless, the silk merchant, under the*
1919 of more than $300,000.
This, it is
pointed out, is the first time in fifteen years in which a drop
has occurred in the December price.
The directors of the
valued at $4,000,000 according to the current
prices at the close of that year.
These goods were acquired at a cost to the
merchant of only $2,800,000.
Therefore in making his excess profit return
reduction in December of one cent a quart
price paid by the consumer will be made.
equitable and soundly founded on the fundamental of placing the burden on
those who
a
price of milk to the distributers,
directors of the Dairymen'^ League,
price to consumers following the action
of the directors
The price of Grade B milk for December,
will the company announces, be 17 cents a quart, and for
Grade A milk 20 cents a quart, as compared with 18 and
League.
2104
21 cents
THE
respectively which had prevailed during September,
October and November.
Mr. Fox
assaying.
We
We have
milk to
a
consumers
increase
any
Organized labor's program for the coming year is being framed at the
at
minimum
a
producers
by
figure.
because
conditions
do
not
Enactment
'
element entering into the
milk industry which might make for a lower price.
A threatened
increase of $10
the year
with
strike of milk drivers, who had
pay, was
Nov. 12 when it
reported
stated that
was
tion
had been agreed upon
New York "Tribune" said:
It
on
basis of arbitra¬
a common
tentatively.
the differences for
final
not
a
On Nov. 13 the
working agreement for the next twelve months
new
inasmuch
the membership,
as
An intenvise campaign of
Frank
both of the union and the
would
Americanization to counteract the influence of
stated that the men have been receiving a weekly
of $35 and 2% of collections for a six-day week and
been making as much as $75 to $80 a week.
Morrison, Secretary of the Federation, said that organized labor
and that wages
dollar which
Government figures,
he said, show to be
causing
production waste,
some
taches,
ON
PROBLEMS
INCIDENT
TO
to place the blame, if
are prone
inefficient management.
on
They contend that
in the inefficiency of subordinate plant
WITH
assistance'l
what advice and
problems growing out of
ered
by
Herbert
our
to
I
feel
that
the
can to
conference
industrial development deliv¬
Hoover before the Federated American
Engineering
Societies at Washington
capacity
President-elect of that body.
as
week Mr.
Hoover had been called
19 in
Nov.
on
his
Earlier in the
into conference
by the
Executive Council of the American Federation of Labor in
be
productive of constructive results.
I
me.
Washington, the conference, it
between labor and capital might be
The sessions of the Council
stated, being
was
devoted largely to the seeking of methods
ences
that
whereby differ¬
amicably adjusted.
held behind closed
were
and in the absence of any official statement
following from the
doors,
quote the
we
dispatches of Nov.
press
the deliberations and Mr. Hoover's
15 regarding
might be chosen
as
Federation
participation therein:
of Labor to-morrow, reports that he
general mediator to seek peaceful settlement of dis¬
a
putes between capital and labor were denied by officials of the Federation.
of
conference,
it
explained to-day, will
was
concern
the "stabilization
It
is
known
that
the
industrial plants
employment.
Council
has
Hoover's advices
Mr.
been
much disturbed
very
a
on
the relations between
laoor
industry stabilized
see
President-elect of the Federated Ameri¬
as
Nov. 19 Mr. Hoover declared
on
questions in connection with this entire
are
unemployment that
deserves
.
engineers.
"If" he said
duction and
an
of
these
our
pro¬
increased standard of living we must
keep
workers'
the
"Battle and
by
study
increased
to
are
secure
interest in creation, in craftsmanship and
tribution
to
careful
most
"we
intelligence
destruction," he argued,
the
con¬
management."
to
"are
solution
a poor
problems," and he added "the growing strength of
National organizations on both sides should not and must
be contemplated as an alignment for battle."
not
Mr. Hoover's speech was as
Among the greatest problems before
the
world,
enormous
of
those
are
growing
out
of
and
country,
our
industrial
our
in fact,
before
development.
The
industrial expansion of the last fifty years has lifted the standard
living and comfort beyond
under which
system
In part
follows:
it
has
dream of
any
been
our
forefathers.
accomplished
has
Our economic
given
stimulation
closing down their plants.
to
in
were
the Asso¬
Washington Nov. 16 said:
disinclined to talk of the discussions.
There
a
series of human and social difficulties to the solution of
groping.
were
evidence, however, that
great extent
a
The aggregation of great wealth with its power for economic
domination
social
presents
and
economic
ills
which
we
are
constantly
struggling to remedy.
development in
our
economic system apart from control of
capital and service during the last
score
of years has been the great growth
and
local
or
consolidation
of
voluntary
National
associations.
associations represent great economic groups of common
behind closed doors
was
are
disappeared.
/
the Council meetings
we
Our business enterprises have become so large and complex that the
old;
A profound
As to the session in which Mr. Hoover took part
Members who
manu¬
This is the great problem with the
labor leaders at the present time, it is asserted.
ciated Press advices from
yet it presents
which
pleasant relationship between employer and worker has to
fight against reduction
a
of wages, but finds itself checkmated because it cannot interfere with
facturers
who wish to
problem of employer and employees relationship both in its
and
program formulated.
it is said here, is determined to make
so
because
shutting down and throwing workmen out of
are
Industry will be sought and
Labor,
private
a
labor, but, rather, I hope
invention, to enterprise, to individual improvement of the highest order,
production."
many
or
aspects of increased production and in its aspects of wasteful
While It Is announced that Herbert Hoover will confer with the Executive
Council of the American
The
"there
here purely in
am
assured.
Engineering Societies
awake
session at
stating:
as
aid American labor in the trying period of
will
the great mass of the American people
In his address
address dealing with
an
reported
was
readjustment through which the nation is passing.
LABOR.
attaches
at¬
present today in response to an invitation by Mr. Gompers to give
am
can
Particular interest
any
difficulties
many
officials.
At the conclusion Mr. Hoover
and continuous production
DEVELOPMENT— CON FERENCE
100%
and controversies between labor and its employers have had their inception
capacity and do not represent either employers
HOOVER
than
more
Labor leaders, while admitting that there are evils in the labor situation
Certainly it has been enlightening to
INDUSTRIAL
conditions
be maintained upon at least the level of
1914, with due allowance made for the decreased purchasing power of the
I
It is
HERBERT
immigration
upon
insist that the present standards of living and working
be not reduced
ratify this action of their delegates.
have
restrictions
and Southeastern Europe.
New York Milk Conference Board, representing the distributers, have to
wage
placing drastic
political theories not in harmony with the principles underlying the Govern¬
an
explained that the points of agreement relative to arbitration of
was
were
sought
having been averted
as
of legislation
ment of the United States.
.
week in pay with two weeks' vacation during
a
com¬
from all parts of the world with the most rigid control of that from Central
,
The Borden's Farm Products Company wants it known that it is ready
at all times to give the consumer benefit of any
follows:
as
Opposition to laws restricting the right of workers to quit work.
We have stood out
ecnomic
period of general recession.
policy
Repeal of existing laws and opposition to proposed laws requiring
pulsory arbitration of industrial disputes.
lower price and have honestly endeavored to
warrant it and because this is a
Officials of the Federation attending
the sessions outlined labor's reconstruction
drop in the milk price.
a
[Vol. 111.
meetings of the Executive Council.
Nov. 20
on
vV^.',v
steadfastly stood for
distribute
against
-
quoted
was
delighted beyond words to be able to report
are
CHRONICLE
quite apart from the great voluntary
These
purpose and are
created solely for public service.
groups
We have the growth of great employers* associations, great farmers'
asso¬
Mr. Hoover's views did not place all blame for conditions now confronting
ciations, great bankers' associations, great labor associations, all economic
labor
groups
on
of the
employers.
It is known that at the conference
some
members
Council, while holding employers largely responsible for present
admitted that individuals and even groups of workers had
ditions,
con¬
striving by political agitation, propaganda and other measures to
At times they come to sharp conflict with each
advance group interest.
not
other and often enough charge each other with crimes against public interest.
And to me the one question of the successful development of our economic
Mr. Hoover was understood to have told the conference that labor must
system rests upon whether we can turn the aspects of these great National
"played fair" in
instances.
some
do its share in the elimination
of industrial faults and ills which make for
unemployment.
Council
Hoover's
discussion
that
of existing
they
had
been
conditions
deeply
because
interested
of its
bearing
in
Mr
on
the
Federation's search for methods which will avoid intermittent
operation of
industry and consequent unemployment.
was
It is understood that Mr. Hoover
told that labor leaders regarded the action of
plants or operating
on part time as
some
"little short of
employers in closing
social crime."
a
With this in view, however, the former Food Administrator
have agreed,
was
said not to
explaining to the Council that he believed other conditions
affected plant operation more than the labor leaders realized.
to credit
associations toward co-ordination with each other in the solution of National
economic problems or whether they shall grow into groups for more violent
said
members
conditions, the slackening of foreign
as
well
as
He pointed
Mr.
Hoover made
He did say,
however, that he believed the existing economic depression was of a tem¬
nature, and that it constituted a part of the period of transition
porary
from war to peace conditions.
Among labor leaders there
was a
suggestion that the changing conditions
of which Mr. Hoover spoke would necessitate
changed policies on the part
of organized workers and particularly of the Federation.
They indicated
that they were attempting to arrive at
new
conclusions and reshape their
policy through the study of economic and industrial conditions confronting
them as well as the employers.
can
spell breakdown to
our
entire National life.
Engineers' Association stands somewhat apart among these great
economic groups in that it has no special economic interest for its members.
Its
only interest in the creation of
service,
to give voice
great
a
National association is public
to the thought of the engineers in these
questions.
And if the engineers, with their training in quantitive thought,
with their
intimate experience in
industrial life,
be of service in bringing about
can
co-operation between these great economic groups of special interests they
will have performed extraordinary service.
We hear
of the
forecast.
no
The latter
This
domestic demand
and certain other related causes, it was understood.
As to the future outlook,
conflict.
The
a
great deal from extremists
employer and
on
on
one
sides.
side about the domination
the other about the domination of organized labor.
tendency to domination probably exists
among
these problems is to eliminate this
same
extremist.
ation the field of
interest
common
greater
consideration
"human
element"
eliminated.
belief that
His
in
and
a
better
to
have
said
understanding
production, if output is to
views
were
understood
better co-operation must
to
have
to
his
must
associates
be
accorded
be increased
indicated
and
the
strongly the
be attained between organized labor
and engineers, holding that the engineers know that organization and co¬
operation
are necessary
The Council
although it
in order to utilize power—human
or
material.
probably will continue its discussions for several days
was
not
Socialist doctrines finds its most fertile
ers,
certain
areas
and
of its leaders
and yet the labor organizations,
against
area
as
are
fundamental
This is that
individualists
that the expansion
of
in the ignorance of many work¬
they stand to-day,
are
the greatest
Socialism.
On the other hand, some labor leaders overlook the fact that if we are
that
waste
are
In this connection the employer sometimes overlooks a
fact in connection with organized labor in the United States.
the vast majority of its membership
bulwark
understood
There
be organized, then the area of con¬
can
thus obtained for the study now in progress.
is
both
flict could be in the largest degree eliminated.
in their attitude of mind and in their social outlook
Gompers
on
of conflict of interest, but there is between these
groups a far greater area
of common interest, and if we can find measures
by which through co-oper¬
It developed to-day that a number of important conferences between labor
officials and engineers and economists were held in various
parts of the
country during the fall.
The Federation has been assembling information
President
extremists
One of the most complex difficulties in all discussion and action in
to maintain
in
a
our
high standards of living,
society in which
we
our
long
standard of living by the steady increase
or more
productivity, it
can
only be
maintain the utmost possible initiative on the part
of the employee, and through that, in the
goods for division
over
the
same
rim, we can
of production
only expand the
and the creation
numbers.
The American Federation of Labor has
publicly stated that it desires the
more,
support of the engineering skill of the United States in the development of
believed that any other persons would be asked to
methods for increasing production, and I believe it is the
duty of our body to
undertake a constructive consideration of these
great problems and give
meet with it.
Nov. 27 1920.]
THE
CHRONICLE
assistance not only to the Federation of Labor, but also to the other
great
economic organizations interested in this problem, such
sociations and the chambers of
employers
as
as¬
2105
Here again we cannot make
advance unless
an
between the employer and
employee.
we can secure
co-operation
In large industries this mutuality
of interest that existed in small units
cannot be restored without definite
commerce.
It is primary to mention
a three-phase waste in production:
From intermittent employment
organization.
(1)
(2)
From unemployment that arises in shifting industrial currents
(3)
From strikes and lockouts.
zation.
Where they have been elected
by free and secret ballots among
the workers, where they are dominated
by genuine desire on both sides for
mutual co-operation in the
Beyond this elimination of waste there is another field of
adoption of
measures for
and
unemployment
For example,
groups.
progress
in the
positive increase in production.
In the elimination of the
great waste
ment
There
<■..
need
we
at
co-ordination
once
economic
in
the bituminous coal industry, where the bad economic
functioning of that
industry results in
an
a
be found among the coal
great measure of solution could be had if
and the great consumers.
ard of
operators, the coal miners, the railways,
higher stand¬
a
reduced risk ^o the operator, and funda¬
a
expansion of economic life by cheaper fuel.
With
any
basis of co-operation
a
The combined result would be
living for the employee,
mental
but 810 days of employment per annum,
average of
where
could
our
shop, these shop committees have resulted in
One
we
can
develop
Governmental ownership,
method of Governmental interest, not in
some
but in stimulation to co-operation in better or¬
In
of the
sweatshop. '
Again, I believe the engineers could assist in the erection of
help against the misery in the great field of seasonal and other
employment
we indeed
need
an
un¬
expansion and better organization of our
local and Federal labor exchanges.
We have
a
vast amount of industry,
co-operation if organized labor, which has already made
extend more widely its adoption of the principles of
and
dustries.
ment of production
The individual worker is helpless to find the contacts necessary
to make this shift unless the
machinery for this purpose is provided for him.
questions of industrial conflict resulting in lockout and strike one
mitigating
measure has been agreed upon
community.
in principle by all sections of the
That is collective bargaining, by which, wherever possible,
the parties should settle their difficulties before they start a fight.
bridge of
a
beginning, would
a
a shop committee,
settling its problems of wages and conditions of labor in general agreement
seasonal in character, which must shift its labor complement to other in¬
In the
One of the greatest accomplish¬
been the protection of the worker from the
employer, and it is worth the employer's notice that this is at the
time the protection of the fair employer from the unfair
competition
same
ganization.'
the surface.
on
of organized labor has
organizing force to bring about this co-operation, the industry is help¬
less unless
lack
the
It makes for pride of craftsmanship and is a real effort
opportunity of self-expression.
deeper than appears
unfair
and
an
Organized labor has opposed some forms of these committees because of
the fear that they may break down trade
organizaton covering the area
of many different shops.
There is economic reason for this fear in certain
cases
combination
most
of these problems.
to offer them
ments
against
'
of the
important stages of that good has been the tendency
to turn the aspect of some foremen from
that of slave driving to leadership.
And a great good has been possible
by the encouragement of men to creative
effort, in the stimulation of their minds as well as their hands to the solution
of
legislation
necessary
great increase in shop committees as a method of such organi¬
great good.
and misery of intermittent employ¬
engineers have pointed time and time again to
our
was a
applying its energies through
"as well
a
shop committee organization to develop¬
as to the correction of incidental
grievance.
There would be little outcry against the closed shop if it were closed in
order to secure
unity of
purpose
in constructive increase of production by
offering to the employer the full value of the worker's mind and effort
well
It is
as
his hand.
as
There is
immediate problem in increased production that is too often
an
founded not only on the sense of prevention but on the human right to con¬
overlooked by the theorist.
solidate the worker in
tion will decrease cost and, by providing a greater demand for goods, secure
the
balanced position to uphold his rights
proper
against the consolidation of capital.
This measure,
to
increased
advpcated for long
by organized labor, was agreed
years
by the employers' group in the first Industrial Conference.
supported in the platforms of both political parties,
universal
It has been
The point where the
i
application of collective bargaining has broken down is in the
method of its execution.
The
friction
Labor
arises almost
other
men
than
organizations
wholly
his
industries denies the
employees to conduct the negotiations.
own
demand
that
such
as
experience and bargaining freedom they
The second Industrial Conference,
a
solution
this point
to
ent party.
more
of which I
that'each
tion
to the
as
tion and
right and
wrong
this
an
was
member, proposed
a
both
must take account of
we
to the community that if it is to bene¬
we must say
placed
where
collective bargaining the
investiga¬
report.
the individual who
upon
Nor
In fact, the
groups.
now
alone suffers from industrial
accomplished except by co-operation between
this be
can
problem of unemployment needs honest
same
consideration.
In summary, the main
That
there
and the
is
point that I wish to make is this:
great
a
of
area
interest between
common
If
we
living
to
are
secure
increased production and
tribution of the worker's intelligence to management.
That conference,
s
growing strength of National organizations
the illumination of the public mind as
distin¬
was completely convinced that
to the rights and wrongs of these
must not be
contentions would in
material progress in their solution
its rules of sportsmanship and adopts the rules of barbarism.
embracing both
itself make
more
and that in public education and the condemnation by
wrong-doing lay the root to real progress.
authoritative publicity in
The conference did not
cured
No
public opinion of
should be afraid of
group
And I believe it would greatly
these matters.
understanding of the
an
of labor.
cause
or
any
other form of Governmental re¬
pression which must ultimately use the jails for enforcement.
ciples formulated by that conference should have
■' ■'
tion.
There
and
your
careful study by
engineers.
conception
community working for the benefit of its human members, not
a
machines
to
or
that if we
aggrandize individuals;
would ouilt up character and abilities and standard of living in our
we must
life.
have regard to their leisure for citizenship, for
These considerations,
contemplated
considered
try should
become the dominating purpose.
and
will
is
recreation, for family
proper
the
There is
hours
no
and estab¬
of trades
greater economic fallacy than the doctrine that to
some
below
these
decrease
primary considerations makes for employment of
employment transgresses these fundamentals to
a
week
point of inhuman¬
We
should have
a
broad question bearing upon stimulation of
self-interest and
increase in production that revolves around the method of wage
need
not review
to
bonus,
piecework,
profit,
I
you
payment.
the advantages, difficulties, and weaknesses of
or
saving-sharing plans,
that
are
in use as a
remedy for the deadening result of the same payment to good and bad
I
am
suggestion I wish to put for
of another
device
creating two or
your
skill
consideration is the possible use
agreements
for each
trade, the
position of each man in such scale to be based upon comparative skill and
Durable
This plan should be
confidence
developed
upon
performance by
an
the classification under
the principle of extra compensation
agreed basic wage.
In order to give
such scales must be passed upon
representatives of the workers in each shop or department.
now
of
our
This plan is
present repetitive indus¬
eliminate the creative instinct in their workers,
to narrow their
field of craftsmanship, to discard entirely the contribution to industry
could be had from their minds as well as from their hands.
to secure
that
Indeed, if we
the development of our people we cannot permit the dulling
of these sensibilties.
Indeed,
without their stimulation.
we cannot
could secure this co¬
would have provided a
Smith nor
third alternative that preserves individual
a
it
through
protection from
We
domination.
anticipate the solution of these things in a day.
as a party
not
been founded on long strides.
of the third part to
many
But in
of these conflicting eco¬
quantitative thought, with your
of construction, you, the engineers, should be
make contribution of those safe steps
THE DISCLOSURES IN
The
abl^ to
that make for real progress.
THE BUILDINGS TRADES BY
accomplish increased production,
COMMITTEE.
developments by the Lockwood Committee of the
State Senate in its
investigation of conditions in the build-
trades have been
ng
the results
seems
iin progress.
so
sensational that
some summary
of
desirable, though the investigation is still
The November number of the Bulletin of the
an article
Associated General Contractors of America contains
"Against Public Policy" by C. A. Crane, Secretary
Contractors Association of New York, in
General
the
of
which
an
analysis is made of this legislative investigation of
peculiar relations that have existed between Construction
the
Labor and
take the
the
Employing Contractors, and from this we
following:
»The revelations adduced
are
not
by the Lockwood Senate Committee on
Housing
pleasant for those contractors whose methods of price-fixing have
been exposed, nor for labor leaders who have been
accused of demanding
The testimony so far given before the Com¬
associations, plumbers and cut-stone con¬
price to forestall strikes.
mittee tends to show that two
into a central directing body 4%
that all bids were forwarded for
this central body before being submitted
tractors, required their members to pay
on
the gross amount of their contracts
examination
an
and
"advice"
to
attorney who acted as director of
fee about
their operations received as his
into an "insur¬
of the amount paid in and the balance went
"readjustment" fund that
ance"
or
these
associations
a
close working alliance existed between
and the Building Trades Council,
the unylons of skilled trades in New
which embraces all
York except the brick-layers, and
that
independent contractors found it impossible to get material or men to do
the association, even though they employed
their work until they joined
none
x
groups
assembled for co¬
be
we
we
backward,
priceless gift to the twentieth century.
human progress has
position
that
We must take account of the tendencies
are
by
being successfully experimented with.
tries to
provided
sole mental aspect
a
character.
for added skill and
Battle quickly loses
of influential
can
If
economic groups
The
both sides should not and
development
nomic groups, with your lifelong training in
of individual interest and effort by
in encouragement
three levels of wage in
our
not one of those who
alike.
The
fortunate
a
that stimulates
should have given a
entitled
ity.
There is
problems.
the socialism of Karl Marx.
upon
The precise hours of labor
determination of hours based upon these factors
greater numbers, and it is an equal certainty that the eighty-four hour
of
on
these
to
economic system, based neither on the capitalism of Adam
new
production of the coun¬
conditions
varying
solution
alignment for battle.
THE LOCKWOOD
immediate field demanding attention of engineers.
an
the
with
vary
poor
people
together with protection against strain, must
These factors being first protected, the maximum
lishments, but the
a
as an
as
operation throughout all
be the fundamentals of determination of hours of labor.
should
are
through which skill and mutual consideration
your
benefit of its
the
be
initiative,
I
There lies at the heart of all this question the great human
for
should
employee relationship both in its aspects of increased production and in
that this is
destruction
These organizations, if our society is to go forward instead of
renewed considera¬
■
its aspects of wasteful unemployment that deserves most
our
The prin¬
questions in connection with this entire problem of employer
are
and
operation in the solution of these questions.
believe that the industrial contention could be
by compulsory arbitration
Battle
great employer and a most
a
;
increased standard of
an
must keep awake interest in creation in craftsmanship and con¬
we
guished representative of organized labor,
advance
the employer
employee through the reduction of the great waste of voluntary and
involuntary unemployment and in the increase of production.
independent tribunal for investiga¬
of the whole dispute, but only for
be
not
third and independ¬
a
It further proposed that
upon
co-operation to accomplish them rapidly
unemployment, and
changes.
party should have the right to sum¬
dispute refused to enter
entire question should be referred to
We accomplish these results over long periods of time, but if we would
secure
alternatively, if the employer is to take benefits the entire burden should
presenting the
1
experience to its assistance.
of the parties at
cheapened commodities, and in the meantime, when this is translated to
skilled
require
by the provision that where there was a conflict
It also proposed
skill and
mon
one
It
than local application
negotiations
of
are
representation the determination should be left to
over
the early
misery.
fit by the cheapening costs and thus the increased standard of living, or
their behalf by skilled negotiators.
on
yet
great
the individual worker, he sees his particular mate thrown out of employ¬
of representation
the question
over
The employer in some
and that thus they can protect the body of workers
only by
case
unemployment and
valuable period of time to create the increased area of consumption
a
ment.
and questions of enforcement.
right of
of
ultimate greater employment,
of this process do result in
stages
takes
While it is easy to state that increased produc¬
consumption and
but union men and paid union wages,
unless they bought the privilege
[Vol. 111.
THE CHRONICLE
2106
a
•
One Immediate result of the investi¬
to'work from the boss labor-leader.
of the contracts for the new court house super¬
limestone work was
gation was the cancellation
evidence tending to show the bid for the
structure,
agreed upon by nine limestone contractors,
care^of" in the bid.
The
all of whom were to be "taken
,
,
,
World?8 Highest Salaried Labor Leader.
Council, is not new to the public.
It was featured in the Sunday newspaper magazines last spring, when he
was heralded as the highest-salaried labor leader in the world.
He has tes¬
tified t hat he receives 50 cents a month from the dock-builders* and carpen¬
ters' unions composed of 4,000 to 5,000 men.
That's $25,000 to $30,000
a year.
Testimony also showed that workmen contribute 810 per week to
mysterious "funds" for the privilege of holding union cards.
Six contrac¬
tors testified to making payment
over $12,000 to Brindell in the last
six months In order to secure his O. K.
And total collections from contrac¬
tors, owners and working men paid to Brindell and the Building Trades
Council aggregate over $400,000 in the same period.
One owner told the committee that he paid $25,000 to settle a strike called
he understood the money was for Brindell.
wrecking contractor testified that he paid Brindell $1,000 for a card per¬
A
apparent reason, and that
no
mitting him to take a contract, and on
another contract for a cellar and
foundation job he was told he must pay
$7,500, and take in a partner ac¬
ceptable to the " boss," who would see that the contract was Increased
$150*000, which was to be the "partner's" share of the deal.
Be refused
the proposition, and being unable to proceed with his work, his contract was
taken away and given to the proposed "partner."
A wrecker testified that while removing a building for Geo. A. Fuller
Co. he was told
jy
Brindell's men on.
didn't
if they
Brindell he must discharge his wrecking gang and put
The Fuller Company were notified that
He refused.
remove
the wrecking contractor, strikes would be called on
They appealed 'to the arbitration board
the Building Trades Employers' Association, and on appearing before
every one
of
of their jobs in the city.
the board, found it consisted of
Brindell and a member of the Employers
They "compromised" the matter by telling the wrecker that
Association.
He agreed
off the work.
he would have to put Brindell's men on or get
.
provided the Fuller Company would meet the pay rolls.
He said with his
men he could do it for $12,000 and paid that amount over to the Fuller
They paid out $47,000 to complete
Company.
Closed Shop and
tjhe Job with Brindell's men.
CostrPlus Blamed.
•
merely scratched the sur¬
A special grand jury has been impanelled
Counsel to the committee intimate that it has
face thus far in its investigations.
while it
seems
The situation,
all a surprise to
evidence of a criminal nature developed.
to consider any
amazing to the uninformed public, is not at
principle of the closed shop, i. e.. the monopolization" of the labor
The
market, has found no judicial sponsor.
In whatever form organized labor
has asserted it, whether to the injury of employer, or to labor, or to labor
fold, the judiciary of the country has responded, uni¬
formly, that it is inimical to the freedom of individual pursuit guaranteed
by the fundamental law of the land, and contravenes public policy.
On
the other hand, public policy favors free competition, and the courts have
been keen to recognize the right of organized labor to compete for work and
wage and economic and social betterment, and to use its weapon—the
strike—to realize its lofty aspirations, but none has gone to the length of
sanctioning a strike for a closed shop, which has for its object the exclusion
from work of workmen who are not members of the organization.
unions outside the
the courts that an agreement for the
closed shop is against
We believe that as a result of the LoCkwood Committee's
investigations, the general use of the cost-plus form of contract will be
condemned on the same grounds.
van
Not many years ago there were not more
in detail and then stated
its conclusion:
as
or
and is unlawful.
excuse,
Contractor's Responsibility.
The
It is charged that the contractors
themselves are to blame for the Situa"
Committee, and it Is difficult to disprove
that charge.
Enough has been shown already in the present investigation
to demonstrate that the extortionate methods of labor leaders could not
tion revealed by the Lockwood
have
been carried
without the knowledge and at least the
on
of those contractors' associations
bers in those associations ware not in sympathy
themselves helpless as
of
a
tacit consent
Many of the mem¬
already investigated.
with the methods, but found
They had contributed to the erection
individuals.
system that eventually involved them all in the disgrace now inflicted
Every contractor is now looked at
the entire construction industry.
on
re-establish themselves in the public
if it results merely
in sending some labor grafters to jail.
The inner ring which sanctioned the
blackmail, and themselves profited under the arrangements; must be ex¬
posed and punished.
There must be a new deal—an end to the use of
marked cards stacked against the owner, or contractors cannot hope to
regain the good opinion of the public.
askance, and It is their problem to
investigation will fail of its object
The
iconfidence.
OIL EXPLOITATION IN MESOPOTAMIA—U. S. NOTE
TO GREAT BRITAIN ON LEAGUE MANDATE.
The text of
communication addressed to Great Britain
a
by the United States bearing on the policy of the former in
the matter of the oil resources of Mesopotamia was made
public at Washington by Secretary of State Colby on Nov.
States in this communication,
The United
itself
unable to
as
concur
expresses
in the view contained in
note
a
During the war it was an abso¬
necessity to adopt that form on Government construction.
Expense
a secondary
consideration then.
The war is over now, but we find
nearly all large building operations are going ahead on the cost-plus
received from Great Britain that the terms of the mandates
There is no incentive
"Cost-plus" has become so prevalent that it is almost impossible to get
signatories of the covenant." Secretary Colby maintains
that the United States as a participant in the recent cbnflict
guaranteed estimate even for painting a rbof or a minor plumbing job.
and "as
made
lute
was
that
specialty of cost-plus contracts.
a
price
of it,
Because
basis.
to fight them if the owner
a
than half a dozen concerns who
Lewis, Connors v. Connolly. Curan v.
v.
The conclusion upon the case as presented is, that the New York contract
violates public policy, and that the sympathetic strike is without just cause
25.
Cost-plus Encourages Price Combinations.
authorities and discussed the leading cases o*
Galen and Berry v. Dono"
The Court cited many
Folson
Undoubtedly the two principal contributing factors to the present
condition are the closed shop and the cost-plus method of contracts.
It has
public policy.
.
.
Regarding this aim the Court said:
year.
been held by
and said:
obviously bears no relation whatever to the other
plain that the primary
monopolization of labor
in all lines of the building trade within the territory to which the contract
applies.
The closed shop feature
the building field during the past
those who have been following events in
proceeded to an analysis of the contract between the em"
The Court then
ployers and the labor unions of New York,
Brindell, President of the Building Trades
for
■-
and legitimate purposes of the contract, and it is
and ultimate thing organized labor sought was the
the rise to power and wealth of this labor leader, Robert
The story of
■
New York Contract Between Employers and Labor Illegal.
Imagine
combinations thrive.
is paying the bills.
tailor refusing to tell what your suit of clothes will cost until it
a
it is time to revert to the old time methods of competitive bids
finished,
the lump sum or unit price basis.
on
Under it, the largest contracting or¬
Their
ganizations in the country were developed and prospered.
istence depended on
very ex¬
keeping within their bid price and they were constantly
seeking and devising economical methods of handling their work.
success
depended
on
and this disappears
Mesopotamia and Palestine "can properly be discussed
only in the Council of the League of Nations and by the
contributor to its successful issue, cannot consider
a
of the associated powers, the smallest not less than
any
itself, debarred from the discussion of any of its consequences,
or
participation in the rights and privileges secured
from
under the mandates
Their
provided for in the treaties of peace."
team work all down the line—the esprit d'organization,
The note further says that "the United States
mysteriously—there is
one
an
intangible difference in the
It contributes
when they know they are on a cost-plus job.
same men,
for
as
much to the high cost of building as any other single cause.
of the powers
is undoubtedly
directly interested in the terms of the man¬
dates, and I therefore request that the draft mandate forms
be communicated to this Government for its consideration
May Employers and
The indictment of the closed
a
recent decision of the
Workmen Agree on
shop
as
Closed
before their submission to the Council of the
Shop?
against public policy is contained in
Chancery Court of New Jersey that is particularly
of the present situation in New York, because it deals with the
apropos
agreement made
a year ago
between the New York Building Trades Em¬
ployers' Association and the Building Trades Council.
(See Lehigh Struc¬
tural Steel Co., and Donnell Zane Co., Inc., v. Atlantic Smelting & Refin¬
"Law*and Labor," October
ing Works, et al, in
facts in
The
the
show that
case
the
1920, page 234.)
Lehigh Structural Steel Co.
con¬
tracted to fabricate and erect a building for the Atlantic Smelting &
Works
fining
strike
was
and
pulled
Donnell-Zane
on
sub-let
the
erection
to
Donnell-Zane
resisted
and
proceeded
to
employ
Re¬
Company.
Donnell-Zane by the iron workers to force
a
men.
The
Atlantic Company informed the contractor that he would not be permitted
to finish the job
with non-union
men
because if he did
so
a
be done
with
union
men
only,
as
ers'
and
of which
on
Nov. 20 1919
year
of which the Iron League is
league Donnell-Zane
with the Building Trades
are
members
Employ¬
entered into
a
a
member
1
1920
and to continue for
one
whereby the Employers' Association bound its members to employ
only union
however
men
on
their work in and around New York
refused to submit to this and
non-union labor
on
a
for which violation Rovert
Building Trades Council
making of the contract
ordered
a
Donnell-Zane
certain job in New York used
P.
strike also.
Brindell
President of the
Donnell-Zane admit the
and their refusal to abide by its terms
because,
as
they claim, it was ultra vires the Employees' Association to bind the Iron
League and its members, restricting them in the selection of their workmen
to members of
policy
and
organized labor, because it
therefore
The Court took up
that "It
was
was
in contravention of public
a
sympathetic strike and declared
their (the union workmen's) privilege to use the strike in sym¬
pathy with the endeavors of their New York brethren, and to advance the
cause
of organized labor, provided
the motive—that is, the object sought
to be attained—was not an unlawful
tive must, then,
one"; and "the lawfulness of the
be sought in the New York situation."
statement that the petroleum
as
yet
to
Furthermore, it sets out "it is difficult
harmonize that special arrangement with your statement
that
concessionary* claims relating to those
remain in their pre-war
tion
mo¬
resources
equitable considera¬
In further
representations to the British Government, the note
In this connection I
might observe that such information
ment has received indicates that,
as
petroleum concessions
on
its
or to
the exploitation of oil
own
no
rights
and in view of your
that it is not the intention of the mandatory power to
assurance
says:
this Govern¬
prior to the war, the Turkish Petroleum
Company, to make specific reference, possessed in Mesopotamia
to
still
position and have yet to receive, with
promised by His Majesty's Government."
establish
behalf any kind of monopoly, I am at some loss to understand
how to construe the provision of the San Remo agreement that any private
petroleum
which
company
be under permanent
may
develop the Mesopotamian oil fields 'shall
British control.'
With regard to
Great Britain's contrast of the present
production of petroleum in the United States and Great
Britain,
unlawful.
first the question of
your
will be secured in the future Arab state,
thereto,
contract
Council of Greater New York and Long Island
to become effective Jan.
"with
Mesopotamia and freedom of action in regard
unorganized."
Association of the City of New York (an association of nearly ail the
building contractors of New York)
of
resources
the establishment of the Arab state, the
shown below.
On further investigation it appeared that the Building Trades
finds difficulty in
Britain's note and set forth in the so-called San Remo petro¬
leum agreement
general strike
would be called in their plant, because it had been agreed that the erection
should
dressed to Great Britain that this country
reconciling the special arrangements referred to in Great
A
closed shop.
non-union
The
League."
statement is also made in the communication which is ad¬
and
petroleum
States
possesses
petroleum
The oil
an
allusion
industry,
only
resources
resources
foreignQieeds, and
of
it
no
your
is
to
American
pointed
one-twelfth
of the world," it
supremacy
that
out
"the
approximately
was
other nation have been
so
lordship's statement that
in the
United
of
the
added:
largely drawn upon for
any
prophecies as to the
Nov. 27 1920.]
oil-bearing
THE
of
resources
unexplored
and
undeveloped
CHRONICLE
countries
be
must
accepted with reserve hardly disposes of the scientific
calculation upon which
despite their problematic! elements, the policies of states
and the anticipa¬
tions
of world
production
are
apparently proceedings.
of the United
States assumes that there is
The Government
general recognition of the fact
a
that the requirements for
petroleum are in
of
excess
believes
(production,
and it
that opportunity to explore and
develop the petroleum resources
of the world wherever found
should without discrimination be
freely ex¬
tended,
only by the unhampered development of such resources
^ & fr fc fc- fa fc fc' f fr ►
as
can
needs of the world be met.
the
Nov.
The
Right Honorable Earl
Curzon
20
1920.
of
principle.
Before considering the observations of his
Majesty's Government
on
the
principles advocated by the United States and agreed to by the
Allied Powers for application to the mandates
over former Turkish territory
outlined in the notes of May 12 and
July 28, addressed to you on behalf
as
of this
Government, I think it will clarify the discussion to indicate certain
of your statements and assurances
which this Government has been pleased
to receive.
Thus, I note that the assignment to Great Britain of the man¬
date for Mesopotamia was made and
accepted, subject to no friendly
arrangement
whatever
rights, which of
course
with
third
any
Government
regarding
economic
would have been wholly at variance with the
purpose
and contemplation of any mandate.
It is also gratifying to learn that His
Majesty's Government
sympathy with the several propositions formulated in the
above
referred
which embody
to,
is in full
note of
May 12,
illustrate the principles which this
or
Government believes snould be applied in the mandated
regions, and which
are essential to the
practical realization of equality of treatment.
one
a
special interest, would
pertinent points of view.
principle,
principle in inter-
new
a
in which the public opinion of the world is taking
to
seem
require the frankest discussion from all
It would seem essential that suitable publicity
should be given to the drafts
of mandates which it is the intention to submit
to the
Council, in order that the fullest opportunity may be afforded to
consider their terms in relation
to the obligations assumed by the mandatory
power and the
respective interests of all Governments, which
themselves concerned or affected.
The fact
Kedleston, K.G., His Majesty's
Secretary of State for Foreign Affairs.
My Lord.—I have the honor to refer to your note of
Aug. 9 regarding the
application of the principle of equality of treatment to the territories of the
Near East to be placed under
mandates, and specifically to the petroleum
resources of those territoties as affected
by that
general
The establishment of the
mandate
National relations, and
\
The following is the full text of the note as
made public
by Secretary Colby on Nov. 25, and which is addressed to
Earl Curzon,
Secretary of State for Foreign Affairs:
2107
have
be ignored
cannot
that'the
interested public opinion
other countries
as
fact they become
a
of the
United
States,
Great
potential subject of economic strife.
an
deem
are or
report resources of Mesopotamia
and
Britain
Because of
outstanding illustration of the kind of economic
that
ques¬
tion with reference to which
the mandate
and indeed
principle was especially designed,
peculiarly critical test of the good faith of the nations which
a
have given their adherence
to the principle.
in the
This principle
accepted
was
hope of obviating in the future those inter-National questions that
grow out of
annexed
desire for the exclusive control of the
a
territories.
To cite
a
single example:
resources
and markets of
Because of the shortage
of
petroleum, its constantly increasing commercial importance and the
continuing necessity of replenishing the world's supply by drawing upon the
latent resources of
undeveloped regions, it is of the highest importance to
apply to the petroleum industry the most enlightened principles recognized
by Nations
as
appropriate for the peaceful ordering of their economic
re¬
lations.
This Government finds
difficulty in reconciling the special arrangement
referred to in paragraphs 18 and 19 of your note, and set forth in the soSan Remo petroleum agremeent, with your statement that the
called
petroleum resources of Mesopotamia, and freedom of action in regard thereto,
will be secured to the future Arab State, as yet unorganized.
Furthermore
it is difficult to harmonize that special arrangement with
your statement
that concessionary claims relating to those
resources
still remain in their
position and have yet to receive with the establishment
pre-war
of the
Arab State, the equitable consideration promised by His Majesty's Govern¬
ment.
X"'
'
' V 1 qL
/'■'V-A
This Government has noted in this connection a public statement of His
Majesty's Minister in charge of petroleum affairs to the effect that the San
The statements of your
note, to the effect that the British Government
has refrained from
exploiting the petroleum resources of the mandated
territories in question; that the operations referred to have oeen conducted
for purely military
purposes under the immediate supervision of the army
the former Turkish Government must be honored.
authorities and at army expense; and
In any way involved, are
judgment upon the validity of concessionary claims in the regions concerned,
and to concede validity to certain of those claims which cover apparently
are
that
private interests whatever
no
accepted with
full
a
of the good faith
sense
The Government of the United States notes that His
Majesty's Govern¬
ment has found it
necessary to
suspend, during the
the grant of facilities and
opportunities to British
to
investigate the natural
purpose of acquiring new claims
for
no
reason
of
Palestine has
or
resources
time
any
Majesty's Government.
well
as
strengthening old
failed
to
period of occupation,
to other
as
private
of the country either for the
assuming that the Administration
at
and that there is
either of Mesopotamia or
out
carry
ones,
the
assurances
of His
of
.
Mesopotamia
are
to be secured to the
people of Mesopotamia
and to the future Arab State to be established
in that region, and that it is
the purpose of the British
Government, fully alive to its obligation as a
temporary occupant, not only to secure these resources to the Mesopotamian
State, but also its absolute freedom of action in the control thereof, and in
particular that it is far from the intention of the mandatory power to
establish any kind of monopoly or
preferred position in its own interest.
The Government of the United States
appreciates, likewise, the concur¬
with its view that the merits of all claims to
rights alleged to have
rence
duly established before recognition of such claims will be accorded.
Adverting at this point to the views of His Majesty's Government
regarding the nature of the responsibility of mandatory powers under the
League of Nations, I desire
at
the fact
to
Paris, it
was
Indeed, this Government understands your note to deny having taken,
has received indicates that, prior to the war, the Turkish Petroleum
to call the attention of His
Majesty's Govern¬
Co., to
make specific reference, possessed in Mesopotamia no rights to petroleum
concession
to the
or
exploitation of oil
and in view of your assurance that
it is not the intention of the mandatory power to establish on its own behalf
kind of monopoly, I
loss to understand how to construe
am at some
the provision of the San Remo agreement that any private petroleum com¬
pany
which may develop the Mesopotamian oil fields "shall be under per¬
manent British control."
Your Lordship contrasts the present production of petroleum in the United
States with that of Great Britain, and some allusion is made to American
in the petroleum industry.
supremacy
His
Majesty's Government
Government
as
to
or any
I should regret
the true character
of
mandate
a
degree by consideration of the domestic need
or
any
assumption by
other friendly power that the view of this
or
are
dictated
I may be
_
permitted to
prehension which
in any
production of petroleum,
commodity.
any
say,
however, for the purpose of correcting
your note reflects, that the
one-twelfth"approkimately~bf the petroleum
United
resources
a
misap¬
States^possesses only
of the world. The oil
of no other Nation have
been^ so largely drawn upon for foreign
needs7"and"Your Lordship's statementjbhat^any^prophecies as to the oil-
resources
bearing
British Government entertained and had
despite their problematical elements, the policies of States and the anticipa-
favorable
exercise
pass
that while the draft mandate, Form
A, was not adopted
the understanding of the American
repressntative there
present that the
victions
would
It would be reluctant to
Government has already undertaken to
In this connection I might observe that such information as this Government
been acquired in the mandated territories
before the outbreak of hostilities
must be
ment
His Majesty's
and to deny the intention to take, any such ex parte and premature action.
any
This Government welcomes
your pledges to the effect that the natural
resources
that
assume
the entire Mesopotamian area.
of the British Government.
interests
Remo agreement was based on the principle that the concession granted by
said
to
their
form
and
that
expressed
con¬
presumably its representatives
influence in conformity
resources of unexplored and undeveloped countries must be accepted
witb.***reserve~ hardly disposes "of "the scientific calculation upon which,
tions of "world-production are apparently
The Government of the United
with those convictions.
States
proceeding.
assumes
,
that there is
a
general
I need hardly refer again to the fact that the Government
of the United
States has consistently urged that it is of the utmost
importance to the future
peace of the world that alien territory transferred as a result of the a war
recognition of the fact that the requirements for petroleum are in excess of
with the Central Powers should be held and administered in
such
tion be freely extended,
to assure
equal treatment to the
Indeed, it
was
in
commerce
a way as
and to the citizens of all nations.
production and it believes that opportunity to explore and develop the pe
troleum
are
this discussion.
potamia and Palestine have been prepared with
powers to
the
League of Nations, do not indicate
United
States
can
be
a
supposition
excluded from the
that
on your part
benefits of the principle of
production and supply, in
This Government is pleased to find that His
Majesty's Government is in
full sympathy with the principles formulated in its communications of
I have alluded to them in order to correct confusing inter¬
date,
lordship's communication, from the underlying principles of a
as
But it is unable to
your note,
man¬
evolved and sought to be applied by the Allied and associated
the territories brought under their temporary dominion by their
joint struggle and
common
victory.
This dominion will be wholly miscon¬
ceived, not to say abused, if there is even the slightest deviation from the
spirit and the exclusive purpose of a trusteeship as strict as it is comprehen¬
Accept, my lord, the assurance of my most distinguished consideration.
BAINBRIDGE
May
graph 15 of
far as they
sive.
equality of treatment.
12 and July 28.
so
ferences, liable to arise from certain departures, which I believe I discern
in your
a view to secure equality
of treatment for the commerce and citizens of all States which are
members
only by the unhampered development of such
of domestic interest to the United States, with which I am concerned in
Powers would be consistent with the best interests o the world.
It is assumed,
accordingly, that your statements with reference to
Mandate A, together with the statement that the draft mandates for Meso¬
df the
as
the needs of the world be met.
can
But it is not these aspects of oil
reliance
upon an understanding to this effect, and expressly
in contemplation 11 ereof, that the United States was
persuaded that the
acquisition under mandate of certain enemy territory by the victorious
of the world, wherever found, should, without discrimina¬
resources
resources
concur
in the
view, contained in
that the terms of the mandates
can
COBY,
Secretary of State of the United States of America
para¬
properly be dis¬
cussed only in the Council of the League of Nations and
by the signatories
of the covenant.
enjoy
or
Such powers as the Allied and Associated nations
may
wield, in the determination of the governmental status of the
dated areas, accrued to them
Powers.
as a
direct result of the
war
The United States, as a participant in that conflict and
or
discussion, of any of its
from participation in the rights and privileges seemed
under the mandates provided for in the treaties of
peace.
This Government notes with interest your statement that the draft
man¬
dates for Mesopotamia and for Palestine, which have been
prepared with a
view to secure equality of treatment and opportunity for the
commerce,
citizens
and subjects of all
States, which
are
members of the
Nations will, when approved by the interested Allied powers,
cated to the Council of the League of Nations.
doubtedly
one
of the
powers
League of
oe communi¬
The United States is
directly interested in the
terms of the
un¬
mandates,
and I therefore request that the draft mandate forms be communicated to
this Government for its consideration before their submission to the Council
of the League.
acquiesce in this request in view of
your
assurance
that
more
His
ready to
Majesty's
full sympathy With the various principles contained in
the two previous notes of this Government upon this subject.
troleum
of
Institute in Washington on Nov. 17 on the subject
World
the
lation to
Oil
Petroleum
Problem,
and particularly its re¬
America, W. C. Teagle, president of the Standard
Company of New Jersey,
stated that if the matter of
ample petroleum supplies is not the world problem to-day,
it must at least be included among
tions
on
good deal of energy.
situation
It
call
is
a
is keeping pace
as
rapidly
close to
Where and
spending
a
the world's petroleum
with production and bears every promise of
as
more
conservative estimate that the
barrels, and this
327,000,000
for
In indicating
it exists to-day, Mr. Teagle said in part:
as
The demand
took
the few really big ques¬
which thinking men the world over are
expanding in future
It is believed that His Majesty's Government will be the
Government is in
Speaking before the annual meeting of the American Pe¬
as a con¬
tributor to its successful issue, cannot consider any of the Associated
Powers,
the smallest not less than itself, debarred from the
consequences,
TEAGLE ON OIL SITUATION OF TO-DAY.
C.
W.
man¬
against the Central
year
700,000,000 barrels in
how
is this production
crude
can
be supplied.
which in 1910
world consumption,
is using 615,000,000
1921.
to be obtained?
barrels, will
THE
2108
Let us look at
the situation in the
This has always been
nation, supplying close to
United States.
great petroleum producing and consuming
two-thirds of the total world production.
the
is | holding up remarkably well.
Nevertheless,
imported nearly 60,000,000 barrels of crude
current year's figures are complete they will probably show
production
Domestic
United States
the
1919
When the
Prominent men from all parts
in
oil.
addressed
nearly 120,000,000 barrels.
Indications are that in the current
shall produce within our own borders 445,000,000 barrels, and con¬
sume^ with Mexican imports, a total of 665,000,000 barrels.
The figures matter little, but the tendency is all important.
It empha¬
sizes the relatively smaller part our home production is going to play in
the future.
Our British friends, in endeavoring to explain the position
their Government has taken since the armistice, have argued that, as the
United States is now supplying 70% of the world's current production, we
should be well content with things as they are.
This is an entirely falla¬
cious view.
They should restate their deduction in this way:
The United
States is now spending its petroleum wealth for the world's benefit, in or¬
der to meet 70% of the world's present demand.
Americans have done this primarily because they had the most accessible
oil and the facilities for refining and distributing it.
Is it reasonable, how¬
ports of
and put the in¬
condition in Amerca.
The labor situation was largely discussed and the open
shop favored; lower freight rates to induce the development
of new properties were advocated, and the McFadden bill
for a bonus of $10 an ounce on domestic gold was endorsed.
The tweilty-three resolutions submitted by the resolutions
committee were all adopted by the convention.
The fol¬
lowing is a summary of the resolutions:
1. Urging
tion of
companies and capital.
With the necessity for carrying on a vigorous
zens,
campaign wherever oil may
be found, the World is confronted with the question of the best way to
obtain and operate new sources of supply.
Should this work be done by
Governments with
Government ownership and restrictive legislation, or
should it be entrusted to the private producers and practical oil men of
the world, to be pushed by them without Governmental hindrance other
than such regulation as is applied to industries in general?
Let us consider the first alternative.
Is there any justification in this
experience of our own Government in running the
companies, in building and running Bhips, or in any
country, based on the
which Government has entered the domain of business
operation any of those qualities
for the development of great business with boldness, initiative or
other particular in
for believing
necessary
that there is in Government
efficiency ?
by the industry itself in the way
Now what is offered
bigger production if it is left unhampered?
The record of performance is clear.
For half a
against an average of 14 gallons per
as
century the oil business,
capita for the whole world,
The oil industry here has been ever active,
of supply, to develop better and more
economical methods of transportation and refining, and to discover new
uses
for all of the various products.
This country's oil lands have been
thrown open to the world, with aliens as free to acquire production as our
constantly alert to find new sources
other hand,
the
On
of
new
many
in the way of those
sources
pursuing the policy of nationalizing oil
lands and reserving sub-soil rights to be held under Government direction;
if they persist in attempting to keep all of their .own petroleum deposits
for their own future benefit, while relying upon the United States for a
large share of their present-day needs, then, and in that event, this nation
will have no alternative hut to take cognizance of the attitude of foreign
as
matter of necessary self-protection to consider the
reciprocally to conserve its petroleum resources for
a
of measures
adoption
people. ■■
'■■■/ ;V. '
v;-:'. -'/'y;
is to be hoped that the United States will never be forced to take such
own
It
This country has always acted on the prin¬
of the world's vital necessities, should be
produced under such restrictions only as are essential to conserving the pub¬
lic's rights, these restrictions being applicable to citizens and to aliens
a
step by way of self-defense.
ciple that petroleum, being one
V:-
alike.
To
the Foreign Relations Committee feels that
summarize the situation,
is essentially that of increased production.
The
and economically make use of a larger supply.
Other questions in our industry are of little moment when set against this
fundamental problem of increasing production at home and abroad.
The American petroleum industry is not apprehensive over the fact that
the
petroleum problem
world could profitably
acquiring new sources of supply,
disturbed by the avowed policy of reserving such sources in
foreign Governments and their
but it is frankly
citizens
are
countries under their control or influence for
With its position
their
own
exclusive advantage.
in world trade and the economic and financial weapons
ready to hand, the United States
could undoubtedly compel a new allotment
to give it a share of what other nations are
now proposing to keep for themselves.
But we do not propose this. Might
never makes right, and the smaller countries without similar means of forc¬
of
foreign oil territory so as
ing their way into such a division deserve better treatment at our hands.
Moreover, we do not believe any such measures will be necessary.
The
world
is
too
maintained
mental
anxious for petroleum.
everywhere
a
This it
and urging appropriation
can
obtain only if there be
free and fair field to all, with special Govern¬
favor to none.
in solid
material
semi-solid form.
or
the fixing of past tax
12. Recommending
13. Asking repeal
of the methods of the Bureau of Internal Reve¬
nue for ascertaining invested capital of mining corporations.
15. Favoring imposition of customs duties on metals, minerals and min¬
14. Advising alteration
eral products
imported.
of ore rates on railroads.
of procedure of Federal Trade Commission against
Minerals Separation North American Corporation.
18. Urging retention in status quo of appropriation given mining industry
in section 5, fortieth United States statutes.
16. Favoring revision
17. Indorsing action
19. Urging passage
The
held in
twenty-third annual American Mining Congress,
Denver, Nov. 15-19, was largely attended and is
considered the most
of pending bill
successful in the annals of the industry.
permitting miners to appeal from
United States Court of Claims.
of Timberlake bill for protection
Department of Interior to
Favoring speedy passage
20.
Supporting legislation
21.
of tungsten
products.
and its
industry in the
against dumping products
of foreign
mlneraJ
United States at a lower price than domestic production.
special census of mines and quarries to supply more
and industrial bureaus.
22. Advocating
data to census
that manufacturers
23. Urging
mining industry may soon
The following
reduce prices and railroad rates
that
regain normal.
the ensuing year:
succeeding Buckle-
officers were elected for
San Francisco,
Daniel B. Wentz of Philadelphia, First
Los Angeles, Second VicePresident; Thomas T. Brewster of St. Louis, Third VicePresident, and J. T. Callbreath of Washington, D. C., re¬
elected Secretary for the seventeenth time.
The board of
directors will decide where the next convention wrill be held.
Sentiment seems to be in favor of Pittsburgh.
ley Wells of Denver;
Vice-President; E. L. Doheny of
PRESIDENT-ELECT HARDING IN
MESSAGE TO MIN¬
ING, CONGRESS VIEWS INDUSTRIAL DEPRESSION
AS ONLY MOMENTARY.
In
message
a
to the American
tion at Denver, Colo., on Nov.
Mining Congress in conven¬
18 the hope and belief was
expressed by President-elect Harding that "we will presently
be brought to realize that the tendency of inaction and
industrial depression is only momentary."
The Senator
observed that "with wisdotn and deliberation, such as we
hope to secure by dint of
enlisting the aid of such expert
organization represents, I believe
we shall place our country and its industry once more on the
high road of prosperity and success."
Senator Harding's
message was addressed to Bulkeley Wells, President of the
American Mining Congress, and was as follows:
authorities
as
your own
I have to thank you
for your invitation to the
vention of the American
it will be
twenty-third annual con¬
regret that
Mining Congress and to express my
impossible for me to accept.
My regrets are the more keen
because
meeting will bring! together a body of men with which I am anxious
take counsel in outlining the policies of the next Administration.
I am
your
to
aware
of the difficulties that
and would be glad of
!"V"
It is my
the
of the country
myself with some of the
confront the mining industry
the opportunity to familiarize
details.
presently be brought to realize that
industrial depression is only momentary.
country sound And secure but it is the world's main¬
hope and belief that we will
tendency to reaction and
Not only is our own
stay and hope.
We have been
through
a
trying period in which National
policy and aspi-
We have now a convincing
demonstration of the real attitude of the American people, and it will not
fail to reassure both our own people and the rest of the world, which so
ation have been misinterpreted
greatly needs our steadfast
and misused.
support and aid.
A mighty effort will
be
required of us, to meet the demands that a recovering world will impose.
In no direction will these demands be more pressing than in supplying
reconstruction that must come from the richness
hope to
authorities as your own
organization represents.
It believe we shall place our country and its
industry once more on the high road of prosperity and succeed.
To that
end you may be assured that every energy and effort of the new Administra¬
of American mines.
MINING CONGRESS.
liabilities for each taxpayer.
Profits taxes.
of War Profits and Excess
those necessaries of life and
THE AMERICAN
therefor.
coal industry needs Federal control.
9. Opposing all pending Federal "blue sky" legislation.
10. Indorsing the McFadden bill for gold bonus.
11. Recommending that oil shale section of the leasing law be amended
to include all lands, including deposits of bituminous or similar organic
Denying that bituminous
7.
of supply.
Governments, and
more
oil shale industry
foreign Governments are deliberately placing
who would like to assist in the development
foreign Governments insist on
If
its
comprehensive and adequate guidance of public
interpretation of patent rights.
3. Protesting against the abolition of the Department of Interior.
4. Expressing approval of the Henderson bill, providing for the creation
of the division of mines and geology in the Department of Interior.
5. Advocating a bureau of public works.
6. Approving the proposed investigation by the Bureau of Mines of the
citizens.
obstacles
Finance
exporta¬
American products.
Advocating
2.
President, W. J. Loring of
including the United States.
own
Treasury that he cause the War
to make advances in the aid of the
the Secretary of the
education and policy in
of a promise of
privately conducted, has attracted to its service ample capital and men of
brains, strength and resourcefulness.
In the United States, where the in¬
dustry had the freest rein, it has traveled with seven-league strides.
In no
other country in the world have petroleum products been so uniformly
good in character, so liberally provided or so reasonable in price.
The per capita consumption here per annum of petroleum has been 220
gallons,
fetters of the war
Corporation to revive its powers
heedlessly on to the quick exhaustion of their
supply, and then retire from the oil business?
The American petroleum industry cannot accept such a conclusion.
On
the contrary, it must look
to the development of production outside the
United States to supplement the supply from domestic fields.
Domestic
crude is not sufficient even for current home needs, and it is absolutely
imperative that American petroleum producers proceed actively and in¬
telligently to develop oil resources in foreign lands. They are particularly
fitted by past experience and training for this work.
While enjoining this policy upon American oil men and confiding in their
individual energy and ability to carry it out, we cannot close our eyes to
a portent of obstruction that looms in the way.
In the United States there
has been from the beginning an open field for the citizens and the capital
of all nations without discrimination.
But when we turn our eyes abroad
we see to-day certain Governments, their realization of the importance of
petroleum quickened by the war, but without experience in conduct and
management of the industry in time of peace, not only essaying to enter
the oil business themselves, but also directly to engross the sources of
supply and to reserve the development of such sources to their own citi¬
and express
abroad
phase of mining. The
apparently to revive this
dustry on its prosperous pre-war
to ask that they go
railroads
the meeting was
industry; to remove the
im¬
of the country and
Congress on every
the
chief concern of
year we
ever,
[Vol. 111.
CHRONICLE
secure
With wisdom and deliberation such as we
by dint of enlisting the aid of such expert
tion will be
directed.
Nov. 27 1920.]
THE
CHRONICLE
We have been talking about the new South for
VICE-PRESIDENT MARSHALL SAYS COUNTRY WILL
It is
REGRET ELECTION.
to
figures to
TION
AND
its
Here
effective in
SAYS
HARDING
100%
WASTE
PRODUC¬
NEEDED
solving
Warren
problems at home,
our
world's
through
salvation, he said,
manship, through
G.
we
is for them
under Government
test."
great
waste,"
"With
"there has been
wages
terms
of
a
sure
"we
and
may
footing."
minimized
make the
re¬
Observing that
in reward
substance
than in its coin measurement."
Gentlemen of the Association of
cordial greeting.
you,
and it is
of
activity
Commerce:-—It is most gratifying to hear
righteous nation.
and
are
limitless possibilities.
our
the concord
American
us
a
have
of union and
This
just
changing methods and somehow
nationality which is the reflex of
a
new
South little realizing the popular interest in my travels,
bent simply on recreation.
spiration.-
Instead I have found new faith and in¬
i
.
.
There is too much hospitality for rest, but the popular interest is the finest
proof in the world of that participation of the people in government which
will hold it abidingly
Nobody
their
the American people have come
I believe
problems—world
momentous
problems,
to realize that we must face
but
more
particularly
our
own
problems—and must face them with resolute courage and practical wisdom
and
patriotic determination.
If
we are
effective in solving our problems at home, we shall
help solve those of the world as befits our part in
the better able to
be
modern civilization.
If
The world has never witnessed such an upheaval as that which came with
Its civilization was never so sorely tried.
the great war.
rivalry.
as
Unavoidably there will
Inevitably there
be readjustment.
sell, to be
as
sure,
but
we
commerce are
the ambassadors of
are the avenues of
exchanging
has been
ever
or
com¬
virile, intelligent, resolute people, in
a
people, envying
we
none,
coveting
glories which do not become
no
we
have
we
a
materials,
established
have
the
the
seen
republic set aglow to glorify the American example,
but work and
activities and
us
but does his part.
no
difficulties
can
long abide.
We can't hope
and pre-war costs, but we can
excesses
It is
peace as it is to sacrifice and serve in
thriftily nad seek that understanding which
use
mutuality of interest,
war
readjustment.
Such
solution cannot
a
give and take,
come
out of the
greedy thoughts of the profiteer or the revolutionary agitation of those who
would destroy.
and
These
but surface disturbances.
are
onward currents of normal America»for the
ever
With
100%
production
and
minimized waste,
rather than in terms of
the substance in
our
concern
footing.
a sure
plation of earnings—whether in
wages
purchasing
reward
must be in
we
of the
Republic.
make the
may
There has been
re¬
wild contem¬
a
dividends—in terms of dollars
or
We must be
power.
of activity than
a
We choose the deep
course
more concerned
in its coin measurement.
dependable prosperity which is (righteously
shared.
The tide of good fortune ever will flood and
ebb, which is God's
own way
of teaching us the changing tides, and greed must not expect to ride exclusive
at the
In
flood, and expect contentment to recede alone.
a
land of
opportunity with standards of
world I want to go on in
ship where
wage
good conscience until
we
and living the best in the
evolve the ideal relation¬
labor with a soul in their tasks, just
men may
management
as
knows it is to be rewarded and genius is confident in its triumphs.
There
substitute for the reward of merit, there can never be, but in the scales
no
of justice, we must see that reward balances evenly with merit.
will be banished with caste,
Then class
though there will continue to be varying degrees
of inspiring success, and varied measurements of wealth as there must be
unless
inspiration is to die and the human procession is to halt in hopeless
paralysis.
alter nature
can
change her, varying moods.
or
We haven't yet
learned to combat destructive weather and the law of supply and demand is
eternal, but
want
we may
good fortune
soften their rigors and minimize their penalties.
a common
possession in America.
We want Southern facorles to be attuned
the wheat farmer of the North.
of the North.
the music of the mills
their cargoes under the
We want your
American flag to bear both the
There is
good will to all the marts of the earth.
American ambitions,
which
We
We want the cotton
of the South to have his becoming reward with the wool grower and
grower
no
sets
send
to
of peace and
sectionalism in righteous
as
North
and
United States of America
becoming aspirations and patriotic love
hearts aglow with
our
ports
message
I could heartily say East and West
It is this wonderful and incomparable
South.
must be reconstruction.
America.
well
as
of popular government in the world and
and find the rational
to
There must be no reason for pause, no excuse for despair, nor place for
pessismism.
a
no
special field of influence
nation in the world
no
important to play one's part in
as
No law
It is the same heart North and South and East and West.
well
as
Republic cannot, will not, fail, if each of
for
very own.
make me believe the heart of America is not ever last¬
can ever
ingly right.
our
friendships
our own treasure house of men and
reveals
is
came
gateways of Latin
comforting consciousness that
stars of many a new
It is a fine thing for those
soul.
Frankly, I
and
Ours is
called to temporary responsibility to have some realization of our
vast areas and our varied conditions and
sense
ours.
and varied that few of
we are so vast
We have
have the
we
sanest system
•
It is better to know
wonderful thing to know this America of
conception of
We must buy
territory, striving for
no
construction, and establish
The following is his speech
It is most pleasing to come.
physically incomparable land;
who
great
Hemisphere is
land unravaged by war, at enmity with no
And
any
of the
one
policies and practices.
witn
your
be
at
war.
contemplation of earnings, whether
the
will
glory will be America's greater
Commerce marks the highway of
Our great assurance at home lies in
The great
in full:
a
to-day at
re
nothing, seeking
purchasing power," he added that "we must be
with
There
merce.
"is to be worked out
production,
100%
wild
a
concerned
more
your greater
ever
manufacture and
orchard.
will be eminent in influence until it establishes its eminence in
ever
own
dividends, in terms of - dollars rather than in
or
we
ideas and art and education, and
a
our
leadership, to meet the
Harding argued
Senator
construction and establish
in
and
developing civilization, that the paths of trade
shall be better
task, he continued "is that of the American people alone.
It
farm
need the expanding trade policy, its efficient agents in salesmen and
credits,
and the simple, practical
understanding that commerce is the life blood of
Harding
Neither
Government panacea."
any
And I would like
transportation
We have the ships now, we have the commercial
foundations; our future
TO
patent nostrum, through any miracle of states¬
any
With
materials ought to
material existence, that the barterers of
President-Eleet
18,
help solve those of the world."
the
nor
and
in
new
ought to be as dependable as our rail
home, and there ought to be significant and reassuring comity
and concord among Americans,
South, Central and North.
Bind our
friendship with the ties of trade and we shall make it indissoluble.
referring to the world-wide problems which remain to be
solved as an aftermath of1 the War, observed that "if we are
able to
by mine
industry.
raw
It
see
Our trade routes by sea to the South
MINIMUM
Nov.
on
with
Somehow I feel that the Western
address before the New Orleans Chamber of Com¬
an
of years and more.
a score
I would like to
Southland with added good fortune
a
through diversified agriculture.
aflame
this land of
factories
and trade.
lies in
In
acclaim
glory.
EFFECT RECONSTRUCTION.
merce
Southland
a
routes
PRESIDENT-ELECT
in its developments.
jealousy in the North because
untimely grave."
an
see
locate
of the world's greatest
one
new
I would like to
growing problem,
Mr. Marshall further declared that "it is the
greatest in¬
century, and will bring
spirit,
and greater self-reliance
sertion that "the
country will live to regret what it has done
in the recent election."
a
in
new
realization.
In an address at the terminal
railway station at Dallas, on
Nov. 23, Vice-President Thomas R. Marshall made the as¬
justice of
2109
Constitution, free and confident of the morrow.
—the America of the
And
the old order will never return, the incalculable sacrifice would be vain, if
old
the
order were
must come
consequences
There
but
sought.
even
It will
stability and dependability.
never
come
a
are
again.
We cannot
escape
of fevered war or the unsettled conditions of its aftermath.
to be reverses.
There will be endless discouragement,
confident America will face them all with good courage.
surely we
to new burdens,
are
And
we
will
bend our backs
going to be called upon—nationally, collec¬
tively and individually—to renounce extravagances and learn anew the old
our power
and emphasize
become a simple living people once more.
It will add to
lessons of thrift and providence.
our
stability if
the
sum
we
total of
It will add to
happiness.
duty of producing for the world or of ministering to the
discharge
our
needs
comforts
or
There
nor
are
progress
or
certain
which
are
the world's salvation is to be worked out
everlasting.
through
Neither
our
any patent nostrum,
through any miracle of statesmanship, through any government panacea.
Government is but the agency to
service.
official
ing,
circles—in executive and legislative
departments—wiil help, and
closer together and will promote our understand¬
solution, the great task is
but government alone will not effect the
that of the American
people themselves.
It is for them, under government
leadership, to meet the great test.
Here is a vast
continent,
so
favored by God and
acres
that
respond to man's cultivating touch.
We have an empire
awaiting reclamation.
We have not half re¬
measured our water powers.
We
are
other unduly
or
exercise
the
and tardily alert to
commerce,
of
to
industry.
mean to stay
the imperative need of a merchant marine, to widening
world influence and national safety.
for
fund provided for under the Trans¬
mission
burdensome
to obtain funds from other sources
210 of the Act "is not
inability
or
funds
from
other
an
contemplated by section
absolute inability but a practical
inability within the exercise of sound business
the public interest
discretion in
consideration
it
of
Inter-State Commerce Com¬
The Commission finds that inability
Nov. 23.
on
discretion will not permit"
obtaining
the
prevent
injurious conditions which
or
business
sound
announced by the
sources was
facts
the
of
of
to be
each
determined by the
particular case,"
and
requires that complete and concrete statements of such
"be furnished
facts
obtain the necessary
such
efforts
credit, how
The
by applicants showing their efforts to
funds from other sources and the result
and
a
further
if
they
have already employed
recourse
their
thereto would affect them."
following is the decision of the Inter-State Commerce
Commission
as
handed down Nov. 22.
INTERSTATE COMMERCE COMMISSION
unmatched in
We are progressive in education, we
free, and mean ever to be free in
press and speech.
We have more than the beginning of an adequate
transport system, we are awakened to the possibilities of inland waterways,
genius and unexcelled in
arejfree in religion, and
justified in
are
Commission
portation Act if it is shown that "an excessive rate of interest
of millions more which are
vealed our mines nor
Commerce
Inter-State
blessed by His infinite
the
eager to
the
to
loans from the revolving
of
so
discovering Spaniard stood only at the gateway and
marveled, without ever dreaming of the reality.
Ours are millions of broad
bounty
A decision, to the effect that the railroads
administer the collective, organized public
Sanity, clear thinking, common sense, honesty, co-operation in
help mightily, and bring us
QUESTION OF LOANS TO RAILROADS.
of mankind.
fundamentals
COMMIS¬
COMMERCE
INTER-STATE
OF
ON
applying
operates
No matter how humble, the producers are the makers
essentials of civilization, and we must, each and all of us, accept and
productive labor.
of the
SION
for all America to realize now and always is the dignity
The big thing
of
our
FINDINGS
all the
sure
We may slow up a bit, now and then, we may have to
win.
But there
We must put aside the debris of
and continue to build on solid foundations.
war
Finance
Docket No.
2.—In the matter of applications for loans
Section 210 of the Transportation Act,
to
funds from other sources.
(Submitted September 23 1920—Decided November 22 1920)
contemplated by the concluding clause of paragraph (b) of
210 of the Transportation Act 1920, as amended, is a practical
The inability
Section
under
1920, as amended—finding as
inability of carriers to secure necessary
2110
inability to be determined upon the facts of each
Such facts should
case.
be furnished by applicants.
A. P. Thom for Southern
HEARING ON
The
Company and Chicago,
Rock Island and Pacfiic Railway Company,
George Whitney for J. P. Morgan & Company.
Report
of
the
(By
In
Division
interpretation of paragraphs (a), (b) and (c) of Section 210,
particularly the finding required by the concluding clause in paragraph
(b) as thus amended, to wit:
-
_J/that the applicant, in the opinion
"It
urged
was
the
Transportation Act by railroad
The following is
the matter of granting authority to carriers under Section 20a of the
of the Commission, is unable to provide
forthe* aforesaid purposes from other sources."
the"carriers and others who appeared before us
certain carriers, and for both such reorganizations and consolidations, and
the
application of Paragraph 6 of Section 5 of the Inter-State Commerce
Act to such consolidations, being under consideration; and
It appearing, That questions have arisen, in cases not involving the con¬
solidation of properties of carriers, as to the power and duty of the Com¬
mission to authorize the issuance of securities of
would not be in
other
by,
that:
excess
total
a
value
par
which
of the total par value of outstanding securities and
obligations which it is contemplated will be funded, retired
or
replacejd
the issuance of the proposed securities, but, which, if authorized
or upon,
and
issued, would
necessary
behalf of
on
under
organization of certain carriers, for the consolidation of the properties of
4)
amended by Section 6 of the sundry civil
appropriations act, June 5 1920,
itself with the funds
ton, Dec. 1, in the matter of the application for authority to
Inter-State Commerce Act to issue securities pursuant to plans for the re¬
Daniels, Eastman and Potter.
revolving fund created by paragraph (e) of
section 210 of the Transportation Act 1920, to carriers
by railroad subject
to"the Interstate Commerce Act being under
consideration, we issued,
September 16 1920, an order for a hearing on Sept. 23 1920 in the matter
as
on
its order:
The matter of loans from the
of the proper
announced
inquiry would be held before it in Washing¬
an
issue securities
Commission.
Meyer,
RAILROADS.
Commission
Commerce
companies which have been reorganized.
F. J. Lisman for Lisman and Company.
Division 4—Commissioners
REORGANIZED
Inter-State
Nov. 19 that
Harris for New York Central Railroad
Company.
Blewett Lee for Illinois Central Railroad
Company.
M. L. Bell for Minneapolis and St. Louis Railroad
QUESTION OF ISSUANCE OF SECURI¬
TIES BY
Railway Company, Northern Pacific Railway
Company and Atchison, Topeka and Santa Fe Railway Company.
Samuel Rea for Pennsylvania Railroad System.
A. H.
[Vol. Ill
CHRONICLE
THE
might be of
or
a
total
value in
par
value of the property of the issuing carrier; and
It further appearing, That questions have arisen,
posed consolidations and in
not
cases
of the total
excess
.
in
cases
of such pro¬
involving such consolidations,
as to
(1) The legislative intent of Section 210 of the Transportation Act 1920,
to aid the railroads of the
country in increasing their equipment and
other facilities as rapidly as possible and
thereby enable them properly to
serve the public during the transition
period immediately following the
to fund the par or other value of
than
its par
termination of Federal control.
fixed
charges, operating losses and other items not represented by actual
was
Hi
-
(2) The legislative intent in the requirement of a finding "that the appliplicant in the opinion of the Commission, is unable to provide itself with the
funds necessary for the aforesaid
purposes from other sources," was to give
preference to the financially weak railroads: but if for any reason the
weaker railroads cannot or do not avail themselves of the
preference, the
fund would be available to the
stronger lines, pursuant to the general
puiyoses of Section 210.
(3) If the financially strong railroads cannot obtain funds from the general
investing public without paying an excessive rate of interest or submitting
to some other unduly burdensome condition or
taking a risk in respect of
their financial structures, not justifiable in the exercise of a sound business
and financial discretion, it would be clear that such railroads
are unable
to provide themselves with the funds
necessary from other sources, and in
such cases we would be justified,
upon a proper showing by the applicant,
In making the finding required
by the concluding clause of paragraph (b)
of Section 210 of the
Transportation Act 1920, as amended—namely,
"that the applicant, in the opinion of the
Commission, is unable to provide
itself with the funds necessary for the aofresaid
purposes from other sources".
It
was
the power and
maturing capital obligations and otherwise properly to serve the public
during the transition period of two years immediately following the ter¬
mination of Federal control.
for
majority of the railroads
would not be unable to obtain funds
on
terms, provided they agreed to burden themselves and their patrons
term of years with unusual and excessive
rates of interest. The rate
a
of interest which
rate for
an
railroad
a
Under
individual railroad may be required to
pay is the market
of its class.
literal interpretation of the
concluding clause of paragraph
a
of Section 210 of the
Transportation Act
of railroads would be unable to
1920
as
amended
qualify for loans.
railroads
funds
the
The remainder of the
while able to make the showing that
they are unable to obtain
other sources
generally cannot make tne further showing
by
the
statute
that
"the
prospective
earning
power
and
the
character of the security offered
are such as to furnish reasonable assurance
of the applicant's ability to
repay the loan within the time fixed therefor
and to meet its other obligations in connection with
such loan."
Under
these conditions it would be
practically impossible to make any loans and
Section 210 of the Transportation Act 1920 as
amended would be reduced
to
a
nullity.
sources must
be construed
as an
the
justified in accepting
exercise
other
or
and it must be held that
unduly burdensome
of sound
within the
injurious
or
secure
funds
public interest would
an
excessive rate of
conditions
which
the
business discretion will not
permit constitute inability
meaning of the statute
to obtain funds from other
sources.
inability to obtain funds from other sources contemplated
by the concluding clause of paragraph (b) of Section 210 of the
Transporta¬
tion Act
1920
as
amended
is not
inability within the
or
an
absolute inability
but
a
practical
exercise of sound business discretion in the
public interest to be determined by the consideration of the facts of each
particular case.
Complete and concrete statements of such facts should be
furnished by applicants
showing their efforts to obtain the necessary funds
from other
sources
and the result of such efforts and if
employed their credit
By the
how
Commission
a
further
Division
bite#
In
recourse
held that the
the railroads
a
final
sustained
B.
McGINTY
referred to the inter^
Treasury Department might withhold from
all
further payments
accounting
was
under these provisions
made by the roads, of losses
during the guarantee period.
On Oct. 22 it was
Secretary of the Treasury Houston had indicated
Treasury, and had stated that
no
Comptroller of the
payments would be made
by the Treasury Department except after full compliance
with the ruling made by the
Comptroller.
The carriers,
was
stated,
must
statement
period and only
allowed
V-
"
m.
And it
Dec.
on
be followed forthwith by
1 1920, at the office of the Commission in
.
is further ordered.
That notice of said hearing be given
general public by the posting of
a copy
to the
of this order in the office of the Com¬
mission's Secretary at Washington, D. C., and that a copy of said order be
served upon Alfred
P. Thom, General
Counsel, Association
of
Railway
Executives, and Bird M. Robinson, President, American Short Line Rail¬
road
Association.
By the Commission, Division 4:
GEORGE
RESULTS
OF
THEIR
The
B.
McGINTY,
Secretary.
OPERATION
RETURN
so
comply
of
far
their
as
by making
demands
a
complete
through
and
this has been done within the time
RAILROADS
WITH
CONTROL.
study of the results of operation for the first six months since
their return to private control on March 1.
results in
freight operations
March.
April.
The following
shown by months:
are
May.
June.
July.
August.
♦Net ton miles 37,99 J,993 28,490,595 37,884,967 38,179,565 40,435,508 42,706,835
Miles
per
car
day
per
23.8
19.4
24.2
25.0
26.1
27.4
28.3
28.6
28.3
29.0
29.6
29.8
Tons per load¬
ed
car......
Cars of
revenue
,
fr't loaded
x.
811,000
707,000
805,000
846,000
870,000
963,000
Car, shortage.
88,000
77,000
106,000
123,000
126,000
147,000
666
746
758
769
Net tons p. tr'n
Net
725
miles
ton
^
487
788
^
:
*
000 omitted,
x
488
401
504
523
557
Weekly
average.
Concerning these items, "American Railroads"
These tables
are
says:
the cold-fact record of what the railroads have actually
done for the improvement of service to the public since private operation
resumed March 1.
was
service, and if
car
The items given are the standard
one is to
measures
of rail¬
be singled out as of special significance It
is the item "Net tone miles of freight per car per day."
The record shows
clearly the tremendous handicap of the switchmen's strike in April and
May, but it shows
months—an
continued increasing efficiency through the succeeding
a
efficiency which
American railroading.
..
to new
rose
.1V'
-
.
,
high records in the history of
.1^v'v
"
It further says:
As
to
same
as
was
cars
now
in service is practically the
in 1918,, and the statistics reported by the Inter-State Com¬
Commission show that during the first seven months of 1920 the num¬
of net tons
of
freight
the
for
carried
Class I railroads
by the
than
more
The number of
efficiency:
it
one
was
mile
(the real
measure
248,999,000,000
or
of railroad
32,293,000,000
corresponding period of 1919 and 7,480,000,000
more
than for 1918 and 3,906,000,000 more than for 1917.
In
first
short, the volume of freight traffic carried by the railroads for the
seven
months
of
1920,
net tons carried one mile
despite the switchmen's strike,
during
a
exceeds the
corresponding period in any of the past
three years, including the period of Federal control.
At the end of Federal control the average number of miles per car per
was
22.3 and the average tonnage of each
August figures
about
such
a
into
terms
23%, and this
As there
are
in
was
use
of
efficiency,
topped by
a
was
car
the
gain of
gain
Translating the
in
movement
car
more than
in the United States at present
day
28.3.
was
5% in tons per car.
2,350,000 freight
cars,
growth in efficiency has added the equivalent of at least 500,000 cars
to the service of the
shippers of the United States.
Concerning the failure of the roads to
earn
between March 1 and Septem¬
ber 1 the amount of their guaranty, "American Railroads"
says:
1.
The roads
were returned on
March 1 without having their rates read¬
justed to the existing higher levels of wages, increased prices of coal and
2.
and higher taxes.
Shortly afterward (July 20) the Railroad Labor Board raised
again for
a
total of about S625.000.000
troactive to May 1.
a
year
wages
and made the increase
re¬
This alone added to the deficit approximately $208,-
000,000.
disposed to make payments.
t
During the past few weeks it has been reported that plans
for a court test of the ruling of the Treasury
Department are
OF
PRIVATE
16
other materials,
guaranty
by the Esch Cummins Act will the Government be
under way.
TO
Association of Railway Executives published on
in its official paper,
"American Railroads," a
Nov.
service)
we
his approval of the conclusions of the
it
a.
Washington, D. O.
ber
Secretary.
stated that
definite
other
or
\Q\
'. f ;
argument, at 10
merce
4.
GEORGE
issue of Oct. 9, page 1429,
our
they have already
thereto would affect them.
pretation of the Comptroller of the Treasury of the guaranty
provisions of the Transportation Act under which it was
until
interest
contributions to the capital accounts of the
or
It is ordered. That this matter be, and the same is hereby, set for
hearing
road
"We find that
Inability
consideration less
a
debt, accrued
inability to obtain
inability to
upon terms which the carriers with due regard for the
Interest
funded
carriers.
p. car p. day.
In order to give force and effect to the statute
funds from other
be
capital stock issued for
on
of those who desire to be heard in the premises, to
(b)
majority
from
rquired
discounts
additions to the property,
meet
The
value,
undoubtedly the legislative intent that the railroads should be
enabied, through loans made under Section 210 of the
Transportation Act.
1920, as amended, expeditiously to move the commerce of the country, to
some
duty of the Commission to authorize the issuance of securities
It*, w
./J- ...Jia..
KX
3. That the adjustment in railroad rates necessary to meet these coats
could not be determined for six months, and could not be made retroactive.
4. The roads were returned with maintenance of
equipment
so
much
behind that extraordinary expenditures were inevitable to handle the un¬
precedented traffic demands.
Nov. 27 1920.]
THE
The conditions under which the railroads operated during the six months
from March 1
would
have
to
September 1
affected
Government control just
established by the railroads, and
were not
of the
the income
roads
had they remained under
Regulation is recognized
and
operation.
and the
corollary to private ownership
necessary
a
as
The purpose of regulation is to conserve the public interest
public interest centers in adequacy of service at reasonable rates.
As adequacy of service is possible only from an
they did under private control.
as
3111
CHRONICLE
enterprise that
can
command
capital with which to provide the facilities the public interest requires,
RAILWAY
VOLUME
ON
EXECUTIVES
regulation must in this regard contemplate the situation of the companies
CAR
OF
that
LOADING:
The Car Service Division of the American Railway Asso¬
ciation in
12 announced that after
statement issued Nov.
a
rigidity.
Through public authority provision can be made on the one hand
to adjust
charges for service to yield revenues that
of the
conduct
utility.
Moreover adjustments
adequate for proper
are
through regulation must
exceeding the million mark for three consecutive weeks the
cars loaded with commercial freight on the rail¬
promptly follow the conditions that call for them;
roads of the country
regulation should everywhere be instituted that will promptly follow changes
number of
which ended
dropped to 973,120 cars during the week
21,810
more
The
than for the corresponding week in 1919 and 80,728 cars
cars more
than
loaded during the same
were
week in 1918.
the
reports show,
was
and the Southwestern district wi'h a reduction of 3.000 cars.
Decreases in the number of
forest products
and
ore
cars
loaded with grain, live stock, coal, coke,
also shown, compared with reports for the
were
in the
by the railroads
cars
shortage, which represents the difference
car
ordered by shippers and that furnished promptly
For the week which ended on
shown by the reports.
was
well
as
Oct. 30 the average daily shortage was 55,412 cars compared with 65,963
cars for the preceding week, or a reduction of 10.553 cars.
as on
the part of the companies.
transportation.
One of these duties is to
protect a company serving the public from unfair competition from any
This
does
not
that
mean
local
transportation
it
as
now
exists
should be perpetuated regardless of advances that may be achieved in
art of
that
transportation
a
in the science of regulation.
or
which is rendering service and
company
It does
which is not under corresponding regulation and
the
however,
mean,
should be
efficiency should not be subjected to competition from
developed in
other source
any
ooligations.
'The
Com¬
mittee recommends that careful provision be made to prevent the disastrous
of unfair competition.
consequences
whole
The
A further decrease
The Committee accordingly recommends that
Whatever the form regulation takes it involves duties on the part of the
public
previous weekbetween the number of
for every delay in the
remedy that bears upon a matter of public interest is detri¬
a
mental to the public itself.
source.
principally due to a falling off,
compared with the preceding week, in the loading of miscellaneous freight,
especially in the Eastern district, which reported a reduction of 11,000 cars
m th's class of freight, the Northwestern district, with a reduction of 12,000
decrease,
application of
in the situation of the companies rendering service of local
It added:
Oct. 30.
on
Despite the reduction, however, the total number of cars loaded was
,
regulated.
are
Both for the present and the future, elasticity should be substituted for
likewise implies that the companies
of regulation
purpose
subject to regulation should be responsible only for performing the service
they have undertaken.
rates
of charge
are
Their efficiency and the reasonableness of their
the matters which should have undivided
attention.
Reasonableness in rates should be decided only with reference to the service
that is rendered.
In other words the rates charged for street railway trans¬
portation should not be made an indirect method of taxation for the com¬
munity.
REFERENDUM
CHAMBER
OF
COMMERCE
OF
OF
other
A street railway company should be taxed
comparable
burdens
STATES
UNITED
STREET
OF
ON
PROBLEMS
placed
on
The kind of
proposals for improvement of the
situation of the country's street
Nov. 24 of the
railway lines
Your
powers.
Committee
only on the
basis of
recommends
all
that
street railway companies and unrelated to the per¬
formance of the service they render the public should be discarded.
RAILWAYS
was
asked
on
membership of the Chamber of Commerce
The recommendations on which the
look to
a
regulation the Committee recommends is responsible regu¬
Both the public and a company which serves it should be able to
lation.
A referendum vote
tax
upon
single
a
of the public, whether
agency
public utilities commission,
a
local official,
or a
board,
directly and solely responsible for the
as
or
ap¬
plication of regulation.
Responsibility for exercise of the public function
involved in finding facts
and applying to them the principles which have
of the United States.
been laid down by the public,
ballot will
public importance there should be no division of authority; for division of
mittee
on
be cast
advanced by the Chamber's
are
Public Utilities.
They
are
Com¬
eight in number and
read:
1.
Existing traction facilities should be conserved.
2.
The
attitude
taken
now
sibility for performance of the public function.
that
mends
•
problems should be
The Committee recom
official responsibility should be definitely and unimstakably
rixed for the application of the
toward street railway
In matters of
should be clearly located.
authority is almost invariably followed by escape of everyone from respon¬
regulation that has been decided upon.
Adequate provision for having the public informed regarding the com¬
and its operations and for having the company acquainted with the
needs of the community will serve to prevent controversies that may have
based upon the present
pany
contemplate private ownership and operation.
little relation to facts and to concentrate attention upon the one question
and future needs of the community.
3. The attitude which is taken toward street railway problems should
4.
Regulation should everywhere be instituted that will promptly follow
changes in the situation of the companies rendering services of local trans¬
Provision should be made
petition.
6.
against the consequences of unfair com¬
,'W-
.
;
/;/
].'V/.''
All burdens unrelated to the service performed should be
removed from
Official responsibility should be definitely fixed
for the application of
"
Each
should seek to have available for the purlic at a]
company
times the facts as to
the results of operation and should have resident re¬
order to inform
to
referendum
country, not to secure
call attention to the so-called service at cost plan, but makes no specific
recommendation with respect to it.
out
the approval of the recommendations voiced in the
of the committee's report is given as follows:
financial credit and is not performing properly its public function.
Commission concludes that the first essential is to restore credit to
and
Arthur W. Brady, President, Union Traction Company, Anderson, Ind.
F.
E.
that they obtain necessary new capital for the extension
facilities should be conserved.
The attitude taken
be constructive and not destructive.
traction companies there was financial mismanagement.
tant at
Even in
however, it becomes relatively unimpor¬
this time, inasmuch as the problem should be approached from
the
public interest is to obtain good service at lowest cost and that
street railways are
with the problem
to earn a
of
a
essential and necessary, then the sensible way to deal
is to permit existing organizations and present properties
sufficient sum over their operating expense to induce investment
facilities. It is not
earnings and there should be
capital for extensions and improvements to existing
question of past financing but of present
provided a margin sufficient and cheapest service to patrons of utilities
and to the public in the communities served.
Believing that this position
is
in
the
highest public interest,
attitude which
upon
the Committee recommends that the
is now taken toward street railway problems should be based
the present and future needs of the community, and not upon earlier
Equitable readjustment and not past performance is the im¬
conditions.
mediate problem.
A canvass
of every consideration that has been brought forward in sup¬
public ownership has resulted in the Committee's finding in it no
solution for present problems or means for meeting future requirements.
The committee accordingly recommends that the attitude which is taken
toward street railway problems should contemplate private ownership and
facilities.
Co.,
'
Sinking Fund Trustees,
City of Cin-
Vice-President, New York Edison Company, New York.
J. W. Lieb,
H. L.
McCune, of the firm of McCune, Caldwell & Downing, Kansas
P.
N.
President St. Paul Association of Public and Business
Myers,
Affairs, St. Paul, Minnesota.
John W. Van Allen, of the firm of
York.
Wilcox and Van Allen, Buffalo, New
\
.:■,;
■
..
REGINALD
DESCRIBES LEAGUE OF
MC KENNA
NATIONS AS
3Fho~-&tRtement
THE l(0NE GREAT HOPE."
that "we
nlust
look either to constant
meetings between all the powers to settle inevitable and
innumerable disputes which arise on every side or we must
live in
a
state of
perpetual war"
was
made
Nov. 17 by
on
formerly Chancellor of the British
Exchequer according to a copyright cablegram to the ^ew
Reginald
York
McKenna
"Times"
from
London
quotes Mr. McKenna as
If we, in our
Nov.
18.
This .cablegram
saying:
generation, fail to clutch at the one great hope which the
League of Nations offers, a hope which once ralized would
future
years
of the
world,
we
transform the
shall have failed to learn the lesson which long
of sacrifice and suffering have written so plainly across the
countries
desolate
of Europe.
Mr. McKenna's remarks were
Manchester University.
addressed to
a
gathering at
His further expressions of view as
contained in the cablegram were as follows:
"In the prasent
port of
operation of local transportation
Tleegraph
The
point of view of the value of the property used for the puolic service rather
than from the point of view of the outstanding securities.
If it be conceded
that the
&
City, Mo.
unfair advantage of the public attitude.
In the United States one great cause for public indifference to the situation
of local street railways lies in widespread belief that in the earlier history of
where this has been the fact,
Harrison, President,
L.
Charles
venting anyone from taking
cases
Telephone
Harris Trust and Savings Bank, Chicago
cinnti, Bank Building, Cincinnati, Ohio.
point of view must be that local transportation! is an industry to be fostered
and developed, with ample provision for correcting abuses and for pre¬
many
American
'
Albert W. Harris, President,
The
the street
improvement of service.
In this finding and conclusion your Commit¬
and it recommends that as the first step in bringing about this
toward them by the public must
Vice-President,
Hall,
K.
New York.
tee concurs
result existing traction
Director of Research, Merchants' Association, New
De Berard,
B.
York.
Illinois.
Commission found that the electric railway industry is with¬
railways in order
are:
New York,
The Board of Directors in authorizing submission of a report to
A summary
signing the report
Lewis E. Pierson, Chairman, Board of Directors Irving National Bank,
carefully selected committee is appointed to
referendum neither approves the report nor dissents from it.
The Federal
responsible executives wholly conversant with local
Henry G. Bradlee, President, Stone & Webster, Boston, Mass.
a
each
report.
a
changes in the situation of the companies, the Committee takes occasion to
the members as fully as practicable on the subject
question and report its conclusions.
The purpose of the
referendum is to ascertain the opinion of commercial organizations of the
analyze
To this end the Committee recommends that
with the recommendation that regulations should follow
In connection
the 24th inst. said:
submitted
and to the public—
public at all times the facts as to the results of its operation and shomd
Those
accompanying the referendum made public
A statement
In
such service.
always have resident
sponsible executives wholly conversant with local requirements.
on
company
requirements.
regulation.
8.
the
providing local transportation should seek to have available for
company
the
street railways.
7.
of paramount importance to
tenance of
portation.
5.
which is
adequate and efficient service at the lowest rates consistent with the main¬
state of the world,"
said Mr. McKenna, "I would hazard
opinion that in almost every country excessive Government expenditure
the main factor in forcing up prices.
Many States are compelled by
the
is
insufficiency of their revenues to
which is apparent to every one.
borrow, and in their case harm is done
But then, when Governments meet their
2112
THE
expenditure, however great it
that
the
whole duty of man
may
be, by taxation there is
fulfilled.
been
has
the opinion that this belief is
express
taxation
will,
I maintain,
chasing
power
reasons
will
and
tend
raise
affect
the
drive
to
production
velocity
however,
to
Very neavy
injuriously,
of expenditure,
belief
a current
I venture,
profound delusion.
a
CHRONICLE
and
reduce
pur¬
all
three
for
prices."
up
economic,
enterprise.
produced these results
said.
he
It
The stimulus which urged
ments was in
large
be
partly moral and partly
that heavy taxation restricted
men to venture upon new
develop¬
They could not
undertakings,
kept in the business.
considerable part of the profits
a
The savings of one year became the
capital in the next.
