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jinantial
INCLUDING
sank & Quotation Section
Railway Earninirs Section
VOL. 109.
liraturte
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Sectiol
State and City Section
SATURDAY, NOVEMBER 29, 1919
The Thronirle
NO. 2840
Week ending November 22.
Clearings at
-
PUBLISHED WEEKLY.
1919.
Terms of Subscription-Payable in Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 50
European Subscription six months (including postage)
7 75
Canadian Subscription (including postage)
$11 50
NOTICE.
-On account of the fluctuations in the rates of exchange,
remittances for European subscriptions and advertisements must be made
in New York funds.
Subscription includes following Supplements
BANE AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(semi-annually)
RAILWAY EARNINGS(monthly)
ELECTRIC RAILWAY (semi-annually)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
1918.
Inc. or ,
1 Dec. I
1917.
I
1916.
$
$
1 7. 1
$
I
$
666,272,5211 568,776,7171 +17.1 492,564,002 463,852,197
87,389,935, 64,698,540, +4.2
41,078,446
36,574,032
121,939,5281 97,281.710 +25.3' 88,691,692
63,025,009
117,000,000: 87,081,747, +34.4
54,244,102
55,520.500
31,010,275; 32,063,6511 -3.3' 26,726,898
23,920,515
17,681.0001
13,647,000 +22.2: 13,331,000
12,371,483
13,806,400! 11,583.000 +19.2,
9,217,100
9,439,100
15,940,364! 13.909,398 +14.6, 10,866,8811
10,693,095
5,461,8301
5,892,601, -7.31
3,850,000,
5,300,000
7,121,503,
5,947,178 +19.7
5.057,350
4,759,9711
4,500,000;
4,340,682 +3.7
3,592,867;
3,420,146
4,856,549;
4,033,049 +20.41
2,951,820
2,541,876
2,000,000;
1,894,482
+5.13,'
1,501,273
1,679,378
Terms of Advertising-Per Inch Space
1,639,1111
1,188,588 +38.0;
1,535.723
1,355,474'
Transient matter per inch space(14 agate lines)
12,314,000'
7,467,000 +64.9
4,918,000
5,878,000'
Two Months
(8 times)
1,100,000:
1,000,000' +10.11
1,070,7941
:088
421
Three Months (13 times)
4 I 00 Youngstown
4,289,714'
Ordinary Business Cards
3,205,341 1 +33.8
3,188.584
3,32
622
0
Six Months
(26 times)
75 00 Rockford
2,100,000:
2,043,733 +2.7
1,415,720
2,086,338
TwelveMonths(52 times)
130 00 Canton
2,800,000;
2,000,000 +40.0
2,753,943
2,400,000
-39 South La Salle Street,Telephone Majestic 7396.
CHICAGO OFFICE
Quincy
1,881,468'
1,241,794' +50.0
1,280,000
1,050,236
Springfield, 0
1,514,2681
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
1,115,2221 +35.8
901,480
1,070,709
South Bend
1,300,000
1,226,872 +5.9
1,134,684
WILLIAM B. DANA. COMPANY, Publishers,
Bloomington
1,730,0621
1,152,230' +50.2
1,117,418
9:
889505 233557
Mansfield
Prinz:, Pine and Depeyster Sta., New York.
1,611,4871
1,120,976 +43.8
1,0 9 426
622 72
,
:
Decatur
1,503,849,
950,876 +58.2
775803:967876
Saturday morning by WILLIAM B. DANA COMPANY. Danville
Published every
600.000,
580,000 +3.4
600,000
Jacob Seibert Jr., President and Treasurer; Arnold G. Dana, Vice-President and Lima
1,007,515'
933,504 +7.9
758,215,
Secretary. Addresses of both. Office of the Company.
Lansing
1
66,034 +45.8
1,1
,700,000'
1,068,3141
1,252;9948
75003, 318
2 95
Jacksonville, III
727,228'
539,870 +34.8
427727:28144,
1
398,231
Ann Arbor
487,186!
CLEARING HOUSE RETURNS.
315,930 +54.2
327,553
80,000
83,848 -4.6
The following table, made up by telegraph, &c., indicates that the total bank Adrian
129,736:
91,908
681,5
641
clearings of all the clearing houses of the United States for the week ending to-day Owensboro
971,628 -30.0
616,628:
392,876
have been $7,812,478,633. agallitt $9,772,311,065 last week and $667,595,328
Tot. Mid.West. 1,114,027,4381 939,453,201 +18.6 781,057,6721
the corresponding week last year.
715,226,393
20
g8
Clearings
-Returns by Telegraph.
Week ending November 29.
1919.
1918.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Baltimore
New Orleans
$3,447,023,619
442,755,218
301,828,242
255,990,999
194,004,522
129,181,068
120,420,049
109,946,953
*80,000,000
61,406,608
74,328,324
$2,033,418,112
378,342,994
288,328,171
228,127,930
143,802,578
120,000,000
91,197,802
99,573,650
48,212,362
55,589,428
49,868,985
+36.1
+17.0
+4.7
+12.2
+34.9
+7.8
+32.0
+10.4
+65.9
+10.5
+49.0
Eleven cities, 5 days
Other cities, 5 days
$5,216,885,602
$1,040,108,923
$4,036,462,022
$770,264,781
+29.2
+35.0
Total all cities, 5 days
All cities, 1 day
$6,256,994,525
1,555,481,843
$4,806,726,803
1,260,868,523
+30.2
+23.4
lt7 519 4711 SRS
AF1 A517 .c05.328
+28.8
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Springfield, Ill
Fort Wayne
Akron
Lexington
San Francisco___
Los Angeles
Seattle
Portland
Spokane
Salt Lake City
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
Pasadena
San Jose
Yakima
Reno
Long Beach
Total Pacific
177,569,4831 136,830,375 +29.8 125,310,117
64,344,000
33,780,000 +90.5
29,594,000
45,849 859
45,285,323 +1.2
26,975,492
38,145:6081
34,760,224
+9.7
21,787,282
14,076,419
9,098,564 +54.7
8,753,721
23,851,943
19,289,519 +23.7
19,780,136
4,778,144
5,500,000 --13.1
3.828,269
9,880,075
8,203,801 +20.4
5,624,110
8,556,988
4,880,713 +13.8
4,526,460
2,500,600
2,076,790 +20.4
2,321,534
8,093,306
3,887,409 +109.3
3,746,902
*7,846,103
2,292,046 +242.3
2,288,837
2,157,068
973,890 +120.5
945,261
2,908,320
1,058,356 +174.8
1,663,599
2, 89529
82 :963
6
1,397,000 +88.2
1,003,328
+26.0
500,000
2,000,000
1,003 5 6 +89.4
7 6:46
5 97
793,987
418,073,783 311,053,786 +33.8 259,441,035
81.233,158
28,373,000
20,074,501
16,301,061
6.474,861
16,330,435
2,394,247
4,532,121
3,124,095
2,202,367
2,793,413
1,902,179
997,670
1,146,758
737,480
470,522
617,667
189,705,535
Kansas City
265,730,192 214,772,354 +23.7 223,479,044 128,843,908
Minneapolis
52,896,033
45,891,739 +15.3
38,673,462
39,282,387
Omaha
83,302,958
56,536,686 +12.0
51,329,340
30,921,981
St. Paul
23,884,610
18,818,480 +25.9
16,123,736
19,607,111
* Estimated.
30,072,377
25,631,51)3 +17.3
23,359,861
18,530,355
The full details for the week covered by the above will be given next Saturday. Denver
7,921,808
18,424,875 +57.0
8,813,984
11,198,308
We cannot furnish them to-day, clearings being made up by the clearing houses Duluth
St. Joseph
17,778,337
16,575,698 +7.3
17,641,076 41,920,234
at noon on Saturday, and hence in the above the last day of the week has to be in
Des Moines
11,288,793
9,312,518 +21.2
8,437,008
6,463,343
all cases estimated, as we go to press Friday night.
Sioux City
9,833,007
8,123,010 +21.1
4,984,573
8,725,534
Detailed figures for the week ending Nov. 22 show:
Wichita
10,800,000
8,122,637 +33.0
7,903,462
5,474,386
Topeka
3,964,110',
3,073,035 +29.0
2,174,872
3,491,795
Lincoln
5,762,869
Week ending November 22.
3,914,337 +47.2
4,246,509
3,129,074
2,624,380
Clearings at
Cedar Rapids
1,973,819 +33.0
1,769,539
2,326,085
3,600,000
Fargo
3,107,190 +15.9,
Inc. or
2,424,062
2,149,385
Colorado Springs
1916.
1,126,815
1919.
696,677 +61.71
1917.
1918.
Dec. 1
1,316,423
644,229
Pueblo
833,329
818,094
+1.9,
770,966
595,855
Fremont
631,7811
$
549,731 +14.9:
$
$
$
%
618,484
612,026
New York
5,462,044,714 3,905,426,048 +39.9 3,476,183,721 4,304,902,850 Hastings
694,091'
618,085 +12.3'
402,224
557,020
Philadelphia ---- 496,373,521 478,321,375 +37.7 367,023,261 307,183,972 Aberdeen
808,625
1,419,582 -57.11
1,489.012
1,081,748
87,084,631 Waterloo
166,784.478 158,122,943 +5.5
1,604,517
Pittsburgh
91.627,096
1,701,888 +11.9
2,068,006
2,305,220
Baltimore
47,162,742 IIelena
2,624,869
93,628,138
46,636,577
2,449,749 +7.11
84,581,545 +10.7
1,954,156
2,455,163,
Buffalo
1,934,078
45,048,900
17,179,204 Billings
22,283,737
1,840,767 +5.1
25,810,586 +74.5
1,200,869
2,238,476
Albany
5,260,070
5,112,128
4,693,387
5,191,641
+1.3
Tot. oth. West. 519,617,579 444,372,454 +16.91 427,926,508 295,680,735
Washington
17,856,513
10,200,565
11,269,107
17,810,951
+0.3
Rochester
10,932.588
6,393,183 St. Louis
6,823,681
8,796.924 +24.3
186.789,021i 177,757,931
+5.1! 163,185,149 128,778,926
Scranton
5,449,167
3,263,431 New Orleans
3,688,934
4,211,592 +29.4
89,153,382
65,180,475 +36.8
55,920,142
42,979,818
Syracuse
4,496,887
3,513,372 Louisville
5,193,870 -13.4
4,305,551
16,851,256
21,949.228 -23.2: 21,373,209
18,818,787
Reading
2,655,642
2,162,105 Ilouston
2,418,201
2,397,337
+9.8
38,553,022, 18,172,497 +138.4, 22,500,000
14.827,066
Wilmington
4,006,082
2,494,733 Galveston
3,270,040 +22.1
3,166,994
13,371,985
6,765,252 +97.6
7,900,000
7,936,120
Wilkes-Barre
3,494,494
2,143,783 Memphis
2,100,000 +66.4
2,129,241
42,773,155, 23,860,031 +79.31
18,981,177
16,463,545
Wheeling
5,440,904
4,181,961 Fort Worth
4,464.666 +21.9
4,470,998
27,547,438, 14,980,348 +83.9
18,871,606
13,880,848
3,782,020
Trenton
2,306,130 Richmond
3,249,791 +16.4
2,832,483
93,480,188
64 088,848 +45.1
42,247,369
26,000,000
York
1,488,813
968,108 Atlanta
1,167,084 +25.8
1,521,149
93,078,029, 69,166,850 +34.6
55,640,238
30,874,906
2,432,044
Erie
1,682,802 Savannah
2,220,124
1,815,226
+9.5
14,094,205;
6,774,7011+108.0, 14,108,370
9,850,256
Greensburg
1,005,966
615,151 Nashville
900,000 +11.8
905,421
28,125,271
17,501,439, +60.71
15,128,618
10,533,883
1,423,323
Chester
1,454,090 Norfolk
1,881,784 -15.3
1,243,595
14,299,530
10,018,215 +42.71
8,130,002
7,328,558
Binghamton
1,065,600
789,600 Birmingham
840,300 +26.8
955,800
20,267,118
13,325,075 +52.11
4,183,796,
3,330,132
Altoona
1,100,196
614,265 Augusta
929,544
+7.8
580,000
7,972,833
3,835,587 +107.8
5,750,062
3,978,127
Lancaster
2,600,000
1,710,977 Jacksonville
2,434,372
2,145,291
+6.8
10,955,885
7,432,183 +47.4
4,649,129,
3,500,000
Montclair
455,747
511,207 Knoxville
461,563 -1.3
436,287
3,300,000
2,761,954 +19.5
2,487,764'
2,139,319
Total .Middle__ 6,388,805,805 4,719,606,944 +35.4 4,058,894,944 4,813,630,990 Little Rock
*13,408,315
6,391,411 +109.8
7,943,176'
4,757.983
Chattanooga
8,281,044
6,163,044 +34.41
5,371,346'
4,455,404
Boston
451,130,581 373,456,379 +20.8 286,727,618 242,838,647 Charleston
4,000,000'
3,738,927, +7.0
,
4,739,1471
3 ,225,743
Providence
15,474,700
13,088,200 +18.2
9,926,700 Mobile
12,364,400
2,438,8971
1,446,4351 +68.6
1,401,932
1,173,994
Hartford
9,577,158
10,043,918 Oklahoma
7,998,484 +19.7
6,575,599
19,235,731: 10,407,327, +84.8
6,561,349
12,318,000 1
6,941,829
New Haven
5,141,489 Macon
5,229,926 +32.7
4,468,439
4,000,000,
2,400,000' +66.71
7,261,786
2,721,000,
springfield
5,084,384
3,858,931 +31.8
3,956,146 Austin
3,684,168
2,400,000;
2,800,000 -14.3
4,000,000:
2,500,000
Portland
2,650,000
2,355,776 Vicksburg
2,700,000 -1.9
2,600,000
519,5551
434,793 +19.5
313,042
556,150'
Worcester
4,508,046
4,036,412 Jackson
4,283,038 +5.2
3,498,140
692,2871
659,114
+5.0;
489,178
834,2611
3,878,457
Fall River
2,400,512 +61.6
2,350,751 Muskogee
3,476,177
5,824,971
2,737,4601+112.8'
1,894,670
5,027,741
2,890,693
New Bedford__
1,932,292 Tulsa
2,364,763 +22.7
2,389,423
11,939,333
8,727,294 +36.8
7,453,126
4,837,370
Lowell
1,239,370
1,293,481 -4.2
987.990 Dallas
1,283,364
49,451,742
27,000,000 +83.11 26,173,1811
17,079,064
Holyoke
840.000
700,000 +20.0
1,017,721 Shreveport
784,526
5,842,3551
2,950,355 +98.0
3,533.713
Bangor
924,920
699,509 +32.2
600,000
732,890
Total Southern 828,646,3221 597,426,6341 +38.5 543,109.404 395.769.872
Total New Eng. 505.140.138 418.073.223 -1-20.13 328.584.744 285,187,822
Total all
9,772,311,065 7,429,986,2421 +31.5 8,399,141.327 6,695,201.347
*Federal Reserve figures, which are much greater than clearings as compiled
Outside N. Y 4,310,268,351 3,524,560,1941 +22.3 2,922,957,806 2,390,298,497
generally by the clearing hou
Total all ritioa fr.. croak
2012
THE CHRONICLE
END OF LABOR TROUBLES IN THE PRINTING
TRADES.
The labor troubles in the printing trades came to an
end the present week by the action of the men in
receding from the position to which7 they had so
tenaciously clung for many weeks, namely of not
arbitrating the question of reduced hours but only
the question of increased wages. They now consent
to submit both questions to arbitration—or to direct
negotiations between representatives of the men and
the employers.
However, even though work has been resumed,
considerable time must elapse before normal conditions are restored because of the great arrears of
work that must be made up. We are sending to our
subscribers to-day our "Railway & Industrial Section," which should have appeared at the end of
October and shall hope in succeeding weeks to bring
out one after another the different issues of our other
Supplements, the publication of which had to be
deferred while the printing presses remained tied up.
The remainder of our edition of Sept. 27, which was
tied up on the eve of the strike, went forward yesterday to such of our subscribers as had not previously
been served with copies.
THE FINANCIAWITUATION.
-The peculiarly gratifying feature about the 13a—is s
of settlement of the bituminous coal miners' controversy, proposed by the Fuel Administrator, Dr.
Garfield, is that it avoids any increase in the price
of coal to the consumer. Labor costs, fuel costs and
transportation costs lie at the bottom of all price
changes, and if the rise in the cost of living is to be
halted and the way paved for a reduction, any
further advances in these primary elements in all
costs must at any hazard be prevented. As a
matter of broad national policy in dealing with this,
the greatest of all questions at present agitating the
public mind, there should be a positive and emphatic
denial of any and all requests:for wage increases where
these cannot be granted without advancing prices
to the consumer. Additional increases in wages
mean additional increases in costs and these mean
still higher prices to the public unless the margin of
profit now enjoyed by the producer or manufacturer
is so broad as to admit of the taking ofithe extra expense out of the same. Hence the test always must
be whether a price increase is to follow the wage increase. Ifso,the wage increase necessarily is barred out.
In the present instance,the Fuel Administrator proposes an increase in wages of 14% (additional of
course to the huge wage increase of two years ago)
but would deny to the coal operators the:privilege of
any advance in prices. As the operators on Thursday
definitely decided to accept the proposition, the question whether the increase of wages proposed will involve an increase in prices is, on this occasion, not a
debatable one, the proposal itself precluding it. It
is fortunate and gratifying that Dr. Garfield has been
able to fix the precise line within which the wage
desires can be met without such encroachment upon
profits as would preclude any return whatever to the
owner, though it is proper to say that the operators,
while yielding, deny that the Fuel Administrator is
correct in his premises in that respect.
The miners are dazed because the increase is
so very much less than they seemed to have assured
reason for counting upon. It may be taken for
granted that they never seriously entertained the
idea that they would or could expect the full 60%
increase asked for by them in addition to their other
demands of a reduction in working time from an eight
[VOL. 109.
hour day for six days a week to a six hour day for five
days a week. Even, however, as compared with the
31% increase suggested by Secretary of Labor Wilson,
the 14% increase now definitely laid down as the maximum to be granted looks small. But Secretary Wilson, though a member of the President's Cabinet, is
a labor representative and as such must be held to
have viewed the problem from an exclusively labor
standpoint without much regard to the effect upon
the public.
The same comment is to be made upon the still
stranger circumstance that the mine workers in
being awarded 14% increase in wages are actually
getting less than what the coal operators had themselves proposed to give and which had been rejected,
namely, 20% increase. But this last also was not
in the public interest, for in offering 20% increase
the operators contemplated to recoup themselves
by advancing the selling price of coal. Such advance
in prices they have now agreed to forego, and from
that standpoint the achievement of Dr. Garfield is a
notable one. We must take it for granted that the
Fuel Administrator kept the public interest steadily
in mind and made the wage advance as large as
possible without entailing extra costs to the consumer.
There appears to be much misconception concerning the antecedent wage increases and particularly
the wage increase of two years ago. The m'ners
claim that this agreement did not bind them for any
longer period than the war, and they contend that the
war ended with the signing of the armistice on
Nov. 11 of last year. It is true that the agreement
was to be limited in tenure, but the further implication which it is sought to convey that the time limit
(as to which there is now dispute) was to fix the
period that must precede another advance in wages
is wholly erroneous. A limit was set, not for the
purpose of fixing a date for further wage increases, but
for a return to lower wages again.
The increase made in October 1917, a little over
six months after the entry of the United States into
the war, was of such huge extent that no one at the
time contemplated the possibility of a still further
increase. On the contrary, the purpose was to guard
against this tremendous increase (to cover which an
an advance of 45 cents a ton was allowed the coal
operators in the selling price of coal at the mouth of
the mine) extending beyond the period of the war.
We repeat that with the close of the war it was intended that wages should come down again. That
that was well understood by the miners themselves
is evident from the circumstance that it was not until
recently that the United Mine Workers set up the
claim that the war must be considered to have
terminated with the conclusion of the armistice instead of having to await the formal proclamation of
the President to that effect.
To have set up that claim twelve months ago,
when the armistice came, would have meant without
question the opening of negotiations for a return to
normal wage schedules once more. The mine
workers were not at all anxious to have the armistice
mark the end of the war when it was certainito involve a reduction in wages and accordingly waited
almost a full year before advancing the claim.
They calculated shrewdly in this, for the public is
forgetful and the numerous further wage increases
in other lines of industry that have come inithe
interval since then have tended further to obscure
the original purpose of the time limit.
Nov. 29 1919.]
THE CHRONICLE
2013
In order to refresh memory on this point, it is nec- than in any year since 1910. In connecti
on with the
"essary only to point out that in a letter to President foregoing it is probably well
to note that at the sit.
Wilson under date of October 26 1917, Fuel Adminis- ting of the Low
Grade Mines Commission at Jotrator H. A. Garfield laid particular stress on the hannesburg on
Nov. 11 the opinion was expressed
fact that in the "supplemental agreement," as it was by the Union Secretar
y for Finance, that the escalled, then entered into, the mine workers agreed tablishment
of a free gold market in South Africa
that the "contract be extended during the continua- would lead
to the efflux of sovereigns from the
tion of the war and not to exceed two years from April Union, and it
would only be possible to replace them
1 1918." The words "not to exceed" indicate plainly at the rate of
23s. 8d. 'This he further said would
the purport of the arrangement. The new and higher react unfavor
ably on the mines.
wage schedule was to last merely during the period
of the war and not in any event beyond April 1 1920.
The distinctive point in building construction opAfter that date the miners were to give up the whole erations in the United States in October 1919 was the
or a portion of the increase, whereas now they are continued activity in practically all sections of the
asking a further increase and trying to make it appear country, even if not at every individual city, rethat they are Being deprived of some of their rights by flecting the Still existing urgent need for accommodaconstruing the war as still being in progress since a tions for both business and dwelling purposes, comformal declaration to the contrary has not yet come pared with which the prevailing high cost of labor and
in a proclamation from the President.
materials is apparently a secondary consideration.
Under all the circumstances of the case, the miners The contrast is especially sharp with a year ago, for
have every reason to feel satisfied with the proposal of at that time, as a result of various retarding inDr. Garfield that they are to have a further in- fluences, all more or less closely connected with the
crease anyway of 14%, and they ought to accept the prosecution of the European war, the amount of
proposal with great alacrity. In the letter to the work contracted for proved the smallest of any
President on October 26 1917, Dr. Garfield pointed month for very many years. It is evident, moreout that the wage schedules then fixed would "result over, judging from the situation locally, that the
in an increase to miners of 50% and to the best paid large plans of recent months have brought no noticelaborers of 78% over the wages of April 1 1914." able measure of relief. Consequently, barring some
With a further increase now of 14% on this 150% and unlooked for adverse developments in the general
178% respectively of the wages of April 1 1914, the mercantile and industrial situation of the country,
mine workers will be enjoying increases altogether of activity in building seems likely to continue for an
71% and 102% as compared with what they were get- extended period.
ting five and a half years ago. As these mine workers
As showing how general has been the expansion in
are showing a disposition to continue their strike in building operations from the low level of a year ago,
the hope that they can force very much better terms, we note that at only an extremely few cities of the
it seems proper to say that there is not the least like- 175 reporting for October was there evidence of less
lihood that public sentiment will support larger ad- activity than in 1918, and that increases extraordivances than this.
narily heavy in amount are disclosed in the results for
practically all leading centres. For Greater New
Transvaal gold mining operations at last show York, the
operations for which permits were issued
some improvement in output. In other words, the show a most
decided increase over the total of a year
yield for October was not only better than in Sep- ago, every
borough sharing therein, with the aggretember or any earlier month of 1919, but above that gate for all covering
a contemplated expenditure of
for the corresponding period in 1918. At the same $24,495
,348, against but $4,038,814 and $4,462,514
time it was less than for all monthly periods from in 1918
and 1917 and $14,413,510 three years ago.
March 1915 to October 1917 inclusive, only except- For the country
exclusive of this city (174 municiing February of the last named year. That the tide palities) the
projected outlay under the contracts
has seemingly turned, however, is encouraging and arranged for aggrega
te no less than $136,136,304,
may possibly be taken as an indication that with against only $25,432,429
in 1918, and it falls below
more success in recruiting native labor (the supply 1917 nearly 17 millions
. Therefore, for the country
of which has been reported lamentably short of the as a whole-175 cities—our
returns furnish a total of
necessities of the industry) the production of gold estimated cost for building
construction work of
will appreciably increase. During October mining $160,631,852, or some 1313
million dollars more than
operations returned 725,722 fine ounces, against for the month of 1918 and
over 70 millions above the
only 679,764 fine ounces a year ago, but at that large aggregate of 1916.
time the shortage of labor was accentuated by the
For the calendar year 1919 to date our compilainfluenza epidemic which not only reduced the num- tion, covering the same
175 cities, makes a strikingly
ber of hands at work, but rendered less efficient those favorable showing, and the
total exceeds that for
able to be in the mines. Compared with two years any similar period in our history.
The aggregates
ago there is a decrease of 25,568 fine ounces, and for the whole country for the ten months
of the last
from the high mark for the period established in four years are 1,050 millions
, 405 millions, 660 mil1915, the decline is 71,909 fine ounces.
lions and 870 millions, respectively. Greater New
For the year to date there is a falling off of 116,783 York's total at 194 million
dollars runs ahead of 1918
fine ounces from 1918-7,003,930 fine ounces con- by 140 millions and is only 8
millions below the high
trasting with 7,120,713 fine ounces—and a loss of water mark of 1916,
while for the outside cities the
573,075 fine ounces from the year preceding. It contrast is between
856 millions, 351 millions and
is quite evident, therefore, that, with the returns for 668 millions, establis
hing therefore a new high record
the remainder of Africa also running behind, the total.
production for the twelve months of the current
Canadian returns at hand for the month also indicalendar year for the whole country will be smaller cate a very much better
oiltcome than in 1918.
2014
THE CHRONICLE
[VOL. 109.
without the help of Mr. Wilson, or of the country in
whose name he professed to speak, and for which they
accepted him as official spokesman."