Additional capital was essential to development, and
there
of obtaining it except from
no
munity.
means
the savings of the
com¬
Heavy taxation which impounded these savings deprived
com¬
and industry of the essential condition of growth.
merce
that inter-National exchange is normally governed by the
seen
ratio of price levels in different countries, and that prices vary with factors
under the control both of the individual citizens and of the Government.
We have
that Government
seen
expenditure is the
works with double effect when the expenditure
If|
cause
Government
Our remedy should
be
expenditure
all
a
countries
condition of stable
reduced.
be
must
League World's Last Hope,
may account
good deal of extravagance, but they will not account for everything.
over
the world Governments
are
spending1
millions
on
protecting their
countries
has
developed
into
condition of
violence
instability, which in
and
a
a
disruption.
external
The
circumstances.
present
They
are
inevitable and innumerable disputes which arise on every side, or we must
live in
state of
a
perpetual
war.
"The one alternative is the League of Nations.
machinery of armaments,
ejcjienditure
plain.
One
disorders.
the other
or
we
must have
or
the
new way
ual adjustment and consent.
futility of
has
THE
of
If
before
a
the tragic
when
come
disillusioned
world,
that
now."
come
FOR
AND
AGAINST
THE
GROSS
TAX.
expenditure,
pamphlet forms the theme of this article)
One fortunate
sales tax
as
Taxation
(whose
thing about the responsible opposition to
mercantile transactions is that practically
even every
doubt that
tax has been raised in
can
be raised against
recent tentative
a
prepared apparently with the aid of at least
economist opposed to the tax.
tively discussed in
one
leading
The matter has been effec¬
pamphlet issued by Messrs. Galey &
a
Lord, whose
common-sense
advocacy of the sales tax has
impression
business
wide
ments may
on
be called the opening
men.
The two state¬
in the general debate
guns
that is to follow, but it is apparent that
they cover the field
pretty thoroughly.
There is little left to be said
side, and most of that little
must
now
either
on
be found in the actual
experience with the sales tax in other countries, of which
we are
gradually getting some information.
It is
clear, in the light of Galey & Lord's analysis, that
the objections to a sales tax are
largely hypothetical.
No
definite
is advanced to support the doubt
expressed
of the correctness of the view of all economists that the tax
is
a
reason
consumption tax, i.
to
tax
that it will be shifted
or
loading.
The
at
consumer
its exact
be shifted with
may
common-sense
"running with the goods,"
the
on
the
given for the argumentative
the other hand, that the tax
on
increase
a
e.,
Nor is any reason
consumer.
fear,
$15
or
will
productivity
spends $2,000
say
a year, on
The tax rests,
a year on
commodities,
much,
pay
and the rich
a year,
much
very
to
a
a
A
year.
man
or
commodities will pay
on
This will be the
all in proportion to expenditure, each
best estimate, speaking generally of this "ability
own
pay."
year
little, much
pay
who spends much will
$1,500; and sp on.
year,
resting
a
man
On these
$1,500,000,000. Of
than $15
more
family spending $10,000
will say, at 3%
we
each individual.
who spends little will
poor man
on
Additional special excise taxes will increase this
consumption
luxury.
burden,
presumably
articles
on
semi-
of
Whatever is raised beyond this by income tax will,
of course,
out of and diminish
come
savings, but they will
the higher ability predicated on higher income and
on
produce presumably
an additional revenue possibly
income tax approximating the proceeds
with the corporation
of the sales tax.
ITEMS
ABOUT
BANKS,
One lot of twenty
TRUST
COMPANIES,
an
conception is that
to speak, will be passed
so
amount, in
no
shares of bank stock
this
week.
The
only public transaction in trust
No
sales
made at
were
sale of
thirty shares at auction.
Shares.
BANK—New York.
Bank of America
COMPANY—New
&C
sold at auction
was
the
Stock
Exchange.
stock
company
was a
Low.
High. Close.
201
201
201
Nov. 1920— 208
330
330
Oct.
Last previous sale.
York.
30 Bankers Trust Co
330
1920— 360
Two New York
Stock
Exchange memberships
way
affecting
were re¬
ported posted for transfer this week, the consideration in
each
being stated at $96,000.
case
discussion,
made
a
to the
as
we
Counsel.
on
point and
a
the
course,
TRUST
By ROBERT R. REED, who has been advising Galey & Lord
such
family
the average individual $500
less than $15
20
every
the
way to
ex¬
of quieting the world's
time could
ever a
stood finally exposed
war
ARGUMENTS
gross
The average
minimum figures the tax will produce
of arbitration along the healing path of mut¬
SALES
a
blocking the
The choice before it lies
a means
as
longer merely
no
burden¬
have served in
a3
The old way of victory to the strongest, measured in terms of
physical force,
time
The other is the huge
which is
on
hausting the world but actually destroying it.
sales tax.
year, or
will
the
prove
i. ©., exclusive of rent and similar other items of
consump¬
tion not covered in a commodities tax.
Our population we
We must look either to constant meetings between all the powers to settle
in
and must
seems
it might
course,
Various estimates have been made
of
rest
fantastic
not
are
Of
consumer.
real.
dangers
material.
raw
integrated industry
marketing, that the 1% sales tax
the recent past to advance prices by
man's
some
own
purely speculative purchases, such
All
coun¬
foolish policy, but Governments can be relieved from the terror of foreign
a
to
some
base tax,
It may be impossible to cure inefficiency, want of method and weak and
The whole world is in
which produces its
factors, working each way] against and
many
negligible in its effect.
for
tries from what they believe to be real dangers which threaten them.
menace.
so
$300; $50,000
v
"Inefficiency, want of method, weak and foolish policy
a
money.
which assists the Governments to economize,
one
Calls
v
in
of rising prices and
is met in borrowed
wish to check the rise in prices and bring about
we
exchanges,
are
will say is 100,000,000.
Mr. McKenna said in conclusion:
"We have
the advantage to be enjoyed by a man¬
on
concern
in favor of the supposed trend toward
to be taken from them.
was
in progressive
was
There
in the event of their labors proving successful, nearly
the whole of the reward
every year was
were
the hope of additional profit.
measure
risk their capital if,
Again,
indisputable
was
value, is based
ufacturing
and direct
Says Taxes Restrict Enterprise.
The causes which
[Vol. 111.
—«
Elias
Cornelius
man
and
who
was
Benedict, well-known financier,
yachts¬
philanthropist, died at his home at Indian Harbor,
Greenwich, Conn., after a protracted illness.
Mr. Benedict,
his
in
eighty-seventh
Westchester County, N.
Y.
New York and entered the
Eight
year,
of 15 he
came
to
later he succeeded to the business and organized
years
New
age
banking firm of Corning & Co.
the firm of Benedict & Co., in 1863
the
born in Somers,
was
At the
York
Stock
Exchange.
becoming
During
a
member of
the
1871
year
Roswell P. Flower, afterwards Governor of New York State,
became associated with Mr. Benedict and the firm
changed to Benedict, Flower
four years,
&
Co.
name was
'continued
This
for
when Mr. Benedict founded the present firm of
E. C. Benedict & Co.,
retiring from active business in 1917.
Mr.
active part in the early financial life
Benedict took
of the
an
city, and together with his brother organized the Gold
Exchange Bank, which
the 60's and 70's.
modore Benedict
grew
out of the gold speculation of
In addition to his other
was
interests, Com¬
President of the Commercial Acetylene
Co. and the Greenwich Construction Co. since May 1 1853.
substantially the competitive factors
and demand which fix the
by each seller.
These
jection stated, if
are
or the factor of
supply
price, exclusive of tax, received
the only general grounds of ob¬
except the
we
suggestion that
consumption tax is opposed to "social justice."
ponents of these objections themselves propose
cents
a
pound
on sugar
on
general
As the pro¬
tax of two
a
and coffee and ten cents
tea, with increased specific taxes
a
a
pound
tobacco and other articles
States
the
title
trust
30
Mortgage
"Trust
company
1920
of
publication issued by the
& Trust
Company of this city,
Companies of the United States"
resources
at
the
close
last year, and almost double those of
The present, which is the
publication,
made
was
business
of
$12,451,877,583—a gain of nearly
John W. Platten, in
five
particular instances.
consumer
The manufacturer of shoes who sells
would have
over
jobbers of two to six cents
ably
a necessary
be defeated
an
on a
and production
apparent tax advantage
pair of shoes.
revenue measure
by the possibility of such
profession.
A
tax
eighteenth annual edition of the
available
this
President
week.
reviewing the year's record,
says:
similar
a
Presum¬
is not to
catastrophe to the
objection,
with
the
same
fiscal year covered by this edition has
again witnessed
progressive tendency within the ranks of these institutions.
Not
only
has
there
collectively, but the
been
scope
a
handsome
growth
both
as an
an
even
integral part of
more
our
assured
marked
individually
and
recognition than
financial system.
The figures, when viewed
comparatively, testify to the
now
a
of usefulness of the Trust Companies is being
constantly widened and presages
formerly of their value
12%
years ago.
The
objections stated deal with the effect of the
direct to the
jobbing
shows
June
over
consumption, it is doubtful if the "social justice"
objection is to be taken seriously.
Minor
under
on
of general
in
The 1920 number of the annual
United
splendid position
occupied by Trust Companies and furnish eloquent proof that their
broad service is being increasingly availed of
by the multitude of individuals
and corporations whose special needs they so
admirably meet.
The total
an
increase of
billions
six
of the 2,241 Trust
resources
a
one
over
twelve billions four hundred and fifty-one
New York State leads with
resources
Companies reporting show the
millions*
billion three hundred millions over last year's figures, and
hundred millions greater than ifve years ago.
In total
impressive total of
three billions six hundred millions or
28% of the Tryst Company resources of the country.
As
we
have stated in references to the
publication in other
the book is not limited to trust companies per se
years,
2113
CHRONICLE
THE
Nov. 27 1920.
assistant treasurer
has been
made an Assistant Secretary.
Mr. Merrill entered the em¬
ploy of the Trust and Deposit Company of Onandaga about
seven and one-half years ago.
Mr. Cholet has a record of
35 years of service with First Trust and the First National,
George A. Cholet has been advanced from
Treasurer, and A. L. Breckheimer
to the office of
which
consolidated with the Trust and
was
companies with the word
"trust" in their titles, actively engaged in business in the
United States and Territories, coming under the jurisdiction
of
and doing
either a trust or banking business or both, and those banks,
banking associations or institutions acting in a judiciary
capacity without the word "trust" in their titles, but super¬
vised as above, and commonly classed as trust companies by
in the bond and investment
but
statistics
comprises
of the State
of all
Banking Commissioner, Auditor, etc.,
the State official to whom they are
amenable.
had
also
trust
City Bank of
National
reported by
one
number
a
in that
New York denies that it-
South America, branch as
of the News Services last week.
of
capacity.
'
♦
Thomas Jefferson
France
to
ter
It is announced that the
registrations this year for courses
Chapter of
the American Institute of Banking, a section of the American
Bankers' Association, have reached the highest figures in
the history of the Chapter.
These courses are given in
conjunction with Columbia University.
The Chapter has
become one of the largest specialized schools in New York
City, a complete three year course of instructions being
provided, as well as courses in special banking functions
and departmental work.
The enrollment of members at
the Chapter, which has also exceeded previous records, has
banking topics at the New York
reached the total of 4482.
Coolidge, who
was
important factor in cotton and railroad
an
banking interests n
the 17th inst. In
Coolidge, who was a great grandson of the third
of the United States, Thomas Jefferson, became
Boston, died at his home in that
1858 Mr.
President
city
Company Forum and Savings
Association,
Bankers
American
defined series of addresses by
I. B., a section of the
conducting
are
a
well
prominent bankers and business
tified with that company
financial condition to
time and support
The "Forums" occupy an
toward their success.
important place in the
educational
provided by the Chapter for bank employees.
program
assumed the management of
is announced that Arthur
with and
Chicago, will
Company of New York as a Vice-President.
representing Montgomery & Co. in
join the Guaranty
William P. Wilson has been
of the
Cable, formerly associated
appointed an Assistant Secretary
Guaranty Company and John F. Patterson
appointed Sales Manager in charge of business
town
dealers.
has been
with out-of-
.
decoration by King Albert
of Belgium were received this week by Charles H. Sabin,
President, and Albert Breton, Harold Stanley, Joseph R.
Swan, and Francis H. Sisson, Vice-Presidents, of the Guar¬
anty Trust Company of New York.
Mr. Sabin is made a
Commander of the Order of the Crown; Mr. Breton, a Cheva¬
lier of the Order of Leopold, and Stanley, Swan and Sisson,
Cablegrams announcing their
Chevaliers of the Order of the Crown.
Mills and for
keag and Lawrence companies.
He later served as President
Amoskeag corporation.
He had also been President
of the
of the Atchison
Topeka & Santa Fe, the Oregon Railroad &
Navigation Co. and the Boston & Lowell, and had held a
directorate on the Boston & Maine, Chicago Burlington &
Mr. Coolidge was
a
meeting of the board of directors of
recent
Asia
Kent, Vice-President, Bank¬
and member of
the Executive Committee of Asia Banking Corporation,
to succeed John F. Schmidt, resigned.
Banking Corporation, Fred I.
ers
Trust
It
was
Company was elected a Director
announced
on
Monday last by Adolph Kopp,
York Branch of the Philippine National
Bank, that advices had been received from Manila of the
Manager of the New
resignation of Senor Venancio Concepeion, who has
President of the Philippine National Bank for the past
been
three
It is understood Senor Concepeion has for some
time past expressed a desire to retire, his health having been
in an unsatisfactory condition.
Senor Concepeion. will be
Massachusetts Hospital Life In¬
England and
Colony Trust companies, and other organizations.
His
Co., Merchants National Bank, New
surance
Old
death occurred in his ninetieth year.
Vice-President of
the Anglo & London Paris National Bank of San Francisco,
who has been designated as head of the Bank in Manila.
E. W. Wilson, at present
Mr. Wilson will
sail from San Francisco on Dec. 3.
♦
■
the year
prosperity in Canada's
The statement indicates that the bank
The financial report
of the Bank of Montreal for
Oct. 30 reflects continued
ending
premier institution.
has been able to take care of an
unusually large proportion
increased requirements of
the merchants and manu¬
facturers of the country.
The increase in the loan account
during the year amounted to approximately $60,000,000.
same time there has been a striking reduction in the
At the
the
Imperial
which the Bank
period on behalf of
the special business
accounts which reflect
of Montreal undertook
during the
war
As a result,
Dominion Governments.
and
holdings of Dominion and Provincial Government se¬
curities have been reduced to $14,S63,954, compared with
the
Canadian
and colonial public
securities, other than Canadian, have also declined, the total
this year being $36,749,430, against $47,041,359.
Owing
to the marked expansion of the.business of the country, the
bank arranged during the year to increase its capital and this
now stands at $22,000,000, a gain of $2,000,000 for the year.
A corresponding increase was also made in the rest account,
$63,984,255 at
the end of the previous year.
municipal securities and British, foreign
now
stands at the same figures as the
capital.
In
indicate a healthy
gain, and these now amount to $322,578,613, a gain of ap¬
proximately $10,000,000 for the j[ear.
The total assets of
the bank stand at $560,150,812, up from $545,304,809 at
the end of the previous year.
The larger amount of capital
which the bank had at its disposal and the increase in the
addition,
savings deposits continue to
volume of business handled has
sion in the
year
a
during the
made
year,
$3,314,227
a total amount available for
This amount was appropriated
follows:
$2,960,000
Regular dividends and bonus
Amount credited to rest
War tax on bank note
Reserve for bank
a
steady expan¬
These profits, added to the balance of profit
to the premium obtained on the new stock is¬
distribution of $6,846,850.
as
a
The net profits for the
amounted to $4,033,995, compared with
and loss and
sued
resulted in
earnings of the bank.
year ago.
years.
succeeded by
Memphis and various other
also identified as director with the
Bay State Trust Co., the
and this
At
several years, he
the Lawrence Cotton Manufac¬
In 1876 he was made Treasurer of the Amoskeag
a time managed the affairs of both the Amos¬
turing Co.
of the
It
Later, after return¬
sound footing.
a
subjects relating to banking, as part of
contributed their
Co., which had three
In the two years he was iden¬
he brought it from an unstable
ing from France, where he had resided for
the educa¬
tional work of the Chapter.
The work of these "Forums" is
attracting increased attention from bank officers who have
on
men
on
large cotton mills in Lawrence.
Quincy, Kansas Fort Scott &
The Bankers Forum, Trust
United States Minis¬
during President Harrison's Administration,
besides also having important
lines.
Bank Forum of New York Chapter, A.
Merrill
departments and will continue
President of the Boott Manufacturing
of instruction in
Mr. Breckheimer
been identified with the
years
Of late he had been assisting Mr.
and who had been
close its Colombia,
expects to
for
company
circles
The
Deposit Company
Onondaga into the present institution.
2,000,000
210,000
account.
circulation
premises
total of $5,595,000,
forward to profit
425-000
—
and leading an amount to be
carried
and loss of $1,251,850.
♦
The First Trust
announces
& Deposit Company of Syracuse, N. Y.,
Albert B. Mer¬
has been made a Vice-President;
the promotion of three of its staff;
rill, who had been Treasurer,
The
eighty-first half-yearly statement of
Specie Bank, Ltd.,
the Yokohama
submitted to the shareholders at their
3114
THE
semi-annual
CHRONICLE
ordinary general meeting held in Yokohama
Sept. 10, has just
hand.
come to
ending June 30 1920 and shows
including 3,872,395
yen
It
profits for the period,
gross
brought forward from last account,
amounting to 150,395,804
from which the
yen,
sum
of 135,-
deducted for interest, taxes, current ex¬
rebate on bills current, bad and doubtful debts,
968,557
was
yen
penses,
bonus for officers and clerks, &c.,
427,247
yen
leaving
available for distribution.
balance of 14,-
a
From
this
reserve
fund and recommend
12%
balance of 4,444,847 yen to
a
dividend to be paid at
a
calling for 3,982,400
per annum,
daily closing quotations for securities, &c., at London,
reported by cabie have been as follows the past week:
as
London,
Nov.20. Nov. 22. Nov. 23. Nov. 24. Nov. 25. Nov. 26.
Sat.
Mon.
Tues.
Wed.
.Thurs.
Fri.
Week ending Nov. 26.
Silver, per oz
Gold, per fine ounce
Consols, 2M
__d_
49
47M
118s.4d. 117s.
cents—44 M
British, 5 per cents
83 3-16
per
46K
47M
117s.7d.
44M
44M
83M
76M
82 15-16
British, 4M Per cents
76M
83M
76M
French Rentes (in Paris), fr.
55.35
55.50
55
55.40
Loan(inParis),fr. 85.20
85.20
85.20
85.20
French War
The
price of silver in New York
Silver in N. Y., per oz. (cts.):
Domestic
99 M
the
Foreign..
83
HOLI-
76M
DAY
56
85.20
day has been:
same
99M
73M
74
44M
76M
the
on
99M
75
48M
115s.10d.117s.
44M
99M
99M
72
75
'
leaving
yen,
be carried forward to the
half-year's profit and loss account.
The
the
sum
directors propose to place 6,000,000 yen to the credit of the
rate of
ENGLISH FINANCIAL MARKETS—PER CABLE.
on
the six months
covers
[Vol. 111.
next
Commercial autlBXiscellatieous
gems
,
Canadian Bank
We
advised that
are
important consolidation is being
an
arranged in St. Louis involving the absorption of the Mort¬
Clearings.—The clearings for the week
ending Nov. 18 at Canadian cities, in comparison with the
week in 1919, show an increase in the
aggregate of 2.1 %.
same
Week ending November 18.
Clearings at—
gage'Trust Co. of that City and its auxiliary institution, the
Guarantee Co., by the First National Bank of St.
The
Inc.
Louis.
plan is,,we understand, for the Mortgage Trust Co-
first to acquire all the outstanding shares of stock of the
1920.
1919.
$
$
Canada—
or
1918.
Dec.
%
1917.
$
$
Montreal
157,124,938
166,627,836
—5.7
104.812.295
81,065,009
Toronto
110,895,763
109.660.177
+ 1.1
83 456 214
57 985.769
Guarantee Co. and the First National Bank in turn to pur¬
Winnipeg—....
96,203,163
17,602,569
69,156,557
+ 39.1
72,720,582
75.708,426
chase the stock of the
18,484,736
—4.8
12,607,370
Ottawa.........
12,188,239
16,879,925
—27.8
9,657,453
10,046,308
5,749,906
Quebec.....
Halifax...
8,466,194
5,596,862
11,206,321
8,073,043
3,329,628
8,070.978
5,847,988
+4.8
5,857.322
+0.8
6.075 843
3.101.750
11,004,418
+ 1.8
8,053.991
10,598,371
—7.4
7,090,915
—20.1
2,748,086
3,902,707
6,316,655
5,710,176
1,063,234
8,720,975
4,168,048
4,142,005
4,886,435
6,361,807
6,182,474
—20.1
2.777,418
2,033,808
3,431,204
5,439,962
2,063,207
1,864,456
2,098,598
—7.6
5,334,314
1,058,336
+0.5
1,278,625
859.256
+ 48.8
2,816,637
2,432,914
1,407,863
—5.2
1,025,724
1,074,478
2,319,273
2,332,386
+4.3
3,001,641
1,731,383
—18.7
1,237,439
—5.7
1,118,206
936,654
836,210
—12.2
614,018
enlarged Mortgage Trust Co.
The
combined assets of the Mortgage Trust Co. and the Guaran¬
Co.
tee
at
approximate
present
$1,800,OCX).
First
The
National Bank, it will be recalled, grew out of a consolida¬
tion
on
July 1 of last
of the Third National Bank, the
year,
Mechanics-American
National
National Bank.
It has
$15,000,000 and
resources
a
Bank
combined
and
the
St.
Louis
capital and surplus of
Vancouver
...
Calgary
Hamilton
St
John
Victoria
..........
London
Edmonton
...
Regina
Brandon
.....
Lethbrldge
of $170,000,000 and is the largest
bank, it is said, West of the Mississippi river.
to
operate the enlarged Mortgage Trust Co.
ment Division of the First National
It is planned
as
the Invest¬
Bank, the organization
of the trust company
being increased by the working organi¬
zation of the present Bond Department of the First National
Bank.
The Mortgage
Trust Co. will remain in its present
Saskatoon
......
Moose Jaw
Brantford
William
Fort
Medicine
Hat...
quarters in the Federal Reserve Building at the
corner
the Mortgage Trust Co.
and the Guarantee Co.
It is
expected the consolidation will become effective Jan. 1 1921.
STATEMENTS
JULY 31
OF
AND AUG.
UNITED
31
578,366
+ 30.6
964,054
+
6.7
1,064,381
766.460
1,202,596
+2.9
842,641
Kitchener
1,238,136
1,418,829
—12.7
1,118,928
896.130
Windsor
3,650,191
518,564
3,092,815
+ 17.8
1,774,490
698,710
—25.8
427,734
844,971
Not included
in total
468.992.838
459,177.241
+2.1
...
Prince Albert....
of
statements
the public
holdings of the United States
and March 31 1920,
STATES,
received, and
as
debt and
Treasury cash
officialy issued for Feb. 29
and net debt
those dates,
on
thereof.
we
been
append
Stocks.
Per cent.
Coal,
26 Wellston
disbursements
over
a
each)
185 Nat
Aug. 31 1920.
11.982.681
40.303,457
$193,179,234
$217,443,171
150 Fla Mountain Mines
$200 lot
warrants..
Discount accrued
28 Amer Paper G'ds, com.$150 per sh
560 U S Light &
Ht Corp, pref,
$10 each...........$1.20 per sh
240 U 8
100 Gen
$257,746,628
Light & Ht Corp, com,
Tractors,
War Savings
certificates
__
1
i
$11,660,468
$32,185,319
65,505.354
53.919.213
154,649,013
77.307,983
86,785,907
$309,122,818
$252,761,048
*$115,943,584
*$35,317,877
79,870,609
INTEREST-BEARING DEBT OUTSTANDING.
com,
Diamond
400 Great? Eastern Casualty stmpd
Title of Loan—
Payable.
2s, Consols of 1930
Q.-J.
July 31 1920.
$
Aug. 31 1920.
$
Chad wick Co, $25
13 Cheshire Watch
$10 lot
30 Amer Loan & Trust
$10 lot
18 Chrollthlon Collar & Cuff..$10 lot
2s of 1916-36
Q.-F.
48,954,180
2s of 1918-38
Q.-E.
25.947,400
48,954,180
25,947,400
Q.-M.
50,000.000
50,000.000
275 Steel
28,894,500
28.894.500
2.433.546,500
f279.375.000
2,571,201,000
J.-J.
3Mb, First Liberty Loan
4s, First Liberty Loan, converted
259,375 000
J.-D.
1,410.074,400
1,410.074,400
J.-D.
55.221,050
48 304 750
4Mb. First Liberty Loan, converted...
_.J.-D.
483,659.600
490.564 000
4j*s, First Liberty Loan, second converted
J.-D.
3.492.150
3,492 150
4s, Second Liberty Loan
M.-N.
209.286.750
189,13+200
4Mb. Second Liberty Loan, converted
M.-N. 3.115.769,150
3.135.672,650
4Mb. Tblrd Liberty Loan
..M.-S. 3,660.779,550
3.659,338,250
4Mb, Fourth Liberty Loan
A.-O. 6,393,731,900
6,393.404.250
3Ms, Victory Liberty Loan
.....J.-D.
802.888.600
795.561.000
4Mb, Victory Liberty Loan.
J.-D.O3.438.214.600 03,445,552.250
4s, War Savings and Thrift Stamps. Series
1918-1920.6
Mat.
2Mb, Postal Savings bonds (1st to 16th series)..J.-J.
Aggregate of interest-bearing debt...
Bearing no interest
Matured, interest ceased..
•Deficit.
11.612,160
11,612.160
24.091.071,837
228.745.329
227.970,286
3,360,870
24.219.761,370 24,322,402,993
Add—Treasury deficit
debt
805.778.747
23.985,406.451
5.609.590
Ordinary debt
Total
815.745.011
115.943,584
*
35,317.877
24,335,704,954 24,357,720,870
0
f Of these totals, $20,000,000 bear various rates of Interest.
a
Includes notes deliverable amounting to $15,550; does not include
partial pay¬
ments received amounting to $15,090.
5 On basis of cash receipts and repayments by the Treasurer of the United
States.
no
.n...__.».$50 lot
par.
Inc,
$7 lot
pref
145 Anglo Am
Com
Ltd,
$15 lot
Corp,
ordinary sh, £1 each
50 Natl Drug Stores Corp, pfd $265
&
Radiation,
$10 lot
Ltd
In Canada)
(inc
Percent.
$10,526 Chalmers Motor 6% notes. 54
$69,800 Metropol By Prod 6s, Jan
1917 coupons on...
10
......
1st 4s. 1955
31
$100 lot
1925, July 1916 coup on
St Crosstown
Ry
1st
26
5s, 1996
$1,000 S W Straus &
Co,
Inc, 6s,
91
1934
$66,700 Consol Copper Mines,
7s, 1928
523,500
$2 per sh
l
lot
125 Natl Drug Stores Corp com.$60 lot
10,000 Noran Bogua Consol
$13 lot
$15,000 34th
.$10 lot
......
62 Chrollthlon Mfg
Q.-j.
$4 lot
$25,000 Zellwood Fla Farms 1st 6s,
& Knapp Mfg, $25
118.489.900
2s, certificates of indebtedness
$110 lot
each
25 Anglo Am Comm'l Corp, pf$200 lot
120 Anglo Am Com
Corp com,
10 McLever
599.724.050
3s. Conversion bonds
43* to 4Ms. certificates of Indebtedness..
$24 lot
Ice
100 Delatour Beverage Corp, $10
$11,000 Mason C & Ft Dodge RR
599,724.050
118.489,900
Panama Canal Loan:
3s of 1961
10 Yorkville Independent Hygia
268,097 Vulcan Oil, $5 each...$1,000 lot
—$10 lot
21 Prentiss Clock Impt
$10 lot
20 Barnard Son & Co, $25 each $10 lot
Q.-F.
4s. Loan of 1925
1M
$11 per ah
Co $250 lot
Bonds.
each
....
8X
Atlantic
Corp,
1 The Am Assoc Press Bureau,
30% liquidation pald-_$50 per sh
14M Wenatchee Apple Land Corp
2d pref partic stk.____.$ 100 lot
N
Oil
182 Cedarhurst Lawrence
no
Neely & Co______$15 lot
130 Stern Coleman
pref...
Refg ctfs, $10 each
517 West N Y & Pa Trac, 2d pf $50 lot
each
Interest
1,000 Superior
.........-..-40c per sh
44 The C
Total
Deficit
Inc,
$60 lot
50 shs com as bonus
750 Chalmers Motor, com
10 The Bunning Co
...$1.10 pre sh
Hercules Copper, $5 each
par
Percent:\
Stocks.
Incorporated Land, pref with
201
Mach, Inc, 1st pref......$50 lot
obligations
on
........—330
969 West N Y & Pa Trac, 1st pf $200 lot
Disbursing officers' checks
•
280.966,008
166 2-3 Chalmers Motor,
$185 lot
20 Bank of America
50
lot
$51 lot
17M%
Bank,
Nassau
250 Burrows,
Interest
I
J
Ice
Elevator.
Shares.
50c per sh
July 31 1920.
$205,161,915
343,502.544
9,375 Bradshaw Reduc, $1 each..$35 lot
$15
paid in liquidation
Deduct outstanding obligations:
Matured
com,)
$50 each
600 Ray
receipts belated
Items
Treasury
Inc,
$10 each
Balance end month by dally statement, &c
-
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
-
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Deduct—Excess
754,582
'
Auction
30 Bankers Trust
now
interest attaches to the details of available
cash and the gross
summary
as
718,869
not
1 Westhampton
1920.
delayed in publication, have
510,809
JV
Total Canada..
5 Ky Public
The
960,201
1,237,123
...
125 Kelley Ticket Mach, $10
DEBT
1,792.547
1,002,512
394,064
755,500
1,028,141
Peterborough
Shares.
PUBLIC
3,768 806
4,645,050
832,394
1,139,115
2,651,604
of
F. O. Watts is the President of
the First National Bank and Tom W. Bennett the President
of
3,711,349
Sherbrooke
Moncton
Broadway and Pine Street.
•—0.7
2,972,502
1,166,987
734,579
NewWestminister
—33.7
4,975.461
5Mb,
rubles
Internal
1st
45
Russian
..$15 per M
1926
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
Stocks.
% per sh
Shares.
$ per sh.
Stocks.
801 Hunt. & Clearf. Tel., $50 ea,
1M
110 Bayuk Bros., Inc., com
100 Nickel-Alloys
6
100 The Isko Co., pref
50 The Isko Co., com
1
Library Co. of Philadelphia.
31 Cedar
Hill
Cemetery
20M
New
Grounds, $50 each—....
50
Bonds.
241
60
20 North
$5,000
.201
Tiust
75 Provident
750
$3,000
Pennsylvania RR...
81
of
Phila.
Sch.
Dist.
97 M
97
Kansas'city" Ry." 1st" 5s,1944"
28 M
4s, 1943, B
75
$1,000 Richmond-Wash. coll. trust
4s
1943
$48,000
RR..S20 lot
58 Rollin Chemical, pref
$30 lot
20 Barnegat Pier, N.J
5
25 The Manhasset Co., N. J.. 10
45 Titan Metal
5150 lot
507 United Nat'l Util., com...$15 lot
100 United Nat'l Util., pref...$40 lot
50 Martini & Huineke of Amer.
M
70 Isko Co., pref, no par
\$585
J
City
$1,000 K.C.Lt.A Pow. 1st 58,1944 68M
560 Amer. Pipe & Construction.4—5
lot
1,154 Am. Manganese Mfg., pref.,
each!
Dist.
$1,000 Richmond-Wash. coll. trust
82M
26,422 Phila. Patent Leather, $10 ea.75c.
2 Fidelity Trust
419
$50
Sch.
certificates of deposit
2 Penn. Co. for Insur., &C...500
25 E. G. Budd Mfg., pref.'....
35 Isko Co., com., no par
Phila.
43*8, 1925..
Life & Trust....390
1122M Buifrog & Goldfield
of
4Ms, 1924
Bank, $50 each
20 Girard
Percent.
City
$5,000
8 Drovers & Merchants Nat'l
7 Market Street National
8
M
$8 lot
25 The Isko Co., com—
50 First Nat'l Bank of Phila...250
10 Union Nat'l Bank
18
trust
74
__
50
$10,000 Atl. City & Shore RR. coll.
trust 5s, 1945, certifs. of deposit.
25
$300 City of Phila. 3 Ms. 1934
85
$3,000 Penn. & Ohio Pow. & Light
1st 7Ms, 1940
96M
$25,000 Ohio Synd. partic. ctf
$70 lot
$27,400 Hunt. & Clearfield Tel. 1st
5s.
1933
11
$15,000 Mich. Northern Power 1st
5s, 1941
%
D
At'l. City"&"shore Co." coil"
4s, 1940
73M-73M
$7,500 Union Tel. 1st 5s, 1934—$325 lot
Nov. 27
1920.]
THE
2115
CHRONICLE
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares.
Slocks.
$ per sh.
com., v. t. c_.___________
40 East. Mass. St. Ry., pref. B.
2
1,400 Goldfield
5 Amer.
1 Plymouth
$1
1
Deep Mines, 5c. each
83 Northern Conn. Securities
55 The Rowe Calk, com...
Boston
Autom.
100 Glass Founders Corp
$23 lot
each.
_
_.
_
...
lot
1 $110
J
lot
50 The Rowe Calk, pref .A
150 The Rowe Calk, com...
1
Fall
River
1S5X
GasWorks
155
1 New Bedford Gas & Ed is. Lt. 155^
400 Mass. Elec. Pref., ct . dep. $110 lot
10 Bos. Rev. Beach & Lynn RR. 42
Mach.,
$20 lot
2
$10
pref..\S150
1 Cambridge Gas Light
200 The Cresstec Steel
lot
50 The Rowe R.P.,com., $50 fa. j
\$1,500
75TheBkln.CroziteBrick.com/
lot
900 The
Sears, Roebuck & Co., preferred (quar.)
$1
50 The Rowe Ring Point,
2
10 Robertson Paper, pref
48
30 No. Boston
70X
Ltg. Prop., pref.
current
we
bring together all the dividends announced the
week.
Then we follow with a second table, in which
we
show
dividends previousy announced *
the
have not yet been
but which
The divid. announced ths week are:
paid.
Name of Company.
Sherwin-Williams
Co. of Can., com.
Preferred
(quar.)...
South Penn Oil (quar.)
(qu)
r
Standard Gas& Electric, pref. (quar.)..
Standard Textile Products, com. (quar.)
Preferred Class A and B (quar.)
Steel Products, preferred (quar.)
Submarine Signal
When
Books Closed.
Payable.
Days Inclusive.
Todd Shipyards Corp. (quar.)
Tonopah-Belmont Devel.
TookeBros.,
Trans-Atlantic
When
Books Closed.
Cera.
Payable.
Days Inclusive.
Holders of rec. Dec.
15
31
Holders of rec. Deo.
15
5
Dec.
31
Dec.
♦2
Dec.
15 ♦Holders of rec. Nov. 30
2
Jan.
1
Holders of
rec.
Dec.
15
1A
Jan.
1
Holders of
rec.
Dec.
151
VA
Dec.
1
Holders of
rec.
Nov. 15 a
Dec.
31
♦Holders of
rec.
Dec.
Dec.
20
♦Holders of
rec.
Dec.
1
♦Holders of
rec.
Dec.
18
Holders of
rec.
Nov. 30
Holders of
rec.
Nov. 30
*5c.
Jan.
VA
Dec.
(extra)
:.
.
_
..
12
rec.
to
Jan.
1
l!
il
15
i
Jan.
"3
♦Holders of
rec.
Dec.
15
*25c. Jan.
3
♦Holders of
rec.
Dec
20
♦20c. Jan.
3 ♦Holders of rec. Dec
20
*50c.
Jan.
♦25c.
Jan.
*1A Jan.
*50c.
♦Holders of rec. Dec.
31
17 ♦Holders of rec. Dec.
31
17
♦Holders of
27
Jan.
2
1
Dec.
31
♦Holders of rec. Dec.
20
rec.
Wisconsin-Minnesota L. & P., pref. (qu.)
VA
Dec.
Pump & Mach., com.(qu.)
*1A
*VA
Jan.
Jan.
3
rec.
Dec.
20
*1A
Jan.
3 ♦Holders of rec.
Dec.
20
Worthngton
Preferred
A
Preferred
B
Below
and
Per
31
Dec.
*1A
First and second preferred (quar.)
Warner (Chas.) Co. of Del., com. (qu.)_.
Common
Dec.
Coal
(monthly)..
United Dyewood Corp. (quar.
Waldorf System, common (quar.)
15 1
Dec.
Jan.
IA
*$2
(quar.)
pref. (quar.)
Holders of
1
\A
VA
*50c.
First and second preferred (quar.)
W illiams Tool Corp., com. (No. 1)
DIVIDENDS.
First
Per
Cent.
Miscellaneous (Concluded)—
221
Supp.,
com../
lot
Steel, $10 each..$400 lot
200 Cresstec
$10 lot
50 The Rowe Calk, pref. A
75 The Bkln. Crozite Brick, p
Cordage
each...
75 Bkln. Crozite Brick,
lc.
30
58 United Equities Corp., pref..
5
50 The Rowe Ring Point, pref..
3
50 The Rowe R.P.,com.,$50 ea.SlO lot
Company.
pref..$63 lot
250 Penn.Gasoline pref.,$10 ea.$125 lot
75 Bkln. Crozite Brick,
pref._\$1,500
50
Name of
$ per sh.
Textile Soap,
800 The Eastern Paint &
3A
Huntington Ave. Lands
Stocks.
Shares.
100 Union St. Ry., New Bedford.11834
25 Milford & Uxbrldge St. Ry._
QA
145 Tampa
&
Jacksonv.
Ry.,
not
(quar.)
(quar)..
we
Holders of
rec.
22]
Nov
5
15 ♦Holders of rec. Jan.
♦Holders of
give the divdends announced in previous weeks
paid.
This list does not include dividends
yet
announced this week.
Railroads (Steam).
Boston & Albany
(quar.)
Gin. N. O. & Texas Pacific, common...
Common (extra)
Preferred (quar.)
-
Mobile & Birmingham,
Dec.
Holders of
rec.
Nov. 30a
3
Dec. 23
Holders of
rec.
Dec.
2a
3'4
Dec. 23
Holders of
rec.
Dec.
2a
Dec.
1
Holders of rec. Nov. 24a
10
Holders of rec. Nov. 30a
VA
....
31
87 Ac. Dec.
_— - -
Erie & Pittsburgh (quar.)
2H
Jan.
2
preferred
Dec.
1
2
to
Jan.
2
Name of Company.
Electric Railways.
*1A
(qu.)_
♦S3
Continental Pass. Ry., Philadelphia..
El Paso Elec. Co., com. (quar.)
2A
Arkansas Valley R., L. & P., pref.
Second & Third
15 ♦Holders of rec. Nov. 30
Dec.
30
(qu.)
Dec.
15
Sts.Pass.Ry.,Phila.(qu.)
Twin City R. T., Minneapolis, commonPreferred
(quar.)
♦Holders of rec. Nov. 30
Holders of
Dec.
la
1
Holders of rec. Dec.
la
1H
Dec.
1
Nov. 16
to
Nov. 30
3
Jan.
1
Holders of
rec.
Dec.
$4.50 Jan.
Frankford &Southwark Pass. (quar.)...
Iron wood & Bess. Ry. & Lt., pref.
Dec.
rec.
la
3
Jan.
3
Holders of
Dec.
14
IH
Jan.
3
Holders of rec. Dec.
14
rec.
Miscellaneous.
Amer. Bank
*75c.
Note, pref. (quar.)
American Multigraph, common
American Tobacco,
Autocar Co.
♦2
(quar.).
1A
pref. (quar.)
(quar.)..
Baldwin Locomotive Works, com. & pref.
(quar.)..
Be'ding Paul Corticelli, pref.
Booth Mills, common
Preferred
(quar.)
(quar.)_
•
Boston Woven Hose & Rub.,
Preferred
(extras
(quar.,—-...
(acct. accum. dlvs.)._.
Childs Co., common
...
Connecticut Power, pref . (quar.)
.
& Co. ,com. (qu.)
(payable in common stock).
du Pont (E. I.) de Nem.
♦Holders of rec. Dec.
1
Holders of
15
4
Cripple Creek Central, preferred (quar.)
Delaware & Hudson Co. (quar.)..
Fonda Johnstown & Glov., pref. (qu.)_.
Great Northern Iron Ore Properties....
Illinois Central
(quar.)
New Orleans Texas & Mexico
(No. 1)
N. Y. Philadelphia & Norfolk
Norfolk & Western, common
Pennsylvania (quar.)..
Phila. Germantown & Norristown
1A
Dec.
1
Nov. 21
to
Nov, 30
i
pref.'
Pittsb. Bessemer & Lake Erie,
rec.
Dec. 20
Southern Pacific Co. (quar.)
Dec. 20
Southern Ry..
Holders of rec. Dec.
Dec.
31
1A
Dec.
31
IA
Jan.
3
Holders of rec, Dec.
10
Jan.
1
Holders of rec. Dec.
16a
Jan.
1
Holders of
16a
*2
Dec.
31
2
Dec.
10
Holders of
♦Holders of
Nov. 27
rec,
rec.
rec.
to
Dec.
Dec.
15
(quar)
Great Northern
Preferred
Paper.
__.... -—-—- -
-
Dec.t 10
30
10
Nov. 27
to
Dec.
10
Dec.
10
Nov. 27
to
Dec.
10
43Hc. Dec.
1
Northern Texas Elec. Co., com. (quar.).
Va. Ry. & Power, pref. (pay. in pref stk.)
Holders ol
rec.
Nov. 15a
5
Dec, 20
Holders of rec. Dec.
IA
Dec.
Holders of rec. Nov. 20
1
10
Dec.
15 ♦Holders of r^c. Nov. 24
Dec.
31
IA
Jan.
IA
Jan.
2
Dec.
Holders of rec, Dec.
15a
1
Holders of
Dec.
15
1
Holders of rec. Dec.
4
rec.
Holders of rec. Nov. 30
15
Holders of
rec.
fmperial Oil, Ltd. (quar.)
Nov. 30
Jan.
1
♦$1.25 Jan.
1
♦Holders of
Dec.
1
Jan.
1
♦Holders of rec. Dec.
1
rec.
Jan.
3
Holders ol rec. Dec.
15
IA
Jan.
2
Holders of rec. Dec.
20
2
Dec.
1
Nov. 28
Dec.
1
Ian.
1
to
Nov. 30
Holders of rec. Nov.. 23
Jan.
30 ♦Holders of rec. Dec.
15
Dec, 30 ♦Holders of rec, Dec.
15
Dec.
Dec. 16
*1A
Dec. 31
♦Holders of
*u,
Dec. 31
♦Holders of rec. Dec.
15
*1A
Dec. 31
♦Holders of rec. Dec.
15
rec.
Holders of rec, Nov. 22a
National Transit
Preferred..
Holders of rec. Nov. 27a
Nov. 24
to
Nov. 30
16
to
Dec.
18
Pipe Line..
Peerless Truck & Motor (quar.)
Pennsylvania Water & Power (quar.)...
Northern
Dec.
31
Dec.
1
Holders of rec. Nov. 26
3
Dec.
1
Holders of rec: Nov. 23a
IA
Jan.
3
Holders of rec. Dec.
4o
1
Tan.
3
Holders of rec. Dec.
4a
*1A
Jan.
3 ♦Holders of rec. Dec.
20
A
Jan.
2
Holders of rec. Dec.
14
2
Holders of rec. Dec.
14
1
Holders of rec. Nov. 26
16
Holders of rec. Feb.
5
Jan.
16
Holders of rec. Jan.
5
5
Jan.
1
IA
pref. (quar.)...
2
(extra)..
♦2
Pittsburgh Plate Glass, com. (quar.)
Common (payable in common stock).. */20
Pittsburgh Oil & Gas
*IA
pref. (quar.)....
Railway Steel-Spring, com. (quar.) .....
*2
*1A
(quar.)—
Realty Associates
Extra
....I....
...
,
15 ♦Holders of rec. Nov. 30
Feb.
2A
*2
Puget Sound Gas,
15 ♦Holders of rec. Nov. 30
2 A
*75c.
Pierce Oil Corp.,
Preferred
Holders of rec. Nov. 24
5
Dec.
3
2
Holders of
rec.
Deo.f 13
♦Holders of rec. Dec.
1
Jan
1
Jan.
1
Holders of rec. Dec.
17
Jan.
1
♦Holders of rec. Dec.
20
Dec.
24
Holders of rec. Dec.
Dec.
31
♦Holders of rec. Dec.
Dec.
31
♦Folders of rec. Dec.
10a
Preferred Series S (quar.)
(quar.)
Root&VanDervoort Eng .Corp. ,pf. (qu.).j
St. Maurice Paner. Ltd.. nref. fnwm.),.
Preferred
Holders ol
rec
Nov
75c. Dec.
1
Holders of
rec.
Nov. 15a
Dec.
1
Holders of rec. Nov. 19a
rec.
Dec.
la
rec.
Nov. 17a
Extra (payable in
Class B shares)
Common B (quar.)
Art Metal Construction, extra
(quar.)
Associated Dry Goods, first pref.
Second
preferred
(duar.)
(quar.)
Atlas Powder, common (quar.)
Extra (payable in common stock)
Bethlehem Steel, com. & Com. B (quar.)
Seven per cent preferred (quar.)
Eight per cent preferred (quar.)——
Blackstone Val. Gas & Elec., com. (qu.)
Atlantic Refining, common
Preferred
Borden Co. preferred
Brandram-Henderson. Ltd.. com.
(qu.).
Brook!j n Edison Co. (quar.)
Buckeye Pipe Line (quar.)
Caine Bros, Paper, Inc., preferred
Preferred (extra).
California Packing Corp., com.
Cambria
(quar.).
Steel (quar.)
Extra
Canada Steamship Lines, com. (quar.)..
Preferred, (quar.)
(William) Co., preferred (quar.).
Case (J. I.)
Preierred
Threehing Machine, com..
Dec.
20 ♦Holders of rec. Dec.
4
Cerro de Pasco Copper (quar.)..
15
5
Cities Service—
10a
Jan.
2
Holders of
rec.
Dec.
Dec.
1
Holders of
rec.
Nov. 30a
Dec.
1
Holders of rec. Nov. 20a
HoHprs of r*»c. Nov. 22
(quar.)
*$2.50 Jan.
/5 0
3
$2
20 ♦Holders of rec. Dec.
Nov. 19
to
Holders of
rec.
16a
31
Nov. 22
Dec.
Dec.
1
1
15
Holders of rec. Nov. 19a
Dec.
16
to
Holders of
Dec.
1
Nov. 12
Jan.
3
Holders of
to
Jan.
Nov. 30a
rec.
Nov. 17
Dec.
1
Holders of
1A
Jan.
3
Holders of rec. Dec.
]
Dec.
1
Nov. 23
Dec.
1A
Jan.
IA
Dec.
IA
Dec.
2
15
rec.
IA
to
Dec.-
11a
1
16
Holders of
rec.
Dec.
la
3
Holders of
rec.
Dec.
15a
31
Holders of
rec,
Dec.
13a
rec.
Dec.
13a
31
Holders of
1
Dec.
1
Holders of
lec.
Nov. 18a
$1
Dec.
31
Holders of
rec.
Dec.
5
Feb.
1
1
Dec.
15
$1
15a
Holders of-rec. Dec. 31
Nov. 20
to
Nov. 28
1
Nov. 13
to
Nov. 21
Jan.
1
Dec. 22
to
Jan.
2
VA
Jan.
1
Dec. 22
to
Jan.
2
VA
Jan.
3
Holders of
rec.
Dec.
la
3A
Mar. xl
Holders of
rec.
Feb.zlSa
VA
Dec.
1
Holders of
rec.
Nov. 30a
2
Jan.
15
Holders of
182
Jan.
3z
Dec.
1A
Dec.
rec.
Common and preferred
Dec. 20a
1 ♦Nov. 16
to
Jan.
2x
Nov. 30
3
Dec.
1
Holders of
rec.
Nov. 13a
1
Nov. 30
Holders of
rec.
Oct.
IA
Dec.
1
Holders of
rec.
Nov.
6a
IA
Dec.
1
Holders of
rec.
Nov.
6a
5
Dec.
15
Holders of
rec.
Nov. 22a
m
3
Defe.
10
Dec.
10
Holders of
rec.
Dec.
1
to
Dec.
1
to
Nov. 13a
Dec.
15a
9
Dec.
9
VA
l A
Jan.
3
Holders of
rec.
Dec.
15a
Jan.
2
/5
3
Holders of
rec.
Dec.
15 a
Jan.
3
Holders of
rec.
Dec.
15a
$1
Dec.
1
Holders of
rec. Nov.
3
Dec.
1
Holders of
rec.
A
Deo.
16
15a
Nov. 15a
Holders of rec. Deo.
la
la
1A
Dec.
1
Holders of
rec.
Nov.
2
Dec.
1
Holders of
rec.
Nov. 18a
$2
Dec.
15
Holders of rec. Nov. 22
3 A
Dec.
15
Holders of
rec.
Nov.
3 A
Dec.
15
Holders of
rec.
Nov. 15
IA
Dec.
15
Holders of rec. Nov. 30a
153
Nov. 30a
75c.
Dec.
15
Holders of
25c.
Dec.
15
Holders of rec. Nov. 30a
1 A
Dec.
15
Holders of
rec.
rec.
DeCi
1
1A
Jan.
2
Holders of
rec.
Dec.
15
2
Jan.
1
Holders of
rec.
Dec.
15
1A
(P)
Holders of rec. Dec.
10
Dec.
15
Dec.
16;
Holders of
rec.
Nov. 29
1
Holders of
rec.
Dec.
rec.
Jan.
13 a
Nov. 19a
Dec.
1
Holders of
A
Dec.
1
Holders of rec.
flX
Dec.
1
Holders of rec. Nov. 15a
A
Dec.
1
Holders of
rec.
Nov. 15a
A
Jan.
1
Holders of
rcc.
Dec.
15a
flX
Jan.
1
Holders of rec. Dec.
15a
1
TTn<'*«»-c
15a
■
—
(monthly)
(payable in common stock).
PrpferrpA Tt (monthly)
.
Common
to
1
3
$1
(monthly)
(payable in common stock) .
Preferred B (monthly)—
21
Dec.
m
IA
-
Common and preteircd
Common
VA
Si
l
(quar.)
Carter
IA
Jan.
*12Ac Jan.
.
(quar.)
15
2
*r6
Nov. 17a
American Thermos Bottle-
Canadian General Elec., com. (quar.)..
5
2
(quar.)
Amer. Sugar Refg., com. & pref. (quar.)
American Sumatra Tobacco, preferred..
American Telegraph & Cable (quar.)...
American Telephone & Telegraph (quar.)
Jan.
Nov. 29
1
First and second preferred
18
2
Dec
Amer. Rolling
♦Holders of rec. Nov. 30
Holders of rec. Jan.
Nov. 15a
2
(quar.)...
Light, com., (quar.)..
American Radiator, common (quar.)...
♦Holders of rec. Dec.
15
rec.
American Power &
15
Jan.
rec.
Holders of
(quar.)....
31
Jan.
Holders of
1A
1
%
15
Remington TypewriterRobbins Body Corp.. pref.
American Locomotive, com.
Dec.
rec.
Holders of
1
Dec.
(quar.).
Dec.
Holders of
1
Dec.
.
American Tobacco, common
Dec.
Dec.
3
(quar.)__.. U
American Thread, preferred
Dec.
Holders of
Linseed, common (quar.)
Pref erred
Dec. 31
♦75c.
New York Dock, common
American
Nov. 24
Jan.
Nov. 30a
3
Machinery, com. (qu.)..
rec,
2A
rec.
Dec.
Jan.
la
rec.
♦50C.
Holders of
Holders of rec. Nov. 30a
2A
2A
2
Holders of
Dec.
26a
rec. Nov. 20
Holders of rec. Nov. 23a
Dec.
♦Holders of
1
Holders of rec. Oct.
Holders of
Dec.
1
18
3
30
Nov. 15
rec.
stock)...
Oil, preferred
American Cigar, com. (in com.
31
Dec.
Jan.
rec.
Dec.
♦Holders of rec. Nov. 24
IA
i--
Holders of
Nov. 30a
1
-
(quar.)_....
la
3
1
Dec.
rec.
1
Dec.
Nov. 30a
$1.56 Dec.
to
rec.
Dee.
Jan.
rec.
Holders of rec. Nov.
Nov. 21
Holders of
Dec.
10
Preferred
Holders of
♦Holders of
6
Holders of rec. Dec,
Nashua Mfg., common (quar.)
18
Dec.
2
♦l
IA
Montana
Nov. 15a
3
American Stores, common (quar.)—...
Kennecott Copper (quar.)....,
pref, (quar.)
Power, common (quar.).
rec.
15
15
6
Ylallinson (H. R.) Co.,
Holders of
Dec.
15
rec.
L
♦Holders of rec. Dec.
...
Nov. 30
Jan.
Dec.
I
,-p
15
—
Nov. 20a
Dec.
30 ♦Holders of rec. Dec.
Dec.. 30 ♦Holders of
Dec.
-
31
Manufacturing.
rec.
4
Tea, preferred (quar.).....—
Mill, com. (in com. stock)
American Smelt. & Refin., com. (quar.).
Prefcrred
(quar.)
.
Dec.
Mackay Ccmpanies, common (quar.)...
Preferred (quar.)
-.
-.
Holders of
75c. Nov. 30
Advance-Rumely Co., pref. (quar.)
American Hide & Leather, pref.
to
Dec.
Lawrence
1
IA
Acme
AJax Rubber, Inc. (quar.)..
Amer. Bosch Magneto Corp. (quar.)...
Amer. Laundry
...
Dec.
*
Dec.
*50c.
Lackawanna Steel, com. (quar.)
5a
IA
Nov. 27a
1A
Miscellaneous.
Holders of rec. Nov. 22
<7$l .50
Lancaster Mills, common...—
10a
Nov.
rec.
1
Holders of rec. Nov. 26
5
Dec.
rec.
15
1
— —
rec.
Holders of
Dec.
1
Canad. Victory bonds).
Indian Head Mills of Alabama....
Extra (pay in
Holders of
1
Dec.
1
75c. Nov. 30
.
Holders of
31
Dec.
IA
Tan.
MAc. Dec.
Hackensack Water, com. and pref..
15
Dec.
IA
2 A
Dec.
Great State Petroleum of Texas..—...
Dee.
2
$1.50 Dec.
preferred (quar.)..
Dec.
16
Nov. 15a
Washington (D. C.) Ry. & Elec., pref..
IA
A
Dec. 30a
West Penn Railways,
1A
3
rec.
_
8
*3
Holders of
......_.......w..——-----
Dec.
TBxtrfl'-
15
Baton Rouge Electric Co., com
Centra) Arkansas Ry. & Light, pref.(qu.)
Detroit United Ry (quar )
Dec.
'
.....
Dec.
Street and Electric Railways.
Eastern Wisconsin Elec. Co,, pref .(qu.)
Preferred
Nov. 27a
IA
$2
la
American Cotton
Great Falls Manufacturing
rec.
Union Pacific, common (quar.)
American Express (quar.)
American Felt, preferred (quar.)....—
—
Holders of
....
10
Common (ext ra)
20
IA
preferred
Norfolk Railway & Light
*A
Dec.
1
rec.
*IA
2A
9
20
special pref. (qtiar.)
Speciai preferred (extra)..... . .. _Y..
Grasselii Chemical, com. (quar.)
Nov. 10a
rec.
Nov. 30
20
First, second and
rec.
Holders of
Dec.
Holders of
*A
Nov. 10a
Holders of
1
50c. Dec.
Holders of
*IA
rec.
1
Dec.
VA
2
,,*VA
Holders of
Dec.
1 H
2
la
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
A
Pittsburgh & West Virginia, pref. (qu.).
Jan.
Nov. 30
1
Pittsb. Youngs. & Ash., pref. (quar.)__.
Reading Co., first pref. (quar.)
Jan.
rec.
to
1
1
♦Holders of rec. Jan.
.
15
1
1
-
15
Nov. 21
Dec.
Dec.
Feb.
(quar
Jan.
Jan.
Holders of
A
Dec. 20
*VA
Common (extra).
2A
3A
Dec.
(quar.)
Eastern Rolling Mill, pref. (annual)-.
Eastern Shore Gas
Elec., pref. (quar.)
Special..... i-—.. -——.
3
rec.
♦Holders of rec. Jan.
Globe Soap, common
Dec.
rec.
1A
*3 A
4
rec.
1
Y
Dec.
Holders of
hA
IA
3a
1A
15 ♦Holders of
15
Freeport Gas, preferred (quar.)
Gaffney Manufacturing— _;— ...
Dec.
15 ♦Holders of
2
$2
rcc.
Dec.
25 ♦Holders of rec. Jan.
(quar.). - ... -—. - - -----Famous Players-Lasky Corp., com.(qu.)
Farrell (Wm.) & Son, pref. (quar.)
Fastfeed Drill & Tool Corp., pref. (qu.)
Holders of
3i
Dec.
Jan.
*1A
Dec.
IA
(qu.)_
Dec.
Preferred
Deo.
.
......
Feb.
Endicott Johnson Co., com. (quar.)
rec.
$3
Jan.
Preferred
Holders of
(quar.)
la
2
f 2A
_
29a
Dec. 31
—
IA
(quar.)
Oct.
2A
2
...
*1A
Debenture stock
rec.
Hocking Valley—
Powd.,com.(qu)
Common
du Pont (E. I.) de Nem.
20
Holders of
Special guaranteed (quar.)
Dee.
rec.
Holders of rec. Jan.
1
(quar.)..
Jan.
IA
—.......
10 ♦Holders of rec. Nov. 30
18
Dec.
-
.
to
...
Dominion Steel Corp. (quar.)
10
Preferred
Cleveland & Pittsburgh, guar,
Nov. 21
*2
(quar.)
Crucible Steel, pref..(quar.)..
Dominion Iron & Steel, pref. (quar.)—.
Dec.
Feb.
IA
Chicago & Northwestern, common
3
IA
(quar.).
Cities Service, Bankeis shares (monthly)
City Investing, common...
1
Dec. 29
3A
Chestnut Hill (quar.).
Dec.
„
Preferred
rec.
15
Dec.
...—...
Jan.
IA
(quar.).
Common (extra)
Continental Oil
Jan.
Holders of
to
Chesapeake & Ohio.^....
1M
$1
Chicago Telephone (quar.)..
3
♦Nov. 21
3A
(qu.)
(quar.)
1A
2
Carbo-Hydrogen of Amer., pref. (quar.)
Central Leather, preferred (quar.)..._Certain-teed Products Corp., corn, (qu.)
First and second preferred (quar.)
Jan.
♦3 A
h3
(acct. accum. divs.)..
Buffalo General Electric (quar.)
;
1
Dec,
(qu.) *$3
Pref. (extra)
3 ♦Holders of rec. Dec.
Dec.
*2 A
♦S3
Bucyrus Co., preferred
Pref.
corn,
...
Jan.
Books Closed.
Days Inclusive.
Preferred
Canadian Pacific, common
.
When
Payable.
Railroads (Steam).
Alabama Great Southern, ordinary—
Atch. Topeka & Santa Fe, common
Street and
Per
Cent.
Ton
r»f
rr»p
Nov. lea
Dec.
CHRONICLE
THE
2116
When
Per
Name of Company.
Cent.
Books Closed.
Payable
(quar.)
Claflina, Inc. (quar.)
Name of Company.
♦Holders of
rec.
Dec. 20
3X
Dec. 30
Holders of
rec.
Dec. 14a
Pacific Mall Steamship, common..
Common (extra)
IH
Dec. 30
Holders of
rec.
Dec. 14a
Pacolet
.
*1*
Jan.
*6
Jan.
Columbia Grapbophone Mfg., coin, (qu.)
Common (payable In common stocx).
•Holders of
rec.
Dec. 20
Jan.
Holders of
rec.
Dec.
(°K
Jan.
Holders of
rec.
Dec.
10a
Jan.
Holders of
rec.
Dec.
10a
IX
Dec.
Holdeis of
rec.
Nov. 24a
25c
Preferred
(quar.—
Consolidated Clgai, preferred (quar.).-.
10a
Manufacturing,
Preferred
50c. Dec.
Holders of
rec.
Nov. 27a
Dec.
Holders ol
rec.
Nov. J8
i x
Dec.
Holders of rec. Nov. 15a
Dec. 15
Nov. 25
to
Crex Carpet—
3
Dec. 15
Holders of
rec. Nov. 30a
1
Jan.
IX
Jan.
75c
Cuban-Ameacan Sugar, com. (quar.)...
Preferred
(quar.)......
Preferred
,
Dec.
4
Dec.
VA
Dec.
2
...
Davis Mills (quar............
Decker (Alfred) & Cobn, pref. (quar.)..
Deere &
(quar.)
Dominion Glass, common
Hoiutrs of
rec.
Nov.
9
Holdeis of
rec.
Nov.
9
Dec. 24
Holders of
rec.
Nov.
10a
Holders of
rec.
Holders of
rec.
NOV, 16a
Holders of
rec.
Nov. 30a
1H
Dec.
Dec.
Dec.
Holders of
rec.
Dec,
15
Holders of
rec.
Dec.
15
IX
Dec.
Holders of
rec,
2X
Jan.
Holders of
rec.
5
Nov. 15
Holders of rec. Oct.
2X
Jan.
Holders of
1X
Jan.
IX
IX
Jan.
(quar.)
Dec.
IX
Dec.
IX
Dec.
Federal Utilities, preferred (quar.).....
Galena-Signal Oil, preierred (quar.)
Gait Brass, preferred (quar.)
IX
stock).
Extra (payable In
Grafton County El. L. &
Great Atlantic & Pacific
Preierred
(quar.).
Greenfield Tap & Dye,
Preferred
Holders of
Nov. 11
18
rec.
Ja
Nov, 30
to
Holders of ree. Nov. 24a
Nov. 16
Dec.
31
Holders of
rec.
20
Nov. 30a
Dec.
Holders of
rec.
Nov. 16
X
Jan.
Holders of
rec.
Dec.
15
fx
■IX
Jan.
15
Holders of
rec.
Dec.
Dec.
Holders of
rec.
Nov. 15a
2
Dec,
Holders of
rec.
Nov.
19a
IX
Jan.
Holders of
rec.
Dec,
17a
IX
Dec.
Holders of
rec.
Nov. 24a
Jan.
Holders of rec. Dec.
24a
Jan.
15
Dec.
9
to
Dec.
19
Jan.
15
Dec.
9
to
Dec.
19
$2.50 Dec.
1
Holders of
rec.
Oct.
30
Dec.
1
Holders of
rec.
Oct.
30
$1.50 Feb.15*
Holders of
rec.
Feb.
4z
rec.
Dec.
2la
rec.
Nov. 19
IX
Jan.
2
Dec.
Holders of
\x
Dec.
Nov. 21
IX
10
IX
.........
common
Dec.
rec.
2
P., pref. (qu.).
Tea, pref. (qu.)
Great Western Sugar, com. (quar.)
Common (extra) _.. ...........
Nov. 3ba
Dec. 20a
Holders of
SI
Goodrich (B. F.) Co., common (quar.).
Preferred (quar.) ....
......
ree.
rec.
Oi
Holders of rec.
Dec.
e2
•
Holders of
Dec.
...
Gillette Saiety Razor (quar.)
Extra
Nov. 3ua
rec.
A/
....
stock)
1
3ua
Holders ol
2
General Chemical, preferred (quar.)...
General Cigar, Inc., preferred (quar.)..
Deb. pref. (quar )
General Electric (quar.)
reo.
Dec.
Nov. 30a
Holders
Nov.
15
.
10c. Jan.
Gas& Electric Secur., com. (monthly).
common
10
Dec.
$3
Fairbanks. Morse <fc Co., pref. (quar.)..
(payable In
15
75c
(quar.).
Ix
Jan.
Holders of
Nov. 30
to
Holders of
rec.
Deo. 15a
Jan.
Holders of
rec.
Dec.
15a
Jan.
Holders of
rec.
Dec.
15a
Jan.
Holders of
rec.
Dec.
15
15
2
Jan.
Holders of rec. Dec.
IX
IX
Dec.
Holders
Harblson-Wjdker Refrac.,
Dec.
Harbison-Walker Refrac., pref. (quar.).
IX
Jan.
Hart, Scbaffner & Marx,
(quar.) (No. 1)
preferred (quar.)..
com. (quar.).
Guffey-Gillesple OH,
oj
rec.
Nov. 20a
Holders of
rec.
20
Holders of
rec. Jan.
(quar.).
Hart, Scbaffner & Marx, Inc., pf. (qu.)
Hartman Corporation (quar.)
1
Nov. 30
Holders of
rec.
Nov.'2ua
IX
Dec. 31
Holders of
rec.
Dec. 20
IX
Dec.
Holders of
Hey wood Bros. &
4
Dec.
5
Dec.
?*
IX
Dec
Com.
Wakeileld,
com.....
Common (extra)
Hood Rubber Products, Inc., pref. (quar)
Illinois Pipe Line..
Inland Steel (quar.)
Internat. Cotton Mills, com.
Preferred
!*I 1
Dec;.|31
75c. Dec
(quar.)...
(quar.)
International
10
A
Harvester, pref.
(quar.)..
Interstate Iron &
Steel, preferred (quar.)
Jones, McDuffee & Stratton Corp., pref.
10a
Nov. 18a
rec.
Holders of
rec.
Nov. 20a
Holders of
rec.
Nov. 20a
Nov. 21
to
Dec.3
to
1
Holders of
$1.50 Dec.
Nov. 20a
Holders
of
Holders of
Dec.
1
Dec,] 21
Nov. lca
rec.
rec.
Nov. 20
rec.
Nov. 27
Holders of
rec.
Nov. 27
stock
(extra)
1
Deo.
1
Holders of
rec.
Nov. 27
3
Dec.
I
Holders of
IX
Dec.
1
Holders of
rec.
IX
Nov. 30
Holders of
rec.
Dec.
1
Hclders of
rec.
Nov. 16a
Nov. 30
Holders of
rec.
Oct.
3 ♦Hol lers of
rec.
Dec.JlO
rec.
Jan.
rec/
Nov. 15
Lake of the Woods
Preferred
Milling,
com.
(quar.)
(quar.)
Lanston Monotype Machine (quar.)
Lee Rubber <fc Tire Corporation
(quar.).
Lehigh Coal & Navigation (quar.)
Llbby, McNeil & Libby
Liberty Match, Inc
Liggett & Myers Tob.
(quar.;
Ludlow Mfg. Associates (quar.)...
bpeclal
*50c. Jan.
5
com. A & B (qu.)
Lindsay Light, common (quar.)...
Preferred
50c.
$1
Extra
Manati Sugar, com. (quar.)
30a
1
Dec.
2
Dec. 31
Holders of rec. Nov. 3('a
IX
Dnc.
31
Holders of
$1.50 Dec.
1
1
Holders of
rec.
Nov. 3ia
Holders of rec.
Nov.
1
1
18
1
to
Dec.
20
Dec. 20
Deo.
1
to
Dec, 20
Sugar, com. (quar.)..
(quar.)..._.._.......
3
Dec.
31
Holders of rec. Dec.
10a
2
Dec.
31
Holders of rec. Dec.
10a
Southern Pipe Line (quar.)
Southwestern Power & Light, pref.(qu.).
4
Dec.
Holders of
IX
IX
Dec.
Holders of
rec.
Nov. 13
Dec.
Holders of
rec.
Nov. 16a
2
Nov. 3d
Hoiaers of rec.
Nov. lya
Preferred
Spalding (A. G.) <fc Bros., 1st pref. (qu.).
Milling, common (quar.)..
Standard
Preferred
(quar.)...............
Standard Oil (California) (quar.)
Extra.. -*.......
Stan lard Oil (Indiana) (In stock)
„
_
_
IX
Nov. 30
Holders of rec. Nov. 19o
Dec.
15
Holders of rec. Nov. 15
Dec.
15
Holders of
1
.
5
Dec.
15
Nov. 16
to
Standard Oil (Kansas)
Extra
3
Dec.
15
Holders of
rec.
Nov. 30a
3
Dec.
15
Holders of
rec.
Nov. 30a
to
..........
(quar.)
Stan lard Oil (Nebraska)
Standard Oil of N. J., com. (quar.).
Preferred
(quar.)
Dec.
20
Nov. 21
5
Dec.
15
Holders of
rec.
Nov. 26a
IX
Dec.
15
Holders of
rec.
Nov. 26a
4
Dec.
15
3
Jan.
Holders of
rec.
Nov. 26
1
Jan.
Holders of
rec.
Nov. 26
IX
Dec.
Holders of
rec.
Oct.
IX
Dec.
Holders of
rec.
Nov. 15a
h IX
Dec.
Holders of
rec.
Nov. 15a
10
Standard Oil of New York (quar.).
Standard OH (Ohio), common (quar.)
Common (extra)..,
...
Standard Oil (Ohio), pref. (quar.)
Stern Brothers, preferred (quai.)
Extia (account accum. dividends)....
Studebaker Corp., com. & pref. (quar.).
Cora pan y_
IX
Texas
Stock
dividend
75c
Tennessee Eastern Elec. Co.. pref. (qu.).
Tlmken-Detroit Axle, pref. (quar.)
Tonopah Extension Mining (quar.)
Torbensen Axle, preferred (quar.)
Truscon Steel, preferred (quar.)
Underwood Typewriter, com. (quar.)..
com. and
Gypsum,
Holders of
rec.
Nov. 19a
IX
Dec.
Nov. 21
to
Jan.
Holders of rec. Dee.dlla
Dec.
Holders of
com.
Dec,
Holders of rec. Deo.
4a
Holders of
Dec.
4a
2
Dec.
Holders of rec. Dec.
4a
IX
Dec
Holders of
14
Nov.
6
3 ♦Holders of
rec.
Dec.
15
Holders of
rec.
Nov. 30a
Holders of
rec.
Nov. 15a
15
15
Holders of
rec.
Jan.
15
Holders of
rec.
Dec.
15
Holders of
rec.
lan.
10
Holders of rec. Dec.disa
Jan.
10
Holders of rec. Dec.dlSa
IX
2
no
ix
1
Jan.17*
Is
la
Dec.
/5
Dec. 31 ♦Holders of
15
1
Dec.em
Dec.
16
to
Jan.
2
Dec.d31
Dec.
16
to
Jan.
2
Dec.
Holders of rec. Nov. 30a
3
Jan.
15
1
Valvollne OH
Nov.?] 9
8econd preferred (quar.)
Victor Monaghan Co., com.
Preferred
(quar.)
rec.
rec.
Dec.
1
Wayagamack Pulp & Paper (quar.)
rec.
Dec.
4a
2
Dec.
1
Holders of
rec.
Oct.
Weber & Hellbroner, preferred
Welch Grape Juice, common
IX
Dec.
1
Holders of
rec.
Nov. 25a
3
Jan.^
1
Holders of
rec.
Dec.
1
Jan.
1
Holders of
rec.
Dec. 10a
Dec.
1
Holders of rec. Nov. 17
1
Holders of
Dec.
15
IX
Dec.
15
National Acme (quar.)
National Aniline & Chemical, pref.
(qu.)
National Biscuit, common (quar.)
IX
IX
Dec.
1
Holders of
rec.
Nov. 15a
Jan.
1
Holders of
rec.
Dec.
IX
Jan.
15
rec.
Dec.
1
to
Dec.
1
to
Holders of
Hclders of
dJan,
Holders of
rec.
Dec. 20
Jan.
Holders of
rec.
Dec. 15
♦Holders of
rec.
Nov. 20
$1
♦5
Dec.
rec.
Nov. 20
Holders of rec. Nov. 16a
Dec.
Dec.
IX
Dec.
IX
75c. Nov. 30
Holders of
rec.
IX
IX
Nov. 30
Holders of
rec.
Nov. 20
Dec.
1
Holders of
rec.
Nov. 15a
2
Dec.
1
Holders of
rec.
Nov. 15a
1
Holders of iec. Nov. 15
Holders of rec. Nov. 15a
Holders of
Nov. 20
Nov. 16
NovfTe
14
13a
Dec. 31a
Nov. 16a
Dec. 31
Holders of
rec.
Dec.
Holders of
rec.
Nov. 19a
rec.
Dec.
9
Holders of
rec.
Dec.
20a
IX
Dec.
Holders of
rec.
Nov. 19
3X
Dec.
Holders of
rec.
Nov. 24a
10a
Windsor Hotel (Canada)
rec.
Nov. 20
Dec. 24
Holders of
rec.
Dec.
1
Holders of
rec.
Nov. 11
2
Dec. 20
Holders of
rec.
Dec.
4X
Jan.
1
Holders of
rec.
Dec. 16
3
Jan.
1
Holders of
rec.
Dec.
IX
Jan.
3
Dec.
2a
la
15
15a
Nunnally Co
1
Dec. 31
Holders of rec. Nov. 30a
Ogilvie Flour Mills, preferred (quar.)...
IX
Dec.
Holders of
Nov
to
Dec. 26
Nov. 28
to
Dec. 26
2
Feb .*15
Holders of
rec.
Jan 31 '21
2
May*16
Holders of
rec.
Apr 30 '21
Feb.* 16
Holders of
May*15
Holdersofrec. Apr.
Aug .*15
Holdersof rec. July 30'21
Jan 31 '21
30^21
f
rec.
Dec. 31
Holders of
rec.
Dec.
IX
Dec.
1
Holders of
rec.
Nov. 24
2
Dec.
1
Holders of
rec.
Nov. 24
$1
15a
Woods Manufacturing (quar.)
Bonus
2
I
Holders of
rec.
Nov. 25
5
Dec.
1
Holders of
rec.
Nov
Woolworth (F. W.) Co., common (quar.)
Woolworth (F. W.) Co., pref. (quar.)
Yale & Towne Mfg.
(quar.)
York Manufacturing
2
Dec.
1
Holders of rec. Nov. 10a
IX
Jan.
2X
Nov. 20
Holders of rec.
Nov. 10
4
Dec.
1
Holders of
rec.
Nov. 13
6
Dec.
1
Holders of
rec.
Nov. 13
Extra
From unofficial
sources.
Dec.
dz
Holders of
rec.
Dee.
25
10a
% The New York Stock Exchange has ruled that stool
will not be quoted ex-dlvidend on this date and not
until further notice,
a Transfef
books not closed for this dividend,
b Leas
British Income tax.
d Correction.
t Payable In Btock.
f Payable In common stock,
q Payable In scrip,
h On acoount
of accumulated dividends.
<
Payable In Liberty or Victory Loan bonds.
k New
ex-the
York Stock Exchange has ruled that Va.
Iron, Coal A Coke be quoted
10% stock dividend on Nov. 1.
I Payable In Class B shares,
m
22
Nov. 28
(quar.)
Bonus.....
•
Dec.
IX
Dec.
IX
Nov. 15
Holders of
(quar.)
Holders of rec. Nov. 17
2X
rec.
Dec. 15
(quar.)
15
Nov. 17
rec.
Jan.
Preferred
1
Dec.
Holders of
Jan.
Preferred
rec.
Holders of
Nov. 23a
rec.
to
1
3
1H
IX
8
Holders of
1
rec.
$1.25 Dec. 31
$4.75 Dec. 31
15
Dec.
rec.
rec.
Dec.
Dec.
Dec.
Holders of
rec.
Dec.
IX
Dec.
Holders of
Holders of
3
Nov.
IX
1
1
2X
rec.
IX
Nov. 30
Holders of
Holders of
IX
Deo.
Dec.
Nov.
(quar.).
2X
2X
to
White (J. G.) Eng. Corp., com.
National Sugar Refg.
h IX
(quar.)
West India Sug. Fin. Corp., com. (quar.)
Preferred
(quar.)....
White (J. G.) & Co., Inc.. pref.
(quar.).
21a
Dec. 2
2
White (J. G.) Management, pref.
(quar.)
White Motor Co. (quar.)....
14
National L< ad, preferred (quar.)
$1
Preferred
Holders of rec. Dec.
Nov.
Holders of rec. Nov. 30
2
(quar.)..
(quar.)
Dec. 21a
Dec.
IX
IX
IX
IX
3
Mills
rec.
Nov. 17a
Dec.
rec.
Wamsutta
Holders of
Nov. 30
$1.75 Dec.
Holders of
Is
Deo. 15
IX
Van Raalte Co., Inc., 1st pref. (quar.).
Holders of
rec.
2
Dec. 22
Holders of
3*
Holders of rec. Apr.
Holders of rec. July
Holders of rec. Dec.
Nov. 17a
15
Jan.
Apr. 15*
July 15*
r»5
(quar.)
rec.
20a
20a
ix
rec.
Dec. 31
Holders of
Dec.
Dec.
Nov. 30a
IX
rec.
Dec.
rec.
Dec.
Extra
1
Nov. 20
Jan.
(quar.)
2X
Holders of
1
Dec.
rec.
rec.
IX
(quar.)
Wabasso Cotton, Ltd., com. (quar.)
Waldorf System, com. (in com. stock)..
1
4
U. S. Industrial Alcohol, common
(quar.)
U. S. Playing Card (quar.)
(quar.)
Dec.
Nov. 25a
Jan.
rec.
100
(quar.).
Preferred
Dec. 10a
Dec.
IX
United Paperboard, preferred (quar.)...
Preferred
(quar.)
United Retail Stores fin Class A Rtnrk).
U. 8. Gypsum com. (In common
stock).
10a
rec.
IX
*62 Xc Jan.
Common (payable In common stock)..
Holders of rec. Dec.
31
Jan.
(quar.)..
United Gas Improvement, pref.
(quar.).
United Paper Board, common
U. S.
Holders of rec. Nov. 10a
Dec.
2X
IX
pref
United Drug 2d pref. (quar.).
United Fruit (quar.)
Extra (payable In stock)
Preferred
Dec.
29
IX
1H
....
(quar.)
Union Bag & Paper (quar.).
Holders of rec. Nov. 260
Holders of
5c.
Preferred
Dec. 20
Mar. 31
elO
Holders of
Dec.
15
to
♦Holders of
IX
15
Nov. 16
1
10a
17
Dec.
Dec:
15
31
20
Dec.
Holders of
Dec.
Dec.
Nov. 20a
Nov. 16
18
3
el 50
50c. Dec.
15a
rec.
rec.
Dec.
Standard OH (Indiana) (quar.)
Extra
3
10
Nov. 15
rec.
2X
3
IX
35
Vacuum 011
IX
(quar.)
Dec.
Dec.
U.S. Title Guaranty Co..
Cottons, Ltd., com. rquar.)..
(quar.)
Preferred
rec.
20
Dec.
5
20
Holders of rec. Nov. 15o
♦Holders of
Nov. 16
Montreal
Ontario Steel Products, com. (quar.)...
Common (quar.)
Jan.
Nov. 22a
Mollne Plow, first preferred (quar.)
Second preferred (quar.)
(quar.)...
Dec,
*\X
Dec.
Holders of rec. Nov. 15
Nov. 30
$2
rec.
Dec.
Extra
Nov. 16
rec.
2
Ohio Oil
Nov. 30
rec.
Holders of
Nov. 20a
North American Co. (quar.)
Nov. 30
rec.
Holders of
rec.
Niles-Bement-Pond, common (quar.)...
Noble (Chas. F.) Oil & Gas, com. (quar.)
Preferred
(quar.)
rec.
1
Holders oJ
New River Co., pref. (acct. accum. dlvs.)
Holders of
Holders of
1
Dec.
New York Air Brake (quar.)..
Nov. 15
Deo.
2X
43MC Dec.
IX
New York Shipbuilding (quar.)
rec.
1
Dec.
pref
Dec. 20
Holders of
30
rec.
(quar.).
Holders of
to
Jan.
Holders of
com. and
15
Nov. 30
to
10
Dec.
Jan.
Nlquero Sugar,
15
Dec.
Nov. 20
10
Nov. 29
IX
Nebraska Power, preferred
Dec.
rec.
Dec.
Dec
IX
IX
Nov. 30
New
IX
IX
1
Dec. 20
20
5
Nov. 15a
(quar.)
Dec.
2
22
rec.
20
Dec.
U. S. Steel Corporation, com.
(quar.)
Preferred
(quar.)...
rec.
Surety (quar.)
2X
Holders of
Dec.
Nov. 24
IX
Holders of rec. Dec.
♦Holders of
21
Nov. 24
rec.
National
31
Dec.
10#
Mar. *1
Jan.
Nov.
to
(quar.)..
15a
rec.
Holders of
Preferred
15a
Dec.
rec.
Holders of
Nat. Cloak & Suit, pref. (quar.)...
National Lead, common (quar.)
Jan.
rec.
rec.
Nov.
Preferred
Dec.
rec.
Holders of
Holders of
Dec.
(quar.)
rec.
Holders of
Jan.
Holders of
Dec.
Extra
Holders of
Feb.
Holders of
Dec.
Middle States Oil
Jan.
IX
IX
Salmon Falls Manufacturing (quar.)
San Joaquin Light & Power, pref. (qu.).
South Porto Rico
10a
2
1
2
........
Holders of rec. Dec.
1
2
(quar.)
Mayer (Oscar) & Co., Inc., 1st pf. (qu.)
Second preferred (quar.)
McCrory Stores Corp., com. (No. 1)..
Mergenthaler Linotype (quar.)...
Merrimack Manufacturing (quar.)
Miami Paper, preferred
(quar.)
fan.
25c.
....
1
IX
25c. Dec
(No. 1)
1
Holders of rec. Nov. 15
IX
Seamans (R. E.) Co., Ino., com. (qu.)..
Preferred
(quar.)
Feb.
rec.
Dec.
1
May Department Stores, com. (quar.)..
Nov. 15a
Nov. 30 ♦Holders of rec. Nor.
♦Holders of
2
Dec.
*1%
rec.
*1X
3X
Solar Refining
Extra
Nov. 15a
15 ♦Holders of rec. Dec. 31
Dec.
Mascoma Light & Pow., com. & pf. (qu.)
Massachusetts Gas Companies, pref
Preferred
Holders of
rec.
28
$1.50 Dec.
$4
Manhattan Shirt, com. (quar.)
Manomet Mills, preferred (quar.)
Martln-Pai ry Corporation (quar.)
Holders of
Nov. 20
Nov. 20
Nov.dJOa
3
SI
;
Mahoning Investment
Dec. 15
rec.
Holders of
Dec.
*2 5c
Sinclair Cons. Oil. pref. (quar.)
Sioss-Sbeffleld Steel & Iron, pref. (qu.).
9a
♦Holders of rec. Nov. 24
2
Union Tank Car.
Holders fo
Nov.
Rockhlil Coal & Iron, pref. (quar.)
St. Joseph Lead
(quar.)
Extra
Union Twist Drill (quar.)
United Cigar Stores, preferred
1
Nov. 17a
rec.
Jan.
....
Nov. 10a
1
rec.
Holders of
Feb.
Preferred
Prior pref.
Nov. 15«
rec.
Holders of
*1X
Republic Iron «fc Steel,
common (quar.).
(quar.)
Riordon Pulp & Paper, pref. (quar.)..
Rttz-Carlton Hotel, preferred.....^..
Rockaway Rolling Mills (quar.).
Nov. 19a
Nov. 19o
♦3
Preferred
Second preferred (quar.)
rec.
rec.
Holders of
Dec.
/50c
common stock)..
common (quar.)
(quar.)
Quaker Oats, preferred (quar.)
Rainier Motor Corporation, pief. (quar.)
Remington Typewriter, first pref. (quar.)
Holders of
Holders of
Holders of rec. Nov. 16#
Dec.
2
.....
Common (payableIn
Nov. 20
Dec.
31 *
nee.
IX
03
Quaker Oats,
Nov. 20
Dec.
31
Oct.
Nov. 19
Dec.
rec.
2X
Dec.
rec.
rec.
50 c
rec.
2
to
Holders of
43 Xc Dec. 15
45c. Dec. 15
(quar.)
Holders of
(quar.)..
21
Dec.
Pure Oil, common
Holders of
stock
31 dDec.
Nov. 30 ♦Holders of
1
Dec.
A
Dec.
2
Dec.
Dec.
A
(quar.)
Dec. 31
Proetei & Gamble, preferred (quar.)
Dec.
Class
la
to
30j
IX
IX
Class
la
Dec.
21
Holders of
Nov.
...
IX
rec.
Dec.
rec.
iDec.
IX
*1X
„
Nov.dJOa
Jan.
Federal Mining <fc Smelting, pref. (quar.)
Federal Oil, preierred (quar.)
Common
15
Jan.
Elsenlohr (Otto) & Bros., pref. (quar.)..
General Asphalt, preferred (quar.).
General Chemical, common (quar,)...
10a
Jan.
Common (extra)..
.......
...
Common (extra).................
Preferred
10a
rec.
IX
Eastern Steel, 1st & 2d pref. (quar.)
Eastman Kodak, common (quar .)..
Elk Jtloiu Coal Corporation, prtl. (quar.)
Essex Company
Dec.
Holders of rec. Dec.
Holders of
1X
*3X
(quar.)
Preferred
(quai.)
Drayton Mills, preferred
15
Nov. 30
IX
15
Dec.
rec.
2
Cot, preierred (quar.)
15
Homers of
12
(quar,)---....-.
(quar.)
Diamond Matcb
Dec.
rec.
15
31
*1
Preferred
1 X
3X
preferred
Holders of
15
Dec.
3X
..........
Paige-Detroit Motor (monthly)
Patchogue-Plymouth Mills, pref. (quar.;
Philadelphia Electric, com. (quar.)....
Co., preferred (quar.)
Crescent Pipe Line (quar.)
Consolidated Gas of New York (quar.)..
Cosden &
Cumberland Pipe Line
Dartmouth Mig., com.
Days Inclusive.
50c. Dec.
10
common..
Pittsburgh Steel, preferred (quar.)
Porto Rlcan-Arnerican Tobacco
(quar.)
Pressed Steel Car, common
(quar.)
Preferred (quar.)
Converse Rubber Shoe,
Books Closed.
Payable
Cent.
Miscellaneous (Concluded)
*$2.50 Jan.
-
Clifton Manufacturing..
When
Per
Days Inclusive.
Miscellaneous (Continued)—
CbanUlei Motor (Jar (guar.)....
Cbesebrough Mfg., common (quar.)
Preferred
[Vol. 111.
n
o
Payable In Common B stock.
Payable In Class A stock.
At rate of five shares of common
on every
100 shares of
common
outstanding.
p Declared a common stock dividend of 39,000 shares of
new common stock,
to
be distributed ratably to the holders of the
91,000 shares of common stock now
outstanding In proportion to the amount of common stock held by each.
q
Payable in 1934 Dominion
r
Payable in Preferred stock.
of Canada
*
1921.
Victory bonds,
Nov. 27 1920.]
Transactions at the New York Stock Exchange daily,
weekly and yearly.—Brought forward from page 2023.
Week ending
Nov. 26 1920.
Stocks.
Par
Shares.
Saturday
$47,797,000
$96,399,300
94,644,500
589,911
Monday
Tuesday.
Wednesday
Thursday.
Friday
1,116,830
1,113,710
665,930
-
value.
.
53,188,700
61,895,500
698,043
...
State, Mun.
<&C..
<fc Foreign
States
Bonds.
Bonds.
Bonds.
$2,059,000
$433,000
3,987,000
4,227,000
4,618,000
511,000
3,932,50
$18,843,500
4,184.424 $353,925,000
_
Boston Clearing House Banks.—We give
below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
mary
United
Railroad,
BOSTON
583,000
902,500
$4,311,000
9,536,000
10,901,000
9,597,000
820,500
9,459,800
HOLIDAY
Total
2117
CHRONICLE
THE
$3,249,500 543,804,800
CLEARING
Week ending
Jan. 1 to Nov. 26.
Nov. 26.
1920.
1919.
4,899,769
205,778,402
543,804,800
588,477,000
3,089,000
$2,368 ,374,800
251 ,860,500
15,988,000
$2,438,481,050
315,933,900
673,503,500
$65,897,800 $107,554,000
$3,427,923,450
$3,119,455,300
,206,942
5353,925,000 $444,966,650 $17,627,554,475 $26,563 ,277,930
$11,400
547,200
Par value.....;
Bank shares,
291
4,184,424
par.....
bonds.
State, inun.,&c., bonds
3,249,500
18,843,500
RR. and miscell. bonds
•'
,-V.V.
'• ...V.
1
499 ,220,000
from
other banks
In
excess
bank
%
$
2,000
Nov. C
13
1920.
$
2,469,000
Dec.
Inc.
1,078,000
8,067,000
1,401,000
2,660,000
Dec.
1,'"'86,000
23,753,000
2,050,000
19,647,000
64,614,000
55,037,000
97,000
6,540,000
Inc.
Inc.
TRANSACTIONS
AT
BOSTON,
THE
PHILADELPHIA
AND
Federal Reserve Bank
6,637,000 Inc.
6,864,000
Banks
and Tru3t Companies.—The following detailed statement
shows the condition of the New York City Clearing House
The figures for the
ending Nov. 20.
separate banks are the averages of the daily results.
In the
case of totals, actual figures at end of the week are also given:
The return
EXCHANGES.
BALTIMORE
■-
2,479,000
600,285,000
458,798,000
108,253,000
23,693,000
3,497,000
19,000,000
60,976,000
55,682,000
and
members for the week
''
'
Total bonds
DAILY
$
Nov.
Statement of New York City Clearing House
Bonds.
Government
1920.
22,676,000
10,117,000
21,048,000
67,279,000
53,451,000
Cash in bank & in F. R. Bank
Reserve
Stocks—No. shares...
previous week.
2,471,000 Inc.
Time deposits
Due
1919.
1920.
Exchange.
Changes from
1920.
Loans, disc'ts & investments. 600,188,000 Dec.
197,000 600,385,000
Individual deposits, lncl. U.S. 444,928,000 Dec. 10,819,000 455,747,000
Due to banks
104,733,000 Dec. 1,626,000 106,359,000
Exchanges for Clearing House
New York Stock
MEMBERS.
Nov. 20
Circulation.
United States deposits
Sales at
HOUSE
of the Equitable Trust Co. has been included in this
Sept. 25.
'
statement since
Boston.
Baltimore.
Philadelphia.
NEW
Week ending
Nov. 26
Shares.
Bond Salts.
Shares.
1920.
Bond Sales.
$51,250
11,587
$23,100
4,239
$17,000
Monday
35,276
30,900
1,568
31,000
37,268
58,400
15,540
9,320
104,300
Tuesday;
160,200
5,941
32,400
32,897
73,600
7,193
146,200
1,653
26,000
27,756
16,000
6,684
81,000
959
10,000
157,018
$230,150
50,324
$514,800
14,360
Saturday
23,821
-
Wednesday
HOLI DAY
Thursday
Friday
-
Total
(Stated in
Bond Sales.
Shares.
$116,400
HOUSE
(.000 omitted.)
Nat'l,
Week ending
State, Sept.
are
y
tn the
Co
Manhattan
HOUSE.
Capital.] Profits.
•nv.uvufRvnQ
Nov. 20
Tr. cos. Sept .30
1920.
Bank.
Res.
1
*
Battery Park Nat.
1,500
200
Mutual Bank
154
Amer Excb Nat
5,000
25,000
7,438
Dis¬
Cash
$
1,614
710
&c.
Reserve
Net
with
Demand.
Nat'l
Net
Bank
Time
Legal
De¬
De¬
Circu¬
Deposi¬
posits.
posits.
lation.
tories.
Average Average Average
%
$
$'
1,000
Chath & Phent
7,000
1,737
7,929
Nat'l
3,000
20,331
14,341
10,981
402
345
1,830
1,680
Average Average
$
$
$
11,593
55
11,701
248
8,077
4,450
218
1,198
7,122
476
26
468
379
1,318
2,308
7,889
7,333
1,376
14,6*3
9,856
523
656
6,755
6,365
62,358
1,893
7,150
47,368
New Netherlands
W R Grace & Co's
600
704
500
1,157
Yorkville
Bank..j
20d
801
First N Bk, Jer Cy
m
3.40C
Imp & Trad Nat
National Park.