According to one Paris cablegram the French
Foreign Office "restrained the press of that city from
discussing the situation very critically, fearing to
spoil the chances for compromise." It was asserted
that "consternation at the prospect of the treaty's
defeat is evident on all sides, and emphasizes again
that Europe continues ready to accept most of the
reservations, and the ambassadors have so intimated." The belief was expressed in a Paris cablegram
on Sunday that the Germans would take full advantage of the failure of the American Senate to ratify
the treaty, and it was added that "it is the Germans'
contention that they signed a treaty by which burdens were to be placed upon them by America,
Although announcement was made in Paris at the England, France and Italy, with the lesser Allies,and
close of last week that the Supreme Council of the that the treaty is not valid if America does not parConPeace Conference had decided to ratify the Treaty ticipate in the work." Fresh concern in Peace
return to Berlin
of Versailles on Dec. 1, irrespective of the failure ference circles in Paris arose over the
Protocol
of the American Senate to take similar sction, affairs of Herr von Simson, head of the German
stated that the whole
in Europe have been more disturbed this week than Commission. Later dispatches
Temps" dein many months. It is not unlikely that conditions commission had been withdrawn. "Le
from Germany as to what game
have been more or less exaggerated in some of the manded "a statement
of the
press dispatches. However this may have been, it she now seeks to play in delaying the signing
and the consequent putting of the treaty into
seems quite clear that in recent months things have
York
been smouldering, pending the putting of the Peace effect." A Paris correspondent of the New
of memTreaty into effect. Unquestionably the fact that "Times" cabled that "a semi-official canvass
that a
the American Senate did not ratify it has had a bers of the new Chamber of Deputies shows
change in the
general and distinctly disturbing effect. The advices large major:ty is in favor of seeking a
have indicated also that the Allies might encounter terms of the Versailles Treaty in case the American
trouble in getting Germany to sign. Financial and Senate does not ratify it." In Berlin Herr Scheuckeconomic conditions in Europe unquestionably are ring, pacifist leader, and a member of the German
bad, but this has been known for a long time. Realiz- peace delegation, was quoted in an Associated Press
ation that they have not improved materially in the dispatch as favoring delay on the part of our Senate,
last twelve months has caused fresh alarm on both and in accepting the terms, and to have said that
sides of the Atlantic. Following the recent elections "the longer the Senate debates the treaty the better
in Italy the political situation in that country has chance Americans will have to acquaint themselves
become greatly unsettled and actually alarming. with the true purport of this pernicious document,
It is to be hoped that a more settled condition gener- which in its present state, is destined to be banefully
in an
ally in Europe may soon reappear, but as the week fateful for the whole world." J. L. Garvin
article in the London "Observer" declared that "it is
closesit must be admitted that there is not very much
in the European advices on which to base this hope. quite needless and premature to talk of going on with
Asthe week opened the belief was expressed by a few the League without America," and added that "if
representatives of both the British and French America does after all withdraw, another conference
Governments that within a reasonable time a com- in Paris will inevitably follow in which she must
promise would be reached by the American Senate participate."
In a Paris cablegram on Monday it was asserted
that would make possible ratification of the Verof the Allies for putting the
sailles treaty. "L'Homme Libre," spoken of as that "the whole program
into effect on Dec. 1 seems now to be
"Premier Clemenceau's paper," said: "Another Peace Treaty
the sudden and unexpected departure
session of Congress will see accomplished the ratifi- threatened by
the entire German delegation except Baron von
cation which the late session was not able to accom- of
Berlin, with the announced purpose of
plish." Andrew Bonar Law, speaking in the House Lerzner, for
submitting the question of signing the protocol to
of Commons in reply to a question from Sir Donald
" Paris regarded this action
MacLean, said: "I think it would be a mistake to the National Assembly.
on the part of the German delegation as a trick. The
assume that all possibility of help from the United
of "La Presse de Paris" asked,"Why
States is gone." The London "Times" editorially evening edition
effect upon should it be necessary to consult the National Astook an extremely serious view of the
the terms of the protocol which have been
Europe of the action of our Senate, and also made sembly on
the beginning of the month ?" "Le
tart reference to President Wilson. It said: "The known since
men in the German
hard fact for the moment is that the treaty is indeed Temps" said: "Are there not
bring up the
dead, so far as United States is concerned. The dis- Government or about it who seek to
under the pretext that
appointment to the democracies of Europe is a bitter whole question of peace again
blow to the whole system of international policy, the American Senate has not ratified the treaty?"
Paris
which America did so much to build up, and of which At Monday's session of the Supreme Council,
stated that "the situation caused by the
the League of Nations is the concrete expression, and advices
discuSsed
is a very heavy prejudice to the prospects of European departure of the German delegation was
was decided to send a note to Germany."
peace and of world peace. The Allies have to carry and it
out the Wilson policy at least in its main features,
Twenty-five cities in the Eastern Provinces give for
October this year a total of intended outlay of
$7,951,063, or over 33/ times the aggregate of a year
ago, with the most important gains at Montreal,
Toronto, Quebec and Halifax. For 15 Western cities
the contrast is between $1,241,831 and $443,330.
The aggregate of all (40 cities) is, consequently,
$9,192,894, against only $2,667,668. For the ten
months of 1919 the contemplated expenditures in the
East total $52,353,125, against $25, 550,524, and in
the West $12,413,466, against $7,664,640. It follows, therefore, that the 40 cities have arranged to
expend in building operations $64,766,591 in 1919,
against $33,215,164 in 1918 and a little over 31
millions in 1917. In 1913, however, with a boom
on in the West,the aggregate was some 130 millions.
Nov. 29 1919.]
THE CHRONICLE
In a delayed Tokio dispatch it was claimed that
"the adoption of the Shantung reservation by the
United States Senate caused some apprehension here
as to how, if it were embodied in the German Peace
Treaty, it would affect the Chinese situation."
While the Japanese Foreign Office was reported to
have "declined to comment on the question," it was
said to have declared "its intention to endeavor to
open negotiations with China on the Shantung
question as soon as the general ratification of th3
treaty is announced in Paris."
2015
"the American Embassy here is watching the situation in Italy closely, and it is asserted that it may
develop seriously from one hour to another, as regards both Italy and the Dalmatian coast." A
semi-official statement was issued which declared
that "a minority of d'Annunzio's forces, counting on
the support of funds from Italy, persists in its idea
of attempting seditious action against Italy itself." . London received a report that "a strong
undercurrent, directed against the Italian monarchy,
exists among d'Annunzio's forces." Announcement
was made that the Italian Government was taking
A special correspondent of the New York "Sun" steps "to prevent further raids by d'Annunzio."
said in a cablegram made public here Tuesday morn- From Venice came a report on Monday that "a
ing that "a movement appears to be under way in Serbian division 12,000 strong and composed of
British circles to invite Germany to enter the League picked men, has been concentrated at Spalato on
of Nations immediately as an offset to the failure of the Dalmatian coast, ready to oppose Gabriele
the United States to give its adhesion to the coven- d'Annunzio, if he approaches that city." A semiant." He added that Lord Robert Cecil was said to official statement was issued in Rome in which it
be in favor of this idea and that "with him are some was asserted that "the Government disappro
ves
of the foremost British advocates of the League." of the action of Rear Admiral Millo, which was
All of these assertions and suggestions were promptly entirely of a political nature and exceeded his audenied by the British Foreign Office, according to thority." (The Admiral had joined forces with
cable advices from London.
d'Annunzio). Since the elections in Italy the
Socialists have been particularly active, and blatant
While Dec. 1 had been spoken of as a "tentative" in the statements credited to their leaders. Accordin
g
date for putting the German treaty into effect, the to the "Avanti," said to be "foremost among
the
dispatches from Paris the first few days after the Socialist organs of Italy, that political group
in and
rejection of the German Peace Treaty by the American out of the new Parliament, is determined
to enter into
Senate endeavored to convey the impression that close relations with the Russian Soviets." The
stateit would actually become effective then. Tuesday ment was made in a delayed cablegram from
Rome reafternoon cablegrams from the French capital stated ceived here Monday afternoon,that
Premier Nitti had
that the Supreme Council had decided to postpone had "a long conference with the British
Ambassador
the date, "because of the failure of the American and General Diaz over the Adriatic
situation." One
Senate to ratify the Versailles Treaty, combined of the leading newspapers of Rome
said that "the
with the departure of the German delegates without whole nation deplores the irrespons
ible attitude of
signing the protocol providing for the enforcement Gabriele d'Annunzio, which
threatens to involve
of the terms." At that time the Council was said Italy in serious international
complications." The
to have no definite date in mind "when the treaty very next morning cablegra
ms from the Italian
will be put into operation." Notwithstanding the capital contained a report
published in "Epoca,"
.
delay it was declared in a Paris dispatch Wednesday another prominent newspap
er of that city, thatafternoon that the American delegates to the Peace "Tomasso Tittoni, Italian Foreign
Minister, had
Conference would leave Paris for home on the eve resigned and Vitario Scialoia,
Minister without
of Dec. 5. A Paris correspondent of the New York Portfolio, has been named
to succeed him." It was
"Times" declared in a cablegram Thursday morning stated that the opening
of Parliament had been
that "if the American Senate ratifies the German postponed for a few
days, while rumors were said
treaty with the reservations and the reservations to be in circulation
"regarding the possibility of a
are accepted by the Allies, China will ask that she very serious crisis involvin
g not only the Cabinet,
be allowed to sign the Versailles Treaty with a reser- but also the reigning house
of Italy." In a long
vation on Shantung." Word came from Paris on interview Premier Nitti
was quoted as saying that
Thursday morning also that "Herr von Simson,head the reports of a general
revolt in Italy were absurd.
of the German Protocol Commission, is expected to He blamed the Allies to
a considerable extent for the
return to Paris to-day or Friday, bringing a reply trouble in Fiume
and along the Dalmatian coast,
to the Supreme Council's demand for an explanation and did not leave
out America, saying "Was it
of Germany's delay in putting the Peace Treaty worth while to oppose
usso cruelly regarding Fiume,"
into effect." At that time Paris had no idea of and added "I call
with my whole soul upon the great
the purport of the reply. The Supreme Council American public
to help us settle the thorny question
received official word that the new Hungarian Cabi- of Fiume."
net formed by Karl Huzzar began its work last
Washington advices Tuesday morning stated that
Monday. It has been recognized by the Entente. the State
Department had rejected "what were underIt became known through Paris cablegrams yester- stood
to be the maximum of concessions which Italy
day that the Bulgarians had signed the Peace Treaty was
willing to make in her effort to reach a settlement
the day before. A Paris dispatch last evening stated with
the United States on tht Adriatic problem, inthat the Supreme Council had decided during the day volving
also the settlement.of the Fiume question." A
that "all enemy warships shall be destroyed except
wireless dispatch to the "Evening Sun" on Tuesday
those to be turned over to France and Italy in cora- stated
that the Serbian Government had sent a note
pensation_for their war losses."
.
to the Supreme Council containing "a grave threat
of war with Italy as a result of the present situatio
n"
The Italian situation has been disturbing all week. In a
cablegram from Rome Wednesday morning an
Last Saturday a dispatch from Rome stated that effort was
made to show that the political situation
2016
THE CHRONICLE
[VoL. 109.
in Italy was not as bad as it had been reported in problem, and likewise strengthen the Japanese forces
the last few days. The correspondent even said in Siberia."
The London "Times" received reports from Russia
that "it now appears obvious that the factions urging
an upheaval is an insignificant minority of the na- on Monday that were said "to indicate that Lenine
tion." Baron Romano Avezanno, the new Italian and Trotzky are considering the idea of holding
Ambassador to the United States, arrived in New elections for a Constituent Assembly, and that they
York the same day and when shown dispatches re- are counting on an alliance with other radical parties."
garding alleged conditions in his country said, The reports regarding the activities and position of
"I hope things are not so bad as they seem." The Admiral Kolchak, General Yudenitch and General
situation between Italy and Jugo-Slavia. must Denikine have been so absolutely conflicting and
have been further complicated by the reported seizure contradictory as to make unwise and useless even
of 12 prominent Jugo-Slavs by Italian forces of occu- any attempt to deal with them in detail; It may be
pation and the holding of them as hostages. Wed- noted simply in passing that Lenine announced that
nesday afternoon's advices from London stated that his forces had completely defeated Admiral Kolchak
the Adriatic situation looked better. Announce- and that it was claimed that General Yudenitch's
ment was made that Rear Admiral Millo had re- army "had virtually gone out of existence." Washsigned as Governor of Dalmatia, and it was stated ington heard that food conditions in Petrograd were
that there were hopes of a compromise being reached. so bad that "food is obtainable only on the preThe cablegrams from Rome, on the other hand, con- scription of a physician." The fuel supply, which
tinue to be alarming, if taken at face value. It was was said to consist only of wood, will last for only
asserted that the Socialist and Catholic deputies 18 days, according to one statement.
recently elected would combine to defeat the Peace
Treaty. This situation, it was stated, "may preThe shortage of coal in Germany and its effect upcipitate a crisis involving the existence of the mon- on the industries and people of that country were
archy, or at least of King Victor's continued rule." given considerable space in a special cablegram from
The Italian Government was warned on Wednesday the German capital to the New York "Times" Tuesby the Socialist organ "Avanti" that "Gabriele day morning. The correspondent said that generd'Annunzio is preparing a surprise descent upon ally speaking labor conditions had been getting better
Trieste." Paris advices regarding the Adriatic until the coal shortage became so acute. recently.
situation continue extremely disturbing. In a special The latter was realized more keenly because of the
cablegram from that centre to the New York "Sun" cold weather and the unusually heavy snowfalls.
yesterday morning it was claimed that "whether The output of the Ruhr coal mines was said to have
Italy actually faces a revolution or has already increased from 220,000 to 250,000 tons daily, while
entered upon one seems a question which is difficult proportionate gains had been made in Upper Silesia.
to answer, in view of the most rigid censorship that It was claimed that the bad weather did not fully
the Rome Government has clapped on news." A explain the shortage of coal. There was a disposition
cablegram from London last evening stated that in some circles to blame the Federal Coal DistribuGreat Britain "has given Jugo-Slavia assurances that tion Commission "for beginning the delivery of
the Adriatic question will soon be taken up by the coal to Belgium, Italy and France before being comSupreme Council, and that Great Britain's influence pelled to do so by the terms of the treaty." The situwill be used to secure a just and equitable settlement." ation was still further aggravated by a serious food
From Rome came the report last evening that the shortage "and a never-ceasing political unrest."
"Socialist Executive Committee has ordered Socialist Another correspondent of the "Times," who has been
members of the Chamber of Deputies to participate studying conditions in Germany, expressed the opinin the opening of Parliament." The report was ion n a long message to his paper that "the present
published in Rome in the Socialist newspaper, Government will stand for some months to come, at
"Avanti." It is expected that Parliament will be least," and added "it represents the best that can be
had."
opened next Monday.
It is as difficult as it has been for months to
decide what is actually going on in Russia. The
State Department at Washington heard last Saturday that General Denikine had scored a big victory
over the Bolshevist army in the Southwest, defeating, it was clamed, a force of 50,000. Stockholm
heard at about the same time that General Yudenitch
had arrived with his staff in Reval, capital of Esthonia, practically as a refugee. A special correspondent of the New York "Times" in a long dispatch from Riga asserted that "the Germans of
Von der Goltz's army have treated the Lettish population exactly as their predecessors treated the Belgians."
"Jiji Shimpo," a Tokio newspaper, declared that
"the opinion is growing in Japanese army circles
that the defeat of Admiral Kolchak and the increasing
ascendancy of the Bolsheviki in Siberia are so menacing that Japan cannot remain indifferent." The
paper added that "therefore Japan may make a new
proposal to the Powers regarding the Siberian
It became known in Paris on Monday that the
Supreme Econom'c Council had decided "to continue the agreements for Inter-Allied co-operation
concerning food supplies for Austria after December
31." Announcement was made in Paris a few days
later that plenipotentiaries of Jugo-Slavia would sign
the Austrian treaty at 5 o'c:ock that afternoon.
Word camefrom the French capital the next morn'ng,
however, that the signatures were not attached.
The only reason given was that the p:enipotentiaries
"found that they did not have the power to sign the
various annexes." Premier Lloyd George declared
in the House of Commons on Thursday that the
Supreme Council had decided that "only a comprehensive arrangement for a large international credit
would adequately meet the Austrian situation," and
added "that it was essential for the success of such a
proposal that the United States should contribute
that part of the expenditure which would have to be
incurred in dollars.' He stated also that "urgent
representations ave accordingly been made to the
Nov. 29 1919.1
THE CHRONICLE
United States Government in this sense." The
State Department at Washington received reports
Wednesday afternoon that the daily allotment of
bread in Vienna had been reduced to half a loaf, and
by next Monday probably the city would be without
bread altogether.
Madrid has been suffering from a bread shortage
for some little time because of a bakers' strike, and
now, according to advices from that centre, a meat
shortage is threatened. By reason of the sharp
advance in the prices of all commodities it was
claimed that "the clerks in all grocery, fish and other
food shops had demanded increases in wages and announced their intention to strike unless their grievances are redressed." There was said to be a general
shortage of tobacco as well. The bread situation
became so serious later in the week that the Government decided to take over the bakeries in Madrid.
The strikers were to be paid the wages that they had
demanded. The employers in Madrid, at a meeting
on Thursday, are reported to have decided, with only
one dissenting vote, to proclaim a general lockout on
Dec.6. The workers are•preparing, according to another report,to forestall this action by a general strike.
Premier Clemenceau returned to Paris Tuesday
morning from a brief vacation at Vendee and immediately called a Cabinet meeting to consider
several important appointments and other pressing
matters. It was stated that President Poincare
would preside. On Tuesday a wireless dispatch was
received in London from Berlin purporting to give
the text of a note sent by the Premier to the German
delegation at Versailles in reply to a request for
certain modifications of the terms of the Peace
Treaty with respect to the German prisoners employed in reconstruction work in Northen France.
The note was characterized as "stern" and was
said to have contained the following statement:
"We owe nothing to Germany except the precise
fulfillment of the provisions of the Peace Treaty
accepted by Germany." "La Presse de Paris,"
published an article on Thursday urging Premier
Clemenceau to visit the United States and make an
appeal in behalf of Europe. The writer said in
part: "Let him go to Washington and let him speak
there in the name of Europe, as well as in the name
of France. A few words spoken in the right tone
will suffice, probably, to produce the desired effect.
M. Clemenceau ought to pack his grip."
On Wednesday the dance halls of Paris were ordered closed to save coal. There were indications
at the beginning of the week that the striking printers realized their mistake, although they had claimed
that they were prepared financially and otherwise
to hold out for three months. They sent a committee to M. ColHard, Minister of Labor, with ,a
request that he name "a mixed commission to endeavor to find a solution of the questions at issue
between the strikers and the newspaper owners."
The Minister in turn transmitted the request to the
newspaper publishers. So far nothing has come to
hand regarding whatever action they may have
taken. According to reports from Paris the Socialist
Party in France is to be reorganized with a view to
recruiting labor and of joining the Syndicalists. It
was said that the future control of the party is to be
centred in a strong executive committee.
2017
According to London dispatches, Lady Astor is
not the only English woman who is eager to have a
seat in the House of Commons. It was reported that
Jessie Stephens, a servant girl, "has signified het
.ntention of entering the race for Parliament on the
Labor ticket." She has had a varied experience in
recent years, having served not only as a cook, but
also as "a house maid, a cook general, a manager of
a large common lodging house in Glasgow, a porter
in a chemical warehouse, and during the war as a
driver of a 3-ton lorry." The House of Commons
decided by a vote of 169 to 56 that Lady Astor's
husband, Viscount Astor, could not give up his title,
inherited from his father, as he had wished to do.
London advices yesterday morning stated that Lady
Astor had won by a plurality of 5,203.
Sir Auckland Geddes is said to have caused general
surprise by an announcement in the House of Commons that "household coal will be reduced 10 shillings
a ton and that bunker coal for coastwise traffic will
be brought down to the industrial level, a reduction
of probably 30 shillings a ton." Coa' merchants
and owners of coal properties were reported to have
been at a loss to understand the action of the Government, particularly as Sir Auckland Geddes had been
quoted only ten days before as saying that the price
could notlbe reduced even six shillings a ton. The
London 'Chronicle," however, published a seemingly
plausible explanation, claiming that the reduetion
was due to the fact that the Coal Controller.,found
himself with more coal than he had anticipated and
that, therefore, he had decided to give the advantage
to the "consumer of household coal and to coastwise
shipping." Representatives of the miners on the
British Advisory Coal Commission are reported to
have resigned late Thursday largely because of the
"raising and lowering of the prices of coal," which it
was claimed gravely prejudiced industry and the
nation. By a vote of 254 to 59 the House of Commons yesterday voted down "the motion of William
Brace, a Labor leader, calling for the appointment
of a committee to inquire into the cost of production,
the output and prices of coal."
According to statements of Sir George Paish, in an
address before the Ethical Society of London, "at
least 100,000,000 people in Europe are in danger of
starvation in the next few months." He was reported to have said also that "the League of Nations
has become an absolute world necessity." The
New York "Sun" published, in double column form
on the first page Wednesday morning, a long special
cablegram from its-raid-on correspondent purporting
to deal with conditions in Europe, which, on first
reading, appeared :to contain much new matter.
But this was not so. It simply portrayed well known
conditions, and pictured the outlook as very gloomy.
The Irish question is receiving fresh attention
from the British Cabinet. According to a London
cablegram Thursday morning "a new Home Rule
Bill, setting up two Parliaments in Ireland, with a
council or senate of forty to be chosen by the two,
probably will be introduced in Parliament within the
next two weeks." The Cabinet committee having
the matter in charge was said to be holding daily
sessions regarding the proposal.
British revenues and ingoes for the week ended
Nov. 22 were again in excess of expenditures and out-
2018
THE CHRONICLE
goes, and as a result there was a further increase in
the Exchequer balance of £419,000, which carried the
total to £4,517,000, as against £4,097,000 in the
week preceding. The week's expenses totaled £23,371,000 (against £27,035,000 for the week ending
Nov. 15), while the total outflow, including Treasury
bills, advances, savings certificates repaid, and other
items, was £76,260,000, against £122,051,000 last
week. Receipts from all sources amounted to L76,679,000, which compares with £122,265,000 a week
ago. Of this total, revenues contributed L22,833,000, against £15,526,000, and savings certif cates
£1,050,000, against £1,150,000. The Civil contingencies fund repaid £2,010,000, against L5,000,000, while other debt yielded £12,500,000, as against
£41,506,000. Nothing was received this week from
the new funding loan, "sundries," Victory bonds or
advances, although substantial amounts were contributed from these items a week ago. New issues
of Treasury bills equaled £38,286,000, which compares with £48,176,000 the week previous. A further advance has been recorded in Treasury bills
outstanding to £1,092,059,000, as contrasted with
£1,091,961,000, although net temporary advances
declined £11,500,000 and now stand at £202,080,000.
It is announced that on Dec. 1 about £50,000,000
in war loan dividends falls due. On-previous oc_
casions there has always been some Government issue
available for reinvestment. As it happens, however,
there is nothing just now except Treasury bills,
which do not seem to appeal to the general public.
Hence it is expected that the Treasury will be
obliged to borrow on temporary advances to provide the dividend.
The Bank of England continues to lose gold and this
week's statement shows a decrease of £63,175, while
total reserves were reduced £1,081,000, there having
been an expansion of £1,018,000 in note circulat on,
and the proportion of reserve to liabilities declined
to 16.30%, which compares with 17.49% last week
and 16.20% a year ago. Other important changes
were a contraction of £3,960,000 in public deposits,
an increase of £5,665,000 in other deposits and an
advance in Government securities of £3,545,000.
Loans (other securities) were reduced £736,000.
The Bank's holdings of gold now stand at £87,901,616
as against £75,845,656 last year and £56,506,642 in
1917. Reserves aggregate £19,657,000. This compares with £28,305,206 in 1918 and £31,879,592 the
year before. Circulation is now £86,693,000. A
year ago the total was £65,990,450 and in 1917
£43,077,070. Loans amount to £80,080,000, in
comparison with £100,992,330 and £91,342,329 one
and two years ago respectively. . Clearings through
the London banks for the week total £683,880,000,
as compared with £408,940,000 in the same period of
1918. We append a tabular statement of comparisons:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1919.
Nov. 26.
Circulation
86,693,000
Public deposits
19,307,000
Other deposits
100,989.000
Government secur's. 38,334,000
Other securities
80,080,000
Reserve notes & coin 19,657,000
Coln and bullion_ 87,901,616
Proportion of reserve
16.30%
to liabilities
6%
Bank rate
1918.
Nov. 27.
1917.
Nov. 28.
1916.
Nov. 29.
1915.
Dec. 1.
65,990,450
30,427,890
143,749,163
62,629,716
100,992,330
28,305,206
75,845,6.56
43,077,010
41,526,139
122,742,622
58,814,870
91,342,329
31,879,592
56,506,642
37,656,285
56,236,730
109,268,585
42,188,117
104,270,976
36,836,757
56,043,042
34,275,105
50,360,517
93,025,478
29.840,118
96,481,248
35,413,564
51,238,669
16.20%
5%
19.40%
5%
22.25%
6%
24.61%
5%
[VoL. 109.
The Bank of France continues to report gains in
its gold item, the increase this week being 387,995
francs. The Bank's total gold holdings, therefore,
now aggregate 5,576,962,250 francs, comparing with
5,462,094,891 francs last year and with 5,333,394,419
francs the year previous; of these amounts 1,978,278,416 francs were held abroad in 1919 and 2,037,108,484 francs in both 1918 and 1917. During the week,
general deposits were augmented to the extent of
1,066,235 francs. Decreases were registered in all
the other items, viz: Silver 1,133,550 francs, bills
discounted 4,178,032 francs, advances 14,835,961
francs and Treasury deposits 26,878,301 francs.
The comparatively small contraction of 2,937,800
francs was recorded in note circulation, bringing
the total outstanding down to 37,053,807,460 francs,
which contrasts with 29,072,411,935 francs last
year and with 22,690,883,885 francs in 1917. On
July 30 1914, just prior to the outbreak of war, the
amount outstanding was ony 6,683,184,785 francs.
Comparisons of the various items in this week's
return with the statement of last week and corresponding dates in 1918 and 1917 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Nor. 27 1919. Nov. 28 1918. Nov. 29 1917
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
In France
Inc.
387,995 3,598,633,834 3,424,986,406 3,296,285,934
Abroad
No change
1,978,278,416 2,037,108,484 2,037,108,484
Total
Inc.
387,995 5,576,962,250 5,462,094,891 5,333,394,419
Dec. 1,133,550
Silver
283,648,128
319,262,601
246,910,321
Bills discounted_Dec. 4,178,032
928,722,124
816,112,297
841,180,058
Advances
Dec. 14,835,961 1,322,690,238 1,093,163,810 1,141,329,979
Note circulation _Dec. 2,937,800 37,053,807,460 29,072,411,935 22,690,883,885
Treasury deposits_ _Dec. 26,878,301
52,160,399
331,282,153
28,260,808
General deposits_ _ _Inc. 1,066,235 2,950,674,468 2,816,042,616 2.778,855,500
Official discount rates at leading European centres
continue to be quoted at 5% in Paris, Berlin, Vienna,
Spain and Copenhagen; 532% in Switzerland, 6%
in London, Sweden, Norway and Petrograd, and
43/2% in Holland. In London the private bank rate
has not been changed from 6% for both sixty and
ninety-day bills. Call money in London is still reported at 4%%. So far as can be learned, no reports have been received by cable of open market
discount rates at other centres.
Saturday's statement of New York associated
banks and trust companies, which is given in greater
detail in a subsequent section of this issue, was about
as had been expected, and showed further favorable
results as a sequence of the corrective measures which
are being enforced. The loan item registered another
heavy contraction, namely,$64,625,000, which brings
that total down to $5,195,672,000, as against $5,433,003,000, the previous high record of Oct. 11,
while the deposit items also showed a reduction. Net
demand deposits declined $17,340,000, to $4,185,680,000 (Government deposits of $111,441,000 deducted), and net time deposits decreased $2,891,000,
to $270,961,000. Cash in own vaults (members of
the Federal Reserve Bank) expanded $3,123,000, to
$101,353,000, while the reserves in own vaults (State
banks and trust companies) was augmented $535,000,
to $11,391,000. Reserves in the Reserve Bank of
member banks declined $12,092,000, to $571,102,000,
and the reserve in other depositories (State banks and
trust companies) fell off $681,000, to $11,462,000.