2,000
3,199
6,000 19,286
1,500
8,636
22,737
7,50
East River Nat
1,00
Corn Exchange
First National..
1,000
10,000
Irving National
12,500
196
""*393
-J
State
589
8,829
Banks.
Not Members
1,000
1,000
443
Chase National.
Commerc'l Exch
200
Commonwealth
400
849
Garfield Nat'l..
1,000
1,588
National.
1,000
1,000
4,599
Avenue.
Fed'l Reserve Bank,
Bank of Wash Hti
10C
445
3,658
463
228
3,680
60C
1,507
16,316
2,208
1,415
17,531
700
1,953
19,974
2,671
1,643
21,211
Total
rrust
...
U S Mtge & Tr
53
Guaranty Tr Co
Fldel-Int Tr Co
of the
Columbia Tr Co
Fed'l Reserve Bank.
Hamilton Tr, Bklc
500
1,009
9,633
729
393
7,860
884
Mech Tr, Bayonnt
200
495
8,945
414
272
4,.>40
5,215
700
Total.--—
Gr'd aggr, Nov. 13
Gr'd aggr,
Nov.
Gr'd aggr, Oct.
a
S.
U.
6
30
us
Peoples Trust Co
------
18,578
1,143
665
12,400
6,099
9,823 100,910
9,458
a80,979
14,981
589
1,504
------
week
—570
—16
—2,929
+ 30
—1
4,800
4,800
9,823 101,480
5,608
9,474
a83,908
14,951
590
9,823 101,510
9,823 101,448
5,222
5,288
9,478
a82,084
14,738
591
9,564
a82,116
14,698
589
4,800
deposits deducted, $472,000.
Bills
payable, rediscounts, acceptances and other liabilities,
Excess reserve, $297,110 Increase.
New York Tr Co
Lincoln Tr Co..
5,707
+ 99
4,800
Grand aggregate-
Comparison prevlq
$5,573,000.
Metropolitan Tr
NassauN.Bklyn
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending NoV. 13 with comparative
figures for the two weeks preceding is as follows.
Reserve
requirements for members of the Federal Reserve system
are 10% on demand .deposits and 3% on time deposits,
all
to be
kept with the Federal Reserve Bank.
"Cash in
vaults" is not a part of legal reserve.
For trust companies
not members of the Federal Reserve system the reserve
required is 15% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Week ending Nov. 20 1920.
Nov.
(00) emitted.
Capital
-
Members of
Trust
F.R. System
Companies
$33,225,0
Exchanges for Clear. House
91,518,0
701,465,0
26,100,0
banks
116,766,0
Surplus and profits—....
Loans, dlac'ts & lnvestm'ts
Due from
Bank deposits
133,637,0
Individual deposits
526.993,0
9,058,0
689,688,0
$37,725,0
37,725,0
$37,725,0
12,929,0
104,447,0
737,022,0
26,462,0
110,784,0
104.453,0
734,086,0
104,470,0
733,716,0
30,813,0
121,691,0
140,266,0
545,554,0
350,0
19,473,0
294,0
20,123,0
Reserve
54,735,0
14,498,0
69,233,0
52,047,0
3,289,0
2,931,0
Excess
17.186.0
358,0
17,544,0
Time
deposits.
U.'S. deposits (not lncl.)._
Res've with legal deposit's
Reserve with F. R. Bank..
Cash in vault
*
Total reserve and cash held
•
required
roc. & cash In vault
1920.
$4,500,0
35,557,0
362,0
18,0
2,248,0
1,041*0
28,292,0
113,864,0
136,913,0
544,693,0
9,512,0
9,540,0
691,118.0
2,307,0
2,522,0
55,361,0
15,104,0
695,360,0
4,294,0
2,818.0
54,391,0
13,920,0
71,129,0
64,651,0
16,478,0
72,987,0
55,226,0
17,701,0
Cash In vault not oounted as reserve for Federal Reserve Bank members.
Legal
Demand
ments,
Vault.
Deposit
Deposits.
posits. lotion
Average.
Average Avge
$
$
&c.
20,000
7,522
1,590
1,530
Average Average
$
$
810
3,031
4,747
13,833
19,312
10,217
1,862
13,896
1,665
7,168
60,485
18,938
4,382
419
2,043
129
713
131,993
370,506
1,552
2,818
11,900
129,593
21,403
123,250
121,088
39,489
149,555
48,037
206,283
11,720
32,013
1,748
3,557
5,716
15,540
18,836
6,646
3,660
2,407
0,494
834
1,337
446
22,318
926
285,483
1,140
7,578
208,192
14,186
7,059
360,856
19,970
7,911
9,093
16,137
13,301
51,812
100,797
19,383
14,317
971
23,059
4,005
18,694
1,650
2,757
23,527
24,697
1,762
132
863
6,162
35,397
935
3,135
502
1,421
550
1,230
538
2,608
377
1,781
6,481
9,371
1,166
929
950
2,037
2,824
18,051
612
833
4,080
1,229
27,204
62,027
533,287
19,495
4,970
35,754
1,500
5,000
1,500
3,000
1,558
2,000
2,000
$
46,891
129,716
211,678
59,425
574,611
40,478
283,027
2,000
7,634)
1,900
11,612
1,112
1,000
3,448
1,394
Farm Loan & Tr
5,000
10,853
2,000
1,542
Equitable Tr Co
12,000]
17,620
'
Time
Circn
De¬
tories.
2,665
18,553
25,000
Net
,
77,920
33,180
89,562
24,339
32,878
17,298
118,722
23,374
164,935
724
6,043
2,205
49,439
493
2,604
9,598
1,412
1,248
554
3,319
8,589
31,924)
780
98,715
147,436
1,000
3,394
13,932
3,795
1,612
53,861
*574,6361 41,835
106,550i 2,125
812
15,074
56
4,435
86,829
3,919
238,616
3,851
215
23,992
107,581 13,813
117,957
44,718
146,875 11,939
9
3fo ,426
142,503
2,683
931
11,247
90
18,377
179,336
6,272
2,630
185,763
819
13,769
100
6,060
264,114
9,484
20,271
8,544
9,381
350
239
295
4,877
4,691
100
51
5,433
50
636
7.377
2,523
197
1,092
100
395
670
248
16,210
13,105
46,911
70,920
857
66
2,542
2,131
14,501
348
410
391
395
20,643
28,406
*209,297
47.876
*476,092
18,074
72,438
31,700
64,115
23,114
26,470
5,905
13,364
11,086
27,707
702
4,140
1,875
1,804
529
3,337
641
3,922
578
13.877
*117,089
14,897
881
1,427
13.821
3,195
24,328
125
2,009
19,007
*165,433
13,267
1,629
1,427
547
1,336
847
60
460,4385,080,241
97,474 534,600 c3,919,310 226,885 34,813
Totals. actual co nditlon Nov.20 5,055,025
Totals, actual co nditlon Nov. 13 5,069,948
96,418 525,333 c3,907,135 226,128 34,984
95,832 549,723 c3,938,708 227,400 34,684
95,971 £18,953 c3,955,947 231,07034 ,809
Avge, Nov. 20- 262,900
Totals, actual co nditlon Nov.
Banks.
6 5,117,624
Reserve
Not Me mbers of Federal
18,508
5,819
72,760
2,860
5,035
Totals. actual co nditlon Nov.20
Totals, actual co nditlon Nov. 13
Greenwich Bank
1,000
1,860
Bowery Bank..
State Bank
250
844
2,500
2,331
Avge. Nov. 20.
3,750
Totals, actual co nditlon Nov.
6
1,756
19,282
5,751
53
245
3,586
2,173
31,854) 4*1*,335
97,087
7,161
4,274
50,887
41,388
97,301
97,153
96,873
7,389
4,758
57,796
7,204
4,419
57.326
7,007
3,956
56,516
41,402
41,382
41,327
N ot Mem bers of Fe deral Re
Trust Compan
Bank.
715
serve
Ba nk.
6,000
4,000
12,281
3,457
918
1,446
29,726
15,920
1,201
0,325
47,800
26,105
1,036
Lawyers R <t Tr
Avge, Nov. 20-
10,000
18,007
73,965
1,954
4,903
45,646
1,548
Totals, actual co nditlon Nov. 20
73,513
1,953
4,893
Tqtals, actual co nditlon Nov. 13
Totals, actual co ndltlfn Nov. 6
73,980
1,950
74,521
2,066
4,994
5,124
44,933
46,074
46,898
1,666
1,525
1,511
Title Guar & Tr
347
Nov. 6
Total.
133,993,0
546,406,0
9,352,0
689,811,0
7,998,0
2,248,0
54,735,0
15,539,0
72,522,0
54,978,0
Total deposits
13
1920.
5,000
1,500
1,000
1,500
717
Columbia Bank.
State
Two ciphers
Nat'l._
Brooklyn Tr Co
Bankers Tr Co.
Companies
Not Members
Seaboard Nat'l.
Union Exch Nat
53
500
.
Coal & Iron Nat
Colonial Bank
754
24,189
2,347
1,027
Liberty
of the
4,552
36,128
10,651
15,000
N Y County Nat
Fifth
717
810
Continental Bk.
Fifth
Total
.
Second Nat'l—
Average
32,690
Pacific Bank..
Metropolitan.
counts,
Members of
Fed'l
Loans,
in
Nat .bks .Sept .8 Invest¬
Statebks.Sep.30 ments, Vault.
Week ending
300
Hanover
Net
10,000 10,512
5.500
6,044
g40,000 g64,489
4,500 14,816
1,135
1,000
Nat Butch & Dr
Nat BkofComm
(Stated in thousands of dollars—that is. three ciphers [000] omitted.)
CLEARING
National Clty.
Atlantic Nat'l.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
I
Bank of America
16,199
Ban
with
in
$
7,167
Na
Reserve
Cash
$
$
2,000
5,000
RETURNS.
Invest¬
Average.
Y.NBA
Chemical Nat'l
"Clearing House Returns" in the next column:
8
Members of
Mech & Metals
ganies.—Following
is theinstitutions
report madewhich
to the Clearing
House
clearing non-member
not included
Sept.
30
Tr.Cos.,Sept.30
20 1920.
Nov
CLEARING HOUSE
of dollars—that is, three ciphers [000] omitted.)
Net
Loans,
Capital. Profits. Discount
CLEARING
Bk Of N
Banks and Trust Com-
WEEKLY
thousands
MEMBERS.
Fed. Res. Bank
New York City Non-Member
YORK
Gr'd aggr, avge 276,650 484,081
Comparison, pre vlous w eek
5,251,293 100,589 543,777 14,021,843 269,821 34,813
-8,246 —1,436 +6,496
—9,531
1,590 + 111
aggr, act* I cond'n Nov, 20 5,225,839 105,759 534,984 $4,009,864 269,190 34,984
+773 24,152
-15,242
-32,244 —i,m +300
Comparison, pre vlous w eek
Gr'd
Gr'd
aggr
act'l oond'n
Gr'd
aggrt
act'I cond'n
Gr'd
aggr,
act'l cond'n
Gr'd
aggr,
act'l cond'n
*
Nov. 13 5,241,081 104,980 559,136 44,042,108 270,30734,684
Nov. 6 5,289,018 105,044 528,033 *4,059,361 273,908 34,809
Oct. 30 5,343,273 98,711 553,68(«g4f137,084 27
74,274 34,781
Oct
235 ,405,022 102,051 516,6931*4,141,573 291,725 <b 4,691
Includes deposits in foreign branches not Included
National City Bank, $122,406,000; Bankers Trust Co.,
In total footing as follows:
$4,827,000; Guaranty Trust
Co., $96,980,000; Farmers' Loan & Trust Co., $15,346,000; Equitable Trust Co.,
$24,731,000.
Balances carried In banks In foreign countries as reserve for such
deposits were: National City Bank, $57,519,000; Bankers Trust Co., $532,000:
Guaranty Trust Co
$9,230,000, Farmers' Loan & Trust Co., $2,305,000, Equitable
,
Trust
Co.,
$6,616,000.
c
Deposits
In
foreign branohes
not Included,
e
U.
S.
deposits deducted, $54,148,000.
fU. 8. deposits deducted, $08,156,000
Bills
payable, rediscounts, acceptances and other liabilities, $1,274,182,000.
g As of
Oct
5
1920!
CHRONICLE
THE
2118
'
■
[Vol.111.
■
•
.
•tatements of reserve POSITION OF CLEARING HOUSE
AND
TRUST
combined
BANKS
results
Week ended—
Reserve
Reserve
in
Total
Reserve
Surplus
Depositaries
Reserve.
Required.
Reserve.
$
S
{S.".:
$ '
State banks*-.
Trust companies——
Sept. 25
18,283,150
1,195,340
10,100
Total Nov
20-
13—
Total Nov.
Total Oct.
552,892,000 533,403,410
546,362,000 534,704,450
559,413,000 541,871,730
555,716,000 546,947,650
9,115,000 543,777,000
9,081,000 537,281,000
8,965,000 550,448,000
8,964,000 554,752,000
—
—
6
30
...
9
Oct.
•
Oct. 16
Nov.
6
Nov.
13
Nov. 20.
Reserve
Total
reserve
Surplus
Reserve.
Required.
Reserve.
$
%
$
$
$
Demand
Deposits.
Total Nov
10,621,610
525,333,000 525,333,000 514,711,390
4,758,000
4,893,000
12,147,000
6,845,000
10,403,280
1,743,720
6,739,950
105,050
20
9,341,000 534,984,000 544,325,000 531,854,620
12,470,380
Total Nov. 13
9,154,000 559,136,000 568,290,000 536,083,820
9,073,000 528,033,000 537,106,000 538,412,790
8,966,000 553,869.000 562,655,000 548,659,910
32,206,180
Total Nov.
Total Oct.
6
30
*
Not members of Federal Reserve Bank.
a
This Is the reserve
1,306,790
13,995,090
Nov
and
reserve
reserve
trust companies,
required on net time deposits, which was as follows:
required on net demand deposits in the case of State bank
but In the case of members of the Federal Reserve Bank
reserve required cfn net time deposits, which
was as follows
Nov. 20, $6,783,840, Nov. 13, $6,822,000; Nov. 6, $6,932,100; Oct. 30, $6,946,860.
I
-
N
-
5,938,526,500
5,882,990,000
_
119.424,400
119,291,700
639,681.000
4,919,536.700
4,734,688.600
4,722.031.500
4,786,338,000
119,786,400
664,983,300
640,648,100
4,777.329,700
120,382.300
4,681,334,600
4,631,533,300
4,622,925.700
124,345,700
625,891,600
132.040,300
630,326,000
4,724,943.200
4,859,379,600
5,871,526,800
This Item Includes gold, silver, legal tenders,
Nov. 19
Resources—
Gold with
NUMMARY OF STATE BANKS AND
TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
—
Gold redemption fund
-
Total gold reserves
Legal tender notes, sliver, Ac
previous week.
i-i $620,233,800
Gold
7,831,100
Total
60,440,401
reserves...——.
28.347.380
175,696.372
324,147,000
250,750.430
38.374 300
283,780,000
473,277,115
464 821,102
632,927,000
132,579,684
132,380.117
50,265,000
610,856,800
597,201,220
683,192,000
469.382.684
482.183.416
701,957,000
439,382,684
482,183.416
701,957,000
441,296,407
507.355,657
88,855,000
14.750,000
38.060,000
429,546,40/
95,322;192
469,355,657
91.899,376
88,855,000
86,378,000
991,251,284 1,043,433,450
1,467,145
1,462,347
50,000
50,000
877,190,000
,374,000
766,900
-
-
644,491,000
Inc.
2,106,400
Deposits, eliminating amounts due f^orn reserve deposit&ries, and from other banks and trust com¬
panies in N. Y. City, exchanges and U. S. deposits
601,082,700
Inc.
Reserve
112,000,300
Dee.
....
J
For members
Less rediscounts with other F. R. Banks.
Bills bought in open market..
on
hand
U. S. Government bonds
U. S. Victory notes
76.129 000
Total earning assets
>——State
Cash in vaults...
Deposits in banks & trust companies
Total
$35,669,200
923,400
2,012,000
resources
05.84%
21.92%
$76,331,100-20.39%
k The Equitable Trugt Co. Is no longer Included in these totals, It having become
member of the Clearing House and being now Included In the statement of the
4,114,315
2,608,725
2.597,130
2,901,000
155,641,477
858,320
157.754,602
240,891,000
1,069.462
1,294,000
3,994,000
Liabilities—
Capital paid in
Surplus
Government deposits
Due to
06.23%
954,062,000
4,115,905
...1,842,978,658 1,875,851,029 1,886,334,000
Deferred availability items
14.16%
Includes deposits with the Federal Reserve Bank of New York, which for the
3tate banks and trust companies combined on Nov. 20 were $53,713,100.
Clearing House member banks.
-
$52,993,400
23,337,700
16.08%
*
»
resources
—Trust Companies—
Banks——
$26,171,000
9,498,200
All other
Total
RESERVE.
.
notes.
1,257,000
50,000
75,565,000
68.163,500
1,068,897,429 1,113,114,298
Bank premises
,
20.8%.
•
.
,
25,000,00ft
Allother:
Uncollectible items and other deductions
Inc.
Dec.
52,186,000
190,274,984
250,002,130
38.000,000
V: Y\
5% redemption fund against F. R. Bank
17,620,200
146,923,000
125,038,000
Secured by Government war obllg'ns:
Dec. $3,217,200
Dec.
324,400
53,713,100
—
Deposits with Federal Reserve Bank of New York..
1920? in
$
86,908,590
75,968,949
Bills discounted:
Differences from
k Nov. 20.
Loans and investments.—
on deposits
Percentage of reserve,
637,344,000
1920. Nov. 12 1920. Nov. 21 1919.
87,037,891
(Fiouret Furnished by State Banking Department.)
-
653,642,900
646,136,300
national bank notes and Fedoi*:
27,268,143
foreign agencies
U. S. certificates of Indebtedness
—
640,474,300
121,362.100
$
Gold with Federal Reserve Agent
Total bills
—
125,787,400
127,970.600
'
;
Gold and gold certificates
Gold settlement fund—F. R. Board
follows:
—
635,358,400
122,518,100
following shows the condition of the Federal Reserve
For members
Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust
oompanies in New York City not in the Clearing Home, as
Total deposits
Reserve in
Depositary*
date last year:
Banks and Trust
Currency and bank notes
\
comparison with the previous week and the corresponding
Includes also amount of
State
Vault.
Bank of New York at the close of business Nov. 19
20, $6,806,550, Nov. 13, $6,855,660, Nov. 6, $6,955,920, Oct. 30, 57,365,750.
b This Is the
Total Cash
in
t
Total gold held by bank
required on net demand deposits In the case of State bank
and trust companies, but in the case of members of the Federal Reserve banks
Includes also amount of
«,
-
—The
1,952,000
*
Condition'of the Federal Reserve Bank of New York.
'
7,389,665
in
b
in
Trust companies*—
companies
,
Depositaries
State banks*
I
-
■
Reeerve notes.
Figures
Reserve
Reserve banks
-
»
19,488,590
in Vault.
Members Federal
trust
'
•
york.
Loans and
6,049,015,800
6,104,585,900
6,066 267,200
■mmm
w
23
11,657,550
17,541,270
8,768,350
•
Actual
Cash
and
new
Investments.
5.909,242.000
5,974,889,400
6,180,987,100
6,033.985,500
2
Oct.
Oct.
Total Nov.
banks
%
Sept. 11
Sept. 18—
%
%
534,600,000 534,600,000 516,316,850
10,239,660
4,274,000
11,435,000
7,161,000
6,857,000
6,846,900
1,954,000
4,903,000
Reserve banks
.
a
in Vault.
Members Federal
of
'
•
greater
COMPANIES.
Averages.
Cash
■
-
members—reserve account
26,246,600
26,240,350
51,307,534
51,307,534
254,582
3.833,654
50,747,000
712,744,451
733,912,000
171,652,000
688,638,962 "
108,592,333
22,448,000
32,922.000
Other deposits, incl. foreign govt, credits
18.352,556
110,025,351
16.869.555
Total gross deposits.....—.........
813,836.435
843.4/3,013
998,817,000
F. R. notes in actual circulation
42,506,000
869,621,080
872,608,965
758,896,000
F. R. Bank notes in circulation—net Uab
35,896,500
38 .225,600
55,934,000
All other liabilities
45 068.507
43.995,566
17,417,000
1,842,978 .658
1,875,851,029
1,885,334,000
40.0%
38.3%
45.0%
Total
liabilities
The change began with the return for Sept. 25.
Ratio
of
total
reserves
to
deposit and
F. R. note liabilities combined
Bank3 and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust
companies combined with those for the State banks
and trust companies in Greater New
York|City outside of
the Clearing House, are as follows:
Ratio of gold reserves to F. R. notes In
circulation after deducting 35% against
deposit liabilities
Ratio of
40%
deposits after de¬
gold
reserves
against
F. R. notes in circulation
Contingent
55.0%
.
reserves to net
ducting
liability
on
40.0%
bills
36.2%
purchased
lor foreign correspondents
6,071,594
6,075,651
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Nov. 20.
figures for the system as a whole are given in the following table, and in addition we present the results for seven preced¬
ing weeks, together with those of corresponding week of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table
following) gives details regarding
transactions in Federal Reserve notes between the
Comptroller and Reserve Agents and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve
Board say:
The
Aggregate reductions of about 124 millions in the holdings of discounted
and purchased paper and of 21.6 millions in Federal
Reserve note circulation
are
as
indicated in the Federal Reserve Board's weekly bank statement
issued
at close of business Nov. 19 1920.
Government operations during the week included the
payment
15 of the semi-annual interest on the Second
on
Nov.
Liberty Loan bonds
the
interest coupons
of 93.5 millions of loan certificates issued six
months previous and the
Issuance as of the same date of 232 millions of six-month
loan certificates
Pending collection of funds from depositary institutions, seven
Reserve
banks advanced to the Government a total of
64 millions, against which
redemption of the outstanding balance of the principal and
they hold special
Treasury certificates.
about 42 millions, while the banks' cash
0.2 million.
As
a
Net deposits show
consequence of the above
creased from 43.6 to 44.1
ent year.
a decline of
nominal gain of
the reserve ratio in¬
show
reserves
changes,
a
%. the largest percentage since July 30 of the
pres¬
*
Continued
liquidation is shown for all classes of paper held by the banks
secured by Government war obligations, including Treasury certifi¬
cates, showing a reduction of 22.1 millions, all other discounted
bilLs a
reduction of 89.3 millions, and acceptances
purchased in \>pen mark t a
paper
reduction of 12.6 millions.
On the other hand, Treasury certificate
hold¬
ings, because of the large amount of special certificates taken from the
Government, show an increase of 61.8"millions.
Total earning assets were
3,306.7 millions, or 62.2 millions less than on the previous Friday.
Combined Rebources
and
Liabilities
NOV.
RESOURCES.
400,678,000
74,303,000
19.7 millions shown the week before.
5
deposits
previous Friday, other deposits, including
largely foreign Government credits and non-members' clearing accounts,
are shown about 0.5 million
larger, while the
float" carried by the Re¬
serve banks and treated as a deduction from
immediately available deposits,
shows an increase of 16.9 millions.
The combined result of these changes
in the
deposit
block" is seen in a reduction of calculated net deposits by
about 42 millions.
Federal Reserve note circulation shows a total decline of 21.6
millions,
all the Reserve banks
except those of Kansas City and San Francisco re¬
porting smaller circulation figures than the week before.
There is also
shown a reduction of 1.2
millionsiin the circulation of FederaliReserve bank
notes.
1920. Oct.
29
1920. Oct.
22
at
the
1920. Oct.
Close
15
1920.
of
Business Nov. 19 1920
Oct. 8 1920.
Oct. 1 1920.
$
$
Nov.
21
1919
S
$
169,814,000
409,075,000
77,244,000
'
reserve
$
$
$
174,702,000
164,849,000
161,438,000
417.9S4.000
192.499,000
216.763.000
201.046.000
416,163,000
248,012,000
389.069.000
381.753,000
77,514,000
391.974.000
362,468,000
444,547,000
74,686,000
80.441,000
87.021.000
90,409.000
111,455.000
142,195,000
645,247,000
656,133,000
670,200.000
655,698,000
630.948,000
661,273,000
699,146.000
674.969,000
834,754,000
1,205,746.000 1,177,689,000 1.152,346,000
1,175,118,000 1,203.240,000 1,169,038,000 1.142.412.000 1,180,393 000 1.166.086.000
157,117,000
174,856.000
179.127.000
172.504,000
160.423.000
161,790.000
154,766.000
147,710,000
118,475,000
Golf redemption fund
reserve
.
with
Government deposits were 5.6 millions less and members'
about 20 millions less than on the
Federal Reserve Banks
Nov.
S
$170,266,000
Total gold held by banks..
Gold with Federal Reserve agents
the
1920 Nov. 12 1920
S
Gold and gold certificates
Gold settlement fund, F. R. Board
Gold with foreign agencies
Total gold
19
of
Of the total of about 1,158.9 millions of bills secured by Government war
obligations, 597.4 millions, or 51.5%, were secured by Liberty bonds*
320 6% millions, or 27.7%, by Victory notes, and 240.9 millions, or 20.8%»
by Treasury certificates, as against 51.7, 28.2 and 20.1% of a correspond¬
ing total of about 1,181 millions reported the week before.
Discounted
paper held by the Boston, Philadelphia and Cleveland Reserve banks is
inclusive of 163.9 millions of paper discounted for the New York bank and
six other Reserve banks in the South and Middle
West, compared with
200.2 millions reported at the close of the previous week.
Acceptance
holdings of the Boston and Philadelphia banks are shown inclusive of 17.3
millions of bank acceptances purchased from
the^New York bank, compared
..
.
? nos
no ooo 2.009 079 OOO
a
OOI
100
2,003 3^0 ooo 1 ,Q04 611 OOO 1002 loi .nnrt 1 996 324.000 2.003 072,000
2,119,315,000
Nov. 27 1920.|
THE
Nov.
Legal tender notes, silver, Ac
Total reserves..
Hills discounted.
Secured by Govt, war obligations
All other
;
Total earning assets
Bank premises
...
Uncollected items and other deductions
from gross deposits
Total resources.___
168,056,000
164,718,000
1920. Oct.
15
1
1920. Oct.
8
1920. Nov.
21
1919
$
162,659.000
162,810.000
161,944,000
162,123,000
67,657,000
772,277,000
787,960,000
12.059,000
742,976,000
825,588,000
998,488,000
796,723,000
12,090.000
12,854,000
12,953,000
12,158,000
6,030,000
6,790,000
6,032.000
5.703.000
5,232,000
6,951,000
11,666,000
4,833,000
820,280,000 1,000,288,000
13,038,000
11,856,000
8,040,000
5,414,000
6,326,800,000 6,356,591,000 6,413,436,000 6.341.607,000 6,374,587.000 6,610,250,000 6,389,361,000 6,327,717,000 6,137,541,000
1
LIABILITIES.
Capital paid in
Surplus
Government deposits
Due to members, reserve account
Deferred availability items
Other deposits, lncl. for'n gov't credits
._
Total gross deposits
F. R. notes in actual circulation..
P. R. bank notes in circulation—net liab.
All other liabilities
Total liabilities.
_____
98,929,000
98,847,000
97,824.000
97,753,000
97,692,000
97,594,000
164,745,000
164,745,000
164,745,000
164,745.000
17,845,000
47,378.000
164,445.000
18.754,000
164,745.000
12,259,000
86,885,000
97,519,000
97,358,000
81,087,000
164,745.000
.164,745,000
102,805,000
43,365,000
13.975,000
46,454,000
1,781,806,000 1,801,864,000 1,777.229.000 1,805.661.000 1,779,024,000 1.868,016 000 1,825,906,000 1,776,243,000 1,837,540,000
634,097,000
616,871,000
811,204,000
601,624,000
631,353.000
609,980,000
571.807,000
776,887,000
608,056,000
95,539,000
26,228,000
21,9291000
27.648,000
25,708,000
26,923,000
21.307.000
33,740.000
35,363,000
reserves to net
15.015.000
2,437,164,000 2,447,041,000 2,482,883,000 2,417,529,000 2,450.065,000 2,692,618,000 2,506,899,000 2,466,116,000 2,847,088,000
3,307,435,000 3,328,985.000 3,354,180,000 3,351.303,000 3,356,199.000 3,353,271,000 3,322,123,000 3,304,690,000 2,817,173,000
257,680,000
213,881,000
213,838,000
213,154,000
214,961.000
213,533,000
215,080,000
214.533,000
213,412,000
47,628,000
104,646,000
92,048,000
84,921,000
101,893,000
88,489,000
99,271,000
81,396,000
95,316,000
6,326,800,000 6,356,591,000 6,413,436,000 6,341,607,000 6,374,587,000 6,610,250,000 6,389,361,000 6,327,717,000 6,137,541,000
Ratio of gold reserves to net deposit and
F. R. note liabilities combined
43.8%
42.3%
41.5%
41.9%
42.7%
41.6%
41.4%
40.4%
44.1%
43.6%
43.0%
43.1%
43.3%
42.7%
42.9%
43.7%
46.9%
47.3%
46.6%
46.9%
48.1%
54.7%
107.424,000
138 ,646,000
106,484,000
94,230,000
deposit and
note liabilities combined
reserves
171,333,000
1920. Oct.
$
804,424,000
12,376,000
All other resources
after
22
$
3,306,695,000 3,368,846,000 3.421,575,000 3,396.043.000 3.357,680,000 3,421,976,000 3,402,237,000 3,309,517,000 2,916,925,000
17,047,000
15.864,000
16,081,000
15,993.000
12,278,000
16,577,000
15,634,000
15,455,000
15,766,000
6% redemp. f und agst. F. R. bank notes
circulation
1920. Oct.
29
2,948,601,000 3,072,604,000 3,126.594,000 3,099,672,000 3.049.948,000 3,093,390.000 3,101,361,000 3,011,111,000 2,604,680,000
26,871,000
26,863,000
26,865,000
26,868,000
26,856.000
26,847,000
26,856,000
26,855,000
26,856,000
69.000
69,000
57,000
69,000
69,000
69,000
69,000
69,000
69,000
331,154,000
268.047,000
269,310,000
269,434,000
280.807,000
285,341,000
273,951,000
271,482,000
301,661,000
|
CJ, S. certificates of Indebtedness
Ratio of total
1920. Oct.
1,158,907,000 1,180,977,000 1,215,101,000 1,203,905,000 1,199,139,000 1,192,810,000 1,217,098,000 1,183,007,000 1,673,890,000
1,514,467,000 1,603,773,000 1,611,724,000 1,597,392,000 1,550,143,000 1,581,060,000 1,578.573,000 1,526,594,000
450,747,000
275,227,000
287.854,000
299,769,000
480,043,000
298,375,000
300,666,000
305,690,000
301,510,000
319,520,000
Total bills on hand
(J. S. Government bonds
F. R.
5
2,180,228.000 2,180,011,000 2,169,729,000 2,168,038,000 2,157.270,000 2,154,911,000 2,158,268,000 2,165,195,000 2,186,972,000
8111a bought In open market
Ratio of total
1920 Nov. 12 1920. Nop.
$
172,118.000
-
_
U. S. Victory notes
19
■
.
2119
CHRONICLE
to F. R. notes in
setting
aside
.7-
35%
against net deposit liabilities
48.6%
47.9%
47.0%
47.2%
$
Distribution by Maturities—
119,593,000
131 ,993,000
$
$
$
1-15 days bills bought In open market.
97 ,488,000
1-15 days bills discounted
1,567 ,959.000
1-15 days U. S. certif. of indebtedness.
80 ,051,000
16-30 days bills bought in open market.
62 ,281,000
115 046.000
121 443,000
,599,696,000 1,635 ,658,000 1.591 408,000 1,558,148,000 1,551 ,801,000 1,618 ,998,000 1,515,472,000 1,518,169,000
16,592,000
64,595,00)
301,964,000
12 ,178,000
68 ,556.000
73 439,000
33,641,000
77,329.000
277 ,975.000
300 671,000
304,552,000
15 370,000
19 ,547,000
54 ,957,000
56 ,543,000
55 922,000
295 ,140,000
281 ,399,000
14 ,000,000
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness.
81-60 days bills bought In open market.
306 ,981,000
96 ,948,000
12,499,090
83,612,000
76 ,589.000
82 560.000
88.171,000
97 ,466,000
105 ,890,000
81-60 days bills discounted.
515 ,532,000
508,238,000
504 ,721.000
512 062,000
497,629,000
547 ,622,000
12 411,000
24,850,000
26 ,419,000
28 883,000
31,090,000
25 ,293,000
516 868,000
22 284,000
12 ,922,000
12 ,597,000
6 ,400,000
5.650,000
8 100,000
81-60 days U. S. certif. of lndebtedness.
81-90 days bills bought In open market.
81-90 days bills discounted
18 ,510,000
20,054,000
22 ,631,000
27 ,330.000
27,742,000
26 ,865,000
22 435,000
234 ,289,000
338,166,000
37.5 ,876,000
368 ,446.000
365,967,000
356 ,779,000
356 532,000
81-90 days U. S. certif. of Indebtedness.
4 ,921,000
8,947,000
10 ,927,000
14 ,135.000
14,993,000
19 ,877,000
48 ,613,000
36,686,000
206,422,000
32 ,595.000
28 710.000
22,987.000
22 ,528,000
22 ,328,000
21 ,874,000
205 ,926,000
202 ,946.000
195.443.000
195 ,134,000
195 ,792,000
Over 90 days bills discounted
Over 90 days certif. of indebtedness
220 ,849,000
23,748,000
92,432,000
27,614,000
87,971,000
307,789,000
122,628,000
15,681,000
13,500,000
85,555,000
514,192,000
18,870,000
17,039,000
346,734,000
23,260,000
25,414,000
192,104,000
186,021,000
273,145,000
18,299,000
111,821,000
192,744,000
9,054,000
17,951,000
214,693,006
Federal Reserve Notes—
3,657,488,Q00 3,660.033,090 3,659,448,000 3.666,170,000 3,663, 725,000 3.642.707,000 3,625,726,000 3,603,149,000 3,631,492,000
Outstanding
Held by banks
350,053,000
Fed. Res. Notes (Agents
331.048,00 0
305,268.000
314,867.000
307, 526,000
289,436.000
303,603,000
298,459,000
214,319,000
3,307,435,000 3,328,985,000 3,354,180,000 3.351.303,000 3,356.199,000 3,353,271,000 3,322,123,000 3,304,690,000 2,817,173,006
In actual circulation..
Accounts)—
Received from the Comptroller..
Returned to the Comptroller
8.033,180,000
3,782,363,000
8,011,840 7.972,800,000 7.881.500.000 7,793. 880.000 7,763,600,000 7,721,620,000 7,683,640,000 5,774,280,000
3,747,418 3,722,603,000 3,696,681.000 3.669, 986,000 3,648,405,000 3,623,381,000 3,594,968,000 2,350,935,000
593,329,000
4,264,422 4,250,197,000 4,184,819,000 4,123, 894,000 4,115,195,000 4,098,239.000 4,088,672,000 3,423,345,000
391,853,006
472,513,000
485,523,000
460, 169,000
472,488,000
604,389
590,749,000
518,649.000
3,657,488,000
3,660,033 3,659,448,000 3.666,170.000 3,663,725,000 3,642,707,000 3,625,726,000 3,603,149,000 3,031,492,000
276,756,000
236,248,000
279,276,000
279,225,000
279.776.000
280,276,000
277.776.000
276,776
277,776,000
2,482,344 2,502.102,000 2,491,052.000 2,460,485,000 2,473,669,000 2.483,314,000 2,422,756,000 1,865,406,000
Amount chargeable to Fed. Res. agent 4,250,817,000
la hands of Federal Reserve Agent
V
Issued to Federal Reserve banks
Row Secured—
By gold and gold certificates.
By eligible paper
2,451,742,000
Gold redemption fund
119,624,000
118,103
119,101.000
107,222,000
113,271.000
108,629,000
115,081.000
107,198,000
98,821,000
With Federal Reserve Board
809,366,000
782,810
755,469.000
790,120.000
810.193,000
780,133,000
748,055,000
793,970,000
831,017,000
Total
3,657,488,000
{Eligible paper delivered to F. R. Agent.. 2,859,901.000
•
3,660,033 3,659,448,000 3,666,170,000 3,663,725,000 3,642,707,000 3,625,726,000 3,603,149,000 3,031,492,000
2.974.263 3.048.546.000 3,000.646.000 2,970,906.000 2,996,612,000 3,027,140.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT
Two ciphers (00) omitted.
Federal Reserve Bank of—
I
RESOURCES.
Boston.
New York.
Phila.
%
%
?
7,825,0
Goldjand gold certificates
Gold Settlement Fund, F. R. B'd
Gold with foreign agencies
fi•Total £gold held by banks
gold reserves
Legal tender notes, silver, Ac
Total
reserves
Bills discounted:
obligations (a)
other
_
market (b)__
hand..
Victory
%
749,0
21,912,0
53,891,0
8,842,0
3,625,0
12,585,0
3,493,0
7,246,0
10,130,0
2,006,0
3,567,0
24,610,0
Dallas.
San Fran.
S
$
Total.
s
6,153,0
4,417,0
44,347,0
170,266,0
400,678,0
1,932,0
3,418,0
74,303,0
14,820,0
13,985,0
18,718,0
24,972,0
48,999,0
7,261,0
84,645,0
63,426,0 184,022,0
6,989,0
25,144,0
19,703,0
48,920,0
5,711,0
19,382,0
26,035,0
3,719,0
28,926,0
41,104,0
3,882,0
645,247,0
12,502,0 62,585,0
24,189,0 110,963,0 1,205,746,0
157,117,0
10,823,0
9,646,0
194,120,0
9,993,0
478,277,0 184,574,0 263,606,0
1,981,0
501,0
132,580,0
81,232,0
474,0
84,400,0 293,811,0
11,594,0
1,791,0
74,334,0
6,933,0
49,136,0
184,0
73,912,0
1,977,0
46,337,0 184,371,0 2,008,110,0
172,118,0
494,0
3,616,0
204,113,0
610,857,0 185,075,0 165,587,0
81,706,0
86,191,0 305,405,0
81,267,0
49,320,0
75,889,0
49,953,0 184,865,0 2,180,228,0
78,219,0
66,575,0
469,383,0 118,967,0
426,.546,0 49,071,0 123,089,0
34,055,0
95,322,0 21,043,0
47,378,0
68,665,0 147,533,0
69,838,0 308,121,0
30,417,0
2,150,0
50,462,0
12,350,0
69,849,0
72,792,0
1,489,0
1,290,0
31,879,0
83,439,0
2,334,0
21,836,0 45,660,0 1,158,907,0
51,880,0 105,349,0 1,514,467,0
275,227,0
315,0
51,477,0
991,251,0 189,081,0 223,719,0 117,625,0 140,653,0 486,071,0 121,800,0
834.0
1,153,0
114,0
4,490,0
1,233,0
1,434,0
1,467,0
3
10,0
50,0
15,665,0 48",895",0 17,286",0
34,299,0 14",262",0
76,129,0 44,550,0
86,432,0 117,652,0
116,0
8,867,0
74,031,0 202,486,0 2,948,601,0
231,414,0 1,068,897,0 235,065,0 258,862,0 133,120,0 156,435,0 539,456,0 140,239,0
623,0
891,0
2,342,0
1,334,0
683,0
1,565,0
2,362,0
4,116,0
95,034,0 139,346,0
915,0
631,0
5,0
earning
assets
premises
items
and
other
Reserve
fund
bank
64,781,0
5,466,0
♦
3,979,0
2,632,0
26,871,0
8,300,0
17,399,0
331,154,0
69,0
1.0
8,486,0
12,826,0
86,-310,0 222,517,0 3,306,695,0
17,047,0
231,0
1,354,0
de¬
from gross deposits..
redemption
Federal
$
87,853,0
190,275,0 49,978,0
250,002,0 119,666,0 163,459,0
12,294,0
38,000,0 14,930,0
33,057,0
ductions
%
2,675,0
notes
5%
6,735,0
St. Louis. Minneap. Kan.Cily.
4,575,0
U. S. certificates of indebtedness
Total
%
3,641,0
552,0
bonds
U. 8. Government
Bank
2,485,0
Chicago.
S
18,846,0
197,800,0
U. S. Government
Uncollected
10,348,0
Atlanta.
6,093,0
27,268,0
89,712,0
29,869,0
j.
Bills bought In open
on
$
%
Secured by Gov¬
ernment war
Total bills
1,330,0
42,704,0
5,944,0
Cleveland. Richmond
CLOSE OF BUSINESS NOV. 19 1920
71,412,0
75,969,0
5,424,0
Gold with Federal Reserve agents 124,961,0
Total
87,038,0
37,192,0
50,441,0
...
Gold redemption fund..
All
2,921,119,000 2.519,660,000
Revise 1 figures.
30,829,0 102,482,0
155,641,0
65,058,0
83,976,0
67,758,0
1,072,0
2,609,0
1,300,0
1,139,0
451,0
491,0
558,0
859,0
793,0
282,0
291,0
198,0
57,635,0
45,197,0
26,034,0
68,905,0
52,796,0
48,113,0
804,424,0
623,0
465,0
916,0
586,0
665,0
12,376,0
436,0
210,0
315,0
889,0
481,0
6,030,0
against
notes..
All other resources
Total resources
I LIABILITIES.
Capital'paid in
497,154,0 1,842,979,0 487,974,0 611,411,0 284,660,0 274,767,0 952,462,0 268,653,0 171,694,0 286,286,0
91,888,0 456,872,0 6,326,800,0
4,447,0
7,669,0
12,351,0
Surplus
768,0
Government deposits
Due to members, reserve account 115,443,0
47,105,0
Deferred availability items
832,0
Oth. deposits, in cl. for. Govt, cred.
164,148,0
Total gross deposits
F. R. notes in actual circulation.
2,059,0
718,0
288,696,0
26,247,0
51,308,0
8,469,0
10,352,0
5,272,0
13,069,0
13,712,0
64,239,0
.8,067,0
1,062,0
58,475,0
52,082,0
586,0
248,0
254,0
947,0
255,0
688,639,0 113,466,0 1.50,378,0
108,592,0
16,352,0
53,036,0
885,0
45,136,0 247,727,0
5,884,0
1,559,0
63,589,0
3,394,0
5,178,0
1,503,0
44,884,0
25,206,0
69,234,0
41,927,0
23,171,0
2,493,0
81,965,0
60,090,0
216,0
1,792,0
566,0
343,0
479,0
98,929,0
6,869,0
4,085,0
164,745,0
4,152,0 11,662,0
12,259,0
167,0
1,614,0
49,579,0 122,525,0 1,781,806,0
616,871,0
35,574,0 36,615,0
26,228,0
3,607,0
322,0
69,901,0 145,027,0
82,609,0 109,329,0
87,089,0 162,914,0 2,437,164,0
86,584,0 258,759,0 3,307,435,0
4,009,0
7,050,0
1,181,0
13,784,0
23,917,0
456,0
4,332,0
813,838,0 168,334,0 215,457,0 111,867,0 71,739,0 319,209,0 107,614,0
869,621,0 271,054,0 342,885,0 144,816,0 174,078,0 542,200,0 136,804,0
8,395.0
F. R. bank notes in circulation—
Net
liability
All other liabilities
j
37,339,0
10,512,0
7,798,0
14.925,0
7,525,0
10,605,0
16,013,0
3,480,0
2,814,0
4,163,0
2,453,0
6,063,0
n 284.6*0 0 274.767.0 952.462.0 268.653 0 171.604 O 286,2<J6 0 101.888.0
456,87? n
18,434,0
36,897,0
21,673,0
22,276,0
11,630,0
5,856,0
45,068,0
5,375,0
6,729,0
3,008,0
497.154.0 1
*42 Q79 0 487.974 O
4'1
14,267,0
3,624,0
213,881,0
104,646,0
6
396.800.0
2120
wmsssuii 1
CHRONICLE
THE
»■-
,
,
[VOL. 111.
1
1
Two ciphers (00) omitted.
Boston.
New York.
Phila.
LIABILITIES (.Concluded)—
%
%
%
Cleveland. Richmond
%
Atlanta.
Chicago.
%
%
$
St. Louis. Mlnneap. Kan.Ctty.
%
Dallas.
San Fran.
Total.
$
$
%
%
S
Ratio ef total reserves to net de¬
>
posit and F. R. note liabilities
combined,
per
51.6
cent
emoranda—Contingent liability
40.0
endors er
as
14,750,0
for
liab.
bills
on
-'mm
„
mm
17,299,0
mm
1,168,0
4mm
6,072,0
(a)Includes bills discounted for
other F. R. banks, viz
35,604,0
(6) Includes bankers' acceptances bought fr
Without their endorsement...
7.0J7.0
STATEMENT
10,000,0
38,845,0
40.8
39.0
16,739,0
25,830,0
29,969,0
40.2
41.3
27,807,0
49.5
m
m
mm
mm
'm
■rnmmm.mm
mm
m m
m
m
•
-
'/
m'mmmmm
-mrnmrn
44.1
163,940,0
mm
17,299,0
m m mmm m
784,0
1,312,0
576,0
1,904,0
7.52,0
768,0
432,0
416,0
16,352,0 111,984,0
m
rn\m.mm
l. ''''mm
m
''
/mm
m
m'm
mm
......
'
------
L
163,940,0
rnmmm
m
other F. R. banks:
10,282,0
OF
16,200,0
736,0
'
om
FEDERAL
Federal Reserve Agent at—
AGENTS'
Boston. New York
S
hand
143,000
ACCOUNTS
Phila.
Cleve.
$
$
$
116,500
302,548
17,299,0
......
RESERVE
(In Thousands of Dollars).
on
mm
1,280,0
mmm
...
Federal Reserve notes
40.1
purch.
foreign correspondents
Resources—
43.2
56.0
on:
Discounted paper rediscounted
with other F. R. banks
Bankers' acceptances sold to other
F. R. banks without endors't..
Contingent
49.4
1
40.9
33,680
AT
Richm'd
$
CLOSE
Atlanta
60,565
NOV.
BUSINESS
1920.
St. L.
Minn.
K. City.
%
$
$
$
126,200
16,220
637,057 156,155
991,577 287,073 369,866 151.414 179,461
19
Chicago.
S
.
27,019
32,200
OF
Dallas. San Fr.
$
11,605
7,640
84,611 114,661
■■
Total.
S>
"$
593,329
14,320
4,380
90,469 292,606 3.657,488
Collateral security for Federal Reserve notes outstanding:
5,900
19,06
100,000
177,587
20,213
Gold redemption fund
Gold settlement fund—Federal Reserve Board
Eligiblepaper:fAmount required
[Excess amount held
Total
———
.....
32,005
209,608
"18*277
3,500
6,860
13,052
276,756
6,831
"
21,454
"i,499
2,926
"i, 877
4,129
1,783
2,744
6,624
15",856
119,624
25,000 101,389 110,000
45,500
57,000
176,145
37.931
11,200
38,360
11,734
95,107
809,366
453,035 107,235
58,566
0,591
73,557
66,280 181,643 2,451,742
9,654
408,159
7,751
15,394
741,575 167,407 206,417 102.415 116,035
212,335
11,755
9,191
14,610
24,601
32,925
14,438
44,095
741,809 2,338,489 617,017 783,687 344,457 444,088 1,433,239 342,968 187,398 281,057 203,009 599.246 8,316,464
Liabilities—
Federal Reserve notesr ecelved from Comptroller, gross. 728,400 2,330,200 668,580 699,926 389,700 408,380 1,243,460 385,820 187,720 262,520 196,160 534,320 8,033,180
Less amounts returned for destruction
307,352 1,195,623 347,827 297,854 211,267 168,354
480,203 213,445
91,51-1 140,219
91,371 237.334 3.782,363
Net amount of Federal Reserve notes received from
Comptroller of the Currency-—............ 419,048 1,134,577 320,753 402,066 178.433 240,026
(Gold
250,002 119,066 163.459
03.426
124,961
48,999
763,257 172.375
Collateral received from
Federal Reserve
bank:\Eligible
197,800
paper
Total
184.022
953,910 176,598 218,162 117,025 140.636
96,206 122.301 104,789 296,986 4,250,817
26,035
24,189 110,963 1,205,746
41,104
74,031 191,297 2.859,901
65,157 117,652
48,920
485,960 121,673
741,809 2.338,489 617,017 783,687 344,457 444.088 1,433,239 342,968 187,398 281.057 203,009 599.246 8.316,464
Federal Reserve notes outstanding—
302,548
991,577 287,073 369,866 151,414 179,461
121,956
16,019 20,981
6,598
5,383
637,057 156,155
13,852
288,696
869,621 271,054 342.885 144,816 174,078
542,200 136,804
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
94,857
~84,601 114,661
5,332
90,469 292,606 3,657,488
350,053
33,847
3,885
82,609 109,329
86,584 258,759 3,307,435
19,351
1,992
Member Banks of the Federal Reserve
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 itfems
were given in the statement of Dec. 14 1917, published in the "Chronicle" Deo. 29
1917; page 2523.
Board
In the statement
STATEMENT SHOWINO PRINCIPAL RESOURCE AND LIABILITY ITEMS OF REPORTING MEMBER BANKS IN FEDERAL RESERVE
BANK AND BRANCH CITIES AND ALL OTHER REPORTING BANKS AS AT CLOSE OF BUSINESS NOVEMBER 12 1920.
Continued liquidation of loans, including those supported by corporate
securities, accompanied by a substantial reduction of borrowings from the
Reserve banks, is indicated in the Federal Reserve Board's consolidated
weekly statement of condition on November 12 of 825 member banks in
leading cities.
*
As against an increase of 2.4 millions in the holdings of United States
bonds and Victory notes, the banks report a further reduction of 7.1 mil¬
lions in their holdings of Treasury certificates, the November 12
holdings
of 278.1 millions representing a low record for the year and a decline of
579.3 millions since the first Friday in January.
Loans secured by Govern¬
ment war obligations declined by 2.5 millions, loans
supported by corporate
securities—by 38.5 millions, while other loans and investments, composed
largely of commercial loans and discounts, show an even larger reduction
for the week of C8.9 millions.
For the New York City member banks an
lions in loans
loans
shown
ratio
supported by corporate securities and of 4.9 millions in other
investments.
of the
reporting banks of the Federal Reserve banks, as
2,278.5 to 2,222.7 millions,
13.2% of the banks' aggregate loans and investments.
The
accommodation of the New York
banks remains unchanged at
the books of the latter, declined from
13.4 to
of
15.8%.
Government
by 15.9 millions, reaching the low level
deposits (net) increased by 27.6 millions,
deposits show a decrease of 6.7 millions.
For the New York
banks reductions of 8.1 millions in Government deposits, of 8.8 millions in
other demand deposits and of 3.1 millions in time deposits are shown.
Reserve balances (all with the Federal Reserve banks) show a gain for
the week of 34.7 millions, largely in New York City.
Cash in vault de¬
clined by 3.9 millions, the New York City banks reporting an increase under
of
29.5
while
millions in Government bonds and
Victory notes is shown,
against reductions of 5.6 millions in Treasury certificates, of 35.4 mil¬
1.
on
from
or
increase of 3.2
as
and
Accommodation
deposits
millions,
other
declined
demand
time
this head
of
about one-half million.
Data for all reporting member banks In each Federal Reserve District at close of business November 12 1920.
Federal Reserve District.
Boston.
Number of reporting banks
U. 8. bonds to secure circulation
New York ; Phila.
48
Cleveland. Richm'd.
115
Chicago. St.
Atlanta.
Louis.\j\finneap.
Three ciphers (009) omitted.
Kan.
City
Dallas.
San Fran.
Total.
81
40
108
35
38
83
51
68
82o
$12,610
$47,459
$11,347
$42,428
$29,008
'$14,530
$21,551
$16,432
$7,371
$14,751
Other U. 8. bonds, incl. Liberty bonds..
U. 8. Victory notes
$19,573
$32,623
$269,683
19,174
5,801
252,726
60,967
33,529
27,969
51,926
13,373
9,816
23,509
21,981
65,717
610,356
84,105
29,669
9,425
19,217
6,856
4,023
38,835
2,735
1,053
5,240
U. 8. certificates of indebtedness
3,191
14,736
195,217
15,416
137,128
13,280
12,111
7,052
6,456
46,917
4,077
1,855
6,709
5,206
21,847
278,054
.53,001
521,418
63,721
134,723
76,445
52,978
159,229
36,617
20,095
50,209
49,951
134,923
1,353,310
46,200
438,883
196,642 i,267,917
804,741 4,087,341
32,819
908,702
211,520
329,013
114,285
590,315
975,869
395,628
941,331 1,508,497
72,093
101,398
616,202
-
.
Total U. 8. securities...
Loans and investments, including bills rediscounted with Federal Reserve Bank:
Loans sec. by U. S. war
obligations...
Loans sec. by stocks and
bonds
All other loans and investments
Total loans and investments, including
rediscounts with F. R. banks
1,100,584 6,315,559
Reserve balances with F. R. Bank
81,464
Cash in vault
Net demand deposits
Time deposits
Government
654,911
25,172
125,210
819,019 4,915,610
153,504
455,883
75,775
68,892
19,478
35,859
31,845
95,280
59,104
445,905
127,261
31.897
79,824
37,698
408,914 1,784,561
399,692
297,499
526,599
264,757
595,510
366,502
687,124
40.350
21,367
45,128
10,066
9,485
15,197
301,465
362,127 1,306.420 16,837,672
83,408
21,592
1,369,928
27.972
13,547
383,538
224,639
659,881 11,121,945
552,841 2,484,975
185,061
33,562 ■v 29,594
68.743
18,969
13,840
339,142
249,467 1,363.660
108,696
638,514
149,888
198,375
68,747
408,221
129,563
90,359
57,236
523,794
9,474
528
381
2,451
571
137
632
456
1,181
29,525
314,123
43,253
26,553
30,688
29,133
79,781
22,575
5,899
22,750
18,710
26,592
647,796
450
325
320
1,938
16,316
139,516
37,325
8,676
4,160
J 0,450
14,507
7,982
2,929
59.687
1,720
4.361
498,176
257,007
34,747
38,044
44,378
70,865
262,469
70.748
61,110
9,065
77,959
26,700
71.101
1,315,984
27,739
36
807
2,809,940
Data of reporting member banks In Federal
Reserve Bank and branch cities and all other reporting hanks.
Nov. 12.
Number of reporting banks
U. 8. bonds to secure circulation....
Other U. 8. bonds, lncl. Lib. bonds
U. 8. Victory notes
U. 8. certificates of Indebtedness..
Loans and
147,952 3.049,018
990,726 11,526,642
947.750
City of Chicago.
All F. R. Bank Cities. F. R. Branch Cities. AllOther Report. Bks.
ciphers (000) omitted.
Total U. 8.
9,721
385,045
New York City.
Three
30,492
2,899
8,677
Bills rediscounted with F. R. Bank:
2.
17,011
39,71)
2,138
Bills payable with F. R. Bank:
Secured by U. 8. war obligations
All other
31,940
604,716
deposits
Secured by U. 8. war obligations
All other
29,844
securities.!..
investments, incl. bills
Nov. 5
Nv. 12.
NOV. 5
Nov. 12.
Nov. 5.
AOv. 12.
Nov. 5.
Nov. 12.
Nov. 5
Total.
Nov. 12 '20Nov. 5 *20. Nov. 14*19
■72
$37,862
72
51
51
9K7
285
208
$37,362
81,439
$1,439
896,545
$96,035
220,392
$72,350
$72,350 $100,788
218.37.'
17,223
17,001
342.411
147,891
74,600
342,097
147,765
73,934
11,166
106,369
178,504
104,946
52,473
52,315
36,375
36,366
195,217
193,627
278,659
15,830
184,168
58,828
60,079
40,722
40,976
278,054
285,223
831,281
331,542
332,509
297,939
298,379
1,353,310
1,358,134
2,010,667
134.773
135,992
95,826
98,107
908,702
122,620
128,188
11,491
16.5401
455.474
457,859
46,693
45,442
723,829
727,246
63,110
60,614
678,103
2,140,134
7,362,608
2,179,466
7,397,462
re-
208
330
120,054
330
$100,81
120,225
S25
823
782
$269,683
$269,197
$268,997
610,356
610,087
631,730
-
discounted with F. R. Bank:
Loans sec. by U; 8. war obligat'ns.
411,494
411,201
Loans sec. by stocks and bonds.. 1,111,751 1,147,200
All other loans and Investments.. 3,607,333
3,612,185
Total loans and Investments, incl
rediscounts with F. R. Bank
5,586,052 5,628,445
612,731
579,841
110,811
110,342
4,427,331 4,436,063
Reserve balance with F. R. Bank
Cash In vault
•
Net demand deposits
Time deposits
Government
_
deposits
332,762
335,479
,051,243 1,061,798
,493,808 1,503,333 10.904,674 10,981,243
131,562
134,780 1,014,755
978,631
39,750
942,634
43,179
219,822
Secured by U. 8. war obligations.
other
222,567
7,741,299
937,514
7,753,436
317,616
294,757
293,468
>1,172
2,383
1,280,977
18,193
1,290 698
16,059
278,594
314,797
23,713
23,686
417,667
454,590
136,506
136,786
6,854,
7,526
213,776
213,624
466,514
438,884
178,322
196,333
967,923
978,509
14.8
14.8
7.3
7.0
12.0
11.9
12.1
32,158
Bills tediecounted with F. R. Bank:
Secured by U. 3. war obligations.
All other
Ratio of U. 8.
paper
ments,
to
war
total
per
securities and
loans
and
.245,159 3,267,120 2,687,839 2,703.973 16,837,672 16,952.330 16,090,357
200,314
203,496
154.859
153,108 1,369,928 1,335,235 1,417,123
75,936
76,326
87,780
88,518
387,411
383,538
381,503
.765,0 2 1,755,4201,603,507 1,598,585 11,121.945 11,094,304 11,354,900
916,589
913,832
612,374
612,065 2,809,940 2,816,595 2,224,042
8,034
9,620
3,298
3,734
29,525
285,863
45,412
8,022
;
911.168 al,061,438
488 018
493,840
414,208
420,866
3,049,018 3,087,514 3,202,988
,290,826 2,304,779 1,873,208 1,893,279 11,526,642 11,595,520 a9,147,264
314,550
Bills payable with F. R. Bank:
All
677,069
140,571
146,876
S9.55S
83,725
647,796
1,452
1,513
486
186
1,938
29,595
29.947
257,007
189,918
13,636
166,455
13,210
181,606
166,331
1,315,984
12.1
10.9
10.9
11.8
war
685,197 \ 1,065,540
1,699 /«
256,781 1
1,334,758 I
invest¬
cent
Exolusive of rediscounts with Federal Reserve banks.
9
11.8
668,000
Nov. 27 1920.]
THE
%xinktx%7
CHRONICLE
dimlte.
Wall Street,
Friday Night, Nov. 26 1920.
Railroad and Miscellaneous
Stocks.—The exceptional
decline in prices which characterized the stock market last
week
succeeded
by
a
Railway shares sold
on
Tuesday
was
counter movement almost
an average
as rare.
of 5 to 6 points
above last week's closing prices and a considerable list of the
speculative industrials
more
were
from 6 to 14 points higher.
These prices could not, of course, be maintained.
Profittaking sales and attacks by operators on the short side of the
market have reduced the net results of the above movement
by about one-third.
To-day's market has been relatively
steady with net changes about evenly divided between higher
and lower quotations.
It is an interesting fact that—sterling exchange and wheat
in our domestic markets have moved in
sympathy with the
above record.
It suggests that both are controlled more or
less completely by speculators rather than by economic or
2121
The market for railway bonds has shown increasing ac¬
tivity, especially in the matter of issues traded in.
The list
has lengthened day by day and although prices have been
irregular in some cases, net changes are generally to a higher
level.
Of a list of 28 prominent in the week's operations 18
have advanced and 3 are unchanged.
Southern Pacifies
have been notably active, the conv. 5s selling up to 11434
and then
falling back to 111
a net gain of 1 point.
The
"Friseos" have made a similar record, and are among the
exceptionally strong features.
Some of the local tractions
have been weak, but Interboro 5s
First
Liberty Loan
Total sales In
Converted
Total sa'es in
Converted
1932-47 (First
Lowest.
Highest.
Par.
Shares
Grain.par
600
22
Nov
23
Radiator...25
200
68
Nov
09
Snuff
Amtrlcen
100
$ per share.
Am Tel eg & Cable... 100
300 104% Nov
Nov
200 49
Assets Realization
.10
300
100
300
Associated
..
.
Oil
2% Nov
Lowest.
|
Highest.
$ per share.
$ per share $ per share.
Nov 23
22
44
Nov
Jan
Nov 22
68
Nov
105
Nov 22
86
49
Nov 24
46% June
3
Nov 22
Nov 26
98% Nov 20 104
Nov 24 105% Nov 2?
500 104
300 18% Ncx 20 19% Nov 23
Atlantic Re's pref... 100
Atlas Tack Corp. .wo par
2
85%
103
Fe?
Aug
73
115%
52
6%
Aug 125
May 114
18%
Nov
22%
Nov
Second
no par
Pref erred.........100
.....
50
bonds
of
Second
Feb
Nov
100
14
Nov 24
14
Nov 24
12
Nov
24
May
400
70
Nov 24
71
Nov 24
70
Nov
82
June
300
4
Nov 26
Nov 22
4
Aug
19%
4%
Jan
100
25
Nov 23
25
Nov 2?
25
Nov
93
400
33
Nov 22
36
Nov 23
33
Nov
50%
Nov 20 117
Nov 24
102
Nov 131
Nov
Nov 22 101% Nov 26
100
Nov
105%
Nov
Aug
8%
Mar
Preferred ctls dep
6,000 102
300 100
Brunswick Terminal. 100
1,500
Nov 20
5
5
Nov 23
4%
Jan
Mar
Calumet & Arizona...10
1,300
69
Mar
Case Thresh Mach pf 100
300
82% Nov
20
83
Nov 22
80%
Oct 101
Jan
Gertain-Teed Prod
no par
200
40
Nov 24
40
Nov 24
40
May
62
Jan
100
200
8
Nov 20
10
Nov 22
6
Feb
17
Oct
Cluett, Peatody & Col 00
600
55
Nov 24
50
Nov 24
49
Nov 106
Jan
200
87
Nov 22
Chicago & Alton
Preferred
100
Nov 22
45
Computiner-Tab-Rec-I00
300
Continental Insurance25
200
86% Nov 23
37% Nov 26
66% Nov 26
Davison Chemical
no par
100
30
100
500
Emerson-Brant
General
Chemical... 100
Gen Chem
Cons etfs dep
Preferred
100
7% Nov 20
Nov 22
100
46%
Nov 26
45
86%
Nov 104
37%
Nov
56
Jan
66%
Nov
82
Jan
30
Nov
40
Sent
Nov
30
Nov 2?
8
Nov 24
29
Jan
25
Nov 27
"125
Nov 192
Mar
Nov 128
Nov
84
Nov
7%
Nov 22
128
84
Nov 20
84
88
Nov 2?
88
3
Nov 22
Nov 27
Nov
Nov 1.00
88
General Electric rights.
30,300
Horaestake Mining.. 100
70O
3
Nov
49% Nov 20
52
Nov 2?
45
Oct
Hydraulic Steel
200
23
Nov 24
23
Nov 23
23
Nov
100
10
54
__!0
100
_
no par
ills Central-RR
ities stk
4% Nov 23
Indian Refining
KCFtS& Mem, pf.100
Kayser (Julius) & Co 100
Keily-Springf 6% pf.100
Kelsey Wheel. Ine.. 100
_
Kresge (S P) Co
100
54
Sept
15
Nov 20
15
Nov 20
15
Nov
20
Aug
100
400
57
Nov 26
57
Nov 26
57
Nov
57
Nov
70
Nov 22
70
Nov 22
70
Nov 118
Jan
200
73% Nov 24
73% Nov 24
73
Nov
91
Apr
Nov 22
44
Nov
Nov 20
120
44% Nov 20 49
Nov 20 120
100 120
800
Nov 26
600
49% Nov 20
55
Nov 26
Manhattan Shirt.....25
500
17
Martin-Parry
no pa»
100
14% Nov 20
Motor.....100
rreferred......100
1,000
Maxwell
.no
eons
par
ctfs dep....
Preferred.........100
Nov 20
2% Nov 22
2% Nov 20
100
400
Nov 22
24
r]7% Nov 27
14% Nov 20
2% Nov 22
2% Nov 20
24% Nov 26
Apr
Jan
Nov
45
Mar
Nov
80%
Apr
16
Nov
33%
Jan
14%
2%
Nov
30%
Jan
Nov
38
Apr
2%
Nov
30%
Jan
24
Nov
51
Jan
Nov
59
90%
53%
Nov 24
45%
86% Nov 20
88% Nov 26
86%
Nov
Nov 20 104% Nov 23
98%
Nov 125
Jan
300 105% Nov 24 105% Nov 26 103%
July 116
Jan
1,000
400 101
8% Nov?23
Nat RysMex 1st pref 100
200
Ohio Body & Blow
no par
800
12%
Nov 24
8% Nov 23
12% Nov 22
IOC
200
25
Nov 20
25
Coast
10%
49%
95
Aug 155
45% Nov 20
ctfs. 12,121
Biscuit....100
Nov 20
5%
12%
25
Oct.
Nov
Oct
Aug
16
Nov
29% June
May
29
Nov
Pacific Mail SS.......5
400
17
Nov 24
20% Nov 23
Nov
38%
Parish & Bingham no par
Peoria & Eastern.... 100
300
20
Nov 24
20
Nov 2?
Nov
47%
Jan
200
11
Nov 20
12%
Nov 23
9
June
18%
Sept
Pitts Steel pref
..100
100
84
Nov 24
84
Nov 24
83
Mav
94%
Rand Mines Lte__vo par
Reis (Robt) Ac Co.no par
600
20
Nov 20
21
Nov 23
20
Nov
29
June
100
10% Nov 22
10% Nov 22
10
Oct
23
Apr
Sears, Roebuck pref. 100
Seneca Copper.
nopar
Shattuck-Arizona ____10
So Porto Rico Sugar. 100
1932-47
Total sales In
300 103% Nov 22 104
Nov 20
10,900
17% Nov 20
18% Nov 23
1,700
5% Nov 20
5% Nov 23
200 100% Nov 22 110
17
19%
Nov 119%
103
14%
5
Oct
23%
Nov
12%
Nov 24
97
Nov 310
87,60
*86.60
86.62
86.90
87.50
87.70
86.90
iSv' 34
94
251
185
171
86.10
86.80
87.30
86.60
Low
85.60
86.36
86.86
85.90
( Close
86.10
86.40
87.30
86.20
18
33
133
3
85.78
86.34
87.32
87.50
86.94
85.60
85.80
86.20
86.96
86.10
85.70
86.96
86.16
86.14
87.16
502
1,981
2,689
1,647
High
88.60
89.00
89.46
89.58
89.30
1
Low
88.20
88.70
88.94
89.22
88.80
I
Close
88.42
88.8G
89.28
89.30
$1,000 units..
1,833
920
87.90
87.46
Low
85.72
85.90
86.50
87.30
86.40
(Fourth 4% s)
Close
Total sales in $1,000 units
Victory Liberty Loan
f High
4%% notes of 1922-23
j Low
85.76
$1,000 units
of
High
1933-38
■
(Victory 4 %s)
Total sales In
86.40
87.30
87.40
86 56
1,176
3,485
3,267
3,488
4,114
95.98
96.06'
96.18
96.14
96.10
96.02
868
988
1,648.
889
1,103
95.96
96.04
96.10'
96.14
96.06
95.82
95.90,
96.00
96.00
96.00
•
Low
95.94
96.02
96.161
96.00
96.00
883
1,186
814'
$1,000 units
Jan
Jan
Mar
Nov
Jan
Apr
3
Low
3 46%
for the week
Jan
100
45
Nov 23
45
Nov 23
44
Aug
53
Jan
300
10
Nov 23
10
Nov 20
10
Nov
11
Nov
19% Nov 22
17
Nov
25%
Nov
16.08
16.76
High for the week
Low
for the week..
High for the week..
15.97
16.65
15.95
■
*
1.53
1.55
1.36
1.38
16.63
for the week
30.20
29%
High for the week
Low
for the week
Domestic Exchange.—Chicago,
discount.
Boston,
$1,000 premium.
Outside
par.
San
Cincinnati,
30%
30%
v
DAILY,
AT
THE
page
STOCK
EXCHANGE,
WEEKLY AND YEARLY.
[For transactions on NewYork. Boston.
see
NEW YORK
Philadelphia and Baltimore exchanges,
2117.]
State and Railroad Bonds.—Sales of State bonds at the
Board
at
are
limited to $5,000 Virginia 6s deferred trust receipts
76.
/
30%
30%
St. Louis, 15(®25c. per $1,000
Francisco, par.
Montreal, $132 50 per
par.
par.
Market.—"Curb"
trading was quiet this week.
reported in the early trading but
later the course of values was uncertain though an easier
tone was
in evidence.
General Asphalt com. was the
feature.
After an early advance of over five points to 4824
it sold down to 46 and today, following the announcement
that a meeting of stockholders would be held to authorize
an issue of bonds, it broke to 4134The close was at 4234Automatic Fuel after a decline from 67 24 to 66 34 sold up to
6734 and rested finally at 67%.
Chicago Nipple after
slight improvement from 834 to 834 sank to 8.
Libby
McNeil & Libby improved a point to 12 then reacted to
1114.
Lima Locomotive com. advanced from 6034 to 70.
and National Leather from 8 34 to 9 34United Retail Candy
Stores rose from 7% to 934 and ends the week at 824The oil stocks like industrials were heavy. Carib Syndicate
9n a heavy business advanced from 1024 to 1334 then reacted
Advances in
11.
prices
Internat.
were
Petroleum
was
also
active and
sold up
Fensland
Oil rose
Grenade
Oil improved a point to 7 34•
Maracaibo Oil moved up from
16 to 17 and down to 1634Midwest Refining dropped from
1524 the close today being at 1534from 1134 to 1324 and dropped to 1234-
144 and recovered finally to 146.
Ryan Consol.
1034 reached 15 but fell back to 12.
Simms Petroleum
declined from 834 to 7.34Bonds were comparatively
quiet Anaconda Cop. Mining 7s of 1919 sold down from 95 24
to 91 and at 91% finally.
N. Y., N. H. & Hartford 4s
weakened from 7724 to 70 and closed today at 7024A complete record of "curb" market transactions for the
week will be found on page 2131.
to
t
BUSINESS
53%
Amsterdam Bankers' Guilders—
149
OF
Cables.
3 46
Germany Bankers' Marks—
from 14 to
50
3 41 %
Paris Bankers' Francs—
to
Weber & Heilbr'r.wo par
^
The range for foreign exchange for the week follows:
Sterling Aclnal—
Sixty Days.
Cheques.
High for the week
3 47
3 52 %
Oct
VOLUME
524
1,1341
high and 58.16 francs low.
Sent
17% Nov 20
95.96
96.00
.
19%
11,400
96.00
To-day's (Friday's) actual rates for sterling exchange were 3 42@3 43%
days, 3 47% @3 49% for cheques and 3 48% @3 50 for cables on hanks,
sight 3 46%(3)3 48%, sixty days 3 39% C3)3 41 % j
ninety days 3 38% <9)3 39%, and documents for payment (sixty days)
3 40%3 41%.
Cotton for payment 3 46%@3 48%, and grain for pay¬
ment 3 46% C?)3 48 Vh
To-day's (Friday's) actual rates for Paris bankers' francs were 16.56 @
16.76 for long and 16.521® 16.72 for short.
German bankers' marks are not
yet ouoted for long and short bills.
Amsterdam bankers' guilders were
30.20(®30.04 for long and 30.54(®30.38 for short.
Exchange at Paris on London 57.70 francs; week's range 56.81 francs
22%
Nov 148
96.00
90.10
Commercial
Aug
100 100% Nov 22 100% Nov 22 100
95.96
96.00'
for sixty
Nov
%
95.76
.95.96
Foreign Exchange.—Sterling ruled fairly active, with
prices strong and higher early in the week, but displaying a
slightly sagging tendency toward the close.
In the Continen¬
tal exchanges prices moved irregularly and the Italian lira
was again
sensationally weak.
10
9
High
Close
600
10
1922-23
(Victory 3 %s)
Total sales in
Oct
24
(Close
$1.000 units
3%<% notes of
Apr
ov
88.80
1,448
47
1
1,407
87.44
Nov
16% Nov 22
1
1,405
30
no par
87.20
86.90
Nov 24
White Oil Corn
87.04
398
33
100
86.84
9
85.88
Nov 22
1st preferred
86.62
High
Fourth Liberty Loan
31
11
86.60
Low
•
(Third 4 %s)
200
900
Nov 20
-
88.30
[ Close
14
15% Nov 22
I
87.88
$1,000 units.
Total sales in
Nov
United Drug
87,.50
23
87.30
Lew
Third Liberty Loan
10
.
87.10
3
87.10
4%% bonds off High
1927-42 (Second 4% s)
{ Low
Nov 23
Ry..-—100
87.10
High
Converted
11%
Third Ave
Close
694
[Close
(Second 4s)
Nov 20
Tol St L & West tr rets.
86.60
(First-
4% bonds of 1927-42
10
no par
86.60
87.50
High
4%s)
Submarine Boat..wo paT 10,600
Temtor C & F P—
Class A
358
87.68
86.80
Total sales in $1,000 units.--._-
Low
July
11
Pacific
Sept
49
Nov 26
Preferred
33%
Nov 22
11
National
Jan
.54
200
Nat Anil Chem
Jan
Nov
Nov 22
Mallin'n(HR)&Co no pur
Mallinson (H R) pref 100
2d
4%
71
Secur¬
ctfs
Mullins Body
Jan
38% Nov 24
Nov 23 128
84
Nov
66% Nov 26
Nov 20
200 128
40
Gen Cigar pref.
Nov 22
100 125
ctfs dep
851
87.20
87.10
Jan
.25
Barrett Chen? Cons ct's.
4% %
Second Liberty Loan
Jan
wo pi ■>
Barnsdall elass A
310
87.10
Low
SI,000 units
Converted
Jan
Apr
Austin, Nichols Ac Co
Auto Sales Corp.
Barnet Leaf her...
426
High
...
Week
American
92.20
Close
Total sales In
4% % bonds
Am Malt &
92.20
92.60
4%s)
Total sales in
Range since Jon. 1.
92.84
92.50
92.70
SI,000 units..
4% % bonds of
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Range for Week.
92.80
92.26
92.18
of
bonds
4% % bonds of 1928
for
92.80
92.10
SI,000 units
4%
progress.
Sales
92.40
92.20
92.30
1932-47 (First 4s)
ent steel
STOCKS.
92.64
Low
Close
High
.
3%% bonus of 1932-47...
(First 3 %s)
from 50 to
Week ending Nov. 26.
not in that class.
Nov. 20 Nov. 22 Nov. 23 Nov. 24 NOV. 25 Nov. 26
Daily Record of Liberty Loan Prices
international trade conditions.
It is reported from Pittsburgh that some of the independ¬
companies are cutting prices, are producing only
70% of capacity, and that exports of steel are
now only about one-third of what they were a few months
ago.
The cotton market is also in a demoralized condition,
with some New England mills shutting down and others
reducing wages.
Wheat sold to-day at $1 5234, the lowest
price quoted in many months.
The money market has been decidedly easier this week,
call loans having been negotiated in considerable volume at
6% and some are reported at 5%.
Evidently deflation is in
are
United States Bonds.—Sales of Government bonds at
the Board include only the various Liberty Loan issues.
from
Exchange—Stock Record, Daily, Weekly and Yearly
New York Stock
2122
OCCUPYING THREE PAGES
week of stocks usually Inactive, see
of sales during the
For record
preceding page.
Nov. 20
% per
9 per share
82% 84
77
77%
7
7U
86
86
35*4
84%
12%
7%
114l2 116
61%
637s
84
84%
77%
7%
Friday
Nov. 2b
Nod. 26
$ per share
$ per share
88%
89
91%
91%
89%
40
38%
41%
38%
39%
38%
50
50%
49%
50%
12%
7%
50
50
49%
12%
12%
12
8
8
76%
7%
12%
12%
12%
*7U
7%
7%
116% 118%
65%
63%
117% 11878
04%
65%
8%
8%
11634 117%
6484
64
8
22
34
5l\
8%
8%
9
22%
34%
52%
24
9%
23%
_9l"
9%
34%
34%
53%
77%
77%
110% 110%
30%
31
76%
76%
6634 6084
52
23
33%
52%
35
53%
78%
78
120
*107
76%
77%
65%
65%
Baltimore & Onto
Do
Do
1
101
103% 103%
217
222
%
lU
224
%
%
1%
134
%
%
*4
5
*414
5
*4
*4
6
*7
9
*7
9
*7
*7
9
14%
10
16
22
10%
76%
16%
29%
22%
16%
78%
29%
10
10
*23%
23%
24
24
87%
4%
12%
19%
88%
89
29%
1
16%
15%
23
24%
16%
81%
,31%
17
80%
31%
11%
25%
5
Colorado & Southern
100
20
1st pref
2d pref
100
100
46
21%
45%
*14%
55
3%
♦7%
3%
;
21%
22%
41%
6
40%
5%
"73%
75
5034
45%
•55
6
6
57%
2484
90
97
98
40
40%
18'4
1934
20%
75%
53%
*00
1934
18%
98%
88%
87
41%
40%
20%
21%
44%
"45"
76
*73
8934
"54"'
54%
54
26
25
*53
22%
m
m *
24%
23%
'
26%
mm'-'*'
■
40
mm'* 'm
30%
42%
27%
40
20%
21
•40%
42
'mmmm'
'
111
117% 120%
-
mm
16%
71%
72%
10%
10
....
....
24%
•
mrn-m
-
43
43
8
8
8
14%
18%
*16
11%
11
1984
19
20
32
35
75
74
34%
73%
10%
11
11
20
20
20
21
29
29
*29%
34
121% 123%
64%
10%
64%
11%
23%
9%
24%
9%
24%
-
18
pref
v
.100
t C—
32,200 Pittsburgh & West Va._
Do
pref
88% 105,709 Reading..
m
-
«
30%
43
*14%
.—
1st pref
120
*16
20%
42%
122%
64
64
*11
12
24%
24%
9%
9%
24%
25%
18%
1134
12%
19
1134
20%
20
35
34%
34%
33%
20%
34%
74%
74%
74%
11%
11
11%
75
*70
11%
11%
1984
20%
29
19
19
19
19
19
90
19
63
53
53
50
50
*50
31%
32%
3234
1%
1%
1%
33%
1%
1%
51%
89%
34%
1%
52%
31%
1%
1%
47
47%
46%
1%
1%
51%
'
mmmm
*
-
-
mm
«
28
28%
68%
69%
mm
30%
71
71
69
70
49
51
51
♦70
80
*70
64%
22%
23%
79
79
65%
_
-
20
20%
68
68
7%
110
7
44
8
38
♦9%
51
80%
100
9%
26
78
107
107
20%
22
~
M
-
81%
54%
*70
67%
9%
8
122
7%
8
54
88
88
30%
73
73
69%
80%
6934
80%
69%
82%
54%
„
m
_
-
47%
38%
47%
49
39
41
t\7
Of
Oo
43%
45
*9%
46%
9%
51
54
81% 85
*99% 101% ♦100
81%
100
1
7%
10
10%
10
8%
mm-m
-
22
75
7%
8%
119
8%
47
....;
9%
50
"42*4
...—.100
pref.
100
4,300 Western Pacific......
Do
pref...
100
1,300
6,400 Wheeling & Lake Erie Ry.100
Do
800
pref
100
....
*9%
55%
1,900 Advance Rumely...
Do
800
pref
2,100 AJax Rubber Inc
54
8484
101% *101% 108
10
tJEx-rights.
14
Mar
Oct29
2884
6884
Apr
50
Sep!
Dec
83s4 June
33% July
31
Junel8
64%
23%
Feb 13
Feb 13
84% Nov 5
65
Octl9
50
Aprl3
73%
OetlS
2384 Sept
60% Dec
70
Oct 15
40
41% May 4
20
Nov23
18
Feb 6
84% Junel6
66%Junel2
37% May24
Febl9
Feb27
56
Mar
Oct 4
39% Oct 2
84*% Sept25
39
Apr
53% Dee
24
Dec
4484 June
75
Dec
84% June
73%
Dec
Dec
93%
38%
39%
2784
June
Feb
May
July
37
May
11
Febll
AuglO
Febll
Mar 9
Mar 9
Feb 13
Janl4
103
Octl6
33
65%
33%
Octl6
Oct 4
Oct 2
3334 Dec
IO84 Jan
48%
11%
1
88%
Febl3
18
Feb 14
33%
Feb 13
66%
17
Octll
47
43
27% June23
Oct22
Oct 4
Oct 4
Oct 5
Oct 5
Mar22|
Oct22j
129% Nov 4
Feb13
Jan
34%
23%
Oct
5;
20%
Oct
8
14
11
20%
Febl3,
July30:
27%
9%
56%
5734
88
89
84
85
*101% 102%
07(j
10%
7%
15
:
7%
Dec
Aug
Jan
15% July
Jan;
34»4 July
Dec
Dec'
13% July
38
May
Dec
25% July
Apr
14% July
Dec
30% July
9%
Febl3
40
Sept27
17
Feb
26
52%
Feb
61%
Feb 5
78
Nov 9
16
Oct 4
15
May20
28
Oct 5
48
Oct 2
25
Dec
Apr
29%
Apr
64
21
Jan
54
July
56%
Jan
70
June
60
Jan
113
July
Jan
18
Nov26
46% Mar29
Nov23
72
Aug 9
1
Augll
1
Janl2
88% Jan 5
2% Mar24
3
Mar31
784 Mar
17
Jan
1%
Dec
4%
I84
Jan
384 July
46
Novl9
88
Nov24
62% Septl7
92% Nov 9
Aug 9
53%
Jan 3
30
69
Novl9
92
Jan
81%
95
Jan28
87
Jan
Sept
90%
Janl6
*92
Dec
113*4 May
103
Mar
IO334
Aprl0
62
Jan
IOH4
Jan
5
84%
Jan
Jan
2
84% May
42% Feb
pref
100
65% Nov26]
80% Nov24
49
Nov20,
100
75
100
100
77
20
5,800 Amer Druggists Synd cate. 10
1,100 American Express
100
3,100 American Hide A Leather. 100
95
pref
Do
4,500
pref—
1,100 American Ice
Oct28
93
pref
12834
61%
Nov22
Nov20
86
Aug26
7% Novl2
Feb
15%
6
175
7
Novl8
.100
44
Nov20
100
37
AuglO
100
53
Febl3
32,800 Amer International Corp.. 100
3
38% Novl8
30%
122
Jan 3
Mar26
*98
84%
113
Jan
119
39%
Jan
88
Jan
10% Nov
76% Sept
13% Jan
Jan 3
53% Marl9
68
Jan
2
120%
Jan
3
70% June
76% June
132% Oct
10
9
Novl6
14%
Jan22
51
Nov20
95
Apr 7
"44%
Mar
80
Aug 3|
Jan27
85
Mar
100
80% Novl9
96% June 1
Apr 8
Mar 9
68
Jan
100
Jan
100
Do
pref..
5.QOO American
§ Less than 100 shares.
flafHrv R*«or
*}Bs-dtv. aid rights*
.100
107
Q1«
• Ex-dlvidead.
e
Fuii.peud.
May
37% Aug
5484 Jan
528s Feb
100
Locomotive
14% Mar
103
Jan
71%
.100
99%
109%
July
67% July
Apr
93
43% July
142% Oct
200 Am La France F E
pref
Oct
May
143% Nov
68% Sept
107% June
148% Nov
Janl4
3
95
Oct
Sept
Jan
Mar31
Jan
51%
97
Feb
Dec
5,900 American Linseed
16,500 American
May
28
01
Do
Jan
42%
50
1
July
18% Sepi
2884 Sept
41% May
100
31% Nov22
June
138% May
7484 Mat
16
June23
100
300
60
May
Octlg
15% Sept30
9
54%
.100
Do
Deo
4!
3
43%
9%
03
Oct25|
Feb 4
40
70% July
Oct
118%
5484
"42%
72% May
Oct23l
105% July 7
47%
40%
33
Jan
13
Febll]
July
Dec
32%
June21
12
2384 July
June
Dec
Aug 9
8%
Dec!
115
May20
14
Dec'
Nov
100
pref..
4,100 American Cotton Oil
8
0%
12
7
3
115%
8%
37% June
14
Jan
v'
23% June
Dec
91%
20%
52%
27%
29«4
119%
3]
Jan
8
10% Dec
69%
15%
20%
Dec
33% Doe
70
Dee
23
61% May24
7% Au?12
Apr 9
115
20
Sept27
118% Nov 4
.50
110
Nov 3
61
40
Febll
July
39% Dec
12% Jan
57%
147%
Do
112% May
99% May
48% May
68
101
200
Dec
32
118% Novl9
68
Dec
77
5
Aug
June 8
Do
1,200
pref...
100
19,300 American Car A Foundry. .100
68
16% Nov
95
18%Novl9
56
39
26%
Do
40% July
24% July
Oct 7
,.100
"2", 400
300
A pi
53% July
Dec
44
80%
80%
123% 125%
25*%
70
Nov
100
...100
500
Do
pref
3,500 American Beet Sugar
Do
25%
37% Sept23
27% Oct 4
105% Nov26
95% Nov 5
63% Novl9
22% Nov20
68%
47%
6684
38% July
58*4 June
Dec
Amer Bosch Magneto..No par
100
15,400 American Can.
68%
47%
44%
9%
Dec
4%
Febll
Do
1,100
pref.
5,800 Amer Agricultural Chem.. 100
82
Feb
24% July
98% May
109% May
16% July
25% July
37%
Mayl9
50
4%
Feb21:
25
10
2,200 Alaska Gold Mines..
1,800 Alaska Juneau Gold MIn'g. 10
no par
25,100 Allied Chena & Dye
80
Dec
25
—100
69%
8%
"84"
11
100
Express
Dec
90
4
20%
2d
Jan
70
6
4
49%
Do
9%
Oct 4
Nov
Oct
10
5,900
104% Aug
37% Dec
5
Oct
20% May24
6
July 1
100
3,200 Wabash.............
Do
pref A...
....—100
9,100
Do
pref B
...100
"8,900 Western Maryland (new).. 100
Oct
8^4
05%
100
.100
—100
.100
18,109 Texas & Pacific.
100
400 Twin City Rapid Transit—100
22,700 Union Pacific..
..—100
800'
Do
pref
...100
1,400 United Railways Invest—.100
2,6001
Do
pref
100
Jan 5j
Oct22[
60% June
12284 May
88
Jan
55%
100
pref
"65%
8%
....
May
Dec
Dec
9% June
31% June
25% May
57
May
Feb 13
—.100
Do
200
t
July
25
40%
40
Dec
Nov
Febll
4%
pref......
Do
Do
200
pref
6,300 AUls-Chalmers Mfg
*80%
14
Dec
13'
38
5001
30%
22%
86%
86
43%
11
600 Seaboard Air Line
1,400!
"30"
m
Bid and asked prices; no sales on this day.
-
12234 124%
119
123
—
1%
*70
68%
26%
m
1%
52%
80
68%
26%
68%
*1%
1%
5284
Feb
13
10
8% Jan
22% Nov
32%
...
54
53%
*70
80
46%
*9%
65%
86%
84%
34
30
7%
"43%
3234
5134
28
20%
79
79%
123% 126%
107% 108
21%
23%
120
33
89%
31%
'
69%
18
-
7
Oct 6
85% Dec
3% Mar
Feb 19
64%
200 Adams
50%
-
40% July
104
May
Feb28
50
200 Industrial 8c Miscellaneous
18
-
12% July
Dec
18
66%
40
50%
1%
*
Sept
30
31*%
21%
29%
19
1%
mrnmm--
*26
50%
55
7%
38%
~
51
10
68%
124%
7%
45
43
80
122
116
7%
38
24
83
55%
30
33
1%
1%
29%
*68
110
"il%
67%
77
119% 122%
...
29%
*82
83
•80
*
29%
95
52«4 July
7
Oct 2
Oct 4
Oct22
Nov 4
Oct 4
Oct 4
Oct 4
Febll
33%
15%
23%
Wisconsin Central
40
•26
90%
312 May22
7
May24
100
7,409|8t Louis Southwestern..-.100
21
23% July
100% May
21
50
Do
112%
6534
80% Juae23
100
111% 113% 253,100 Southern Pacific Co
24%
25% 35,200 Southern Railway
2,800
Do
pref
60% 61%
18%
42%
Dec
1384 Dec
56% Nov 3;
Feb13
03
9091
Do
2d pref
—
£0
20,300,8t Louis-San Fran tr ctfs—100
I
Preferred A trust ctfs.. .100
800
25%
~
42
26
10%
18%
26%
—
Do
80
29%
31
30%
11
*16
33%
25%
mm
31%
43%
15%
112% 115
25%
32%
54
87%
preferred
100
22% 113,100 N Y N H & Hartford
.100
2,590 N Y Ontarto & Western
19%
100
105% 20,700 Norfolk & Western
87% 41,700 Northern Pacific......... 100
;
50
21,400 Pennsylvania
41%
100
9,400 Pere Marquette v t c
20%
Do
prior pref v t c
100
*75
761
*17
9%
25%
20%
34%
2884
*73
15%
11%
40%
65
...100
""".300
11
8%
24%
31
19%
18
9
1678
32%
100%
85%
86%
31,500 New York Central—..... 100
1,300 N Y Chicago <fc St Louis... 100
...100
53%
44
23%
—
100%
87%
40% 41%
20% 20%
"99"
1,300 Nat Rya of Mex 2d pref—100
1,200 New Orl Tex & Mex v t c—100
First preferred—
54
*42
22%
M
21%
100
pref
Second
53%
24%
60
64%
9%
«•
*55
05
Do
19,700 Missouri Pacific trust ctfs-100
Do
pref trust ctfs——-100
12,300
68
54%
26%
22
9%
50%
53
60
42%
5%
59%
76%
50%
83%
20
122%
43%
89
59%
42
23
5%
57%
75%
22%
21%
90%
25%
120
22%
42%
100
.100
Missouri Kansas <fc Texas.100
1,100
*60
75
*60
29%
23
2078
10%
*68
26%
20
100%
88%
41%
2134
58%
21%
9%
20%
8%
24%
53%
24%
64
«.
"6,500
111% 113%
24% 25%
60
61%
18
21%
*40
42%
120% 121%
64
64%
11
11%
21% 25
9%
9%
24% 25
115
65
10%
8
8
-
64
23%
43
43
8
14%
14%
109% 110%
22*4 24%
58% 58%
5%
57%
75%
50%
77%
m
30%
31%
400 Minn St P & 8 8 Marie
Do
pref
7%
23%
43%
5%
58
75%
50%
4284
4584
5%
79
88%
86%
15
45~"
2838
29
2334
05
20
1934
7%
22%
7%
75
*68
50%
14%
8%
6% July
11% July
'
"334 "4"
4
58%]
26%
"43%
26%
80%
5%
58
100
*73
76
84%
65
85%
40%
27
•73
73.
19
85%
43%
77%
54
*60
65
24%
18%
82
23%
43%
57%
75%
51%
23%
18%
7%
22%
8
*65
72
•85
334
3%
7%
22%
41%
8%
14
79
3
38% July 2
9
Feb 13
105
55
7834
97%
.100
1,500 Manhattan Ry guar
4,100 Minneap & St L (new).... 100
*1Q1
"13*34
Feb13
39% May24
94
Aug 9
50
15
80%
15% July
July
24
20% May
33
July
Jan
3584
58% July
51% May
May
217
May
116
Apr
31%
23% Nov20
54% June
74
July
3184 May
Dec
41% Marl9
17% Oct 4
50
4,700 Lehigh Valley.
300 Louisville & Nashville—100
...100
pref..
5%
12%
18%
i
Dec
Dec
40
45%
17%
31
Do
Apr
Feb
75%
2434
100% 101
79
24
3%
6%
2%
91% Nov 5
Febl3
50
14%
Jaa
7
Oct 2
Feb11
30
79
..100
Pref........
12%
172% Mar
21% Sept20
30% Oct 2
22»4 Sept20
Feb 13
17% May20
12% Feb 9
65%Junel2
329% N)v23
9%
16
33
14%
Do
Oct 2
1,400 Lake Erie & Western..—.100
Do
pref..— ..........100
300
33
49%
•
8
21%
34
56%
500 Gulf Mob & Nor tr etfs—100
Feb24
6%
*30
14
properties.No par
2
16%
17%
27%
52%
35
1334
Ore
100
100
Apr30
7
Oct
260% SeptlS
9
Jan 3
Aug 4
*28
13
Iron
4,8)9
100
.