There was a reduction in aggregate reserve of $12,238,000, to $593,955,000, but in the case of surplus
the loss was brought down to $9,851,570—reserve
requirements having been reduced—and the total of
THE CHRONICLE
Dealing with specific rates for money, call loans
this week covered a range of 6@10% which compares
with 6@12% last week. On Monday and Tuesday
there was no range, the only rate quoted being 7%,
which was the high, low and ruling figure for the day.
Wednesday the high was still at 7%, and this was
also the renewal rate, but the low declined to 6%.
Thursday was a holiday (Thanksgiving Day).
Friday's range was 7@10% with renewals negotiated
at 8%. The above figures apply to mixed collateral
Spot Delivery
Ninety
Sixty
Thirty
Days.
Days.
Days.
40434 4344§434 434@434
4540434 434@494 454@43i
6 @)5)4 6 @554 53.4416
Eligible bills of member banks
Eligible bills of non-member banks
Ineligible bills
Delivery
within
30 Days.
434 bid
434 bid
6 bid
The Federal Reserve Bank of San Francisco has
fallen in line with the other Federal Reserve banks,
having raised its discount rates to conform with those
in force at the other Reserve bank centers. Yesterday it became known that the N. Y. Federal Reserve
Bank has been buying prime member bills at rates
slightly above recent rates. This hos brought the
bank .more nearly in line with the rates quoted on
bank acceptances in the open market. It is learned
that recent purchases by the N. Y. Federal Reserve
Bank have been made at 4%% for 90-day bills, 432%
for 60-day bills and 43 % for 30-day bills. This
4
represents an increase of X% in the rates borne by
this class of paper.
In the following table we show the prevailing
rates for various classes of paper at the different
Reserve banks.
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
•
CLASSES
OF
•
DISCOUNTS AND LOANS.
Discou,:ts-Within 15 days,incl. member
banks' collateral notes__ 4%
16 to 60 days' maturity__ 434
61 to 90 days' maturity-- 4%
Agricultural and live stock
paper,91 to 180 days incl_ .5
Secured by 434% U. S. centMates of indebtedness
Within 15 days, including
member banks' collateral
notes
43-4
Secured by 434% U. S. Certificates of Indebtedness,
Lib. bonds & Vic. not
Within 15 days, Including
member banks' collateral
notes
434
16 to 90 days' maturity
434
Trade Acceptances
15 days' maturity
434
16 to 90 days' maturity
434
1
j j
.2 I
•
11
I
F;
g E
:4;
,4
Kansas City.
Liquidation in stocks at this centre has been in
progress all week. For the first two or three days,
however, a group of highly speculative interests bid
up certain stocks that had sensational advances over
a period of many weeks prior to the beginning of the
present downward movement. They did this in
defiance of existing conditions, just as the whole
market was bid up toward the end of the big bull
movement, although conservative observers could
not fail to see that already it had been carried too far.
Wednesday and again yesterday the stocks to which
reference has been made declined as sharply as they
had advanced at the beginning of the week. As a
matter of fact, there was no justification whatever
for the new and short-lived upward turn. Unquestionably liquidation is the order of the day, not
only in stocks but also in commodities. Not a few
competent authorities in the financial district believe
that it must be continued during the remaining weeks
of this year, if anything like a sound financial and
economic basis is to be re-established.
Rates for call money at this centre declined day
by day until a 7% level was reached, which apparently is regarded by lenders of funds on call as a
reasonable rate under existing conditions. A comparatively few Stock Exchange houses and their
customers were shrewd enough to clear their decks
before. the big break in stocks began several weeks
ago. Probably it would be found, if access to the
record books were possible, that a great number of
speculative customers were caught. Many of them
were declaring very confidently that conditions had
undergone such a change that it was perfectly
reasonable to expect the market to go very much
higher yet. In spite of this unfortunate attitude on
their part, as already suggested, there has been
considerable liquidation. This and a consequent
decline in call money rates are about all that has
happened. There has not been an important change
in the general banking and financial position. Time
money here is loaning in only very small amounts.
With the near approach of January 1, when dividend
and interest disbursements are always unusually
heavy, and in view of the decidedly unsettled conditions in Europe and the urgent demand for great
sums of money for meeting pressing obligations and
for reconstruction work, it would seem natural to
expect firm money rates at this centre, at least until
some little time after the turn of the year.
and all-industrial loans alike. For fixed maturities
there is very little doing and the market during most
of the time was at a standstill. The supply of available funds is still light and quotations which are
hardly more than nominal, continue at 6@7% for
mixed collateral and 7@73 for all-industrial money.
Commercial paper rates were firm and higher with
a further advance to 5%@6% for sixty and ninety
day bills receivable and six months' names of choice
character, against 532@5%% last week. Names less
well known now require 6%, as against 5%%, the
previous quotation. A fair degree of business was
recorded with the inquiry still largely from country
banks. Banks' and bankers' acceptances with the
easing in the call loan market, have shown greater
activity and transactions in the aggregate were
larger than for some little time. Out-of-town institutions were among the principal buyers. The
undertone of the market was steady with quotations
unchanged. Demand loans for bankers' acceptances
remain as heretofore at 43' 0 Detailed rates follow:
17
.
New York.
excess reserves is now $37,267,480, or a larger
amount than has been recorded on no less than eighteen different weeks of the present year. The figures
here *given for surplus are based on legal reserves of
13% for member banks of the Federal Reserve system, but do not include cash in vault to the amount
of $101,353,000 held by these banks last Saturday.
Circulation is now $36,189,000, a decrease for the
week of $192,000.
2019
Philadelphia.
Nov. 29 1919.]
a
•
a
4% 4% 434 434 434 434 434 434 5 5
4% 4% 454 4% 4% 4% 4% 4% 5 5
434 4% 434 4% 4% 48% 4% 5 5
5
5
1
5
5% 5
434
5
5
534 5)4 534 534 534 5% 534
.
43-4 43-4 4% 434 434 43-4 43.4 43-4 43-4 43-4 43.4
434 434 434 434 43-4 43-4 434 434 43-4 43-4 43-4
434 41s1 434 434 434 43-4 434 434 434 434 434
4% 4% 43443-4 43-4 4% 434 4% 5
434 434 434 454 444 444 444 444 5
5 434
5 5
1 Rates for discounted bankers acceptances, 454%Note 1. Acceptances purchased in open market, minimum rate 4%.
Note 2. Rates on paper secured by War Finance Corporation bonds, 1% highe
than on commercial paper of corresponding maturities.
Note 3. Whenever application is made by member banks for renewal of 15 day
paper, the Federal Reserve banks may charge a rate not exceeding that for 90 day
paper of the same class.
Rates for commodity paper have been merged with those for commercial paper
of corresponding maturities.
x 04% in the case of rediscounts of not more than 90 days, secured by Liberty
Loan bonds or Victory notes.
a) 43-4% for member banks' collateral notes withinj15 days
The sterling exchange market has experienced a
quiet and relatively-uneventful week, with the improvement shown at the close on Friday last maintained and rates alternately above and below that
figure, until yesterday when there was a sudden drop
2020
THE CHRONICLE
[VoL. 109.
to 4 00%, under the pressure of heavier offerings, and for demand, 4 06@4 073. for cable transfers and
trading became slightly more active. During the 4 02%@4 03 for sixty days. Some irregularity was
earlier days of the week the market appeared to be noted on Tuesday, early firmness, when demand
undergoing a more or less natural reaction from the moved up to 4 06%, being followed by a recession to
recent abnormal activity and phenomenal weakness, 4 04%, coincident with an increase in the volume of
while an additional factor in the inaction was the in- offerings; the ranee for cable transfers was 4 0532@
tervention of the Thanksgiving holidays, which took 4 07% and sixty. days 4 003 @4 03%. Wednes4
many prominent financiars temporarily away from day's trading was largely of a, pre-holiday character
the city. There was a perceptible lessening in the and transactions reached only moderate proportions;
volume of bills offering and this combined with the undertone was firm, however, and demand ruled
covering of shorts and buying by speculative interests at 4 043@4 053., cable transfers at 4 05@4 06 and
aided materailly in sustaining the level of prices. sixty days at 4 003@4 013. Thursday was a
The extremes for demand bills were 4 04@4 06%, al- holiday (Thanksgiving Day). Friday's market was
though, as noted above, at the close liberal selling more active as a result of increased offerings; rates
coincidental to the sailing of a fast mail boat to-day, were 4 00%@4 02% for demand, 4 013'®4 033/ for
%
forced prices down several points, and demand bills cable transfers and 3 963 @3 98% for sixty days.
finished the week at 4 00%, or only 13 points above Closing quotations were 3 963 for sixty days, 4 00%
%
for demand and 4 013/ for cable transfers. Com2
the previous low level.
News that the British Parliament is discussing a mercial sight bills finished at 4 003/, sixty days at
2
plan for funding interest payments on the Allied 3 973/a, ninety days at 3 963, documents for paydebt to the United States for three • years attracted ment (sixty days) 3 96 and seven-day grain bills
some attention, but this is simply a corroboraton of 4 003. Cotton and grain for payment closed at
2
.
the statement by the Secretary of the Treasury in 4 003/ The only gold movement reported this
Washington some two months ago. It now develops week was a consignment of $400,000 in gold bars
that at the time of the original announcement there withdrawn from the Assay Office for shipment to
was still some hope that arrangements would be made Bombay. There were no imports.
either with private interests or through Governmental
In Continental exchange, movements have conagencies whereby these.payments might be met, but
in the absence of any formal arrangement for the ex- tinued erratic, particularly for Italian lire, which has
tension of new credits and now that all thought of fluctuated sharply several times during the week.
obtaining further appropriations from Congress for Taken as a whole, however, the trend may be said
loans has been given up,it would seem that this is the to have been toward a slightly higher level, with a
only means left, of preventing the foreign exchanges rather more hopeful feeling predominating in exfrom sinking into a still more hopeless condition. The change circles. Trading, though, was less active,
attitude of the market toward the proposed scheme as which was probably due to preparations for the holiexplained last summer was favorable, it being re- day and the absence from the market of many large
garded as likely to prove an important factor in aid- operators. French exchange was in better demand;
ing our former allies to tide over their present ex- consequently rates were substantially above those
change difficulties. In effect, assuming that the total of a week ago, until the close, when there was a reindebtedness of the Allies to the United States is $10,- action to slightly below the previous close. German
000,000,000, it means an advance of approximately marks and Austrian kronen were also firmer for a
$500,000,000 per annum for the next three years, while on an improvement in the inquiry, but receded
and is regarded by many as being the only feasible later. Belgian francs, on the other hand, ruled
means, under existing circumstances, of relieving an weak and as against the upward tendency in the
other currencies, established a new low record of
otherwise impossible exchange situation.
Early in the week it was rumored that the Federal 9 37 for checks, a further loss of 37 points from the
Reserve Board was engaged in formulating a plan for previous week's low point. Lire showed a material
the stabilization of exchange through Government strengthening in the initial transactions, and good
intervention. But this was subsequently denied and buying by one or two important international bankofficials of that body are understood to have made it ing concerns induced a rally of 75 points from the
plain that the attitude of the Reserve Board toward low level of a week ago, to 11.77; but later, when this
financing foreign trade remains unchanged. It is demand was satisfied and increased offerings began
intimated that the Government has no intention of to come on the market, prices reacted sharply and
taking action through the Federal system for the there was a relapse to 12.19 for demand bills. A facrelief and support of export trading, and that the tor in the week's trading has been a moderate volume
sooner this is realized by business generally, the sooner of buying for speculative account on the part of
will private initiative begin to operate. An opinion operators who apparently feel that the recent declines
which seems to be gaining ground is that while ex- have been overdone and that foreign exchange at
ports will undoubtedly suffer, this is a not wholly the low levels now current furnish opportunities for
unmitigated evil, since it is likely to lead to larger speculative profits.
supplies of finished materials and commodities in
this country which should eventually result in lowerThe official check rate in Paris finished at 39.23,
ing present living costs.
Fhich compares with 39.10 last week. In New York
, As regards quotations in greater detail sterling sight bills on the French centre closed at 9 78, against •
exchange on Saturday of last week was dull and 9 63; cable transfers at 9 76, against 9 61; commercial
practically unchanged; demand ranged between 4 04 sight at 9 81, against 9 60, and commercial sixty
and 4 043, cable transfers at 4 04%@4 05, and sixty days at 9 89, against 9 74 a week ago. Belgian francs
2
days 4 003/@4 00%. On Monday, increased firm- finished at 9 37 for checks and 9 35 for cable transfers.
ness developed as a result of an improvement in the This compares with 9 00 and 8 98 the week prenquiry and there was an advance to 4 053@4 063/ vious. German reichmarks closed at 2 31 for checks
Nov. 29 1919.]
THE CHRONICLE
2021
and 2 34 for cable transfers. Last week the close I $4,963,000. Adding the Sub-Treasury and Federal
was 2 29 and 2 33. Final rates for Austrian kronen Reserve operations and the gold export3, which
were 00.70 for checks and 00.72 for cable remittances, together occasioned a loss of $114,078,000, the
in comparison with 00.82 and 00.84 the week before. combined result of the flow of money into and out
Exchange on Czecho-Slovakia finished at 1 90, of the New York banks for the week appears to have
against 1 95; on Bucharest at 3 60, against 3 20; on been a loss of $110,517,000, as follows:
Poland at 1 85, against 1 85, and on Finland at
Week ending Nov. 28.
Into
Out of
Net Change fa
Banks.
Banks.
Bank Holdirgs.
3 60, against 3 60 a week ago. Lire closed the week
Banks' interior movement
at 12 14 for bankers' sight bills and 12.12 for cable Sub-Treasury and Federal Reserve $8,524,000 $4,963,000 Gain $3,561,000
20.904,000 134,982.000 Loss 114,078.000
transfers, as against 12.25 and 12.23 the week pre- operations and gold exports
829,428,000 $139,945,0001LossS110,517,000
ceding. Greek exchange remains without change Total
The following table indicates the amount of bullion
at 5 55 for checks and 5 53 for cable transfers.
The neutral exchanges have apparently relapsed in the principal European banks:
into their wonted dulness and trading was once more
Nov. 27 1919.
Nov. 28 1918.
reduced to minimum proportions. Variations in rates Banks of
Gold.
Gold.
Total.
Silver.
Total.
Silver.
were relatively unimportant, with no definite trend in
. g
£
£
£
f
f
87,901,616
87,901,616 75,845,656
75,845,656
either direction. Guilders were firmer. Swiss francs England_., 143,947,353 11,320,000 155,267,353 136,999,035 12,760.000 149,759,035
Frances__
54,636,750 1,017,800 55,654,550 115,427,900 1.015,060 116.442,960
continue to be firmly held, while Spanish pesetas Germany __ 129, 50,000 12,375,000 142,025,000 129,650,000 12,375,000 142,025,000
Russia ._
A us-ilun c 10,832,000 2,374,000 13,206,000 11,008,000 2,289,000 13,297.000
ruled strong during the greater part of the week, only Spain ____ 96,782,000 25,148,000 121,930,000 88,986,000 25,698,000 114,684,000
32,202,000 2,997,000 35,199.000 38,439,000 3,200,000 41,639,000
reacting slightly at the close. The Scandinavian Italy
Netherl'ds 52,680,000
446,000 53,126,000 58,035,
600,000 58.635,000
Nat Bel.h 10,653,000 1,085,000 11,738,000 15,380,000
.
600,000 15,980,000
Switzland
exchanges• moved irregularly. Copenhagen remit- Sweden__ 18,990.000 3,414,000 22,404,000 15,190,000
15.190,000
_ 16,637,0001
16,637,000 15,176,000
15.176,000.
_
tances were again easier, but Stockholm and Christi- Denmark. 10,634,0001 182,000 10,816,000 10,335,000 130,000 10,465,000
Norway _
8.152,0001
8,152,000 6,738,000
6,738,000
ania showed some improvement, although here also Tot. week.673,697,719 60,358,8001734,056,519 717.209.591 59,667,060775,876,651
Prev.week 673,805,374. 60,317,800 734,123,174 727,490,880 58,718,560 786,209,440
there was a reaction and the close was easier.
a
3
Bankers' sight on Amsterdam finished at 37%, heldGold holdings of the Bank of France this year are exclusive of .C79,131,137
abroad.
* No figures
4
4
against 37%; cable transfers at 377 , against 371 ; c Figures for reported since October 29 1917. Board of Trade Journal" for
1918 are those given by "British
3
commercial sight at 37 11-16, against 37%,and com- Dec. 7 1917. 1918 are those of August 6 1914.
h Figures for
mercial sixty days at 37 5-16, against 36 15-16 last
CONCERNING THE TREATY OF PEACE.
week. Swiss francs closed at 5 46, for bankers'
bills and 5 45 for cable remittances, in comparisight
The first and inevitable comment on the vote of
son *with 5 50 and 5 48 a week ago. Copenhagen November 19 against the ratification of the Treaty
checks finished at 20.10 and cable transfers 20.25, of Peace was that it could not be a final disposition
aga'nst 20.35 and 20.50. Checks on Sweden closed of the matter. It left the United States technically
at 22.45 and cable transfers at 22.60, against 22.25 at war with Germany, and it left the relations of the
and 22.55, while checks on Norway finished at 21.55 United States with its war-time allies undetermined.
and cable transfers 21.70, against 22.40 and 22.55 on As regarded even the League of Nations in the form
Friday of a week ago. Closing rates for Spanish prescribed at Paris, the vote of the Senate settled
pesetas were 19.65 for checks and 19.75 for cable nothing finally; because the vote as it stood was
transfers. This compares with 19.80 and 19.95, against both Treaty and League and must, therethe previous close.
fore, in some form be reconsidered. Meantime, not
With regard to South American quotations, the only has the Treaty been ratified by the most imsituation remains about the,same with the rate for portant of our allies, but the League has been
checks on Argentina still pegged at 423. and cable adopted and is prepared to begin its work. A definite
transfers 423/. For Brazil the check rate continues vote is therefore politically necessary to settle what
2
to be quoted at 259/i and cable remittances 253/ shall be the attitude of the United States Govern2
.
ChiJian exchange is now quoted at 18.50, against ment toward the League itself.
19.88. Peru at 4 74@4 76, against 4 81@4 82.
But the Senate action of Nov. 19 was a vote which
Peruvian exchange rates have for a long time past proved nothing as to the actual attitude of the ratibeen little better than nominal, since trading is fying body towards such a League; except for the
exceptionally light. It should be noted that they fact that a majority could not be obtained for it
in
are now being quoted on the basis of American money either of the forms proposed. If, indeed, one were
per Peruvian pound. The range of 4 81@4 82, to ask what preference was shown towards the general
which we have been carrying recently is confirmed as principle of a League of Nations, the votes on the
correct. HoWever, according to the latest cable amended and unamended resolutions lead to one
advices (Nov. 26) there has been a change to 4 74@ curious conclusion. One of these resolutions for
4 76, as already noted.
ratification of the Treaty was mainly supported by
Far Eastern rates are as follows:* Hong Kong, Republicans; the other by Democrats. But if the
2
1 01@1 013/, against 1 03@1 04; Shanghai, 165@ Republicans who voted to ratify it in one form and
%
1653 , against 165@1653/, Yokohama, 5032@50%, the Democrats who voted to ratify it in another are
2
against 509@51; Manilla, 49@493 (unchanged); added together, the result shows that 72 votes were
Singapore, 503@503/, (unchanged); Bombay, 443 cast for the Treaty and the League in some form
2
@4432, against 43@433, and Calcutta, 443@44M, out of the Senate's total vote of 96.
against 43@433.
Beyond this general fact, however, the series of
votes on the various resolutions submitted were such
The New York Clearing House banks, in their as might completely bewilder any one butthe trained
operations with interior banking institutions, have observer. Senator Lodge personally
presented, in
gained $3,561,000 net in cash as a result of the cur- behalf of the majority of the Foreign Relations
Comrency movements for the week ending Nov. 28. mittee, a resolution ratifying
the Treaty and the
Their receipts from the interior have aggregated League provisions, with important reservations, to
$8,524,000, while the shipments have reached many of those provisions. That resolution, with the
2022
THE CHRONICLE
qualifying clauses which it included, had been introduced and pressed at the instance of the Committee's
majority. But when the vote on Mr. Lodge's resolution was taken, it was defeated by Mr. Lodge's
own party; for the majority of 16 against it was
obtained by 13 Republicans who voted with 42
Democrats. Had those dissenting Republicans supported the resolution, the other votes remaining the
same, it would have been approved by a majority of
10. What is even more striking, the Republican
votes against Mr. Lodge's resolution included five out
of the ten Republican members of the Foreign Relations Committee whose own program, modified by
the Senate, was embodied in the resolution.
When Senator Underwood moved the adoption of
the Paris Treaty as originally submitted, the majority against his resolution was no larger than the
majority against the Lodge resolution. There were
many and varying reasons for this confusion of
political alignment; but none of them gave a plain
answer to the question, what was the Senate's actual
decision on the Treaty? As a matter of fact, there
has been no decision. Every Senator knew that,
when the vote had been taken and the Senate had
adjourned, reconsideration of the Treaty had merely
been deferred until Congress should convene for
its regu'ar session on the first Monday of December.
We are stating these conclusions wholly without
reference to the merits or demerits of the original
Treaty, of the original League of Nations provisions,
ror of the various reservations and amendments proposed to those provisions. It is a purely practical
question which remains. The reasons for prompt
disposition of the matter when Congress reassembles
are, in our judgment, extremely urgent. They are
twofold in character. The absolute necessity for
beginning a comprehensive plan of financing Europe's
trade indebtedness, during the period of her recovery
from the war prostration, has been shown by the
very recent demoralization in the foreign exchange
market, which is complicating the business undertakings of our own as well as foreign merchants.
But the experience of the extra session of Congress
which has just adjourned shows something more;
namely, that so long as the parliamentary feud and
the deadlock over the Treaty continue in the Senate,
just so long is Congress reasonably sure to fail to give
the consideration which is necessary to the numerous vital questions of domestic legislation which
are pressing on it. No one will have forgotten
that, when Congress was called together in May, the
belief existed, even at Washington, that a program of
real achievement in such other legislation would
mark the session. We all know what the story has
actually been.
Last week the party leaders gave out their ususal
summaries of what had been accomplished after that
session. All things considered, and especially in
view of the urgent public problems which demanded
immediate settlement, the showing was lamentable.
The majority leader in the House recited in detail the
measures actually enacted; they were made up
chiefly of the law to enforce Prohibition, and of a
collection of bills of unimportant scope, the mere
recapitulation of which gave almost a touch of irony
to the list. The railroad legislation had scarcely
been introduced; the taxation and appropriation
problems scarcely considered; the labor question left
altogether to one side.
[VOL. 100
Noting can be more certain than that all these
measures will peremptorily require Congressional
action in the coming session. Yet nothing has appeared to be more clearly proved than that such
action is impossible with the Treaty deadlock continued. The inference seems to us to be unavoidable that prompt action must be taken on the
Treaty itself; with regard alike to our country's
position in the world which is emerging from the war,
to the problems of financing our trade with Europe,
whose consideration awaits ratification of the Treaty,
and to the vital necessity for legislation on other very
urgent questions before the impending Presidential
campaign.
We suppose that action on the Treaty must presume
concessions by the extremists on both sides of the
controversy. Abundant blame attaches to both for
the failure in the last session. We shall not here
undertake to distribute it, beyond saying that the
known sentiment of the Senate,• as shown even by
its votes last week, is that the Paris Treaty should be
ratified, though with plain and unmistakable interpretations or reservations.
THE CALL FOR A NEW INDUSTRIAL
CONFERENCE.
by the clearly fore-ordained failure of
Undeterred
his Industrial Conference of the first week in October,
the President has summoned another, which is to
meet on Monday. It is gratifying to find that he is
profiting by experience. For he tells us that,
"guided by the experience of the last conference," he
deems it inadvisable to have any "recognition of
distinctive groups." He has sent to seventeen men
a request which will be accepted as having the force
of a command,and while none of them is associated in
reputation with any distinct "class," there are several
(for example, the first on the list, Secretary Wilson)
whose antecedents and bias are not such as to imply
open-mindedness on the subject proposed.
Yet it is not necessary to take close account of the
personnel of this new meeting, nor to consider whether
the wisest person in the country would or could select
ten or twenty or fifty men who could come together
with a more reasonable expectation of reaching some
useful results. Mr. Gompers went to Washingtin in
October with a set determination to win there what
he had already failed to win as to the steel industries,
and when he found himself again failing he consistently bolted. This next attempt has no such definite
lines of cleavage visible as there were then, yet there
are fundamental defects in this as in the other. For,
as the "Chronicle" has tried to point out, not only
were the assembled persons brought there then by a
wholly artificial and arbitrary selection and so without power to,bind anybody,but in coming forward to
represent "groups" it was as if they had come to
represent atmospheres and necessities, trying to make
separate what are indivisible and one. There are
no "groups," and it is futile to try to represent and
make arrangements for what does not exist.
It is therefore something in a direotion towards
progress to give up entirely and avowedly the "group"
idea, but the defect in the whole attempt upon the
industrial problem lies even deeper: for it is unalterably true that no number of men,large or small, or
however selected, can handle the relationships between employer and employee, and for the whole
country and every form of industry. Astronomers
claim, and rationally enough, to be able, in a sense,
Nov. 29 1919.1
TIIE CHRONICLE
2023
to "weigh" the planets and even the sun, but they to justify himself and his Commission and also condo not try to control that orb—he is too large. taining some figures of its activities.
Equally futile to sit down and try to handle and
The Commission, he said, did about as much work,
arrange the orb of human operations. When the "involving complaints from business concerns," in
manager of one pla4 sits down with his employees the last year as in the
332 years preceding. Since
(as in case of Mr. Rockefeller with the men of the it began and to November 1, 1,282 "applications for
Colorado Fuel & Iron Co., or of Judge Gary with the complaint" (so he phrases it) have come before the
United States Steel workers), there is a compliance Commission, 606 of them in the
last 12 months; 756
with common sense. The interests and questions were dismissed without
public notice or knowledge,
directly involved are local (comparatively speaking) and of these 312 were
dismissed in the twelve-month
and are known: both sides understand fairly well their ending November 1.