6
8*% July29
13% May 0
Mayt9
40
35
50%
Sept
8,300 Kansas City Southern..... 100
Do
pref
....100
2,400
•28
103
Feb
63
5,500
45%
17%
55
32
Octl9
13
16
4 934
100
89%
20
*101
103
pref....
5
12*34
21%
45%
50%
D.»
100
4*34
12%
16
July
Sept28
09
% N >v23
3
May 10,
100
1,600 Illinois Central
2,800 Interboro Cons Corp..No par
46
July
Jan
107
% N>v22
1,300
22%
82
Dec
100
13
15
Dec
88
100
25
45%
57
Dec
25
21%
55% Aug
Oct 4
Feb
*10%
14
73
Oct 4
Mar30
95
62
Dec
1184
22
June
91%
32
46
84
103
25%
89
13
Dec
83% June29
165
Feb10
Feb 11
July
35
Jan
68
100
200 Delaware <fc Hudson
400 Delaware Lack & Western- 50
11%
21%
45%
5
Maj
32% July
Dec
25%
88*34
14%
133
Jan
19
329%
45
105
Dec
45
Do
1st pref
9,700
Do
2d pref
2,100
22,800 Great Northern pref
*13
Nov
48
Duluth S S <fc Atlantic
5
85
22%
Oct 8
15%
4%
Oct
.
116
Oct2l
16%
81%
13%
July
Janl6
24
4%
12
30% May
52*4 July
76
July
43
1.5%
13%
Jan
34% Dec
48% Dec
Oct 5
J&l
15% July
May
65% May
59% Mai
107
Dec
Dec
36%
54
16%
80%
4%
49
72%
21
skat-
Mai
July
July
July
May
July
July
Augll
23
13%
3
89
33%
28%
170%
68%
13%
17%
7%
71%
-
Dec
3% Dec
84%
6
Dec
5
Oct 4
33% Oct 4
44% Nov 5
91% MarlO
Jan 6
41
Mar 8
MaylO
10
126% Dec
51% Dec
Sept27
120
June28
23% Feb 13
64
Feb13
per
104
Mar
17% Sept27
65
Feb 13
June24
Feb
6
87% Dec
28% Dec
38% Deo
14%
98
62
Marl5
15
19% May24
30% Feb 6
67
Octl5
17
70*% Nov 5
4% Jan 10
7
Feb 13
45%
54
Highest
s
80% Dec
76% Dec
_
13% Marl5
134
Jan 3
Feb 17!
4
42
15%
4-%
48%
47
100
pref
16%
80%
13%
48
May20
Febl3
110
200 Clev Cin Chic A St Louis.. 100
23
434
13
20%
45%
103
100% 100% *101
52%
54
50%
50%
Septll]
5%
Jan
12% Sept27
Oct 5
49% Oct 15
40% June28j
9% Aug31
Janl4
16%
12
1919
I
$ per share
104%
Febl3i
27%
Lowest
per
82
x82% Junel8
Feb 11
15%
89
Apr 21!
June26
10,800
30
5
58
23
3134
11%
25%
100
...100
pref
18,300 Erie
80
89
88
89
16'4
24%
1734
8234
3134
..100
5,10) Denver & Rio Grande
Do
pref
%
1%
%
34
—
May20,
90
Do
225
%
1
21»/-
78
225
pref trust recta
i
72
54
~"m
1
Year
share
90% Nov 5
$
% per share
76 Feb 11
100
Do
217
SHARE
Range for Previous
100-share lots
Highest
100
Do
Do
101
100
Chic St P M & Omah3
50
50
—.100
Pref
40,100 Chic Rock Isi & Pac
7% preferred
1,600
0% preferred
800
32%
30%
.100
Atlantic Coast Line RR
3,400 Chicago Great Western...100
Do
pref
100
2,000
19,000 Chicago Miiw & St Paul... 100
Do
pref
......100
14,000
4,900 Chicago <fc Northwestern.. 100
Do
pref
100
200
9%
23
Atoll Topeka <fe Santa Fe._100
Do
pre!..
....100
Atlanta Brm <fe Atlantic.. 100
400
91
48%
48%
68
68
J8534; 6.584
64
23
Par
Brooklyn Rapid Transit... 100
Certificates of deposit..
900
.100
18,500 Canadian Pacific..
100
18,400 Chesapeake <k Ohio
232 Chic & East Illinois trust reets
7%
7%
116% 117%
63%
60%
9%
23%
9%
10
24%
3634
5434
34
36
32«4
52%
54%
49i2
77
78%
7734
79
75% 77%
*107
112
*107
112
•107
112
30%
32%
30% 3184
29
30
75
76
*77%
79
77% 79
63*2
*89
Railroads.
Shares
""0% ~6%
"Y%
21%
7%
On hasU of
STOCK
Lowest
13,600
85%
3,200
78
7% 7 1,800
92
1,009
40% 30,200
2,900
50
1,700
12%
83%
77%
38
7
77%
7%
YORK
EXCHANGE
Thursday
77%
7%
89%
....
m"7~
$ per share
$ per share
86
84%
77
7
12%
*7%
Nov. 24
Nov. 23
share
86%
77
38
4934
49%
Wednesday i
Tuesday
Monday
Nov. 22
Saturday
NEW
PER
SHARE
PER
Range since Jan. 1.
STOCKS
SHARE, NOT PER CENT.
HIGH AND LOW BALE PRICE—PER
~89~
Nov
98%
Apr
117% Oct
109% July
'
New York Stock Record—Continued—Page 2
For record of sales
during the week of stocks usually Inactive, see second page preceding.
PER SHARE
r
SA
PRICES—PER
jB
SHARE,
S CENT.
NOT PER
STOCKS
Sales
Ff\f
NEW
for
ay
Tuesday
Wednesday
Thursday
Friday
the
12
Nov. 23
Nov. 24
Nov. 25
Nov. 26
Week
$ per share
$ per share
$ per share
$ per share
tare
12k
75
1218
♦73
12
12i2
1134
1178
Indus. & Miscell. (Con.) Par
11,100 Am Ship & Comm Corp Mo par
7378
73
733s
500 Am Smelt Secur pref ser A, 100
47
45i2
463s
453s
46
861j
865s
87U
307s
3038
313g
~9~7%
102
75
741a
88
31
12,300 Am Steel Fdry tern ctfs..33 1-3
83i2
83i2
84*s
94
95
300
Pref temp ctfs
No par
21,600 American Sugar Refining.. 100
83i2
915s
77i2
IOII4 103
73
73U
86
*82
99l2
98
1151s 11634
114
90
113
115
*113
115
68
66l2
70l2
92
92
69
66
92
92
40"l;
4134
42
41
4134
8
8
33
3212
33
3178
42
40i2
42i4
4038
778
3212
4 H8
231;
21
23ls
22i2
2212
571;
*5612
4878
57i2
4878
56i2
§4734
12
60
♦57
981<
778
112l2
35,000
22i2
22l2
1,100
LOO
mm'^m
7)
"~7S
31;
3i8
118
10034 10118
1
*84
103"
58
45)
58
5414
5638
90
90
278
5434
8678
89*4
87*8
578
5
87" "
87"
87"
6
6
6
534
10*4
10*4
mm
21
65*4
6534
6414
2078
60i2
6212
19l2
631/
6312
1914
66I4
714
91
*89
32*8
75*8
600
287;
2912
555s
30
29*4
55
56i2
55i2
143;
143s
15l2
14ig
1458
72
73
73
*65
55
57
60
55
81
*79
81
*79
8H:
8
203.
613,
82l4
82l2
714
2OI4
61*4
7i2
341:
6I4
7214
99*8
3412
961,
95U
74
997
73
5612
5634
77
714
72i4
9934
34i2
91l2
"578
6"
73i2
9934
3478
72i8
7334
100
9512
91
*84
Do
65s
500
34U
883,1
92l2
86
85*4
8534
24i2
27i2
235g
25U
6934
245s
68U
2558
68
69
6758
69
317;
3U2
11*8
34ig
3H2
32
30*4
30»4
1H:
1U2
1112
1H2
167;
17
17
17
17
5634
58*8
56
5634
54
5612
54
55i2
75
75
78
77
79i8
♦5
712
3U4
71;
mmmm''
-rn'mmm
31
3Us
31 ig
83
9212
1434
94l2
1518
141;
'
17
171;
418
563,
m
"
5712
17"
56i2
5612
2,700 Endicott-Johnson
8834
89
54
5512
'mm
m
8"
*5
*26
30
*98
101
1,100 Fisher Body Corp
10,800 FIsk Rubber
1438
800 Gen Amer Tank Car..No par
100
4,200 General Cigar, Inc
50
Debenture pref
100
100
17,800 General Electric
400 General Motors Corp pref. 100
577s
577s
*82
86
126
12734
Toijj
153,
1612
1712
155s
67
68
66
66i2
15i8
66l2
74l2
4214
415s
I6I4 262,400
2,700
6634
1,400
•
7334
80'
7912
80
21
2U2
2H2
*12i4
1312
22"
1278
227S
13
23's
24
25is
17
157g
157s
*15i2
16i2
*75
_
41*4
8,400
7712
900
20-38
2,300
77
80
21
205s
37
20*8
*12*8
300
14
23
2,100
2312
'*
".58i4
59"
Do
temporary ctfs. No par
%).
100
Do
deben stock (7%)_.100
Goodrich Co (B F
..100
Do
pref-.
100
Granby Cons M S 4 P
100
Gray 4 Davis. Inc
25
Greene Cananea Copper. .100
Do
Deb stock (0
500 Guant.anamo
....
Sugar
-
60"'8
171,
17i2
1712
*17l4
18
857,
81
87*4
82
83
80
82
9,400 Houston Oil of Texas
113;
IU4
1134
11
1H2
11
III4
63,
6*4
634
2,900 Hupp Motor Car Corp
2,600 Tndiahoma Refining
345s
3614
•34
*15
35
15
15
15*8
641;
6U2
63l4
96
94
96i4
634
3434
1512
62*8
943s
62is
92U
171/4
67S
6*4
34
....
3,200
To'io
"151*8 Ye"
"l5"
93U
55
56*8
5218
54l2
52i4
535g
301;
30l2
32l2
31
3112
30i2
31
71
71
71
*68
73
*68
72
60
*57
60
*58
60
*58
60
151,
15
15l2
15
501;
50l2
53
48l8
25i2
265g
35
335s
35
51,
20"
new
100
Tnt Mercantile Marine
100
pref
Preferred,
Do
pref
100
3,900 Internat Motor Truck.iVo par
Do
1st pref
300
100
100
Do
2d pref
100
33,800
1514
17,800 International Nickel (The).25
45
4658
18,200 International
7H2
257g
7112
23U
24
35
34i2
3412
53s
558
414
414
_
11
II"
11
J634
1634
165s
165g
4414
47
44
4534
43*4
45
93
*84
"
93
*84
Do
stamped pref
Invincible Oil Corp
1,100 Tron Products Corp ...No par
36,100 Island Oil 4 Transp v t C..10
5i2
514
11
93
200
100
100
50
Paper
17,800
20
♦84
5
1478
*16l2
45
93
584
5U
2458
*33
10
15*8
5034
72
26
12*200
Y5"3-4
561;
.100
(new)
Do
Do
"l6"
par
20
100
100
100
6,800 Inter Harvester
105
161,
ru.
10,800 Inspiration Cons Copper
2,100 Internat Agricul Corp
3414
92*4
.
8,400 Haskel 4 Barker Car.._iVo par
500 Hendee Manufacturing...100
59*4
1714
658
.
1,100 Gulf States Steel tr ctfs. .100
■
~5~8k *61"
25
No par
3,700 Freeport Texas Co
4,300 Gaston W 4 W, Inc.. .No par
651,
42
No par
4
17
mmm
75
preferred (8%).
62
86
4334
100
pref
*60
59'
75
Do
4
12634 12734
4212
50
17
*57
727;
Do
10
100
1,300 Federal Mining 4 Smelting 100
400
Do
pref
100
3,900
681;
611/
200
10
50
14,800 Famous Players Laaky No par
:
a
100
137g
*82
423,
100
No par
4i8
9218
126l4 131
Do
1,300
pref
13,600 Cuba Cane Sugar
m
15
58
mm
100
pref
No par
4,700 Cosden 4 Co
94,500 Crucible Steel of America. .100
17l2
4
62
'mm
§92ig
17i2
►
*6012
'
mm m
"141*2
1778
4
4
*29i4
Refining.. 100
Do
pref
5,600
2,200 Cuban-American Sugar
1,300 Dome Mines, Ltd...,
700 Elk Horn Coal Corp
17
"547i
561;
m
mm
Do
100
200
100
Do
pref
100
Tire.....25
Temporary 8% preferred 100
6,200 Kelly-Springfield
„
„
„
_
„
30,900 Kennecott Copper
No par
201,
19l2
20*8
19
195s
19
97,
9*8
10&8
9'8
11,900 Keystone Tire 4 Rubber—10
53*8
54i2
912
535g
9
531;
9U
5284
51
525s
421;
44
44
100
6,300 Lackawanna Steel
700 Laclede Gas (St Louis)
100
500 Lee Rubber 4 Tire
No par
-
18
*127
150
103
*100
106
175g
no
sales
187s
on
—
18*"
18
150
103
18*
-
*127
171s
150
•
....
17*4
this day.
18
mmm
1958
100 Jewel Tea. Inc
500 Jones Bros Tea. Inc
m
mmmm
127U 12714
100 Liggett 4 Myers
200
"17*4
| Less than 100 shares.
18U
Do
Tobacco.. 100
J Ex-rights
a
100
pref
13,000 Loew's Incorporated
No par
Ex-dlv. and rights,
3
n Par
Oct26
12
Nov24
1918 Nov20
2158 Novl7
'
50
100
Products
5
Jan
28
No par
pref
Jan
61*8
100
Continental Candy Corp No par
55,100 Corn
100
32
mm
"l2" 200
108>2
100
6,500 Consolidated Textile. ..iVo par
100
4,500 Continental Can, Inc
63'2
88
Nov20
7214 Nov19
7118 Nov 8
5
No par
3578 Novl9
19*4 Junel8
104*4 Jan 5
30
25
Copper
200
Do
pref
100
6,100 Consolidated Gas (N Y)..100
1,400 Cons Inter-State Call Mg__10
20
68
86
6
100
1,800 Consolidated Cigar
"
261.
126
3
Jan
27,100 Columbia Graphophone No par
300
Do
pref
100
7h
195g
Chile
6
Jan28
75>2
1,700 Colorado Fuel 4 Iron
2,500 Columbia Gas 4 Elec
81
62
62l2
0
Nov20
17,900 Chino Copper
19,500 Coca Cola
56l2
77i2
100
6
100
148s
*64
I 73
79*4
71s
6212
7434
56
714
20U
20
995s
29i2
5512
1334
81
62i4
35i2
2914
82lS
20*4
634
205g
2312
81U
*98
nr
T2I4 ~2*U66
20
22*s
Aqg 5
OU5
Novl8
940
Do
pref
.100
6,900 Cerro de Pasco Cop-.-No par
11,200 Chandler Motor Car...No par
"12"
9
Jan
7
76
21U
23i2
30is
5578
Jan
1112
63
33
"l2%
Apr 7
26
100
90
2214
129
Sept24
I) Plow Wks_.iVo par
pref
75l2
2058
Aug 9
4U Nov20
Jan
Chicago Pneumatic Tool.. 100
"l2"
Jan
46
33
24
15
96*4
1538 NOV20
90
2114
Jan 3
Feb24
Jan
114
100
77
*12*12
61
Do
100 Case (J
.
No par
Petroleum
33
1218
102i2
IO214
65
10
92
20i2
4
1*8
32i2 Apr 9
96*8 May 6
Sept24
84
12,540 Central Leather
23'8
Oct
Jan 6
Jan 5
Ajw 1
Oct26
100
70
13
3
378 Nov26
83
100
1,600 Burns Bros
5,700 Butte Copper 4 Zinc v t c__5
39i8
24
llli2
48
38&S
2H;
154i2 Junel9
Nov20
60
6414
2018
7914
5
Nov20
7,900 California
64
20
32 34
Jan
5,600 California Packing
641;
77
7
Apr 9
100
100t2| Nov20
No par
Jan
75
148i2
10212
102
12 Aug20
214 Novl7
5214 Nov20
Brooklyn Edison, Ino___._100
7
20U Augl2
176ia ■Jan 5
19i2
"15""
32
9U2 Nov20
95i2 Aug30
3
63i2
15~
91
Jan
Jan
1434
77
Janl7
7534
28U
85l2
1134
1434
92
745g
12
1134
1578
321;
65
2,200 Caddo Central Oil 4 Ref._100
1214
38*8
Jan
Janl2
15
3978
67U
2914
1178
38*4
19U Novl8
IOI4 Novl2
151;
39i;
Nov 19
2,300 Butte 4 Superior Mining. .10
12
.
9
Apr 6
37
5912
06i2
Aug
900 Butterick
7I4
3938
9
Jan
Nov26
100
....
mm
3
Jan
31
Nov19
100 Brooklyn Union Gas
5
11
m
Jan
2U2
1112 Nov24
...
3,900 Booth Fisheries
mm m m m
Jan29
613s
51
cum conv
B
105i2
Nov20
90
pref.
Jan 7
June29
6l2 Novl2
100
8% pref. 100
Class
Do
Do
Jan 5
97*4
210
90U Novl9
99U Nov26
57l2 Novl9
100
100*4 Marl 8
283
Jan 2
May24
4878 Nov23
No par
Jan20
IO684 Mar22
105
Aprl2
165i2
common..100
Do
•'
93
Janl9
Aprl4
100
Corp
100
~
86
Steel
3
Janl3
Mar22
50
93l2
36
100
20
Jan
lOOU
1425s
118*4
no par
pref
2,000
71,500
4
378
*83
Do
Jan 5
Mar 30
83
72
90ig Nov20
8514 May20
102
Aug 9
6038 Nov 8
25
30i2
82 U Novl9
Aug18
9218 May22
10414 Aug 9
25
Anaconda Copper Mining. 50
Associated Dry Goods
100
Do
1st preferred
100
Do
2d preferred
100
1,000 Bethlehem
103"
Nov20
80
pref
400 Batopllas Mining
2,200 Bethlehem Motors
'
103
93
Do
500
56
5414
rnmmm
4U
414
*83
93
*83
27S
5434
318
55
102I2 10212
10178 102
458
4U
93
78
78
3
54i2
100
400
Do
pref
100
9578 125,000 Baldwin Locomotive Wks.100
300
Do
pref
100
2,500 Barrett Co (The)
118"
100
105
7S
86I4 Nov22
26
60
mm
117
.
"55^
'mm
-
I
pref
1,600 Atlantic Fruit
49,000 Atl Gulf 4 WI SS Line
116
33s
531)
57
-
-
160
*100
117
115
L10
-
mm
538
14
■
mm
56
4734
103
937g
9634
95l8
993S
407g
*57
58
58
59
96l2
99
3978
14
Do
1,100 Amer Zinc Lead 4 Smelt..
1,600
99L
Novl9
663s Novl9
3112
56
x42
7,900 Amer Sumatra Tobacco._.100
31
54734
t per share '
lli2 Novl3
7018 Aug23
100i2 Nov20
pref.
100
5,500 Amer Tobacco
600
Do
pref (new)
100
Do
Common Class B..100
5,200
100
32,100 Amer Woolen of Mass
300
Do
pref
100
1,700 Amer Writing Paper pref..100
■_
mm-
5634
4734
-m2
14
10112 110
1H2
1112
109
8
S per share
100
21,310 Amer Telephone 4 Teleg__100
985s
118
90
lots
Highest
100
mmmmmm
*114
6534
1113/
86
90
8912
663/
52
73
72'8
pref
Do
2,700
103
*82
86
9734
9478
101
987g
995s
11558 120
9014
90U
1173s
Do
88
30
99ij
115
900
88
♦82
90»t
17,200 Amer Smelting 4 Refining. 100
31
88
L193)
Shares
305s
*87
97
9412
102
Lowest
731s
4534
basis of lOO-adore
EXCHANGE
13
75i2
4612
103
Ranae since Jan. 1
On
STOCK
YORK
May20
MaylO
164*4 Mar29
11178
2H4
415s
40*4
4414
3
Jan
3
Jan
2
Jan
3
Jan
9
Jan
5
Nov 19
65i2
73
Nov23
Nov20
92*4
z76k Feb 13
7378 July28
6*4 Novl 5
1778 Nov17
8978
59
Nov20
9734 June22
5
Nov20
67
Novl9
9918 Nov20
Jan
67
Ilia
52
Apr 8
80
Jan 14
Aug27
Aug25
9378 Mar22
20*8 Jan 5
46i4 Apr26
9.8
Apr 9
102*4
Jan22
14i2
Aprl6
10514
Aprl4
107
Jan
9
30
May24
43*8
Apr29
35
Nov20
27812
Apr 7
83
Nov22
2358 Nov26
64
Novl3
100
Jan
Aprl4
857g
Jan21
25
Nov12 »605
9U May 19
13
1018 Novl3
28
53'8 Nov 13
147
8884 Nov26
104
45
71
6
Nov17
Nov17
Nov16
26U
Jan 2
Nov20
1378 Nov26
1534 Nov19
80
3'2
49
Oct26
JunelO
54
Nov20
79U May25
118U Nov 16
64i2 Nov18
1278 NovlO
60l2 Novl 7
70'2 Nov16
39®8 Novl9
77
Nov26
1934 Nov22
12
Nov16
19i2 NOV20
15l2 Nov20
30
17
Nov19
Nov 19
Novl2
75
July
10
54
2
7
59*8
Apr 17
Jan
3
Jan
2
Jan
6
Jan
3
95
Jan
5
915s
Aprl6
10i2 Mar30
44*4 Mayl4
1347s Mar20
48
Jan 3
36t2
Jan
19'2
Jan 5
5
77i2 July23
75*8
Jan 3
94*4
172
89*4
Jan
5
Jan
2
Jan
3
Mar26
42
6
85k
Jan
94
Apr20
8578
Jan
6
102*4
Jan
3
55la
Jan
3
49*4
Jan
5
38^8
Jan
3
20i2
847s
Augl7
Jan
8
78U July 8
Aprl9
11012 8ept20
46U
14'4
Nov20
Aug 11
Novl8
Feb 13
Nov22
Nov19
Nov19
Nov1**
Nov1**
Nov20
Nov1**
Novl'
NovlS
45
Nov26
91*4 Marl 8
70
Feb I0
797g
55a
3178
13i2
61
88
100
11®8
44
295s
68
5734
22l2 Nov19
32i2 Nov20
23U
Apr 9
9*4
Apr 6
6178
Apr 8
27
Aprl4
88*8
1421a
Aprl5
Aprl3
115
Jan24
51*4
Jan
3
11178
Jan
5
170
Apr 7
84
Janl9
71
Apr 9
26*4
_
.
.Tan
Jan
7
3
47U July 15
5U2
Jan27
4«4 Nov 15
3i8 Sept2»
21*4
Jan 9
77g
4514
Jan 10
8ept29
I5l2 Novl5
3838 Novl2
85
Nov 15
19
Novl8
8is Novl 8
407s Nov20
35
7
17
Novl®
127U Nov26
99
17
Aug
June2l
Nov20
value $100.
714 July 9
30
Jan
5
15212
Jan
5
105
Jan21
331a
Apr 7
481a
Jan
91*4
Jan
5
5
5712
Oct25
387s
Jan
207
1097a
36
6
Jan 10
Jan31
Anr 12
a Old stook.
%
2124
New York Stock Record—Concluded—Page 3
For record of sales during
HIGH
AND LOW
SALB PRICES—PER
the week of stocks usually Inactive,
"STOCKS
Sales
SHARE. NOT PER CENT.
NEW
for
Monday
Tuesday
Wednesday
Thursday
Friday
the
Nov. 20
Nov. 22
Nov. 23
Nov. 24
Nov. 25
Nov. 26
Week
$ Per share
$ per share
$ per share
$ per share
% per share
$ per share
Shares
Saturday
9%
■
9%
■
30
9%
29%
30
10
30
103*4 103*4 ♦103
115
♦126
.135
•166*2
60
60
67
57
57
57*2
•60
80
•65
75
♦70
80
*68
75
*97
151*2 155
155
16%
11%
30*8
1634
12
60
•96
98*2
*70
75
*50
80
*60
77
*70
17
17%
2%
12%
13%
34%
'31*8
34
60
*58
60
98%
*96
32%
20
98*2
20%
*96
20%
30
30
30%
30
46
46
47%
50
51%
51%
87
87
88
88
"30"
30
30*2
73*4
4%
30%
73*4
29%
30*2
4%
4%
4%
46%
47%
48%
48%
89
88
88
4%
45%
45%
•87
4%
89
67%
103
68*2
103
8*4
83
*87
69%
*101
884
83
18*4
40*2
60*2
35*4
13*2
3*4
•3%
24
84
85%
19*4
18
22%
42
42
62%
52%
36%
35%
36*8
13*2
3%
*12*8
120*4
14%
121
14%
3,400
Nat Conduit A
1,800
200
Nat Enam'g A
Do
pref...
2,600
National Lead
100
52%
54%
*52
64
52
55
37
37*2
14
37
37
38%
r 14 5
4
3%
4%
3%
4*2
25
25%
25%
130
*123
36%
13%
3%
3%
*4
6
*124*
130
130
15*2
15%
49
49
♦49
50
50
51
49*4
15%
49*4
♦19
20
20
20
19%
20
20
20
48*4
48
48%
48%
49
47*8
15%
16%
*13
13%
15%
49%
1,100
2,400
15%
49%
15*2
49%
73%
"74%
79%
"77%
79%
76%
6634
68*4
69
73%
71%
74
71%
11*2
11%
36%
10%
36*2
12%
11
"33"
34*4
30*2
20*4
75*8
11*2
35
34%
34%
301
30*4
21%
24
75%
11%
76
76
11%
7734
78
56l2
•8684
13*8
57
78%
57%
12*2
78%
60*2
89
86
86*2
24%
23
2f
76
76*4
77*2
7712
600
12%
"l2%
12%
12%
12%
12%
4,700
80*8
83%
61%
61%
59%
14
15
14
14%
13%
83
83%
93%
82
83%
84
93*2
70
*58
70
100*9 101
102
105
104% 106
51*8
53%
50
51
52%
33%
33
35
35
36
81
82
85
85
87%
82%
*103
"16*4 To%
32%
7534
64*4
104
11% "12%
11%
33%
34
34
34*4
79
79
80
78
80%
66%
66%
69
68
38
4,300
14%
3,100
84
3,900
104
50
51
34
34*2
6,400
9,600
26,600
85
85
3.700
104
104
200
13,600
1,000
11%
12
11%
12
33
34*4
78
34*2
73%
35
77
66%
68
66%
67*2
77
5,500
23.200
89
89%
89%
89%
"26*4
89%
89%
1,000
26%
27
28*4
28%
28%
66*2
13%
68*4
13%
67
69%
72%
69%
>"l""
"67%
68%
34,100
14
14
70*4
13%
14
14
•5
6
*5
6
5%
5%
5*2
16
16
16%
16%
3%
3%
103% 106
*16*2
3%
89
16
31
101
17
3*4
104%
45
45%
45%
25
25%
25%
27
26
27%
51
52
53
56
55
56
1,000
14
14*4
5%
18
3%
25
26%
14
85
*83
15*2
"7*4 "7%
46%
•24
10%
85
84
13%
14*2
14
41
42'
25%
11
12
12*2
14*2
"8% "8%
8*4
7%
46%
24%
47
43
45*4
85
84
84
14%
15
14%
14*2
45
46
45%
45%
800
8%
5,900
94,100
49%
47%
49%
26%
27%
25%
26*2
25
26
13
13
54
55%
51
54%
82i2
8%
86%
41
C
Times Sq Auto Supply.No par
Tobacco Products Corp...100
500
9%
9
9%
9
9*8
21,600
78
78
78
78
23%
23%
23*4
32%
32%
32
32%
32%
34
34
23%
34%
18934 192%
54*4
55%
10%
10%
193
42
41*2
203*4
60%
6012
62
10%
11*4
11%
11%
40
39%
41
7
7
~*6%
"*6^2
29
30
34
33%
36
31%
67%
70*2
68
72
71
73%
71
36
61%
37%
66%
100*4 100*4
41%
44%
80%
81
105*4 105*2
50
51%
101
45
81
"39"
65*8
101
45
38%
39
68
65*8
67%
44
45
""82%"
106% 106*2
52%
93%
40
84*8
106
53
106%
52%
53%
106
*10*4
10%
10%
10*4
10%
10%
42*2
45*2
38%
45*2
49%
47
10%
49%
39%
41
40
43
37%
103*2 103%
89%
90
"46%
52
32,300
12
1,450
45
1,100
7
,»
33*8
70*2
71%
«
-
»
23,800
22,300
mmrnim-
39
39""
4,000
65*8
66%
40,100
43%
2,500
43%
"81%
82%
106
106
51
52
201",406
2,800
17,100
800
24,400
41
41*2
105*2
38
41
91
12
"10% "lT*4
*49%
51%
*33*4
84%
par
Union Bag A Paper Corp.. 100
Oil...:
..No par
Union
United Alloy 8teel
No par
United Fruit
...100
United Retail Stores..-No par
U 8 Cast I Pipe A Fdy
Do
pref
100
100
;
U S Express
...100
U S Food Products Corp.. 100
U 9 Industrial Alcohol
100
Do
pref
100
U S Realty A ImprovementlOO
United States Rubber.
720
» -' -
11
11
Transue A Williams St.No
200
rn'mmm
46
90
100
.No par
100
"
43
103% 103% *103
pref
'
*10%
12*4
92
60
12
45
32
11
90
50
2,000
11,800
46%
11%
91
34
46
90
*45
14,500
194
*6%
106%
52%
105
46%
23%
58%
83
105
"89% *89%
192
45
"82%
700
J'l- 'mm
*32%
"~7
33%
72%
93%
m
21%
101% 101% §101% 101*2
45%
83%
mm
194% 197%
59?4 60*2
11%
11%
*6*4
29%
1,100
41%
"
5,900
Do
1st pref
100
U S Smelting Ref A M
Do
pref
50
100
t c
No
par
Virginia-Carolina Chem...l00
400
1,200
Virginia Iron C A C
ll"
6,400
V
Do
pref
100
100
Vlvaudou..
No par
140%
58
45
Oct25
32
Dec
57
July
May
42%
JanlO
30
Jan
43
Apt
33%
Jan
99
Oci
Jan 8
101*2
J&n
111
Oct
Jan 8
Jan 7
16
Jan
93
Dec
♦45
Feb
72% Sept23
27%
Jan
Nov20
Nov22
Sept24
113%
104%
68
Aprl2
Feb
2
40
Aug 9
73*2 May22
21% Nov20
32
NovlO
176
Febll
54
Novl7
10*2 NovlS
39% Novl7
Apr20
29
NovlS
66*2 Novl9
tAug 6
35% Nov20
58% Novl8
100
Novl6
41% Nov20
Novl8
Novl9
104% Junel5
49% NovlS
Octl3
1,700
Wlckwire Spencer Steel
7%
8%
8
*104
43
107
43%
.
48
49%
45
47
43%
57
50
51
46%
48%
107% 108
106
46%
44*8
106
Bid and asked prices; no
sales
on
50
48
*105
48%
60
49
47%
108
44%
46%
77
77
*58
64
this day.
Ni a* niaod from Oaio Cities Gas to present
47
46
106% 106%
1,400
700
*104
108
400
46
f Lees than
3,000
108
mmmm
title July
47
46%
*106
46*2
-
-
-
-
Do
pref (new)
WllsonACo.Inc.v t
100
c
Woolworth (F W)
Do
pref
Worthlngton P A M
3
68
Y Aug
93% July 7
46
Dec
71%
Jan
94
Jan
124%
Jan 3
106%
Jan13
55*4
Jan 2
123% MaylO
17% Aprl2
25% JunelS
83% Apr 0
21% Janl3
243
Aprl4
100
Jan
44*2 Sept
No*
June
27% July
105*2
53%
145
Oci
Dec
No*
106% July
74% No*
84
Aug
121
July
12%
Dee
17
July
53%
Jan
6*4 Mar
Feb
168%
Dec
Dec
Feb
85
Mar
94%
29
Oci
Aui
Dec
Dec
64% No*
230%
81%
89
No*
97% July
51% Mar20
109"%
118%
Apr 8
"S6%
126%
Apr 8
45%
Jan
Jan
151
101%
Jan3l
92
Jan
104% No*
Jan
64% Jun*
Dec
17% May
Oct
Oc>
Oci
20% Septl3
00
Apr
8
13% Mar31
c57%
Jan 2
32
9%
»184
Jan n345
53% July 7
34% JulylS
95%
106
38%
06%
127
Jan 3
Jan
7
Jan 5
Jan
3
Aprl4
38
Jan
6
53
Jan
5
224%
96*2
Oct23
Jan
3
Jan
115
June
Dec
Dec
Jan
120
Jun*
75
Jan
100
34%
37%
Dec
72%
97%
34%
37%
157
S0*s
Jan
62% No*
74%
45*8
Oci
July
O01
58% July
Feb
215
Aug
119%
Oct
Oct
Aim
25%
Jan 3
14
Jan
38%
55*4
Apr 7
42*2
Jan
74% July
37%
78%
116%
103%
69%
143%
116%
Apr 6
16%
Feb
60
Apr
76
Jan
5
Jan
8
Jan 6
297*8' Dec
32% May
91% Oct
May
167
May
96%
Jan
111
Apr 8
17%
Jan
Jan
5
73
Jan
Janl3
109
Jan
50% June
139% No*
119% July
Jan
3
47% Mar27
43%
Jan
45
Jan
109
Jan
5
88*4
Feb
115%
80%
Jan28
111%
Dec
Jan
3
65*8
Feb
8%
Dec
78% No*
50
Mw
115% July
117% July
97% July
Mar
Febl3
10%
"21%
107*2 108
105% 106
Mar
54
76
7*2
48
Feb
19
62
21*4
45
112
104
Jan 6
Jan
20
45
107"%
Nov 3
22%
98*4 De*
Feb
110
36% NovlS
106% 106%
Apr
*68%
112% Jan 7
120% 8eptl7
103% Novl9
White
5
107
92% July
Westlnghouse Elec A Mfg..50
25
Nov
51
Feb
9,800
Willys-Overland (The)
110
124
51
10,500
36,325
Maris
120
Aprl9
*42% July 7
106% Aprl2
Jax
132% July
91%
Aprl4
39
'
Dec
80%
43
8%
60
54% Dec
38%
i.
Jan28
Oo»
Oct23
42%
"7%
July
31%
Aprl6
40
8%
Oct
100
14
43%
8
109
Mar
97
39
8
Feb
100
Aug25
42%
22%
Oo»
74% July
May
41*2 NovlO
36% Novl9
40%
6%
105%
x59
5
74
Nov 1,9
28% May
98
46*a
8% Nov20
Oo»
Dei
35*2 Mar
12% Feb
Jan24
Nov20
Nov 6
44
47
98
91%
42%
50
108%
23%
Febl3
38%
Motor
44% July 2
82% Jan 3
Augl8
Aug 2
40
Brake...50
O01
Dec
41
104%
42%
Air
Aprl4
Jan
80
75% July
Jan
41%
Weatlnshotise
100
22
Oct
74
Apr
38*2
1,500
58% Dec
June22
39% No*
Dec
38
Wells Fargo Express
100
Western Union Telegraph-100
94
Dec
02%
41%
1,400
94
Ne*
Nov
27%
37%
87
93
85%
93%
86*8
93
5
41%
7
"l"l"%
149
67
40%
*38
87*2
2
5
90
June
Apr 14
46% Nov20
80% July 13
89% Novl9
40% Nov20
33%
87%
92
51*2
Nov
Jan
80
v
5% Mar
128
Jan28
United States Steel Corp.. 100
Do
;
100
pref
Utah Copper
10
Vanadium Corp
Apr 6
Aprl4
82% Jan26
94% Aprl9
Mar25
1600
AuglO §850
lO'psJunel" 113% Mar25
79% Novl9
91% June24
41
Utah Securities
9%
90*4
6
July
97
28% Sept20
157
48%
82
67
Apr 8
J?% Novl9
3
Nov12
®6% Nov20
43 Nov26
*3% Aug 9
51
°3
I
Aprl7
5*4 Mar 8
30%
1°°% NovlO
40% NovlO
*30
NovlO
31
Novl9
92%May 3
19
Novl8
32% Nov20
34% Feb26
fi3°8 Novl9
89
Nov22
25% Novl7
65% NovlO
If 's Nov23
5% Nov24
50
103% 103*2
10%
74%
H
77%
51%
84
12%
77
93
54
.
111%
10% Nov26
48*4 Nov20
Do
Jan
116%
24% Novl9
100
no pa
Transcontinental Oil
Jan
46
5
Oct
July
21% July
145% Oci
70% July
75
July
Febl 3
10
par
(The)... 100
Do
pref
Superior Oil
47
Jan
May
94%
112
Novl9
Nov23
Aug 9
AuglO
Nov22
Nov20
Novll
Aug 6
Nov20
Texas Pacific Coal A Oil
Stromberg-Carburet.. .No
Studebaker Corp
par
1,300
41*8
30%
20*4
Janl3
Superior Steel Corp'n
100
Tenn Copp A C tr ctfs.No par
Texas Company (The)
25
Sp Corp. No
16,400
75
93
100
45%
26
Novl3
38% Nov20
41*4 Nov20
83% Novl8
13*2 Nov22
41
Feb20
7*4 Nov20
40*4 Aug 6
Stewart Warn
11
23*2
60%
pref non-voting
Steel A Tube of Am pref... 100
85%
41
36%
Do
100
54%
75
59%
9,800
100
10%
22%
"35%
Sloss-Sheffleld Steel A Iron 100
85
75*4
93
100
53
22
197
par
54*2
87*2
53%
40%
202
..100
*82
21%
"9%
9*4
10,400
•
100
87%
'
8*4
40*4
7334
*6*4
*8
9,100
45,000
200
49%
50
100
2,400
43
8*4
par
........25
Standard Oil of N J
Oct25
77%
22%
40
Sears, Roebuck A Co..... 100
2,400
2103% 103%
83
*81
*23% 28%
51
82
57*4
462
625
§016
3
61*4
37
71%
65%
10%
27
30%
10
...
Jan
100
Remington Typewriter vtclOO
Replogle Steel..
No par
preferred
Jan 3
61
Jan
Railway Steel Spring:
100
Do
pref
.....100
Ray Consolidated Copper .10
Do
Jan 5
48%
13% Nov
91*4 Feb
19% Feb
44% Mar
61%
Public Serv Corp of NJ...100
Pullman Company
100
Punta Alegre Sugar
50
«
5
41% May20
Shell Transp A Trading...£2
Sinclair Cons Oil Corp .No par
-
Jan
604
Jan
Sept
100
3,100
w-»
49%
82
40
86
17la
117%
Jan
64
102
Dee
Saxon Motor Car Corp.No par
25*8 186,500
55
2,500
3
Dec
Feb
Mar
100
Savage Arms Corp
Jan
93
70*4
3,700
16,100
43%
49*2
26%
48*4
9
600
110
8*2
45*8
46
100
pref
2
34*2
100
Republic Motor Truck-No
Apr 7
Jan 2
Pond Creek Coal..
Pressed Steel Car
Do
13
Oct
July
92
108*4 May
24% July
88% Jim*
Jan 5
100
Republic Iron A Steel
Dec
Jan
100
k
103
78
pref
Pure Oil (The
Janl3
41%
Plerce-Arrow M Car...No par
Do
pref
100
Pierce Oil Corporation
25
pref........
102%
65
50
pref....
Pittsburgh Coal of Pa
101%
Jan
AuglO
50
Do
75
Nov
18*2 Novl7
.25
Class B
Sept
87
70
Aprl2
Novl 8
78
Novl 3
18
Nov22
40*2 Nov20
48
May20
35*8 Nov22
12*2 Oct 8
3% Nov20
3*2 Novl9
23
Novl7
197 May20
13% Novl6
No*
45
Jan
Feb
43% July
Jan 3
93%
8
106%
Jan
June28
Jan 7
45
29%
80
89*2
...
Penn-Seaboard St'l vtc No
86% July 9
Oct
Feb
98
102*4
San Cecilia Sugar v t c.No par
42
8
...
Bottle
Pacific Telepb A Teleg
Pan-Ana Pet A Trans
Do
4% Novl7
Mar25
Marl9
Novl9
100
Pacific Development
Pacific Gas A Electric
Do
Febl3
83
Febl3
29*2 Nov23
66
Novll
40
40
88
Novll
100
66*4 Novl8
100 rl00%May21
100
Ontario Silver Mining
100
Orpheum Circuit, Inc....... 1
Do
44
100
pref
Steel
95
Cable.iVo par
Stamp'g
60
43%
*83
84
100
1,000
18
23%
54%
*S1%
O
100
Royal Dutch Co (N Y shares*.
8t Joseph Lead
..._10
5%
3%
3%
103% 105
54*2 54%
86
•81%
86
86
*81%
*81%
*81% 86
625
SG20
649
635
5618
630
§628
§622
104% 105%
105
105
105%
105% 105%
105%
81
♦7914
*79
81
*79% 81
79% 79*2
27
27
29
27*8
28*2
28%
28% 28%
41
38%
41
43
44
46*2
44%
49%
41*4
43
42%
47*2
44% 46
46% 48*2
•83
14
5*2
*16%
103*4 104
44% 45%
Nov
No par
Oklahoma Prod A Ref of Am.5
450
164" ids"
104% 105
50*2 51%
34% 35
85*8
85%
100
Nunnally Co (The)
600
88
69%
89%
3%
3*8
99% 101
4484
4434
*
22,800
....
*103
10%
"
60%
*86
15
4884
31%
—
1,000
82*2
♦58"
6
28*2 Nov26
4,700 People's G L A C (ChlCc.lOO
4,200 Philadelphia Co (Pittsb)....50
5.100 Phillips Petroleum
No par
30%
::m
^
93
14*4
Jan
60
35%
35%
78
13*2
79
May 4
19*4 Nov20
100%
par
3,300
35
86*4
Corp,No
Nevada Consol Copper......5
New York Air Brake
100
10,131
''
59
Nov
60,600
23%
86*4
54
11%
25%
"59"
40*4
7
77*2
72%
31
89
32
6
11%
35%
*86
6
Jan
Jan
75%
70*4
93
77
-
36%
36
31%
23*4
21%
m
37
36
32%
m m
36%
32*2
35
Jan
69*a
No par
78*4
72
11%
37
37%
31%
•
71*4
52*4
Mayl9
Owens
•
+
-
Oct
131%
10
Aug 5
30% Nov20
Otis
49%
264
69
1,700
1,600
Oct
May
Jan
32% July
71% No*
02% July
83
July
3,309
700
110
162%
3
118*4 Sep*
No par
20
*19%
Jan
Dec
Otis Elevator..
200
130
'mm
"72*4
10,200
Jan
104
Nov
Nova Scotia Steel A Coal..100
5
00
Janl2
99
2,600
3%
Aug
Aprl9
107
21
100
25%
130
137%
Oct29
6
North American Co
3%
*4*4
137
July
July
D*
6
1,300
25%
66
Jan
100
200
June
Jan
New York Dock.....
Do
preferred
14
*128
Do
100
1,900
z03
79% May
26
Nat Anil A Cbem vtc..No par
Do
preferred vtc
100
4%
2,300
115
Dec
105
10
National Cloak A Suit
Do
pref
90
87
245
Jan
63
Mar 13
...100
48%
22
3*2
♦121
88
47
3!
3%
88
87
Apr
107
Dee
16*8 Novl9
5
Pref
Do
Mont WdACo Ills
21
July
147%
69%
88
National Acme
*44
Jan
Jan 8
Jan
64% Mar22
151% Apr 14
75%
110%
100
*88
87
July
June
Do
pref
Miami Copper.....
100
47
81
120
Jan
4%
*47%
23%
Dec
Feb
Feb
222
90
86
40*8
94
183%
95%
25%
Jan
JanlO
70
Aug 9
4%
48%
23%
Jan 3
28
115%
148
1,200
*44
86
23%
Aug26
100
4,700
6,700
9% Nov20
29% Novl8
102
Mexican Petroleum
98*2
9%
$ per shot«
AuglO
.100
21%
29
52%
9%
$ per share
Aug25
Department Stores.. 100
20%
28%
52%
*69*2 73
*100% 104
$ per share
59* Nov20
56*2 Novll
79*2 NovlO
69*4 Novl9
Middle States Oil Corp
800
Highest
% per share
98
100
pref.
Lowest
125
Mid vale Steel & Ordnance. .50
Montana Power
100
200
300
1919
Highest
100
34,400
300
Year
Lowest
100
30,900
60
47
86
21
*40
13
111",700
780
71
•
73
72*2
104% *100% 104*4
10
9%
9*8
9%
2434
6
2434
4%
47%
*88
May
Do
30%
73*s
*101
9%
40*2
52%
30*8
"""166
13
33*4
*96
20*2
30
*70
73
12*4
32%
59%
PER SHARK
Range for P evions
100
Manati Sugar...—.100
80
80
...
"16% T7I4 "moo
71
72%
104
8%
20
500
153% 161%
13%
33%
60
98*2
12*2
32%
*57%
19%
273
162%
"'17% "17%
18
*57*2
159
400
65
59%
*97
*97
Lorlliard (P)
Do
pref
Mackay Companies
Do
pref
200
102
*59%
Loose-Wiles Biscuit tr ctf». 100
Do
2d preferred
100
800
135% 135%
*68
30
7334
100
7.5
19%
7334
600
80
31
19*4
30
115
*57
•29
'
*28
*103
♦100
PER SHARE
Range since Jan. 1
On basis of 100-share lots
STOCK
Indus. Jc Miscell. (Con.) Par
Loft Incorporated
No par
6,300
10%
36
58
*97*2
161% .164%
163*2
12*8
31%
•50
10
YORK
EXCHANGE
115
58
....
16%
10
10
*25
*103*
135
130% 136%
102
100% 100% *100
60
60
106
59-1}
•95*2
10%
30
*128
♦100
69*2
106
10
30
*103% 115
third page following.
see
19
Nov 19
6% NovlO
47
No par
45
100
lOO
...100
103
Novll
NovlO
June
3
July 19
21
June 7
76
Mar31
92%
119
55%
Oct23
51% Nov
82
Sept
Jan
8
94%
Jan
Jan
3
21%June
115%
Dec
Oct
288
Dec
79
May
92% May
120
July
40%
Jan
59% June
69% Mar29
32% Sept20
45
Jan
86
32
23%
87%
Jan
40*4 June
98*4 May
93
82%
Jan
3
Jan
5
Jan 5
Jan
Oci
145
Aprl4
120
Feb
104% July
136% May
116%
Jan 6
112% Dec
117% July
65%
Jan
42% Novl9
95
Jan27
50
Feb
100
Do
pref A
100
77
Nov24
93%
Janl3
88
Jan
98*2
OCI
200
Do
nref B___
100
57
Nov22
76
Jan
66
Jan
81
Got
4,125
v
t C..100
6
117
Oct
100 shares,
t Ex-rights,
a Ex-div. aal rights.
* Er-dlv.
e Reduced to basis of $25 par.
» Far $10#
1 1920,ran?e inc.. pdces from July 1 onlf; nage for Ohio Cities Gas Jan. lto July31, 37; May 20.59J4 Jan.
New York Stock Exchange—BOND Record, Friday, Weekly and Yearly
T3
_
Price
Week's
Range
Friday
Range or
Since
N. Y. STOCK EXCHANGE
Nov. 26
Last Sale
Jan. 1
Week ending Nov. 26
BONDS
N. y. STOCK
EXCHANGE
Week ending Not. 26
U.
S.
Low
Ask
9id
Government.
No.
High
Low
BONDS
conv
92.20 Sale
92.20
86.60 3ale
86.60
86,90 Sale
86.60
89.10 100.40
Conao
87.20
36
83.00 93.48
10-yr temp secur 6b June. 1929
—
88.30
735
84.00 94.00
Chatt Dlv pur money g 4a 1951
Mac A Nor Dlv lat g 5a
1946
J
J
93.50 97.50 96 00 Nov'20
4J£% of 1932 1947...
86.00 101.10
4% of 1927 1942
86 20 Sale
85.60
87.30
187
81.40 92.90
Conv
86.16 Sale
85.60
87.50 8226
81.10 92.86
4}4 % of 1927 1942.
Third Liberty Loan—
43*% of 1928
Fourth Liberty Loan—
43*% of 1933 1938
Victory Liberty Loan—
•8 oonsol
S
88,80 Sale
1.20
4
O
86.56 Sale
85.72
87.90 15530
96.02 Sale
9576
96,00 Sale
95.82
96.18 5436 94.70 99.40
96 16 4516 91.64 99.40
•a oonsol coupon
la
dl93G
105
1921
registered
la
Pan Canal 10-30-yr 2s reg—193*
Panama Canal 3s g
1961
J.
N
3
M
1961
i
1914-'34
i
M
F
Registered
Philippine Islands 4s
100
101*4
100i2 101
105
106*4
July'20
105*4 Sept'20
98U Mar'19
1926
*1930
ooupon
?an Canal 10-30-yr 2s
82.00 93.00
100% Nov'20
100% June'20
102
41930
registered
104
106*4
99
7$
—-
'8112 HI-
97*2
99 >8 Sale
9134 Sale
99i2
9934
14
96*4 101
98*8 100
91
92
38
89%
98
Jan 1925
Berne (City of) a 1 Ua
1945
Bordeaux (City of) 15-yr 6s. 1934
Chinese (Hukuang Ry) 5s of 1911
1945
f 5348—1944
Cuba—External debt 6s of 1904.
Exter dt of 5s 1914 aer
1949
Dominican Rep Cons Admsf 5s 58
^minion of Canada g 5a
1921
do
do
do
do
72
75 >4
60
72
76
77*2
19
76
80*4
92%
~~6
86
*63'4
79*2 Oct *26
63%
6334
79*2
62%
63%
76
76
Sale
76
76
87*4
1st consol gold 68
95*4
99
General consol 1st 5s
86%
96
74% Sale
100
86
Mexico—Exter loan £ 5s of 1899
t
Gold debt 4s of 1904
1954
Paris (City of) 5-year 0H—1921
57
Sale
79
80%
79
80%
44% Sale
34!4 Sale
46^2
Tokyo City 5s loan of 1912
£7 K of Gt Brit A Ireland—
19
75
146:
5-year 534 % notes
1921 M
30-year gold bond 534s__1937 F
10-year conv 5 Ha
1929 F
5658
58
§65
80
81
21
80
80%
42*4
4.>14
36%
148
9!
18!
94 4
269
10214
81
47%
7
98
251
N
97i2 Sale
97*2
A
80.34 aale
85
8578
192
O
89
Hale
88*2
89
125
F
A
95
Sale
9458
95
3931
1945 A
G
97% Sale
9714
98
64
_._p 1922
92%
99
97*2
102%
85
126
7478
Jan'iti
46
84%
93%
89*4
439; 100
85
1015s
46*2
41
100%
94
9438 Sale
91 *2
743«
74U
3H4
102% Sale
•wltzerland (Govt of) s f 8a 1940
75
85
76
"German stamp".
98
95*2
g
1964 ivi
e
43*8 Corporate stock
1966 A
434 s Corporate stock July 1967
434 s Corporate stock
*1965 y
43*8 Corporate stock
_I963iM
O
d
4% Corporate stock
1959jS« N
1958 M N
4% Corporate stock
1957 M
76
77
Refunding gold 5a
Refunding 4a Series C
52%
71
Ind A
80
92*4
80
93*2
Chic Ind A Sou 50-yr 4s
1956
Ohio L 8 A East
1st 4HS—1969
29*4
50
ChM A St P gen g 4a ser A.el989
39*4
95*4
46
01
1932
83
95*4
25-year debenture 4a
1934
89*4
95%
99
Chic A L Sup Dlv g 5s
Chic A Mo Rlv Dlv 53
Chic A P W 1st g 58
1921
97%
84
92*2 Nov'20
91
95
93
93
8978 100*2
91
94
92
92
88
100*8
80
90*8
79*2
80*4
91
General 4s
90
Stamped 4s
General 5s stamped
Nov'20
83 >&
82
83
Nov'20
85
Nov'20
96
»
89
91
June'20
91
91
101%
wmommm
64%
75%
"76"%
July'20
93
97
101
108
99
Mar'20
99
99
102
May'20
"I 100
95
July'20
101
101
-
71'4 Oct '20
76
76
107*2
95
95
71*4
71*4
50
76*2
Railroad.
53
Arbor 1st g 4s
*1990 Q
Atchison Topeka A Santa Fe—
j
um
1
O
O
*1995 Nov
*1995 Nov
1955 J
Conv 4s Issue of 1910
1930 M
Gen unified 434s
1964 J
*1925 Q
Registered
*1948 A
gold 48
*1948 Q
Registered
1933
10-yr conv 4>48
Refund A gen 5s Series A. 1995
—
Consol 434 s
All A West 1st g 4d gu
1957 M
1998 A
Clear A Mah 1st gu g 5s._ 1943 J
Rocb A Pitts 1st gold 6s—1921 F
1922 J
Consol 1st g 6s
Canada Sou cons gu A 5s...1962 A
Oar Clinch A Ohio 1st 30-yr 5s 38 J
67*2
69
27
84*2 Sale
84*2
83's
86
»l
70
Sale
70
76%
7612
78%
76*4 Nov'20
77*8 Nov'20
72
J
Sale
72*2
77*2
77
72
l007s
91
10078
81
Apr'20
69*4
Sale
91
Sale
90*4
112
Oct '20
64
65*2
7634
.
85
80*4
91%
91
82*2
94
90*8 Mar'20
83
88
88
79
80
J
A
8012
8234
9014
99«4
9S78
50
63
Mar'20
Mar'20
74*2
1987
Superior Short L lat 5s g_el930
Chic T H A So East 1st 58—1960
85
91
91%
90%
90%
"44% "58"%
54
88%
92*4
79
79
%t«9tlbld^indraaked
a
61
76
81*4 Sale
80*2
81*2
66
70
83
63
6334
19
53
1
94%
67%
97*4
93%
03%
94%
99
58
70
61%
9734
9734
93*4
Feb'20
98*4 Sale
9834
9334
~18
66*2
68*2
68*2
1
__
67*4
78
79*4
102
Bept'19
80
Nov'20
81*2
....
97% Sale
86*4 Sale
83*8
66*2 69
"78"" ■*80 "
75*4 Sept,'2(J
97%
i' 97%
75%
77%
94
98
85*2
81%
62
81
81
59%
70%
67
80
81
66*4
70*2
88
July'20
67
74 >4
99
100
70
25
95*2
Apr'20
94*2
Apr'10
94*2
94*2
Feb'20
9834
9834
89*4
90*2
94%
10
62*4
*
gh2-—
!
98%
PR%
..—
76
89%
99*2
90*4
77%
773»
8734 Oct '20
23|
65%
67*4
'288
6434
6534
90
87%
Apr'20
71
O
72%
64
79%
97%
84
75
74
Nov'20
64%
64
86
88
68
101%
59
98*4
83%
"91%
90%
90%
99% 104
Sale
73%
"71%
09% Sale
62
98%
95%
99*4
96%
100%
09%
70
77%
79
88
65
76%
71
71
60*4
71
58%
69
85%
90%
"81 " "82~"
65
75%
64
58
69
101
98
104
100*2
70»4 Sept'20
84
62
Feb'19
Nov'20
100
60
73
82
100% 103
82*4
'
Nov'20
68
79%
99*2
Apr'20
100
Sept* 19
96% June'20
71%
*90*2
81%
39
103*4
105*2 NOV 19
62
Nov'20
7-12 Sale |
N
99
94*2
Mar'19
' 99%
03%
96
79%
98
103
101*2 BOct' 16
...
99U
84%
99
90*2 Nov'20
101*2
Sale
76
84
118
Nov'16
95
May'18
79%
79
78
87%
66%
65
66*2
65
103
Oct *20
08
52%
64
90
59*8
May'17
88
Mar'17
81
Jan'20
81
81
69
69*4
60
72
76
69
80
58*2
103
88
Cairo Dlv 1st gold 4s
J
71%
72
74
Nov'20
68
76
Cln W A M Dlv 1st g
J
61*2
66*2
68
Nov'20
56%
70
M
67
73
69%
60*4
73
M
65
74% Jan *19
J
69
84
Nov'16
79*4
80
Nov'20
"69*"
82
86*8
82*4 Sept'19
88
"
Nov'20
1939
4s..1991
St L Dlv 1st coll tr g 4a
1990
Spr A Col Dlv 1st g 4s
1940
WW Val Dlv 1st g 4s
1940
CIStLAClatg 4a_-.Jtl936
Registered
*
11936
Q
Q
J
Cln 8 A CI
cons lat g 5a...1928
C C C A I gen cons g 6s..1934 J
98
A
C
O Ind A W 1st pref 5s___<f 1938 Q
•
1940
C
Peoria A East lat cons 4a.1940 A
Income 4s
1990 Apr
1961
1929
Cleve Short L lat gu 4Ha
Colorado A Sou 1st g 4a
85
1935
Ft W A Den C 1st g 68—1921
Conn A Pas Rlvs 1st g 4s
1943
Cuba RR 1st 50-year 5a g_. 1952
d Due April. cDue May.
126
79
73%
Due Jan
72*4
Oot '20
83*2
9778 IOC
77*4 91
69is 75*4
66
70*2
88
85
I
80
77%
70%
73%
74*2
61%
67%
52%
8*
Jan'20
87
53%
56
69*8
74%
Apr'20
73
72
83%
85
87
82
59*4
bale
102**2
1993 J.
73*4
9934 100*8
80
16
-
70
Feb'16
60
98
...1931 J
Ind B A W 1st pref 4s
923s Nov'20
88
"62~% "71%
-
74
Genera! 5s Series B
79
May'19
216
89*4 Sale
Day A Mich 1st cons4Ha 1931 J
Clev Cln Ch A St L gen 4s.. 1993 J
80*2
68
71
"98% HI-
CIn H A D 2d gold 4Ha
1937 J
C Find A Ft W 1st gu 4s g 1923 M
20-year deb 4Ha
69%
63
109*2
"
97
80%
69
"91*8 "96
M
58*4
91
78
06
Chic A West Ind gen g 6a_.el932
Consol 50-year 4s
1952
75%
85
Mar'20
-
61*2
90*4
North Wisconsin 1st 6a... 1930
60
" "81 "
68
58%
18
55*2
*20
60
9384
1921
50%
Mar'17
Oct
77
67*4 Sale
s643i Sale
1952 M
85%
60*4 Sale|
69*2 Sale
63*2
1934
52
64%
77s8 Sale
71
Cons 6s reduced to 3H3--1930
Debenture 5s
1930
57%
51*4
67%
*58% ~59~%
St Paul A K C Sh L 1st 4Ha '41
Chic St P M A O cons 6s
1930
60
76*2
72*2
74
871,
Keok A Des Moines lat 5s 1923 A
92%
...
50
Fob'13
92%
St L Peo AN W 1st gu 5s 1948
Chic R IA P—Ry gen 4s
1988
Registered
1988
—
—
80*2 Mar'20
1933 M
77*2
81%
95
...
71*8
1930 J
87%
57%
68
.1933 M
g
82
81
5434
95
1921 A
82
74%
79
1921 i A
67
85
55%
A
68%
99*8 Mar'18
52
1879-1929
Ch Okla A G cons 5a
81
Nov'20i
50
May'20
85*2 Oct '20
"95*2 "96
CRIFAN WlstgU "**
78
85%
84
1987 M
89*4
57%
84
50
85%
80
6978
94%
71
91
68
Apr'19
70h
79% Nov'20
82
98*4 101%
Nov'20
"76 " "78
64%
"73"
93%
76*2
85
M
1987 M
R I Ark A Louis 1st 4H8..1934
Burl C R A N lar a 6s
1934
60*4
87%
lOtlg
91
92%
79*8
Nov'201
A
J
J
Mil L S A West 1st g 6a...1921 M
Ext A Imps f gold 5s...1929 F
Ashland Dlv lat e 6a—1925 M
Mich Dlv 1st gold 6a
1924'J
Mil Spar A N W 1st gu 4s. 1947 M
77%
78%
933s
93*2
J
J
J
■»
ManGBANW 1st 3Hs.1941
Mllw AS L 1st gu 3Hs
1941
Refunding gold 4a
90*4
41
93*4
7634
70*2
68
41
19%
M
60
80
20%
Nov'20
54*4
J
J
J
J
J
P
J
D
J
J
F
A
F
A
M N
Q F
Des Plaines Val 1st gu 4Hs *47
Frem Elk A Mo V 1st 68—1933
62
95% 103*2
34
35
1879-1929 A
Registered
10-year secured 7s
73*2
74*2
69%
34
37
1987
pl987
Registered
Sinking fund deb 5s
62
Aug'19
9934 Nov'20
99
Nov'20
gale
1886-1926
Registered
82*4
60
77*4
78
93
Registered
79
Jan'12
81
Sale
loi'
91*8
65
9134
170
Feb'2U
~80"%
S
N
O
'~36j
71*2
69*2
68
--
1921
General gold 3Hs
67%
91
82*4
69
68
64
10
Oct '20
68
771# Sale
Wis A Minn Dlv g 08
Chic A N'west Ex 4a._.1886-'26
Refund A Ext 4Hs
Del Lack A Western—
Morrle A E<wot 1st, en
•No price Frldaj:
1921
Milw A Nor 1st ext 4 Hs—1934
Cons extended 4Ha.__.1934
69
78
4
72
82*8
70
14
78
68* Sale
87
30
Sept'20
79*8 Oct '20
1297s Aug'15
60«4
D
28
102*2
82'4 Sale j
"70*14 Safe"
O
P
10
92
90*4
*53
3
87*2 Nov'20
10034
64
30
83%
70
7534
77
J
1937 M
Sale
107*8 113
1929 J
1922 J
Tol ACindiv lstref 4s A. 1959 J
Buffalo R A P gen g 5a
70%
9234
D
J
J
P June AM Dlv 1st g 33481925 M N
PLE AW VaSygref 48-1941 M N
3outbw Dlv 1st gold 3348.1925 J
J
Cent Ohio 1st c g 4348—1930 M
S
CI Lor A W con 1st g 5a. .1933 A
O
Ohio River RR 1st g 58—.1936 J
D
General gold 5a
1937 A
O
PRta Clev A Tol 1st g 6s. .1922 A
O
Temporary 10-yr 6fi
Pitts June 1st gold 6a
69*8
78
J
O
J
""Is
72
77*2 Sale"
7678
102% Sale I017a
Ala Mid 1st gu gold 5a... 1928
8runa A W 1st gu gold 4s. 1938
1st 50-year
j
7058
87
M
J
Charles A Sav 1st gold 7s. 1936 J
L A N coll gold 4s
ol952;M N
Sav F A W 1st gold 6e
1934 A
O
1st gold 5s
1934 A
O
Halt A Ohio prior 3 343
1925 J
J
243
76
70
69
1962, M
10-year secured 7s
75*2
47*4* 58
69
83g
East Okla Dlv 1st g 4s... 1928 M
Rocky Mtn Dlv 1st 4s... 1965; J
Trans Con Short L 1st 4s. 1958 J
Cal-Ariz 1st Aref4343"A
Nov 20
69'2 Sale
69
1960 J
SFePresAPh 1st g 53—.1942 M
6tl Coast L 1st gold 4s
*1952;M
55
76*2 Nov'20
1995 A
Stamped
I
56
76'4 Sale
1995 A
Conv gold 4s
1926
J
J
A
F
J
J
J
J
J
J
1879-1929 A
89
36
31
68*4
Registered
Debenture 5a
Sept'20
82%
34
73*2
Registered
Sinking fund 5s
89
67
68*4
89*2 100^8
71*4 81
-
92
78%
J
J
J
J
O
A
P
P
J
J
J
J
1879-1929 A
92
83*4
D
Sinking fund 6s
89
18
J
89*2 lOOlt
92
-
190*8
88*4
Oct'19
78*4 Sale
8734
90%
78*4
Sale
J
82*2
71*4 Aug'20
98*2 Aug'19
-
93
90
84
88
32
9438 Nov'20
75
-
95*4
95*4
73
73
9784
82*2 Oct *2l»
93
101*2
84
83*
96
Canal Improvement 43*8.1965
84
84
8358 Sale
83
8178
64
17
71*2 Nov'20
75
Nov'20
1925
94
86
93
""7
S
el989
General 4Hs Series C.._el989
Gen Aref Ser A 4Ha _.„a2014
Gen ref conv Ser B 5a...a2014
92%
1961 M
Adjustment gold 4s
4s...1956
90%
81*4
40
96
81%
M
J
J
J
J
J
Gen'lgold 3HsSer B
91'2
Canal Imrpovement 4s...1961 J
Canal Improvement 4s... 1962 J
Canal Improvement 4s—.I960 J
Registered..
1947
Convertible 4Ha
Permanent 4a
92% 99
49%
29*4
71*2
68*2
el989 Q
90
90
5s deferred Brown Bros ctfs
1947
Registered
84%
90i2
92%
Virginia funded debt 2-3s„1991 J
gu
86
....
J
J
Highway Improv 1434a.. 1963 M
Highway Improv t 43*8.. 1965 M
Loulsv'1st
91*8
92
Canal Improvement 434s.1964
Chicago Great West 1st 4a__ 1959
Chic Ind A Loulsv—Ref 68.1947
84i2
84*2
82%
434% Corporate stock... 1957 W
334% Corporate stock—.1954 M
Guar Tr Co ctfs of dep
-•
Purcb money 1st coal 5a.. 1942 F
Chic A Ind C Ry 1st 5S-..1936 J
82
88%
41
80*2
Stamped
82
100% 104*2
87
29
71*2
sale"
76%
C M A Puget Sd 1st gu 48.1949
Fargo A Sou assum g 6s..1924
*80
4% Corporate stock reg__ 1956 M
New 434s
1957 M
1937 M
O
N
U S Mtg A Tr Co ctfs of dep
67*2
are prices on the basis of $5to£
•tat© and City Securities.
€ Y City—43*s Corp stock. 1960 M
1930 A
69
26
47
36
Feb'20
8158 Sale
71*2
•
M
Registered
.1927 M
General 4s..
1958 M
Chic A E III ref A Imp 4s g—1955 J
U 8 Mtg A Tr Co eta of dep
—
Salej
9714
90%
Sale
Feb'15
See Great North
76
Sale
113
98
1949 J
7412 Sale
83
J
34*8
Nebraska Extension 4s...1927
90!4 Sale
Sterling loan 4s
1931
Liyons (City of) 15-yr 6s
1934
ktarsollies (City of) 15-yr 6s 1934
46
.1949 J
73
88*2 Sept'16
35
Qd
98
72
4678 Sale
45
June'19
72*2 Nov'20
Nov'20
7278
69*8
71*2
_
98%
69
69
67
Railu ay 1st lien 3Ha
1960 J
ChicBAQ—Denver Dlv 48.1922 F
983s
9118
82*4 May'19
78*8 Dec'19
65
Joint bonds
81
6384 July'20
82
Warm Springs V 1st g 58—1941 M
Chic A
Alton RR ref g 3s_ 1949 A
50
t
Gen g 4s
72
Sale
1989 J
40%
t
SV Y State—4s
76
71*2
29
Japanese Govt—£ loon 4%a,1925
Second series 434 s
1925
4% Corporate stock
61*4
58%
1940 J
1946 J
1989 J
42%
...1931
43*s Corporate stock
63%
4078
7434 Sale
flhese
89%
57%
Illlnola Div3Hs
Illinois Dlv 4s
100*4 8ale
6-year conv 5Hs
70
65
92%
90'8 Sale
Curich (City of) a 18a
66~% "77%
Coal River Ry 1st gu 48—1945 J
99*4
9812
9078
82%
79
125
80
90s
90i2
95
468
97
9034 Sale
84
78%
69*4
737«
23
—.1926
'"•48
85
44
19
21
72%
98
58
75
Mar'17
86
79" "88"%
2
84
73*2
Sale
99%
98*4
Jan'18
83
82
8
87*4
96%
9234
93
78% June'20
91
86
85
97
76
100%
71*4
80
i70°8
84
90
73*2 Sale
Sale
french Republic 25-yr ext 8s 1945
Italy (Kingdom of),Ser A 634a'25
do
109
75
79
99%
84
Sale
*68
76%
99
100*2
9284.Sale
1992 M
Sale
98% Sale
2-yr 534 s gold notes Aug 1921
10-year 534 s
1929
do
84
975t June'17
85
Sept'20
83
Nov'20
98*2 Nov'20
9734 Nov'20
98
75
98
81
A_.49
External loan 434 s
98
68
81
80*4
1992 M
80
t 42% Sale
9834 Sale
Ohrlatlania (City) a f 8s
1
75
99
.1944 J
R A A Dlv l8t con g 4a
2d consol gold 4a
71
94
60
05%
Big Sandy 1st 4a
Potta Creek Br 1st 4a
,
83
85
20-year convertible 4Ha..1930 F
30-year conv secured 5a__ 1946 A
Craig Valley 1st g 5a
9734 Sale
Jan 1921
s
Registered
87*2
delglum 25-yr exts 1734s g_1945
Copenhagen 25-yr
General gold 4Ha
89%
71
33
Sale
99*8 Sale
Greenbrier Ry 1st gu g 4a. 1940 M
Sale
88
88*2
89
74H May'19
90
May'18
89
1939 M
86%
71
75%
8058
1939 M
Registered
HUh
10
'
lat consol gold 5s..
Low
5
87*8
71
J
M
Chesa A O fund A tmpt 53—1929 J
No.
92*2
86*2
86
Am Dock A Imp gu 5a
1921
N Y A Long Br gen g 48—1941
High
92*2
8658
S1987 Q
79%
Mar'20
Feb '15
Government.
argentine Internal 6s of 1909
6-year 6% notes
Registered
871
100
Ask Low
92*2
82
1947 J
July'18
79*4 Apr *20
Foreign
1-year 6% notes
1915 M
Mobile Dlv lat g 5s
1940 J
CentRR ABof Ga coll g 5a-1937 M
Cent of N J gen gold 5a
1987 J
89.58 6004 85.80 95.00
vf
4?*% Notes of 1922 1923
35* % Notes of 1922 1923
gold 5a
Mid Ga A Atl Dlv 5a
s»
Second Llbery Loan—
F
2639
92 84
Jan. 1
Last Sale
26
Bid
Central of Ga 1st gold 5a___pl945
-,334% of 1932 1947...
Conv 4% of 1932 1947
Conv 4J4 % of 1932 1947
Mince
Range or
Friday
NOV.
Range
Week's
Price
si
High
First Liberty Loan
2d
2125
1909 the Exchange method, of quoting bonds toas changed and prices are now—"and interest"—except for income and defaulted bonds.
Jan. 1
3Hs2QOO
Due June. &Due July. *Due Aug.
69
21%
C
83
A
80
*
c
Nov'29
74
74
--
"gg ' ~8S'
—-
59
98
74
98
74
61%
61%
47
67
30
30
30
16
36
81%
8884 Nov'20
73
89
74
85%
61% Sale
F
J
98
—
71
IVI
A
99
----
2
70%
Sale
72*2 Sale
92*4
94
79
82*4
""
7*
Nov'2§
66%
79
91%
98
Nov'20
63
73
69*2 Nov'20
63
72%
71%
95
*Due Oct. j»Due Nov. ©Due Dec. »
Option Ml©
New York BOND
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 26
Pric*
Week'*
Friday
Range
Nov. 26
Last Sal*
or
Record—Continued—Page
Rang*
BONDS
Sine*
N. Y. STOCK EXCHANGE
Jan. 1
Pric*
Week ending Not. !
A Due July,
2
n Due
6
Sept.
o
Week's
Rant*
Friday
Rangeor
Sine*
Nov. 26
Last Sal*
Jan. 1
Due Oct.
*
Option sale.
New York BOND Record —Continued—Page 3
BONDS
T. STOCK
N.
N Y Cent 4HR RR
Week'e
Prict
EXCHANGE
Range
Friday
Week ending Nov. 26
(Con)—
Ask
Low
L«ke Shore gold 3Kfl
1997 J
D
Bid
70
70*2
69%
■Registered
Debenture gold 4s
1997 J
D
*
70
65
25-year gold 4s
Registered
•
1928 M
S
1931 M
N
Since
High
69%
Aug'20
85%
84%
82% Sale
1931
BONDS
Range
or
Last Sale
Nov. 26
84%
81
82%
84% Nov'19
Low
19
48
High
5S..1932
o
Phila Bait A W 1st g 4s. .1943
N
76
87%
Sodus Bay A Sou 1st g 5s_1924
74%
84%
Sunbury A Lewis 1st
75%
Jan'20
75%
75%
86%
93%
93%
Michigan Central 5s
93% May'20
99% Aug'17
98% Nov'18
90
...
86
...
1940
74%
1940
70
Registered
J L & S 1st gold
3Ka
1951
1st gold 3Ka
1952
20-year debenture 4s
0 Y Chic & St L 1st g 4s
Registered
Debenture 4s
77
1937 A
79
1931
Sale
80i4
"6934 ~70%
M
con g
OgAL Cham 1st
63%
72%
72
81%
8134
69
69%
94
Sale
98
60
50
60
73
70
..
6912
67
Registered
2361 J
1YC Lines eq tr 5s_. 1920-22 M
Equip trust 4 Ks._ 1920-1925 J
94
May'15
97%
97'8
71% Nov'20
60
60%
77
60
53
60%
103
Nov'16
Sale
67
52
67
3
14
45l2
45
45
3
J
"4512
48%
45
45
1
Non-conv deben 4s
N
45i2
48%
48
48
1
43
42%
43%
4
J
J
73%
70
75%
39
F
A
50
Oct'17
J
J
91%
Jan'12
Non-conv deben 4s
1955. J
J
Non-conv deben 4s
1956,J
J
70%
45
—
"47 " II"
Harlem R-Pt Ches 1st 4s.1954 IVI
N
69
69%
(3 & N Y Air Line 1st
4s..l955;F
Cent New Eng lstgu 48—1961;J
Hartford St Ry 1st 4s....1930 M
A
J
60%
64%
57%
Rousatonlc Ry cons g os_.1937jM
Naugatuck RR 1st 4s
1954!M
NYW'cheeAB 1st Ser I 4Mb '46 J
8oston Terminal 1st 4s..-1939 A
New England cons 5s
1945 J
90
54
42
44%
61%
N
New River 1st gold 6s
1932
N A W Ry 1st cons g 4S..1996
F
A
A
1996 A
Dlv'l 1st Hen A g«ta g
4S.1944 J
10-25-year
conv 4s
1932 J
10-20-year
conv 4s
1932 M
10-25-year
10-year
conv
conv
4 K »___ 1938
Registered
101
---
76%
76%
"75%
76%
"77% IIII
10534 Sale
77
96%
74%
7x7
76
83*4
98
92
46
56
Fla Cent A Pen 1st ext 6a. 1923 J
39%
50
1st land grant ext g 5a__1930
87%
Consol gold 5a_.
...
94
15
34%
51
68%
74
82
82
83%
82
89
1934
J
Cent Pac 1st ref gu g 4s._1949
F
1949 F
3Ks_.*1929 J
Through 3t L l3t gu 4s. 1954 A
GHASAMAP 1st 53.1931 M
1931 J
5s guar
exten
.
1924
1940. J
4K8.1941 J
1931 ,J
1933 J
1942 M
A..1940 A
79%
76
77%
84%
60
62
No of Cal guar g 5a
..1938
Ore A Cal 1st guar g 5a... 1927
So Pac of Cal—Gu g 5s... 1937
104%
07%
80
74
74
68
77
72%
81
98%
98%
69
77
09
80%
67%
77
49%
59%
69
82
82%
83
97% 102%
90
100%
30
3
95
10434
168
78%
Feb'20
1
98%
"l2
Aug'20
Jan'20
39
66
...
90
100
W
M
M
J
A
01
J
1921 J
A
J
M
So Pac Coast let gu 4s g.. 1937 J
Tex A N O con gold 5b... 1943 J
76% Sale
D
111% Sale
A
72% Sale
O
N
90%
N
81%
N
84%
J
O
"84"" IIII
J
J
98%
O
88%
N
93%
J
82%
J
73
80
82%
Series
F
F guar 4s gold...1953 J
G 4s guar..
190T M
I oodb guar 4KS.1903 F
80%
82%
83%
88%
82%
84%
O
1994 J
J
86*4 Sale
1994 J
J
Ser A
1950 A
Mob A Ohio coll tr g 4b.
1938 M
Mem Dlv 1st g4Ks-5s__. 1996 J
St Louis dlv 1st g 4s
1951 J
Ala GtSou 1st cons A 5s__ 1943 J
Develop A
gen 4s
o
"59% Sale"
s
58*4 Sale
83?°
«I>neJan.
67
64
69
90
98
90
101
Dec '15
79
Nov'20
"74% "81%
84%
84%
81
89
92
92
2d
61%
73
70%
70%
Cons 1st gold 5s
90
90
90
92%
79%
91
51
57
53
46%
53
J
96%
97
97% Nov'20
J
96-%
J
80%
O
96
88%
-
wjf
Ml
57
...
70
89%
60
...
73%
W Mln W A N W 1st gu 5sl930
F
49..1935 J
Western Dlv 1st g 5a
4s
2d 20-year 5s
77
73*4
68%
04%
1917 J
34
75%
76%
80%
80
80
Union Pacific 1st g 4s
Registered
1947 J
86%
86%
20-year eo*v 4a
1927 J
74%
90
Ore RR A Nav eon g 4s..
T9%
90
Ore BMort Line 1st g 6s—1922
80
82%
..#2006 M
10-year perm secured 6S..1928 J
1st consol g 5e
1946 J
70
71
80%
81
83
69%
89
80%
64
ctfs of deposit
J
A
1947 J
63%
02%
74%
81
85
1
75%
85
52%
85
70
93% Oct '
77%
mmmm
70
Apr'20
"93%
77%
80%
65
July'20
65
69
Oot '20
62%
73
84
Nov'20
80
85
36
Feb '19
81% Oct *20
82
66
19
15
15
1
IS
16
65
65
68
82
82
64%
82
•
.
80%
62
81
"lis
78
"55
"81%
Sale
73% Sale
73
Sale
98%
78% Sale
77*4
98*4
98*4
100
83%
81%
—
1929 J
89*4 Sale
82%
82%
74
180
100
50
78%
98*4
15
85%
58
74%
86%
77
77
78%
88%
66
81
95
103
8
06%
4
96*4 101
81
88%
$8%
12
79*4
80%
89*4
82
74%
85
6
84%
92%
20
88
M
74%
82
96
Feb '18
80% Dec '19
Vandalia cons g 4s
70
Consols 4e Series B
wDoeOot.
87%
15
1926 J
ftftMAag.
83
42%
UtBh A Nor gold 0e
kDweJnly.
70
79
80%
74
Guar refund 4e
0 Due June.
Nov'20
70
8
84
▼«raCm« A P 1st
70
80%
t
80
74%
55
80%
Apr'20
70
80%
1
July'20
52
88*4
Ser A_._19S5 F
1957 M
trn 4W»_.T9&4 J
71
85
55
15
72%
80%
Sept'20
79
50
78
R«
Oct '20
15
Sale
81
F
1946 J
1.1933 J
95
"90
49%
80% Bale
1st ewtewde* 4s
»
60
95
....
80%
"9l"% III.
1935 A
Ulster A Del 1st cons g 5a...1928
1st refunding g 4s
1952
•
91
106% Nov'04
1935 J
Tor Ham A Buff 1st g 4«..*1946 J
...
"05% "72
1990 A
1927 J
7i
»
601
"21 "84%
80% June'20
70
Oct *20
75%
La Dlv B L 1st g 6s
88%
85
68%
73%
78%
'20
87
J
71%
76
Jan
O
A
D
J
Mar
1931 J
09%
co
87
83
1953 J>
-
87%
104% Dec *16
87% Oct '20
66
82%
98
86%
69%
84%
95
---
80*4 100
f g 4s
Kai A M 1st go g
Feb '20
A
St L M Bridge Ter gu g 5e. 1930
Texas A Pac 1st gold 5s
2000
2nd gold Income 5s
02000
90%
80%
-
O
83
General gold 5s
Aug
A
97«4
81
65
1894-19-44 F
83
80
80%
97% 100
96
97%
102% June'11
86*4
J
63
Nov'20;
May'201
60
65
1st A refunding 4a
10
-
70
J
o
85
80
90
88%
88%
92
July'19
—
J
9534
95%
"60% "07"
Nov'20
87%
1938 M
1940 A
88% Sale I
A
66
Nov'20
80%
J
O
s
02%
69
Is* cobs 50-year 6s. .1958
Gen refund
50
58%
07
Va A So'w'n 1st gu 63..2003
98%
65
2
58*4
81% Mar'16
8
5s
54
60
65*4
81%
r
84%
140
59
62
87
gold 6a
90
84%
81%
89%
N
cons
73%
77
55
..1936 M
1st
62%
54
80
General 5s
82
26
816g
83%
72%
71%
69
N
gu 4a
71%
86%
87%
84% Oct '20
86
88%
latcy
228
70
Term A«en of St L 1st g 4 K s 1939
83
"68 " '"79%
75%
70%
88%
Spokane Intercut 1st
90
80%
74%
98
84%
96
81
8
93%
93%
93%
81
8
105
85%
90
8
82
95%
91%
76*4
1926 M
73
95%
61%
1926 M
101
90
73*4
69
J
A
1924 F
1955 J
"83 " "87
July'19
J
Virginia Mid Ser D 4-Bs... 1921
W Q a W
Mar'19
86
1945
82%
93*4
97%
69% Nov'20
86
Nov'20
Series F 5s
86%
94
84%
67%
Series E 5s
92%
93
71%
93%
83
82% Aug '20
93*4 Oct '20
97% Nov'20
89
Rleb A Dan deb 5sstmpd.l927
Rich A Meek 1st g 5s
1948
74%
87
86%
J
J
J
J
A
M
M
60%
85%
J
Ga Pac Ry 1st g 6s
1922
Knoxv A Ohio 1st g 0s
1925
Mob A Blr prior lien g 58.1945.
78
82ia
81%
82%
J
1948 J
89*4
65%
75%
Nov'20
78%
75%
Nov'18
81
..1956 M
E Tenn reorg Hen g 6s
Ga Midland 1st 3s.
95
J
A
J
154
85
J
~65
816*
93% 117
85
-.
J
73%
'18
Oct *20
86
o
57(
Nov'20
Oct
85
D
1948 J
4s
70%
83
75
68
70% June'20
84
49
52
May'20
Nov'20
"67%
Atl A Yad 1st g guar 4S..1949
E T Va A Ga Dlv g 6s
1930
Trust
Oct '20
84
45
38
J
Atl A Charl A L 1st A 4K 81944
1st 30-year 5s Ser B
1944
Atl&Danv 1st g 4s
J
iTol StLAW prlleng 3KB.1925 J
72% May'»0
82% Apr'tO
82% Nov'20
84
30
36
85
1950 A
6s
cons g
Registered
75
85
46
42%
Nov'20
90
Apr'20
80% Aug '20
San Fran Terml 1st 4s.
Southern—1st
69%
85%
85%
84% ®ct '20
82% Sept'20
39
91
«74% Sale
71
71%
69%
87*4
61
37
Sale
J
Feb'17
83
64%
60%
65
83
Sept'20
96% Sept'20
91% Apr'20
87%
88*4
99%
88
J
88%
85% Sale
|
N
1956 J
Tol P A W 1st gold 4s
86% Oct '20
87% Nov'19
88% Sep*'17
.
97
15
85
..
95*4
SO
83
54%
49%
83% Sept'20
87
95%
1917 F
88
...
86
1950 A
Mar'10
97
72
Coll trust 4s g Ser A
Sept'20
3
3
100
85%
J
89
Dec'15
80
67%
6
72
71%
N
75
07" "86"
82% Oct '20
93
70
49
51
71*4
73
87% Sept'16
77%
77%
"77% Safe
50-year gold 4s
—
71%
60%
48%
jl
70% Oct *20
270
76%
77
109
114% 10471
A
D
Dec'12
79
70
86%
60
51
70
s70% Sale
Feb*12
...
37!
...
82% Oct '20
89
Oct '20
92
Nov'20
8
96%
90%
69%
56%
86
50
64
So Pac RR 1st ref 4s
Tol A Ohio Cent 1st gu
Feb'20
Apr'20
79% May'19
76% Apr'20
67
50%
65
80
92%
39%
*2l'l
62
41%
67%
67
70
69%
Sale
s41% Sale
65
Nov'19
85
Oct '20
77% Nov'20
104
87
1941
Mortgage gold 4s
103% 108
80
62
76%
96% May'18
1945 M
bM and aafced.
85
84
Series E 3K* guar geld. 1949;
19T9 J
83
80
68%
'i
10
~~4
73%
88
84
60%
57
—
172
97*4 Oct '20
69% Mar'20
75"
29,
90
983s
68%
216
81
97%
67%
57
D
48
94% 10534
15
N0V20
98% Sale
~08"%
198
89
90
51%
..
Nov'20
93%
64
60%
D
01929 M
Louisiana West 1st 6s
Oct'19
9284
60%
79
A AN W 1st gu g 5o
Dec'16
78% 8ept'20
Sale
70
100
69%
98% Jan '14
60%
60%
J
■alt
66%
61
O
19
Aug '20
63
O
J
63
100% 103
75% Nov'20
Nov'20
55% Nov'20
62*4
64
1943 J
64*4
Jan'20
37%
55%
85
67
92*4 100
65
64%
83%
03
98%
106
63%
86
J
51
100
76
Feb'19
Sale
66% Sale
70
60
102
82
Nov'20
95%
....
81%
J
Gen gold 4s Int guar... 1921
Wa«o A N W dlv 1st g OS '30
10534
76%
82
46
101%
7534
June'20
May'17
*1949 J
Gila V G A N 1st gu g 5s.
32
Dec'19
97
Oct
90
(Cent Pac coll)..*1949 J
Mort guar gold
9034
96
67
70%
88
20-year conv 4s
76
100
5
89%
65%
77%
Gold 4s
76
78%
89%
'20
89% Sale
85%
60
Mar'2©
Oct '20
39%
2
J
69
76
77
66%
789
97
J
Registered
76
83
45ll
51
J
1st 6s
Registered
76%
Oct '20
5534
Nov'19'
64%
97
J
J
"
44
Oct '20
77%
Oct'20
62
47%
70%
s
77%
91%
Sale
4926 J
62%
78%
76%
M
J
81
Southern Pacific Co—
Nov'16
67%
81%
Ohio Connect lstgu 4s...1943 M
Pitts Y A Ash lsteoas 5s. 1927/M
M>42 A
AtlA Birm 30-yr 1st g 4a_el933
Caro Cent 1st con g 43
1949
77%
78%
.1942; A
1942 M
56
70
78% Sale
A.1942f J
Series C guar
48%
70
89%
104%
A
Series B guar
45%
62%
24;
Sale
62%
O
64%
44;
Sale
J
Af
40%
44%
5a
52
97
D
.1959 A
Refunding 4s.
87
59%
63% Sale
D!
ol949 F
Adjustment
46
Sept'20
89*4 Sale
3K8—1942!A
1948 M
Seriee D 3Ks
1950;F
(Erie A Pitts gu g 3K» B..1940 J
75%
63
242
61%
74%
51
64
1943j J
1950 A
1950 A
4s stamped
52%
75
80% Sale
Int reduced to
•N« Drtce Friday; tahwrt
75%
104% #ale
■Series C 3 Kb
Q«fwl So ««rfes A
...
.
Guar 15-25-year gold 4s..1931
Stnies
102
7934
40-year guar 4s ctfs SerE.1952 W N
Cla Leb A Nor gu 4s g___1942 M W
01A Mar 1st gu g 4Mb—.1935.M
Sertee
S A A A Pass 1st gu g 4s
Seaboard Air Line g 4s
Ga A Ala Ry 1st con 5s_.ol945
Ga Car A No 1st gu g 5s..1929
61
91%
81
1921 J
Series D 4e guar
77
74
71
Alleg Val gen guar g 4s...1942 W
D R RR A B'ge 1st gu 4s g 1930 F
Pennsylv Co gu 1st g 4Kb..1921 J
P O C A St L en 4Kb
Sale
67%
1965 J
4Kb
76%
60% 82
10534 107
69% Sale
1968 J
Sertss B
79
99%
82%
Borles C 4e
122
74
90
Tol W V A O gu 4Kb A
1st terminal A
Seaboard A Roan
56%
55
M
ctfs.pl989 J
1932, J
unifying 5s. 1952. J
Consol gold 4s
71%
102
55
~
64
94%
2d g 4s income bond
82
1948 M
Series C
A
M
K C Ft S A M Ry ref g4a.3936 A
K C A M R A B 1st gu 5a. 1929 A
St L S W 1st g 4s bond ctfs..1989 M
56%
82
Sept'20
76
101% 104% 101% Oct '20
101
96
63~
74% Sale
86% Sale
1996 J
.
60
50% Sale
55
1941; F
C
1942; J
D___1944;J
4a_
cons g
Sept'20
1960 F
Jr R A T ex 1st gu g
St L A 3 F RR
Oct '20
57
84
72
59%
72%
67
Consol gold 4s
Series B
99%
75%
92%
Sale
hl955
93%
" ~88 *
71
Oct '20
61
Income Series A 6s
.ft 1960 Oct
St Louis A San Fran gen 0s. 1931 iJ
J
General gold 5s
193IIJ
46
£1
63
1928
43
84
'64 "
Prior lien Ser C 6a
40
84%
57%
St Louis A San Fran (reorg Co)
Prior lien Ser A 4s
1950
Prior Hen Ser B 5a
.1950
58
93%
91%
Atlantic City guar 4s g.__1951
St Jos A Grand Isl 1st g 4s. .1947
03
Q
..1930 A
1997
91*4
80%
87%
71%
93%
85
Jersey Central coll g 4s... 1951
61
Consol
Ol A P gen gu 4Ks Ser
82
62
Paducah A Ills 1st 0 f 4Kb.. 1955
Pennsylvania RR 1st g 4s. .1923
Consol gold 4s
1943 **
Guar 3Ks trust ctfs
83% Sale
62
61%
gold 4s...... 1968
Guar 3 Ms trust ctfs
Nov'20
o2047 Q
Guar 3Ks coll trust reg A. 1937
42
Sept* 17
55%
Wash Cent 1st gold 4s
1948
Hor Pac Term Co 1st g 6s. .1933
•regon-Wash 1st A ref 4s... 1961
Pacific Coast Co 1st g 5e
1946
ooll trust Ser B
1997
B A T C let g 53 int gu— 1937
6t Paul A Duluth 1st 68..1931
s
Reading Co gen gold 4s
Registered
43%
Aug'13
45
76%
Registered
81
Feb'14
J
J
F
Registered certificates..1923 Q
Guar 3 K
79
65
67%
70
56
General 5s
1943
2d
76%
a2047
10-year secured 7s
42
55
General 4Kb
97%
6534
106% May'15
87
July'14
75
4Kb
94%
75%
85
Dec'19
Ref A Imp 4Kb ser A
2047
8t Paul-Duluth Dlv g 4s
1996
6t P A N P gen gold 6s.__ 1923
1st consol
57%
Q
1997
General lien gold 3s
73
83
83%
1940
Dec'13
1997 Q
4s
Dec'17
57%
82%
Pitta Sh A L E 1st g 5s
1st consol gold 68
74%
0 CAT 1st guar gold 5s. .1922 J
flolo V A N E 1st gu g 4s._J.989 M
•ortbern Pacific prlof lien rail¬
A land grant g
Registered
67%
79%
J
80%
80%
91%
80%
83%
65%
^66
40% Nov*20
93% Apr'20
97% Dec '17
88%
Pocab C A C Joint 4s._ .1941 J
way
Oct* 19
81%
40
74
M
1929 M
6s
49
91%
'93
Jan
80% Nov'20
9l34-Oct '20
80% Sept'20
Sale
Hous E A W T 1st g 63—1933
1st guar 5s red..