Of the 460 "adversary propoints of agreement and of apparent difference, and ceedings" 212 have been disposed of, 78 during the
are prepared to see how what seem to be diverse past year; of the 212, 26 were dismissed.
are really identical. It is possible in such cases for
Nothing is so easy as to complain; nobody is too
the parties to get together, because at the start they dull or too listless to be able to do that;there has never
are near together; and what they have to do (and it been a time when complaints could not be had in any
may be expected will be able to do) is to perceive number and variety conceivable, and a certain recipe
the essential oneness of interests and duties. When for getting them is to invite them. The motives bethat has been perceived and frankly recognized, the hind them may often be as trivial as they, and it seems
ground has been reached for a practical working so in case of these Commission complaints. The
basis which will outlast that miserable often-failed monthly summary sheet of "the Commission's work"
expedient, the "truce" •for a definite term. But in a recent month is an average sample; 52 "applicawhen attempt is made to get all industrial workers tions for complaints" were received, and 120 were
and in all varieties of industry together for .laying "issued" in the month. A score of concerns,including
their cards on the table and coming into a beneficial 17 makers of leading typewriter and calculating
and lasting agreement, whether the persons trying it machines, were complained of for "rebates, or quanare picked out of the whole population by one means tity or cumulative discounts," four were complained
or another—is it not plain that while some light may of for exclusive dealing contracts; and a long list were
be thrown on the problem, no specific changes (much accused of "misrepresentation." Has there ever been
less a complete settlement) can be found?
a time when producers did not seek to stimulate trade
Stating it in other words, to take employing in their goods by "quantity or cumulative discounts,"
capital as a mass, labor as a mass, the public as a and will there ever be a time when such a practice
mass, the consumers as a mass, and so on, is as will be abolished as illegitimate? Is there any ground
unnatural and therefore as impracticable as to try for believing that business morality averages lower
to reform all mankind in a• mass. The industrial now than formerly, or, it anybody does believe that,
problem, serious though it is, will solve itself naturally is there any reason to imagine that conscience is more
in course of time, if men will allow it. Industrial unbending and the sense of right and wrong more disworkers must stop expecting contentment through criminating, in politicians who hold office than in
submitting themselves to despots who call them- the business men whose operations alone make it
selves leaders; politicians must play less (or less possible for the politicians to have places and draw
successfully) for a solid labor "vote"; the professional salaries?
reformers must be shaken off; and the essential factor
Mr. Colver remarks that in 155 of the 186 cases of
of time and patience must be given its place. The order to "cease and desist" such order was "issued by
President states the ideal result well in general terms: and with the consent of the respondent;".and on that
"That our industries may be conducted with such showing, he says, "I pay tribute to the inherent fairregard for justice and fair dealing that the workman ness of the American business man." He may well
will feel himself induced to put forth his best efforts, pay this tribute, but the practices of the Commission,
that the employer will have an encouraging profit, petty and often malignant in language as they are,
and that the public will not suffer at the hands of do na agree with the lip-tribute. Time after time,
either class." Only the "class" notion must be aban- says Mr. Colver, when a business concern
has been
doned, for it is delusive; there is no such thing.
made to see, by the testimony of witnesses, that a
The key of the whole industrial problem is in two course which had seemed to it entirely moral and
much-abused words: "Collective bargaining," but merely "good business" was unfairly working a hardthat must be correctly understood. Take off the ship to a competitor and contrary to the public inmeddlesome hands of outsiders, and keep them off. terest, the concern has voluntarily
and cheerfully conLet capital and labor, employer and employee, on the sented to "cease and desist." Business necessarily
is
manageable local scale and in each separate line, sit competitive, unless it is exclusive
and monopolistic,
down by and for themselves. In that way, and in as operations under our one absolutely monopolistic
no other, they will get together and stay together.
system, the patent law, must be. All business may
be said to be hurtful to some attempted or would-be
THE FEDERAL TRADE COMMISSION IN THE rivalry; nor is
there any reason to admit that GovernROLE OF BUSINESS ADVISER—
ment can ever successfully teach morality to private
THE PACKERS.
business, any better than it can teach efficiency and
To the eleventh annual convention of the American economy. And are we not
almost overwhelmed—cerSpecialty Manufacturers' Association, at Atlantic tainly over-burdened—by
practical experience of the
City on the 21st, Mr. William B. Colver of the Fed- wretched results of Government
's undertaking to do
eral Trade Commission delivered an address on the private business?
doings and purpoees of that body. He included some
Yet Mr. Colver, earnestly seeking to magnify and
matter which had already been in print, yet his ad- justify his office, argues
that law without some such
drese is worth attention because indicating a desire interpreter as this Commission cannot
repress busi-
2024
THE CHRONICLE
[Vol,. 109.
ness immorality, because "laws;made to apply to selling at the same price per pound, make more profit
per dollar of investbusiness are of necessity inflexible, while business per pound of product, more profitof sales, than do the
ment, and more profit per dollar
changes every day; what is good for one business is five big packers. The public, then, is not benefited
bad for another; what amounts to a mortal sin in one by their size nor by their irivasion of your business."
industry may be actually a virtue in another." This
If this is a correct statement of the testimony of
last clause cannot be admitted true in quite so broad
the figures and if the figures are unimpeachable, does
a statement, but the speaker went on to set forth that
it not indicate that the Big Five are perhaps altruists
anti-trust laws are inflexible and not definitely clear,
of seeking and getting gains? The indeso men consult their lawyers in advance, who tell instead
pendents can take care of themselves, we assume;
them to take the benefit of all doubts and go ahead,
on this showing are not the wicked quintette
and "if you get into trouble we will do our best to but
bound to be presently bowled out of the game, and
get you out." The Commission has therefore been
why need either "the public" or Mr. Colver's Comasked, he says, for "rulings in advance," whereby
mission trouble or care about them? If a very big
business may guide its course and keep within
business is so comparatively weak on efficiency, and
the moral line, but such a thing is impracticable,
if the bad men now "spend millions to prove how
thus:
little they earn" (as he says they do) why not let
"To begin with, no man can say what his conduct them run themselves out?
is going to be for the next year, or the next month or
He protests that he is "absolutely, impersonal and
the next week, or the next day, or the next hour; he
without the slightest feeling" except concern for the
thinks he knows what he is going to do, but he does
not. But, even if he did, experience shows that no public interest, and if his auditors doubt this they
man knows what the reflex of any act which he may might bring him to test. .Let them "name two or
do may have upon some other man. He looks at his three unprejudiced representatives" and invite assoline of conduct from his own point of view. He is ciations of "industries invaded or threatened by the
sincere and honest. He believes it is a good thing. packers" to name several representatives each, thus
But he does not know, he cannot know, how, in the creating "a High Court of Business," which should
complex web of modern commercial relations, that
summon the packers and find out everything about
act will react upon another."
them, then reporting to Congress. But they should
Therefore the Commission, which he says may
"be very, very, very sure they know exactly by whom
possess many gifts but not the gift of clairvoyance
and under what influence" the members of this
and of prophecy, cannot rule in advance on the effect
"Court" are selected. Mr. Colver poses as Justice
of acts yet to be performed. So says Mr. Colver,
personified, yet he speaks of "their press agents, their
and so much at least is correct. His quoted statement
lawyers, their economists, and their lobby," thus rejust above is considerably true to fact and to human
peating from his special report of only 17 months ago,
nature; but he does not see that, because it is true,
in which he charged these men, still untried, with a
he is making an argument against (while trying to
number of deadly sins, imputing to them as a wrong
support) the scheme of setting up a body of political
the fact that their business stays in the same families
appointees as expounder of difficulties and discrimifor generation after generation and even insinuating
nations and keeper of commercial conscience for busithat they have destroyed the growing of live stock in
ness men. When one man, or two or three men, are
New England. The matter and the language of this
able to do this justly and successfully, for all men, report (and of some parts of this recent address as
such guides will be supermen. We do not get them well) belong to yellow journalism, not to the role of
in our politics, nor do they exist. Therefore the bill dispassionate inquiry. And if .the packers spend
introduced at the late session of Congress, next men- somewhat for explanation of their business, they do
tioned by Mr. Colver, for a scheme whereby a busi- not spend public funds in sending out extravagant
ness concern is to lay before Government an exposi- denunciations to the newspapers as news matter.
tion of its own intentions, is mere nonsense. Observe
Yet Mr. Colver may do some good by this address
and see if it is not: the statement of intention is to be because he really argues against himself. Attempting
accepted and filed, and its receipt acknowledged. The to explain and justify his Commission, he really
business man can then proceed, and until somebody frames a good argument to show that by the nature
rises to complain "the license granted shall be a com- of business, by the inflexibility of law and its inadaptplete defense in any court of law or before any Govern- ability to practical cases, as well as by the ignorance
ment agency against any charges of breach of law." of politicians, it. is impossible for "regulation" to acMirabile dictu! Until somebody complains, any act complish anything except friction and hindrance to
or line of conduct already has "a complete defense" by natural development. He unconsciously emphasizes
having no need of defense.
the lesson which experience is slowly and expensively
Mr. Co ver could not finish without rushing furi- teaching:that all the ills of industry and business may
ously upon the Chicago packers, those giants he sees best be left to the healing powers of Nature, and that
looming up against the western sky. He now charges its greatest need is to be let alone.
that "their entry into any industry [and he had not
omitted to repeat that they are seizing more and more
lines of industry] is marked by a dislocation of the HUMAN RELATIONS UNCHANGED BY THE
usual orderly conduct of business." He refuses to
WAR—THE DUTY TO ACCEPT REALITIES.
accept their plea that they promote efficiency and
Wide as may be its base it is sometimes better to
benefit the public by fully utilizing their organization
go round the mountain than try to go over it. Not
and resources; on the contrary, he says:
what we would do, but what we can do, often con"The figures show that the independent packers, stitutes life's best choice. Ideals may be attained,
confining their operations to the packing business, realities must be lived. At every joint in a man's
buying under the same or less favorable circumstances
s against possiand selling in direct competition, are more efficient career he must weigh probabilitie
against the uncertainties.
than the five big packers. The larger independents, bilities, the certainties
Nov. 29 1919.]
THE CHRONICLE
2025
Reason is a good friend, imagination a good com- to bring them into the relations of life. The forpanion. Courage is iron, hope is flame. Fuse mer sacrifice turns to selfishness. The former
peace
iron in flame and it turns to steel. Courage fired of mind turns to doubt and denial. The former
by hope constitutes service. Work, not wishing, contentment in effort becomes disorder to secure
wins. All the to-morrows depend upon to-day. "better conditions of living." Interests
become
To-morrows never come, for ever it is to-day, and confused with, and into, rights.
Wealth in ideals
while there is pleasure in anticipation, the perfect seem to set up poverty and
want in the realities.
joy is in consummation. We may not forget the Men chafe at all restrint.
old saying "we have but one life to live," if we are
It follows that if, pending the adjustmentlof these
to make the most out of it. And in the highest relations to the ideals mention
ed as applied specifiand best sense we are continually making choice cally, we are actually living as
we did live, using the
between that which is practical and that which is. same institutions of government,
law, labor, indusdesirable.
trial institutions and agencies, these are our hope,
Now, to employ the trite phrase "in the history as well as our sustenance, in the present.
Because
of the world," we may confidently assert that there war turned the world in one way,
it is no reason that
never was a time when men everywhere were in the peace should in. another. Because
there was nonmidst of such a conflict of ideas and efforts as exists production then is no reason why it should
exist
to-day. The turmoil embraces government, so- now. Because there was a military
war is no reason
ciety, economics and trade. It affects every adve- why there should be an industria
l one following.
nue of life: And it especially affects the mentali- Man has not changed his relation
to his environment.
ties of men. The origin of this universal condi- When his interrupted relations, interrup
ted by war,
tion (it is not fully expressed by the common word cease there is no reason why he
should not revert
"unrest") is not of course far to seek. Ex-President to his former. Save
for a lack of some of the old
Taft in an address in a Unitarian Church the other means and utilities,
he naturally flies back to the
day very definitely stated the condition: "There old conditions of toil and trade,
he goes from dehas been a reaction revealing the weakness, the de- struction to producti
on.
fect of human nature, from the high ideals and
What then is the chief trouble? Is it not that
spirit that carried through the great war." "The we are all on mental
strike against conditions that
same is true," he said, "of the national spirit, which in reality are unchang
ed, refusing to go ahead bein all countries is tending to selfishness. That cause we cannot translat
e our ideals into realities,
should not discourage us,for the result is what should and are. conjuring up
difficulties, dangers, doubts,
count. There will be a reaction of the reaction." and deprivations that
do not exist? This is not a
In a word, the war after the war would not now psychological question
in the sense that we are
be upon us save for the tremendous scope and pe- suffering from aberatio
n or delusion. It is because
culiar character of the latter. That original war we will not negotiat
e with the present, will not
is over, and it boots not to discuss it, save to say arbitrate looking to the
future. Take this example:
that if it was necessary it was also idealistic. And Men say, speed up the
Treaty, and certain business'
a war to end war, a contest to meet and overcome organizations say adopt it,
as do the labor unions.
autocracy, a struggle to bring unity, democracy and Suppose now it is defeated
, either by its friends or
peace to the whole world, could not but seriously its enemies. Is it not manifest
the nation must
affect the thought of the world thereafter. The make peace with the enemy
nevertheless, and that
ideal set high became inclusive of all things, affect- foreign trade must be resumed
notwithstanding?
ing human relations in all their ramifications, in Why then this constant
and insistent turmoil?
their extent, and in their detail. The ideal seemed Are we not held back by
our own selfishness, our
to shine down on domestic affairs as well as for- own demand that we
shall have universal justice,libeign.
erty and humanity, now, at once, without the
As a result men have come to want the ideal now. slow growth of our
ideals into realities?
Somehow the changed reasoning runs as follows:
The broader vision has reacted, it has made us
If autocracy was wrong in government, it is wrong take the narrow view.
And if we (mankind in
in life. If liberty is the goal of mankind, it must fact) are to go forward
, we must not longer hold
be the right of every man. If independence of back because forsooth there
seems a better way than
nations, small as well as large, is right, men Must that we have.