..1933
45
36
J
M
6s..1934 F
Registered
64
"71% II"
Norfolk A Sou 1st gold 5S..1941 M
Norf A West gen goid 6s
1931 W
g
95%
76
O
Registered $5,000 only..#1992 M
General 4s
1955 J
Norfolk Sou 1st A ref A 5S..1961
July'18
83
71%
Providence Term 1st 4s... 1956 M
W A Con East 1st 4Ks__.1943
• Y O A W ref 1st
g 4s....01992
60
F
N
102
35
20-year conv 5s
N
N
1945 J
Providence 8ecur deb 4S..1957 IVI
Prov A Springfield 1st 58.1922 J
Improvement A ext
64»4
S
Kf Y Prov A Boston 4s_..1942:A
ConsoMs
Sept'20
J
J
80
High
96% 99
82%
78
May'20
66
Gold
__195C nf
72%
Gray's Pt Ter 1st gu g 5a. 1947 J
S
O
1954
82
Feb'19
46
1930
93%
82
95%
70
43% Nov'20
1948
92%
Jan'09
77
"80" "II
J
S
No. Low
High
96% Oot '20
78
Southw Dlv 1st g 5s.. .1947
K C Ft S A M cons g Ob. 1928
97% June'20
77
71%
52
45
Non-conv deben 4s
71%
Since
Jan. 1
Ask Low
95%
J
1936
Range or
Last Sale
f 4s 1937
s
Cum adjust Ser A 6a
46
195t
94
71
"95" "98 "
8
debenture 3Ks
Conv debenture 6s
rons Ry non-conv 4s
92%
•'71%
Non-conv deben 4s
..1947 M
Non-conv deben 3Kb
1947 M
Non-conv deben 3Kfl-—- 1954 a
Non-conv deben 4s
1955 J
Conv
64
60%
Nov'16
70
77i2
64
Aug'20
101
70
9812
75
113
99%
F
94
71% Oct '20
95% June'20
90
J
04
Feb'16
May'20
130%
99l2
1934 J
67%
92% Nov'20
82
Oct '20
9112
84U
Pitts & L Erie 2d g 5s...01928 A
Pitts McK & Y 1st gu 6s
1932 J
N Y Connect 1st
gu 4Kb A_.1953
N Y N H & Hartford—
----
80
Utlca A Blk Rlv gu g 48—1922 J
.2361
73i2
2
79%;
Nov'17
A
67l2
10018
97i8
79%!
85
64
1996 A
2d guaranteed 6s
72% Nov'20
89%
48.1949 J
1996 J
•vest Shore 1st 4s guar
06%
69
A
1932 J
2d gold 6s_
66%
62
4s g.1948 J
gu
77
79
g 4a.
U N J RR A Can gen 4S..1944
Peoria A Pekln Un 1st 6s g__192l Q
2d gold 4Kb
61921 M
Philippine Ry 1st 30-yr
7434
77
cons g
Pere Marquette 1st Ser A 58.1956 J
1st Series B 4s
1956
Nov'19
7434 Sept'20
66% Mar'20
F
4K8...1941 J
Rut-Canada 1st gu g
ft Lawr & Adlr 1st g 5s
82
M
1st ext 5a..ftl922 A
con
----
1937 A
Pine Creek reg guar 6s
Rutland 1st
...
"6912
1929 A
if J June RR guar 1st 4a__1936
!f Y A Harlem g 3KS-—.2000
If Y & Northern 1st g 58.1923
!f Y4Pu 1st cons gu g 43.1993
a W A O
76
Bid
C St L A P 1st
69
69 ig
1931
Pennsylvania Co (Concl.)—
71%
Ranoe
Week's
Friday
Nov. 26
65
1934
1931
t
s"1
65
1991
4a
EXCHANGE
Week ending Nov. 26
Moh A Mai 1st gu
g 4s
Vfabon C'l RR 1st 5s
Registered..
Price
w
N. Y. STOCK
Jan. 1
No.
1
3127
*9,
9 D«e
5>«
86
Nov'20
Nov. (DmDn. $
8128
New York BOND
BONDS
Price
n
0. Y. 3TOO*. EXCHANGE
25
ending Nov. 28
S3
Range
BONDS
Friday
Range or
N. Y. STOCK EXCHANGE
Last Sale
&
Since
Nov.
Jan. 1
25
Ask Low
Bid
fjrginlaxi 1st 63 series A-.. 1982 m
n
S3
Wabaah 1st gold 5e
N
85%
1939 *1
2d gold 5o~_
1939
F
Debenture eeilee B—...1939
1st lieu equip s Id g 5a
1921 M
1st Ilea 50-yr g term 4s...1954 J-=
Dot A Ch Ent lit g 5s
1941
Dea Moines Dlv 1st g 4s..l939
Om Dlv 1st g
Tol A Ch Dlv g 48
1941
Pac
~
~
-
79%
90
97% July'19
85
J
58
75%
80
Aug'12
51*4
58
53
53
July'2'J
S
m
mm mm
m m
70
m
mm
2
67
9
14
79%
Aug'18
m'mm'^
mm
J
Low
-m m „
^
70
Nov'20
82
Aug' 18
m
mm
5512 Sale
86%
J
mm
62
O
—
63%
23
Nov
-
-
54%
86%
Oct '20
1957 J
J
Winchester Ltd gold 5s
1950 J
D
73
84
Adams Ex coil tr g 4s
1948 M
S
69%
69%
Alaska Gold M deb 6s A
1925 Wl
8
20
59% Sale
Bile
8»%
88%
Conv deb 6s series B.....1926 M
Am S3 of W Va 1st 5s
1920, M
S
16
17%
36
Oct
47
~ "09%
84% Sale
83%
84%
86
86%
Nov'20
86
92%
J
50
Oct'20
84
84
A
70
Refunding 4^s series A.. 1966 M
S
RR 1st consol 4s
S
57
J
67%
J
70
Sate
N
60
09
1949 M
Winston-Salem 8 B 1st 4a.. 1960 J
Wis Cent 50-yr 1st gen 4a
1949 J
Bud A Dul dlv A term 1st 4a '36 «
89*4
mmm
m
4
m
—
84
90%
48
76%
*88*
Mar'17
57
60
60
60
60
50
61
68%
08
68
61
69
68%
70
80%
74
61
74%
'45% *60%
Oct'20
Railway.
Brooklyn Rapid Tran g 53—1945
Nov'20
72
32
35
35
31
Sale
31
31
44% 8»lt)
43% Sale
41%
44%
102
40
43%
103
34%
49
Certificates of deposit stmp'd
ek City 1st cons 6a.. 1916-1941
39
38
39
3.
31%
45
66
63
55
66%
Sale
Nov'20
66
5
Apr '20
80
1941
Bklyn Q Co A 81st 5a
1941
Bklyn Un El 1st g 4-5a_..1950
65
,
62
Stamped guar 4-5s
1956
lings County E 1st g 4a_. 1949
Stamped guar 4s
1949
53'» Sale
60
64
53
73% Sale
53%
Nassau Riec guar gold 4a. 1951
21
21
Nov'20
62
63%
Chicago Rye 1st 5s
...1927
Conn Ry A L 1st A ref g 4
1951
Stamped
guar
60
24%
63U Sale
"00%
4^8—-.—1951
62'4
68
50%
66
23
28
54
1957
22
Sale
21%
23
N Y A Jersey let 5s
1932
7418
63
Jan
'20
77% Nov'20
Milw Elec Ry A Lt
cons g
*90*" "05"
5s 1926
72t2
65
Refunding A exten 4%js_. 1931
Montreal Tram 1st A ref 5s. 1941
New Orl Ry A Lt gen 4^8—1935
-
68
60
W Y Municip Ry lets f 5s A. 1966
N Y Rys 1st R E A ref 4s...1942
"26" "29"
Certificates of deposit
80-year adj lnc 5s
al942 A
Certificates of deposit
40
20
O
.
20% Sale
5
Sale
92
71
67
21
40
30
42
71
Nov'20
25%
4%
4%
5%
66
5
14
55
11
54
6412
72%
68
Oct'20
Fortld
51 >2
72
55
Dec '19
Ry LfcA P 1st ref 5s. 1942
Portland Gen Eleo 1st 5s. 1935
«t Jos Ry L H A P 1st
g 5h_. 1937
95
65
__.al960
Third Ave Ry 1st g 5s
:1937
Trl-Clty Ry A Lt 1st s f 5s„ 1923
Undergr of London 4^s
1933
77
Income 6s__
1948
United Rys Tnv 5s Pitts lss—1926
United Rys St L 1st g 4s
1934
Gas and Elsctric
1947 J
Cincln Gas A Elec lstAref 5a 1956 A
Columbia G A E 1st 5s„...1927 J
Stamped
A
29%
29%
J
J
N
con g
5s International Series
Pat A Passaic G A EI 5s
Refunding gold 5s
0*%
Nov 20
82
88
Nor States Power 25-yr 5s A 1941
Ontario Power N F 1st 5s—1943
Ontario Transmission 5s
1945
Pub Serv Corp N J gen 5s__ 1959
78% Sale
77
79%
75
79
10-year
conv s f 6s
Gold
&
94%
86
87% Sale
82% Sale
1928
75
19
32
20
31
4%
4%
45
7%
7%
59%
59
68
27
76
77
5
S958
7
117
80
58%
75
84
37
93
* "50"
Sept'20
50
Nov'20
63%
75%
Oct'20
47%
50
"2*1% "33*1*2
104% Sale
Liggett A Myers Tobac 7s„ 1944 A
5s—..
N Y Air Brake 1st
99
75%
268
98%
95%
85
92
20%
35
70
Conv deb 6»
el924 A
West Electric 1st 5" Dec....1922 J
93%
63
93%
93%
Westlngh E A M 7s
94% Sale
94%
05
88% Sale
78% Sale
75*4 Sale.
88%
87%
87
June* 19
100
100%
Apr '2U
*96% 102"
79
95% Apr *20
89'
Nov'20
95%
95%
82%
95
81
81%
76%
90
94
Feb '18
100
Feb *13
Oct'20
Sept'19
Beth Steel 1st ext
Buff A
79
91
93%
1931 M
*
j
"77" *85%
p m
s
1926'J
f 5s
1942 IW
A imp s f 5s...19361J
Susq Iron
f 5s
s
1932 J
Debenture 5s
o!926 IW
Cahaba C M Co 1st gu 6s_. 1922 J
Colo F A I Co gen s f 5s
1943 F
Col Indus 1st A coll 5s gu__1934
J
N
J
D
S
76
78
95%
65
74
70
70
1952
N
D
D
8
76%
78%
1 4H A..1954
J
f 5s 1936
S
72% Sale
J
70
J
78%
s
f 5s. 1957
f.1940
o
J
75%
87%
St L Rock Mt A P 5s stnopd.1955
Tenn Coal I A RR gen 5s._ 1951
N
f 6a„ 1936! J
Oct'20
75%
1944 F
A
Utdca Flee L A P 1st g 5s
1950 J
J
63%
Nov'20
85
s
f 5s
1953 J
f 5s
s
70
£71
92%
92
s
J
S
83%
Sale
Feb'19
77%
80
72*% *84'
90
90%
83%
93%
92
02%
94%
76*4
77
83% Aug'20
89%
76%
83%
72
72
85%
74%
80%
85*4
Aug'20
80
85*4
90
67
72%
90
Nov'20
80
93
92
93
451
99%
80
80
80
87
73
80%
62%
77%
72%
85
93%
80
Oct'20
70
Mar'19
88
83%
83%
<fc Tel coll tr 4s... 1929 J
Convertible 4s
1938 M
J
76% Sale
S
66
Sale
20-year
S
81
82
D
80
Sale
Am Telep
conv
1933 M
4Hs
J
F
A
94*4 Sale
70%
Bell Teleph of Pa
f 7s A..1945 A
O
70
101% Sale
80
Cent DMTel 1st 30-year 5s. 1943 J
Commercial Cable 1st g 4s..2397 Q
D
Registered
2397 Q
Cumb T A T 1st A gen 5s...1937 J
J
s
84%
63
J
«...
80
J
*mmm
59
76
77%
66
66
6
81%
81%
5
79
80
94%
101%
83%
64%
Aug'20
68%
Jan* 18
95
101%
80
67
189
Oct'20
81%
80
80%
88
98
92
91
Keystone Telephone 1st 5s„1935 J
Mich State Teleph 1st 5s... 1924 F
A
85*4 Sale
85*4
Apr'16
85*4
6
70%
N Y
67% Aug '20
N
75
70
76%
126
67%
75% Sale
89
Sale
88*4
89%
21
84
16
81
10
80
82
90
89
78% Sale
78%
77%
95
Nov'20
74
*86*
July'19
Oct'20
78%
Mar'20
79
17
Telep 1st A gen s f 4HS.1939 M
30-year deben s f 6s_Feb 1949 F
Pacific Tel A Tel 1st 5e
1937 J
South Bell Tel A T 1st s f 5s. 1,941 J
West Union coll tr cur 5s...1938 J
70*4
94%
81%
Fund A real est g 4Hs_..1950 M
Mut Un Tel gu ext 5s
1941 M
95
95
Vorthwpf* Tp4
dDue April, oDue May. pDue June.
ADueJuly.
gu
4Ws
e.
1934
J
A
J
81
80% Sale
Sale
80%
80*4
J
81*4
82
83
78%
79
78%
J
N
99
N
1
...
HDueAug. oDue Oct.
Nov*20
78%
92
69
99%
95*4 101%
81%
98
60
0412
70* *86%
85
8*
99%
88
80%
86
88%
92% Nov'20
52
57
*17
82%
80%
Nov'20
70%
Oct
83%
70-
70% Nov'20
90
99%
Telegraph & Telephone
*88% _89
Sept'20
89%
♦No price Friday; latest otd and asked. oDueJan.
83
July'17
85
J
Utah Power A Lt 1st 5a
77%
77%
77%
88%
....
Va Iron Coal A Coke 1st
g 5s 1949 IW
81
90%
88% Sale
N
Victor Fuel let
79%
72%
85
..1931 M
Utah Fuel 1st
89
78%
May'19
N
71%
76%
89
N
rfl963 M
58%
82
75
<11963 M
Corp—fcoup
10-60-year 5s 1 reg
79*4
85*4 Sale
J
85
78% May'20
83
f
90% Sale
92*4
Repub IAS 10-30-yr 5s
s
Sale
*92*
82%
U S Steel
98
O
77
*74**1 "85
85%
75%
Indiana Steel 1st 5s
s
86%
85%
93% July'19
85% Nov'20
65
Jeff A Clear C A I 2d 5s
1926
Lackawanna Steel 1st g 5S..1923
1st cons 58 series A
1950
conv s
89
75
75%
80
Mldvale Steel A O
97%
76
14
76%
O
84%
85*4
29
Dec'14
90
s
1
78%
76
Nov'20
D
80%
90
88%
77
75
78
73%
Apr '17
Mar'17
98*4
105
90%
95%
92% 101
93
97%
94% 96
65
69%
70
93
101
85%
104% Apr '17
63%
97%
90
78%
72%
85%
100
84%
96% 103%
75
66*4
71%
89
87
88
74
65
f 5s. 1928
105
86
87
77
s
85
3
16
497
90
90
Pocab Con Collier 1st
85
4
99%
931?
85
D
Pleasant Val Coal 1st
80%
64%
2|
93%
A
89%
64
4
.
91
A
Cons Coal of Md 1st A ref 5s 1950
Elk Horn Coal conv 6s
1925
Illinois Steel deb 4#s
...1940
Lehigh C A Nav
June'20
80
93%
14
83
82%
Coal, Iron & Steel
84
77
6s. 1926 F
90
Refunding A extension 5a. 1933 IW
97%
91%
93%
79
1
75
95
Nov'20
88
6
12
98
Sept'20
80%
92
93*4
94
81% Sept'20
75%
89%
90%
82%
98%
85
Union Elec Lt A Plst g 58—1932 M
97%
96%
97%
89%
S
S
88
91
80
89% Sept'20
73%
73%
IW
1st g 5s„ 1949 IW
89%
110
76
89
81%
75% Sate
98
Sale
77
100.
J
J
99%
81
86%
99*4 111
14
82%
86% Nov'20
86% Nov'20
87
75*" *84%
99%
23
95%
89
68%
89%
90
"~~6
*82% *90 '
72%
81%
84
96%
76%
78%
70%
88%
85%
88%
70
81%
101% 8ept'17
94
pDueNov.
v
95*4 100%
77%
95
66
16
80%
.1947 J
conv
.31|
85
1930 F
U 8 Smelt Ref A M
97
105%
90%
80
Sale
---
81
86%
92
5s—1922 M
90
70%
J
88
f 6s_. 1926 J
85
91
60
80%
79%
105
95%
1
12
J
1925 !W
Syracuse Lighting 1st g 5s__1951 J
Syracuse Light A Power 5s.. 1954 J
t0
97%
88
31
Oct'20
"95%
89%
1
42
88
8tf%
187
104%
Ju!y'20
90t2 Sale
82% 83%
j
104
91
89%
68
100%
89% 100%
Jan'20
92
-
83%
97
81%
*89%
Nov'20
76%
-
23
86
Va-Caro Chem 1st 15-yr 58.1923 J
80%
IIII *75
74%
77% Sale
90
Mu Fuel Gas 1st gu g 5s„1947 M
99*4
Nov'18
74
35%
82
70
98%
96
80% Sale
Stamped
1930
Union Oil Co of Cal 1st 5s„ 1931
U 8 Realty A I conv deb g 5* lf>24
U S Rubber 5-year sec 7s...1922
10-year 7Hs
86
105% Sale
6s_.1938 M
conv
85
F
-
"2
74%
74
90%
83
1951 F
-
73
10
100
1944 A
..1951
119
75
99%'
85*4
89%
86%
117
85
Sale
104
99%
95
Sale
J
73
Oct 20
74
J
76
180
94%
21
80%
65
86
87% 100
90
9
Nov'20
79
29
92% Dec '19
63%
85
90
31%
81%
....
90%
73% Dec'18!
89% Sept'20
92
Nov'20
78
J
94%
1947 M
90
?0
f
80%
IIII *86
90%
85ts Bale
87
6s.l943'A
Oct'20|
28
80%
78%
Oct'20;
29%
29
"8*7""
1930 F
117
73
86
M
—<
I
78%
79 |
91% Nov'20
70
70 i
89%..-.
89% 92
85% Sale
Feb 1940 F
5,
92
Nov'20
79%
9*
77%
1931 M
1st A ref 5s series A
83
86
96%
74%
00
Standard Milling 1st 5s
1930 M
Union Bag A Paper 1st 5s__1930 J
Sale
76% Sale
98%
80%
99
20-yr
83%
£4%
39
75%
1951 F
1935
Int Agrlc Corp 1st 20-yr 5s.. 1932
Int Paper conv s f g 5s
1935
1st A ref s f conv ser A—.1947
86
79
55
20-year deb 6s
IngersoII-Rand 1st 5s
1st A ref 5s guar A
85
96
90% July'19!
86%
87%
82%
83
67%
82%
Sale
69*4
90
94%
67%
79
64
53%
80%:
Oct'20'
67% Sale
79
*80*" "84"
85%
75%
58
70
92%
70
Nat Enam A Starapg 1st 5s. 1929 J
Nat Starch 20-year deb 5s.. 1930 J
National Tube 1st 5s
1942 M
80
87%
75% Bale
1997 A
_1948j J
85
75%
88%
70
81%
72% Sale
80% 86
70
63
88%
66%
....
7812
Nov'2J
Industrial
Lorillard Co (P) 7s
5fl
37%
19%
93
63% Nov'20
88%
80
69%
70
Sale
General Baking 1st 25-yr 6s. 1936 J
Gen Electric deb g 3Hs
1942 F
Debenture 5s
1952 M
75%
....
60
4s—......i.......l951 F
80
Sale
63%
Tennessee Cop 1st conv 68—1925
Wash Water Power 1st 5s. .1939
Wilson A Co 1st 25-yr s f 6s. 1941
83
81
Ch G-L A Coke 1st gu g 5s 1937 J
Con G Co of Ch 1st gu g 5s 1936 J
Ind Nat Gas A Oil 30-yr 5s 1936 M
conv g
68
93
Sept* 15
77%
1949 M
cons g
58%
85%
76%
Sale
Apr'14
June* 16
93
75%
~88 " *89 ~
Con) unifying A ref 5s... 1937 M
Pacific G A E gen A ref 5s__ 1942 J
Pac Pow A Lt 1st A ref 20-yr
s
77
June'17
103
92%
1948;J
United Fuel Gas 1st
47%
80
83%
Oct'20
75%
100
Purchase money g 4s
1949 F
Ed Elec 111 lBt cons g 5s__1995 J
WYAQ El LAP 1st con g 5s. 1930 F
Pacific G A E Co—Cal G A ID-
G A EI
49%
31%
76*4
72%
86
77% Sale
80%
4s_1939| J
WYGELHAPg 6S—
Trenton
68
68
95%
7
17
83
64%
227
73%
94
64%
j
82%
67
|
Oct'20
75
"*80%
Lac Gas L of St L Ref A ext 5s *34' A
Milwaukee Gas L 1st 4s
1927 IW
Newark Con Gas g 5s.
conv s
Sale
30
30
69%
5s...1932,IVI
Purchase money 6s
Convertible deb fis
Philadelphia Co
66
O
(Mo) Gas 1st g 5s. 1922 A
Kings Co El L A P g 5s
1937 A
Stand Gas A EI
94%
May'19
68
D
Ran City
Peop Gas A C 1st
60
~2934
Gas A Elec Berg Co c g 5s..1949 J
Havana Elec consol g 5s
1952 F
Hudson Co Gas 1st g 6s....1949 IW
Ed El 111 Bkn 1st
89%
50
.11940 M
cons g
89%
53%
Columbus Gas lBt gold 5s_. 1932 J
Consol Gas 5-yr conv 7s... 1925
Q
Cons Gas ELAP of Bait 5 yr 5s'21 M
Detroit City Gas gold 5s
1923 J
Detroit Edison 1st coll tr 5s.1933 J
HQ G L N Y 1st
Jan
....
41
66
1927 J
ser
92
Light
Atlanta G L Co 1st g 5s
Bkly Edison lnc gen 5s A. 1949 J
Bklyn Un Gas 1st cons g 5s. 1945 IW
1st A ref 5s
13
July'17
*20
80
48%
30
St Louis Transit gu 5s
1924
United RRs San Fr s f 4s—.1927
Union Tr (N Y) ctfs dep
Eqult Tr (N Y) inter ctfs
Ry Pow 1st A ref 5s._.1934 J
99%
49% Bale
29% Sale
80
■
93
1934 M
Cuba Cane Sugar conv 7s.. 1930 J
Distill Sec Cor conv 1st g 58.1927 A
E I'du Pont Powder 4V*s_„1936 J
90% Feb *17
8t Paul City Cab cons
g 5s__1937
third Ave 1st ref 4a
1960
Ad] income 5a
38
25%
20%
6
78%
81%
73%
Am Tobacco 40-year g 6s... 1944 A
40
56
Sate
78
21
5
89
73
40
54
83%
79%
90
sol Tobacco g 4s
Corn Prod Refg 8 f g 5s
1st 25-year s f 5s
N Y State Rys 1st cons
4*$s_1962
Portland Ry 1st A ref 6s
1930
Oct'20
68%
60%
25
84%
88
....
60
July'19
95
80
90
49%
July'19
94
3
88
49%
67
Apr" 20
63
3
61
95
266.
69
81
75*4
Apr '20
68
95%
88
ser 2.1966
26
Dec '19
90
80
54%
64
May'20
81% Sale
73% Sale
54%
Nov'20
80
92
85%
Am Writ Paper s f 7-68...^ 1939 J
Baldw Loco Works 1st 5s..1940 W
Cent Foundry 1st s f 6s
1931 F
Cent Leather 20-year g 5s„ 1925 A
30
68
68
81
74%
'19
108
100
25%
54
83*4
100
91
Sate
13
52
70%
100
Sale
232
24%
(
1
68
76
108
9
81
76
58
42
69
91
23%
20
20
93%
90
11
18
80%
105 |
89%
10
35
82%
Mar'18
87
41%
Col & 9th Av 1st gu g 5a. .1993
Lex A v A P F 1st gu g 5s.. 1993
Met W S El (Chic) 1st g 4s. 1938
79%
82
71
93
1*9
65
;
07
76
376
85%
*"1184" *93*
1
88%
18
Metropolitan Street Ry—
Bway A 7th Av 1st c g 5s.1943
58
*84%
2
91
53%
10
|
70%
74
Conv deben 5s
1924 F
Am Cot Oil debenture 58...1931 M
Am 8m A R 1st 30-yr 5s ser A '47 A
----
I
Oct'20
Am Agrlc Chem 1st c 58—1928 A
16
Oct
75
70
51
75
72%
86
08
Kale
63%
76
63%
Sale
65
73%
10
68
18
75
76
53%
17
5312 Sale
21%
20%
72
42
52% Sale
....
65
11
127
"
Interboro-Metrop coll 4>$s.l956
20
55
2
4
60%
58i4
Certificates of Deposit..
Interboro Rap Tran 1st 5s—1966
Manhat Ry (NY) cons g 4a_1990
18
27
Niagara Fails Power 1st 5s__ 1932
Ref A gen 6s
a 1932
Nlag Lock A O Pow 1st 5s.. 1954
Manufacturing
Adjust Income 5s.
.1990
f 5s—1953
f 6g__1941
Great Falls Pow 1st s f 5s... 1940
Int Mercan Marine s f 68...1941
Montana Power 1st 5s A...1943
60%
58
86
1928
60% Nov'20
61%
s
g
Stamped
70%
62%
Stamped tax-exempt
Computlog-Tab-Ree
66%
59%
87%
79% *80%
79%
Sate
105
104%
96
93%
91%
(ctfs)...—1963
Chile Copper 10-yr conv 7s-1923
Coil tr A conv 6s ser A...1932
60
Sale
86%
62
1st Ser C 6H18
Higl
18
77%
Feb'18
Chic C A Conn Rys s f 5s. -.1927
Chic Un Sta'n lstgu 4J^s A.1963
57%
61
75%
76
90
74
66% June'20
02% Sale
1936
22
Sale
73%
70%
Mtge Bonds (N Y) 4s
60
1957
Manila Elec Ry A Lt
76
701
10-20-year 5a series 3.—. 1932
N Y Dock 50-yr 1st g 48.2—1951
55
-20
73%
50
50
Det United 1st cons g 4 Hs__1932
.
1952
38
62
?t Smith Lt A Tr 1st g 58.
Hud A Man hat 5s ser A
.
1st 4s.
.......
guar
31%
Oct'20
^59%'
*75*% Bale"
D
6s__ 1931
35
May'18
60
59
19
20
.
21%
40% Dec '19
62
.
21
*
.
4>i8 '39! J
1934!J
19261A
Morris A Co lsts f 4^8——1939
1st refund conv gold 48—2002
#-yr 7% secured notes..*1921
Certificates of deposit
Oct'19;
N
GranbyConsMSAPconOsA 1928
Street
88
68
Building 5s
S
87
73
Consol 5s
63%
Jan. 1
High No.', Low
Nov'19—!
80
..1955
92
'17
s f
Since
^1
—
tax ex..1900
81
54
O
—
Bush Terminal
73%
deb 7s A
conv
Booth Fisheries deb s f 6s.
Braden Cop M coll tr
5
73
Range
«"3-
or
I
Armour A Co 1st real est
Atlantic Fruit
68* "72"
108
Ask Low
Bid
Utlca Gas A Elec ref 5s
51* *55%
55%
80-2
63
f
Range
86%
A 6a.. 1946 M
Wheeling A L E 1st
Bk Q Co A S con gu g 5a.
Lt—(Concl.)
Week's
Last Sale
91
g 5a
1926 A
Wheel Dlv 1st gold 58—1928 J
Kxten A Impt gold 5a
1930 F
ser
Gas & Electric
High
Price
Friday
Nov. 26
79
74% Oct '19
mmmm
k.
72%
Miscellaneous
6912 Oct'20
88% Mar'20
m
'-
■2;
Week ending Nov. 26
'
A
1943 A
1st
-
15
8
53%
O
Western
86
J
West Maryland 1st g 4a....1952
West NYAPa 1st g 5a
1937
pl943
83
93
A
Income 5s
79%
:
No.
High
82%
8512
'
J
Wash Terml 1st gu 3^s....l945
1st 40-yr guar 4s
...1945
Gen gold 4a
I
86-s
8
o
1941 M
rt>ue
79
A
Record—Concluded—Page 4
Week's
No v'1'
fDueDec. ^Option sale.
•
BONDS
Sm next paga
BOSTON STOCK EXCHANGE-Stock Record
SHARE PRICES—NOT
PER CENTUM PRICES
STOCKS
Sales
Nov. 20
Monday^
Tuesday
Wednesday
Thursday
Friday
Nov. 22
Nov. 23
Nov. 24
Nov. 25
Nov. 25
•127
128
127i2 129
~6~1V
61
84
84
30
30i2
•35
62
63
—-
63
1
62
!
*84
*84
31"
27
30V
*37
38
37
135
135
135
30
37
127V 129
128V
61
♦84
,
-
6H2
28
29
28
37
*30
38
*30
135
135
135
"*3*4 "9"
*74
*70
"8"
"*5~
""314 "3V
*130
"*4V
*130
*130
*70
*70
....
38
'
■
-----
--
3812
676
22i2
3,402
79
79
79
80
80
*78
"
85
*80
39
•50
mm
-
74'
21
21
85
*78
*78
3814
39
39
39V
50
50
50
50
Last Sale 82
-
74
22
3834
—-
Nov 23
Jan 28
Providence
100
124
25c
Ap?
97
Jaa
28
Jai
38ia July
49
Sept 14
Oct 21
40
Oc
50
143
Mar 15
130
20
3
Oct 11
7
Mar
8
3
Nov 18
11
Mar
5
130
Jan 30
132
Jan
8
100
70
Nov 17
88
Jan
2
pref
3ia Net
2ig Not
39
"*48*
50
77
Not
11
Jaa
30
Feb
135
Jaa
Fel
90
Junt
998g Mr
110
June
132
Or
84
68
Jan 12
37
Nov 22
Sept 27
597g De-
83
20V Nov 23
37USept24
25U De
40*4 July
Northern New Hampshire. 100
79
Nov 23
86
Jan
6
86
99ia Aug
Norwich A Worcester pref. 100
77
July 21
89
Old Colony
71V Nov 22
86
Nov'20
50
Jaa
70c
o
100
65
38i2
"72" "Ma"
D
Jaa
168
Sep
10c
Oct 20
25c
100
Elec pre.no par
Wore
A
par
no
Oct
Apr
8OI4
De.
100
"""iif")
74
Last Sale 85
85
38*4
*49V
37
145
De<
85
100
Nov'20
| 74
1
De-
62
N Y N H A Hartford
14
78
40
pref
Do
3712
22
78
Nov 23
110
9
Maine Central
Mar'20
38"
21
27
3
Oct 25
Nov
89l2 Nov
Georgia Ry A Elec stampd.100
22V
78"
100
&
Do
74
21V
*82
85
3812
Bost
"37U
71i2
68
Feb 18
Chic June RyAUSY
"
*76i2
134
May 25
80
pref...4
Do
26V
38
Feb 17
60
100
Boston Suburban Elec. .no par
20V
"37"
*20
*76
Boston
25*4
78
♦18
65
"38"
'
—
Do
25
'
♦70
35
"37"
24i2
119
100
pref
Boston & Maine
SxZe; 103-4 Oct'19
Last Sale 72
"
38
*24
Do
Nov'20
74
100
Boston
*4V
I
Albany
Boston A
575
Oct'20
|
Higkai
Lowest.
Highest.
Elevated
315
Oct'20
Last Sate! 130
Last
■"38"
Lowest.
773
28^2
1919.
Railroads
23
Last Sale 14
Last Sale
——
•130
62
*84
—
-
Year
Week
127i4 128
62
—
Previous
Range for
Jan. 1.
EXCHANGE
the
Shares
i
Ranae since
STOCK
BOSTON
for
Saturday
3129
pref
100
100
Jaa
Oct
94
Oc
115
1
x71
De<
105
Jaa
15
De<
23
May
June 15
5
8
82
Oc
May 17
45*4 Jan
3
July
55 fa Jah
6
70
West End Street
50
38
50
48
pref
Dot
7
Vermont A Massachusetts. 100
Do
78ia July
Mi
July
Jan 20
pref......
70
30
Apr
2714 Oct
89'4 Nov
15
Rutland
75
7
Jaa
100
38V Sep.
47
Sept
50
Apt
58
June
Miscellaneous
*.25
..50
.30
2i2
*9i2
98*8
2%
*2I2
10
10
99
71
•70
*.50
.60
3
1
99V
99
9934
72
72
72
72
72
71
*70
71
*70
71
2i2
"~rr
2V
*.50
1112
*9V
1934
20
19V
'
I
2V
JO
9734
99V
71
72
70V
71V
♦.50
2V
10
10
19V
5V
20
150
Blgheart Prod A Refg.._.
10
6V
7V
6
Feb II
•.60
.75
.75
IV
4,670
Boston Mex Pet Trusteesno par
6O0
Nov 10
IV
1
1
.97
1
6,161
370
Century Steel of Amer Inc.
10
97c Nov 26
Connor (John
10
12
12lo
12V
12V
12V
12V
16V
16V
16 V
10
16V
70*4
7034
155
20
20
•12
13
*70
75
153
150
19V
*12
75
*70
*12
13
36
16
Apr 14
7
Nov 20
35
*29
5V
11V
11
11
11
90
90
*90
81
82
81
81V
81V
82
82
00
60
60
60
60
60
60
*119
122
121
121
♦120 V
26
27
26s4
27
97
98
97
98
97
15
*12
24l2
149
149
QA
oO
"l3" "
•19
20
5
5
100
101
*13
*148
150
*148
11
11
195
90
90
52
333
82
"60"
13 V
13V
20
•19
0
5
lOOV 102
13V
*12«4
21
*1884
20
534
Last Sale 22
Last Sale 3312 Sept'20
102
103
55
55
55
55
55
22V
22V
22V
22
22
22V
22V
363s
36l4
37V
37
37V
37
24V
24V
24V
2434
18V
24i2
24V
15i8
15*8
24
15*4
18ig
18's
18
17U
18
18
16l2
16
16V
17
.
•
29
*~~
30
«
29
*_"_"
29
16
16V
16V
18V
18V
*17V
17V
17V
16V
16V
*
27
27
102V 103
20l,s
55
115
37V
3634
37
4,504
25
25
25
244
17
310
Waldorf System Inc
18
18
180
Waltham
17V
17V
16 V
1,410
16 !| 1612
Sale,23i2 Nov'20
m
27
Last
30
*25
30
Last Sale 30
Nov'20
29
*23
28
Last Sale 30
Nov'20
1,600
....
....
Mar
86
Jan
3
67i4 No\
83
Sep'
96
Mat
30
170i« Jan 19
199
Nov
101
34 V Mar
Fel
Jar
Jar
22
Nov 11
55
99ia De«
16
May
Oct
59ia
Jan
35
Jul>
3U2 Jan
30
Do.
3514 Dee
15i2 De.
27U Not
no par
100
25
97 V Nov 13
55
Nov 1*9
>-»19V Sept
6
21
4934 Apr
133
32ia
Jan
MarlO
Apr 13
Nov 15
28
358.1 Nov 20
49
22V Sept 23
26
Feb 11
5
12U Feb 11
17
Feb 16
19
MarlO
2
Jan
__
23U Apr
Jar
115
_
76
25
25
10
Jar
Oct
6914
150
May
6212
Jar
741a Not
44
Jar
"55 "May
25ig
Oc
7*4
Jar
Ma?
7
10
31
Jan
20V Not
2Da July
Oo»
Aue
43
1584 Nov 16
44i2 Jan 20
26
Feb 3
28
20
17
Mar
25
July
50
2312 Nov 19
39i2junel8
15
Fel
83
July
21
37
Jar
9
38
Jar
72ia May
80
July
.50
Apr
Nov 18
16
50
29i2May
5
33
±.
50
28
Oct 20
35
Steel.I.
5
20
Nov 19
32
pref
1st
2d pref....
Jan
99
14
100
Do
11
Jar
93
Manufacturing.
Do
Oo»
Fel
145
WarreD Bros
Wlckwlre Spencer
35
85g
90
©CI
Sept
9*g Feb
25i2 Apr
Watch
Walworth
28*8 No\
Jan
Ventura Consol Oil Fields.
8,136
90
Jan 12
6
I6I4
58i|
18
pref..
18V
Ma
Julj
De.
5*4
99
Union Twist Drill
16ig
19
75
Oct 29
United Shoe Mach Corp...
18
8is Apr
7
Torrlngton
18
7
8
317g Apr 8
12i2Septl5
10U2 Jan 10
801a Feb
38*4 Not
38
Mai
Nov 19
32 V Sept 10
Swift A Co
Do
May 25
29V Oct 9
Jan 2
45
Nov 17
,
Corp
28
-
13
25
16V
16 V
*
27
*~25~
55
June
80
SI rams Magneto
Stewart Mfg
6,25^
103i2 10-114
55
Jan
Oc
Ap;
23ig
30i2 Jan
10
RhawmutSS
1,860
6
172
100
Root A V Dervoort CI A no par
Nov'20
5V
6V
Oc
4
'Nov 22
G) pref
Dee
138
Nov
149
Reece Button-Hole
79
3088 Jan
8
20
Plant (Thos
Ap-
Jaa
Nov 18
Pacific Mills..
Dos
39
July
13 V Nov
54
Not
24
72
24
25
Nov
164
junt
34
Jar
47ia Not
82VMay
44
8
07g
De
6
31 ig
138ta Jan 21
53
Jan 26
Orpheum Circuit Inc
13
~~4V ".Tar
6VMar23
"
June
Ohio Body A Blower...no par
86
1484Septl7
3612 Jan
2838May
88
Apr
71
New England Telephone.. 100
150
De.
149
700
13
13ia May
47g Not
15ia Mar
6
Fel
Nov 17
86
De.
2ia De<
5
Jan
De.
25
150
7
3
7
60
339
150
261a
130
97
4,170
Jar
1
97
15
Dos
17ia
8
*12
2512
84ia Dos
2Da Not
NOV
15
25
Not
162
"*
6384 Nov
97
25V
De;
86
10
Investment Inc..
Jar
16
8
Nov 19
Mexican
Mergenthaler
Fel
78ia
6
June
815
-
pref
79
57
118
2512
-
Do
5
6884 Feb
100
Linotype... 100
25l2
-
26V
55
•
Cos._.100
Nov 15
123V 12312
-
13 V
6V
90
McEIwaln (W H) 1st pref.100
Massachusetts Gas
4
lOVNovlS
9*8 Apr 30
10
Theatres
Loew's
3
484 Mar
108ia May
38* Jan
60
41V Nov
De<
Apr 23
Nov 26
4
Last Sale 201s Sept'20
*5
100
10
Llbby, McNeill A Llbby.. 10
pref.......
Island Oil A Trans Corp..
Apr 20
20
395
(id
*18V
no par
38
IOI4 Nov 24
60V
60V
'
oO
*13
890
11
25
25V
2434
150
♦120V
*25V
"Ill's Y1V4
11V
90V
60
Products
Interyat
Do
""74O
5V
11V
11
91
Last Sale 4H2 Nov'20
35
5V
11
14V
Corporation
Internat Cement Corp.no par
5V
25
Gorton-Pew Fisheries
Greenfield Tap A Die..... 25
91
24V
260
100
11
*12V
Nov 26
360
91
13i2
no par
19
2,350
8
6V
11
24*8
Elder
85s
*1834
91
98
715
36j4
2234
*30
1312
19
2234
8r,g
35
97
May 15
36
•29
25U
140
9V
22
2512
100
2234
38V
22
liv
Edison Electric Ilium
36V
36V
22
11V
232
8V
3634
7
11U
Aug 10
36V
22*4
36V
11V
62
nv
21V
*25
100
pref
Do
1134
7
5V
Nov 24
12
37
35
157i2 15712
10
1934
2D4
6V
20
25
Eastern 8S Lines Inc
10V
7
5i8
190
Nov 17
.
Jan
10
Nov 18
22
.
9U AUg
95
35V Apr 17
3«4 Feb 14
10
M an ufacturlng.
Eastern
13
2D4
73g
"2",990
24
T)
East Boston Land
Nov'20
23
Jan 13
19
Aug
2
Jan
APT
2la
83
7U Not
Dec
55c
1278 Apr 14
19
19V
19 V
197g
Last Sale 3V
4V
•70V 75
157V 158
157
157"
1234
1234
16V
*4
4V
11,656
13
12*4
1612
"26"
,
Oct 26
5
10
7V
16U
16]8
Nov 24
19»4 Nov 17
Chocolate
Beacon
.75
1
23V
•1534
10
CorporatIon.no par
Atlas Tack
Nov 12
84 Nov
67S
23V
•
10
Art Metal Construe Inc...
Nov 26
70
.50
1
24
~
70
.75
*4
35*4
Apr 30
7V
1
23
•22
80
5
714 Mar 15
312Nov 4
13t2Nov 5
10084Sept 16
167
Apr 20
6*4
8
•
Feb 10
.75
23V
"is"
1,110
20
Feb 24
5
6*8
*4
•148
Nov'20
1
pref
50
Amer Telep A Teleg
..100
Amoskeag M'g
no par
Do
pref
no par
An ;lo-Am CommlCorp.no par
Do
.85
23
11
823
71
71
Last Sale 1
"""162
8
47g
4,549
9834
20
23
•36*4
50!
"9S"
15oNov 16
10
6,570. Am Oil Engineering
765! Amer Pneumatic Service.. 25
5V
22*8
155
2U
5
1
♦4
.62
214
70
11V
6
.62
HOLIDAY
10
20
*5
.
5
5
12i2
2V
99
12i2
1
.61
2V
10
20
6%
.60
2V
10
19i2
•.60
.70
10
*9
5
.70
*2V
Jan
Jan
Sept20
Mining
.40
45
*.25
I8I2
2«4
0V
•9U
•
249"
12
*50
.50
45
45
*.25
.45
1884
19
2V
234
47
.40
19
2«4
7ia
734
*914
934
.05
*.03
.05
245
11*4
12V
8
8
734
734
27
2714
2834
412
4V
fil2
5V
4V
534
7l2
7i2
77,
8V
412
2i4
2U
2V
2V
3
3
*2«4
2
2
IV
3V
1*4
.40
45
*.40
.40
45
45
19V
19V
234
*2U
234
8V
248
7h
8
9V
»v
248
13
10V
*7
.05
x
29
4V
Last Sale .25
234
350
7V
734
2,310
*9V
934
30
247
14
8
*7
*7
247
"j70
.1434
13,842
85
8
28V
28V
28l2
287s
*414
4V
414
5h
8V
414
5V
6
5V
6
8
8V
8
8V
2V
2V
*2V
2V
2l2
2l2
3V
*234
3V
*234
3l2
*134
2
*134
2
.50
m
"47"
*.50
48
-
-
-
*47
48
25
6
18V Nov 20
2
Aug 6
678 Nov 20
10
6ia Mar 18
Arizona Commercial
Bingham Mines..
Copper.. 10
Calumet A Hecla
25
Carson Hill Gold
1
.....
25
Centennial
1
25
1
2-5c
Nov 11
Do
pref
76V
75V
75V
75V
75V
*75V
7634
*7512
18J2
18V
20
I934
1034
19
19V
19i2
19i2
605
Isle Royale Copper
3U
*3
3V
3
3
2V
2V
2V
278
140
Kerr Lake
H2
u2
*13$
2
*l3g
2
*1V
2
*1%
2
50
212
212
2V
*2V
3
*2V
3
207
2
♦IV
*134
2
*134
2
*2'2
*134
3
2
Da
•IV
♦IV
IV
♦IV
IV
•2l2
312
*2
4312
1214
*U2
*2V
3
3V
4
334
4
3
3
3
2V
2V
44
45
45
47
13V
1334
14V
15V
44V
13
1*4
88i2
89"
88g
8l2
10i2
♦IV
1*4
•IV
43V
43V
•43V
87
88V
•87V
8V
8V
8V
10V
11V
1034
♦.35
*.35
*.35
*U2
•17U
3V
*234
3V
312
•4312
10
IV
"2"
*1V
2
1*4
--
3V
334
3V
-
88
8V
11V
1534
15
15l2
610
10i2
---
1812
17V
19V
19V
1934
19V
1934
24
25V
25
25
24
24
37
39
38
38
37
37V
29
29
29
32
29
32
30
17l2
17*4
1734
18V
18V
29V
18V
IV
2V
.08
*334
4l2
•2
*.90
.42
1
IV
".08
.08
.
*334
4V
4V
4V
2V
2V
♦
2V
2V
2
1
.80
.90
•.85
.42
.40
.44
.36
214
*2
234
234
27S
3V
3
3i2
37g
4
334
1
1
1
.50
10
•
IV
.08
3l2
•u2
•
♦IV
".08
*
95
1
•1
1*4
•IV
1*4
♦IV
.50
•.25
.50
*.25
10
50
10
*95
10
.50
BM and aakod prices,
10V
*
95
1
Last Sale .25
♦IV
Qulncy
25
St Mary's Mineral Land.. 25
15i2
120
Seneca Copper Corp...no par
1
700
Oct'20
.06
4
*3»4
2
2
.06
40
250
.85
.85
395
*.38
.40
2,110
3V
314
334
3,445
A;
4
4
334
334
653
1
1
1%
2,987
1'4
•IV
10V '*10
.50
*1
Last Sale 1'4
10
lov
*95
ft Ex-stock dividend,
.50
Tsist, Sale
d Ex-dividen
.25
.60
10
Nov'20
and rights,
20
125
25
5
.......
South Utah MAS....
IV Sept
3i2 Nov
212 Nov
43i2Nov
12U Nov
25
Superior A Boston Copper. 10
Trinity
25
Tuolumne Copper
Utah-Apex Mining
Utah Consolidated
Utah Metal A Tunnel
Winona
Wolverine
Wvandotte
e Assessment
paid,
ft Ex-rights.
—
9
11
20
23
19
20
-
3
11«4
7ia Jan
8
21
Mar 12
48
79
Feb 16
95
V Oct 14
17
2
Nov 17
Mar 27
5
Nov 16
U4 Aug
Jan
3
2
2
Jan
24
2
8U July 19
10
Nov 20
Jan 21
7i2 Jan
72
5
7
3
2ia July
July
91
D4
52
Jul?
"18"
Jul?
May
101
90c May
480
July
12V May
36®a
12
Mar
20
July
39
Mar
62
July
2
Mar
3*4 May
4*4
Feb
14ia
8
Feb
21
Oct
Aug
l»gMay
6*4 July
4
912 July
24
Mar 24
65g Jan
Mar
350
3
38
Jan
Jan
42
Nov 19
214 Jan
47g Apr
3ig Jan
Nov
Mar
18
5
0
20c
May
Feb
Nov 11
6
Feb
50c
75
Oct
"l0*4
20c
Feb 13
2®4
Ai>
5
39
78
r
7*4 May
2
July
Apr
5{»4 July
Apr
8fv July
Jan
41
July
Mar
0ig May
2*g July
3
Jan
7»g July
2
Apr
2lg
Apr
4
Feb
2
Jan
3la
99c
Oct
2ia Feb
49ia Feb
14*4 Mar
5ia July
4V Oct
July
10
13U June
10
July
83
July
2914 July
12ia July
Oct 16
6i2 May
87S Feb
28
Oct
Sept 27
57*4 Mar
87
Not
12la Jan 3
2Ua Apr20
8I4
9
Jan
13ia May
Feb
20*8 July
1*4 July
Jan 27
25c
Apr
25g Jan 28
75c
Mar
414 July
30i2 Mar
52ia July
73
July
80c
37ia Jan
5
23
Nov 20
58
Jan
3
45
Mar
37
Nov 19
05
Jan
3
62
Mar
29
Nov 20
68
Jan
5
40
Mar
12VMay24
23
Nov 11
13
Jan
26ia July
Da Mar
4U July
1
Aug 11
10c Mar 10
2
_
Jan
7
2ia Apr 15
40c
8c
July
July
3ia June
Jan
Jan
50c
Aug
5c Nov 16
25o
6
7
4
Mar
ID4 June'
2
Nov 17
6ig Jan 29
1
Mar
75o Nov 11
2*4 Jan 19
%/U Not
6I4 Jons
2% Sept
5
6
1
1
360 Nov 23
25
25
25
26
Da Aug 26
25c Sept 1
10
Oct 20
1
lA* Aug
7
3t2 Nov 20
42c Nov 18
15c
Oct d 5
* Ex-dltldend.
Jan 10
83
75
384 Nov 13
Superior
Victoria.........
Nov'20
*.40
10
Shannon
South Lake.
"2",500
3V
•.25
25
25
Dominion Co
Osceola
Last Sale 2
Old
Jan
•4 Jan 14
60
Sept 22
82 June21
25
Mining
175
3
134
25
Lake
535
.38
----
15
North
329
.40
1 M
North Butte
Ojlbway
32
15i2
.40
20
38
1
1
4,550
*30
.08
4
2
20
24.1.2
1
2V
".08
850
.
37
1
1
*
11
527
....
802
*24
18V
83s
Oct'20
*H2
I9i2
2
37
*1
"""160
87
8V
11
♦IV
24
".08
Nov'20
*85
8V
23
*
26
25
25
New Cornelia Copper.*
6
New Idria Quicksilver
5
New River Company.....100
Do
pref
100
Nlplsslng Mines
5
Mayflower-Old Colony
Michigan
*4312
4
212 Oct
Mohawk....
2
6igMar31
Aug 17
25
310
Last Sale 2
Aug 18
Maas Consol
La Salle Copper
Jan
5U Apr
Mason Valley Mine.
489
87V
-
"l",365
3
5
Aug 11
13s July 10
2U Oct 2
1«4 Nov 15
Copper
Lake Copper Co
47
37
♦165s
Nov'20
3V
378
3
"
5
50c
25
25
25
6
Keweenaw
46
87
10V
470
IV
*2l2
.
♦IV
«43V
*.35
1*4
10
2
1
25
...
47
8V
-----
Last Sale 2l2
3
*2V
46V
1534
2
•
*234
IV
16
25
*3
•2
712 Nov 20
Indiana Mining
18
2V
478 Mar
14U Jan
Helvetia
•75V
*1
414 Nov 23
5U Nov 20
Hancock
500
3212 De.
10ia Jan
48V Jan
75
Island Creek Coal
7
40i8 Jan lO
630
25
Jan
42
Nov 19
2
Franklin
Consolidated
10c
784 Nov 22
20
Nov 20
243
Oct
357
25
6
1014 Nov 23
2c
6212 Mai
i2 Jan
4i2 Apr 7
1584 Jan 5
1078 Apr 27
40c
Jan. 2
409
Jan ? 3
Daly-West
1,040
•
Copper Range Co
184 Feb 27
Jan 3
77
9
500
50
*.50
-
48V
*47V
2
2
25
Arcadian Consolidated
...
25
20
10
3,085 Davis-Daly Copper
1,193 East Butte Copper Mln... 10
3,031
6
83
*234
Alloues
Consolidated.. 25
....
Butte-Balaklava
Nov'20
14V
Nov 19
25c June
Ahmeek
*2i2
ast Sale .05
Aug 10
43
25
Adventure
115
""460
20
40o
25
Algomah Mining
250
Nov'30
*19
248
12V
8
28V
4V
48
1934
.05 *....
♦
-
.30
10
i'
248"
26
.
1934
*2V
734
10
12V
*.25
.60
50
*47
50
*47
.45
*.40
.70
*.50
48
•.25
♦
248
r-W 514
\
.70
•
47V
7<4
9*4
250
*.50
.70
Jan
1«4 Jan 10
Oct 21
D4
7lc
Dec
Dec
4
1*4 May
9*4 Feb 20
3*8 Jan 5
7ia
3ia Jan
8
2
7
23
Jan
Jan 10
Da Mar 22
to Half-paid.
5
3*8 June
Jan
12*4 Ju'y
114 Jan
114 Mar
4*4 July
50c
Jan
15
Mar
40c
Mar
5
3
91
July
July
Tnlv
THE
3130
CHRONICLE
[Vol. 111.
Sale»
Friday
Outside Stock Exchanges
Bond*
Boston Bond Record.—Transactions in bonds at Boston
Stock Exchange
Nov. 20 to Nov. 26, both inclusive:
Friday
Last
Sale.
Price
Bonds—
Week's Range
for
of Prices.
Week.
Low.
Chicago Ry 1st 5s_
Range since Jan. 1.
Low.
U S Lib Loan 3 %s.
1932-47
92.34
1927
89.04 May
82.04 May
$600
100.00
Jan
Cosden & Co
conv s f
"92 k"
.—.
1st Lib Loan 4s.-1932-47
86.54
85.84
85.84
50
82.04 May
92.34
Jan
1st Lib L'n
86.54
87.84
13,950
82.14 May
93.80
Jan
Md Elec Ry 1st 5s
85.60
87.22
21,6.50
81.60 May
86.00 May
92.98
Jan
United Ry & Ei 4s.... 1949
Income 4s
1949
Atl G& WISS L 58-1959
Carsn Hill Gold 78.
'70%
-1923
95
Chic June&UPY 4s 11940
KCM&B income 5s. 1934
550
87-84
93.04
Jan
88.04
89.50
59,400
85.64
87.72
35,750
81.74 May
92.98
Jan
95.72
96.20
17,500
94.84 May
99.30
Jan
70%
70%
3,000
68
Aug
81
Jan
90
95
65%
65%
70
94.96
Jan
12,000
90
Nov
150
1,000
60
May
75
May
70
7,500
63
Sept
70
Nov
75
75
75
6,000
69%
Mar
77
Nov
N E Telephone
82 %
82
82 %
6,000
77
Aug
85
Mar
New River 5s._„.1934
80
Pond Creek Coal 6s.„ 1923
U S Smltg R & M conv 6s.
Western Tel k. Tel 5s.
.
~78%
1932
„
95
2,000
75
Feb
96
2,000
92
Jan
96
Oct
100
3,000
95
Oct
106
Nov
13.500
82
Ma jA
93%
Sept
77
June
80
96
loo""
Seneca Copper 8s
1925
Swift & Co 1st
58—1944
-
82
82 %
95
95
78%
7.9 >4
2,000
13.000
Georgia & A la* cons 5s .1945
Ga Car <fc Nor 1st 5s. .1929
1931
Funding 56
do
433*
...1936
653*
Wash B h A 5s
1941
803*
Low.
£1,000
79%
Highf
Oct
83
563* May
723* June
923* June
70
Jan
81
J) Jan
Mar
62
62
73
733*
20,000
95
18,000
933*
953*
93?*
3,000
93
June
973*
97?*
July
1003*
77
7,000
5,000
963*
77
77
Nov
82?*
Jan
963*
963*
11,000
96
Jan
Apr
923*
923*
3,000
83
2,000
2,000
May
July
823* May
983*
97%
823*
913*
80
Sept
85
Jan
55
May
69
Jan
803*
803*
883*
803*
883*
803*
643*
62?*
small. ....1936
Range since Jan. 1.
443*
43
653*
66
65?*
65?*
70
70
2,000
2,000
14,000
10,000
75
953*
Nov
96
Jan
Jan
Nov
Mar
Jan
42
Mar
493*
4,000
.56
Mar
66
Nov
600
56
Mar
65?*
Nov
1,000
69
Aug
76?*
Jan
Sepl
Jan
•
Miss River Power 5s..1951
5a—1932
"*34~—
1923
6s
2fl Lib Loan 4S..1927 42
4^8.1932-47
2d Lib Ln 4>*b. 1927-42
3d Lib Loan 4Mb.-1928
4th Lib Loan 4%s'33-'38
Victory 4%s
1922-23
73
notes
Convertible
91.84
—.
for
Week.
High.
Low.
803*
6% notes..
7% notes.
Consolidation Coal ref 43*h
High.
of Prices.
Bait Spar Pt A C 43*8.1953
5%
High.
Week's Range
Price.
Coneo! Gas E L A P 4 3*s'35
Sales
Last
Sale.
Oct
82%
Philadelphia Stock Exchange.—Record of transactions
Philadelphia Stock Exchange, Nov. 20 to Nov. 26, both
inclusive,^compiled from official sales lists:
at
Sales
Friday
Range since Jan.
93 %
Jan
Last
Week's Range
for
105%
Jan
Sale.
of Prices.
Week.
84
Stocks-
Jan
Par.
Low.
Price.
High.
Low.
Shares
1.
High.
'
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Nov. 20 to Nov. 26, both inclusive,
compiled from official sales lists:
y
yyy
Friday
Par
Price.
Last
American Shipbuilding. 100
Armour & Co, pref
100
Leather
Armour
Booth Fisheries, new...
Preferred
Briscoe,
Case
15%
15%
2,557
92%
140
39
39
43*
303*
4%
85
30%
50
"16"
10
12
12
12
12%
73*
60
"43*
100
(*)
common.
10
(J
I)
Chic City & Con Ry—
63*
(*)
.
Diamond
25C
"57
.100
com.
Match
100
7
2,005
57
280
6%
55%
1013*
101
1013*
Nov
Nov
Nov
580
6?*
50%
99%
150
35
Nov
Godschaux Sugar, com_(*)
Great Lakes DAD
100
35
68
70
304
60
Hartinan Corporation.. 100
70
72
300
70
Holland Amer Sugar;...10
12%
12%
375
12%
10
"113*
Hupp Motor....
.10
Llbby, McNeill & Llbby. 10
Lindsay Light
10
10
113*
550
11%
10%
11%
7,700
63*
63*
6%
100
5
50
25
26
Middle WestUtil pref.. 100
Co.—(*)
""63*
National Leather....... 10
8%
253*
Orpbeum Circuit, Inc
1
Peoples Gas L & Coke. 100
""28%
Pick (Albert) & Co
50
80
813*
56
79
Apr
105
50
63?*
403*
66
98
Nov
76
2,516
63?*
37%
Aug
44
Oct
37
37
25
313*
Aug
42%
Jan
30
31
,802
293* May
503* July
203* Sept
25
Sept
363*
Jan
7%
8
9
>
103*
40C
Salt Mfg.
Pennsylvania
Nov
101
Nov
125%
Insul
Wire
Mar
May
First preferred
Second preferred
Tono Belmont
Tonopah Mining
92
Jan
Union
105
Jan
United Cos of N J
18% May
Nov
23%
Apr
Nov
32
Apr
93*
45%
Jan
Jan
1,960
5%
Nov
44
Apr
8
Nov
15%
Jan
25%
675
24
Nov
35
Mar
343*
36
150
38%
Aug
45
Oct
Traction
U S Steel
...50
Amer Gas & Elec 5s. ..2007
100
155
155
14
155
Nov
310
Mar
Bel
100
Nov
243
610
63
Nov
90
18
350
15
Nov
18%
Nov
113*
12%
150
11%
Nov
26%
Jan
Pennsylv RR gen 43*s 1965
36>*
36%
25
35
July
Phila Co
29
Nov
42%
50%
Feb
26
Apr
Phila Elecric 1st 5s_
MM
'
mm-
283*
263*
25
52?*
15
United Paper B'd, com. 100
—.(*)
27
m
Ward, Montgom'y & Co—
Preferred, when Issued 20
25
''
-m-
20
Western Knitting Mills. (*)
Wrlgley Jr, com..
m
10%
-
Apr
Apr
Armour & Co deb 7s._ 1930
Chicago Rys 5s....—1927
mmmrnmm
mm'mm
-
Edison 6s. 1943
Ogden Gas Co 5s_
■'ii-mmm
643*
1945
Peoples G L & C ref g 5s '27
Swift A Co lflt.H f p 5s. 1944
-
mm mmmm
m
mm
-
-
82%
cons
Preferred
Channel
Chem
Commercial Credit
Preferred*!
Jan
109
5,000
105
May
110
93
15,000
85
July
99
Jan
55
3,000
51,000
55
Nov
55
Nov
74%
Apr
83
Jan
6,000
733*
Oct'
79
Nov
843* 108,100
793*
July
86
Nov
86
Nov
109
93
55
~80?*
80?*
783*
80%
"843*
83
79
Apr
52%
Mar1
Nov
74%
Jan
14%
15%
■%27/K 28
1,375
13
Sept
Apr
565
20
31%
Pittsburgh Stock Exchange.—The complete record of
Sept
860
36%
Nov
56
May
transactions at the Pittsburgh Stock Exchange from Nov. 20
to Nov. 26, both inclusive,
compiled from the official sales
19?*
Nov
44
44?*
Feb
42
8,000
72
Apr
65
June
76
Jan
62
62
10,000
60
Aug
64
Mar
"92"
West N Y & Pa gen 4s. 1943
200
19%
103*
21
71
71
953*
95%
35
35
14,000
34
Feb
45
Oct
61%
62
7,000
57
May
70
Mar
Last
Week's Range
for
80
80?*
10,000
77
Aug
87
Feb
Sale.
of Prices.
Week.
64%
64%
12.000
60
Oct
70
Mar
64%
65
3.000
58
May
70
Oct
82%
833*
9,000
82%
923*
Jan
10%
1,880
905
60
8%
70
40
Mar
Nov
24
Nov
Nov
81%
Nov
97%
Apr
1,000
95%
Auv
Oct
Sales
Week's Range
of Prices.
Low.
High.
Range since Jan. 1.
for
Lew.
3%
230
1.05
3,670
4%
140
6%
2%
Feb
1.00 Nov
4
Nov
Amer Vitrified Prod com 50
100
Arkansas Nat Gas com.. 10
Consolidated Ice com.—50
Guffey Gillespie Oil (no par)
HarbishawElCable (no par)
Harb-Walk Refrac com 100
106
Preferred
Indep Brewing torn
Preferred
5
Nat Fireprooflng com... 50
93*
Jan
150
20
Nov
29
" May
843*
90
939
87
183
843* Nov
743* June
103?*
84
500
3% -May
43*
Jan
443*
933*
Apr
PlttsbOH&Gas
Jan
Pittsburgh Plate Glass. 100
31
Nov
.no par
13
23
2
23
Nev
25
23
23
504
23
Nov
7
320
63*
63*
Aug
23
104?*
103*
Nov
Feb
Mar
V-Woodberry Mills-
Pittsburgh Brewing pref. 50
Pittsburgh Coal pref
100
Pitt8b-Jerome Copper
1
Pittsb A Mt Shasta Cop__ 1
100
95
Jaa
West'house Air Brake.
70
Jaa
W'house El & Mfg com. .60
80
189
74
4,456
Feb
14
50
13
May
98
98
35
28
Oct
103*
Nov
84?*
_
109
117
945
85%
8%
86
180
35?*
37
36
37
9%
3%
3%
25?*
13%
3?*
3%
27%
13%
90
90%
100% 100%
1
1%
3
3%
1%
1%
29
29%
52
54
Low.
9?*
105
Y
:
July
High.
16%
Apr
Jan
Sept
135
Nov
95
9,571
85%
8%
Nov
45
Jan
200
35%
Nov
46
Apr
135
34
Aug
46
440
3% June
5
100
3
4%
3,685
76
June
25% June
39
Jan
Apr
Jan
Mar
Jan
13%
Nov
17
Apr
240
89
Sept
119
Feb
67
93
July
102
258
1
Nov
360
3
Nov
Jan
5%
15%
Apr
Apr
Nov
2%
Apr
945
25
June
48%
July
45%
61%
Jan
192
27,480
2%
Nov
6%
Jan
17,890
1%
Jan
6%
July
9%
Apr
10%
193*
12
1,030
10%
Nov
Apr
19
Nov
19%
34%
Mar
Nov
45%
62%
Mar
Nor
18%
Apr
-mm—mm
86
mmmmmm
12
mmmrnmm
46%
28?*
6
86
380
1,144
44
SO
1,305
28%
6%
187
6
Feb
Apr
100
84%
Aug
92
Jan
5c
5c
500
4c
Jaly
25c
Jan
40e
41c
3,900
30c
Aug
63c
11%
145
2300
4c
—mm—mm
22%
47%
120
86
Jan
12
160
11
May
18
Mar
148
127
146
Nov
172
Apr
2500
4c
120
1 2500
1,000
45
4c
117
Jan
Jan
Jau
Jan
Nov
118%
Jai
41
Nov
66
Jaa
59
Nor
69
Nov
94%
Nov
66
Nov
930
43%
1,925
41
7e
IK
90
94%
90
Oct-
167%
80%
82%
Aug
Nov
356
80%
Nov 5760
Nov
Jan
Bonds—-
203*
Jan
36
Jan
Brownsville Av St Ry 5s'26
West'house El A Mfg 7s
15
100
675
93 %
Nov
July
10
6
.50
62
60
10
5%
mm----
7
Range since Jan. 1.
Shares.
6
100
86
High.
3%
U S Steel Corp com
62
Low.
2%
100
68 3*
803*
103*
863* iNov
s%
Pitta Stk Exch memb'ship.
San Toy Mining
1
62
103*
52
Union Natural Gas
683*
14
immm
29
20
673* May
.
22%
46%
20
285
90%
1
Jan
395
^mmmmm
25
Jan
Nov
46
32
27
25
11
25
76
_
11%
Nov
74%
«.
50
Nov
4J*
....
29%
Jan
Jan
-
1
3.40
May
3?*
•
25
Marland Petroleum
Ohio Fuel Supply
Nat Gas
9
mmmmmm
1 %
Apr
Ohio Fuel Oil
mm
3%
1?*
.50
Oklahoma
mm
50
Heat
Preferred
"I17"
mm
60
43*
89
Price.
Par.
Stocks—
Lone Star Gas..
High.
July
Sales
Friday
Kay County Gas
Week.
Shares
793*
lists, is given below.
Prices for stocks are all dollars per
share, not per cent.
For bonds the quotations are per cent
of par value.
July
Jan
85
12,000
5
50
65
June
Nov
31
y>mf*rrpJ
Sept
67
86
39
10%
49%
2,000
673*
25
80
41,000
Nov
843*
54
Water k Pow__ 100
50
102
23%
50%
31
PenHfijrl
Oct
67%
25
United Ry & Elec
97
Jan
843*
1,760
Wash B ft Amiap......50
72,100
68
-...1966
4s
45%
50
Jac
83
gen
25
100
823*
80
Davison Chemical..no par
v t r__
Jan
Oct
23.700
4
Central—
99.34
68%
1,000
543*
4
Preferred
92.88
94.70 May
74
23%
.5
Northern
82.30 May
95.80 96.08 207,500
23%
50%
Cosden <fc Co, pref.
Mt
Jan
1997
Reading
j
5
5
94.60
United Rys Invest 58.1926
Small...
Jan
45%
_
86.40May
Jan
100
E*Beneech
Oct
Jan
Mar
Consolidation Coal
*lst preferred
thdiahoma Refg.
92.10
91.91
49
25
Houston Oil pref tr ctfi? 100
JaD
85.00 Aug
83.20 May
Nov
.10
84%
106.00
5,000
40,900
54,800
51,700
30
no par
Consol Gas E L & Pow.100
89.80 Sept
87.30 87.30
65
4
—25
t
Oct
JaD
31
1.00
25
503*
108%
49%
803*
303*
3%
.10
Oct
Nov
60
1.000
Jan
55
Mfrs Light &
Cent Teresa Sugar
Jan
128
Friday
1
Jan
57
Nov
Carbo-Hyflrogen Co pf—.5
;
185
Nov
Nov
Exchange from Nov. 20
26, both inclusive, compiled from the official sales
lists is given below.
Prices for stocks are all dollars per
ihare, not per cent. For bonds the quotations are per cent
offpar value.
Celestine Oil
37
July
303*
96
to Nov.
_10
July
163
86.12 87.40
68
93
.1966
Barnsdall Corp class A..25
Class B
25
Atlantic Petroleum
23
20
8,551
23
Baltimore Stock Exchange.—The complete record of the
Sale.
50
823*
Oet
Feb
3,810
4,090
3,575
.
transactions at the Baltimore Stock
Price.
54
& coll tr 5s ' 51
Preferred
Par.
50
2%
755
170
1013* 102
54
553*
Mo Pacific gen 4s.
Amer Wind Glass Mach 100
Stocks-
Aug
61%
3 1-16 Jan
27
104%
value.
Last
Oct
Feb
24
Bonds—
Chic C'y & Con Rys 5s '27
Jan
55
1
803*
Jan
Mar
Sept
30
28
Nov
1 1-16
32?*
Nov
63
50
303*
Oct
Jan
27%
103
390
1,330
53%
25%
Oct
543*
13*
Jan
Feb
1% 1 7-16
1%
293*
Jan
Apr
26
100
104
July
333*
333*
74
Lehigh Valley annuity 6s..
Lehigh Val Coal 1st 5s 1933
4,300
70
Union Carbide & Carb—10
United Iron Wks v t c„ 50
Co.
Keystone Telep 1st 58.1935
18
Temtor Prod C & F "A"(»)
_
Mar
63
Swift International.....15
com—.
Jan
Teleph of Pa 7s.. 1945
Elec & Peoples tr ctfs 4s_'45
100
105%
100
88.50 89.36
1922-23
66
Standard Gas & Elec...50
—.—60
983*
28
Jan
104
_.(*)
Rights
Stew War Speed eom__100
Swift & Company.....100
Nov
z53% *533*
85.90 87.10
Mar
May
65
Victory 4?*s
July
*;87%
160
43*8.. 1927-42
3d Lib Loan 43* s--. 1928
4th Lib L'n 43* s_ 1933-38
43
60
574
92.29 92.29 $25,000
2d Lib L'n
90
1,450 ^21
,
Bonds—
U S Lib Loan 3 3*s. 1932-47
1st Lib L'n 43*8-1932-47
Nov
24%
Nov
123*
52
89%
170
313*
Corporation..ioo
Sept
87%
293*
100
..50
18
233*
1
1
United Gas Impt
16
51
873*
543*
7-16
1
83
873*
2,174
50
25
24%
173*
..50
Devel...
Ami
50%
1,193
173*
6,625
28%
662
273*
52
25
283*
51?*
22?*
263*
Philadelphia Traction. ..50
Reading
50
Feb
92
513*
223*
273*
Preferred
Phila Rapid Transit....50
Nov
Nov
25
413*
"22?*
par
Phila Electric of Pa
Nov
May
Aug
no
31
Feb
Feb
61
50
Philadelphia Co (Pitts)..50
Pref (cumulative 6%) .50
Jan
Nov
13%
Pennsylvania
250
Shaw W W, com
par
Nov
513*
645
18
Sears Roebuck, com...100
No
Nov
56
19
..10
*
80
29
..........100
Commonw
June
31
83
Preferred
Wahl
57
403* May
18
Reo Motor
Thompson, J R,
575
83
Quaker Oats Co..
Preferred
26
63*
■
5%
108
Oct
343
73
50
pfd. 100
(»)
Plggly Wiggiy Stores Inc(*)
Pub Serv of Nor 111
35
Sept
Jan
Mar
418
Sept
%
13
22
51
24%
25c
63
Sept
7?* |Nov
83*
10
74%
Nov
100
Aug
8
50
323*
6
•
34
...100
Jan
73
Jan
1,523
Jan
473*
31
Apr
1,390
Jan
193
Aug
50
17%
400
314
141
Aug
12,357
50
75
25c
Nov
77
1063*
Lehigh Navigation
Lehigh Valley
Nov
1013* 102
96
273*
96
Feb
37?*
Mid vale Steel & Ord
Nov
25c
JaE
141
10
Jan
Feb
50
2,955
4,425
12
11% June
93
Apr
55
730
20
Nov
44
7?*
200
Oct
Oct
89
10
8
North
Nov
56?*
70
53
.Pennsy
5
1,733
8
Jan
12
50
45
93*
Jan
120
Jan
89
55
13%
1,435
JaD
64 V*
45
J G Brill Co
74
7
Jan
64J*
Oct
48
150
Nov
12
23
Nov
89
300
Nov
4%
6
Motors....10
Mitchell Motor
Feb
Sept
18
89
29?*
25
12
3
Cudahy Pack Co
Mar
Mar
19
293*
"493*
83
100
17%
55
773*
Lake Superior Corp
95%
25
293*
Keystone Telephone
58
25
77?*
87%
Aut,
854
29?*
Jan
Nov
5
32
ioo"
Jan
Nov
20
293*
Insurance Co of N A.... 10
120
883*
20
100
Elec Storage Battery,.100
General Asphalt pref.-.100
v t c
110%
6
102
—
Susq Corp pf
Nov
39
293*
First preferred.
Nov
12
Part ctf ser 2
Commonwealth Edison 100
..100
84
15
50
High.
..10
Gas
American Rys pref
100
American Stores—no par
Phila
Preferred
(*)
Chicago Rys part ctf ser 1.
Rights
Continental
89%
1,735
92?*
•
(*)
(*)
Bunte Bros
87%
Lore.
50
84
15%
*.100
Board.
Week.
Shares
High
92%
..15
_
Preferred
Beaver
84
"88"
Range since Jon. 1.
for
Rangt
of Prices.
Low.
American
Buff &
Sales
Week's
Sale.
Stocks—
Alliance Insurance
95
69
69
91,909
94%
95
5,000
1
Nov. 27 1920.J
THE
CHRONICLE
26, both inclusive.
It
covers
to transactions on the
"Curb"
such
no
reliability attaches
to those
as
organized stock exchanges.
the
Stocks
(1Concluded)
Par.
Elk Basin Petrol.r
It should be understood that
On
Other OH
the week ending Friday
afternoon.
on
the regularly
{
New
York Stock Exchange, for instance, only
Exchange can engage in business, and they
are permitted to deal
only in securities regularly listed—that
Is, securities where the companies responsible for them have
oomplied with certain stringent requirements before being
admitted to dealings.
Every precaution, too, is taken to
insur
that quotations coming over the "tape," or reported
In the official list at the end of the day, are authentic.
On the "Curb," on the other hand, there are no restrictions
whatever.
Any security may be dealt in and any one can
meet there and make prices and have them included in the
lists of those who make it a business to furnish daily records
of the transaction
The possibility that fictitious transac¬
tions may creep in, or even that dealings in spurious securi¬
ties may be included, should, hence, always be kept in mind,
particularly as regards mining shares.
In the circumstances,
It is out of the question for any one to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
Week ending Nov 26.
Last
Sale.
Par.
Price.
Sales
Week's Range
JrTicvs
UJ
Low.
4
•
High.
Range since Jan. 1.
for
Week
of Prices.
Price.
8K
Engineers Petrol Co.r_._l
1 3-16
Federal Oil
6
Fensland Oil
12%
...10
2%
Glenrock Oil.r
Low.
2
(no par)
Lew.
High.
"27"
Guffey-Gillesple Oil.r..(f)
Hudson Oil.r
Inter Petrol
t new-..no
1
3-16
Dar
15%
Invader Oil.r
IK
Lone Star Gas.r..
25
Lyons Petroleum.r
Marland
1
Reflnlng.r
Midwest
10
Midwest-Texas
Mountain
1
Panhandle P &Ref com
Preferred
Coai-f..---—-__-l
Explosives-r (no Par)
Aluminum Mfrs
1%
9%
r.100
Preferred^.........100
Am Chicle com.r. .(no par)
Pr ef erred, r
100
Amer Writ Paper com
automatic Fuel S.r
Borden
Co
__
com.r
Preferred _r
Nov
40
Jan
84%
84%
15
80.
Aug
97
July
31
165
281
Nov
68
67
10
58
July
69
100
79
79
5
Conley Tin Foil.r
(t)
8
9
100
60%
25
6
41
7%
8%
85
"8
7%
12
10%
1,800
Lima Locom, com.r...100
Lincoln Mot Co cl A.r..50
Locomobile Co.r._(no par)
Mercer Motors.r__(no par)
Perfection T & R.r
10
Pyrene Mfg.r
10
Radio Corp of Amer_r__(t)
Preferred .r
5
Republic Rub.r._ (no par)
"2"
2K
IK
Mills.r.(f)
Roy de France Toilet Prod5
"3 %
25
1%
"lK
390"
Standard Oil (Ind).r...l00
13%
Jan
Nov
22%
Mar
2,400
1%
Nov
1%
Nov
Apr
1%
1%
*2%
Jan
5,050
%
Oct
7-16
Jan
Jan
Nov
1,500
%
5%
Nov
7
2,100
1%
Aug
8%
Jan
6,300
%
July
2%
Apr
8,900
Nov
1
1,200
18,000
Aug
50
Jan
July
18
Nov
Nov
54
5%
Jan
%
June
Nov
IK
Darwin Silver
1
23/
Divide Extension
1
27c
1
9-16
Apr
3
May
14%
Mar
33
2%
Nov
Eureka Holly.r
Great Bend.r
Harmill Divlde.r
1%
2%
26c
28c
%
%
49c
47c
52c
1
1 9-16
6
Nov
19
Apr
Hecla Mining
2%
Nov
20
Jan
13%
13%
200
13%
Nov
23
Oct
Honduras Amer Synd.r (t)
Howe Sound Co
1
1%
32,000
1%
Nov
25c
4%
10c
1 15-16 Jan
Nov
Oct
3-16
Aug
115-16 Jan
1 15-16 Apr
8K
Mar
Mar
16
15o
Jan
150
Feb
1 %c
23c
20,400
12c
%cJuly
Oct
65c
2,900
8%
300
2%
2%
900
%
July
%
2%
44o
8
■K
19c
Oot
Jan
Sept
June
4%
4%
3
11c
17c
200
Nov
18,200
2.000
l%c
2,000
2%
Feb
19c
3%
2%
Aug
18c
6%
Jan
650
Sept
Nov
1 18%c
1
3%
10
Aug
Mar
%
60
3c
2%
10,100
12,800
107,500
1%
52c
Jan
Jan
Mar
20
8c
2c
6
1,600
3,300
31,500
12c
9-16
6c
22c
15,500
1 1-16
4%cJune
10,100
20,300
10,000
1 7-16 1 9-16
6%c
2%c
10
Blossom.r
64c
IK
2%
1
2%
Iron
1,000
4
62c
4
10c
Gold Zone Divide, r
%
3
10
Devel.r
•
4
Silver...
Eureka Croesus Mln.r
5-16
3%
4
64c
Creeson Con Gold MAM.l
Emma
Apr
Jan
490
16c
Goldfield Consol'd r
2%
Mar
880
13,000
Goldfleld
7%
4o
June
2%c Aug
3-16 May
16,950
El Salvador Sliver Mln
Apr
2c
8c
Apr
Mar
9,400
12,400
17,600
11,000
16-16 June
19c
Aug
Jan
130
l%c
1 3-16 Mar
% June
%
Oct
lc
May
16c
Consol Virginia Silver.r .5
%
800
Jan
4%cMar
Mar
15-16 Jan
5
Oct
7
Nov
20
Feb
2%
Aug
3-16
Sept
Feb
7-16 Feb
4%
71
73
300
70
Nov
80
Nov
Jim
1
17c
16c
18c
13,700
10c
Aug
27c
Jan
11
12
1,400
10
Nov
32
Apr
Jumbo Extension
1
5%c
5c
6c
14.200
4c
July
13o
Sept
60%
70
600
60%
Nov
92
Mar
Kewanus.r
1
%c
July
15c
Jan
25%
25%
200
25
Nov
53
Aug
150
Jan
1,425
3
Nov
35
Jan
Lone
Oct
8c
39
Jan
Louisiana Consol
1
MacNamara Mlnlng.r
1
""%
3
5%
500
6%
1,000
14%
1,500
1,900
12
500
24
9%
24
18%
60
4%
4%
4,400
23%
23%
100
1 3 16
3,100
9%
9%
100
2
2%
2%
2%
7,200
5,100
1
1%
1%
1,150
6
6%
900
3%
4
1,000
2%
25.500
5%
5
8%
14%
3%
22
Nov
May
8%
Oct
Oct
14%
Nov
9
1
5
22
1
11c
Montana
Aug
Sept
6
Mar
3%
13%
Nov
33%
May
July
Nov
27
100
22
78
350
76
Nov
%
54
2
.
Nov
7%
June
4.600
%
Sept
1,200
51
Nov
13,200
1
Aug
Mar
47
5%
Oct
76
%
19%
Aug
Jan
13
Mar
7.800
Sept
1
Nov
3%
5,300
2%
Aug
700
30%
Nov
35
2%
3
2,000
18%
20
2,900
50
50
45
388
390
20
710
725
195
Nov
2
8%
5c
%
%
%
22%
15,500
lie
10,900
9c
7A
IK
5%c
5%c
2%
3
8%
8%
1
7-16
2
5-16
%
2,700
1
1
1
IK
5c
5c
5c
5,300
| 4%cNov
1-16
20,000
1-16 Mar
13%
7
26%
41%
735
6?8
1
1-16
Apr
Roper Group Mining
St Croix Silver
.1
K
June
Silver King Divlde.r
1
Jan
Silver Pick
Jan
Standard
Apr
Success
%
3%
6c
13,800
2c
1%C
2c
1
2c
lc
3c
Jan
Tonopah Mlnlng.r
Jan
%
3-16
Jan
Nov
5c
1 7-16
1
1-16
1 7-16
3-16
1%
3,110
1
1%
1%
1%
1%
17,750
2,490
2,510
6,590
7%
4%c
8%
65
15
65
Atlan Lobos Oil, com.r.(t)
24
300
24
1%
%
1
9%
2%
1
44,100
15-16
31,300
10%
13%
26,600
5
6%
6%
K
%
1%
800
13-16
Cushlng Petr Corp com r.6
8%
7
%
30o
7o
Jan
%cJune
7o
Jan
3K
Jan
Jan
1 3-16
1
Aug
Aug
1 5-16 June
1
K
4%
Jan
2 15-16 Jan
8%
July
4%
Aug
5%cNov
llo
7
10
2%
Apr
Jan
Jan
Apr
Sept
Jan
4%0July
290
5,700
1
2 7-16 Jan
IKo
lc
l%c
7,000
lc
5%
Jan
7c
6%c
7c
18,000
1
2c
l%c
3c
25
10,000
100
Jan
3%
25
Trust.r.(t)
Gold.r..
1
5
1%
5c
1 1-16
1%
18,200
200
Aug
Jan
May
80
6c
Aug
1 % c Nov
24
Oct
20c
Apr
12o
Mar
26
Oct
Oct
%
Jan
1%
50%
Sept
98%
Jan
96
Nov
96%
97%
Nov
1,700
Nov
$
Allied Pack conv deb6s r'39
58%
58%
Aluminum Mfrs 7s.r
96
96
Amer Tel A Tel 6a.r__1922
95
1924
94
94%
93%
91%
91
84
84
6% notee.r
Anaconda Cop Mln 7s_r'29
99%
1935
95%
"94%
60
190,000
14,000
95%
84,000
73,000
94%
95% 222,000
96%
92% Aug
91% June
96%
Jan
Jan
91
Nov
96%
Oct
Nov
Jan
Aug
98%
101
Oct
•98
Oct
84%
99% 100
95
95%
97%
97%
10,000
84
28,000
75,000
98
5,000
97
Nov
98
Nov
94%
90,000
94
Oct
95%
Nov
94%
94%
Mar
Canadian Nat Rys 7s. 1933
101
101
102
27,000
Sept
102%
Nov
Jan
Can Northern Ry 7s..1940
100%
100
100%
80,000
100
Nov
Nov
Jan
C C C A 8t L Ry 6s
89%
89
Apr
Nov
90
Apr
Colum Graph Mfg 8s. 1925
93
93
17,000
4,000
82
100%
91
Nov
45
92
Sept
99%
Aug
Nov
70
Oct
Cons Textile deb 7s-r 1923
95%
96%
40,000
94
Nov
97% June
99% 115,000
29,000
100
Nov
% Nov
%
Apr
9
Mar
Jan
% Nov
1%cNov
2o
1 1-32
Jan
8%
Jan
"~5c
15-16
24
14c
6
Armour & Co7% notes r'30
65
Jan
Sept
Nov
Oct
.10c
10c
Bergen (City of) Norw 8s, *45
Oct
Oct
Jan
West End Consol'd
Beth Steel Eq 7s.r
Nov
J%
1%
White Caps Exten
White Caps Mining
Wilbert Mining
Apr
18c
1%
12o
Victory Divlde.r......10c
3%
12c
Jan
Feb
Jan
Nov
10,000
1,700
800
1%
1 3-16 Jan
Jan
Oct
53,000
18,000
6%cMay
Nov
4%
12%
Nov
%
lc
Jan
Sept
3%
4%
Nov
1%
3.000
16,950
17,900
1 5-16
1
1%
1 7-16
United Eastern Mining..1 2 11-16 2 9-16 2 11-16
U S Continental Mlnes.r. 1
6c
5%c
6%c
6
5,300
6,200
1
Tonopah Belmont Dev
1
Tonopah Divlde.r
...1
Tonopah Extension
1
78
6c
1*
2%c
1
Sutherland Divlde.r
Jan
78
r—1
Jan
59
_
Cons'd.
Silver-Lead
Mining
%
2c
Apr
1%
Aug
1
810
24c
39
820
% May
% Aug
1
Jan
Oct
Ray Verde Copper
390
15c
8%
Oct
Jan
97c
Nov
% Nov
4%cMar
2% Nov
Rex Consolidated Mln
Aug
13c
9o
Jan
Sept
20c
20
May
Jan
273 -—Aug
Amalgamated Royalty.r.l
Arkansas Nat Gas.r
10
Atlantic Gulf Oil Corp. 100
2.100
2,200
2,800
1-16
%
Nov
Jan
Mar
%
1,200
3.400
%
6
65
600
%
4c
3
Jan
660
4o
33,000
2.500
4%
31
44
185,700
2,100
9,100
Nov
*-1 OO £
2,250
3—16
Prince Consol
Feb
1
19,200
|2c|
12%c
4%c
Ophir Silver Mlnes.r
55
1,600
1%
5%C
6
Nov
1%
30%
Nfpisslng Mines
Unity Gold Mines
1
28
1
1
New Arcadian Copper.r...
Jan
1
900
Motherlode.r
19
28
7%
Silver Klng.r._l
Nov
9%
29%
7%
Mlnlng.r
7c
20
Magma Copper
Marsh
Jan
27
1%
5c
Jan
Aug
Nov
51
1
18
1%
1%
10c 12Kc
Star.r
50
Nov
200
Knox Divlde.r
lc
Nov
1% June
1% May
,
Butler.r
Nov
Nov
85c
Jan
Other Oil Stocks
Nov
8
6%c
6% notes Ser A.r_. 1929
IK
7%
1,200
18c
Anglo-Amer Oil 7Kb r.'26
10
Nov
85
Aug
9,900
7Kc
Jan
Dominion Oil.r
80
Oct
I
May
Denny Oil.r
Jan
Jan
128
Cowl en & Co, com.r
73%
Aug
480
11
Nov
42o
Feb
15-16
7%
920
Aug
Oil.r_.x
Oct
Oct
101
Boston-Wyoming
2%
Mar
343
Carib Syndicate new.r
170*
Aug
15c
20
IK
Aug
1%
30c
600
5
6%
10,500
103
Boston Mexican Petro .r.l
Jan
1,100
"2,400
22.500
113,000
369
Boone Oil.r
Feb
18c
102
14c
14% May
May
43c
368
1
1
56
4%
16c
100
Allen Oil.r
Nov
Nov
200
37c
Standard Oil of N Y.r.100
Allied Oil.r
9i
1
~
Bonds-
25
Union Tank Car.r
1%
40% May
17c
Cortez Silver.r
Subsidiaries
Ohio Oil.r
6%
Nov
42c
Mining
Jan
Former Standard Oil
19
9%
NOV
1
Yukon
Anglo-Amer Oil.r
£1
Galena-Sig Oil com.r..100
Mar
Caledonia
Yukon-Alaska
Rights—
General Electric, r
Jan
1%
Boston & Montana Dev..6
Mar
3
Willys Corp 1st pref.r.100
10%
Nov
7o
Mar
K
29
41
Aug
July
Mar
1%
8%
1
Jan
July
United Retail Stores
(t)
U 8 Distributing com.r.50
U S Light & Ht, com.r..10
U S Steamship
10
Wayne Coal
5
Nov
5%
3o
6
10
Candy, r
41
Jan
12.800
165
210
IK
100
Jan
9%
4c
180
200
52 K
Apr
3c
Aug
Stqtz Mot Car.r._(no par)
United Profit Sharing..25e
5
3%c
Nov
100
Triangle Film Corp v t c.15
Union Carbide <fe Carb.r(t)
2,000
1
Nov
300
Corp, new.r.(t)
90
6
77
11%
International.r__. 15
June
Big Ledge Copper Co
130
35
Todd Ship
59
Booth.r
70
11%
Swift
20
4%c
%
1,950
35
Sweets Co of Amer_r_„100
%
5-16
84%
50
Preferred
K
~5—16
Aug
50
Stand Gas & El com
Alaska-Brit Col Metals.
America Mines.r
Arizona Globe Copper._.l
Atlanta Mlnes.r
1
40%
1%
26
36,600
..
Jan
June
Mining Stocks—
35,000
18%
~i K
1%
48%
8%
4%
IK
41%
24
Peerless Tr'k& Mot_r__50
6%
Woodburn Oil Corp.r..(f)
Sept
2,000
%
Wilcox Oil & Gas.r
3%
2,300
1%
7-16 7-16
%
6%
300
13%
14
10
%
4%
5%
5%
N Y Shipbuilding, (no par)
N. Y. Transportation-.10
7-16
4%
3
Morris (Philip) Co, Ltd. 10
1
29
3,400
"ii %
1
10
Candalaria Silver.r
17
"Ik
_r
Cash Boy Consol-r
17%
3
Oil & Land
Jan
15
Jan
6
10
8%
12
1%
United Tex Petrol.r.
Victoria Oil.r
14% July
16
Jan
700
85
10
Spencer Petroleum Corp.10
44%
16 %
Apr
10
7%
Jan
Jan
Nov
7K
26
Slmms Petroleum r(no par)
Sinclair Con Oil pref.r.100
Oct
Jan
%
14%
5%
1,000
.
July
1 5-16
1,100
2%
Jan
Aug
10%
9%
22%
4%
190
Aug
29
2
June
2%
10
8%
5%
2
26
2%
Aug
9-16 June
Salt Creek Producer
9%
Aug
11%
Salt Crtek Producers.r._25
Settled Prod.r
Jan
July
4c
8.600
5
Nov
1 1-16
May
15
4%
Feb
41
10%
%
10%
new.r
Oct
2%
38
29
128
12
Sapulpa Reflnlng.r......6
Savoy Oil..
5
Jan
Nov
Nov
9,900
Cons'd.r
Jan
1%
Aug
3
5,000
Ryan
39%
May
15%
1
5%
Apr
18%
Oct
%
Oct
Jan
16
Nov
May
2
Jan
Nov
Nov
1%
25
5%
Aug
Nov
20
41
5%
%
14
%
June
17%
19
60%
6%
Nov
25%
1
3%
1
400
14
2,600
10
29%
150
3,700
46,900
1,700
Fuel.r
1,900
100
y8
2%
Producers A Ref.r
4,500
1%
1-16
%
2%
10
8%
1%
1,350
%
Oil.r
32%
31%
Lehigh Coal & Nav.r-.-50
Paper..(f)
Sept
31
Heyden Chem.r..(no par)
Hocking Valley Prod
10
National Leather _r
Apr
4
Aug
19%
Munson Furniture.r
142
Nov
Hercules Paper.r..(no par)
June
Aug
2%
14,700
Jan
Nov
100
1%
149
5c
1%
2%
12%
4,500
3,200
4c
%
500
6,700
3K
1
Jan
4,500
6K
17
1%C
14%
1,700
100
lc
40
135
1%
30
3c
40
2%
1%
4c'
40
77
3,700
10,700
3%c
32
130
1,000
3-16
15%
10c
28%
7%
27%
K
14
10c
Nov
15
25%
Belcher Extension
Nov
31
6
Beloher-Dlvide. r
11%
4
1,400
Jan
16
600
7%
Jan
200
ik
July
800
31%
6%
9%
2,700
77 %
91
500
110
3%
28%
11%
1.600
Jan
Nov
July
19
2%
1% May
Oct
1%
"42 %
12%
67%
July
108
11%
2%
4,000
,
Nov
4%
100
I
Jul}
3
11%
16%
Gillette Safety Razor.r.(t)
Hall Switch&Slg com r.100
Libby McNeill & Lib.r.10
79
1
Steamship.r_.(f)
Kay County Gas.r
15
600
4
Inc.r.(f)
Indian Pack Corp r (no par)
Int Products; com.r...(t)
Nov
2.100
12
Nov
Sept
87
16
(t)
Gen Asphalt, com.r—100
Preferred .r
100
4
45%
200
July
2%
2
Apr
1
16
8
8
com.r
Empire Tube & Steel...(t)
Farrell(Wm)&Son com r(t)
5%
11%
31%
4% Apr
11%
28
1,500
2%
Nov
67
2.000
Cities Serv Bankers shs r(f)
Colombian Emer Synd
Rockaway Roll
16
6%
Chicago Nipple Mfg cl A 10
Nor Am Pulp &
16%
1,800
87
10
r
16
67%
£1
Havana Tobacco com
May
5%
Carbon Steel, com.r...100
Car Ltg & Power.r
25
Garland
7
87
100
Davles (Wm) Co,
.# K
66%
Brltlsh-Amer Chem.r
Crude Chemical,
7.200
4,800
100
100
Brlt-AmerTob ord bear -£1
Ordinary.
BucyrusCo.r
IK
9%
%
9
Feb
2%
Red Rock Oil & Gas.r
Texon
Industrial & Miscell.
Aetna
5
13-16
?"2K
Feb
2,200
7%
4%
16%
2
10
Mar
Nov
K
5
Omar Oil A Gas
11%
May
13%
North American Oil.r
Aug
VA
144
146
High.
Low.
6%
1
11%
"T%
Range since Jan. 1.
6,700
3
Tex Atlantic Oil.r..
Acme
13,000
3K
Prod.r...
Penn-Mex
IK 1 3-16
IK
2K
11%
13%
16
1
Noble Oil & Gas
Pennock
6,400
5%
50
Oil.r
Shares
8%
16 K
..10
Reflnlng.r
7%
for
Week.
15-16 1 1-16
5
Merritt Oil Corp.r..
Mexico Oil Corp
High.
30
Manhattan Oil.r..(no par)
Maracalbo Oil Explor.r(t)
Skelly Oil.r
Shares.
Week's Range
5
.
Stocks—
Last
Sale.
Grenada Oil Corp Cl A.r.10
members of the
Friday
Sales
Friday
New York "Curb" Market .—Below we
give a record of
the transactions in the outside
security market from Nov. 20
to Nov.
3131
1%
7%
3%
1%
Aug
53
10%
400
6%
Aug
6.500
%
Nov
3
1K
1%
10,800
%
Aug
1%
9
9%
1,000
5%
Aug
39%
r
1929
Jan
Denmark (Klngd of) 8s. 1945
Jan
Diamond Match
Mar
Jan
Jan
Jan
Nov
Jan
7%s_r'35
Duquesne Light 6s...1949
Empire Gas A Fuel 6s. r. *24
6s.r
1926
French Government 4s.r_.
99%
100%
"84
100
90
100%
99%
99%
88%
88%
2,000
85%
83%
84%
23,000
6,000
83%
94%
94
42
42
5e.r
51%
5% premium bonds.r.
59
94%
35,000
51% 100,000
60
60,000
42
94
Oot
Oct
Nov
101
Nov
100%
Oct
Oct
Oct
Oct
90%
85%
96%
Oct
40
Nov
50
Nov
58
Nov
,
Nov
Oct
62
June
77
July
July
86
Salts
Friday
Last
Week's Ranoe
for
of Prices.
Week.
Sale.
93 H
Galena-Signal Oil 7f.r_1930
89
Goodrich (BF) Co 7S-1925
100H
Grand Trunk Ry 7s.r.l940
Heine (H J)
Co 7e.r_.1930
"7l"
interboro R T 7s.r__.1921
Kenneoott
Low.
Price.
Bends (Concluded) -
92 H
Copper 7sr. 1930
1940
1920
7s.r
1924
7s.r
.1925
99
Apr
Oct
103
Nov
9434
Nov
95
Nov
6634
Aug
76
Jan
19,000
9334
Nov
6,000
9734
Nov
9934
4,000
9934
Nov
10034
Oct
97
12,000
9734
7734 118,000
9634
Sept
9834
Aug
"9234
Aug
9934
Nov
10,000
94
9234
9234
12,000
9234
Nov
9634
92
8,000
92
Nov
12,000
9034
Sept
9334
9234
9434
9334
9334
Nov
9634
97
11,000
14,000
Oct
8534
9634 June
9454 July
90
Nov
9734
9334
"OVA
Reynolds (RJ)Tob 0s.rl922
Russian Govt 5Hs.r..l923
Nov
Feb
16
19
45,000
16
Nov
38
53
57
70,000
60
Nov
64
Oct
98
03
120,000
9534 165,000
9534 75,000
93
Nov
Oct
93
Nov
9934
9834
93
Nov
9834
Oct
Aug
Oct
98
10034
Apr
Bolvay 4 Cle 8s.r
9034
90
100K
100
8634
100
195
205
Surety—
Title A
186
Mortgage—
110
Preferred
-
57
65
75
85
Nat
Y
N
Title AMO
Quotations for Sundry Securities
All bond prices are
"and Interest" except where marked "f."
Oct
Oct
Par
Anglo American Oil new. £1
Atlantic Refining
100
Preferred
100
Bid.
Ask
•19
20
975
1025
102
104
100
Buckeye Pipe Line Co.— 50
Cheeebrough Mfg new.__ 100
400
100
Co
Borne Scrymser
RR. Equipments—Per Ct. Basis.
Per than
Standard OH Stocks
Baltimore A Ohio 4)4s
Buff Roch A Pittsburgh 434 s
Equipment 4a
Equipment 6s
420
1
7.75
Central of Georgia 4 )4s
7.50
•85
88
190
!210
98
102
Chesapeake A Ohio 634s--.
6.75
100 zl08
Crescent Pipe Line Co— 50 •28
Cumberland Pipeline—100 •125
Eureka Pipe Line Co
100 100
50
Galena Signal Oil com—100
110
Equlpment 5s
Chicago A Alton 4348, 5s
7.40
53
Chic St Louis A N O 5s
Preferred
new
Continental Oil
31
135
Nov
97
Jan
Preferred old
100
z90
94
Chicago A N W 4^s
6.95
1925
9634
90,000
9634
Nov
97 34
Oct
Preferred
100
z88
92
Chicago RIA Pac 4 He, 5s__
7.50
1921
9734
9734
9734
13,000
9734
Nov
9734
Nov
2:157
162
Colorado A Southern 5s
8 00
8334
20,OCX)
35,000
8234
July
100
50
i 89
9834
10034 10034
82
8134
9834
9934
8134
98%
83
8234
Illinois Pipe Line
Indiana Pipe Line Co
International Petrol,(no Par)
•86
Oct
National Transit Co—12.50
♦26
! 28
Illinois Central 5s
6.95
Nov
New York Transit Co—100
160
165
6.95
Northern Pipe Line Co.-100
Equipment 4>$s__.
Equipment 7s
Kanawha A Michigan 4)^8—
7.30
43
Louisville A Nashville 5s
6.95
515
Michigan Central 5s, 6s
Minn St P A S S M 4348
19,000
9634
Aug
26,000
8134
Nov
80
26.000
9034
July
99 34
Afr
85,000
7834
Oct
8334
Nov
•15
100
103
290
100 203
100 z365
Southern Pipe Line Co__100 107
South Penn Oil
100 247
62
Southwest Pa Pipe Lines. 100
Standard Oil (California). 100 325
Standard Oil (Indiana).-108 700
210
282
New stock
*71
$25 par value stock
Standard Oil (Kansas)___ 100*625
Standard Oil (Kentucky) 100 400
288
410
Prairie Oil A Gas
Prairie Pipe
Line..
Greater Berlin 4s.r
15
293,000
Oct
28
June
Nov
26
June
2934
June
12
13
13
13
100,000
1234
1634
17
40,000
1534
Oct
Cologne 3Hs.r
1634
16
1634
85,000
1234
Nov
German Electric 4^s.r...
17
Bremen 4Ms_r
2934 June
17
17
20,000
15
Nov
2934
German Govt 5s, r
12
12
60,000
12
Nov
2334 June
Hamburg 4s.r
1434
1 434
10,000
1234
Nov
28
1434
1534 625,000
1234
Nov
15
16
1534
Nov
2734 June
2734 July
4*$s.r
Leipzig 5s.r
30,000
July
June
value,
i Listed as a prospect.
I Listed on the Stock
Excharge this week, where additional transactions will be found.
oNew stock,
r Unlisted,
w When
issued,
x Ex-dlvldend.
y Ex-rlghts.
z Ex-stock dividend,
par
t Dollars per 1.000 lire. flat,
k Correction.
current
>
■
.
..
■
no tic e s
-—Merrill, Lynch & Co. are distributing a circular entitled "European
65
329
7.37
7.15
bonds issued in
this
country since the signing of the armistice.
The following quotation is made from the introductory note:
Europe have had to face
We ourselves
many
are
municipal
problems
as a
"The people
7.75
6.95
425
Paclflo Fruit Express 7s
6.90
430
Pennsylvania RR 4)4s.
6.95
645
Swan A Finch
100
35
60
100
104
110
100
100
92
95
305
316
10
•30
35
facing similar problems.
Such problems have
magnitude, but they have been solved in the past.
But the fact that there
this instance.
are
They will
such problems,
demand for money from all quarters, makes it
enormous
possible for investors to obtain 8%
on
their
through the purchase
money
of bonds which in normal times would only yield 4%, or even less."
—Price, Waterhouse & Co. of New York
under date of Nov. 1,
announce,
that the business in South America of Price, Waterhouse and W. B. Peat
and that of Touche, Falter & Co. have been amalgamated.
businesses will be carried
The combined
under the style of Price, Waterhouse, Falter
on
& Co. at Buenos Aires, Montevideo,
Rosario, Rio de Janeiro, San Paulo
Valparaiso.
—William G. Moore has severed his connection with Frazier & Co. of
Baltimore, and is entering the investment business
under the
name
municipal.
of William G. Moore & Co.
Government, railroad and
The
on
his
own
new concern
corporation
bonds
account
will deal in
and
will
have
offices at 4 East Redwood Street, Baltimore.
Russell
Co.,
dated Aug.
25 ♦95
100 350
Midwest Refining—60 *144
Imperial OU__
Magnolia Petroleum
All
Banks—AT Y
prices dollars
per
share.
Seaboard Air Line 5s
Ask
Banks
Bid
Ask
Trust Co's
America •
200
208
Industrial*—
190
205
New York
Amer
250
260
Irving
Exeh..
Atlantic
215
NY
170
Bowery*
450
Tobacco
Stocks—Per
6.95
Equipment 7s
Southern Railway 4Mb
6.87
Broadway Cen
160
ieo
Bronx
212
Sh
130
135
-10C
79
83
Prelerred
155
165
102
104
•11
Brit Amer Tobac, bearer. £1
•IDs
Conley FoU
(new)__.no par
•15
16
Carolina Pow A Light com 100
Helme (Geo W) Co, com .100
155
160
Cities Service Co com... 100
89
100
Preferred
Johnson Tin Foil A Met. 100
100
100
107
MacAndrews A Forbes.
_
82
106
Elec Bond A Share pref100
90
100
Federal Light
Scrip
Reynolds (R J) Tobacco.
B common stock
Preferred
•85
25
•34
36
Great West Pow 5s 1946.JAJ
99
101
Mississippi Rlv Pow com. 100
90
90
93
Weyman-Bruton Co, comlOO
155
165
100
90
93
100
135
145
100
85
88
Preferred
87
100
—100
80
~60~
280
290
Am Tob7% notes 1921MAN
Farm L A Tr.
345
355
7% notes 1922
MAN
7% notes 1923
MAN
AnacondaCop Min 6s'29. JAJ
305
"
36
Fidelity Inter.
200
210
New York Co
135
145
Fulton
260
270
New
470
480
Guaranty Tr.
300
307
Chat A Pken.
255
265
Pacific •
160
Hudson
155
165
Chelsea Exch*
145
155
Park
460
4~7~(T
Law Tit A Tr
125
135
260
280
Lincoln
155
105
New
Neth*__
York-
Chemical
535
545
Public.
Coal A Iron..
245
255
Republic*
Colonial*
350
Columbia*
170
180
Commerce
214
218
185
196
mrnmm
~
Seaboard
600
Second
450
460
210
625
State*
200
Tradesmen's*
200
23d Ward*—
220
Union Elxch..
170
176
United States*
155
165
~
Trust
Mercantile Tr
280
305
Metropolitan
245
255
Mutual (West¬
7s
1929
AAO
Series B
JAJ
Anglo Amer Oil7)40'25 AAO
Arm'r ACo7sJulyl5'30JAJ 15
Beth St 7s July 15 '22.JAJ 15
r
Tennessee Ry L A P com. 100
70
100
Preferred
Cem
preferred
100
100
Western Power Corp
100
United Lt A Rys com
1st
95
9512
9978 IOOI4
9934 10012
I
100
Preferred
Industrial
99% 100%
84
50
50
Preferred
and Miscellaneous—Pe r share
86
American
100
Brass
9114' 9134
9934100
American Chicle com.no par
95i4.j 95«4
American Hardware
9734l 98%
Amer
7% notes July 15 '23 JAJ 15
Canadian Pac 6s 1924.MAS2
96
96%
«4%
95
Federal Bug Rfg 6s 1924 MAN
92
94
100
Preferred
100
Typefounders com. 100
Preferred
80
•50
125
Goodrich (B F) Co 7s *25 AAO
89
Hocking Valley 6s 1924MAS
Interboro R T 7s 1921 MAS
92%
89%
93%
Borden Company com
100
Preferred
—.100
550
70
72
Celluloid
N Y Trust._.
590
615
K C Term Ry 4)4s 1921 .JAJ
66
97
95
96
du Pont (E I) de Nemours
A Co, com
100
15
1923-.MAN15
100
Company
Title Gu A Tr
285
Corn Exch*..
330
340
Wash H'ts*
350
425
U 8 Mtg A Tr
395
405
Laclede Gas 7s Jan 1929 FAA
89
91
Debenture stock
100
110
120
Yorkvllle*
375
425
United
810
830
68
Havana Tobacco Co
100
150
98
981?.
98%
98%
Fifth Avenue*
910
Lehigh Pow Sec 0s 1927. FA A
LiggettAMyersTob6fi'21 JAD
Penn Co 4Hs 1921—-JAD15
Pub Ser Corp N J 7s '22.MAS
Reyn (R J) Tob 6s '22. FA A
67
Cuba (Bk of).
East River.
88I4
96%
88%
Intercontlnen Rubb com. 100
97%
International Salt
100
1st gold 5s 1951
AAO
_.
Fifth
185
170
States
Brooklyn
Coney Island*
140
155
930
First
205
215
Brooklyn
Brooklyn Tr.
480
'
m
m
295
mm
500
165
Greenpolnt—
160
180
Hamilton
260
First
920
940
Hillside*
no
120
Kings County
630
600
Sloss Sbeff 8 A I 6s '29 _FAA
86
90
225
235
Homestead*..
80
100
Manufacturers
195
203
94%
951.1
People's
275
290
Southern Ry 6s 1922._ .MAS
Swift A Co 6S 1921. .FAA 15
97i2
97%
Lehigh Valley Coal Sales.
7% notes Oct 15 '25 AA015
Texas Co 7s 1923
MAS
96%
96%
98
98%
Phelps Dodge Corp
100
Royal Baking Pow com..100
U S Rubber 7)4s 1930..FAa
Utah Sec Corp 6s '22.MAS15
98
98%
80
82
Singer Manufacturing
West Elec
9878
99%
Singer Mfg Ltd
Gotham
190
Greenwich •_.
250
Hanover
815
205
Montauk*
m
m
Harrlman
350
360
Imp A Trad—
605
515
*
Banks marked with (•)
this week.
Mechanics'*..
Nassau.
■
1 New stock.
"
85
92
85
95
220
230
North Side*—
195
205
People's
150
160
Rldgewood—
200
are
s
State banks.
Ex-dlvldend.
270
----
t Sale at auction
V Ex-rights.
or at
Stock Exchange
.
conv
•Per share.
/Flat
price.
7s 1925. AAO
6 Bads,
» Nominal.
d Purchaser
*
79i2
1922..JAD
Garfield
150
87
146
100
Preferred
1st g 5s June 1
38
50
Prelerred
105
6s Nov
64%
•18
Coma 0 p'tan*.
«...
28io
130
1
500
A
168
—.100
Bliss (E W) Co, new
Trust—
chester)
N Y Life Ins.
~
100
Preferred
100
Preferred
Standard Gas A El (Del).
60
50
100
South Calif Edison com..100
125
~50
100
Prelerred
40
100
100
Preferred
Republic Ry A Light
9884
ifo
300
375
225
100
Empire
Equitable Tr.
205
130
100
94i2
30
210
69
94
195
wealth*
08%
Amer Tel A Tel 6s 1924-FAA
365
Continental..
43
160
Cbaee
Ex*.
4114
150
Cent Meroan-
Comm'l
Preferred
Mohawk Rubber
Puget Sd Pow A Light.—100
Prelerred I
90
Goodyear Tire A R, com. 100
Portage Rubber, com
82
500
Commercial..
300
100
100
Pacific Gas A Elec 1st pref 100
320
Nat city....
100
Preferred
North'n States Pow com. 100
North Texas Elec Co 00m 100
310
155
100
1951 ___JAJ
98
Mech A Met.
145
First Mtge 5s
£0
92
Bryant Park*
Preferred
Northern Ohio Elec Corp.(t)
Preferred
Firestone Tire A Rub,com. 10
6% notes 1922
100
Preferred
Stocks
Rubber
A Traction 100
25
Tobacco Prod Corp scrip
Young (J S) Co
100
Preferred
100
90
150
Common¬
Com'w'th Pow Ry A Lt—100
76
100
Preferred
Short Term Securities—Pe
490
mm
114
100
Porto Rican-Amer Tob..100
Am Cot OU 6s 1924..MAS2
Nat American
..100
Colorado Power com....100
Preferred
—100
350
Mutual*
Preferred
115
305
155
100
Preferred
93
734
100
100
Preferred
Amer Public Utilities 00m 100
1234
*7)4
Imperial Tob of G B A Ire..
Amer Power A Lt com...
IDs
340
125
100
Preferred
British Amer Tobac ord__£l
295
145
100
Amer Machine A Fdry._100
Columbia
105
50
Prelerred
Amer Lt A Trac com
American Tobacco scrip
Central Union
334
50
Amer Gas A Elec com
Aik.
Bid
Bankers Trust
Boro*.
mm
7.50
210
Bronx Nat-..
Butch A Drov
7.35
are.
Swlnehart Tire A R,00m.100
325
7.50
Virginian Ry 6s...
340
.
7.50
360
218
Manhattan •
7.75
-
6.80
Par
Preferred
American
7.75
Equipment 4348
Southern Pacific Co 4)4 s
Union Pacific 7s
330
Liberty
m-mrnm
ilt
8.00
100
200
mmmm
180
Battery Park-
Nat of
Bid
8.00
Toledo A Ohio Central 46—
American Cigar common .100
Miller Rubber—.......100
Bid
_
St Louis A San Francisco 5a.
146
Gen'l Tire A Rub, oom___ 100
Preferred
100
New York City Banks and Trust Companies.
6.95
St Louis Iron Mt A Sou 5s.
Public Utilities
6% preferred
7% preferred
1920.
1
6.87
Reading Co 434a
Other OU Stocks
and Com. stock of the Utica Gas & Electric Co. and also registrar for an
issue of $348,000 par value of 5-year 7 % debenture gold notes of the Griscom-
6.95
Plttsb A Lake Erie 634
Equipment 5e
Preferred
—The Empire Trust Co. has been appointed Transfer Agent of the Pref.
7.10
Equtpment 48
result of being unprepared
existed before, both in our history and in that of other nations, although
f.12
Equipment 7s
Norfolk A Western 4348
Northern Pacific 7s
Financing in the United States Since the Armistice," containing descrip¬
important issues of European Government and
8.00
Mobile A Ohio 4^, 5s
N Y Ontario A West 434s...
74
Union Tank Car Co
Washington Oil
7.30
8.12
New York Cent 4)4s, 6s
710
625
100^20
102:10312
103%
Preferred
.100
2:103'
367
Standard Oil of New Y*k_ 100 z362
Standard OU (Ohio)
100 2:400 415
103
Preferred
—100 101
Vacuum OU
6.75
6.90
Missouri Pacific 5s
252
7.37
7.30
Missouri Kansas A Texas 5s.
111
Standard Oil of New Jer.
Preferred
—
Equipment 5s A 7s
.
Standard OU (Nebraska) .100
7.75
Hocking Valley 4)£s, 5s
390
Solar Refining
1334
Erie 434, 5b
15%
25 •283
25 •40
100 505
Ohio Oil Co
Municipal Bonds
(DoUart per 1.000 MarIt)
Berlin 4s_r__
.........
7.35
May
Jan
93
9934
10134
9734 June
new
Gorman Government and
and
7.50
81
Penn Mex Fuel Co
be solved in
8.50
Chicago A Eastern HI 5Ab.
Chic Ind A Loulsv 4)4b
105
21,000
Weet Virginia 3Hs.r__1939
coupled with the
8.50
-
8234
Utah Securities 0s.r_.1922
Western Elec oonv 7s_r_'26
not in such
-
81
"8134
9734
for peace.
7.25
Jan
8234
of
7.00
Canadian Pacific 4J4s A 6s_.
Carol Cllnchfield A Ohio 5a„
97
98
external
7.00
7.00
Aug
8334
more
7.50
90
10034
tions of the
Assoc
2,000
5^8.1929
f No
160
Bond AMO.
City Investing
Realty
9334
Texas Co 7% notes.r.1923
Union Tank Car eq 7s_1930
lots,
85
150
80
9334
Swedish Gov 0s June 15 '39
♦Odd
160
75
75
85,000
Southwest Bell Tel 7s. 1925
Switzerland Govt
175,000
150
US Title Guar
Weet A Bronx
Bond..
10034
1927
Swift & Co 7s_r.
91
192
120
115
Mtge
Oct
5534
93
110
110
73
9734 June
Bears,Roebuck 4 Co 7s r'21
93
Ask
103
Lawyers Mtge
70
Oct
10134
Seaboard Air Line 0s
7% ser noves.r.Oct 15 '22
7% ser notes.r.Oct 15'23
8!nclalrCon0117Hsr.__ '26
Bed
(Brooklyn).
U S Casualty.
75
Surety.
Oct
84
0934
95,000
Oct
Ask
65
Amer
Jan
9934 10034
95
9434
94 H
shsre.
Bid
Nov
90
98
9934
70
Surety Companies.
per
Alliance R'lty
Jan
9834
9434
May
98
100
Pan Amer Petrol 4 Tr 7s'20
Nov
Nov
9034
Ohio Cities Gas 7s_r__1922
7s.r
9334
8734
dollars
Jit
Bid
Nov
9934
"70^
Norway. Klngd of, 8s r '40
All prices
91H
9134
New York City Realty and
High.
99J4
90
Morris A Co 7^s.r___1930
N Y N H 4 Hart 4s.r 1922
Low.
9334
9334 $34,000
89
8934 27,000
10034 10234 205.000
9434
9434
15,000
0934
7134 145.000
9234
9334 44.000
14gg 5b Myers Tob 6e.rl921
Lukens Steel 8s.r
Range since Jan. 1.
High. iShares,
"Wh
Laclede Gas Light 7s.r
(Vol. 111.
CHRONICLE
THE
2132
International Silver pref. 100
Preferred
also
Ex-dlvldend.
accrued dividend,
Ex-rights.
pays
y
50
100
100
£1
s New
stock.
■
m
m m
Imristmcnt soft jjUtitaafl Intelligence
m
2133
RAILROAD GROSS EARNINGS
.
.
The
following table shows the gross earnings of various STEAM roads from which regular weekly or monthly returns
obtained^ The first two columns of figures give the gross earnings for the latest week or month, and the last two
eolumns the
earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
oan be
are
brought together separately
on a
subsequent
Latest Gross Earnings.
ROADS.
Week
or
Month.
page.
Jan." 1 to Latest Date.
Current
Year.
Previous
Year.
Previous
Year.
S
$
$
.$
Current
2d wk Nov
_
...
.
_
.
.
_
-
Mississippi Central. September
Missouri Kan A Tex September
Mo K A T Ry of Tex September
Mo A North Arkan. September
Missouri Pacific
September
Monongahela
September
Monongahela Conn. September
...
Montour
October
Nashv Ohatt A St L September
Nevada-Cal-Oregon 2d wk Nov
Newburgh A Sou Sb September
New Orl Great Nor. September
N O Texas A Mex
September
Beaum SLA W_
September
St L Brownsv AM September
New York Central.. September
Ind Harbor Belt. August
_
Lake Erie A West September
Michigan Central. September
OlevOO A St L._
Cincinnati NorthPitts A Lake Erie'
Tol A Ohio Cent.
Kanawha A Mich
September
September
September
September
September
N Y Ohic A St Louis September
N YN H A Hartf— September
N Y Ont A Western September
N Y Susa A West.. September
Norfolk Southern
September
Norfolk A Western. September
Northern Pacifie
Weekly Summaries.
Previous
Year.
Year.
Decrease.
$
$
$
.
week
week
gd IT week
4th week
1st week
2d 'week
Sd week
4th week
1st week
1st
2d
9A
Sept
Sept
Sept
Sept
Oct
Oct
Oct
Oct
Nov
week Nov
"*,We
(16 roads)
(16 roads)....
(15 roads)
(13
(13
(15
(18
roads)
roads)
roads)
roads)
(20 roads)....
(20 roads)
(19 roads)
no longer
Increase
Current
15,958,176
17,369,292
25,901,013
19,550,180
17,548,585
18,221,855
19,594,766
27,081,898
19,138,392
18,754,798
13.441,122
14,253,136
20,470,687
15,925,478
13.253.628
13.670,975
14,822,387
Oahu Ry A Land Co
Pacific Coast
Pennsylv RR A Co.
Bait Ches A Atl_.
Cine Leb A Nor_
Grand Rap A Ind
_
Long Island.
I Mary Del A Va
N Y Phtla A Norf
Tol Peor A West.
W
Jersey A Seash
Pitts CCASt L.
Peoria A Pekin Un_
Pere
Marquette
Perkiomen
Phila Beth A N E
Phila A Reading
Pittsb A Shawmut.
Pitts Shaw A North.
Pittsb A West Va._
Port Reading
gUincvOm
KC-.
ich Fred AA
Potom.
Rutland
St Jos A Grand Isl'd
St Louis San Fran
Ft W A Rio Grand
St L-SF of Texas.
St Louis Southwest.
Total
St Louis
system
Transfer-.
San Ant A Aran Pass
San Ant Uvalde A G
Seaboard Air Line
South
Buffalo
Pacific
:
Atlantic S S Lines
Southern
Arizona Eastern
Galv Harris ASA
_
Hous A Tex Cent.
Hous E A W Tex
Louisiana Western
Morg La A Texas
Texas A New Orl
Southern Pacific Co
Southern
Railway,
_
Ala Great South.
Oin N O A Tex P.
Georgia Sou A Fla
Mobile A Ohio
New Orl A Nor E_
Northern Ala
South Ry in Miss.
Spokane Internat
Spok Portl A Seattle
21.930.629
14,230,219
14,264.410
+5,431.026
+3,624,702
+4,019,303
+4,550,880
+4,772,379
+5,151,569
+4,908,173
+4,490,388
include Mexican roads in any of our totals,
i
20.90
10.25
30.02
33.28
28.05
23.48
34.49
31.49
Prevoius
Year.
Year.
$
$
$
739,536
119,085
75,946
777,163
3,757,974 3,291,043*28,980,942 25,092,592
2,725,980 2,429,787,20,620,665 18,117,970
1,145,087
199,747
159,897
1,488,538
10806048 9.093,852,83.944.497 67.483.924
308,137 2,914,504 2,620.815
507.659
1,310,710
290,757
183,418 2,330,650
1,135,514
224,391
165,111
1,308,530
2,313,253 1,908,986 18.108,593 14.436,089
301,163
12,912
11,3311
355,616
190,189
63,190' 1,258,412 1,047,814
263.707
1,722,600
200,832
1,957,063
295,790
184,8001 2,069,133 1,431.108
968.625
205,013
122,189 1,584,677
512.726 5.540,615 3,968.997
856,948
38194829 29486945 264025826 22^01(^770
833.307
597,454! 5,253.545 4,182,833
1,302,731
966,785' 8,477,993 7,115,940
9.025,500 7,707,648 63,584,315 56,918.220
8,672,757 7.474,754 64,050,862 53,092,126
392,168
259,6071 2,597,352 2,150,945
4,245,040 2,695,502 22,975,723 21,308,436
992,381) 9,040,745 6,850,659
1.441,711
559,102
417,146' 3,747,688 3.204.565
3.033.078 2,007.196 20,486,720 17,707,486
1&426629 10216559 90.700.126 76,728.381
953,330 9,443.674 8,391,820
1,229,223
434,734
323,747t 3,250,805 2,870.714
700.602
590,161' 5,844,634 4,687,080
8,959,982 7,348,327 59,683,436 56,023,042
11567703 9,739.959 79,616,516t72,543,473
77,528
950,910
799,871
118,186
863.120
628,741
5,919.357 4.789,377
September
225.656
114.603
1,620,369 1,292,330
September
628.892
486,268
September
September 58521090 47788997 395552443 305035174
1,216,507
103,742
158.971
1,221,736
September
810,079
899,051
101.793
131,501
September
862,690 6,899,518 0,021,949
981,096
September
September 2,807,844 2,277,173 19,479.328 19,048,549
1,024,239
987.316
159,154
143,217
September
770,772 5,952,582 6.098,830
745,548
September
1,203,479
137,701
1,476,664
156,604
September
September 1,482.741 1,248,189 10,636,196 9.497,455
September 9,750,227 9,079,693 75,475,122 68.989,665
807,068
133,344
99,550 1,140,298
September
September 4,423.025 3.332.640 29.555.822 25,427,031
813,884
905,279
101,419
134,249
September
QQQ ion
612,847
146,570
70,263
September
September 8,512,293 6,954,895 04,285,930 53,764,311
862,302
116,313 1,233,873
194,493
September
834,211
184.308
121,432 1,103,816
September
1,005,829
1,718,601
318.466
128,609
September
1,902,527
1,333,509
218,347
221,633
September
812,555
973,285
125,631
100,823
September
8,286,823 9,400,180
940.103
952.722
September
453,720 3,480,388 3,529,313
619,389
September
272,512 2,424,362 2,170,707
335,623
September
September 9,470,291 7,452,640 67,498,809 58,701,301
181,1661 1,397,644 1,135,757
162,980
September
110,853' 1,256,014 I,126,501
163,604
September
September 2,116,051 1,260,500 15,460,998 9,640,490
2d wk Nov
721,821
501,709 26,235,782 17,415,863
808,988
129,128 1,011,627
135,644
September
458,831 4,039,807 3,212,015
809,727
September
838,662
87,776 1,145,778
153,694
September
September 4,177,702 3,161,083 36,094,624 30.298,801
830,821
October
1,280,551
52,820
195,784
September 20427390 10588992 14&540367 131754835
955,617 4,209,023 7,825,959
718,025
September
250,249 2,998,949 2.715,835
365,902
September
September 2,533,151 1,625,221 18,277,168 15,623,046
884,639 8,246,685 6,561,319
September 1,080,473
223,257 2,117,492 1,724,336
251.660
September
321,175 3,402,121 2,659,544
443,113
August
617,405 7,516,321 5,565,811
906,039
September
702,058 7,118,741 5,895,235
891,618
September
29617898 23830219 230609453 195473047
October
2d wk Nov 4,016,327 3,552,087(147173393 122358022
859,8541 8,446,324 7,549,959
September 1,082,064
September 2,099,725 1,243,33715,331,454 II,912,564
347,454! 3,917,978 3,177,879
429,529
September
389,580
298,065 15,951.683 13,343,752
2d wk Nov
546.204 5,772,236 4,781,506
752,870
September
842,420
109,423
1,105,092
109,046
September
1,327,865 1,256,929
155,062
154,400
September
811,260
125,818 1,140,196
139,751
September
669,870 6,666,524 5,400,327
892,721
September
192,148 1,765,448 1,714,899
229,311
September
Staten Island R T
Tenn Ala A Georgia 2d wk Nov
120,082
162,847
3,152
2,592
213.834 2,157,598 I,879,923
271,148
3,383,618 2.832,618
390,683
475,772
StBMer BdgeT. September
481,970
336,038 3,014,209 2,186,605
767,756 35,559,019 30,835,175
Texas A Pacific
2d wk Nov
885,107
Toledo St L A West- September 1,108,739
853,699 8,286,255 5,822,412
891,807
Ulster A Delaware.. September
1,096,153
157,796
170,277
Union Pacific
September 14455946 11452998 93,490,063 80,746,408
Tennessee Central
September
TermRR Assn of StL September
Total
system
22418216 18602495 173106957 147795463
4,393.412 3,852,205 32,667,974 27,667,468
2,992,974 2,769,324 24,530,702 20,779,092
1,271,195
654,587) 7,504.110 5,840,101
865,318
139,500 1,400.044
184,020
296.684
3,264,872 2,408,425
467,898
September
September 2,009,717 1,280.07912,497,070 8,628,253
September 6,328.898 4.634.277)42,273,794 34,727,202
284.004 17,063,365 II,741,725
477,547
2d wk Nov
September 1,851,047 1,433,015 11,653.471 9.365,243
190,749 2,083,180 1,881,537
256,282
September
September 2,019,172 1,237,697 12,459,189 9,518,616
1,593.145
252.745
1,977,831
230,737
September
September 2,102,055 2,462.013 21,792.654 18,00.0645
October
Oregon Short Line September
Ore-Wash RRAN September
Union RR (Penn)
September
Utah
September
Vlcks Shrev A Pac__
Virginian
Railroad.
Wabash RR—
Western Maryland
Western Pacific
Western Ry of Ala
Wheel A Lake Erie
Wichita Falls AN W
Yazoo A Miss Valley
*
Monthly.
Monthly Summaries.
Curr.Yx
Mileage.
+2,517,054 18.72
+3,116,156 21.80
Current
Year.
September
_
or
%
Jan. 1 to Latest Date.
Previous
Minn A Internat. September
Northwestern Pac.
AGGREGATE OF GROSS EARNINGS—Weekly and
*
Current
Year.
or
Month.
230,352 2,537,130 2,040,303
387.708
103,506 4,575,727 3,810.630
115.541
Atch Topeka & S Fe September 18448 570 17873535 155941213 126797080
Gulf Colo A S Fe. September 2.057,105 2.153.320 18,953,988 14.876.900
Panhandle S Fe__ September
670,346 0,709,893 4,420,152
960,659
Atlanta Birm A Atl_ September
444,782 4,288,928 3,701,458
496.324
Atlanta A West Pt. September
222,304 2,280,627 2,001.849
271,460
Atlantic City
415,338 3,824,800 3,629,113
437,132
September
Atlantic Coast Line. September 5,061,890 4,754,207 53,470.773 46,276,518
Baltimore & Ohio.. September 24570398 18708038 162573871 132609923
B & O Ch Term
217,785 1,533,344 1,418,798
224,969
September
Bangor A Aroostook September
449,705 4,778,374 3,721.675
704.348
Bellefonte Central.. September
11,083
15,999
80,561
74,755
Belt By of Chicago. September
403,135 3,182,960 2,722,238
524,900
Bessemer A L Brie. September 2,320,511 1,320,520 10,504,147
9,981,922
Bingham A Garfield September
32.881
84,249 1,294,533
847,188
Birmingham South. September
42,524
457,779
432,638
61,014
Boston A Maine... September 8,903.194 7,140,558 63,009,183 52.451,126
Bklyn E D Term
117.468
120,474
839,120
755.795
September
Buff Roch A Pittsb. 3d wk Nov
222,505 20,476,835 13,529,507
543,278
Buffalo A Susq
221.763 2,179.283
338.384
1,696,794
September
Canadian Nat Rys. 3d wk Nov 2,940,156 2,147,197 95,049,812 82,309,810
Canadian Pacific
3d wk Nov 5,230,000 4,111,000 177999000 144982000
Can Pac Lines in Me September
150,916 2,091,767 2,013,442
174.404
Oaro Clinch A Ohio. September
578.469 5,335,509 4,597,080
690,047
Central of Georgia.. September 2.238,912 1,855,973 18,889,250 15,737,993
Central BB of N J
September 5,273,344 4,131,526 36.185,727 32,895,635
Cent New England. September
671,898 5,125,067 4,851,775
829,466
Central Vermont
829.717
587,315 5,187,996 4,267,451
September
Charleston A W Car September
278,904 2,569,183 2,211,722
227,110
Ches A Ohio Lines. [September 9,207,145 6,546,830 62,968,523 53,673,732
Chicago A Alton... September 2,974,059 2,414.784121,562,800 18,691,456
Chic Burl A Quincy_| September 18600973 15487 099 132748 962,11220419 7
Chicago A East ILL. September 3.112,978 2,449,370!21,695,867 18,359,068
Chicago Great West September 2,271.744 2.204,613 17,372,302 16,108,500
Chic Ind A Louisv.. September 1,617,908 1,152,262 11,500,466
8,979,269
329.440 2,465,048 2,097,530
359.920
Chicago Junction.. September
Chic Milw A St Paul September 16356784 15137097 121277139 110202 256
Chic A North West. September 16940078 14504392 119213093 102112652
Ctdc Peoria A St L.
289.315
181,883 1,986,380
1.221,495
September
Chic R I A Pac
September 12767205 11386285 99,420,805 80,405,389
Ohic R I A Gulf.. September
505,498 4,798,706 3,470,078
582,887
Chic St P M A Om. September 1,974,365 2,639,485 23,098,263 19,863,311
Ohic Terra H A S E_ September
713,196
483,720 4,130,603 3,068,136
Ohic Ind A Western September
443,728
286,662 3,281,090 2,256,174
Colo A Southern— 1st wk Nov
497,212 25,644,249 21,007,697
701,815
Ft W A Den Oity. September 1,217,907 1,049,897 9.212,298
8,029,924
Trin A Brazos Val September
958,803
149,148 1,386,476
212,328
Wichita Valley
751,204
116,493 1,247,821
152,786
September
819.441
Colo A Wyoming— September
102.401
74,143
730,269
697.907
748,172
90,512
109,052
Copper Range..
September
Cuba Railroad
September 1,194,589 1,094,970 9.257.083 8,388,647
2,072,289
143,127 2.326.084
140,629
Camaguey A Nuev September
Delaware A Hudson September 5,030,160 3,120,976 31,515,408 25,643,713
Del Lack A Western September 8,191,557 6,213,780 50,003,038 52.974,984
Denv A Rio Grande September 4,058,873 3,498.069 28,034,370 23,543,080
Denver A Salt Lake. September
2,104,577
309,371 2,021,431
289,575
Detroit A Mackinac September
221,291
152,449 1,476,074 1,186,828
Detroit Tol A Iront. September
564,491
339,384 3,032,853 2,718,193
Det A Tol Shore L. September
268,651 I,375,456
1,819,222
260,836
Dul A Iron Range.. September 1,680,336 1,100,006 8,650,127
6,794,119
Dul Missabe A Nor. September 2,793,028 2,968,017 14,993,720 16.409,543
Dul Sou Shore A Atl 2d wk Nov
93,461 5,001,343 4,155,801
99,431
Duluth Winn A Pac September
1,412,259
153,533 1,763,402
194,170
900,350
East St Louis Conn. September
102,554 1.044,737
182,311
Bast'nSteamshLines September
506,655 33,742,128 33,607,471
711,683
Elgin Joliet A East. September 2,540,693 1,699,903 17,470,105 14,976,403
El Paso A Sou West September 1,287,358
10,550,137 9,292,974
Erie Railroad....
70,084,974 67,298,016
September 11133124
7,666,216
148,420 8,991,129
Chicago A Erie.. September 1,180,725
834,244
NJANYRR..
969,082
108,820
133,741
September
7,448,021
Florida East Coast. September
704,357 9,881,252
959,400
939,784
Fonda Johns A Glov September
109,302 1,069,609
131,397
1,130,838
Ft Smith A Western September
185,995
157,534 1,348,399
024,777
Galveston Wharf... September
68,194 1,227,505
217,100
562,077 4,872,202 4,453,953
009,286
September
Georgia Railroad
726,899
157,558
87,825 1,088,157
Georgia A Florida.. September
209,451 1,152.650 1,339,559
Grd Trk L in Can.. August
211,963
2d wk Nov 2,523,463 2,003,287
Grand Trunk Syst.
2,325",037
160,370 2,152",241
Atl A St Lawrence September
279,003
1,548,143
208,584 1,386,244
233,593
ChDetCanGTJct September
650,753
460,325 3,563,608 3,168,486
Det G H A Milw. September
Grand Trk West- September 1,661,860 1.293,332 12,631,135 10,216,198
Great North System September 1&246097 11077055 88,787,113 77,235,006
872,035
917,874
124,367
117,933
Green Bay A West
September
1,991,172
420,356
239,233 2,815,147
Gulf Mobile A Nor. September
1,797,920
312,648
206,335
2,199,051
Gulf A Ship Island. September
September 1,967,843 1,383,082 II,570,343 8,582,986
Hocking Valley
Illinois Central
September 14120780 9,840,095 104035566 78,895,768
698,128
772,353
77,878
112,678
Illinois Terminal
September
Internet A Grt Nor. September 1,849,035 1,295,424 13.314,966 10,377,560
989,121
156,915 1,199,222
160,387
Kan City Mex A Or September
826,917
129,253 1,336,683
197,080
K C Mex A O of Tex September
Kansas City South. September 2,162,095 1,332,293 14,064,143 10,897,290
1,971,324
146,691 1,507,308
206,096
Texark A Pt Sm.
September
1,010,412
129,012 1,161,846
168,153
Kansas City Term.
September
1,020,700
282,416
139,709 1,854,117
Kan Okla A Gulf- September
823,343
195,755 1,315,524
221,580
Lake Sup A Ishpem
September
836,813
991,461
101,012
145.090
September
Lake Term By
1,947,440
277,178 2,095,888
356,044
Lehigh A Hud River September
2,769,777
418,731 3,229,689
318,737
Lehigh A New Eng. September
September 7,051,143 0,076,055 51,716,966 47,169,811
Lehigh Valley
Los Ang A Salt Lake September 1,799,708 1,472,350 14,941,339 12,503,473
1,533,754
178.369 3,062,944
381,453
September
Louisiana A Arkan
298,961 3,047,393 2,583,090
331,956
Louisiana Ry A Nav September
Louisville A Nashv. September 11946335 9,840,324 92,043.833 78,592,993
365.067 2,297,845 2,165,590
293,561
Louisv Hend A St L September
Maine Central..... September 2,187,831 1,603,175 14,980,682 12,852,475
2.877,453
339,245 3,549,589
529,459
September
Midland Valley
669,225
2d wk Nov
13,961
584,836
13,556
Mineral Range
9,692,242
12,082.375
1,371,679
1,768,563
September
Minneap A St Louis
Minn St PASSM. September 4,979,771 4,186.108 33,974,903'30,679,836
Arbor.
Week
Year.
AlabamalA JVicksb. September
Ann
Latest Gross Earnings.
ROADS.
December- .233,899
January
February
.232,611
.231,304
March..... ,.213,434
.221,725
April
May
.213,206
June..
.213,525
July
.220,459
.199,957
August
September. .226.955
...
Prev.Yr.
233,814
232,210
231,017
212.770
220,918
211.040
208.598
218,918
199,418
224,922
Comparison wish lvi/ figures, not iVitf
Current
Previous
Year.
Year.
Increase or
Decrease.
$
$
$
451.991,330 440.481,121
494*706,125 392,927,365
421.180,876 348,749,787
408,582,467 347,090,277
387,680,982 372,828,115
387.330.487 348.701,414
430.931,483 369.225.761
467*351,544 401.376,485
441,423.158 367.865,628
594.192,321 480.408,540
%
+11.510,209 2.01
+101778760 25.90
+72.431,089 20.77
61.492,190 17.72
12,852.867 3.45
38.629.073 11.08
61.705.722 16.91
65.925.059 10.43
+73.557.530 19.98
+113783775 23.68
2134
THE
CHRONICLE
[VOL. 111.
Latest Gross
Earnings by Weeks.—In the table which
separately the earnings for the second week
of November.
The table covers 19 roads and shows 31.49 %
increase in the aggregate over the same week last year.
follows
we sum
Latest Gross Earnings.
or
1920.
1919.
Increase. Decrease.
$
115,541
$
103,506
Rochester & Pittsburgh
Canadian National Rys
534,533
2.880.563
222.506
Canadian
5,677,000
_
Pacific
Duluth South Shore & Atlantic-
99,431
Grand Trunk of Canada
Grand Trunk Western
2,523,463
$
12,035
312.027
Nevada-California-Oregon
St Louis Southwestern
Southern
2,003.287
Railway
Tennessee Alabama & Georgia.
& Pacific
Western Maryland
13,961
326,550
389,580
12,912
298,065
11,331
501,709
3.552,087
3,152
767,756
284,004
2,592
885,107
477,547
_
Total (19 roads)
520.176
405
78.275
91,515
1,581
220,112
464,240
560
965
Earnings
Monthly to Latest Dates.—The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies re¬
ported this week.
Gross from
Net from
Railway.
Railway.
Hunting'n Dev & Gas September
d Illinois Traction
September
Interboro Rap Tran—
Total system
June
Kansas Gas & Elec Co July
Key West Electric Co September
Lake Shore Elec Ry
August
Long Island Electric- June
193,543
Net after
Net after
Taxes.
Equip.Rents.
$
$
$
$
4,337,566
4,130,588
5,066,257
*19 15,487,099
4,745,614
4,114,754
4,279,095
Jan 1 to Sept 30 *20 132,748,962 13,360,035
7,218,954 4,193,326
'19 112,204,197 25,252,998 21,172,835 19,349 914
Copper Range, b
109,052
28,125
21,202
18,575
Sept '20
'19
90,512
defl0,722
defl7,248
defl7,517
Jan 1 to Sept 30 *20
697,907
def24,668
def82,937
94,487
'19
748,172
def21,206
def77,638
79,433
Cuba Ry.b
Sept '20 1,194,589 defl28,394 def244,422
'19
1,094,970
342,664
243,558
July 1 to Sept 30 '20 3,436,374 defll5,282 def467,693
'19
3,071,833
776,091
478,528
Ferrocarril de
140,629
Sept '20
2,697
2,697
Cam & Nuev.b
'19
143,127
62,049
62,049
July 1 to Sept 30 '20
434,440
584
584
'19
428,607
175,940
175,940
♦Green Bay &
124,367
Sept '20
25,990
18,962
19,539
Western, b
'19
117,933
10,602
6,212
6,918
Jan 1 to Sept 30 '20
917,874
53,551
def9,106
699
'19
872,035
50,609
11,097
12,448
Kansas City Term Sept '20
168,153
defl3,932
def41,284
168,399
'19
129,012
10,753
def47,196
186,218
Jan 1 to Sept 30 '20
1,161,846
def81,101 def334,179
1,514,773
'19
1,010,412
182,412
def29,681
1,823,569
Montour Ry Co
Oct '20
224,391
25,817
23,205
61,816
'19
165,111
20,832
19,380
51,572
Jan 1 to Oct 31 '20
1,308.530
def71,806
def96,452
275,187
'19
1,135,514 defl33,600 defl55,842
195,230
Quincy Omaha &
125,634
Sept '20
def4,926
def9,076
def 11,786
Kan City
'19
100,823
defl5,035
defl8,088 def25,647
Jan 1 to
Oct '20
973,285 def299,995 def334,520 def378,239
'19
812,555
def81,515 defl08,964 defl36,737
South Buffalo
Oct '20
195,784
47,291
43,541
30,302
.<
'19
52,820
9,346
5,679
def4,259
Jan 1 to Oct 31 '20
1,280,551
128,719
89,219
def57,434
*19
830,821
110,705
74,038
32,632
Southern Pacific Co Oct '20 29,617,898
7,511,643
6,293,340
5,882,337
'19 23,830,219
7 719 197
6,994,553
6,235,636
Jan 1 to Oct 31 '20 230609453 30J93J36
17,'920;966 14;990;903
Louisville Railway
June
Lowell Electric Corp. September
Manhattan & Queens
Manhat Bdge 3c Line
Metropol'n Edison Co
eMilw El Ry & Lt Co.
June
June
August
September
Miss River Power Co. September
Nashville Ry & Light
September
Nebraska Power Co.
July
Nevada-Calif El Corp September
New England Power- September
New Jersey Pow & Lt August
NewpN&HRy.G&E October
_
.
Chicago Burl &
Quincy
Sept'20 18,600,973
!
'19 195473047 40,738,536 30,707,479 31,715,929
Oct 20 22,418,216
7,616,573
7,020,422
6,774,857
19 18,602,495
7,447,912
6,642,450
5,996,464
20 173,106,957 44,935,435 34,093,674
34,100,872
19 147,795,463 47,699,855 40,461,216
38,785,665
Corrected figures.
3
Union Pacific Syst
Jan 1 to Oct 31
♦
New York Dock Co_. October
N Y & Long Island.. June
N Y & North Shore
RAILWAY
AND
PUBLIC
Latest Gross Earnings.
UTILITY
COS.
Jan. 1 to Latest Date.
Name of Road
or
Company.
Month.
Adirondack El Pow Co June
Alabama Power Co.. October
Atlantic Shore Ry
July
Bangor Ry & Electric September
^Barcelona Trac L & P September
Baton Rouge Elec Co
September
Beaver Valley Trac Co September
BinghamtonLt.Ht&P August
Blackstone V G & El.
/Brazilian Trac, L & P
Bklyn Rap Tran SysaBklyn City RR__
oBklyn Heights RR
Coney Isld & Bklyn
Coney Isld & Grave
Nassau
South
September
September
June
June
June
June
Electric
June
Brooklyn
June
New York Gonsol.. June
Bklyn Qu Co & Sub June
Cape Breton Elec Co. September
Oent Miss V El Prop. September
Chattanooga Ry & Lt September
Cities Service Co
October
Citizens Traction Co. September
Cleve Painesv & East September
Colorado Power Co.. October
^Columbia Gas & Elec October
Columbus (Ga) El Co September
Com'w'th P, Ry & Lt September
Connecticut Power Co September
Consum Pow (Mich) _ September
Cumb Co (Me) P & L September
Dayton Pow & Light. October
d Detroit Edison
October
Duluth-Superior Trac October
Duquesne Lt Co subsid
light & power cos.. September
East St Louis & Sub_. September
East Sh G & E Subsid
September
Eastern Penn Ry Co. July
Eastern Texas Elec.. September
Edison El of Brockton September
/Elec Light & Pow Co September
eEl Paso Electric Co. September
Equitable Coke Co.. June
Erie Ltg Co & Subsid. September
Fall River Gas Works September
Federal Light & Trac. June
Fort Worth Pow & Lt July
Current
Year.
Previous
Current
Year.
Year.
Previous
Year.
177,464
123,891 1,051,433
807,945
394,420 275,142 3,398,719 2,363,801
29,161
21,891
119,582
93,030
110,863
97,088
898,828
781,334
2910,418 2030,383 18,549,193 13,877,752
38,558
31,078
341,459
265,411
62,962
51,934
532,792
448,439
64,796
39.381
274,147 236,955 2,392,462 1,978,973
12043000 9792,000 96,665,000 83,559,000
%
S
929,385
5.135,865
7,571 1832,184
41,467 14,614,845
239,544 204,937 1,196,530
968,173
15,611
44,408
37,271
[14,834
571,858
505,128 3,121,347 2,660,462
85,005
83,374
432,318
382,474
1763,610 1464,144 10,461,584 7,008,850
165,114
137,402
912,349
729,943
59,478
49,404
456,968
426,493
41,867
35,913
359.635
304,515
113,949
87,907
977,836
728,632
1979,787 1498,677 20,929,315 16,606,847
82,421
62,642
76,210
65,471
608~619
521",222
108,488
91,474
1212,999 939,758 lf,80T6l5 9,525",602
127,280 121,984 1,169,209
941,370
2653,561 2144,857 22.832,246 18,739,810
128,214
109,617 1,077,823
912,356
1209,032 940,282 10,311,451 8,144,857
270,660 250,318 2,300,233 2,026,130
325,091
259,176 2,974,517 2,302,455
2009,547 1539,273 17,483,765 13,130,802
154,513 163,844 1,598,985 1,598,771
1313,476
397,536
34,978
151,891
144,708
105,138
33,544
160,216
123.916
108,544
80,058
347.735
242,370
915,312 10,848,339
286,114 3,081,527
25,366
129,238 1,813", 470
124,344 1,187,626
87,030
974,066
28,512
265,770
130,078 1,383,420
107,025
457,893
62,137
73,577
640", 908
297,350 2,258,288
104,719 1,254,242
8,713,226
2,284,243
1,436,848
1,013,891
782,731
209,891
1,130,868
460,677
548", 055
1,912,108
712,085
April
..
N Y & Queens County June
5 N Y Railways
June
& Eighth
5 Ninth
Avenue
__
Avenue
June
Juhe
Nor Caro Pub Ser Co August
Northern Ohio Elec.. September
North Texas Electric.,
ptember
NorthwOhioRy&PCo August
Ocean Electric (L I). June
Pacific Gas & El Co.
September
Pacific Power & Light July
Penn Cent Lt&P&Sub September
Pennsylv Utilities Syst August
Philadelphia Co and
Subsid Nat Gas Cos September
Philadelphia Oil Co.- September
_
Phila & Western
October
Phila Rap Transit Co October
Portland Gas & Coke July
Porto
Rico
Rys
September
Port (Ore) Ry, L & P Co
Puget Sd Pow & Lt Co
ReadingTrans&LtSys
Republic Ry & Lt Co.
September
September
August
August
Richmond Lt & RR_. June
Rutland Lt & Power. August
St L Rocky
Mt & Pac September
Sandusky Gas & Elec August
Schenectady Ry Co.. October
Second Avenue
April
17th St Incl Plane Co September
Southern Cal Edison
August
Southwest'n Pow & Lt September
Tampa Electric Co.
September
Tennessee Power—
September
hTenn Ry, Lt & P Co September
hTenn Ry, Lt & P Co August
Texas Power & Lt Co July
Third Avenue System_ September
Twin City Rap Tran. April
United Rys or Bait.. Julv
Utah Power & Light- August
Utah Securities
ELECTRIC
$
341.143
985,177
828.144
257,045
787,174
691,751
179.549
Keokuk Electric Co.. September
Keystone Teleph Co. October
117~351
Year.
Previous
Year.
596,096
146,244
961,934
37,560
73,349
,
18,754,798 14,264,410 4,491,353
4,490.388
(31.49%)
Net
13,556
404.825
721,821
4,016,327
Texas
Increase
)
■
.
23,390
28,221
Corp. October
Virginia Ry & Power- October
Wash Bait & Annap.. June
West Pow Co of Can. September
Western Gas & Elec..
August
Youngst & Ohio River •September
Current
Year.
Previous
Year.
$
131,650
480.215
128.634
792.317
34,769
63,316
23,020
25,508
481,397
$
.
2,779,102
2,302,379
1,589,326
951,118
3,969,322
861,948
8,312,325
328,421
1,329.461
661,195
3,410,246
775,573
6,724,847
272,081
560,266
221,766
198,746
3.014.543
620,923
240,912
217,522
571,237
3,131,010
90.129
119,633
1756,543 1480,785 15,045,172 12,492,890
Hudson & Manhattan June
£1
_
_
■
Harrisburg Railways. June
Havana El Ry, L & P September
Haverhill Gas Lt Co. September
Honolulu R T & Land September
Houghton Co Trac Co September
Houghton Co Trac Co August
2,000,035
880.528
4,083,000 1,594,000
93,461
5,970
-
'
Mineral Range
Iowa Central
Mobile & Ohio
■
Galv-Hous Elec Co.. September
General Gas & El Co. August
Great Nor Pow Co
June
e Great West Pow Sye August
Detroit Grand Hav & Milw
Canada Atlantic
Minneapolis & St Louis.
Current
Georgia Lt, P & Rys. June
Buffalo
Ann Arbor
Company.
Month.
..
Second Week of November.
Jan. 1 to Latest Dale.
Name of Road
up
4733,162 4280.838 44,453,920 38,499,354
233,289
181,116
1,904,527 1,510,300
31,436
262.435
27.130
229,822
145,592 142,548
1,444,196 1,350,880
19,581
15,208
191,339
166,779
332,896 265,576 2,251,838 1,708,117
34,223
26,360
148,892
113,180
347,818 346.565 2,039,798 2,014,593
107,110
79,876
918,722
714,379
24,277
23,883
129,523
127,064]
22,763
13,095
132,244
77,248
227,115 179,401
1661,650 1207,607 13,793",870 10,642,189
244,787
191,050
2,002,800 1,691,558
279,189 274,181
221,549
174,154
291.191
230,412 2,377,552 1,990,746
558,811
382,672
4,405,940 2,922,423
41,105
27,336
233,653 226,048 2,304", 607 2.385J23
529,665 419,391
4,816.144 4,285,237
49,229
269,151
236,519
52,408
5,767
21,120
45,752
12,442
106,709
551,300
520,656
101,105
677,418
(3,889,190
96,099
460,684 7,264,767
1,087,557
38,400
[ 165,952
87,967
837.858
1,025,099
67,171
911,603 783,873
8,409,035 6,731,337
324,698 292,347 2,906,861
2,426,932
55.665
41,488
29,308
72,767
26,182
90,169
3173,708 2214,523 25,879,471 19,464,936
214,682
185,911
186,806
144,808
184,119
145.635
941,974
149,403
76.666
666.397 10,985,848
116,745
1,327,023
665,552
63,785
3 336595 3165,553 31,191,329
200,473
166,994
1,434,011
121,065
89,977
1,027,322
810,923 706,479 6,931,805
816,562 707,977 7,256,156
266,611 246,050
700,018 522,812
5,357", 221
61,092
50,350
285,907
54,287
46,857
509,822 357,878 3,784,851
62,364
39,491
168,106 142,411 1,562*.298
51.821
183,803
42,662
4,259
3,808
32,699
1528,108 972,974 9,147,564
872,711
542,796
116,205 102,653
1,07*3",751
208.192 161,296
1,808,713
513,370 458,866 4,735,311
503,835 425,901
4,221,941
362,763 260,787 2,405,926
1159,323 1004,730 9,124.973
1017814
882,221
4.135,038
10046665 8241,055
531,642 460,739
748,717 640,704
990,504 811,308
156,083 203,115
932",270
44,200
25,402
185,818 154,315 2,288",712
58,943
51,254
394,504
,107,962
901,320
609,973
,160,984
,214,525
840,305
,376,094
4,026,313
256,536
3,013,514
1,362,906
158,918
30,200
6,856.625
915", 804
1,603,598
4,094,280
3,635,414
1,883,388
8,407,501
3.500.724
1,175,052
1,925,247
315,199
The Brooklyn City RR. is no longerpart of the
Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
a
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.
5 The Eighth Avenue and Ninth Avenue RR
companies were formerly
leased to the New York Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately, c Includes Milwaukee Light, Heat & Traction Co. d Includes
all sources,
e Includes constituent or
subsidiary companies.
/Earnings
given in m lire is.
<7 Subsidiary
companies only,
h Includes
Tennessee
Railway, Light & Power Co., the Nashville Railway & Light Co., the
Tennessee Power Co. and the Chattanooga
Railway & light Co.
i Includes
both subway and elevated lines.
/Of Abington & Rockland (Mass.).
k Given in pesetas.
Electric Railway and Other Public
Utility Net Earn¬
ings.—The following table gives the returns of ELECTRIC
railway and other public utility gross and net earnings with
charges and surplus reported this week:
Gross Earnings—
Current
Previous
Year.
Year.
Companies.
$
Alabama Power Co
Oct
Nov 1 '19 to Oct 31 '20..
Amer. Power&Lt.
S
Net Earnings
Previous
Current
Year.
Year.
$
%
394,420
3,990,487
275,142
2,949,125
161,682
2,063,750
Co..Sept. 1,908,818
1,364,763
15,395,894
548.381
518.649
7,099,371
5,693,456
131,273
1,534,530
51,288
599,366
44,051
545,828
91,474
56,491
514,355
49,122
580,536
*163,085
143,470
2,051,021
1,773,563
Oct 1 '19 to Sept 30 '20.-20,050,742
Arkan Val Ry, L & P Co.Oct
Nov 1 '19 to Oct 31 '20-_
162,407
1,817,386
Colorado Power Co
Oct
108,488
Nov 1'19 to Oct 31'20-- 1,101,103
Louisville Gas & Elec...Oct.
368,823
Nov 1'19 to Oct 31 *20-_
Schenectady Ry Co
Oct
Jan 1 *20 to Oct 31 '20--
4,294,729
287,552
3,486,318
168,106
1,562,298
1,362,906
24,697
141,338
19,597
157,109
173,380
1,882,202
24,390
464,252
35,217
194,992
542,796
6,114,886
235,308
3,200,553
2,145,510
640,704
355,196
7,175,516
3,927,394
Southern Utilities Co
Oct
189,748
Nov 1'19 to Oct 31'20-- 2,531,460
Southwest'n Pr.&Lt... Sept.
Oct 1'19 to Sept 30 *20—
872,711
8,652,570
Utah Securities Corp
Oct.
748,717
Nov 1'19 to Oct 31'20-8,271,446
Gross
Duluth-Superior
Oct '20
Traction Co
10
mos
1,120,145
129,806
1,575,927
142,411
Net after
Earnings.
Taxes.
$
8
'19
'20
154,513
163,844
14,726
15,935
1,598,985
*19
1.598,771
219,144
245.901
Fixed
Charges.
$
14,742
14,767
145,723
146,239
'
195,671
317,746
3,702,958
Balance,
Surplus.
$
def 16
1,168
73,421
99,662
Nov. 27 1920.]
THE
Gross
Earnings.
Net after
Taxes.
$
Interborough Rap
Oct '20
'19
Transit
4
4,733,162
4,280,838
'20 17,175,736
mos
'19 15,245,108
New York Dock Co
529,665
419,391
4,816,144
Oct *20
'19
10
*20
'19
mos
Virginia Ry & Power Oct'20
'19
4
'20
'19
mos
Fixed
$
1,376,964
1,436,260
4,836,461
4,863,661
4,285,237
990,504
811,308
3,744,929
3,104,506
260,445
309,305
992,621
1.272.005
•
1.778,757 def407,792
1,655,023 def218,763
93,635
89,039
938,217
893,010
103,191
56,155
810,446
728,900
185.612
74,833
119,032
216,026
535,548
190,273
776,595
736,457
investment in property account is $175,226 in excess of the total
capitalization, including the unsecured notes, and is equal to more than
Syi times the funded debt; also net earnings, after
operating expenses and
taxes, were equal to more than twice the bond interest
requirements for the
12 months ended Sept. 30 1920, and
2% times for the corresponding period
of last year.
t
Increase in Operating Expenses.—A table below
explains the extraordinary
in operating expenses in the current
year.
The company purchases all of its
power at rates adjusted monthly to the
cost of coal, and the general fuel
shortage and consequent high prices re¬
sulted in increased power cost for the
period of $84,698.
Aside from losses
increase
in revenue and
damage to equipment, due to snow and ice interference last
February and March, the expenses incident to the severe winer increased
824,426 over 1919.
These two extraordinary items alone exceed
$109,000.
Wages were substantially increased last May and a much greater amount
FINANCIAL REPORTS.
of maintenance work
Fares.—Fares
times,
pre-war
an index to all
of steam roads, street
published since Oct. 30.
other financial reports
and
traction
railways and other companies
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
Full-face figures indicate reports published at length.
Alabama & Vicksburg Ry
Atlantic Coast Line of Conn
1750, 1948
1746
2037
Baltimore & Ohio RR
Carolina Clinchfield & Ohio Ry,—..1847
Detroit & Mackinac Ry
Duiuth & Iron Range RR
2038
2037
1847
1943
1752
Georgia Southern & Florida Ry
Grand Rapids & Indiana Ry
Hagerstown & Frederick Ry._
N.
Y.
N.
H.
&
Hartford RR
Pittsburgh & West Virginia Ry
Industrial Companies (concl.)—
Hercules
Page.
Powd.Co.,Wilmington,Del.1856
Hocking Valley Products Co
1866
Houston Oil Co. of Texas
1954
Hupp Motor Car Corporation. 1856,1954
Independent Brewing Co
2047
Indiahoma Refining Co
...1857
Internat. Mercantile Marine Co
International Motor Truck Corp...1857
International Nickel Co
1857,1955
International Salt Co
1756
1753
Invincible Oil Corporation
1756
Island Oil <fc Transport Corp
2048
1857
Vicksburg Shreveport & Pacific Ry-1847
problem in those States.
COMPARATIVE STATEMENT OF INCOME ACCOUNT 12 MOS. END.
SEPT. 30.
~
•'">
Gross
2047
1942
done in the nine months than in 1919.
satisfactory basis, and, while much higher than in
apparently considered reasonable by our patrons.
The price of coal has already declined to a
point that will result in large
savings in operating expenses, and still further reductions are expected;
and, while general industrial conditions may for a time adversely affect
gross revenues, the position of the Masaschusetts Northeastern is such as
to warrant the expectation that it will continue to earn a comfortable
surplus
beyond its interest requirements.
,
Page.
Steam Roads—
was
are on a
are
Outlook.—The policy of the P. S.
Departments of Mass. and N. H., in
permitting rates designed to produce a fair return on money invested in
public utilities, will doubtless continue to be a great help in solving the
Annual, &c., Reports.—The following is
annual
-12 Mos. end. Sept. 301920.
1919.
$115,298
55,000
$152,707
55,000
$125,178
41,250
$174,907
41,250
$60,298
$97,707
$83,928
$133,657
Interest
on
bonds.
Balance
Jones Bros. Tea Co., Inc
Kelly Springfield Tire Co
Laclede Gas Light Co
Lake Superior Corporation
1756
1955
Maintenance of way and structures
Lee Rubber & Tire Corporation
Loew's Inc
2048
Maintenance of
Lucey Manufacturing Co
2048
1948
Brooklyn Rapid Transit
1944
Chicago Elevated Rys. Coll. Trust.. 1948
Cincinnati Traction Co
1949
Commonwealth Power, Ry. & Lt—1848
Eastern Massachusetts Street Ry—1949
International Ry. (Buffalo)
1752
Kentucky Securities Corp. & Subs. 1750
New York Railways
1746
Roberval SaguenayRy
1753
Southern Public Utilities Co
1853
Third Avenue Ry. Co. of N. Y
1747
Virginia Ry. & Power Co
1747, 1943
COMPARATIVE ITEMS OF OPER. EXP. FOR 9 MOS. END. SEPT. 30.
Nine Months in—
1955
1756
Mfrs.' Light & Heat Co
1857, 2048
Mar land Oil Co. (of Delaware)
1944
Martin Parry Corporation
1757,1850
Mergenthaler Linotype Co
Metropolitan Edison Co
2048
1857
1858
Middle States Oil Corporation
Midvale Steel & Ordnance Co...
Purchased power
Car-men
BALANCE SHEET.
1858
Assets—
Property
National Conduit & Cable Co
1858
Cash and accounts
1858
New York & Queens Gas
Co
Niagara Falls Power Co
receivable
Reacquired securs.
N unnally Co
Ohio Fuel Supply Co
Otis Steel Co
1858
Co
F.)Oil& Gas Co
....—.
Lt., Ht. & Power Co.1757
.1757
Pacific Gas & Elec. Co., San Fran..1858
Packard Motor Car Co.....-..—.1956
Pennock Oil Co...
.........—1956
...1849
Philadelphia Insulated Wire Co
1956
Phillips Petroleum Co
1859
Pflster & Vogel
Leather Co
Pierce Arrow Motor Car Co
Pine Bluff Co., Arkansas....
1757
1956
Pittsburgh Brewing Co
Pittsburgh Oil & Gas Co
...1755
Tonopah Mining Co....—.....—1860
2046 United Cigar Stores Co. of Am.1957, 2050
Min'g Co.2046 United Copper Co——
2050
Consumers Gas Co. of Toronto
1953 United Gas & Electric Corp
1860
Crucible Steel Co. of America
1945 United Retail Stores Corp
2050
Cuba Cane Sugar Corporation
2039 United States Finishing Co
1848
Davis Daly Copper Co..
..2046 United States Food Products Corp.. 1860
Dome Mines Co., Ltd.
1756 United States Steel Corporation.... 1748
Dominion Park Co., Ltd., Montreal.2046 United Verde Extension Mining Co. 1860
Edison Electric Appliance Co
1953 Utah Copper Co
1947, 2050
Elk Basin Consol. Petroleum Co
1748 Utah Securities Corp., N. Y. City.. 1946
Fairbanks, Morse Co..
_1756 Virginia Iron, Coal & Coke Co.....1759
Free port Texas Co
1954 Weber <fe Helbronner.
1958
Gillette Safety Razor Co
1964 Western Canada Flour Mills Co.,
Hartman Corporation
1856
Ltd
1861, 2050
Heinz (H. J.) Co., Pittsburgh, Pa..2047 Wickwlre Spencer Steel Corp
.1759
1849 WUllams Tool Corp., Erie, Pa
1958
Hendee Manufacturing Co...
Colorado Fuel & Iron Co
Cons. Interstate Callahan
_
Northeastern Street Railway Co.
{Financial Report Dated Nov. 16 1920.)
In connection with the
page,
the
company,
24,860
21,208
p,912
Accounts payable.
Current liabilities.
$3,888,585
44,382/
Accruals
84,806
Unadjusted credits
17,638
Reserves
71,653
17,841
59
57,1151
Surplus
176,494
219,
Inserted by Editor.—V. 110, p. 2568.
x
Crucible Steel
Co., Pittsburgh, Pa.
{Official Statement of Nov. 20 Supplementary.to Annual Report.)
Chairman Horace S. Wilkinson, in circular letter of Nov.
20, supplementing the annual report (V. Ill, p. 1945), says:
Criticism.—On
account
of statements which
have appeared in various
tending to discredit the balance sheet and surplus
I thought it only fair to the stockholders that
the truth, so they may disregard such statements.
balance sheet as certified to by Price, Waterhouse &
absolutely correct and gives a very clear and concise
assets and liabilities of your company.
The state¬
New York financial papers
account of your company,
I should state to them
•
Balance Sheet.—The
Co. is properly drawn,
statement of the real
ment shows that the amount of your current assets is almost three times the
amount of your current
liabilitias, and that your surplus as of Aug. 31 1920,
$29,871,760 after having deducted all dividends, both cash and stock,
was
which have been distributed during the year.
Earnings.—The earnings of your company for the twelve months ending
Aug. 31 1920, have been as follows:
.$1,037,5161 Mar.
1,1430,420 April
1.109,401|May
1,636,7621 June
1,717,9551 July
999,2211 Aug.
Sept. 1919
Oct.
1919
Nov. 1919...
1919
Dec.
Jan.
1920
Feb.
1920—
Total
for
12
1920
1920
1920
1920
1920—
1920
months
Interest and loss
Inventory
on
1
$3,775,291
489,001
1,230,176
bonds
adjustments
Total
Leaving
a
$1,414,854
1,235,155
1,684,475
1,638,239
1,751,558
1,618,932
$17,274,488
From this amount must be deducted:
Depreciation for the year
$5,494,468
$11,780,020
net profit of
The earnings for the months of September and October have been main¬
tained at a figure equal to the average shown throughout the past fiscal year.
Orders.—Like all other companies at the present time we are having a
decline in orders.
are
We have had
some
suspensions and cancellations, but
on our books Nov. 20 1920,
pleased to state that the unfilled orders
amount to 46,525 tons, which is about three months' business.
I desire to assure stockholders that there is not sufficient change
condition of
our
In the
business at the present time to warrant any change in the
announced by
your Chairman a year ago.
[The
further stock dividend has been talked about on the street
policy
possibility of a
recently.]
Business Diversified.—The statement that your company is dependent
upon a particular industry for a large portion of its business is false.
Its
businass is very diversified and consists chiefly In furnishing tool steel and
special steel to tool manufacturers, railroads, agricultural implement
makers, Government arsenals, navy yards and cutlery manufacturers, as
well as other industries in which a fine quality of steel is required.
(For
new directors, see a subsequent page).—V. Ill, p. 1953, 1945.
as
refunding plan noted on a following
Boston, Nov. 16, reports in brief:
Bonds.—Following the merger in 1913 the company executed a First &
Refunding Mtge. to secure an authorized Issue of $2,000,000 20-year 5%
bonds, of which $703,000 were sold, and $297,000 held in reserve to retire
two underlying issues, including the Citizens bonds.
Subsequently $100,000 of additional bonds were sold to provide for
extensions and improvements, and the smaller underlying issue was retired,
so that at present the total outstanding bond issue stands at $1,100,000, viz.:
First & Ref. Mtge. 5% Gold Bonds, due July 1 1934, outstanding!..$849,000
Same in treasury of company
21,000
Citizens Electric St. Ry. Co. 1st M. 5% Gold Bonds, due Dec. 1 '20 230,000
Security for Proposed Collateral Notes.—The First & Refunding Mtge.
provided for the issue of $230,000 additional bonds to retire the Citizens
bonds at maturity, and these with $21,000 treasury bonds and $49,000
to be taken down against property additions, provide the $300,000 offered
as security for the proposed notes.
Capital Stock ana Unsecured Notes—Investment Account.—Junior to the
mortgage bonds are $1,500,000 Common and $665,000 Pref. stock and
Sept. 30*20 xJune 30'19
stock...$1,500,000 $1,500,000
665,000
665,000
Funded debt..... 1,100,000
1,100,000
Notes payable
335,000\
357,500
Owens Bottle Co
...... ..—
Massachusetts
33,736
60,923
71,405
13,688
5,774
21,000
Total (each side)$4,023,326
Ottawa (Can.)
2049
.....2049
Pittsburgh Steel Co. and Subs
1749
Producers & Refiners Corp.-.1859, 1946
Ray Consolidated Copper Co
2049
Barnet Leather Co
1952 Russel Motor Car Co., Toronto
1957
Barnsdall Corporation
1755 Savage Arms Corporation
..1758
(C. L.) Best Gas Traction Co
2045 Sears, Roebuck & Co...—.......1957
Bourne Mills
—1854 Shaffer Oil & Refining Co
....1957
Butte & Superior Mining Co
2045 Shattuck Arizona Copper Co
2049
Brunswick Balke Collender Co
1854 Sherwin Williams Co., Cleveland... 1957
Caddo Central Oil & Refining Co...2045 South Porto Rico Sugar Co
2049
Calco Chemical Co—
2045 Standard OH Co. of Indiana
1859
Calumet & Hecla Mining Co
1946 Steel & Tube Co. of America
2050
Canada Bread Co., Inc.
1854 Stewart Warner Speedometer Corp.,
20.50,1758
Carbon Steel Co
1854, 1945
Casey Hudson Co
.2046 Studebaker Corp., South Bend, Ind.1850
Central Leather Co
1755 Swan & Finch Co., New York
1849
Chattanooga Coke & Gas Co
1952 Tecumseh
Cotton
Mills Corpora¬
Chicago Pneumatic Tool Co
..1952
tion, Fall River.
1957
Chile Copper Co
1755 Tidewater OH Co. (N. J.)
2039
Cities Service Co
1855, 2046 Tobacco Products Corporation.....2050
Cockshutt Plow Co., Ltd...
136,233
accounts.
Unadjusted debits.
1951
Co
1848
Amer. Oil Engineering Corp
2044
Amer. Safety Razor Corp
1945
Amer. Steel Foundries.
.1854
Amer. Stores Co., Philadelphia
1754
Amer. Sumatra Tobacco Co
1749
Amer. Type Founders Co
.2039
Amer. Water Works & Elec. Co—1951
Amer. Window Glass Co
.1748
Amer. Zinc, Lead <fe Smelting Co.. 1755
Ames, Holden, McCready, Ltd
2044
Arkwright Cotton Mills
2044
Atlas Tack Corporation
1755
Austin, Nichols & Co....—
1755
Prepaid
Liabilities—
Common
Preferred stock...
Material
...1757
2039
1754
1754
Noble (Chas.
.83,775,22783,7 25,94 6
1858
..1858
Amer. Cotton Oil Co
Amer. Light <fc Traction
Sept. 30'20xJune 30'19
1956
Amer. Bosch Magneto Corp...
Amer. Hide & Leather Co
$609,252
$421,847
increase of above items was $187,405; total operating in¬
including taxes, $173,295; savings in other items, $14,111.
The aggregate
1850
New Jersey Zinc Co
1919.
$70,272
62,742
138,463
140,810
9,560
Total....
crease,
Mullins Body Corporation
2049
1858
1858
Amer. Fuel Oil & Transp.
wages
National Acme Co
New Haven Clock Co
Corp...2043
All America Cables, Inc., N. Y
2043
Alliance Realty Co
1754
Allis Chalmers Mfg. Co
2043
1920.
$102,290
77,334
223,161
' 172,481
33,987
equipment
Snow, ice and cleaning track
Nevada California Electric Corp—2048
Industrial Companies—
Adirondack Power & Light
1919.
$779,412
604,505
1846
Railways—
Sept. 30-
$902,978
777,800
1745
Electric
end.
1920.
$924,597
771,891
Western Pacific
Boston Elevated Ry
-9 Mos.
$1,095,267
Oper. expenses & taxes..
979,969
revenues
Western Maryland Ry
RR.
the
a. Commissions of Mass. and N.
H. as representing money actually in¬
vested, and at various times fares have been
permitted based upon the full
property accounts now standing at $3,775,226.
1
$
6,956,388def2119,927
6,606,631defl742,970
196,826
145,194
1,748,663
1.621,910
2135
$335,000 of unsecured notes, all of which have been
recognized by
Balance,
Surplus.
Charges.
$
CHRONICLE
Standard
Oil
Co.
of
Louisiana.
{Financial Statement of Mar. 11920—Bal. Sheet, Dec. 31 1918)
This company recently filed a certificate in Louisiana
increasing its capital stock from $10,000,000, of which
$9,994,000 was owned by Standard Oil Co. of N. J., to $30,000,000, par $100.
D. R. Weller of Baton Rouge, La., is
President.
Co. was incorp. in Louisiana in April 1909.
The increase, it is stated, represents new money put into
the company and is not taken out of its surplus or its earn¬
ings in the State of Louisiana.
The Standard Oil Co. of N. J.
for this
Louisiana company:
on
March 1 1920 reported
2136
THE
CHRONICLE
Refinery.—This company is engaged in the production, manufacture and
marketing of petroleum and its products.
Has a large modern oil refinery
at North Baton Rouge, La., occupying 780 acres of land and having a
capacity of 40,000 barrels of crude oil per day.
Output
of Company's
Refineries
During
5
Years
Ending Dec.
31
EARNINGS FOR FISCAL YEARS ENDING NOV. 30.
1918-19.
Balance Sheet
Pro Forma
i
"The New 1919 production Hokner (La.) field is estimated at 40,000
bbls. daily, but shut in until pipe line and tankage is now under construc¬
are completed."
1
tion
,
CAPITAL, DIVIDENDS AND NET INCOME, SHOWING STANDARD
OIL CO. (N. J. PROPORTION.
CalYear—
Capital Dec. 31.
$5,000,000
Dividends.
Net Income.
None
$2,929,686
5,000.000
None
5.000,000
_10,000,000
10,000,000
None
i
N.J.Co.Propor.
$2,927,928
5,089,425
6,827,061
8,511,775
10,768,329
5,092,480
6,831,1601
None
8,516,885
10.774,794
None
The income account for 1918 shows: Profit from operations,
$13,955,307;
pipe lines, $1,753,757; miscellaneous, $160,440; total, $15,869,504.
Ex¬
penses,
$5,094,710 (viz.: Canceled leases, $169,517; general, $225,402;
taxes, $2,252,494; depreciation, $1,677,820; depletion, $646,142, and mis¬
cellaneous, $123,334); balance, net income, $10,774,794; proportion repre¬
sented by holdings of Standard Oil Co. of N. J. ($9,994,006 out of $10,000,000 capital stock), $10,768,329.
BALANCE SHEET DEC. 31 1918, SHOWING S. O. CO. (N. J.) PROPOR.
Total.
(1) Assets—
N.J.Co.Pro.
(1) Assets( ConTotal.
N.J.Co.Pro.
t
$
Property Acct
eluded)—
$
$
Real estate.;
899,955
899,415 Tot. property acct.36,224,653 36,202,918
Plant A equlp't-_-23 ,417,314 23,403,264 Reserve for depr.
A depletion....12,627,034 12,619,458
Rights of way.—
138,181
138,097
Wells A equip't.__ 3 ,513,763
3,511,655
Gas line & leaseh.
Balance
265,684
265,844
23,597,619 23,583,460
Incomplete constr. 6 ,337,779
6,333,976 U. 8. Govt, bonds. 1,285,000
1,284,229
Floating equip't__
387,156
386,924 Inventory of mdse.
Stable
and
motor
(at cost or less). 18,594,199
equipment
663,513
259,409
Tools, barrels, Ac.
Furn. A fixtures..
95,286
246,453
Other properties..
Total prop,
663,114
Accts. receivable..
259,254
95,229
Cash
11,882,211
163,220
163,122
246,305
acct.36,224,653 36,202,918
Total assets
55,522,249 55,488,936
10,000,000
9,994,000
2,236,623
2,235,281
...43,285,626 43,259,655
—
payable..
......
Surplus
——
Compare special financial statement of parent
the Standard Oil Co. of N.
company,
J., in "Chronicle" of June 12
res
32,742
Materials A supp.
Accts. A bills rec.
(less res.)
1,810,021
Cash
DISBURSEMENTS
1919-20
Net profits.
Common divs. (4%)
850.000
1
FOR
YEARS
1918-19.
def.$1,542,531
Int.on deb.bonds & notes
Preferred divs. (6%).._
[In July 1920, the stockholders voted to increase the authorized Pref.
from $1,000,000 to $.5,000,000 and the authorized Common from
$2,500,000 to $10,000,000 and subsequently a 100% stock dividend was
declared on Common shares, payable Nov. 1 on stock of record Oct. 11.—
Y. Ill, p.
2044.)
South Porto Rico Sugar Company.
t
(Report for Fiscal Year ending Sept. 30 1920.)
William Schall, Chairman of Board,
Sept. 30, wrote in sub.:
Production, &c.—The
amount of sugar made during the crop of 1920 was
It is estimated that the output in 1921 will be about 95,000
tons.
The company has contracts with Russell & Co., Sucesores, S. en C.,
and other planters in Porto Rico, covering approximately 475,000 tons of
90,000 tons.
The lands in cultivation in Santo Domingo amount to
approxi¬
mately 20,000 acres, from which a crop of 425,000 tons of cane is expected.
Stock Dividends, &c.—In July 1920 there was transferred from "Reserve
for Working Capital, Improvements, Ac.," account to "Common
Capital
Stock" account, the sum of $5,602,800 (capitalizing earnings of the com¬
pany invested in the La Romana sugar factory and other improvements) in
full payment of 56,028 shares of additional common stock, which was dis¬
tributed to the common stockholders of record on July 24 1920 at the rate
cane.
of one share of new stock for each share then outstanding.
During the fiscal
year
ending
this date there have been paid the regular
on
divs. of 8% on the Pref. stock and divs. amounting to 20% on the Com. stk.
Reserves, &c.—During the year the sum of $217,525 was credited to sundry
property accounts to cover amortization and obsolescence of plants and
charged
to "reserve fund for depreciation" account.
Out of the profits for the year there has been set aside $1,750,000 for the
payment of income and profits taxes.
CONSOLIDATED RESULTS YEARS ENDED SEPT. 30.
Sept. 30 Years—
1919-20.
1918-19.
1917-18.
1916-17.
Sugar made (tons)
90,000
88,200
90,400
92,342
Total receipts,
$22,250,851 $12,866,207 $11,448,242 $10,690,741
Mfg.,
&c.,
expenses,
taxes, interest, &c.__ 14,292,965
9,739,467
-
Net earnings...$7,957,886
Writ, off for obsolescence
52,241
Res. for working
Reserve for
Reserve
$3,126,740
$2,691,851
$2,617,957
900",600
" 300,666
~ 606"666
690,312
545,878
466,668
None
500,000
319,507
(10)450,000
(10)506,250
300,000
312,730
(20)823,890
3,050,000
929,609
capital _
depreciation
for income and
profit taxes
Preferred dividends (8%)
1,750,000
400,000
excess
374,763
Common divs.
(cash).(20)1,400,700(20)1,119,210
Common divs.
(stock)..
See below
Balance, surplus
$375,336
$42,454
$70,217
$114,670
$1,411,559
$1,036,223$993,768
$923,551
[The Common stock for the year ending Sept. 30 1920 received three quar¬
terly cash dividends of 5% each and on Oct. 11920 a quarterly cash dividend
of 3%, with an extra 3% in cash, the Oct. 1 distribution
being made on the
Common stock as increased to $11,205,600 by the
100% stock dividend
£aidRomana
to stockholders
of record
July 24
to represent earnings
sugar factory
and other
improvements.
On Dec.Invested
31 1920 in
a
a
611,916
607,113
ENDING
1917-18.
$2,694,214
850,000
611,916
809,484
$2,327,995
666,667
611,916
809,484
AUG.
31.
1916-17.
Real
no
equipment,
extra)
will be paid on the Common
—def.$3,611,560sur.$422,814sur.$239,928 sur.$112,642
13,235,651
12,812,837
12,572,909
12,460,267
_
Bonds and stocks
133,626
288,195
80,375
1,777,331
1,918,079
.
says
(secured)
covers
about 9
386,096
353,365
repaid- 2,075,706
1,399,567
i..
ers
to be
50.000
60,000
Commissary stores
526,147
—V, 111, p. 2049.
532,063
Packard Motor Car
acres.
of
driven agricultural machinery,
yhich has witnessed remarkable
development in the past few years.
Manufactures agricultural implements,
motor gang plows, motor planters and cultivators,
gas and oil tractors,
threshing machines, motor trucks, ensilage cutters, etc.
Has distributing
motor
points in all the large western cities.
Its products
are sold in every State
Operates in Texas through the
Avery Co. of Texas and in Canada through the Canadian Avery Co.
New Notes.—The entire proceeds of this $3,000,000
8% 10-year note issue
(see offering V. Ill, p. 2044) will be applied to the reduction of bank loans
and other current liabilities, thereby not increasing present indebtedness.
The notes will be redeemable by the co. [on basis stated last
week.—Ed.]
and will be convertible at option of holder at any time prior to
maturity, or if
called for redemption at least 10 days prior to the redemption date, at
par
into Common stock at $100 per share.
the Union and in 64 foreign countries.
Capitalization After This Financing.
8% 10-year conv. sinking fund gold notes
7% Preferred stock
Common stock (par $100)
Authorized.
Outstanding.
$3,000,000 $3,000,000
5,000.000
1,000,000
10,000,000
5,179,400
Earnings.—Average annual net earnings for the 4 fiscal
years ended Nov.
30 1919, after depreciation reserves ani Federal taxes, amounted to $754,199
which was equivalent to over 3 times maximum annual interest requirements
on these
notes.,
Reserve
for
and
391,641
new
mach'y, working
capital, Ac
3,556,648
Profit
281,514
895,800
loss
1,411,559
6,109,448
1,036,223
Total (each
side)25,192,251 19,317,427
Co., Detroit, Micl^.
(Report for Fiscal Year ended Aug. 31 1920.)
History.—Business founded in 1877 and re-incorpor. in Nov. 1907 in
Illinois as successor to Avery
Manufacutring Co.
In 1916 purchased the
property of Kingman Plow Co., Peoria, and in 1917 the property of the
Davis Mfg. Co. of Milwaukee.
Property.—Plant at Peoria covers 59 acres of real estate and 20 acres of
Plant at Milwaukee
5,602,800
Advances to plant¬
in substance:
Thej company has been particularly successful in the manufacture
stock...11,205,600
Accounts payable.
364,326
Deprec., Ac.,res've
607,884
Reserve for taxes.. 2,046,233
Advances to plant¬
Avery Company, Peoria, 111.
Bartholomew, Nov. 12
$
5,000,000
Common
.
1919.
5,000,000
.
Mtges. (PortoRlco)
$
Preferred stock...
stock, Ac
.15,020,711 12,570,600
Mach'y,
supplies,
spare parts, Ac. 1,279,955
1,046,014
Materials A supp. 1,083,745
504,697
Cash
2,229,767
485,694
Acc' ts receivable
474,597
233,345
Sundries
1920.
Liabilities—
$
live
_
$2,034,042
500,000
611,916
809,484
$
p.
contr.,
est.,
(Financial Report of Nov. 12 1920.)
Pres. J. B.
502,951
2,953,588
69,898
stock
U. S. Lib. bonds..
m
405,179
463,677
Surplus..:
1919.
--VOtfn8UpPl2054" "2039 59,624,091 ^13,235,651 $12,812,837 $12,571909
floor space.
949,804]
349 734
for over 15 years.
ers
,
Accts. pay, wages
taxes, Ac..
803,970 xReserves
Total (each side).$12,140,561 $7,604,187
x Preferred stock redemption, $166,667; inventory
variations, $211,499;
contingencies, $85,511.
Management.—The present officers will continue in its active control;
has been under the direct supervision of the President, J. B.
Bartholomew,
Assets—
dated at
pages 2054 and
last week's "Chronicle," together with the income
and comparative balance sheet.
Balance
Previous surplus
1919,
CONSOLIDATED BALANCE SHEET SEPT. 30.
(Report for Fiscal Year Ended Aug. 31 1920.)
AND
30
$1,000,000 $1,000,000
Common stock..
5,144,400
2,500,000
8% 10-year notes
3,000,000
Notes payable...
1,137,500)
Mortgage loans..
40,0001
647,548
.
The report of President William O.
Thompson,
New York, Nov. 4 1920, will be found on
PROFIT
199,207
300,534
Deferred charges.
American Cotton Oil Company.
account
23,003
91,633
3,166,919
Actual Nov
Sept. 30 '20
Pref. stock.
shares.
i:—V
2055 of
00,536
6,047,542
Investments
quarterly dividend of 3% (with
V. Ill, p. 995, 500.]
1920, V. 110, p. 2483.
;r
Liabilities—
1919.
Total p. Al.sur. Sept. 3d
(2) Liabilities—
Capital stock...!.
Accounts
18,583,043
11,875,082
30
Ac., less
deprec., res
$3,659,980 $3,109,030
Patents: Less dep.
1
140% of all
Pro Forma
Actual Nov
Sept. 30 '20
Plant,
979,000
22.000
84,000
2,301,589 2,419,675 1,918,752 1,288,924 1,165,951 1,085,000
mi.83i
of Sept. 30 1920, after this financing—(1919 inserted by Ed.)
as
Assets—
Annual Net Production for 5 Years, 1914 to 1918 (Not 1919) (42-gallon bbls.)
Louisiana—
1914.
1915.
1916.
1917.
1918.
1919(«sO
Total
19161 (11 Mos.)
assets must
river
Dist_. 1,870,030 1.733,294 1,340,430 1,023,888 1,005,499
DeS.&S.Dist. 431.559
174,383
80,435
45,700
30,695
R.R.&B.Dist
511,998
497,886
219,335
129,756
1916^17.
$854,071
$663,145
equal 200% of all liabilities exclusive of these notes and at
liabilities including same.
Steel Tankage, &c.—The company owns 100 acres of land at Port Chalmette on the Mississippi River below New Orleans for the receipt, storage
and distribution of crude and fuel oil; 6,000,000 barrels of steel tankage;
Caddo
1917-18.
The note indenture will provide: (a) Sinking Fund
beginning Nov. 6 1921
to retire $300,000 thereof
annually; (&) no mortgage or other liens may be
created so long as any of these notes are outstanding; (c) current
Year—
1919.
1918.
1917.
1916.
1915.
Naphtha and gasoline_2,971,472 2,540,067 2,016,916 1.117,619
710,720
Refined oils
_3.120,472 2,252,103 2,711,339 2,725,066 2,722,971
Gas and fuel oils
5,748,357 7,271,331 5,285,239 2.890,058 1,741,002
Lubricating oils
867,215
771,302
463,169
192,717
203,146
Scale wax
20,387
20,021
18,004
15,844
269
Other products.—.—
285,322
55,917
124,536
91,968
110,490
1975864
*
$727,951
1919.
equipment consisting of a number of steamers, bulk barges, &c.
Employees number 5,213.
Pipe Lines.—It owns and operates a trunk line system from Ida, near
the Arkansas State line, to North Baton Rouge, with a capacity of about
45,000 barrels per day, with 7 pump stations, and is building 50 miles of
8-inch pipe line from the Homer field to connect with its existing trunk lines.
It also has gathering systems in the Caddo, De Soto, Red River and Homer
fields.
Its lines are being operated substantially to capacity.
Its right of
way was acquired by private purchase, and it has no public franchises.
Marketing.—Has 194 marketing stations in La., Tenn. and Arkansas.
Production.—The producing territory under operation is all confined to
the northwestern section of Louisiana, and is located in the Caddo, De Soto,
Pine Island, Bull Bayou and Crichton fields.
All of this production is
thoroughly settled production and ranges in gravity from 28 at Pine Island
to 39 gravity in Caddo.
In the latter half of 1919 deep wells were brought
in the Homer pool.
This company has a large acreage in this field, which
is producing an oil of 40 gravity from the deep sand.
This is not settled
production, and it would be difficult to estimate the average production
per well for some time to come.
[Vol. 111.
I
Pres. Alvan
Macauley, Detroit, Nov. 11, wrote in-subst.:
Results.—After making provisions for Federal taxes, and after setting
aside $2,500,000 as a "reserve for possible shrinkage in value of materaials
and for other contingencies," the net
profits for the
$6,395,468
the largest in
comprising: 7,040 Twin Six
Enclosed
Bodies
and
year amounted to
history.
Total sales were $62,456,275,
7,305 Packard "E" Model Trucks, plus
Parts.
We manufactured 7,667 cars and
our
cars,
Service
7,445 trucks.
After
deducting
the Pref. dividends (7%) amounting to $1,028,297,
and other charges, the net earnings
applicable to comomn stock are equival¬
ent to 44.1% on the Common stock issued.
Cash dividends aggregating
12Vi% were paid on the Common shares and $3,765,422 was added to
surplus bringing the book value of the Common shares to $27.46 per share.
Ten
Year Record.—Our sales have expanded from
$11,624,588 in 1911 to
$62,456,275, while net profits (after taxes) over the entire period have
averaged $3,786,401 a year, and have not fallen below 8 3% of sales.
In
fact, for the ten years our net profit has averaged 11.3% of sales.
Five
years ago, our total plant investment (at factory and branches) was
equival¬
ent to 60.7 cents for each dollar of sales.
of sales.
panied by
2386) •
In other words,
an
an
increase in
Not it is 35.2 cents for each dollar
our
output of 300% has been accom¬
increase in permanent assets of only
135%.
(See V. 110,p.
Inventories.—Our factory
inventory at Aug. 31 amounting to $19,617,318,
with $19,392,019, at the end of 1918, and $19,553,466 in 1917.
compares
At the factory we have invested in
materials, finished and in process and in
service stock, $13,472,109.
Of this,
approximately $1,200,000 represents
less than its selling value.
and Single Six cars, and
trucks, equivalent to perhaps three months' production at our recent rate.
the book value of
our service parts
inventory at
The balance consists of materials for Twin Six
Nov. 27
The Pure Oil Co., New York.
(<Consolidated Statement for Quarter ended Oct. 1 1920.)
Finished motor carriages and trucks on hand at the factory are valued at
$6,145,208, which equals approximately one-tenth of last year's total
shipments.
Of the orders received by the factory from distributors and
branches and unfilled at Aug. 31 1920, 1,431 represented orders for vehicles
actually sold by the distributors or branches to retail customers.
The cost
value of vehicles to be shipped from the factory to fill these customers*
The service stock, accessories and
supplies carried at our branches, is valued at cost, at $2,510,267.
For a
considerable time our branch distribution covered approximately 40% of our
production.
I believe it is now nearer 50%, including export business,
which this year for the first time we have made a serious effort to develop.
is
orders
approximately $5,000,000.
An authoritative statement shows:
The famous Cabin Creek Oil Field in
new
stations in 48 principal cities.
Finished
vehicles at branches include vehicles sold to customers by the branches
but not yet delivered, comprising 584 vehicles, in addition to approximately
200 export shipments en route, there to be accepted and paid for by foreign
distributors.
The value, at cost, of vehicles at Branches (sold and not
delivered) is approximately $2,750,000. | Branch inventories have had all
inter-companv profits eliminated and are shown at cost values.
Output.—The output of Twin Six ciahs was increased in Feb. 1920, to
750 cars a month, and a high rate of production and shipments was main¬
tained in both cars and trucks, through June just past.
But as early as
May, anticipating a recession in demand, we took steps to reduce output;
and our policy now is to parallel the sales demand.
Accounts Receivable.—The value of accounts receivable are shown at
$4,882,189.
This item does not include any accounts of the factory
against
its branches
or
export corporation, the vehicles or parts
represented by the latter being included in Inventories at cost.
Notes Receivable.—Practically all of the $1,352,728 are notes given by
branch customers for trucks sold to them on time, and are secured by the
opened up an immense area of proven oil territory, all of which
The Pure Oil Co.
The most remarkable thing about these 'new wells is that
CONSOL. INCOME ACCOUNT
$12,432,005, consists of
payable and payrolls, and re¬
account of Federal
not yet due.
The ratio between the current
We are
company on
Interest on notes and bonds
Discount on serial notes
ing in
maintenance and operation.
and economical in
appearance,
Balance, surplus
Preferred dividends
Common divs.
purchasers during this period.
Truck.—Our shipments this year, 7,305 trucks, were entirely for
military purposes, and were more than double the peace-production
previous year, the market until a late date has been most
This business is
handled through our subsidiary,
equipment. 100,247,742
10,610,224
997,900
Cash
3,970,917
Accts. receivable
4,211,196
&
non-
curities
New Pref. to the amount
obtained
.
from $8,-
of $7,500,000 was then
up to $15,500,000
Oct. 28 1919
each share of com. stock by sub¬
division for $100 to $10.
V. 109, p 1608.
Pref. stock is callable at 110 and
divs. on notice up to Aug. 30 1939; thereafter at par.
V. 108, p. 2635.
V. 109, p. 77, 1614; V. 102, p. 2172, 2250 —Ed.j
»
Financing Postponed.—In view of the falhng-off in business, and the
high money-rates prevailing, your directors decided not to proceed with the
new financing discussed at the stockholders' meeting on May 24 1920, until
it shall be more immediately needed.
Instead we determined to postpone
issued, bringing the outstanding amount
it was voted to reduce the par value of
production.—V. 110, P 2386, 2493
spring to declare a stock dividend
authorized that plan, but almost immediate¬
ly a bill was introduced in Congress proposing very heavy taxation of stock
dividends.
In view of the uncertainty thereby created your directors
thought it inadvisable to declare a stock dividend at that time.
(V. 110,
curtail the plans we had for increased
No Stock Dividend.—We proposed last
out of our large surplus, and you
or
p.
2493.)
restoration of normal conditions by next
continuation of our excellent business.
Outlook.—We hope for a
and confidently
expect a
$6,395,468
profits
Preferred dividend
Common div
_ —
1918-19.
spring,
$3,884,027
1920.
1919.
$
$
account.21,988,429 15,994,392
Inventories
....—29,359,327 18,051,749
4,401,718
(net).. 4,882,189
338,162
Notes & bills ree'le 1,352,728
173,978
Miscell. invest'ts.
207,535
19,896,826
U. S. bonds & ctfs.
Acc'ts rec.
Cash
$4,346,320
$13,657,861
$3,334,390
......
Deferred charges..
Preferred
4,314,810
703,258
$3,930,055
$9,311,541
31.
Liabilities—
270,000 Common
fund.
1920.
1919.
$
$
stock...15,223,500 15,500,000
stock... 11,885,100
11,840,930
Def. purch. money
obligations
Notes
Acc'ts
......
payable
5,000,000
payable... 4,087,549
633,870
5,000,000
4,846,370
Income and profits
taxes, &c
562,142 Reserve for contin¬
gencies....
3,409,248
3,354,456
8,284,796
2,500,000
.20,757,672 16,992",250
Surplus
62,808,277 63,098,216
Statement of Property
62,808,277 63,098,216
Total
Account from Balance Sheet
INCOME ACCOUNT FOR
Total net profits
Dividends (about)
Dividend
YEARS ENDING SEPT.
Linotypes
Plant, equipment, &c
1917-18.
$1,343,545
1,600,000
$1,883,159
1,600,000
$383,139def.$256,545
$283,159
(12^%)
(10%)
1.
1917.
1918.
1920.
1919.
$1,254,698
$1,288,624
89,325
109,955
905,509
69,605
70,180
1,004,970
1,123,597
3,656,330
4,042,640
3,655,230
3,677,473
256,096
6,447,052
1,253,770
2,580,477
303,348
Rights, priv., franchises,
3,646,940
patents and inventions
Stock and bond account. a3,070,922
462,792
Cash
6,294,309
Bills receivable
2,284,360
Accounts receivable
4,503,123
Raw materials, &c
527,146
Canadian Linotype, Ltd.
3,642,990
3,901,581
482,664
6,019,670
1,471,231
3,166,424
479,883
$24,855,946 $21,434,605
6,695,149
881,277
2,998,415
358,462
$21,343,662 $20,636,765
$12,800,000 $12,800,000
69,950
41,209
2,722,500
825,000
1,281,300
788
718
698
600,520
261,928
126,587
8,627,740
7,477,008
7,093,869
payable..
Dividends unpaid
Reserve for taxes
Surplus....
$24,855,946 $21,434,605
Total liabilities.
Includes United States
$1,269,542
348,190
Capital stock.-.
$12,800,000
Creditors'open accounts
104,398
Bills
(12H%)
$2,237,931
1,739,098
Total assets
Liabilities—
30.
1916-17.
1918-19.
BALANCE SHEET OCTOBER
American
$12,800,000
35,768
450,000
673
—-
7,350,323
$21,343,662 $20,636,765
Government bonds.—V. Ill, p.
of Aug. 31 1920.
(Ninth Annual Report—Year
2048.
derived
constituent
Birmingham
satisfied that
85.79% of the
New
and inventions are carried at
$1.—V. Ill, p. 1956.
granted by the Tennessee P.
with
U. Commission to the
of the City
aggregate
of the Common stocks of the following:
Little Rock Ry. & Electric Co.
April 1, and staved off for four monUis by the efforts
Commission, went into effect Aug. 16. V. Ill, P- 792.—Ed.J
Constituent Companies.—The American Cities Co. owns in the
company
Total.
$6,126,248 $21,988,429 $15,994,392
of
properties are being operated efficiently and in the best interesst
all concerned, and hope that it will be possible later to report satisfactory
adjustments of their affairs.
Fares.—From its inception the street railway business has been done on
the basis of the flat 5-cent fare, which has been absolutely inflexible as to
increases but in practice has been much reduced during
past years by ex¬
tension of transfer privileges.
With costs of labor and material more than
doubled, it has become impossible to continue to give the service at the low
rates thus established, and it has been extremely difficult to secure in¬
creases.
However, 6-cent fares are now in effect in the three cities men¬
tioned above, and in many places much higher rates have been found
necessary.
[In New Orleans the fare was increased from 6 to 8 cents on
Oct. 21 last. V. Ill, p. 1661.
In Memphis the initial rate of 7 cents,
these
1919.
9,176,700
Ended Dec. 31 1919.)
March 2, wrote in substance:
Results.—The income of the American Cities Co. proper was
exclusively from operating contracts with some of the
companies, no dividends having been declared.
In Jan. 1919 it (became necessary to place the New Orleans
and Memphis companies in the hands of receivers.
We are
Total.
2,193,812
York.
almost
1920.
$4,098,725 $15,994,392 $16,092,983
Cities Company, New
President F. T. Homer,
Branch
31...$15,862,180
York.
Sept. 30 1920.)
$1,663,139
1,280,000
Assets
Real estate
Properties.
1,623,366
deb.l66,288deb3,182,663debl,721,957
Rights, privileges
57,680,683
1919-20.
$1,150,731
Balance, surplus
Detroit
equip. Sept. l..$ll,895,666
Expenditures during yr_
6,982,889
Less charged off, depre¬
ciation, &c
____deb.3,016,375
Aug.
20,522
285,735
9,264,805
45,962,110
$2,430,731
1,280,000
(10%)
rate
Factory.
Plant &
Balance at
292,264
Surplus
137,939,152 134,586,078
10 tickets for 65 cents,
Total
43,106
Consum. depos.
Mergenthaler Linotype Co., New
$5,400,691
$560,000
(6)710,382(7^)910,636
surplus..$20,757,672 $16,992,251
Assets—
Cash in sink.
$5,616,702
$560,000
$5,433,634
BALANCE SHEET AUG.
Property
4,222,323
2,112,750
Liab. ins. res've.
(Report for Fiscal Year ending
1916-17.
1917-18.
(7%) $1,028,297
$560,000
(12 H %) 1,483,144 (13) 1539,244
Surplus
Profit and loss
9,980,000
YEARS ENDING AUG. 31.
1919-20.
31—
Years end. Aug.
Net
Serial gold notes
1,378,000
10,000,000
3,000,000
1,942,468
1,661,237
This statement for the quarter
a
INCOME ACCOUNT
2,090,949
1,285,436
1,504,082
trade-marks
applications pending^
purchased
the authorized
000,000 to $20,000,000-
1,378,000
Eortion
received
by theV.Pure
shape
of dividends
its stock
oldings."
Compare
Ill,Oil
p. Co.
504; in
V.the
110,
p. 577—V.
Ill, on
P-S902.
franchises and inventions which we
valuable patents and the licenses obtained from other
patents and have 41
400,000
Dayton Gas Co.
bonds
ended Oct. 1 1920 "includes of the
earnings of the Oklahoma Producing & Refining Co. (a substantial interest
in which company was purchased by the Pure Oil Co. this year) only that
x
rights, privileges,
We now own outright 454
1,326,000
Gas
bonds
Premium & disc.
Total (each side)
received
amounted
patents.
1,000,000
Acer, taxes & int
Deferred charges
plant
registered in foreign countries, and have 259 patent
Pref. Stock.—Preferred stock of a par value of $276,500 was
and retired during the year.
[The shareholders on June 26 1919 voted to increase
Common stock from $13,000,000 to $30,000,000 and the Pref.
800,000
1,326,000
Gas
bonds—
7,840,247 Pur. mon. obiig.
3,384,586 Accts.¬es pay
2,447,933
plies
Depreciation.—The sum of $3,182,663 has been written off our
during the year for depreciation on our tools for the manufac¬
ture of Trucks and Twin Six cars now stand on the books at less than $1,-
50
9,433,537
3,805,763
Materials & sup¬
Twin Six and Truck Tool equipment.
$2,193,811 for modern salesroom and
of this city [Detroit] and a muchChicago. No further plant exten¬
include our
companies in return for licenses accorded them.
The revenue
during the year, for royalties accruing under patent licenses has
to $182,158.
During the year we filed 96 applications for U. S. patents and
194,515
194,515
...
Crude oils
values
list at $1
583,162
se¬
oils...
Finished
45,937,500
12,407,700
400,000
Co.
515,342
Govt,
S.
$
47,020,725
12,683,300
Oil Reiin. Co.
Columbus
Springfield
ceivable
U.
service station in the downtown section
needed and complete Service Station in
Patents, &c.—Our
Pref. stk. Moore
acceptances re¬
expended for plant additions at the factory, the
$2,000,000 was expended for machinery
large production of the new Single Six car.
A like
amount has been expended for the new buildings referred to in the President's
report last year (V. 109, p. 1608).
Approximately $3,000,000 was ex¬
pended for new tools $1,500,000 going for Snigle Six tools, and the balance
000,000.
10,816,265
997,900
4,495,665
4,439,162
Notes and trade
Pcakard Motors
contemplated.
98,458,193
Preferred stock.
Co.
July 1 1920.
$
Liabilities—
Common stock.
Stock in treasury
Of this, nearly
sions of importance are
Oct. 1 1920.
$
Other invesm'ts
Plant, &c.—There was
and replacements to our
properties we expended
$563,876
$3,291,310
$2,437,260
July 1 1920
1920.
$
Assets—
chiefly to provide for a
On Branch
1
Property, plant
self-supporting
the U. S.
for additions
(2%)921,975
CONSOLIDATED BALANCE SHEET.
Export Corporation at New York.
Aircraft.—-Our diminutive aircraft facilities have become
and we have successfully executed a number of orders from
Government for motors and equipment.
of $6,982,887.
141,495
$2,513,902
112,526
(2 %)921,975 (4) 1,837,500(4) 1,837.500
paid in cash
paid in com stock
Oct.
of any
satisfactory.
Exports.—Export sales amounted to $4,220,758, comprising 618 cars and
541 trucks, which have been shipped to Packard distributors in 24 countries
abroad.
204,078
$5,303,524
174,714
surplus.
Balance,
To
touring-car
distributors, volun¬
of the re¬
price re¬
refunded to
good market in this time of business depression the basic
price was reduced on Nov. 1 from$3,640 to $2,975, the
teering to stand out of their commissions, a substantial portion
duction.
Your directors also authorized a guaranty that any
duction made between Sept. 25 1920 and July 1 1921 would be
207.757
$4,470,305
189,095
Depreciation
Common dividends
AND JULY 1.
xOct. 1 1920. July 11920. July 11919.
$20,172,676 $19,476,421 $11,965,612
14,752,359 13,288,889
8,667,432
450,000
556,008 552,432
214,783
89,952
77,551
77,472
33,970
12,800
Taxes
confident the public will endosre our claims for this
Packard-quality car, of shorter wheelbase, pleas¬
ensure a
FOR 3 MOS. END. OCT. 1
Quarters ending—
earnings.
Costs and operating expenses
Gross
It is a high-grade
model.
sum
Tiolene
[Advices received at the company's offices in N. Y. on Nov. 26 report
that the company "has just brought in a new well on Coal River, in West
Virginia, which proves up at least two miles additional territory to its
Cabin Creek property, or about five miles undeveloped acreage."]
Manufacture.—Our improved factory efficiency was more than offset
by the rapid and continuous rise in materials and labor but we are now
beginning to get the benefit of some slight price concessions for materials
purchased.
The new Packard Single Six car was brought out in August and in spite
of the difficulty of securing supplies we were able to ship 316 of these cars
by Oct. 31.
their initial
company also reports increase in the sale of their branded
the rate of over 100% a year, during the last three years.
The
royalties, etc.,
and current liabilities is about 3 X to 1.
assets
is owned by
motor oils at
Liabilities.—This item, amounting to
and other taxes,
entirely
production is larger and they are holding up in a more spectacular manner
than did the first wells drilled in this field.
Well No. 205 in the new
territory is only 39 days old and has produced over 10,000 bbls. of oil
and is still flowing at the rate of 271 bbls. per day.
The market for the
Cabin Creek Crude is $6 87 per bbl.
The Pure Oil Co. reports bringing In a well on their Kansas acreage
starting off between six and seven hundred barrels a day.
vehicles.
Current
West Virginia, which is
by The Pure Oil Co. and in which development started in 1915,
within the last year over three miles.
The
wells drilled three miles ahead of the general trend of production have
owned
has been extended to the west
Our branches have sales and service
bank loa%ts of $5,000,000 current accounts
serves sufficient to absorb the liability of the
2137
CHRONICLE
THE
1920.]
Preferred and 94.54%
Orleans Ry. & Light Co.
Birmingham Ry., Lt.
The
& Power Co.
Memphis Street Ry. Co.
Knoxville Ry. & Light Co.
Houston Lighting &
Power Co.
1949.—Gross earnings of the constituent companies
increased $4,866,932, operating expenses,
taxes and reserves increased
$4,554,359, and interest charges and other deductions increased
thereby leaving an increase in income applicable to dividends on stocks
Results of Operation
$149,451,
of $163,122.
2138
Raiios of Operating Expenses and Reserves to Gross
1918.
64.07
1919.
69.80
CHRONICLE
THE
1917.
57.58
1916.
55.71
1915.
55.02
Earnings—Per Cent.
1913.
53.67
1914.
52.72
1912.
1911.
51.64
52.23
1918.
1919.
on
stocks owned
Interest
on
securities owned
Interest
on
notes
receivable
.
4
„
Service contracts with subsidiary companies
Engineering services, &c
Total income
106,505
6,778
—
expenses and taxes
Interest on notes and accounts payable
Deductions—Operating
Amortization of debt discount
12,190
gold bonds
Interest on debenture notes
Net deficit for
period
$622,492
$224,948
39.586
45,000
450,000
180,000
27,724
470,250
162,201
...
.$608,269
-
1919
1918
1917
Renewals, reserves, &c
Gross corporate income
$4,849,685
4,198,343
Fixed charges and miscellaneous
$4,537,112
$5,524,446
4,048,892
3,895,499
Net corporate income....
$651,342
$488,220
$1,628,947
Note.—Subsidiary companies controlled are: New Orleans Railway &
Light Co., receiver appointed Jan. 9 1919: Birmingham Ry., Light & Power
Co., receiver appointed Jan. 23 1919: Memphis Street Ry. Co., receiver
arht
pointed
20 1919:
Little& Rock
Ry.
& Electric
Co.; Knoxville Ry. &
Co.; Jan.
Houston
Lighting
Power
Co.,
1905.
The company owns in the aggregate 85.79% of the Preferred and 94.54%
of the Common stocks of the aforementioned subsidiaries.
Note.—The
above
gas per
The income
general
balance
sheet
does
not
include
contingent
asset and liability of equal amount arising from the company's guaranty of
$150,000 notes of the Memphis Street Ry. Co. given to the Bank of Com¬
merce
& Trust Co. of Memphis, Tenn.
No provision has been made for
probable losses on artiounts due from subsidiary companies in hands of re¬
ceivers, with the exception of amounts arising from charges against them
during the year 1919.
The accumulated dividends to Dec. 31 1919 on the
company's 6% Cumulative
890,240.—V. 109, p. 1699.
Pref. stock
held
by others
$4,-
to
amounts
George W. Lawrence
Operations.—During the past year the income from the sales of
power
165,-
422,693, or about 15%.
Of the above-mentioned sales, 45,818,740 kilo¬
watt hours were sold as surplus power.
Depreciation, &c.—At end or year $150,000 was written off property
accounts as depreciation.
No important additions to plant have been authorized during the year.
Customers.—The net sales of power, aggregating $1,717,974, included:
Electric Power Sales.—To electric light andpower companies
$542,214
To manufacturers
696,392
To street railways
292,856
To municipalities
128,555
Water Power.—Bold to mills at Turners Falls directly from canal.,
57,955
"The total number of electric power customers is 36, to whom a total of
165,422,693 k. w. h. were billed, or an average of 4,595,075 k. w. h. per
This company serves 10 electric lighting companies, whose
our system amounted to 64,809,512 k. w. n.
Note Issue.—An issue of $2,500,000 5-Year 7% Coupon notes was suc¬
cessfully financed, reducing the floating debt to $647,500, of which $367,500
is collateral notes secured by Liberty bonds.
customer.
consumption from
RESULTS FOR FISCAL
YEARS ENDING JUNE 30.
1920.
1919.
1918.
1917.
$1,717,973
Operating expenses—\ 846,061
$1,357,752
477,879
$926,775
412,333
$701,560
317,797
$871,912
232,689
$879,872
$514,442
b227,342
$383,763
b22,709
$1,104,601
Interest charges
$228,423
Fed. & State inc. taxes..
77,625
138,000
Deprec'n charges
Special reserves.
Dividends
(6^%) 628,059
Other charges
3,947
$939,402
a$55,110
58,749
$741,784
$187,997
$406,473
$98,193
155,722
394,450
113,000
198,300
2,132
$3,615
def.$5,152
Income (netsales)
Operating income....
Gross income
Balance, surplus
a
$28,547
59,530
25,000
45,633
730,012
11,892
$13,006
Not including $130,791 interest expense charged to construction,
1918 $146,863 interest was charged to construction and credited
bin
Income; in 1917, $5,577.
\\BALANCE SHEET AS OF JUNE 30
1920 AND
1919.
PS
1920.
1919.
$
$
Prop. & construe.. 11,821.662
460.000
200.553
Cash & debts
Liabilities—
11,753,672
Liberty bonds..
Merchandise
284,351
1920.
1919.
$
S
Capital stock
9,6.55,000
9,662,910
Notes payable....
Acc'ts payable
3,147,500
59,683
2,800.000
25.558
rec..
376,927
583,600
324,476
Mortgage notes
Investments
361.548
350,431
525,338
186,000
414.137
Reserve
Notes receivable..
Other debt
455,092
Prepaid Int.,tax,&c.
102,754
151,313
Surplus
82,296
304,807
13,610.834
13,573.951
Total
....13,610,834
13,573,951
Total
Compare V. 107,
p
3,700
276.260
Gas
(72d Annual Report—Year ended Sept. 30.)
Results.—A substantial
increase (10.28%) in the quantity of gas sold
year accompanies an increase of 5,760 in the total number of
supplied.
Gas sales aggregated $5,030,146, an increase of
$1,011,886 over year 1918-19 and meters in use increased in number 5.760.
The profit and loss account, after paying the usual dividend
(10%,
$536,070), shows a surplus of $129,709. which amount has been placed to
during the
customers
the credit of the
reserve
fund.
Table Showing the Progress of the Company by Decades Since 1870.
Output
M.Cu.Ft.
Year—
1870
1880
1890.
1900
1910
1920
SEPTEMBER 30.
1920.
Liabilities—
10,775,954 10,444,796 Stock
Other investments.
201,647
205,950 Reserve fund
Materials, &c
693,495 Renewal fund
655,951
Cash
141,498
516,557
*
Accountsreceiv'le.
Miscellaneous
v
141,530
456,415
2,022
1,658
1919.
s
Plant. &c
8
5,360,700
506,105
6,360,700
278,792
1,769,577
233,044
134,018
1,268,288
2,840,877
58,912
1,691,090
318,711
134,018
Sundry accounts..
Res. of dividends.
Spec, bank adv'ces
Stock prem
1,346,538
(1904) 2,840,877
95,226
.
Accrued liabilities.
Total
.12,293,265 11,944,209
-V. Ill, p. 1953.
Total
12,293,265 11,944,209
Pittsburgh Brewing Company. 7
(Report for Fiscal Year Ending Oct. 31 1920.)
President C. H. Ridall, Pittsburgh, Pa., Nov. 10 1920,
wrote in substance:
Results.—The total earnings for the year amounted to $19,214.
Deduc¬
tion of interest on bonds, allowance for depreciation, doubtful accounts and
the
in
sum
to
reserved for taxes accrued and unapid aggregating $614,531, results
$595,317.
To the last mentioned sum should be added the
loss of
a
amount
paid in dividends,
viz.,
$546,244, making
be deducted from the surplus account.
Bonds.—The financial statement shows bonds
total of $1,141,561
a
of the
corporation out¬
A deduction of 607 bonds must be
investments, and a further reduc¬
tion of 54 for bonds held in the sinking fund, which leaves
outstanding
bonds of $3,576,000 par value.
standing amounting to $4,237,000.
made
of bonds carried under
on account
INCOME ACCOUNT FOR
Oct. 31 Years—
Total net sales
1919-20.
Operating cost of sales.
_
YEAR.
1918-19.
1917-18.
1916-17.
$1,858,288
1,839,074
$6,673,925
4,164,918
471,106
$8,845,932
6,011,396
400,735
$7,663,428
5,437,498
460,559
$19,214
$2,037,902
300,063
$2,433,801
232,625
$1,765,371
215,577
$19,214
$296,300
25,000
$2,337,965
$319,140
$2,666,426
$319,140
22,7781
$1,980,948
$319,140
125,000
488,840/
(7)426,999(8^)518,501
(4)238,490 (1^)89,434
(9)549,009
General office expenses.
45,548
140,383
507,555
838,215
..2,621,247
....5,127,827
——
Meters
in Use.
1,403
3,906
13,242
26,982
65,349
122,793
District
Pop'n.
56,000
75,110
160,141
225,000
400,000
575,000
Cu.Ft.per
Capita.
531
1,378
2,408
3,326
6,019
8,546
Pop.to
Miles
Meter.
Main
40
43
19
98
12
192
8
251
6
424
4.6
601
Notwithstanding strong electrical competition during the past ten years,
output of gas nearly doubled.
The number of customers nas also
increased about 90%, although in the same period the population served
by the company has increased only 44 %.
There has also been a large in¬
crease in the number of purposes for which gas is used.
Prices.—During the year prices of all our materials have advanced and in
the past three months have advanced at a greater rate than in any similar
period.
Both coal and gas oil have reached prices undreamed of in the
past, and the company is paying for these materials, at the present time,
from 2 to 3 M times the prices paid in 1915.
The cost to the company of
exchange on remittances to the U. S. during the year was $117,357.
Taxes
the
earnings
.
Deduct—Interest
Estimated State taxes..
Res. for Fed. taxes
,
Preferred dividends
(7^)426,999
Common dividends
(2%) 119,245
293,231
Depreciation, &c
Total deductions
BALANCE
Plant
and
1920.
1919.
$
$
SHEET OCT.
12 ,944,221
Cash
16,719,426
Bonds (see text)..
171,731
Cereal bev.
23,860,204
Sinking fund
5,962,250
stock
Sundry accounts..
Mdse. accts. pay..
Total (each side)17,813,328
-V. Ill, p.1956.
.
accrued..
Common
614,498
718,437
Interest
51,160
573,792
$
6,100,100
530,275
941,912
56,355
Accts. receivable.
Inventories
1919.
$
Preferred stock
4,480,884
270,569
_
31.
1920.
,066,591
318,872
177,302
37,505
Investments
Notes receivable.
"728",958
753,087
Liabil'ties—
equip¬
ment
666,396
$1,160,775
$1,672,025
$2,191,780
$1,722,107
defSl.141,561 sur$665,940 sur$474,646 sur$258,841
Balance
Assets—
21,000
Reserve
4,237,000
14,859
9~545
taxes
30,839
(est.).
84", 740
408,354
106,380
1,373,994
5,855,713
Accrued bond int.
Surplus
16,983
State
& Fed'l taxes...
Acer,
5,319,000
31,412
60,013
"
taxes.
for
6,100,100
5,962,250
GENERAL INVESTMENT NEWS.
RAILROADS,
General
INCLUDING
Railroad
and
ELECTRIC
ROADS.
Electric
Railway News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading "Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Higher Intra-State Rates to Go into Effect in N. Y. State
on
Nov. 28.
See
N. Y. Times" Nov. 24, p. 19, and "Chronicle" V. Ill, p. 2010.
Excessive Money Market Rates Held to Justify Borrowing from Revolving
Fund.—N. Y. "Times" Nov. 24, p. 9.
V. Ill, p. 1942.
Big Four Brotherhoods to Appeal to Railway Labor Board at Chicago Nov. 29
for Restoration of National Railway Adjustment Boards.—N. Y. "Times"
Nov. 24, p. 19.
Order Lifting
Practically All Restrictions
as to
Use of Cars.—Through
an
order issued by the I.-S. C. Commission, and effective at midnight Nov. 16,
220,000 open top coal cars were made available for the general uses of in¬
dustry.
now
All open tops at one time recently were assigned exclusively to the
By the orders as they stand to-day, practically the only cars
are the open
tops with sides
denied to the steel and other industries
higher than 42 inches.—"Iron Trade Review" Nov. 18, p. 1391.
Foreign Railroads.—(a) Swiss referendum adopts eight-nour day for rail¬
way, postal and telephone and telegraph services,
(b) Increase in Italian
passenger and trolley rates brings the total increase over pre-war rates to
180% as maximum, 100% as minimum,
(c) China on verge of famine;
effect on railways, $300,000,000 of whose bonds are foreign held.
As to all
foregoing see "Railway Age" Nov. 19, p. 900.
Miscellaneous.—(a) Convention of State RR.
Commissions considers
co-operation with I.-S. C. Commission; amendment of valuation law urged.
—"Railway Age" Nov. 19, p. 880 to 882.
(b) Wisconsin passenger fare
case argued.—Idem,
p. 899.
(c) Accident bulletin for 1919.—Idem, p.
894.
(d) Proposed co-operation to reduce loss and damage claims on
freight (Amer. Ry. Assn.).—Idem, p. 887, 890.
(e) Frieght rates bear less
heavily on farmers' products than in 1913.—N. Y. "Times" Nov. 21, p. 23.
(f) I.-S. C. Commission suspends certain schedules of grain rates, &c.—
"N. Y. Eve. Post" Nov. 29, p. 12; "Wall St. Jour." Nov. 24. p. 11.
(g)
Canadian rail shipments from Canada must be prepaid in U. S. currency.—
"N. Y. Eve. Post" Nov. 22, p. 18.
(h) Freight movement in Sept.—"Fin.
.
Company of Toronto.
President A. W. Austin says in substance:
Fiscal
^
day.
1953.
page
coal trade.
1198—V. 110, p. 473.
Consumers'
published Nov. 13,
New England Roads Require More Equitable Division of Through Freight
Rates.—See N. Y. N. H. & H. RR. below and compare that company in
"*'*
lAssets—
1919.
3
Total
says;
increased from $1,357,753 to $1,717,974, or about 27%.
Sales of power in kilowatt hours increased from 144,235,490 to
Other income
1920.
Other income
(6th Annual Report—Year ended June 30 1920.)
.
per
:
Turners Falls Power & Electric Co.
President
was
BALANCE SHEET
Net
H d
account
A.S8€t8~~~
$22,978,738 $18,111,806 $16,670,444
14,266,526
11,180,806
8,880,936
1,775,047
1,952,587
1,574,418
2,087,480
441,301
690,644
Taxes
no
1,000 cu. ft.
Additions.—The new equipment, which Is now under construction, con¬
sists of two oil gas sets, having a capacity of 4,000,000 cu. ft. of
$317,042
INCOME STATEMENT OF SUBSIDIARIES FOR CALENDAR YEARS.
Operating revenue
Operating expenses
There is
This fact has made it necessary for the directors to raise the
price of gas
to the consumers 15 cents per 1,000 cu. ft.,
making the net
110.836
.$147,676
$83,581
-
Interest on Collateral Trust
$139,545
50,670
28,408
1,506
291,527
$16,900
17,489
_
Interest in bank balances
for the year amounted to $240,232. an Increase of $50,469.
indication of any immediate reduction of these high costs.
price $1 25
COMPANY S INCOME STATEMENT FOR CALENDAR YEARS.
Dividends received
[Vol. Ill
Am." Nov. 24.
f
Matters Treated Fully in "Chronicle" of Nov. 20.—(a)
Commission overrules N. Y. P. S. Commission
merce
Inter-State Com¬
as
to
intra-State
rates; p. 2010.
Appeal to U. S. Supreme Court proposed.—"N. Y. Times"
Nov. 20, p. 9.
(b) Coal matters—coal priority orders, p. 2006, 2007.
(c). U. S. Chamber of Commerce urges prompt payment of Government
guaranty to railroads, p. 2010.
(d) Railways handle 7 months'business for
6 months' pay; p. 2012.
(e) Proposed Congressional programs of railroad
legislation;
Atch.
p.
2012.
Topeka & S. Fe Ry.—5-Mile Road Abandoned.—
The I.-S. C. Commission has authorized the abandonment of
line of railroad 5.9 miles in length between Henrietta and Poland,
a
branch
Yavapai
County, Ariz., by the company and the California Arizona & Santa Fe Ry.
The road
was
built in 1902 to
serve a
mine and reduction mill.
The mine
ceased operation some time ago and the mill has been dismantled and all
salvage removed.—Y. Ill, p. 1948.
Nov. 27 1920.]
-
THE
CHRONICLE
Boston Elevated Ry.—City Sues to Recover Money Charged
for Depreciation—Trusteeship Constitutionality Questioned.—
The Massachusetts
Supreme Court on
«
Nov. 17 heard arguments on the
petition brought by the city of Boston to recover $2,905,931 paid to the
Commonwealth on Nov. 15 1919 as itsproportion of a deficit of $4,000,000
declared by the trustees of the Boston Elevated to have existed July 1 1919.
Boston "Herald" of Nov. 18 says: "The city claimed that in ascertaining
deficiency the trustees charged for depreciation for the 12 months ending
June 30 1919 about $2,000,000, in addition to $2,300,000 for maintenance
the
and
repairs, notwithstanding the fact that the average amount charged by
depreciation for the 10 years prior to July 1 1918 was about
a year.
The city also maintained that the $4,000,000 deficit is
the company for
$98,000
unreasonable and
excessive.
"The petition questions the
constitutionality of the Act of the Legislature
of the road for 10 years by a board of
of 1918 providing for
public operation
trustees appointed by the Governor.
"The delegation of complete and full authority to the trustees to deter¬
mine in their absolute discretion and without limitation an allowance for
the depreciation of the
property is an arbitrary and unreasonable delegation
of legislative
authority, and beyond the scope of legislative powers as lim¬
Constitution]; according to the Counsel for the city.
"Thecity also contended the giving of such authority may deprive the
city of property rights in the elevated tunnels and subsway without due
process of law.,y—V. Ill, p. 1948.
ited by the State
Boston & Maine RR.—Bond Application.—
petitioned the Mass. Department of Public Utilities
(a) $5,443,979 bonds at 6% for additions and improve¬
The company has
for authority to issue
ments,
of Federal control
for
(c) $609,000 at 7%
Connecticut River
dated Dec. 1 1919
some of which were made during the period
(b) $1,212,500 at 6% for the purchase of locomotives;
refunding $319,000 Boston & Lowell and $290,000
RR. bonds maturing Jan. 1.
The new bonds will be
and mature Jan. 1 1929.
See New York New Haven & Hartford
Brockton
RR. below.—V. Ill, p. 2040.
Plymouth Street Ry.—To Default Bonds
&
Due Dec.
1—Protective Committee—Receivership.—
The protective committee (see below) in a notice to the holders of certifi¬
cates of deposit of the $260,000 4^ % 20-year gold mortgage bonds, due
Dec. 1 1920, says:
Your committee sees no way by which the above bonds can be paid at
maturity, but from its constant study of the situation, believes that the
outlook for a reasonable settlement in the near future is hopeful.
The road has been
operated under receivership since Dec. 9 1919 [Hollis
T. Gleason, receiver] in order to afford the maximum protection to the
bondholders and at the same time obtain as clear an understanding as possi¬
ble of the
potentialities of the property.
The period of receivership might
Your conumttee,
believing that your interests will be best protected by continuing the
receivership, has therefore approved of such continuation.
[The Dec. 1
1918 and subsequent interest has been defaulted.—Ed.j
Protective Committee.—Francis E. Frothingham, Arthur Perry and Alfred
A. Montgomery, 60 State St., Boston.—V. 110, p. 2657.
have been shorter but for the seventies of the past winter.
Chicago & North Western Ry.—Definitive Bonds Ready.
The definitive bonds for the 19-year 7% secured bonds are now ready for
delivery in exchange for the temporary certificates at the Central Union
Trust Co., 80 Broadway, N. Y. City.—V. Ill, p. 1369.
Chicago Rock Island & Pacific Ry.—Equip. Notes.—
See National
Railway Service Corp. below.—V.
ill,
p.
1949.
Chicago Terre Haute & Southeastern HR.—Nego¬
tiations Reported near Completion for
Acquisition by St. Paul.—
Reports this week stated that negotiations for the sale of the road to the
Chicago Milwaukee & St. Paul RR. are under way and may be completed
The plan under which the St. Paul will take over the road, it is
stated, is a lease for 999 years.
It will require, however, the assent of the
stock and bondholders, which seems virtually assured,
and of the I.-S.
soon.
C. Commission and the Illinois P. U. Commission.
It is proposed that the St. Paul guarantee payment
of principal and
one exception, of the bond issue of the Terre Haute, which
$18,465,055, and pay $10 a share for the 43,000 shares of out¬
standing capital stock.
The value of the road and equipment was placed
at $24,836,751 in the last annual
report.
The Chicago banks, it is said, hold about 40% of the bonds and stock,
the remaining being in the hands of the public.
Of the stock 42,990 shares
mterest with
amount to
110^eP°1088^ Un<*er a vot*ng trust agreement which expires on Dec. 24.—V.
Cincinnati Indianapolis & Western RR.—To Extend
Voting Trust Till Dec. 1 1925.—It is proposed to extend
the voting trust agreement of Dec. 1 1915 from Dec. 1 1920
to Dec. 1 1925, or such prior date as the voting trustees at
their option shall determine.
;
Stockholders desiring such extension must send the printed notice to
this effect, duly signed, and with it their Trust Certificates, to the agent
for the voting trustees, the Equitable Trust Co., 37 Wall St., N. Y. City,
for
stamping with notation of such extension.
The extension will become
case the holders of a majority in amount of the Preferred stock
a majority in amount of the Common
stock trust certificates agree to such extension.
The voting trustees are: Frederick H. Ecker, George K. Johnson, H. F.
Whitcomb, L. Edmund Zacher and J. A. Barbey.—V. Ill, p. 2040, 1660.
effective in
trust certificates and the holders of
Cincinnati New Orleans
&
Texas
Pacific Ry.—Extra
Dividend, &c.—The company has declared
dividend of 3)^% on the Common stock in
regular semi-annual dividend of 3% on the
payable Dec. 23 to holders of record Dec. 2,
quarterly dividend of 1 l/i% on the Pref.
the usual extra
addition to the
Common, both
and the regular
stock, payable
Dec. 1 to holders of record Nov. 24.
.
Brooklyn
Rapid
Transit
Directly with Company.—
Co.—Employees
to
The company has announced that a plan has been worked out by
Its employees may bargain directly with Lindley M. Garrison, the
thus doing away with outside interference from such as the locals
Dear
which
receiver,
of the
Amalgamated Association of Street and Electric Railway Employees of
America, which recently lost its fight with the company.
The plan provides
or the election by the employees of representatives to deal directly with the
management.
The election is to be by secret ballot.—V. Ill, p. 1944, 1948.
Canadian National Rys.
System.—New Financing.—
See Canadian Northern Ry. below.—V. Ill, p.
1948.
Ry.—Guaranteed Bonds Sold.—
Wm. A. Read & Co., National City Co., Guaranty Co. of
New York, Blair & Co., Inc., Lee, Higginson & Co., Bankers
Trust Co., New York, and Continental & Commercial Trust
& Savings Bank, Chicago, have sold at 100 and int. $25,000, 000 20-Year 7% Sinking Fund Gold Debenture bonds.
Canadian
Northern
principal and interest
pages).
The bankers state:
The Dominion of Canada guarantees
by endorsement.
(See adv.
Dated Dec. 1 1920, due Dec. 1 1940
Principal and interest payable in
gold in New York City.
Interest uayable J. & D.
Denom. $1,000 (c*).
Authorized and issued, $25,000,000.
Callable as a whole after Dec. 1 1935
at 102H and int. on any int. date on 30 days' notice.
Central Union Trust
CJo
JSF0vir York
trustG8
Sinking Fund.—A sinking fund of $500,000 per annum, payable semi
annually, is provided for the purchase of bonds in the market if obtainable
at or below par, but the bonas are not callable for the sinking fund.
Security.—The bonds are the direct obligation of the Canadian Northern
Ry., which is owned by the Government of the Dominion of Canada under
authority of Acts of the Dominion Parliament and forms part of the Cana¬
dian National Railways System.—V. Ill, p. 1565.
Sold.—Kuhn,
Chesapeake & Ohio Ry.—Equipment Trust
Loeb & Co. and National City Co., New
York, have placed
privately at prices to yield from 6.85% to 6.70% according
to maturity $4,500,000 6%% Equipment Trust Certificates,
Series "S," subject to the approval of the public authorities.
A circular shows:
Dated Dec.
1
1920, due $375,000 each Dec. 1
1924 to 1935 incl.
Divi
dends payable J. & D. at the agency of the trustee, Philadelphia Trust Co.
in New York City, in gold coin of the United States of America of or equa
to the present standard of weight and fineness and without deduction for
any tax or
taxes (other than Federal income taxes) which company or the
be required to pay or to retain therefrom under any present
trustee may
or
future laws of the United States of America or of any
State, county,
municipality or other taxing authority therein.
Denom. $1,000 (c*).
Security.—Secured on the following new equipment costing approximately
$8,118,000 : 20 Mallet superheater freight locomotives, 5 10-wheel super¬
heater switch locomotives and 1,000 100-ton steel coal cars,
Earnings.—The net railway operating income of the Chesapeake & Ohio
lines for the two months ending Oct. 31 1920 (the first two months during
which the new rates were in effect) amounted to $4,352,099, while the inter¬
est on debt, rentals and other fixed charges, including net balance of interest
accounts with the Railroad Administration, for the same period amounted
to $1,665,440 (Oct. figures partly estimated).—-V. Ill, p. 2040.
Chicago Great Western
Controlled Company.—
See Mason City
Chicago
RR.—To Default
on
Bonds of
& Fort Dodge RR. below.—V. Ill, p. 1660.
&
Ind.
Louisville
Ry.—Bonds
The N. Y. Stock Exchange has authorized thelisting of $3,261,000 (auth.
$40,000,000) 1st & Gen. Mtge. Series "A" 5% gold bonds, due May 1 1966.
P. 1751.
of Government
Pres. H. E.
Rg —Will Avail Itself
Aid to Meet $25,000,000 Maturing Bonds.—
Byram is credited with saying that the company hoped to
revolving fund in connection with paying off the $25,340,-
avail itself of the
000 5% bonds which mature on Jan. 1 next, and that negotiations looking
this end will be undertaken shortly.
President Byram in discussing general business in the West, said: "Grain,
which is the principal product over the lines of the St. Paul at this time of
to
is not moving to market in large volume.
The farmers are holding,
presumarly for higher prices.
Retail dealers are not buying because of the
disposition of the consuming public to buy only actual necessities at prevail
ing prices," which has resulted in a falling off in railroad tonnage as well as
the year,
railroad earnings.
Negotiations Reported under way for Lease of Terre Haute.—
See Chicago Terre
Haute & Southeastern RR. below.—V. 111.
applied to the I.-S. C. Commission for permission to
lessee of the Cininnati Southern RR., the interest at 5% on $3,500,-
000 worth of Cincinnati municipal bonds and to set aside from its earnings
an additional 1
% to provide a sinking fund for the eventual retirement of
the bonds
on
July 1 1965.—V. Ill, p. 1078.
Cincinnati Northern RR.—Note Guaranty.—
See New York Central RR. below.—V. Ill, p.
Cleveland Cincinnati Chicago &
1277.
St. L. Ry.—Listing.
The N. Y. Stock Exchange has
authorized thelisting of $15,000,000 Ref.
& Impt. Mtge. 6% bonds. Series A, due July 1 1929.
The proceeds from the sale of these bonds have been used to retire and
cancel $2,000,000 7% 1st Mtge. bonds of Indianapolis & St. Louis RR.,
which matured July 1 1919, and to pay indebtedness incurred for expendi¬
tures made for capital purposes, including $6,950,093 to reimburse the Direc¬
tor-General of Railroads for expenditures to April 30 1919 for additions and
betterments, and $5,366,731 to pay off indebtedness to New York Cen¬
tral RR. incurred for capital account.
•
See New York Central RR. below.—V. Ill, p. 784.
Columbus Newark &
Zanesville Electric
Ry.—Protec¬
Committee for First Mortgage 5% Bonds,, Due 1924.—A
notice sent to the holders of the First Mtge. 5s of 1924 states:
tive
The installment of interest due Nov. 1 on the Columbus
Buckeye Lake &
Newark Traction Co. 1st M. 5% bonds due 1921 was not paid and a pro¬
tective committee has been formed in the interest of holders of that issue.
(V. Ill,
p.
2040.)
This default makes it obligatory,
in order to better
safeguard their inter¬
ests, that all owners of the [$1,250,000] Columbus
Newark & Zanesville
Electric Ry. 1st M. 5% bonds due 1924 unite forthwith, and the undersigned
representing large holdings of these bonds have consented to act as a pro¬
tective committee.
Holders of this issue are asked to deposit their bonds
with Girard Trust Co., Philadelphia, depositary.
Protective Committee.—Livingston E. Jones, Chairman
(Pres. Saving Fund
Society of Germantown and its vicinity ; William A. Law (Pres. First Nat.
Phila.; A. A. Montgomery (Treas. Portland Savings Bank , Port¬
land, Me.; J. M. Johnston, Sec., N.W. corner Broad and Chestnut Sts..
Phila.
Counsel, James Collins Jones, Bullitt Bldg., Phila.—V.Ill,p.2040,
Bank
,
Denver
road
&
Rio
Grande
RR.—Foreclosure
p.
1851,
Sale.—The
sold at public auction on
minimum amount allowed by
Nov. 20 for $5,000,000,
the
the court, to John F.
Bowie of New York, representative of the Western Pacific
RR., to satisfy a judgment of about $38,000,000 held by the
latter against the Denver Company.
The purchaser as¬
sumes about $141,175,000 obligations, but under the reor¬
ganization $49,775,670 in Preferred and $38,000,000 in
Common stock will be entirely wiped out.
was
The Circuit Court of Appeals at St. Louis will hold a hearing on Dec. 13
on the appeal of the stockholders' committee from the decision of Federal
Judges W. H. Sanborn and R. E. Lewis denying their application for an
adjournment of 60 days of the sale of the property.
Confirmation of the sale
is set for Dec. 18, so it is expected that Circuit Court will make a prompt
decision on the arguments on appeal.
The stockholders' protective committee has announced that it will con¬
tinue its fight to attempt to have declared void the judgment against the
Denver in favor of Western Pacific.
If this committee is successful, the
sale of the road will be declared to have been made on faulty judgment and
the property
will revert again to its owners.
Organized.—The Denver & Rio Grande
incorp. in Delaware Nov. 15 1920 to take
over
and operate the properties.
Concerning the future
plans, John F. Bowie says: '
!
New
Company
Western RR.
was
"The first consideration of the new owners will be the
Listed.—
—V. Ill,
Chicago Milwaukee & St. Paul
The company has
pay, as
expenditure of
approximately $12,000,000 for putting the property in first class shape,
and in the purchase of new equipment, including power.
This will include
new machine shops at a cost of upward of $3,000,000, and the ballasting of
tracks.
"Under the reorganization
plan the Rio Grande and the
operating com¬
holding and operating companies
holding and operating companies.
"It is the purpose to adhere strictly to the policy of the open door to the
lines east of Denver.
We will contract no alliances with Eastern lines and
the Rio Grande will be free to accept and deliver traffic equally to all other
lines, except, of course, there will be a tendency to favor the Western
Pacific on through business to and from the Pacific Coast.
"We expect to have the new company in active operation within less than
pany will have another name.
Both the
will be independent of the Western Pacific
According to Denver dispatches, the re-organization plan filed with the
P. U. Commission states that a new company, involving various
Utah
holding corporations, will authorize the issue of 1,000,000 shares of common
stock without par value and 1,000,000 shares of 7% preferred stock, par
$100, and redeemable at par at any time prior to Jan. 1 1926, and there¬
after at $110 per share.
The report further says that the Western PacLnc
is to furnish $12,000,000 cash, receiving one snare for each $100 paid)in.
Compare Tentative plan in V. Ill, p. 1852, 2040.
Des
Momes(Ia.) City Ey.—Valuation—Earnings.—
appraisers appointed by the Des Moines City Council
to appraise the company s property places its present depreciated value
at $0,089,899, based upon prices in effect Aug. 1 1920.
The report estimated that it would cost $9,089,989 to replace the whole
property.
The actual value of the property on Aug. 1 1915, which was
placed in the franchise grant as $5,000,000, could not have been more than
$3,201,570 and probably nearer $2,025,678. ("Electric Railway Journal. )
According to figures submitted by the company before Federal Judge
Wade for the year ending Sept. 30 1920, gross returns were $1,989,328.
Net earnings after deducting operating expenses of $1,627,212 were $362,116.
Fixed charges, including interest on notes, $384,623; deficit, $22,o07.
These figures, it was explained, do not include $5,528, the allowance for
depreciation, nor do not include the balance of $56,844 in back pay of rail¬
way employees.
This amounted to $72,878 immediately after the general
increase in wages of employees. Aug. 21.
This was made retroactive to
March 1 for some employees and May 15 fbr others.—V. Ill, p. 2041.
The report of the
Detroit United
Railway.—To Pay Bonds.—
Michigan Railroad.—Voters Reject
Minneapolis & St. Louis RR.—Note Application.—
applied to the I.-S. C. Commission for authority to
for the purchase of refrigerator cars from
The company has
issue $227,500 promissory notes
the Union Refrigerator Transit
See National Railway Service
Fifty ($50,000) First Mtge. 5% gold bonds of the Detroit Ry. due Dec. 1
paid at Peoples State Bank, Detroit, Mich.—V. Ill, p. 2041, 1852.
Galveston-Houston Electric Co.—Valuation.—
Henry J. Dannenbaum, special master, appointed to take testimony in
the case of the city of Galveston and the company in the matter of increased
fares, fixes the value of the property of the Galveston Electric Co. for ratemaking purposes at $2,167,805.
According to figures allowed by the
special master, company earned for the year ended June 30 only $50,249,
or 1.86% on the valuation.
The special master's report recommends as a
fair return on the valuation $173,404.—V, 111. p. 188.
Hampden RR.—More Time Sought.—
President F. L. Gillett is applying to the Mass. Legislature for art Act
extending till July 1924 the time for completing and operating the road.—
V. 109, p. 477.
,
Interborough Rapid Transit Co.—New Extensions.—
On Nov. 22, the company extended operation on the Livonia Avenue
extension of the Eastern Parkway subway to Junius St. adding 2.15 miles
to the subway system of Brooklyn.
Four new stations were opened.—
1566.
National Railways of
Co.
.
Corp.—-V. Ill, p. 1661.
Mexico.—Large Equipment Orders.
"Florian & Co., Ltd., importers
and exporters, 52 Wall St., N. Y., con¬
report that they have closed a contract with the Mexican Govern¬
ment for the delivery of $20,000,000 of railroad equipment and material.
The negotiations were completed in Mexico City and the contract is signed
by the Minister of Railways and the National Railways of Mexico.
The
contract calls for the delivery of locomotives, cars and material for section
houses.
Certain credits have been extended to Mexico in this connection
which are properly secured; all financial arrangements in connection with
this contract have been completed.
Florian & Co., Ltd., further confirm
the report that the purchase of the equipment will be made through their
New York office.
As reported in the 'Railway Age' of Nov. 5, negotia¬
tions were under way for financing the purchase of 300 locomotives and
6,000 freight cars for the National Railways of Mexico."—"Railway Age,'
Nov. 19,
p. 901.
'
; ■
.
,
,
.
Florian & Co., while confirming the foregoing particulars as to their con¬
tract, which is in the nature of a firm order, are not prepared to state what
amounts of rolling stock are included therein, nor do they admit that these
embrace the 300 locomotives and 6,000 freight cars above mentioned.—
V. Ill, p. 1566. 1279.
firm the
Properties Co.—Opposing Bondholders' Com¬
Agreement.—A settlement has been agreed to by
which the Robinson committee of the bondholders will accept
National
Jacksonville (Fla.) Traction Co.—Valuation.—
mittees Reach
hearing before the Florida RR. Commission for increased fares,
it was testified that the value of the system for 1920, amounted to $8,074,145
and for 1914, $3,628,454.—V. Ill, p. 692.
At
Fare Increase.—
The voters in Kalamazoo, Mich., at the general election on Nov. 2 re¬
jected the proposal to allow the company to charge a 6-cent fare on its Kala¬
mazoo city lines.
A three-fifths majority was needed to carry the propo¬
sition.
An ordinance providing for the bonding and regulating of jitney
buses was repealed by a small majority.
Motor buses will now be allowed
to operate in Kalamazoo without bonding restrictions.
This is the third
occasion upon which the Kalamazoo citizens have refused to allow the com¬
pany an increase in fare.
•
Fares reverted to a basis of 5 cents cash with 6 tickets for 25 cents on Nov.
9.
The 6-cent fare had been in effect since Sept. under a temporary agree¬
ment between the City Commission and the company as a result of labor
difficulties.
"Electric Railway Journal."
V. Ill, p. 1661.
will be
'
V. Ill, p.
[Voii. 111.
CHRONICLE
THE
2140
a
Kanawha & Michigan Ry.—Note Issue.—
See New York Central RR. below.—V. Ill, p.
reorganization plan promulgated by the
Randolph committee.
the terms of the
As a part of the agreement, the Robinson bondholders' committee will be
representative on the American
Railways Co. board of directors as well as the Randolph committee.
After
the bonds have been marked with such payment as is made, they will be re¬
1469.
reimbursed for its expenses and will have a
Lake Erie & Western RR.- -Note Issue.—
See New York Central RR. below.- -Y. Ill, p. 1562.
Long Island RR.—Bond Application—Div. Prospects.—
applied to the I.-S. C. Commission for authority to
issue $3,876,000 Ref. Mtge. bonds in exchange, bond for bond, for $3,876,000 outstanding Unified Mortgage bonds.
President Ralph Peters, in connection with the decision of the I.-S. C.
Commission taking jurisdiction over intra-State rates and increasing such
rates in general to equal inter-State rates (reserving for further considera¬
tion, however, the subject of commutation rates) said:
"I could not say without further study how much the decision will increase
the earnings of the road in dollars and cents.
I think, however, it will
increase the revenue so that we will be in a position a year after the rates
become effective to pay 3% dividend.
It is impossible to see ahead of
that date and make any further prediction.
"It was only fair that the rates should be thus advanced.
Our expenses
were greatly increased
by the wage award under the Transportation Act.
Fuel and supplies of all kinds, of course, have greatly increased.
We
had all the burdens of the Act and a small share of its benefits."
See also
N. Y, "Times" Nov. 21, p. 66.—V. Ill, p. 2041.dm
■»**»
'
The company has
Mason City & Fort Dodge RR.—To Default Dec. 1—
Deposit of Bonds.—The committee named below, Mortimer
N. Buckner, Chairman, is calling for deposit of the $12,000,000 1st M. 4% 6-year gold bonds on which the Chicago
Great Western Ry. Co., owner of the capital stock of the
company, announces that the Dec. 1 interest, not having
been earned, will not be paid.
The committee in advertise¬
ment of Nov. 23 (see adv. on another page), says in brief:
received from the Chicago Great Western RR. Co.,
all of the capital stock of the Mason City & Fort Dodge RR.
Notice has
which
owns
been
Co., stating that interest on the bonds of the above-named issue has not
been earned for several years, that during this period the Chicago Great
Western RR. Co. has advanced funds with which to make up the deficiency,
that the Chicago Great Western has determined that it will no longer make
such advances, and that as a result of this decision the interest due on the
bonds of the above-named issue on Dec. 1 1920 will not be paid.
The situation is
bondholders, who
the
Dec.
1
which requires prompt and concerted action by the
therefore urged to deposit their bonds, together with
one
are
1920 and subsequent
coupons attached, with the New York
Trust Co., 26 Broad St., New York City, or the Illinois Trust & Savings
Bank, Chicago, 111., under deposit agreement in order that the committee
may act in their behalf.
Committee: Mortimer N. Buckner, Chairman, President New York
Trust Co.; Hunter S. Marston, Blair & Co., Inc.; Frederick H. Ecker,
Vice-Pres., Metropolitan Life Insurance Co.; Eugene M. Stevens, VicePres., Illinois Trust & Savings Bank, Chicago; with Herbert W. Morse as
Secretary, 26 Broad St., New York City, and F. W. M. Cutcheon and
Alfred A. Cook as counsel.—V. 99, p. 1451.
Massac husetts Northeastern Street Ry —Offer to
Ex¬
change $230,000 Citizens' Electric St. Ry. 1st 5s, Due Dec. 1,
for 8% Secured Notes, Due Dec. 1 1921.—Pres. D. A. Belden
in
a
letter to
the
holders
of
the Citizens'
Electric
Street
Ry. bonds,
says in substance:
Owing to the unfavorable security market, the company is unable to sell
its refunding bonds and is obliged to ask the holders of the above bonds due
Dec. 1 1920 to forego payment in cash for a year, and accept a new seemed
note for that period until the traction situation becomes more stable.
The company proposes to offer in exchange for the bonds 8% notes
dated Dec. 1 1920 and maturing Dec. 1 1921 and secured by $300,000 First
& Ref. Mtge. 5% bonds due July 1 1934.
This latter issue upon retirement
of the Citizens' issue will become a first lien on all of the property, rights
and franchises of the Northeastern system,k embracing 120 miles of lines,
located in the Merrimack River Valley from Nashua to the sea.
As further protection, the company will agree that no dividends on its
Common or Preferred stock, aggregating $2,165,000, shall be declared or
paid while any of the notes proposed to be issued are outstanding.
Various indications warrant the belief that conditions will materially
improve within a comparatively short time, and that on or before the ma¬
turity of the proposed notes the company will be in a position to meet them.
The company has never failed to earn a substantial balance in excess of its
bond interest requirements, and for the 9 months to Oct. 1 1920 net earnings
were equal to 3 times this charge.
Arrangements have been made with the Beacon Trust Co., Boston, to
receive Citizens' Electric St. Ry. bonds and exchange them for the notes
which the company proposes to issue.
The Dec. 1 coupons on the Citizens'
bonds will be
paid.
See also "Financial
Reports" above.—V. 110,
p.
2568.
turned to minority holders.
The committee has withdrawn
to the reorganization plan, which will proceed to completion,
ruptcy proceedings will also be withdrawn.
stock was conformed by the Federal Court at
;
In its letter to
mittee says
minority bondholders, the Robinson com¬
in part:
-
permitted your committee to intervene and become
parties to the proceedings with leave to file objections to the confirmation
of the sale, your committee is not sanguine that it will be able permanently
to prevent the sale, and they find it impossible to devise an effective finan¬
cial plan under which your committee may become the purchasers of the
stock in your interest.
They are therefore confronted with the possibility
that even if the sale already made should not be confirmed, the stock will in
the near future be sold for a small figure, leaving the bondholders who do
not participate in the purchase to receive their pro-rata share of the net
proceeds of the sale.
In such case, the amount paid on account of each
bond would be negligible.
The ultimate result of this agreement to those of the bondholders who
accept it, will be to put them in the same position in which they would have
been had they in the first instance deposited their bonds with the Randolph
committee and without further expense to them, and in addition thereto,
will place in the board of directors of American Railways Co. a representa¬
tive chosen by this committee for the express purpose of looking after the
interests of those bondholders who have deposited their bonds with this
committee.
Depositors of this committee who do not approve of this plan
will have the privilege of withdrawing their bonds without expense.—
V. Ill, p. 1949.,
While the
Court
National Railway Service Corp.—Equip
will seek a reduction in the
assessment returned against the property by the Tennessee P. U. Com¬
mission and upon which the company must pay taxes to the city.
The
company's railway property within the corporate limits of Memphis is
assessed at $10,449,887 ("Electric Railway Journal").—V. 111. p. 792.
The receivers have given notice that they
Michigan Central RR.—Note Issues.—
1
See New York Central RR.
below.—Y. Ill, p. 785.
Notes
—
The following roads have applied to the I.-S. C. Commission for
to issue rent notes underNationalRy.ServiceCorp. equip.trustleasebasis.
authority
$5,925,000
4,421,000
Minneapolis & St. Louis RR
Chicago Rock Island & Pacific Ry
—V. Ill, p. 493, 1661.
Central RR.—Subsidiary Companies Seek
&c.—The following subsidiaries have asked the
I.-S. C. Commission for authority to issue bonds and prom¬
issory notes as follows:
New
York
Note Issues,
(1) Cleveland. Cincinnati Chicago & St. Louis Ry. to issue (a) $3,944,000
6% promissory notes; (b) one 10-year 6% promissory note for $4,560,000;
(c) one 10-year 6% promissory note for $113,000, all payable to the N. Y.
Central RR.; (d) also to issue 6% Ref. & Impt. Mtge. bonds to the amount
of $4,560,000; (e) 6% Ref. & Impt. Mtge. bonds to the amount of $4,189,000;
(f) also for authority to guarantee a 6% 10-year promissory note of the
Cincinnati Northern RR. for $113,000.
(2) Kanawha A Michigan Ry. to issue a 10-year 6% promissory note for
$256,000, payable to the N. Y. Central RR.
(3) Toledo A Ohio Central to issue one 10-year 6% promissory note for
payable to the New York Central RR.
(4) Michigan Central RR. to issue (a) promissory notes to the amount of
$3,930,000, bearing interest at the rate of 6%; (b) also a 10-year promissory
note for $613,000, payable to the New York Central RR.; (c) also to issue
6% Ref. & Impt. Mtge. bonds to the amount of $507,000.
(5) Lake Erie A Western to issue a 10-year 6% promissory note for $609,000, payable to the New York Central RR.
(6) 7anesville A Western RR. to issue a 10-year 6% promissory note for
$60,000, payable to the New York Central RR.
$214,000,
Application.—The company has applied to the I.-S.
authority to issue: (a) $9,600,000 6%
Equipment Trust Certificates maturing annually until 1935;
and (b) $6,494,000 6% Ref. & Impt. Mtge. bonds dated
April 1 1920, due April 1 2013.
Bond
Commission for
C.
These securities are proposed to guarantee the promissory notes
foregoing companies, payable to the N. Y. Central RR.—V. Ill, p.
New
York
New
Haven
&
Hartford
of the
1949.
RR.—Application
More Reasonable Basis for Division of Through Rates.—
Further arguments were presented to the I.-S. C. Comm.
at Washington on Nov. 22 'by the New England railroads
(other than the Boston & Albany RR., which is leased to
the New York Central RR.), on their petition in the Divi¬
sions Case for a readjustment of the through rate with the
Western roads, as indicated in the statement by Vice-Presi¬
for
a
dent Buckland of the N.
Memphis (Tenn.) Street Ry.—Protests Assessment.—
all opposition
and the bank¬
The sale of the Collateral
Wilmington, Del. on Noy. 26.
Y. N.
H. & H. RR.
on
Oct.
11
(cited in V. Ill, p. 1942).
In their request the roads wrere
joined by R. T. Higgins, Chairman of the Connecticut Pub¬
lic Utilities Commission, and Henry C. Atwell of the Massa¬
chusetts Public Utilities Commission.
Counsel for the
the
New England roads made substantially
following statement to the Commission:
Nov. 27 1920.]
CHRONICLE
THE
For the eight months ended last Aug. 31, the actual deficit in the net
railway operating income of the New England roads, excluding the Boston
&
Albany, a part of the New York Central system, was $23,674,676.
Lstmiates for next _.ear sbow a net railway
operating income of about
510,000,000, or $40,000,000 less than the net railway operating income re¬
quired by the Transportation Act for 6% on the fair value of the
property.
The book cost of the lines was
placed at more than $838,247,769, and it
was pointed out
that an annual return of 6% on this amount would be
about
$50,296,485.
charges of the New England roads
as
of August,
1920,
are
The actual returns to the roads in September and the estimated returns
for October under the increased rates granted under the
Transportation
Act indicate that the income received by the roads was not sufficient to
meet their requirements.
Fixed charges must be met or receiverships will
Statement by President E. J. Pearson
Physical properties include: (a) 10 electric central stations, total generat¬
ing capacity 103,650 h. p., of which 7,215 h. p. is water-power; (6) 193 miles
of high-tension transmission lines;
(c) 2,706 miles of distributing lines, with
sub-stations of ample capacity; (d) 11 gas plants,
which, with their holders,
of ample capacity for the annual output of over
2,450,000,000 cu. ft.
The electric railway properties include 276.51 miles of track; are well
equipped with modern rolling stock and have car barns of ample capacity
together with exceptional shop facilities.
The high-speed interurban lines
are
inevitably follow.
Undoubtedly the sale of the stock (the price falling from 26 %
communities
on
the Boston & Albany, to consider increases in the divisions on freight ex¬
changed between the New England lines and said connections, in view of
the fact that the recent rate increases are not giving the New England lnes
the 6% return upon their property value which the law
contemplates lhat
they should receive, I whereas it was estimated at the time of the rate in¬
creases that the roads of the district in which the New England roads were
joined would receive more than 6% return.
It was pointed out at the conference that the connections between the
Hudson and Mississippi rivers and north of the Ohio and Potomac rivers
are
receiving a return of $25,000,000 a year more than they would have re¬
ceived if the New England lines had not joined with the
group, and that
this sum is necessary to the New England lines in order that they may in
part make up the difference between what they are actually receiving and
the 6% return upon the value of their property.
There is every reason to believe that the divisions will be readjusted and
that the New England lines will receive a substantial benefit therefrom.
It is not to be believed that a great group of important railroads will be per¬
mitted to starve under such circumstances.
I think it may be safely said that there
receivership in
of them is such
is no danger of
any
immediate
of all
having
a
total population of
Combined Capitalization
7% notes, due 1923
7% notes, due 1922
x
Nov. 19
private right-of-way.
The companies furnish service to
and over 46,696 electric customers; the railways serve
gas
(upon
on
co.
Does not include First and Refunding
Mortgage 5% bonds, due
owns over
99% of the Common stock, over 84% of Preferred and Common
35% of bonds and notes.
Purpose.—Proceeds will be used to refund $1,500,000 7% Secured Gold
Notes, Series
C," due Dec. 1 1920, and for other corporate purpoes.
Security.—Secured by a trust agreement dated Mar. 1 1920 (V. 110, p.
1416), under which cash equal to the face amount of notes, or First & Re¬
funding Mtge. 5% bonds due June 1 1932, will be deposited with the trustee
in the ratio of 133 1-3% of bonds to each
100% of notes issued thereunder.
stocks combined, and over
Earnings Twelve Months Ended September 30.
1918.
Gross
earnings
Net, after taxes
Total charges prior to int.
Annual interest
on
Application.—
2041.
$8,905,334
$2,669,345
Balance
$1,536,413
Approximately 75% of the total net earnings for the year ended Sept. 30
was derived from the electric and gas business, while the interurban
properties produced 12%, leaving 13% from the street railways.
Franchises.—The franchises are deemed to be satisfactory and free from
1920
burdensome restrictions.
New
P. U. Commission has approved the abandonment by
portion of its line in the City of NeXvburgh.—Y. 100, p.
York
of
a
1511.
Pittsburgh Shawmut & Northern RR.—Obituary.—
Frank
Sullivan
Smith, formerly receiver of the road, died Nov.
15
in
New York City.—V. 106, p. 930.
Pittsburgh Terminal RR. & Coal Co.—Tenders.—
The Colonial Trust Co., trustee, Pittsburgh, Pa., will, until Dec. 7,
receive bids for the sale to it of First Mtge. 5% 40-year sinking fund gold
bonds, of 1902 to
fund.—V.
an
Ill, p.
amount sufficient to absorb $153,380 now in the sinking
1473.
Providence & Danielson Ry.—To Be Junked.—
The stockholders
on
Nov. 22 authorized the directors to dispose of the
company's property as outlined in V. Ill, p. 2042.
$1 25 per 1,000 cu. ft. to $1 75, the increase to date from Nov. 11 and under
certain conditions.—V. Ill, p. 1662.
Pennsylvania P. S. Commission.
The new tariff, as filed Sept. 27 with
Commission, provides a general fare advance of one cent in Reading,
Lebanon and Norristown and on all suburban lines.—V. Ill, p. 1662, 1950.
the
Rockford & Interurban Ry.—Fare Increase.—
company's line between Beloit and Janesville, Wis.,
recently raised 20% by authority of the Wisconsin RR. Commission.
were
The
increase in fare amounts to 7 cents between the two cities and brings the
fare up to 42 cents.—V. 109, p. 982.
Ry.—To Pay Baldwin with Notes.
The company has applied to the I.-S. C. Commission for authority to
issue notes to the Baldwin Locomotive Works to the amount of $513,320
for deferred payment on new equipment.—V. Ill, p. 1753.
Tennessee Central RR.—Suit to Forecose
Mtge.—
The Mississippi Valley Trust Co., St. Louis, trustee for the First Mtge.
bonds held by the Illinois Central and Southern railways, filed on Nov. 15
by permission of the U. S. District Court,
a dependent bill in the cause of
its receiv¬
H. W. Stanley and W. K. McAllister, seeking to foreclose the First
Mtge. bonds.
If this suit is successful it will mean the foreclosure sale of
the road, and will practically wipe out all indebtedness of the road that is
not prior in lien under the law, unless the debt under the First Mtge. is paid
off by the Second Mtge. bondholders.
Federal Judge Sanford has held that the First Mtge. bonds are prior to
the receivers' certificates outstanding.—V. Ill, p. 2042.
the Mercantile Trust Co. against the Tennessee Central Ry. and
ers,
Toledo
See New York Central RR. above.—V.
Toronto Power Co.—Ontario
Ill,
p.
United Rys. Co. of St. Louis.—Receiver's Certificates
Offered.—Guaranty Co. of N. Y., Wm. R. Compton Co.,
Mississippi Valley Trust Co., First National Bank in St.
Louisf Francis, Bros. & Co., Mercantile Trust Co. and Mer¬
cantile Trust & Deposit Co. of Baltimore are offering at
97.48 and int., to yield about 8%, $4,200,000 Receiver's
3-Year 7% Certificates of Indebtedness (see adv. pages).
1 1920; due Oct. 1 1923.
Denom. $1,000.
Int. payable
Guaranty Trust Co. of N. Y. and at First Nat. Bank, St. Louis.
int. date upon 4 weeks' notice at 101H and int. on or before
April 1 1922; at 101 and int. on Oct. 1 1922, and at 100and int. on
April 1 1923.
Red.
Purpose.—Proceeds will be applied toward the payment of $1,900,000
Louis RR. 1st M. 4J^% bonds, due May 1 1920, and to reimburse the
receiver for funds used to retire $2,300,000 One-Year 6% Certificates,
paid Sept. 2 1920
Security.—Certificates
some
Hydro-Electric Seeks Acquis'n
Light & Railways.—Notes Offered.—Bonbright
& Co., New York, are offering at 97 and int., to yield 8.45%,
$2,000,00010-Year 8 % Bond-Secured gold notes. (See adv. p.)
1
1930.
Red.
all
or
part on 30 days'
notice at any time at 107and int. up to and incl. Nov. 1 1921; thereafter
at M of 1% less during each of the next 5 years, and thereafter at 1 point
less each year
until maturity; plus int. in each case.
Int. payable M. & N.
York Trust Co., New York, trustee.
Denoms. $100,
$500 and $1,000 (c*).
Company will pay normal Federal income tax not
in excess of 2% and will refund the Penna. State tax of 4 mills.
at office of the New
from
Letter of
Pres.
Frank L.
Chicago,
Nov.
9.
Company.—Incorp. in Maine in July 1910.
Operates 19 public utility
properties (mainly gas and electric), which it owns or controls, serving 55
prosperous manufacturing and agricultural communities located principally
in Illinois and Iowa.
Estimated population, 600,000.
a
first and prior lien on 277 miles of
foimerly mortgaged by St. Louis
than 60% of the mileage of the system, including
the
Broadway, Beliefontaine, Laclede Ave., Grand Ave., Fourth St.,
and Wellston routes.
They are also to.have a lien, subject to $10,600,000 divisional bonds
all maturing before this issue, on the remaining property and franchises,
including 184 additional miles of track.
Equity—The certificates rank prior to $30,300,000 1st Gen. M. 4% bonds
and $9,790,000 junior bonds, upon which interest has always been paid.
Additional Issues.—The court, in authorizing these Series A Certificates,
reserves the right to authorize additional certificates for the purpose of re¬
tiring three issues of divisional bonds, aggregating $4,100,000.
These
additional certificates will have a prior lien upon the properties described
in the respective mortgages securing the bonds so retired, and will have the
same lien and rights as these Series A Certificates upon all the remaining
property and franchises, except the property of St. Louis RR. and Union
Depot RR., upon which these Series A Certificates are always to have a
prior and paramount lien.
Certificates issued for any purpose other than
that described above shall not affect the priority of these certificates.
Years
Earnings
1913-14.
Gross
Ended
1915-16.
October
1917-18.
*
31.
1919-20.
1918-19.
rev..$12,725,353 $12,551,029 $13,613,901 $15,730,671 $20,297,109
11,440,793
13,274,314
16,612.745
2,173,108
2,456,357
3,684,364
divisional bonds remaining
outstanding and on these certificates will be $808,430, an amount earned
3.71 times in the average of the 7 years ended Oct. 31 1920 and 4.56 times
in the year ended Oct. 31 1920—V. Ill, p. 2042.
9,545.890
3,179,463
9,223.762
3,327,267
United Trac.
Interest due Jan. 1
Co.
1919
by Brown Bros. & Co.—V.
Zanesville
of Pittsb.—To Pay Jan.
on
1 1919 Int.
the General Mtge. bonds is now being paid
110, p. 1291.
& Western RR.—Note Issue.—•
See New York Central RR.
above.—y. 109, p. 478.
INDUSTRIAL
Industrial
AND
and
MISCELLANEOUS
Public
Utility
News.—The
following table summarizes recent industrial and public
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
public.
after the matter becomes
Mining Cos. in South America Backed by American Capital.—See list of 16
in Bolivia, Chile, Colombia and Peru in "Eng. & Min. Mag." Nov. 13,
951.
"U. S. Mining Laws and Regulations."—Title of 104-page pamphlet issued
by Gen. Land Office, Dept. of Interior, Washington, D. C.
Prices —The liquidation movement has been accompanied by a further
considerable recession by wholesale prices for various commodities, the
lowest price for the year having been touched in the case of numerous articles,
cos.
p
Hulswit,
have
of the most productive lines and such impor tant trunk lines as
Olive St.,
General
United
Data
covers more
Jefferson Ave
Railway.—To Pay Notes.-—
due Nov.
are to
street railroad, of which 79 miles were
RR. and Union Depot RR.
The company informs us that the $1,000,000 6% notes due Dec. 1 next
1920,
any
St.
will be paid off.—V. Ill, p. 991.
1
on
The annual interest charges on the $10,600,000
controlled by Sir William MacKenzie, are under way, and alter¬
propositions are to be submitted to the bondholders of the Toronto
companies—one to discount their holdings and sell out for cash and the other
to allow the Commission to assume all outstanding obligations.
The price
mentioned, about $35,000,000, represents securities sold.
The four companies control of which is sought are the Electrical Develop¬
ment Co. of Ont., Toronto & Niagara Power Co., Toronto Electric Light
Co. and Toronto & York Radial Ry.—V. Ill, p. 2050.
Nov.
Oct.
A. & O. at
native
Dated
51 to 53 of the
V. 110, p. 1416,
Dec. 1 at Alexander Brown & Sons, Baltimore.—V. Ill, p. 1950, 295.
pany, now
Toronto
pages
compare
United Rys. & Elec. Co. of Bait.—Pref. Stock Retired.—
Gross inc..
1272.
It is stated-that negotiations for the purchase by the Ontario HydroElectric Power Commission of the four subsidiary companies of the com¬
-
see
It is announced that the 460 shares of Pref. stock (par $50) outstanding
Dec. 31 1919, have been converted into $23,000 income bonds, leaving no
Pref. stock outstanding.
Income bond coupon No. 43 will be paid on
^cm^tfax*
Central Ry.—Ndie Issue.—
Ohio
&
&e., of the system,
Railway Section," and
2071.—V. Ill, p. 1184.;%;
This lien
the
St. Louis Southwestern
1920
Information Furnished the Bankers by Rolla Wells, Receiver.
Reading Transit & Light Co.—Fare Increase.—
The change in the fare schedule of the company, which was to have gone
into effect Oct. 27 and deferred, went into effect on Nov. 8 by order of the
on
For map,
Dated
Quebec Ry., Light, Heat & Power Co.—Gas Rate.—
The Civic Finance Committee of Quebec has recommended to the City
Council that the company be authorized to increase the gas rate from
Fares
1919
1918
(1,000 cu. ft.)_
1,605,293
1,846^437
1,934,704
2,452*,000
Electric sales (k. w. h.).122,719,032 155,424,614 158,602,074 170,624,428
Revenue pass, carried—
City lines
40,119,383
44,875,454
41,999,564
40,442,800
Interurban lines.....
1,853,319
1,786,096
2,696,108
2,884,556
"Electric
Orange County (N. Y.) Traction Co.—Abandonment.—
The
the company
1920.
1919.
$9,846,412 $11,645,579
$2,898,652
$3,251,968
on Notes and 1st & Ref. Mtge. bonds.
856,065
Notes and 1st and Refunding 5s
859,490
___
Operating Statistics 12 Months Ended Sept. 30.
applied to I.-S. C. Comm. for authority to issue (a) $222,000
1st Lien & Equip. Tr. notes; (&) $200,000 1st & Ref. M. bonds, under its
$35,000,000 mortgage of Feb. 1 1911 (d) to issue notes to the Secretary of
the Treasury, one for $200,000 and another for $111,000, for a loan for the
Government, to be secured by the deposit of the foregoing bonds a and b,
p.
June 1
Gas sold
has
respectively.—V. Ill,
portions of property. 16,295,899
as collateral to bond-secured notes.
Note.—Of the issued securities of the subsidiary
companies, the company
1917
The
$2,000,000
x9,089,800
Divis'l bonds and securities
1932, pledged
any of the New England railroads, but the situation
as to demand prompt action.—V. Ill, p. 2041.
Norfolk & Southern RR.—Bond
465,000.
6% Conv. Debs., 1926
1st & Ref. M. 5s, 1932
1,500,000
2,000,000
<_
over
Completion of Present Financing).
Common stock
$6,868,400
Pref. stock, 6% cumu
10,054,400
10-yr. 8% notes (this issue) 2,000,000
to
21% on Nov. 23) was due to the statement furnished to the conference
at Washington Monday.
This conference resulted from an invitation ex¬
tended to the connections of the New England group of railroads, excluding
on
65,529
over
Rate Divisions Case.
on
located
are
The fixed
$37,641,465, against which there is available non-operating income of
$5,853,404, leaving what may be called "net" fixed charges of $31,788,061,
or nearly
$22,000,000 in excess of their net railway operating income.
2141
(compare "Commercial Epitome" for closing
them the following
prices, etc.):
among
At
kerb
CHRONICLE
THE
2142
York.
Nov. 22, $1.86
$2.09?
f0.95
1.04_
.63
Corn No. 2, yellow—Nov. 20,
Oats No. 2, white
Nov. 22,
High 1920.
Jan.
Nov. '19.
7, $3.25
Mayl5,$2.31K
May 7, $1.50
$2.36
1.68
.83..
$0.60
Jan. 7, $16.25
14.25
Flour, Minn., patent-Nov. 22, $9.50 <
10.50
Jan. 11, $0.16>i
Coffee, Rio No. 7
Nov. 23, $0.06>4
.07
.09
Sugar, granulated.—Nov.23, $0.08%
July 12, $0.23
.09j
Jan. 5,$19.50
.19
Copper..
L
Nov. 23, $0.14
.14
Tin
Jan. 11, §0.65H
-Nov. 19, $0.36K
.55
.37
Cotton
.......—..Nov. 22, $0.17®
.18M
Juiy22,
0.43?! .39®
.ovv#
Other notable reductions in current prices reported are: For foreign silver
in N. Y. about 72c.
per
oz. agst. average of 1.32827 in Jan. 1920 (com¬
pare "Position of Silver," "Eng. & Min. Jour." Nov. 20, p. 1021); for
women's coats and suits; for broad silk (down 50 to 75%), roofing materials
(at Chicago) down 3 to 35%.
At Chicago yesterday, wheat, for the first time since the world war, fell
below $1 50 a bushel, March delivery selling at $1 47.
The Dairymen's League has announced a reduction of 1 cent per quart
-
•
for milk in New York from Dec. 1.
Lead by leading department stores
(Gimbel and May), local merchants in
attempting to start a buying movement.
Wages.—(a) Phelps Publishing Co. Sues Typographical
Union; "N. Y. Times" Nov. 20, p. 9; (b) Wheat strike closes nine North
Dakota banks; Idem, Nov. 23, p. 9.
(c) Chicago packers oppose wage
Increase of $1 a day asked by 225,000 employeesTldem, p. 5.
(d) N.
Teachers' Union for higher pay; "N. Y. EEve. Post' Nov. 22
(e)
p. 13.
United Trades & Labor Council of N. Y„ &c., absorbs Central Federated
Union; "N. Y. Sun" Nov. 20, p. 6.
(f) Glass workers at Cleveland ask
citefs
Labor and
varous
Wolvin, Pres. of Dominion Steel Corp., who has also been acting as repre¬
Empire Steel Corp. interests.
Owing to
sentative in Canada of the British
Nov.17.
Low.
Wheat No. 2, red
[Vol. 111.
are
12% Increase.
^
the
protracted delay in the negotiations, it is stated here that Mr. Wolvin
will likely make an official statement regarding the position of the merger
within the next few days."—V. Ill, p. 1664.
Bucyrus Company.—Accumulated Dividends.—
The regular quarterly dividend of 1M% has been declared on the Pref.
a dividend of K of 1 % and one of 3%, both applicable
to back dividends on the Pref. stock, all payable Jan. 1 1921 to holders of
stock In addition to
record Dec. 20 1920.
stood.]—V. Ill,
[Accumulations now amount to 21 H%, it is under¬
1086.
p.
Busb Terminal Buildings
Co.—Bonds Listed—Earnings,
used in payment for cost of construction of loft buildings, addition
plant and other improvements. Co. has no other bonded debt.
Earnings for 8 Mos. Ended Aug. 31 1920.—Gross rentals from loft build¬
ings, $1,450,497; net earnings from loft buildings, $726,691; total net earn¬
ings, $779,862.
Deduct: Internal revenue tax, $3,333; Federal and local
taxes (1920),
$195,409; int. on bonded
debt, $306,000; sinking fund,
$89,402; net surplus, $185,717—V. 108, p. 2435.
****
J
were
to the power
~CanadiarT General"Electri"Do., Ltd.—Listing"—
The London Stock
Exchange on Oct. 25 granted an official quotation to
Common stock.—V. Ill, p. 1475, 1281.
$754,400
Chadwick-Hoskins
.
Charlotte, N. C.—Capital
of Sept. 30 1920.—
Co.,
Mining "Bonds" and*1 Leases."—Explanation of these mining terms with
sample contracts under which the lessee obtains option to purchase, secured
Outstanding—Balance Sheet
fenerally
by placing the property in escrow. "Eng. & Min. Journ" Nov.
0,
999.
000 8% cumulative preferred stock [not $8,000,000] and $5,000,000 common.
p.
The authorized and outstanding
Balance Sheet
Mm
(unicipal
Hydro-Electric
Development.—Seattle's proposed ultimate
development of 500, 000 h. p. on Upper Skagit River, 100 miles from city,
Prelimin
lnary work
work in progress.
Partial operation in 1923. "Eng. News
Record" Nov. 18, p
994 to 996.
Tazation Matters'.—(a) Classification of U. S. income tax payments in
1918; 20,944 persons pay tax on $40,000 or over, against 26,190 in 1917.
"N. Y. fames" Nov. 19,
p. 1.
(b) fcxtra tax of 5% upheld under N. Y.
inheritance law upon securities unless special stamp tax or personal tax has
been paid.
"Wall St. Jour." Nov. 15, p. 8.
(c) U. S. Supreme Court
upholds Connecticut transfer tax on stock in foreign corporation.
See
Underwood Typewriter Co. below,
(d) La Belle Iron Works asks Supreme
Court ruling on "invested capital."
V
Pittsburgh Basing Case.—Rehearing as to practice of steel companies in
U. S. wherever located of basing their prices on the Pittsburgh price plus
Iron Age"
Nov. 18, p.
freight rate from Pittsburgh to destination.
1340, 1342.
Idem Nov. 25, p. 1410.
'
Shipping Board and N. Y. Building Trade Investigations. -See N. Y.
daily papers Nov. 13 to 27.
Miscellaneous.—(a) Mexican rolling stock orders.-—See National Railways
of Mexico below,
(b) Packers' case (V. Ill, p. 1789) postponed till Nov.
30.—Compare Morris & Co. and Cudahy & Co. news items below.
(c) Cola storage stocks of meats and lard at lowest point in several years,
viz.: 720,369.000 lbs. (incl. 200,000.000 in process of curing), a decrease of
226,385,000 since Nov. 11919.—"N. Y. Times" Nov. 21, p. 22.
(d) Brazil
removes food export restrictions.—"Fin. Am." Nov. 23.
(e) Leather sit¬
uation considered at rock bottom.—H. F. Lesh. "Boston N. B." Nov. 22.
Leather buying movement said to exceed 500,000 hides.—Idem. Nov. 20,
j\sscts
answers
attack
on
War Department sales.—"N.
3.
Matters Fully Covered in"Chronicle" of Nov. 20.—(a) Transvaal gold out¬
put in Oct. 1920, p. 1976.
(b) Building operations in U. 8. in Oct., p. 1976.
(c) Decline in prices; 40% cut on men's suits in Rochester, &c., p. 1986.
(d) French cotton problem, p. 1994.
(e) U. 8. foreign exchange dealers
to quote French, Belgian and Swiss francs and Italian lire in U. 8. cents per*
"""
"
Cu
Liabilities—
Accounts receivable
Securities
...
Cash
p.
Chicago
American Cigar Co .—Capital Increase—Stock Dividend —
on Nov. 24 approved an increase in the
Childs
An
as a
50% stock
American Motor Body Co.—Consolidation Consummated.
See Hale & Hilburn
Corp. below and compare V. Ill, p. 900, 794.
American Smelting
Prices for lead
pound.—V. Ill,
were
p.
& Refining Co.—Prices.—
reduced
on
Co., New York.—Extra Dividend
extra dividend
Chile
Copper Co.—Copper Production
1920—Oct.
Atlanta
Gas
The
The company has filed with the Geor
a petition for
jermission to issue $5,000,000 6% Si
gold bonds to be dated
»ct.. 1 1920, due Oct. 1 1970, for the purpose of refunding or discharging
its property and making
improvements. The first block of the bonds would amount to $650,000
and would be issued as soon as possible.
par to no
par value shares.
share-for-share basis
(O. C.) Barber Co., Akron, O.—Bonds Called.—
Ltd.—Capital Increased.—
Supplementary letters patent have been issued under the seal of the Secre¬
tary of State of Canada, dated Nov. 3 1920, increasing the capital stock of
Barrett Co., Ltd., from $500,000 to $3,000,000 (par $100).
Bell Locomotive Works,
Bruce Hartman
was
Sunbury, Pa.—Receivership.—
recently appointed receiver by Federal Judge Witmer.
Bridgeport Brass Co.—Descriptive Pamphlet.—
The descriptive and historical
pamphlet referred to last week was issued
early in 1920 and the operating conditions mentioned were those existing
at that time.
Compare V. Ill, p. 2045.
British Empire Steel Corp.—Consolidation May he Off
Temporarily Only.—Asked to confirm the following taken
{in Lbs.).—
Increase.
1920—10 Mos—1919.
28,816,946
62,015,054
or on
on
Dec. 6
on
changing the shares from $100
The exchange of shares probably will be on a
whatever basis to be determined by stockholders.
297.
Coca-Cola
Co.—Earnings.—
President Charles H. Candler, Nov. 18, reported that profits for Oct.
1920, after deduction of taxes, were approximately $469,366.—V. Ill, p.
1755, 1086.
Columbia
-Earnings to Sept. 30:
Graphophone Mfg. Co.
9 Mos. 1920.
$7,303,734
$330,467
3,360,793
1,535,312
Charges, depreciation, Fed. taxes, &c.
Dividends
Other surplus charges
Surplus
Ill,
-V.
$2,077,162
1918.
Year
1919
$7,793,044
$262,960
3,905,882
2,435,402
720,617
$1,939,513
$468,184
$208,182
$503,715
616,336
611,279
1755.
p.
Columbian Refining Co., Houston, Tex.—Receiver.—
appointed receiver by Judge Walter E. Monteith
the 61st District Court, Texas, on the application of two creditors,
Ben A. Calhoun, trustee, and the Continental Investment Co. of New^OrJ. O. Jackson has been
of
leans, who filed the suit.
Commonwealth
The company admitted owing $69,000.
Light & Pow. Co—Guaranty—Earnings
See Concordia Electric Light Co. above.
Earnings year ending Feb. 29 1920: Gros earnings, $571,808; operating
(including taxes), $437,078; net earnings, $134,730.—V. 108, P-881.
expenses
Conanicut
(Cotton) Mills Corp.—New President.—
H. Waring has been elected President,
109, p. 479.
succeeding Charles T.
Slack.—V.
Corn Products
Refining Go—To Maintain 6%
President E. T. Bedford is
upon
Fifty ($50,000) 7% Collateral Trust gold notes, dated Jan. 1 1919,
have been called for redemption Jan. 1 1921, at par and int. at the First
Trust & Savings Co., trustee, Cleveland, Ohio.—V. 108, p. 382.
both
Cleveland Cliffs Iron Co.—To Create No Par Value Shares
Sermission to issue $5,000,000 6% Sin
Barrett Co.,
|
2,526,000 90,832,000
The stockholders will vote
George
Light
outstanding bonds secured by mortgages
Increase.
1919.
9,426.000
6,900,000
—V. Ill, p. 1755, 1569.
Nov. 23 from 6H cents to 6 cents per
American Surety Co. of N. Y.—New Trustee.—
—
H of 1% has been declared on the outstanding
of
payable Dec. 10 to holders of record Nov. 27.
Regular quarterly dividends
were paid as follows, viz.: 1H% in March 1920, 2% in June 1920 and 2%
in Sept. 1920; no extras.—V. 110, p. 2294.
'
1951, 1367.
Andrew Fletcher, President of the American Locomotive Co., has been
elected a member of the board of trustees.—V. 110, p. 2659.
Central Union Trust
Common stock, together with the regular quarterly dividend of 2%,
authorized Common stock from $10,000,000 to $50,000,000
dividend Dec. 15 to holders of record Dec. 1.—V.Ill,p.1853.
.$6,795,344
Tunnel Co.—New Directors.—
Interest
The stockholders
610,162
depreciation..
Total (each side)
L. J. Grundlach and H. Crentz have been elected directors, succeeding
W. B. Worth and J. C. Payton.—V. 103, p. 2155.
Earnings-,.
See Gray & Davis, Inc., below.—Y. Ill, p. 1951, 1181.
$5,000,000 will be distributed
Reserve for
814,729
Results for—
American Bosch Magneto Corporation.—
37,728
347,454
.
Chattanooga & Tennessee River Power Co.—Called.—
2008.
Of the increase
148,788
Surplus
Forty-three ($43,000) First Mtge. 5% 50-year gold bonds of 1908, have
ndustries in Oct. 1920 and 1919;
(j) Wholesale
data," p. 2005.
prices and retail food prices in Oct., p. 2005, 2000.
Ok) Fair prices coal committees, p. 2006, 2007.
(1) Wholesale anthracite dealers" to limit gross
margin of profit to 10%, p. 2006, 2007. (m) Anthracite supply and wages,
p. 2007.
(n) U. 8. Shipping Board losses said to aggregate two billions,
Common
been called for payment Dec. 1 at par and int. at the
Co., trustee, New York.—V. 99, p. 1600.
—V. Ill, p.
lecti
$800,000
5,000,000
403,960
25,276
price of Martinsville
Plant, incl. quick assets
SeeV. Ill, p. 1854.
Y. Times" Nov. 17,
p.
of Sept. 30 1920.
as
$4,761,645 Preferred stock
640,945 Accounts payable
Inventories—
!).
1. reaches
(f) New shoe
England
textile situation.—Idem
Nov.
Cheaper
eather
plants.—"Fin.
Am." Nov. 20, p.
7. 23.
(g) Secretary
Baker
capital of this company consists of $800,-
'
Land, buildings, &c
Purch.
as
There
been
has
stock below
6%.
quoted
as
on
Comm,
saying:
no thought of reducing the dividend on the common
Present earnings justify this rate and it will be main¬
1756.
tained.—V. Ill, p.
Consolidated Mining & Dredging Co .—Trustee's
The
Union
Trust
Co.,
Feb.
Sale.
Pittsburgh, trustee under the 6% bonds, due
been defaulted, wil
Bldg., Pittsburghl
11 1908, the interest and principal on which has
sell the entire property on Dec. 15 at the City-County
Crucible
Steel Co. of America.—Directors,
&c.—
F. B. Hufnagel, W. R. Joralemon, and Duane Armstrong have been
elected directors for a term of three years to succeed H. D. W. English,
Harton Singer, and the late J. M. May.
official statement issued Nov. 20 see "Financial
G.
For the
j
■
Reports'
above.
■V. Ill, p. 1953, 1945.
Cuba Co.—British
Treasury to Return*Preferred Shares.—
The British Treasury has decided to return to the owners on
the Cuba Co. 7% Pref. stock borrowed during the war under
Feb. 1 1921
the plan for
regulating foreign exchanges.—V. 109, p. 1369.
Cudahy7 Packing Co.—Dissolution Plan
—
from the Boston "News
The company has filed with the District of Columbia Supreme Court a
separate proposal from that of Swift & Co. (V. Ill, p. 1759) and Morris &
consolidation may
the
Bureau," an official stated that "the
be off temporarily, but not entirely."
"Our Montreal correspondent wires: The British Empire Steel consoli¬
dation deal is off, or is likely to be greatly modified.
According to present
Co.
(see below), for divesting itself of stockyards interests, declaring that
only such interests now in itspossession were in the Wichita, Kan., and
City Union Yards.
The Salt Lake yard interest, the company
said, would be sold outright to persons now interested in the plant, while
Salt Lake
plans, it is stated that the merger will not extend beyond an amalgamation
of the Dominion Steel Corp. and the Nova Scotia Steel & Coal Co.
This
would leave out of the merger the Canada Steamship Lines and a number
of shipbuilding companies.
'
'As yet it isimpossible to obtain any official statement regarding the exact
It has been stsited officially that the $25,000,000 of
6tatus of the deal.
underwriting has been placed in London, Eng., but so far no intimation has
been given to the different co's that this arrangement has been carried out.
"j. W. Norcross, Pres. of the Canada Steamship Lines, Ltd., has justreturned from London, and is now in conference in Montreal with Roy M.
Dominion Glass Co., Ltd.
The directors
on
Nov. 18 declared
-Dividend Increased.-
a
Common and the regular
both payable Jan. 1 1921
disbursement of 1%
was inaugurated in July 1918, which rate
paid to, and including, Oct. last.—V. 109, p. 2360.
^been
Nov. 27 1920.]
Dominion
THE
Power
&
Transmission
Co.,
CHRONICLE
Ltd.—Bonds
Offered.—Harris, Forbes & Co.
are offering at prices ranging
from 98.92 and int. to 77.92 and int., to
yield from 8)4 to
8%, according to maturity, $600,000 5% gold bonds of 1907.
Due serially from April 1 1921 to April 1 1932, but callable
at 1073^ & int. on
any int. date. An official circular reports:
Property.—The company through its subsidiaries does an electric light
and power business and controls the entire street and interurban
railway
business
in
Hamilton, Ont., and vicinity.
Population served about
200,000.
The 50,400 h p. water power plant is one of the most economical
hydraulic plants in America, having Lake Erie as a storage
basin, and a large and constant flow of water under a static head of 256 feet
(or over 50 feet greater than at Niagara FaUs).
A new steam station has
been recently constructed near Hamilton, having an initial 26,600 h.p.
and an ultimate 80,000 h p. capacity.
The street and interurban railway
system comprises over 119 miles (single-track equivalent), and the right of
way for nearly the entire interurban mileage is owned in fee.
and valuable
Earnings of the Properties Controlled Year Ended Sept.
$3,714,384
1,049,318
436,700
Net, after taxes, &c-.._
Annual interest
on
bonds outstanding with
public
Surplus earnings
$612,618
------
Capitalization Outstanding (Upon Completion of Present Financing).
(E. I.) du Pont de Nemours & Co.—du Pont Interests
Acquire Further Stock in General Motors Corporation.—
Inc.
and du Pont Securities Co.,
—V. Ill, p. 1569.
Du Pont Securities Corporation, Inc., Wilmington,
Dei.—Organized—Purchase of Large Block of Stock in General
Motors Corporation.—
Pierre S. du Pont announces that this company, which was incorporated
22 with an authorized capital of $7,000,000 cumulative
In Delaware Nov.
100,000 shares of no par value Common stock, was
organized for the purpose of acquiring shares of General Motors common
stock from W. C. JDurant, as stated under caption of that company below.
Officers of the du Pont Securities Corp. are: Pierre S. du Pont, President:
George H. Gardner, Vice-President, and John J. Easkob, Secretary and
Preferred stock and
Pont Securities Co. was incorporated in 1915, but in
June 1919 its name was changed to General Industries Co. as part of a plan
subsequently abandoned, to use the name du Pont Securities Co. in con¬
nection with the separation of the explosives business from the other opera¬
tions of the E. I. duPont de Nemours & Co., Inc.—V. 108, p. 2435; V. 109,
p. 778.—Ed.]
[The original du
it is announced, has agreed to pay $378,652 to the Cty
of Pittsburgh for the North Side light plant, the price value fixed by the
city appraisers.
The plant will be taken over Jan. 1—V. Ill, p. 298.
Eagle Lock Co., Terryville, Conn.—100% Stock Divi.—
$1,000,000
was
declared Nov. 18 by the stockholders,
$2,000,000 (par $25).
18.
During the past
thus increasing the Capital stock from $1,000,000 to
This distribution is payable to holders of record Nov.
the company has been on a 20% dividend basis.—V. 110, p.
year
81.
East Coast Fisheries Co .—Protective Committee.—
A
protective committee to represent Common and Pref. stockholders
Bright, Frederick Osborn, Thorwald
has been formed consisting of Louis V.
Stallknecht, A. J. Johnson and Henry B. Montgomery.
The committee
will be increased from time to time to insure adequate representation for
The Lawyers Title & Trust Co. will act as depositary
all stockholders.
and Beekman, Menken & Griscom will act as
counsel.—Y. Ill, p. 2046.
Players-Lasky Corp., N. Y.—9 Mos. Earns.—
Famous
Earns, of Famous
dividend of
Jan. 3 on stock of record Dec. 15,
22 of the regular quarterly
With the declaration on Nov.
$2 per share on Common stock, payable
the directors report in substance:
Players-Lasky Corp. (Not Incl. Wholly or Part Owned Subs.)
profits for 9 months ended Sept. 25 1920, after
Net operating
deducting all expenses, including allowance for film exhaustion
and setting up liberal reserves for contingencies, were
$4,714,382
Contrasting with a total for the first 9 months of 1919
3,427,951
Or an increase over the corresponding period of 1919 of
1,286,431
After making reserves for Federal taxes (including $107,579 for
previous years), the net profits after taxes for the 9 months
in 1920 were
-
-
3,417,512
dividends on the $10,000,000 Pref. stock, the balance
period is at the annual rate of $17 86 on the 210,252 shares of Com¬
mon stock outstanding in the hands of the public.
The earnings of subsidiary companies, not included in the above, and in
which the parent company has an investment of over $10,000,000, are also
running at a very satisfactory rate.—V. Ill, p. 1569.
After allowing for
for the
,
of
was
accumulations
paid Nov. 20 to holders of record Nov. 10 on
the Pref. stock in addition to the regular
In May last 7% was paid on accumulations.
on
quarterly dividend of 1% %.
—V. 109, p. 1895.
Fisher Body Corporation.—Sales.—
Quarters ending—
Sales
Net earnings
Interest
-
— -
after maint., depreciation,.&c
— —•
- -
—
Federal taxes and other contingencies
Balance, surplus
—V. Ill, P- 1087.
Oct. 31 *20. July 31 '20.
——$23,632,000 $22,627,000
$4,093,149
282,871
1,219,127
$3,673,642
$2,591,151
$2,221,553
283,299
1,168,790
gratifying, the chief problem being
one of transportation.
on or after Dec. 1
$100) and $19,617,400 Common
$11,311,600 additional Common
„[The N. Y. Stock Exchange has authorized the listing
of $7,541,100 5% Cum. Pref. stock
(par
stock (par $100), with authority to add
stock on official notice of issuance from
time to time on conversion of
Pref. stock, and with further authority to add $71,000 Common stock on
notice of issuance in exchange for
official
trust
outstanding Common
certificates.]—V. Ill,
Motors
stock
1374.
p.
Corporation.—Sale
of Further
Large
Blocks of Stock to the du Pont Interests, Giving Them and Asso¬
ciates at Least 51%.—President W. C. Durant on Nov. 22
made the
following statement:
a substantial
Corporation to the
Corporation of Wilmington, Del., which
has been formed by Pierre S. du Pont and Ms associates, and
in the stock of which I will have a large interest."
See
Du Pont Securities Corporation above.
J. P. Morgan & Co. were the bankers in the transaction,
which, it is understood, gives the du Pont and Morgan inter¬
ests something more than 51% of the outstanding Gen¬
block of stock of the
'T have sold
General Motors
eral Motors shares.
While
sold
or
braced
no amount is mentioned either as to the size of the blocks of stock
the prices obtained, it is generally believed that the transaction em¬
in the aggregate at least 2,700,000 shares of the Common stock
(some accounts suggest 3,000,000 to 4,000.000) of the total outstanding
issue of 20,533.000 shares of no par value Common now outstanding, ana
that the prices realized represented a total outlay of between $30,006,000
and $40,000,000, part of which was paid in the stock of the Du Pont Securi¬
ties Corp., Ltd.
The transaction thus removed from the market a large
amount of stock, which, it is supposed, was carried in loans bearing high
interest rates.
•
<
On Dec. 31 1919 the du Pont interests held 30.29% of the stock of the
General Motors Corporation, described In the report of the E. I. du Pont
Inc. (V. 110, p. 984, 985), as follows: "Your company
through its subsidiary, Du Pont American Industries, 238,504 shares
de Nemours & Co..
owns
of General Motors Corp. Common stock and 159,115 shares of Chevrolet
Motor Co. Common stock.
Since the Chevrolet Motor Co. owns stock
in the General Motors Co. in an amount which makes each share of Chevro¬
mon
stock.
The total cost of these 448,456 shares to the company was
$48,758,252 53."
These 448,456 Common shares of General Motors Corp.
of $100 each were subsequently exchanged for 4,484,560
value Common sharep.
In June last J. P Morgan & Co. acquired a substantial interest in General
Motors Corp. and underwrote 3,219,856 shares of the company's Common
stock of no par value. (V. 110, p. 2079, 2396.)
Of this 1,800,000 shares
were sold at $20 a share to the Explosive Trades, Ltd., of London, England.
(V. 111. p. 1953), and the Canadian Explosives, Ltd., and the remaining
1,419,856 shares were offered at $20 a share to owners of General Motors
Corp. Common stock of record June 12 (V. 110, p. 2390).
The authorized capital stock of General Motors Corp. embraces: 50,000,000 shares of no par value Common stock; $20,000,000 6% Cumulative
Convertible Preferred, par $100; $90,000,000 of 6% Debenture stock, par
$100, and $500,000,000 of 7% Cumulative Debenture stock, par $100.
The outstanding stock at the present time, we learn, is approximately
as follows:
(a) Common shares, $20,563,358: (6) Pref., $16,183,406; (c) 6%
Deb., $56,368,100; (d) 7% Deb., $25,153,500.
Compare "Financial Reports" in V. Ill, p. 1078; V. 110, p. 1637, 1847.
—V. Ill, p. 1954, 1756.
of the par value
shares of no par
Globe
Soap Co. of Ohio.—Extra Dividends.—
Extra dividends of ^ of 1% have been declared on
both the Common and
Special Pref. stocks in addition to the regular quarterly dividends of 1H %.
all payable Dec. 30 to holders of record Dec. 15.
In Sept. last like amounts
were paid extra on the Common and Special Pref. stocks.—V. Ill, p. 1665.
Grasse}li Chemical Co.—Extra Dividend.—
An extra dividend of K of 1 % has been declared on the Common stock
in addition to the regular quarterly dividends of \M% on both the Com¬
mon and Pref. stocks, all payable Dec
31 to holders of record Dec. 15.
Extra dividends of
since
March
1919;
a
of 1%, it Is understood, have been paid quarterly
20% stock dividend was also paid in May last. —
V. 110, p. 1752.
Gray & Davis, Inc., Boston.—Earnings, &c.—
"Under the management of the American Bosch Magneto Corp., the
Gray & Davis Co. has been showing a monthly profit, although a modest
one, since last August.
In August the net profit was $8,600, and in Sept.
the total Was increased to $12,000, after substantial depreciation
charges
based
upon
conservative inventories.
The lamp sales are satisfactory,
turning in $250,000 for the past three months.
At present some 2,560
starting and lighting systems of the new Bosch type a month are being
turned out at Cambridge, which represents 35% of the capacity.
"The new balance sheet prepared by auditors for the American Bosch
Corp. shows an asset value for Gray & Davis stock of about $16 a share,
which gives a good idea of the thorough readjustment that has taken place.
Running full, Gray & Davis is capable of making $1,000,000 a year."
(Boston "Transcript" Nov. 18.)—V. Ill, p. 993.
Great Northern
Paper Co.—Extra Dividend.—
An extra dividend of 3% has been
with the regular quarterly dividend of
In March last
a
declared on the capital stock, along
1%, both payable Dec. 1 to holders
was paid extra.—V. 110,
like amount
p.974.
Galena-Signal Oil Co.—Sub. Co. Capital Increase.—
Supplementary letters patent have been issued under the seal of the Sec¬
of State of Canada, dated Nov. 4 1920, increasing the capital stock
of the Galena-Signal Oil Co. of Can., Ltd., from $500,000 to $1,000,000,
par $100.—V. Ill, p. 1954.
General Asphalt Co.—New Financing.—The stockhold¬
will vote Dec. 7 on authorizing the issuance of $4,000,000
ers
Convertible bonds.
raised by the new financing will, in great part, make provision
for reconstruction of plants at Maurer, N. J., damaged by fire last Sept.,
together with tracks, rolling stock and a large quantity of material, entailing
a loss of materially $2,000,000, for which it is expected the company will
receive $1,500,000 in insurance.
Reconstruction, as planned, requires a
capital expenditure of $2,800,000.
The stockholders of record Dec. 7 will
be given the right to subscribe to the bonds at 98 H and accrued interest.
Subscription rights expire Dec. 15.
The funds
says in substance:
capital requirements up to the present time have been provided out
capital and surplus earnings, but as foretold in the last annual
report, the business requires additional haevy capital expenditures.
The
company has purchased two steel steamers to transport asphalt and has
remodeled these vessels, as well as a steel oil barge for use at Maurer, N. J.
Additional stills have been constructed in connection with the oil refinery
at Maurer, which was entirely beyond
the reach of the fire. These and
other necessary capital expenditures have drawn on the working capital
to the extnt of $1,500,000.
The company has also taken advantage of the favorable rates on exchange
and purchased £55,400 of the outstanding debentures of the New Trinidad
Lake Asphalt Co. at a cost of $223,448, leaving £123,700 outstanding.
If this issue should be purchased and canceled at this time it will avoid an
annual outlay in interest and sinking fund payments of $140,650.
President Arthur W. Sewall
The
of working
has been most
of record Nov. 24.
retary
10-y ear 8%
not to have been affected
,
(J. A.) Fay & Egan Co., Cincinnati.—Accumulations.—
A dividend of 3 M %
account
as
by the general business depression.
Inventory of the company is relatively
a small item on the
company's balance sheet.
It is but $2,700,000, being
about normal and w*ll not require
any substantial adjustment.
Oil developments in Western Venezuela in which General
Asphalt was
jointly interested with British associates, was retarded during the war
period, but is now going forward, and while the management is not inclined
to make any definite prediction as to the future, the result thus far shown
let Motor Co. represent 1.3195 shares of General Motors Corp. stock, this
investment really represents 209,952 shares of General Motors Corp. Com¬
Duquesne Light Co.—Acquires City Plant.—
The company,
A stock dividend of
,
fact that the character of the business is such
Du Pont Securities
Common stock
$7,714,50015% bonds (incl. this issue)$5.644,000
Pref. stock (7% cum.)... 3,681,100 j Bonds of sub. companies.. »3,126,000
♦Also $386,000 additional held alive in sinking fund.—Y. 110, p. 764.
See General Motors Corporation below
11ls expected that the earnings for the current year will be the largest
in the history of the
company.
This is partly due to the fact that favorable
earnings were made in the first nine months of the year, and partly to the
General
30 1920.
Gross earnings
»U3
^
Greenfield (Mass.) Tap & Die Corp.—Initial Dividend.
An initial dividend of 2% has been declared on the 8%
Pief. stock
together with the regular quarterly dividend of 3% on the Common stock,
par $25, both payable Jan. 1 1921 to holders of record Dec. 15 1920.
See
V. Ill, p. 1756, 1476.
See Lincoln Twist Drill Co. below.- -V. Ill, p. 1756.
,
Gulf States Steel Co.—Earnings.—
October, after the usual deduction for taxes, depreciation,
Net earnings for
etc., amounted to $103,739, and for the ten months ending Oct. 31, $1,027,439.
This compares with $102,058 for Sept. last.—V. Ill, p. 1665.
Hale
& Kilburn
Corp.—Consolidation Consummated—
Motor Body Co. of the entire assets of the
Nov. 10.
The latter corporation
assets consisting of 16,000 shares
B stock of the American Motor
Body Co. as per plan in V. Ill, p. 797.
'
The amount of stock of American Motor Body Co. now outstanding is
The sale
to the American
Hale & Kilburn Corp. was consummated
becomes a holding company with its sole
of class A stock, 50,000 shares of class
as $13,460,200 class A stock, and $5,000,000 class B stock, all of
the latter class having been deposited under voting trust agreement.
W. D. Baldwin of the Hale & Kilburn board of directors has been elected
reported
to the American
Motor Body Co. board.—Compare
Havana Marine
V. Ill,
p.
797, 900.
Terminals, Ltd.—Par Value Reduced.—
Supplementary letters patent have been issued under the Seal of the
Secretary of State of Canada, dated Nov. 9 1920, subdividing the 300,000
$100 each, into 6,000.000 shares par $5 each.
shares or stock, par
Heywood Bros. & Wakefield Co.—Extra Dividend.—
declared on the outstanding $3,000,000
addition to the regular semi-annual dividend
An extra dividend of 5% has been
Common stock, par $100, in
THE
2144
both payable Dec. 1 to holders of record Nov. 20.
Alike amount
paid extra in Dec. 1919 and June 1920.—V. Ill, p. 1187.
of 4%,
was
which has been followed by the merchants throughout the country recently,
refrain from making purchases of merchandise for the coming spring
to
season,
Home Oil Refining Co. of
[VOL. 111.
CHRONICLE
Texas .-^-Receiver's Sale.—
begin at
Goree, advertised the sale of
of all or part of the property
(as advertised) up to Nov. 24 at a minimum price for the whole property
of $1,600,000.
Compare reorganization plan in V. Ill, p. 1374, 1570, 1756.
The receivers, Sam Davidson and B. H.
the property and received bids for the sale
should be abandoned, and that the proper policy to pursue is to
once purchasing for their requirements for the coming spring season
in order that the readjustment may continue as it has without interruption
of the earning capacity of the wage earners.
It is believed that the policy
of the
having
company, which is the distributor of $75,000,000 of merchandise,
a chain of large retail stores, is also the opinion of many other
country."—V. 110, p. 2662.
merchants throughout the
Imperial Oil, Ltd.—Extra Dividend.—
A bonus of 6% (payable in Victory bonds) has been declared on the out¬
standing capital stock, par $25, payable Dec. 18 to holders of record Dec. 15.
The regular quarterly dividend of 3% was also declared payable Nov. 30
to holders of record Nov. 23.
In July 1918 adividend of 5% was paid in
bonds of the Dominion of Canada; in Nov. 1915 a 100% stock distribution
was made.—V. 110, p. 1746.
International
Maritime
Corp.—Receivership.— V
Federal Judge Mayer on Nov. 18 appointed William F. Coogan receiver
bond for this corporation at 44 Whitehall St. in a suit brought
by the Monumental Stevedore Co., a creditor for $4,248.
It is stated that
the company has outstanding obligations of about
$250,000, now due or
about to become due, and in addition has claims made
against it for an
amount exceeding $50,000.
in $1,000
International Steam Pump Co.—Obituary.—
Vice-President Nathan Fleischer died Nov. 20 in New York
City.—V.102,
Metal Package Corp., N. Y.—Stock Dividend—Capital
Increase—Acquisitions, Stc.—
The stockholders will vote Dec. 2 on authorizing (a) the declaration and
a Common stock dividend amounting to $73,980 to holders
distribution of
of record
p.
of coal
Montreal
as
Island Oil &
Transport Corp.—Oil Shipments (hbls.).
Increase. I
1920—Oct.—1919.
1920—6 Mos.—1919.
Increase.
1,357,620
511,823
845,797)7,684,421
2,698,153
4,986,268
Shipments for November, it is officially estimated,will be more than
1,500,000 bbls.—V, 111, p. 2048, 994.
Jones Bros. Tea Co., Inc.—October Sales.—
Increase, j
1920—10 Mos.—1919.
1920—Oct.—1919.
$335,175 $17,153,046
$1,845,734
$1,510,559
—V. Ill, p. 1857, 1665.
$13,440,220
Increase.
$3,712,826
Jones, McDuffee & Stratton Corp.—Extra Dividend.—
An extra dividend of
1% has been declared on the Class "A" stock to¬
gether with quarterly dividends of 2% on the Pref. stock and 2H% on
Class "A" stock, all dividends payable Dec. 1 to holders of record Nov. 27.
A like amount was paid extra on the Class "A" stock in Sept. last.—
V. Ill, p. 798.
Kansas Natural Gas
Co.—Receivership Ended.—
Judge Wilbur Booth of the Federal Court at St. Paul on Nov. 17 dissolved
receivership which began in 1911 and turned the property back to the
owners for operation.
All of the claims against the company were denied.
Contracts between the Kansas Natural Gas and 36 distributing companies
were invalidated by the decision.
Simultaneously with the handing down of
Judge Booth's decision the company filed suit against 13 distributing com¬
panies in Kansas and Missouri for the collection of the difference between
the rates allowed by the P. U. Commission and those fixed by the receiver.
—V. Ill, p. 1188.
Kings County Lighting Co —To Issue Preferred Stock.—
The company has
to issue $2,000,000
applied to the New York P. S. Commission for authority
8% Cumulative Pref. stock, the proceeds to be applied
toward the cost of the additions and extensions of its plant and facilities
ordered by the Commission in June last.
Ralph Elsman, the newly elected President is reported to have obtained
control of the company by purchasing 75% of its stock from the Anthony
N. Brady estate, C. K. G. Billings and George O. Knapp at a cost of about
$1,570,000.—V. Ill, p. 1955.
Boston.—No Extra Dividend.—
The regular semi-annual dividend of 3% has been declared on the out¬
standing $2,500,000 capital stock, par $100, payable Dec. 1 to holders of
record Nov. 23.
Extra dividends of 2% each nave been paid semi-annually
from June 1918 to June 1920 incl.—V. Ill, p. 1570.
Lincoln Twist Drill Co.—Offer
that they accept the offer to exchange their holdings for an equal quantity
of the 8% Cumulative Preferred stock of the Greenfield Tap & Die Corp.
Assenting stockholders will be entitled to receive the usual quarterly
on Jan. 1 1921, and from that date
quarterly dividends of 8 % p. a.
The present certificates endorsed to Green¬
field Tap & Die Corp. should be deposited for exchange at the American
Trust Co., 50 State St., Boston.
The new certificates will be ready for
delivery on or about Jan. 1 1921.
The company will affix any stamps
required by law.
If the above exchange is made by all holders, the total outstanding Pre¬
ferred issue of the Greenfield Tap & Die Corp. will be $4,000,000.
(Re¬
ported by Tucker, Anthony & Co., 60 Broadway, N.
dividend at the annual rate of 6%
Y.)-pV, 104. p. 1902.
Mackay Companies.—New Trustee.—
Frank L. Polk, former Assistant Secretary of State, has been
elected
a
.
Lighting Companies.—Bond Offering —
offering $1,000,000
10-Year Gold Debenture bonds.
Auth., $2,000,000.
D. Parker & Co., Inc., Boston, are
7%
The bankers state:
Dated Oct. 1 1920; due Oct. 1 1930Int. payable A. & O. at the Old
Colony Trust Co., Boston, trustee, without deduction for any Federal
normal income tax
of 2%.
and int.
now
or
hereafter deductible at the
source
not in excess
Denom. $1,000, $500 and $100 (c*).
Callable, all or part, at 103
any int. date upon 3 months' notice.
Purpose.—To retire current debt issued to payifor additions and extensions
and to provide for construction necessary for growth of business.
Equity.—These bonds are a debt prior to $5,533,100 expressed value,
Preferred shares, against which over $100 per share has been paid into the
treasury.
Assets securing the debt are as four to one.
Assets, $7,383,869;
debt, $1,928,000.
Company.—Owns all except $6,700 par value of the entire capital stocks
and all the note indebtedness of 18 gas and electric light companies, all in¬
corporated in Massachusetts and serving 29 cities and towns having a popu¬
lation of 229,292.
Twelve of these companies sell gas in 23 cities and towns
having a population of 215,706, and 11 sell electricity in 16 cities and towns
having a population of 130,531.
Also owns the entire capital stock of the
Light, Heat & Power Corp. and the Gas & Electric Improvement Co.
Security.—As of June 30 1920 the cash, notes and receivables were $2,301 ,386, an amount equal to more than $400,000 in excess of bonded debt,
including this issue.
The indenture provides that unless the bonds of this
issue are equally secured thereby, the company will not place any mortgage
or other encumbrance upon its property, or any part thereof, or pledge
the same, while any of these bonds are outstanding.—V. Ill, p. 1666.
on
Maxwell Motor Co., Inc.—Time for
Application Extended.
The reorganization committee, Walter P. Chrysler, Chairman, announces
by advertisement on another page that the time to file the forms of appli¬
cation attached to application certificates for new stock in excess of the
minimum rights of purchasS>conferred by the plan dated Sept. 1, and to
make the initial payment of an [amount
Class A stock so applied fibr, has
of
Jan. 3 1921.
It is
equal to $10 in respect of each share
been extended without penalty to
anticipated/that notice of allotment of stock applied for
will be given on or about
Statement
by President
Edward
Morris.
President Morris stated that in submitting this plan his company wanted
this matter settled without further delay, and, as these holdings could not
be disposed of at this time on account of the financial situation, the Morris
defendants had suggested to the Court that all of their capital stock be im¬
mediately surrendered and canceled and other certificates issued in lieu
thereof in the
name of some trust company to be designated as trustee,
to hold and vote the stock until it can be sold to people outside of the pack¬
ing industry; and that they also would immediately resign all positions with
the yards and terminals, taking all Morris defendants out of the manage¬
ment or control of these properties, and thus immediately comply with the
spirit and intent of the decree.
The capital stock will then be disposed of just as quickly as possible,
offering it first to the live stock men, then the stock of each company sepa¬
rately to people living in the vicinity of the various plants, then to the com¬
mon carriers, and lastly to the general public: and whatever is not disposed
of within a limited time will be offered by the Court at public auction to
the highest bidder for cash.
President Morris pointed out that it was in the interest of both producers
and consuming public that these
properties should be managed and con¬
trolled by people interested in and identified with the industry.
He ex¬
pressed the hope that the live stock men would avail themselves of the op¬
portunity now afforded them to get these yards.—V. Ill, p. 1284.
,
Acme
Co —Earnings.—
Quarters end. Sept. 30—
1920.
___$4,738,450
Net sales
Net profits
Dividends paid
Jan. 6.—V. Ill, p. 2048.
I
May Department Stores Co.—Spring Orders.—
An official statement issued Nov. 12 says: "The executive officers, after
carefully studying the subject, have reached the conclusion that the policy
1917.
1919.
1918.
$3,533,390
$3,928,560
$4,553,790
1,223,926
(1M%)437,500(13^)375,000(1Yi)375,000(1H)375,000
Balance, surplus
1.003,656
858,161
1,514,333
$566,156
$483,161
$1,139,333
$848,926
—V. Ill, p. 1850.
National Transit Co.—Extra Dividend.—
An extra dividend of 75 cents per share has been declared on the stock,
payable Dec. 15 to holders of record Nov. 30.
In Sept. last an extra dvidend of $1 per share was paid, as against 50 cents per share extra in March
and June last; $1 50 extra in Dec. 1919, $2 in Sept. and 50 cents in Juna
1919.—V. Ill, p. 902.
New York Dock Co.—Common Dividend.—
A dividend of 2%
has been declared on the outstanding $7,000,000 Com¬
stock, payable Feb. 15 1921 to holders of record Feb. 5 1921.
dends of 2 Yi% each were
paid
on
North &
Judd Mfg.
Divi¬
the Common stock in Feb. 1920 and Feb.
1919.—V. 110, p. 2187.
Massachusetts
C.
698.
Morris & Co.—Submits Plan for Disposal of Stockyard
Holdings.—The company on Nov. 22 filed with the Clerk of
the Supreme Court of the District of Columbia in Washing¬
ton a separate and individual plan for the disposition of their
stock yards and terminal holdings, by which all of the Morris
defendants will immediately surrender to the Court their
capital stock holdings and resign all offices in all of the stock
yards and terminal companies, thus complying immediately
with the spirit and purpose of the dissolution decree.
If adopted, this will immediately divorce the Morris de¬
fendants from all stock yards and stock yards terminals.
The live stock producers will be given the first opportunity
to acquire these holdings.
This plan is filed merely in behalf
of the Morris defendants and goes further than the decree
itself requires, and cleans up this situation without any delay.
mon
trustee.—V. Ill, p. 595.
p.
The London Stock Exchange on Oct. 18 granted an official quotation to
643,719 shares of $100 each, in lieu of shares of the Montreal Light, Heat &
106, p. 2449.
National
for Preferred.—
This company, all of whose common stock was on July 1 1920 exchanged
common stock of the Greenfield Tap & Die Corporation, has sent
letter to the holders of its $245,000 6% Preferred stock recommending
for the
Consolidated below.—V. Ill,
Light, Heat & Power Consolidated.—
Power Co.—V.
the
Lawrence Mfg. Co.,
Heat & Power Co.—
See Montreal Light, Heat & Power
Co.—Earnings.—
ending Oct. 31 1920 the company produced 1,423,299
compared with 1,781,413 tons for the full year 1919 and
2,280,661 tons for 1916, the biggest year in the company's history.
Net
profits, after all charges, for the ten months ended Oct. 31 were $2,092,233.
Profits for the quarter ending Sept. 30 were equal to $6 30 per share on
the outstanding Common stock.—V. Ill, p. 1284.
a
r
1088.
Montreal Light,
Island Creek Coal
authorizing the purchase and lease of the assets,
stock into First and Second
7% First Pref. stock, $700,000 non-voting non-cumu. participating
7% Second Pref. stock, $1,000,000 Com. stock, (e) On authorizing the
directors and officers to exchange share for share certificates, respectively
of First Pref., Second Pref. and Common stock for present outstanding
certificates,
if) On authorizing the directors and officers to execute a con¬
tract whereby the corporation may acquire on such terms and conditions
as the directors may determine the assets, &c., of Shalita Bros.—V. Ill,
For the ten months
tons
on
cumu.
1900.
p.
Aug. 27; (6)
&c., of John Boyle Co.; (c) on classifying the
Preferred and Common stock; (d) on increasing the authorized capital stock,
from $992,900 to $2,200,000, to be divided as follows: $500,000 non-voting
:
Co.—Stock Dividend, &c.—
The stockholders of this company, with plants at New Britain and New
Haven, Conn., for the manufacture of harness, belt and automobile hard¬
ware (Anchor brand), voted on Nov. 23: (a) to increase the auth. capital
stock from $2,000,000 to $3,000,000, in shares of the par value of $25.
(b) That the directors be empowered to declare and pay a stock dividend of
25% upon the present capital to stockholders of record Nov. 23 1920, and
for that purpose
(c)to capitalize to the amount of $500,000 the present
surplus; and (d) that the directors be empowered to issue the balance
*.$500,000) of said unissued authorized capital stock at such time and in
manner as they
may determine.
The stock is listed in Hartford.
Wightman, Sec., and F. M. Holmes, Treas.—V. Ill, p. 2049, 994.
such
E. M.
Pacific Development Corp.—To
Change Par of Stock from
Stock at $25
Share—Underwritten—Status of Subsidiaries, &c.—The
stockholders will vote Dec. 8 on authorizing that the capital
stock be changed from 500,000 shares, par $50 each, to
500,000 shares of no par value, the old stock to be exchange¬
$50 to No Par Value Shares—To Offer Additional
per
able for the
new
stock, share for share.
If approved,
it is planned to offer to stockholders, at $25 a share, one
no par value stock for each four shares held.
This
entire additional issue of 64,388 shares has been underwritten largely by
share of additional
the directors.
■'
Data from Letter of Pres. Edward B. Bruce, Regarding
Nov.
23
Subsidiaries,
1920.
Pacific Commercial Co.—Advices from Manila indicate that company
has almost entirely escaped from shrinkage of values during the present
decline of commodity prices.
Earnings have been fully maintained. The
company's capital and surplus on June 30 1920 of $5,600,000 U. S. currency
should be ample basis for all its financial needs.
Andersen, Meyer & Co., Ltd.—Advices from China indicate that com¬
pany has not suffered any substantial losses through falling commodity
prices, although there will be some loss to it on exports to this country and
some shrinkage in the merchandise held in China should be expected.
Its
business, consisting chiefly of imports into China from U. 8., especially of
electric equipment, cotton mill machinery, power plants and railway equip¬
ment, has been taken on firm orders in China and the only difficulty en¬
countered is delays in shipments and payments.
These delayed collections
require a corresponding amount of temporary financing.
Nov. 27 1920.]
THE
Our shipments of American machinery are now being greatly
by the manufacturers much to the advantage
from the point of biew of
completing contracts
accelerated
of the Andersen company,
and realizing profits, but is
creating an unexpected concentration of temporary financing.
The business
of tne company has
grown rapidly, and organization, the chief problem, is
being given close attention.
The board is curtailing the operations in
nance of the business of the two foregoing
lines not essential to the mainte¬
subsidiaries and in line with this
policy has appropriated $1,000,000 out of the proposed new issue of stock
to increase the
capital of the Andersen company.
This will give the com¬
pany a paid-in gold capital of $3,400,000, which is equivalent at the present
rate ofe xchange to
approximately 3,750,000 Shanghai taels.
Hartmann Bros., Inc.—The collapse of the market in hides and wools
found this company with substantial inventories in those commodities.
Present quotations of hides and wools are almost entirely useless for the
purpose of calculating inventory values, as the markets are merely nominal.
The ultimate results cannot at this time be estimated with any degree of
accuracy.
We have made arrangements with the bankers of the company, with the
guaranty of this corporation, which will enable the company to reduce its
inventories without pressure of time and to the best advantage.
No new
into.
If the market for hides and wools
by the summer of 1921, our stockholders
must be prepared for the entire loss of the investment of the corporation
in the capital stock of Hartmann Bros.
Whatever the result may be,
however, the affairs of the company are in no way connected with our Far
commitments are being entered
does not substantially improve
Plymouth Cordage Co.—Stock for Employees.—
The company is offering to its employees $250,000 employee's special
stock (par $10) at $20 a share.
This stock is en'itled, proportionately, to
the same dividends and disbursements as the $100 par value stock now selling
about $230.
No further financing,
this time.—V. Ill, p. 1478.
at
Pond
now
concentrating, cannot therefore in any way
seriosuly suffer from
Creek
Coal
being considered at
it is stated, is
Co.—Earnings.—
•
The company in the ten months to Oct. 31
1920 produced 591,274 tons
profit from operations, after all charges, of $476,108,
which is equal to $2 23 a share on the outstanding 212,920 shares of Capital
stock, par $10.
|
of coal and earned
net
a
„^Net profits for the three months ended Sept. 30 1920 amounted to
$255,181.—V. Ill,
596.
p.
Prairie Pipe Line Co.—New
Pipe Line.—
The company, it is stated, has commenced a $15,000,000 pipe-line con¬
struction program, which will add 25,000 bbls. daily capacity to its lines.
The work is being started now to handle increased production looked
for
in the Mid-Continent field next
One of the main terminals of the
In¬
spring.
line will be at the Whiting, Ind., plant of the Standard Oil Co. of
new
diana, which will have a capacity of 10,000 bbls. daily.
Other main termi¬
nal will be at Alton, 111., with 15,000 bbls. daily capacity.
The new line
*oops' ^ ^ statec*>
2049
&
Procter
Eastern business, excepting for a comparatively few and minor joint account
import transactions from China.
Our Far Eastern business, on which we
are
2145
CHRONICLE
be about 500 miles in length.—Y. Ill, p.
Co.—Discontinues Bonuses.—
Gamble
The company, it is stated, will discontinue bonus payments after
—V. Ill,
-.
Dec. 1.
1956.
the Hartmann Bros, situation.
International Vegetable Oil Co.—This
past
000.
season are
company's losses suffered during the
approximately $1,000,-
nearly liquidated and will amount to
Its plants have been sold to a new company for $1,800,000 of its
Preferred stock, the organizers of the new company having paid in $500,000
in cash
as
working capital, for which they
As a
have taken Common stock.
result of this sale, the financing of the International Vegetable Oil Co.'s
business will be handled by the new company and its obligations will no
longer constitute a part of the credit facilities to be arranged by the Pacific
Development Corp. group.
Hartmann Pacific Co., Inc.—This company maintains service offices in
the U. S. for the Pacific Commercial Co. and Andersen, Meyer & Co.,
buying and selling for them on commission.
The company has also de¬
veloped an import and export business on its own account as well as on
joint account.
As a result of present declining prices, losses in its import
merchandise will be inevitable, but as these inventories are varied, the
aggregate loss will not be serious.
In common with the experience of other
export houses the company has had many export merchandise contracts
repudiated in various parts of the world and has had to grant numerous
extensions to customers.
This will result in slow liquidation of this merchan¬
dise and
is
a
loss to the company.
While the general business of the company
being greatly curtailed, it continues as the service company
States for
Minor
our
in the United
Oriental subsidiaries.
Subsidiaries.—Business
of
the
other subsidiaries has
been
not
largely affected by current conditions and there has been no substantial
change in their position.
,
Present Situation.—Your board considers that your investment in the
trade of the Far East, which constitutes the backbone behind the stock of
the corporation, is intact and that the losses suffered by the subsidiaries
doing business in this country, which have been outlined above, will not
impair the strength or success of this Oriental business.
In other words,
although the net worth of the corporation on Dec. 31 1919 of $18,369,179
(including the proceeds of stock sold this year and now underwritten) has
been impaired as above outlined through the operations of our American
subsidiaries, the strength and success of our Oriental business is unaffected.
Loan Extended.—The loan to this corporation of $5,000,000 on the $5,500,000 of 2-Year notes of the Chinese Republic (V. Ill, p. 599) has been ex¬
tended to April 1 1921.
This transaction should result in a substantial
profit.
Compare annual report in V. Ill, p. 599, 1667.
Corp.—Dividend Decreased.—
a quarterly dividend of 75
per share, payable Jan. 1 1921 to stockholders of record
1 1920, thus placing it on a 6% instead of a 10% basis.
Peerless Truck
Dec.
President B. G. Tremaine says:
The directors believe that affairs of the company are
in a sound condition
present depression and to again prosper when normal business
restored, but they have considered it advisable to reduce the
dividend to 75 cents per share for the purpose of conserving cash and
to meet the
conditions
company's third annual report for the fiscal year ending May 31 1920,
13, page 1946, has now been published in
a 50-page pamphlet profusely illustrated and giving much'infor¬
mation regarding the company's operations and properties.
Gross.
Expenses.
Netlnc.
Sept. 1920.
$658,599
$228,313
$430,285
Sept. 1919
428,389
228,122
200,267
The
the form of
Ill, p. 1946.
|
Pure Oil^Co.—Stock Dividend
of 2%—Listing.—
in cash (50c. per share) and 2% in Common stock has
(par $25), both payable Dec. 1 to
holders of record Nov. 15.
Like amounts were paid (in cash and stock)
on Sept. 1 last.
In 1916 and 1918 stock dividends of 5% each were naid.
The N. Y. Stock Exchange has authorized the listing on or after Dec. 1
of $940,425 additional Common stock (par $25) on official notice of issuance
as
a 2%
Common stock dividend, payable Dec. 1 to holders of record
Nov. 15, making the total amount applied for $59,549,900.
For consolidated statement of income for 3 months ended Oct. 1 1920
A dividend of 2%
been declared
the Common shares
on
under reports above.—V.
see
Ill, p. 902.
Realty Associates (of Brooklyn).—Extra Dividend.—
2% has been declared on the stock, in addition to
regular semi-annual dividend of 3%, both payable Jan. 15 1921 to
In January last an extra dividend of 2%
An extra dividend of
the
holders of record Jan. 5 1921.
was
paid.—V. 110,
268.
p.
Co., Cincinnati.—Additional Stock Offered.
Richardson
being given the right to subscribe to $1,000,000 addi¬
the basis of one share of new Com¬
The new capital is to be used to finance
extensions.
Company recently acquired the Century Roofing Co. at New
Orleans, a large slate quarry in Georgia and is building a new plant at
Chicago.—V. 109, p, 893.
Stockholders
are
tional Common stock at $100 per share on
mon
for each three shares held.
Rio Tinto
(Mines) Co., Ltd.—History—Description.—
illustrated
See
article,
page
105 to
110 of "Manufacturers' Record,"
Nov. 11.
The directors omitted the declaration of a
curtailed
Seaboard Steel & Manganese
Corp.—Sale Adjourned.—
scheduled for Nov.
1571.
The sale of the property
Nov. 26.
See V.
Ill, p.
Shell Transport &
The London Stock Exchange on
tions to
a
official quota¬
of £1 each, fully paid, increasing
Oct. 7 and Nov. 8 granted
total of 7,417,756 ordinary shares,
maturing Nov. 10 1925.
Including this year's purchases, it has now re¬
acquired and deposited with the trustee $2,694,850 par value of these notes.
Thus more than half of the funded debt has been paid in half the period for
represents a gain for the entire company of
for the
American
companies alone were
was
accountants
and
The directors believe that this statement
paid this year have been amply earned and that
shown in the statement
the deductions for Federal taxes.
will show that the dividends
Sherwin-Williams
apptoximately $36 a share exclusive of patents,
110, p. 1971.
Sherwin-Williams Co. of Canada, Ltd.—Initial Div.—
the outstand¬
to holders of
Penn
Mary Coal Co.—Tenders.—
The Bank of America,
trustee, will, until Nov. 30,
receive bids for the
Sinking Fund gold bonds, dated Oct. 1
1919, at not exceeding 102 )4 and int., to an amount sufficient to exhaust
$200,000 now in the sinking fund.—V. 110, p. 1193.
People's Gas Light & Coke Co.,
The
Chicago.—Valuation.—
recently filed a
contention that rates should
city of Chicago in its fight against higher gas rates
brief with the P. U. Commission in support of its
be lowered instead of
increased.
The brief contends that the
Sinclair Consolidated Oil Corp.—Deliveries.—
x
sale to it of First Mtge. 5% 20-year
10 Months ending—
Oct. 31 '20. Oct. 31 '19.
Deliveries of crude oil (bbls.)
11,881,494
9,554,573
x This does not include Louisiana, south Texas or Mexican
by the Sinclair company.—V.
mission.—V.
The
20% stock dividend has been declared on the outstanding $24,750,000
along with the regular quarterly cash dividend of
2%, both payable Dec. 31 to holders of record Dec. 15.
Compare V. Ill,
p. 1478, 1285.—V. Ill, p. 1956.
Pittsburgh Tinplate & Steel Co.—Indictments.—
Larkin C. Taylor, President, Marietta, Ohio, and four associates with
him in the sale of the stock of the concern were indicted on Federal charge
of using the mails to defraud and conspiracy.
Taylor was charged with
selling large amounts of stock, some estimates running as high as $2,000,000,
in the concern, which. Federal investigators claimed, was not worth more
than $800,000.
The Central National Bank of Marietta, O., has been ap¬
Pittsburgh Oil & Gas Co.—Xmas Dividend.—
declared on the
record Dec. 10.
Regular quarterly dividends of 2)4 % have been paid from Feb. 15 1919
15 1920, incl.—V.
Ill, p. 2049,
1089.
The Mass. Department
of Public Utilities has authorized the issuance
of
$125,000 1st Mtge. 6% bonds maturing Feb. 1 1933, which are a part of a
total issue of $2,000,000 dated Feb. 1 1918 (V. 106, p. 612), proceeds to be
used for payment of extesnions and alterations of plant.—V. Ill, p. 1859.
1920.
1919.
^
$
5,237,685
Materials & supp.
28,175
398,518
15,176
3,260,267
6,709,414
Freight claims
Def. charges, &c..
12,335
272,185
Cash....
....
Notes receivable..
Acc'ts receivable..
authorized the company to issue
1920.
$
Liabilities—
1919.
$
600,000
600,000
5,400,000
x231,617 Common stock
428,272 First M. 6% bonds 2,900,000
132,679
38,446 Accounts payable.
4,483,000
2,949,259 Notes payable
74,390
4,377,704 Accrued interest..
5,400,000
4,381,342
Preferred
stock
4,805 Fed. inc. & excess
profit taxes (est.)
259,774
Reserves.
_
Surplus
2,999,000
386,530
2,062,000
74,975
268,800
544,220
123,687
1,530,666
1,025,028
Total
15,933,755 12,671,220
bonds, $228,500.—V. 108, p. 1724.
15,933,755 12,671,220
Total
Including U. S. Liberty
Springfield (Mass.) Breweries.—Retires
Half of Preferred.
voted: "To reduce the par value of the Pre¬
share to $50 per share and to pay $50 in cash per
of Preferred stock on the surrender of the certificates of Preferred
outstanding, and to issue new certificates for $50 per share."—V. Ill,
The
stockholders on Nov. 9
ferred stock from $100 per
share
stock
Co.—Bonds Authorized.—
Co.—Bonds Authorized.—
RR. Commission has
Securities owned..
p.
Pittsfield (Mass.) Electric
173.
Real est.,bldgs.,&c
x
A dividend of 2% (a "Christmas dividend") has been
outstanding Capital stock, payable Dec. 24 to holders of
p.
Sperry Flour Co.- Balance Sheet June 30.—
pointed receiver.—Y. Ill, p. 1667.
Nov.
California
sets
A
to
110,
$1,040,479 of its 1st & Refg. 6% bonds for the purpose of financing in part
the cost of plant extensions, additions and betterments.—V. Ill, p. 2049.
Stock Dividend.—
Common stock, par $100,
Ill, p. 2049, 1957.
Southern Sierras Power
gas
Pittsburgh Plate Glass Co.—20%
v
Increase.
2,326,921
oil deliveries
Southern Counties Gas Co. of Calif.—Bond Application.
The company has applied to the California RR. Commission for authority
to issue $1,000,000 10-year Collateral Trust gold bonds, the proceeds to
be used to make extensions, additions and improvements to the company's
system.
It is proposed to make an immediate Issue of $400,000 of the bonds,
the remainder to be issued from time to time with the approval of the Com¬
value of the
company's property for rate making purposes should not be set at
more than $55,000,000 and that a rate of return of 7% should be allowed.
The fair return on the company's investment is fixed at $3,850,000, which
would permit a gas rate of $1 12 per 1,000 cu. ft.
The company is contend¬
ing for a rate of $1 40 and asks that the valuation figure be fixed at $114,226,195 and that 8% rate of return be allowed.—V. Ill, p. 1285.
which
$22,000,000 over 1919. Sales
$51,817,000, compared with
2663: V. Ill, p. 1957, 699.
An initial quarterly dividend of 1)4% has been declared on
ing $4,000,000 Common stock, par $100, payable Dec. 31
record Dec. 15.—V. 109, p. 2362.
fran¬
chises, special reserve and good will.—V.
Cleveland.—Earnings.—
Co.,
ending Aug. 31 1920 totaled $75,952,000,
$36,992,000 in 1919.—V. 110, p.
the book value of its stock will be higher than that
for 1919, which was
£19,053,906.—V. Ill, p. 1478, 1089.
Sales for the fiscal year
made.
10 has been adjourned to
Trading Co., Ltd.—Listing.—
the amount listed to
A physical inventory is taken and an audit is made by public
at the end of each year to determine the earnings of the corporation
dividend, usually due Nov. 1,
outstanding 375,000 Ordinary shares, par £5, owing to strikes, which
operations for over two months.
Div. record since 1907 (%):
May '20. '19. '18. '17. '16. '15. '14. '13. '12. '11. '10. '09, '08. '07.
Perct.
20
40
75
100 75
55
35
75
90 52
50
60 55 8714
A dividend of 2)4% was paid on the Preference shares Nov. 1 last.
on
maturing Dec. 15, and sight drafts deposited with banks for collection, was
$2,225,571.
Of this sum the sight drafts amounted to only $125,387 03.
To date the corporation has purchased on the open market and deposited
with the trustee $430,300 par value of its $5,000,000 ten-year gold notes
which the loan
$230,018
$191
$230,209
Increase
—V.
are
properly protect the principal in the business.
During this depression the Peerless Truck & Motor Corp. and its sub¬
sidiaries have continued to discount purchase invoices and have not found
it necessary to use trade acceptances or borrow money from the banks.
On Oct. 31 the consolidated balance in cash, U. S. Treasury certificates
Corporation, Denver and Tulsa.
Descriptive Report—Earnings.—
cited in the "Chronicle" of Nov.
& Motor
The directors Nov. 22 declared
cents
Producers & Refiners
—Full
2049
Jersey.—To Increase Common
Value.—The following statement was
Standard Oil Co. of New
Stock and Reduce Par
given out on Nov. 24:
2146
THE
CHRONICLE
The directors at a special
meeting held this afternoon voted to submit
to the stockholders for their approval a
proposal to authorize an increase in
their Common stock of $10,000,000,
making the total $110,000,000, and
to
change the par value of the Common stock from $100 a share to $25 a
There will be no change in the $200,000,000
7% Preferred stock.
The proposed increase in the authorized issue of Common
stock and the
share.
reduction in the par value thereof
are for the purpose of
making effective
plan long under consideration to enable employees, with assistance from
to acquire an interest therein.
The plan includes all em¬
ployees who have been for one year actively engaged in the conduct of the
company's business.
"A special meeting of the stockholders has been called for Dec.
20 1920
at'Bayonne, N. J."—V. Ill, p. 2069.
a
the company,
Lar
rge
only enough to cover the larger wages and the war and revenue taxes.
Retail prices can be reduced when taxes are reduced.
Our business has
in volume and our profits come from the larger turnover.
"The 112,000,000 people in this country will not remain long in a condi¬
tion of depression.
There never was a period of prolonged depression in
this country unless it was caused by the dumping here of foreign-made
articles.
Such a thing is not possible now in any business, and particularly
not in tobacco."—V. Ill, p. 2050, 1958.
.
.
grown
..
United
Stock Increase by Subsidiary- Financial Statement.
2049.
p.
Standard Oil Co.
of Ohio
Victor Rubber Co.—Dividend Deferred.—
The quarterly dividend usually
-Extra Dividend.-
payable Dec. 15.
Speedometer Corp.—Financial Data.
Income Account
Provision for Federal income tax
Dividends
1919.
The
1918.
$2,598,741
250,000
surplus
Previous surplus
Less adjustment of depreciation
$1,583,156
94,800
$591,426
7,514,455
88,445
$1,748,741
6,382,767
$8,131,508
$6,494,572
$
3,819,704
Pat'ts, trade mks.,
9,171,458
&c
1,928,029
Inventory (at cost) 3,156,658
Acc'ts receiv., &c. 2,469,057
Cash
431,835
Investments
Pref. stock in treas.
2,852,491
1920.
Liabilities—
$
stock..*11,694,389
Preferred
stock.
136,206
Total (each side)21,136,609
Represents 449,887 shares of no par value.
no
par
1,000,000
294,680
136,662
16,043
398,744
8,131,508
a
Superior Oil Corp.—Dividend.—
The directors have declared
a dividend of 50c. a share, payable Dec. 20
7, 35c. thereof being payable out of surplus earn¬
ings and the remaining 15c. being a distribution out of surplus, and or that
portion of capital represented by prior earnings heretofore set aside as a
reserve for depletion, concerning which subsequent advice will be given.—
Ill, p. 1668.
Co.—Status.—Returning from an inspection of the
company's properties, director John J. Mitchell, of Chicago,
is quoted as sa ymg:
financi
Its 1,800 producing wells have a daily production in this country of 60,000
bbls., and in addition Texas Co. buys 40,000 bbls. daily.
The company's
Abrams well in West Columbia field, Texas, is the "ace" of wells, having
produced nearly $6,000,000 worth of oil in the last four months."
The Boston News Bureau adds: "Texas Co. has had unusually good
success in its drilling operations, notably in West Columbia field.
It has
brought up the shipments from its Mexican properties to about 40,000 bbls.
daily, against about 25 000 bbls. earlier in the year.
Combined production
in United States and Mexico is in excess of 100,000 bbls. daily.
Its second
well in the West Columbia district of Texas
as
on
the famous Abrams lease,
Abrams No.
2, is flowing between 4,200 and 1,400 bbls. daily.
1, probably the mosUyaluable ever completed, is producing
No.
between 3,500 and 4,000 bbls. daily.
Hogg No. 49, another offset, was
completed a few weeks ago, and is now producing about 20,000 bbls. daily."
—V. Ill, p. 2050, 1480.
<5
Todd Shipyards
Corporation.—Quarterly Dividend.—
A quarterly dividend of $2 per share has been declared on the 232,000
shares of Capital stock, no par value, payable Dec.20 to holders of record
Dec. 1.
In Sept. last a quarterly dividend of $1.75 per share was paid, in
an extra dividend of $2.25 per share; this
compares with extras
paid in March and June last.—V. Ill, p. 1480, 1190.
addition to
of $1.25
Underwood Typewriter Co .-Connecticut Tax Law
Upheld
The U. S. Supreme Court on Nov. 15 affirmed a decision of the lower
in a case brought by the company against F. C. Chamberlain, Treas¬
urer of the State of Connecticut,
involving validity of a section of the
Connecticut State law imposing a tax on foreign corporation
court
doing business
in that
The decision upholds the validity of the Connecticut tax
case was brought and sustains the
system of apportion¬
State.
law under which the
ment
provided by the law.—V. 114, p. 2050.
Union Cotton Mfg.
Whelan, in
Retail
a
Stores
Corp.—Status.—Pres. George J.
statement dated Nov. 21, says in substance:
All the tobacco companies with which my friends and I are identified are
Their earnings are large and there is no reason why
in excellent condition.
dividends should not be continued.
less of what happens in
These companies will prosper regard¬
other industries, for there is special reason.
I feel
that we should express this opinion publicly, because the disturbance in the
stock market has worried our shareholders and caused many inquiries.
"The tobacco business is just entering a three-year period of greatest
prosperity.
To preserve the flavors of brands we have to use the merged
crops of several years in current production.
Because of that we do not
f;et immediate
benefityears
of low
formarket.
the leaf.
period of three
on prices
a falling
But we do get the benefit
For that reason we did not
get as much profit from the war business as did other industries.
We have
now entered a period in which we shall get our share and it must last for
years to come.
"These large earnings are not the result of increased prices, for we have
not really increased prices over the level of 1914.
They have advanced
or a
I1
1346.
was
President Newcomb Carlton stated:
Department has interfered arbitrarily with the progress of
the cable was laid they, the
We have made diligent inquiry during
the last eight months to ascertain what objection there was to our pro¬
ceeding with this work and have made repeated remonstrances to the State
Department.
We were promised that the matter would be cleared up.
To-day we are as completely in the dark as we were eight months ago.
"It is because of this action that we are now seeking the protection of
Navy Department, would cut it.
the courts In
of the
an
effort to ascertain whether autorcatic methods can be used
the needed extension of telegraph system to meet the demand
public."—V. Ill, p. 2050.
Williams Tool
Corp.—Initial Common Dividend.—
An initial dividend of 50 cents per share
ing Common stock,
no par
Dec.
Ill, p.
1920.—V.
20
Willys-Overland
has been declared on the outstand¬
value, payable Jan. 2 1921 to holders of recod,
1958.
Co.—Resumes
The company on or about Nov. 18
have resumed work in the parts
Woods
Operations.—
announced that approximately 2,000
department.—V. Ill, p. 1958, 1668.
men
Manufacturing Co., Ltd.—Cash Bonus of 5%.—■
A cash bonus of 5% has been declared on the Common stock, in addition
to the
regular quarterly dividend of 2%, both payable Dec. 1 to holders of
record Nov. 25.
In Dec. 1918 and Dec. 1919, cash bonuses of 5% each
were paid.—V. 110, p. 2664.
Young, Smyth, Field & Co., Philadelphia.—Plan.—
A creditors' committee formed to assist the company during the present
general financial stress, is inviting creditors to join in a plan for extending
this company's indebtedness.
A circular says that the extension will
become effective when so declared by the uanimous vote of the creditors'
commitee, and It will "extend to June 30 1922 unless terminated eariier
by the commitee"; on March 15 1921, and not less often than quarterly
thereafter, such payment shall be made on account of liquidation of creditors
claims as may be fixed by the committee.
The committee is to regulate
and control the business during the extension.
Financial
Statement of Oct.
31 Accompanying Plan of Ceditors'
Merchandise
Bills & accounts receiv.
$175,840
3,194,169
2,797,856
Acounts payable
Export bills sold, see
tra
Prepaid & deferred items
19,281
Export bills sold (contra). 1,270,000 Mortgage on real
Real estate, &c. (appraised
Capital stock
at $814,374).
555,814 Surplus
Sinking fund
Committee
Current liabilities ($4,296,556)—
Bills payable
$1,480,022
($6,187,148)—
Current assets
2,816,533
con¬
aboutl ,270,000
etate..
180,000
2,000,000
1,285,673
19,266
Good wilt and other intan¬
Total each side
1,000,000
gible assets
$9,032,229
Creditors' Committee.—William
A. Law, Pres. First Nat'l Bank, Phila*
Sullivan, of law firm of Sullivan & Co., Phila., Sec.:
G. E. Gregory, V.-Pres. National City Bank of N. Y.; Frank C. Chamber¬
lain, of William Whitman & Co., Boston; C. Buheler, of Peirls, Buheler &
Co., N. Y.; William B. Markill, of Bliss-Fabyan & Co., N. Y.; and James L.
Wilson, of James L. Wilson Sons & Co., Philadelphia.
"Philadelphia News Bureau" Nov. 20 said: "One of the chief causes of the
Chairman; Albert J.
present difficulty was the state of the export business with Cuba and South
American countries, where moratorium had brought about repudiation of
drafts and cancellations of orders and fall in the rate of exchange had made
the situation troublesome.
This
was
in addition to depression in
business
and tight money in this country.
1
"The business, one of the oldest of its kind in this
city, dates back almost
sixty years.
The present firm was chartered under Pennsylvania laws in
1901 with an authorized capital, consisting of $1,000,000 Pref. and $1,000,000 Com. stock, the latter issued against good will.
To take care of its
foreign business a separate department known as the Smythfield Export Co.
was organized in 1917.
Officers.—Calvin M. Smith, Pres.; Isaac S. Smyth, V.-Pres. & Treas.;
William M. Field, V.-Pres., and Gilbert Smyth, Sec.
Zellerbach Paper Co.—Purchase.—
This company and associated interests have invested $1,500,000 in the
Washington Pulp & Paper Corp. of Port Angeles, Wash., it is announced,
in order to meet the increasing demand for newsprint paper.
The Port
Angeles plant is in operation and the paper plant, with a rated annual
capacity of 16,500 tons of newsprint, will be placed in operation Dec. 1.—
San Fran. News Bureau," Nov. 18.—V. 110, p. 1096. 475.
Co.—Officers—Directors.—
Benjamin G. Shove has been elected Treasurer, succeeding Thomas E.
Brayton, who will remain as a director.
William L. S. Brayton has been
added to the board.—V. Ill, p. 500.
United
p.
the work by force of arms and stated that if
Cash
Texas
Abrams
Co.—V. 100,
was
to holders of record Dec.
known
Co.—To Pay Notes.—
on Nov. 24 that he had revoked per¬
lay certain cable at Miami, Fla.
No
given.
The company on Nov. 22 filed suit in the District of Columbia Supreme
Court against Secretary of the Navy Daniels for an injunction to prevent
him from interfering with the construction or the laying of a cable at Miami,
Fla.
The corporation insists it has right to land the cable under the Act
of Congress of 1866 and also by virtue of a permit granted by the Secretary
having been
continually—we have now over 4,400.
"We are about to place on the market three new Stewart accessories.
We
believe they will be very popular and will add greatly to our sales during the
coming year.
These new accessories will be shown at the New York and
Chicago automobile shows.
"We are convinced that the automobile business for 1921 will be highly
satisfactory.
While at the moment the automobile business is not as great
as some think it should be, we must bear In mind that the total business for
the year 1920 has been greater than any year in the history of the industry."
—V. Ill, p. 2050.
The
the
196.
on
to prevent
19,977,637
block of 60,000 of the new shares
was offered in exchange, share for share, for the stock of the allied Steward
Mfg. Co.
President C. B. Smith, in letter to stockholders, says: "The corporation
Pref. stock; no borrowed money; it has erected
y
large additions to the jlant that are now nearing completion, and upon
ch approximately $ ^,000,000 has been spent this year.
which
It has never
The list of stockholders is growing
missed a dividend since its organization.
V.
1
p.
"The Navy
10,000,000
On Nov. 14 1919 it
value, and in July 1920 the authorized stock
further increased to 600,000 shares,
Dec.
Telegraph Co.—Cable Permit Rescinded.
explanation for his action
voted to change the common stock from $10,000,000, par $100, to 400,000
shares of
be paid
informed that the $580,000 5% Collateral Trust notes due Dec.
are
Western Union
1919.
$
Common
Accts. payable, &c.
566,073
9,140,208 Accrued taxes, &c.
208,042
1,022,254 Excise tax
21,326
3,240,124 Income and excess
2,003,566
629,342
profits tax..__.
582,788 Surplus
8,017,436
1,000,000
159.867
Prepaid lnsur., &c.
We
dividend
of War under the law.
Balance Sheet Sept. 30.
$
Assets—
no
textile depression.—V. Ill,
Secretary of War Baker announced
deducting all operating expenses, also adequate provision for depreciation
and for discounts and losses on doubtful accounts.
Real estate, bldgs.,
mach. & equip..
that
decided
Westchester Lighting
$1,038,356
5,456,215
1920 the net profits were $729,304;
second quarter $740,843; third quarter $801,279.
The net profits for the 9 months ended Sept. 30 1920 are shown after
1919.
have
mission granted to the company to
Unappropriated surplus__....._.;_$8,017,436
,
Boylston Mfg. Co.—No Common Dividend.—
directors
will be paid off at maturity at Columbia Trust
For the first quarter ended March 31
1920.
Quarterly dividends of 75 cents per share have been paid
Common stock, owing, it is said, to
($3)1,200,000(6%)600,000 (4^)450.000
Balance,
x
West
for Nine Months ending Sept. 30.
1920.
.—$2,271,426
480,000
on
Earnings for 9 months ending Sept. 30 1920 were $105,624 before Federal
income and war tax, but after deducting all other reserves for depreciation
and bad debts.—V. 103, p. 330.
since January last.—V. Ill', p. 395.
'
15, has been deferred
payable Nov.
the Common stock.
on
Stewart-Warner
Co.—Decision.—
the Common shares, in order, it is said, to conserve cash resources.
The
regular quarterly dividend of 1 % % on the Pref. stock has been declared
paid quarterly
9 Mos. ending Sept. 30—
Net profits
States Envelope
The Maine law court in the case of Carrie M. 8tone, against the company
has sustained a bill to restrain the corporation from offering new Common
stock to Preferred stockholders at less than market value.—V. 110, p. 2200
Standard Oil Co. of Louisiana under " Financial
Reports" on a pre-
ceding page.—V. Ill,
[Vol. 111.
CURREN T
—The
Coal
&
Iron
National
Transfer Agent of the Pref.
Bank
NO TIC E S
of New York has
been'
appointed
and Com. stock of the United States Record
Mfg. Corp., manufacturers of phonograph records.
—The
$150,000
Empire Trust Co. has been designated
par
as
trustee for an issue
1923.
—The Chase National Bank has been appointed Registrar for
can
Motor
of
value of 8% 3-year convertible notes of Burknett Van Cleave
Oil Co., dated Sept.l 1920, due Sept. 1
Body Co. Class "A" stock,
the Ameri¬
and also Tobacco Products scrip
dividend, Series BB.
;—The Central Union Trust Co. of New York has been appointed Regis¬
trar of Utica Gas &
Electric Co. Pref.
—The United States
and Com. stock.
Mortgage & Trust Co. has been appointed Registrar
of the Pref. and Com. stock of the Morris Metal Products
-Edw. F. Coombs,
Corporation.
formerly of E. F. Coombs & Co., New York, has
become associated with Prince &
Whitely in their bond department.
Nov. 27
1920.]
CHRONICLE
THE
cepted
$hje
'Qxmzs.
ing.
3147
reduction in wages in order to keep the mills work¬
a
Eighty
of
cent
per
mills of the
COMMERCIAL EPITOME
New
The silent revolt
the United States
October of $2 02.
closed
York, Friday Night, Nov. 26 1920.
of
the great
bulk of the population of
against high retail prices continues, and
it has been aided at the West by mild weather and the oc¬
of
currence
25.
national
a
In other
dull.
If
holiday, Thanksgiving Day,
on
Nov.
words, retail trade throughout the country is
it is
the purpose
of retailers to stave off a sharp
reduction in prices until after the Christmas holidays they
may find themselves hoist with their own petard.
Bankers
agree that the
declines at wholesale should be passed on to
the people by
the retailers, who should take their medicine
the wholesalers have had to do.
Retailers cannot eat
as
their cake and have it too.
sale
prices
full
or
to
be
double measure,
playing the
certainly
the
sometimes with what
And
asserted
was
than
double
game
when it is going the people's way.
more
will
they balk
now
Retailers will simply have
do.
not
measure.
at
This
to face
music and
give the people a square deal, or it will be
for them in the end through carrying over burden¬
worse
stocks into
some
look
the
almost
another
slightly.
costs
retailers
Some
archaic.
majority have not
at
season
which
have
then
may
cut
prices, but
have done so only partially and
or
The people are sick of war prices, war taxes, war
burdens
of all
make an end of them.
They can deal with war prices by refusing to buy and with
the
other
intolerable
burdens
by legislation.
Farmers'
and mean to
sorts,
prices for wheat, corn,
have
lowest
some cases
the
out
other grain,
undergone drastic declines,
the
are
oats and
25%.
15 to
They
and
in
Wages
years.
bitter
are
retailers
come
they
cases
been
cut
in
Unemployment is spreading through¬
the
over
continued
By abstention from buying they
living.
some
have
of the
It all reduces the buying power
country.
people.
four
in
cotton, etc.,
high
cost
of
Al¬
ready it is said that at the approaching session of Congress
some
250.000
time
to
will
Government clerks
the
scrape
be
discharged.
It is
barnacles from the Ship of State
war
Meanwhile
dustries
in the
wholesale
slow.
are
In
is also dull.
trade
some
All the
big in¬
of the big cities of the country
coming week large sales will be held by wholesalers
to clear off textile
supplies prior to the annual stock-taking.
Special sales held here and there have been at lower prices.
Collections
slow.
are
Unemployment is increasing
in tex¬
to
the
assets of
dising
North
in
Dakota
of farmers to meet'their notes.
Stock
A
and
in
decline
the
two in Illinois have
grain
and
failure
the
The English news is worse.
Exchange house has failed in Liverpool, and
cotton dealers
there
said to be
are
some
Lancashire
in trouble.
spinners are to consider the question next week of reducing
their
use
of American
of
weeks
cotton, as they have been for some
Lancashire's trade is in
Egyptian.
Dry goods in this country
delphia
was
Wheat
cents per
barrel,
and cotton
and zinc
raw
reported
fallen
has
sugar to
Field
levels and
wheat
cents
per
Corn and oats
pound.
and
hogs are the
the
week.
flour 75
are
at pre-war
lowest since early
point only about 3 cents above the
tendency
in
bushel,
per
per barrel,
bale, and iron, steel, copper, lead
Refined sugar is down to 8%c. and
1917 before this country went to war.
a
early
bad way.
a
in
Cotton has reached
pre-war
levels.
is for pig iron production to decrease.
The
In other
words, the number of idle furnaces, both North and South,
is
increasing.
One large independent steel concern is pro¬
ducing only half its normal output.
On the other hand, the
supply of labor is gradually increasing by immigration and
Some negroes are returning to the South.
unemployment.
Most
of
the
shut down
hardwood
mills at the
by the middle of next month.
have been cut almost in
were
at
South
one
time.
half,
are
expected to
Hardwood prices
as compared
with what they
In the foreign wool auctions 50 to 65%
of the offerings have had to be withdrawn.
The tendency
of commodity prices generally
is downward.
On the other hand, the stock market has been
a
little less
though still depressed.
After the recent storm of
liquidation and falling prices the commercial community is
glad to see that the outlook is brighter, that declines are
smaller, and rallies more frequent.
Money fell at one time
gloomy,
early in the week to as low as
no
more
At one time, too, foreign exchange had
plentiful.
sharp
upturn,
later.
But
a
5%, and has generally been
higher than 6%, while time money has been somewhat
on
though
it
is
true
there was
a
a
reaction
the whole merchants are gratified to notice
change for the better in the financial situation.
Curtailment in Rhode Island textile mills is estimated at
Oakland, California, cotton
10%. Some mills at Mobile. Ala., have
short time, owing to dulness of trade. Three Fall
50%, with 10,000 workers idle.
mills have cut wages
gone
on
River cotton mills closed
down last Wednesday indefinitely.
Operatives in cotton mills at McKinney, Texas, have ac¬
of relief
profit taxes.
Co.
which
decided
creditors
were
to
grant the
of
the
extension
Young-Smyth-
which
that
dry
goods and notions house had requested.
The Federated Dress Industries of
America, assembled at
Atlantic City, puts the blame for slow
buying by producers
of women's apparel on the failure of retailers to do their
part in reducing prices.
At Woonsocket, R. I., the American
Wringer Works have closed until Dec. 6 because of dulness.
A decline of lc.
to 5c. per lb.
in the wholesale beef price is
reported by the Federal Bureau of Markets.
ists
in
United
the
States,
500,000, have voted for
restrictions
representing
Labor union¬
membership
of
calling for the removal of
a program
trade with
on
mercial relations with the
Russia
and
a
the
opening of
Lenine-Trotzky regime.
com¬
Yet that
coterie, it is said, openly laughs at the sanctity of treaties
and presumably other obligations.
Hogs are at the lowest since 1916 in Chicago and Buffalo.
Bread has been cut 20% at
Youngstown, Ohio. The size of
10% at Ogden, Utah, and the price
the loaf will be increased
remain
the
Toledo
same.
price of the loaf.
dent Menocal
ing
had
embargo
an
bakers
twice
have
reduced
the
Havana reports have had it that Presi¬
virtually decided to issue
the
on
from last year's crop.
exportation of all
decree plac¬
a
sugar
held
over
This, however, has been denied.
Nicaragua fears the consequences of the low prices of cof¬
Spanish strikers have in some cases returned to work
fee.
in defiance
nounced
shown
as
of
the
wishes of their
leaders, whom they de¬
Some workers in this country have
syndicalists.
similarly independent spirit.
In Portland, Ore.,
out of work.
Increasing unemployment is re¬
ported in the silk industry in Switzerland.
British textile
a
men are
unions have postponed the demand for higher wages,
the stagnation of business.
The matter is likely
to
deferred until
that
next
February, if not later.
maintaining present
attempting
with
ness
anything
wages
America.
A
a
It would
seem
big enough task without
chimerical
so
a
is
owing
to be
as
actually advancing
It is said that the British crude
crisis, owing to the dulness of busi¬
curtailment
of
the
output of 25%
has not proved
effective, and a complete stoppage of it is
being considered.
In spite of the revelations in regard to
building operations in this city of late, it is said, strange as
that there has been no decline in the price of
building material and that bricks have actually been put
it may sound,
up
$1
per
thousand.
*
More than 11,000 steerage passengers arrived at the port
firm in Phila¬
per
all lower.
4%c.
failed
20
week
a yarn
10 cents per bushel, pork $1
$4 to $8 50
are
dull and
have
to
this
rye
are
measures
excess
$6,000,000. Later Philadelphia banks and merchan¬
houses
Some 13
of
and
plans for
assisting the corporation to liquidate its indebtedness. Lia¬
bilities are placed at about $4,000,000,
against approximate
rubber market faces
banks
income
are hard and the people are sick of war taxes.
Creditors of the Young, Smyth, Field
Co., Inc., wholesale
dealers in dry goods, Philadelphia, conferred on
the wage scale anywhere.
because
In New York
decline in wages in
A cotton oil mill at Memphis, Tenn., has
An effort will be made during
tiles, iron, steel, lumber, automobile and similar industries.
failed
idle.
average
coming session of Congress to have
7,000
and it will be done.
an
Times
and will make
can
to their senses and do the decent thing.
was
operatives in the silk
are
account of dulness.
on
adopted in regard
They passed advances in whole¬
to the people during the war and since with
on
the
the 25,000
Scranton, Pa., district
State cotton mills there
of
New
been
York
last
week.
Passage for great
engaged
a year
ahead.
closed for the
season
when fleets
their home ports or pass
cious
stones
tober showed
to
a
the
now
in transit have reached
out of the canal.
United
States
through
big decrease, i.e., the total
933 against Over $1,000,000 in September.
months
throngs had
The State Barge Canal will be
Exports of
pre¬
London in
Oc¬
was
only $307,-
The total for 10
ending Oct. 31 is approximately $21,000,000 against
$37,000,000 during the same period last year.
The London
"Labor Gazette" states that during October unemployment
3/10%, rising from 274,000 to 500,000
addition, a large number of workers are on
short time.
Wages increased £118,000, more than 780,000
workers being benefited.
The cost of living increased 12%
rose
from 2 2/10 to 5
persons.
In
during October.
quiet; prime Western, 20.40@20.50c.; refined to
22%c.; South American, 23c.; Brazil in
kegs, 24c.
Futures declined with grain and stocks early in
the week, and also a bad break in hogs—75 to 80c. in one
day—with
increasing receipts.
Outsiders ignored lard.
Packers bought moderately on the declines.
But later
came a rise.
N< vember ran up 82 points on the 24th inst.
on a demand from shorts, making an advance from the "low"
of the 22d inst. of 140 points.
The market had plainly
become oversold, so that a fall in stocks and grain was
ignored in the later business.
Cash trade has been poor.
Last week's shipments of lard were 11,026,000 against
8,283,000 a week ago and 15,781,000 last year.
Canned
meat shipments were 29,361 against 20,805 the previous
week and 34,285 last year.
Shipments of cured and fresh
meats from Chicago were 53,256,000 against 46,607,000 the
previous week and 103,985 a year ago.
Chicago wired Nov.
23 that pre-war prices for live hogs became general through¬
out the United States on big receipts.
Chicago closed then
at the bottom figures of the day, the lowest since Dec. 16
1914, and at an average drop of SI.
The practical top at
the finish was $10, whereas on July 311919 hogs commanded
$23 60, the pinnacle record.
Five years before the current
LARD
the
Continent,
were at the lowest price in four years
grades sold at $10 50 to $11 50.
On the
23d inst. prices advanced on buying by shorts and packers.
On the 24th inst. prices held very steady, despite a bad
break in wheat.
To-day prices showed little change.
They
price was $8 15.
in Buffalo.
Best
Hogs
end lower for the week.
DAILY
CLOSING
PRICES
cts_14.77
14.22
PORK lower;
LARD
Mon.
14.17
13.57
FUTURES
Wed.
Tues.
14.00
14.00
14.52
14.10
IN
Holiday.
on
of
last
*
(September
8.33<
>8.35
8.53 < >8.55
centrifugal 96 degrees test Cuban and
Porto Rican 5.76c.
Refined, granulated 8.75@9c.
Fu¬
tures though quiet advanced a little on covering coincident
with rumors that an embargo may be put on the exports
of sugar from Cuba.
Some pooh-poohed the embargo talk
however.
Holding back possibly 300,000 tons would be a
carry-over that would only add to next season's supply and
perhaps prove a veritable boomerang.
Prompt Cuba sold
at 4%c. cost and freight; Java centrifugal was 4 He.
Re¬
fined has been dull.
What will rouse the sugar trade from
its lethargy?
That is, indeed, a conundrum.
Some of the
smaller jobbers are said to have been repudiating their
contracts.
Cable advices received early in the week by one
of the largest sugar producers here tended to confirm Havana
dispatches to the press that President Menocal has decided
to lay an embargo on exports of the unsold balance of the
1919-1920 Cuban sugar crop.
But one later cable said:
"The statement in New York newspapers regarding an
embargo on Cuban sugar exports are absolutely without
foundation.
Some sugar holders are tryirg to have the
Government establish a selling committee."
To-day futures
advanced somewhat and end a little higher for the week on
covering of shorts.
There is an idea that remedial measures
of some sort are likely to be adopted for the benefit of the
Cuban Sugar trade.
And in any case, the price is so low that
the selling for short account is less oppressive.
November
lower;
5.30®>5.40l January
December _._5.30@5.401 February
I March
5.27<®5.301 May
5.27(5^5.30 July
■_
&
5.40O>5.41
5.50@5.55
5-275.301
.
3 48
homa
$3 00
3 00
2 75
Moran
...
Henrietta
Okla¬
14.50
14.12
due to general financial conditions.
Yet the low point for
coffee, some think, can hardly be much below prevailing
prices, especially considering the estimates of the next crop.
To-day prices advanced on covering of shorts and other buy¬
ing at these relatively low prices.
They end higher for the
,7.98@8.00| July
Kansas
Electra
coffee permanently to brace up its prices and weakness in
that quarter at times has accentuated the declining tendency
week.
4 50
2 60
3 63
Some think that Brazil has not marketed sufficient
SUGAR
above
-
Lima
and buying later months.
A rise in
a steadying effect at one time; also
so did some advance in Santos.
But of aggressive bull specu¬
lation, even at these prices, there has been no sign.
Still,
a rise took place later.
Interior roasters were reported to
be buying cost-and-freight coffee.
Santos, moreover, was
again reported higher.
December here was noticeably
7.59@7.60|
Plymouth
South
Switching is still largely the watchword,
6.98 @ 7.001 May.
deg.
Illinois
Corsicana, light
Corsicana, heavy.
the spot lower; No. 7 Rio, 6He.; No. 4 San¬
March.
and
32
Princeton..
4 05
$30@$31;
December
Somerset,
$3 83 Strawn
3 77 Thrall...
3 77 Healdton
Indiana
3 73
i. e., selling December
stocks and cotton had
firmer.
4 25
4 46
Lima
Fu¬
low
But Brazilian receipts have much exceeded those
year.
$6 10
Cabell
Wooster
tos, 9% @10 He d fair to good Cucuta, 11H @11 He.
tures fluctuated within narrow limits at the present
prices.
Pennsylvania
Corulng
North
closed at $22 30
COFFEE
noted in Kansas, amounting to
Fri.
CHICAGO.
Thurs.
family $44@$49; January
a decline for the week of $1.
Beef quiet;
mess $19 @$20;
packet $21 @$23; family $26@$28; extra
India mess $44@$46.
No. 1 canned roast beef $3 25; No.
2 $8 25.
Cut meats lower; pickled hams
10 to 20 lbs.
21%@22%c.; pickled bellies 25@27c..
Butter creamery
extras
65H@66c.
Cheese
flats 20@29e.
Eggs
fresh
gathered extras 86@88c.
mess
Further gains were
bbls.
3,000 bbls. daily for the week.
Ragland
OF
Sat.
January delivery
May delivery
[VOL. 111.
CHRONICLE
THE
2148
3 50 Caddo, La., light.
3 00 Caddo, crude
1 75
De
Soto
.....
3 00
3 00
3 25
2 50
3 40
3 50
RUBBER in London has been depressed and factory and
general speculative interests are out of the market.
Prices
remained steady here, however, at 19c. for smoked ribbed
sheets, 20 He. for plantation, first latex crepe, 16e. for brown
crepe, thin clean.
Para upriver, fine, 20H@21c., a decline
of 2 to 2He. for the week.
Mail advices as to the situation
in London were pessimistic.
Stocks are large in England,
and it is said that by the end of the year they will be well over
45,000 tons.I The absence of American purchases in that
country
|had a depressing effect on the London market.
OCEAN
FREIGHTS have been dull, plantiful and de¬
clining.
Vexatious delays, to make matters worse, are
reported at. many American ports.
This looks to the last
degree stupid at a time like this.
Advices from Portland,
Ore., say British vessels are carrying wheat to Europe for
$18 a ton, while Shipping Board steamers have been tied
up for lack of business because the Board holds out for a
rate of $20 or $21 on grain to the United Kingdom and Con¬
tinent, respectively.
Charters included 30,000 quarters grain from Atlantic range to west
13 shillings, December; 20,000 quarters from a Gulf port to west
Italy
Italy
Mediterranean
and east and west coast of Italy, 16s. 6d., Dec. 20; coal from Atlantic range
to Rotterdam, 88 25, November; option Antwerp, 88 50, or French Atlantic
port, $9, November; to River Plate, 75s., December; to Malmo, $10 25,
November-December; manganese ore from Bombay to a north Atlantic
at
at 15s.
6d., December; 34,000 quarters from a Gulf port to
Eort,
United
80s.,
less 5%
grain from
Plate
to
Kingdom
or December-January;
Continent, $11 25, prompt;
coalupper
from River
Atlantic
range
Antwerp or Rotterdam, $7 75; French Atlantic port, $8 25, prompt; to
Italy, $10; lumber from a Gulf port to Trinidad, $21; coal from a
Virginia port to Martinique, $8; 24,000 quarters grain from Atlantic range
to Lisbon, 6d., December; to Genoa, 13s., December; 22,000 quarters to
west Italy, 18s., December; coal from Atlantic range to French Atlantic
to
west
port, $8 25, prompt; to French Atlantic port, $10, prompt; to
$12, November-December; to Greece, $12, November.
Malmo,
TOBACCO has remained quiet.
To say that buyers are
extremely cautious only expresses the fact that stares every¬
body in the face.
Desirable old tobacco may not be as
plentiful as it might but neither are buyers.
The downward
drift of prices for general merchandise has of course not es¬
caped the notice of tobacco buyers and manufacturers and
they evidently see no reason for a complete immunity^ of
tobacco from the prevailing tendency.
They^ are taking
only small quantities and are playing a waiting game.
Holders console themselves with the thought that perhaps
business will improve with the opening of the new year.
Meantime prices are called barely steady.
COPPER
dull
lower.
Electrolytic 14H@14He.
nearby deliveries were obtainable
at 14c.
This is the lowest price quoted since 1915 when it
was
13.64c.
And it is said that for some companies 15c.
is under the cost of production.
Consumers are holding
aloof and it is stated will not erlter the market until they are
And it
certain
was
even
that
and
said that
rock
bottom
has
been
reached.
One
dealer
expressed the opinion that he would not be surprised to see
prices touch between 13 and 14 cents before the end of the
year.
-
TIN
quiet and lower.
Stocks are large.
Spot 36 M
@36He.
Lead dull and depressed; spot New York 5H@6c.
Zinc declined to the lowest price seen in six years i. e. 6@
@6He. spot New York.
Spot St. Louis was quoted at
5H cents.
The weakness is attributed to the absence of
demand from the automobile trade and consumers generally.
PIG
IRON
has
dull and depressed
Some more
just blown out.
At Birmingham the
been
OIL.—Linseed dull and lower; nominal 79@80c. for car¬
loads
December 88 to 90c.; less than carloads
and 93 to
Southern stacks have
95c. for five barrels
Steel exporters
competition in foreign markets.
Germany,
France and Belgium are waking up.
This fact must be
reckoned with, to say nothing of the always formidable com¬
petition of Great Britain.
It has been reported that South
American buyers are dishonoring American bills, after ship¬
ments have been delivered..
Meantime, there is said to be
no actual scarcity of steel in the United States.
Naturally
this does not tend to stimulate buying.
There-was said at
one time to be a good demand for pipe in the Youngstown
district, and tin plate there is reported to be selling at $7 50
to $8 per base box, with the leading independent producer
in that section sold into next year, but later on steel was gen¬
erally dull and weak there.
But at Pittsburgh, sheets and
semi-finished material are lower.
The U. S. Steel Corpora¬
tion says that no changes are to be made under present con¬
ditions.
Independent reductions have been numerous.
Some think a wage reduction is needed.
China has sold
plates on the Pacific Coast at $4 96 below shipments from
here.
Rates on ship plates and other iron and steel products
shipped from New York and other Eastern ports through
the Panama Canal to the Pacific Coast on Shipping Board
vessels have been reduced about 25%.
less; Jan.-Aprn
78@80c. in carloads.
Ceylon barrels
15M@15Hc.; Cochin
15@15Hc.
Olive
lower at $2 85@$2 90.
Cod! domestic 82@85c.; Newfound¬
land 85@88c.
Lard special prime $1 50@$1 55.
Spirits
of turpentine $1 02. Common to good strained rosin $11 25.
or
jT PETROLEUM steady; refined in bbls. 24.50@25.50c.;
bulk 13.50@14.50c.; cases
26.50@27.50c.
Prices for gaso¬
unchanged, but the demand is said to be gradu¬
ally decreasing.
Steel bbls. were quoted at 33c.; wood bbls.
41c.; and gas machine 50c.
The Standard Oil Co. of Cal¬
ifornia reports that the production of crude oil from all
fields in that State reached a new high mark in Oct.
The
output totalled 305,102 bbls. daily, which is a small increase
over
Sept.
Shipments were in excess of production in
that State by almost 20,000 bbls. but were apparently above
normal.
Its stocks decreased 613,631 bbls. during the
month.
Its well drilling gained 474 as against 421 in Sept.
the greatest development since 1912.
The 47 wells complet¬
ed during the month yielded an initital daily production of
12,395 bbls.
Total crude oil stocks on Oct. 31 1920 were
given at 22,545,026 bbls. and the total shipments from the
fields during Oct. 10,071,783 bbls. The estimated output of
the Okla.-Kansas fields compiled from pipe line runs of the
major companies show a total daily average production of
396,000 bbls. for the second week of Nov.
Principal pools
line remain
Cushing-Yale 40,000 bbls., Hewitt-Healdon,
61,000 bbls.
In Kansas
Augusta-Eldorado, 44,300 bbls., Elbing-Peabody 32,600
reporting
were
59,300 bbls. and the Osage Nation
basis is
$38.
STEEL has remained dull and depressed.
must face keen
WOOL has been dull and weak.
In London last week
auction series closed with the best merinos 10% and other
merinos also crossbreds 20 to 25% lower.
Coarse greasy
crossbreds
offered
were
practically all withdrawn.
The total
during the series was 91,000 bales and withdrawals
Nov. 27 1920.]
CHRONICLE
THE
55,000 bales, largely consisting of crossbreds.
About
21,000 bales of free wools were offered during the series, but
were
barely 8,500 bales were sold.
The declines ranged from
15 to 30% for Capes, 20% for Puntas and 10 to 15% for
Falklands.
The next series will begin Dec. 7.
The British
Government has a stock of 2,638,000 bales.
At Brisbane,
Australia, on the 23rd inst., bidding was spiritless and
chiefly by Americans and Italians; 11,500 bales were offered
and 65% withdrawn.
Compared with Southern markets,
supermerino greasy was unchanged and medium fleece 15%
lower.
Supermerino pieces and bellies greasy, were steady.
Medium merino pieces greasy were rather lower.
Merino
lambs greasy stained pieces and locks sold well.
Other
offerings of scoured were withdrawn at prices much below
the appraisement values.
The offerings are said to have
been of disappointing quality.
The Continent bought the
most.
Cables from the Geelong wool sale in Australia on
the 24th inst., stated that the growers refused to cut prices
much on their choice wools and only 17 % of the wools were
offered.
There will be 20,000 bales offered at the sales in
Sydney next week.
'
Week ending Nov. 20 1920.
Galveston..
Texas
Egypt, Inc., Boston, has the
andria under date of Oct. 24:
Company
of
following by mail from Alex¬
Picking is Bearing completion, but the business transacted up country
Isjvery limited, as growers are not yet reconciled to letting go their cotton
at present prices.
Ginning, for the same reason, is progressing slowly.
Great
37,493
10,332
Other.
Total.
48,192
96,017
10,356
22,251
11,895
Mobile
4,743
29,163
3,925
__
Savannah
_.
49,573
35,841
800
4,725
4,650
4,650
3,050
3,050
65,264
6,957
51,730
4,896
2,599
Brunswick..
Charleston
.
Wilmington.
Norfolk
6,450
"499
""683
Boston
Baltimore
11
_
100
_
250
250
29,370
3,925
132,630
227,264
800
11,682
26,681
68,188
146,599
4,896
"3",000
5,599
30,650
30,650
500
17,561
33,149
499
6,130
683
4,088
119
21,990
3,130
100
349
1,246
2,029
5,029
Philadelphia
Los
14,167
199,527
1,154
51.579
17", 061
6,450
New York.
7,337
3,624
453
453
""936
Angeles
930
San Fran-
2,400
2,400
"8",106
Seattle
1,968
2,125
1,968
2,894
8,106
2,894
2,125
2,125
Tacoma..
Total
72,188
2,125
19,100 103,203 194,491
1919. 162,340
1918. 55.8751
639,083
269,344
706,832 1,615,259
54,714 121,683 338,737 1,037,076
177,933
730,228 1,945,273
24 359
182,946
420,845 1.344.912
45.212 125.44i
741,121
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.
26
Shipboard, Not Cleared for—
Britain. France.
at—
New
ending this evening the total receipts have reached
897,281
11
"is",667
Galveston
week
Total.
374,170
3,073
1,154
New Orleans
Nov.
For the
2,7091
Other.
PortNogalez
COTTON.
telegrams from the South to-night, is given below.
164,424
El Paso
On
Friday Night, Nov. 26 1920.
France.
358,687
8,395
112,007
San Antonio
Great
THE MOVEMENT OF THE CROP, as indicated by our
Britain.
City.
Houston
1920 to Nov. 26 1920.
Exported to—
Great
Britain. France.
Total
Commercial
CROP.—The
From Aug. 1
Exported to—
Exports
from—
Total
EGYPTIAN
3149
Orleans.
Savannah
Charleston..
46,728
7,253
22,000
_
Other
Coast¬
Cont't.
wise.
15,872
8,558
7,000
14,382
3,043
47.154
35,500
1,500
2,248
""360
"""200 ""600 '""500
ports*.
6
al ,400
______
New York *
5,000
_
5,000
19,925
15,267
90,995
247,377
338,517
132,559
240,350
9,913
67,305
21,528
58,128
300
"600
2,000
Stock.
500
1,500
848
Norfolk
Leaving
Total.
7,000 138,831
54,849
28,294
6,000
_
Mobile
Other
Germany.
1,900
12,000
219,756 bales, against 214,229 bales last week and 263,684
bales
the
previous
Total
making the total receipts since
week,
Total
Aug. 1 1920 2,479,202 bales, against 2,680,646 bales for the
period of 1919, showing
same
of 201,444
decrease since Aug. 1 1920
Receipts at—
1
@FedFRASER