The duty is on every man, class,
be made equal regardless of their personal posses- organization and governm
ent, to take up life as we
sions. If nations should league themselves to- left it, holding
fast our ideals, but accepting our
gether for the good of all, labor unions should form realities.
themselves into an international combine for their
This is discrimination, and without it comproown power and perpetuation. If local govern- mise is impossib
le and powerless. We cannot hope
ments can conscript men in time of war, take over for perfection
in a day or a decade. Every doubt,
industries, regulate price, they may likewise do so every delay,
adds to our discomfort. Half a loaf is
in peace if that method will bring justice and joy better than no
loaf at all. Miracles were not given
among men. These processes of thought are not to man to
perform. The railroads turned back,
logical, of course, but they indicate the trend of must proceed to
operate with the same men and
doctrine.
instruments as before. A surrender of high wages
As a consequence there is confusion in thought will bring down
price proportionately. Longer
and conflict in action. We are slowly, despite all hours of work will make
up for the great waste.
interferences, resuming an equable life. In doing Actual goodwill
by, labor to capital, and capital
so we are for the most part doing the old things in to labor, will produce
equilibrium. We may not,
the old way. But wherever there is a specializa- or we may, have been
our best advisers in entering
tion of these general ideas of "liberty, justice, and a war, but we are
bound to enter peace some time
humanity" there is a resort to the power of class if we progress.
2026
THE CHRONICLE
[voL. 109.
basis. They can ask, and they can gain, at the hands
NO ROOM FOR CLASSES IN A REPUBLIC.
of. a free Government, nothing but advantage. They
In an address before the National Republican Club are not constituted to become representative of the
two weeks ago, in New York City, Mr. Frank A. people. Being industrial they are divorced from the
Vanderlip is reported as saying: "If we have a com- political. Nor, in a first and full analysis, can any
bination of labor without limit over the entire indus- body of an economic nature, grasp, and intent, unify
trial field, I believe we have a situation as dangerous itself with the purposes and structure of our political
as any caused by the combination of capital." The organic Government.
thought suggests an acute inquiry into our attitude
But we have come, insensibly perhaps, to recognize
toward classes in view of our republican form of gov- classes. This was clearly demonstrated in the recent
ernment. The contrast between political organiza- Industrial Conference called on the order of the
tions and industrial in the public mind is quite pro- President. It has crept into the law by. certain
nounced. We accept without question the triumph exemptions granted to labor unions. It exists, in
of a political party. And we expect that in legislative fact, in the creation and maintenance of Commissions,
power, and in the execution of certain national poli- by the National Government, having supervision or
cies, never, however, too specifically defined, the control of special industries. It is imbedded in the
triumphant party will put into being its interpreta- arbitration feature of pending railroad legislation
tion of our institutions and their purpose. But there wherein a certain number of Commissioners are to be
is a limit to this. As a party in power it shall not selected from labor *unions or labor, and from owners,
operate to contravene our Constitution, and it shall employers, and management (capital), and the
recognize that minorities have rights which majorities people. Herein is inherent division, not unity. There
are bound to respect. Until it changes the law of the is, and can be, no such class as the people, in contraland it shall live under that law. Nor shall it in any distinction to two classes called labor and capital.
way legislate to perpetuate and endow with power its In this Republic, at least, we have but one class enparty organism. Whatever party (it is a form of titled to political recognition—all the people. We are
class) is in power, the Republic still stands, imperish- all citizens, nothing less and nothing more.
An organism may set itself up in our midst, and by
able and strong, and the citizen is deprived of none
long persistent effort attain to large numbers, a cerof his guaranteed rights and liberties.
or Capital, tain form of power, and a definite purpose. But
No industrial organism, be it of labor
can occupy the position held among us by a political &versified as are our occupations and lives such a
party. It, the industrial organism, by its nature, is class organism is still a meagre minority. It may atseparate and apart from government. If it become tain to power in the promulgation of so-called rights
transformed into a political party its defect as a class and interests of those it represents, but such repreorganization inheres in it, and on exercising its access sentation itself debars it from seeking to control either
to rule, it cannot, for that very reason, represent the our politics or laws. It may have a definite purpose,
whole people. It is never as much concerned with and it may talk loud and long about the humanities,
rights as with interests. Neither capital nor labor can but it has no patent on the humane, in fact as long
legislate for the whole American people by virtue of as it remains a class organism it is distinctly not
the principles embodied in their organism, when they humane. Assurance and arrogance and the assertion
essay to take on that form of life. But one of the of so-called class rights are not true patriotism.
perils of the time is politico-economic organizations. Because a class exists, because it preaches, and proWhether organized into party form, or not, there are tests, and "strikes," is no reason why a people should
industrial classes and organisms that seek power tolerate it.
through government. In doing so, they not only deTHANKSGIVING? YES; BUT WHAT NEXT?
stroy their power for good, but they endanger the
An impasse is creditable to nobody. It does not
the
Republic, and the equality of the citizen before
would be so walk with the old axiom, "When you do not know
law. It is so with labor unions to-day. It
with capital unions were they similarly in existence what to do, do nothing." It means opponents who
now. It will be so with farmer organizations if they knew what they wanted and bent all their energies
adopt the policy of driving against the Government to getting it, and, failing, blocked the game.
The country and the world as well are left in the
for the establishment of their so-called rights. All
same uncertainty and bewilderment in which they
these avowed rights are really interests.
cannot
We have no room for classes of any kind in and have been for so many weary months. We
stand still, notwithstanding, and we must ask,
under our Government, when they essay to exercise
since the
the powers of Government, no more for classes once What next? We look back over the year
Armistice and there is much to be thankful for, but
in office (or in laws of their own making or forcing)
its
than we would have for autocrats seeking to enslave the question presses. Neither the world in
insistent distress nor the country in its perplexities
a whole people to their own wills. We are all citizens.
We are in a - proper sense citizens first, last, and all can stand irresolute and inactive.
The President may recall the Peace Treaty and
the time. Labor has no more right to rule us than
up anew;
capital, capital no more than labor. Farmers have send it in again; the Senate may take it
Mr. Lloyd
no more right to rule us than mechanics or professional but there is still no light. We recall
all
men. There is nothing in vocation or in any phase of George's saying some months ago that "with
the Peace Congress
industrialism'which gives any body of men the right his intimacy with the wise men of
to rule our citizenry, or to approach the Government for no one anticipated all that transpired in the following
not
the purpose of establishing such rule. What we do not six months." The subsequent months have
improved the credit of the wise men.
always perceive clearly is that by their very nature,
Meanwhile life must go on; the impasse of the
being, and acts, industrial organisms are wholly
Senate does not extend beyond its walls. There
selfish. None of them is, or can be, fitted to rule the
are
neople since they are formed on a separate and selfish are duties which must be met and demands that
Nov. 29 1919.]
THE CHRONICLE
insistent. Soaring prices threaten life, and they are
world-wide. Nations are in distress; famine has
begun; mounting rates of exchange arrest national
intercourse; the industry that started so bravely
finds itself blocked, •raw materials fail, transportation is inadequate, coal is not to be had, strikes are
incessant, production is reduced, unemployment
threatens.
An ancient axiom calls out to us Solvitur ambulando.
"Brush aside your bewilderment and do things."
Two men who have a right to speak with authority
have recently shown how to begin. Mr. Paul Warburg urges that we look facts in the face, that the
pre-war level of prices has gone for good and ever,
that the immediate duty is live by a budget, for the
governments to stop their printing presses making
and issuing ever increased financial obligations;
and for all to aim at reduced expenditures and to
strive for increased production. "Fictitious wealth,
rash promises and mad illusions" are the immediate
peril. He further says that "by the decisive part
we played in deciding the war and the peace, we
have assumed a moral responsibility which we cannot now shirk," and he urges our furnishing the
credit, the means of trade and the goods which
Europe so urgently needs.
Mr. Otto Kahn takes up the theme in his recent
address to the Council on Foreign Relations and
pleads for immediate resumption of commercial
relations with Germany, both because of her needs
and our own and the world's interests. She is left
dazed and bitter and largely helpless, and with a
growing recognition of the evils of her national
course. She is threatened with the red flood of
Bolshevism and must establish herself against the
plotting of her monarchists on the one hand and the
Spartacists on the other. Her people are looking
forward to the winter with dismal forebodings. He
points to the fact that both England and France
are counseled by their leaders to recognize that
Germany can neither pay the indemnities nor hope
to become again a great market unless she has immediate aid in re-establishing her internal peace and
her commerce.
We are halted by the animosities of the war.
They are justified and deep. The instigators of
the war must be held responsible both for its instigation and its conduct. But we are getting light
upon its history, and we are already dealing with
new conditions and a new generation. The situation
concerns some sixty millions of people who have
been for years under the crushing dominion of an
arrogant military force moulding them from childhood to its own stern, compelling purposes.
We are now getting details of this control in its
relation to the war. There is a rush of the leaders
to write a book in their own vindication. We have
the stories of Prince Lichnowski, of General Ludendorff, of Admiral Tirpitz and of Chancellor Bethmann-Hollweg. They make it clear that with the
passing of Bismarck the control over the military
party which he exercised even with difficulty as
against Von Moltke and Roon, largely ceased. The
Kaiser all too easily yielded to it; his exuberant
restless spirit and often reckless utterances breaking from their control,butfurthering their plans. The
opposition was more or less constant, and the Kaiser
found himself not infrequently pulled here and there,
for differences were sharp as war became imminent.
But the people, mislead by the writings of men like
2027
Bernhardi and Paul Rohrback and the influence of
the Court, the university professors and the newspapers, and having no opportunity of expression in
the Reichstag, which was in reality a Prussian
creation, were carried bodily into the war and, perhaps willingly, because ignorantly and helplessly,
made to be its cruel instruments and to pay its
terrible price of blood and sacrifice.
Their day and their children's day has come. The
power that governed them is crushed, the teaching
of their leaders is discredited, the system of their
nation's government is broken to pieces; in bitterness of spirit but under direst necessity they are
striving to recreate their State. A great nation
never found itself so humiliated, so ostracised and
so alone. Russia is destroyed by her own people;
Germany has gone down before the nations she
challenged and outraged. The Russian people have
the sympathy of the world which stands ready to
help them in every way that will offer; the Germans
can make no appeal save that which speaks in hearts
moved by a generous judgment and a great need
which is linked up with the welfare of the world.
Whatever may be thought of the League of Nations or of the action of the Senate, or of the problems and now increased perplexities of the future,
here is where helpful action may begin both by the
Government and by the people. Even from purely
selfish motives this should be done. It was said
by the men of 1784-85: "Commerce is the constant
source of wealth and incentive to industry; and the
value of our produce and our land must ever rise
or fall in proportion to the prosperity or adverse
state of trade." Where trade is paralyzed as in the
great area of Central Europe our opportunity, and
so far our welfare, is arrested.
But there are far nobler and worthier motives.
We do well to repeat the words President Wilson
spoke on our entering the war. They have a new
pertinence. "The stage is set, the destiny disclosed.
It has come about by no plan of our conceiving but
by the hand of God, who has led the way. We cannot turn back; we can only go forward with lifted
eyes and freshened spirit to follow the .vision. It
was this that we dreamed at our birth. America
shall lead the way. The light streams upon the path
ahead and nowhere else." That vision is of a larger
humanity exigent with an immediate task for us all.
WORK IS A BLESSING, NOT A CURSE.
From the Manufacturers Record of Baltimore, Nov. 20 1919.)
He also that is slothful in his work is brother to him that is a great
waster."—Proverbs 18:9.
"For the people had a mind to work."—Nehemiah 4:6.
In the Book of Books—of which it has been well said that
it is not only a library in itself, but that it is greater than all
other libraries, a book which it took the Almighty 1600 years,
speaking through forty men,to write—is to be found wisdom,
human and divine,and the two extracts which we have quoted
might furnish a text for many a sermon just now. The first
states the great truth that the man who "is slothful in his
work is a brother to him that is a great waster." Both classes
are condemned by the Almighty Himself, and they should be
condemned by every man who recognizes that work is the
divine instrumentality for the development of body and mind
of the individual and for the saving of the world.
The second quotation relates to.a time when the people of
Israel "had a mind to work." In the hour of emergency,
when their country wm,at stake, they concentrated their
activities night and day upon work. No time was to be lost
in the great effort which they were then making to rebuild
the walls of Jerusalem. Through their heroic work, when all
the people joined together and all "the people had a mind to
work," success was achieved.
2028
THE CHRONICLE
[VOL. 109.
The people of America must have "a mind to work." Into
Insistent requests unofficially have been received by the Treasury Detheir work they must throw the whole energy of their nature. partment from various financial representatives of the Allied Governments
The "slothful" man and "the waster" must be regarded as seeking the adoption of some method whereby interest payments on the
outstanding obligations of the European countries could be deferred until
slackers unworthy of the respect of anyone.
normal conditions are returned and the flow of money into the coffers of
Any organization which seeks to limit the labor of its mem- these Governments is resumed. Possibly from three to five years will pass,
according
bers, any individual who is slothful in business, who wastes the Allied to the representations made to the Treasury Department, before
Governments will find themselves in a position to meet the payhis own time or that of his employer, and the one who is a ments due on their obligations to the United States without depriving those
countries of necessities.
waster of the substance of others, or of the country, will,
Until several weeks ago the Treasury
unless they change their methods, never be classed by God or notice of the suggestions that the AlliedDepartment declined to take serious
loan interest payments be deferred.
man as "people who had a mind to work." They are not Some officials were disposed to ignore the requests unless made formally in
workers; they are shirkers, slackers, and their number grows the same manner in which the Treasury met the proposals of the foreign
Government financial leaders that the United Stales cancel $10,000,000,000
alarmingly great.
of obligations now held against the Allied countries and charge the item of
Men are being taught that work is something to be Allied loans up to the general cost of war.
However, the Treasury now has taken official cognizance of the suggesshunned, when they should be taught that it is God's aptions, and it became known to-day that Albert Rathbone, Assistant Secrepointed way for all mankind's advancement.
tary of the Treasury, has been sent to Europe by the Treasury Department
God Himself works, and throughout all of the divine teach- for the purpose of making definite plans for the payment of Allied loans
ings of the Bible there is one unceasing strain in favor of work. made by the United States. Such-a task, it is conceded, will be long and
plans is not expected
The "slothful man," and the man who has not "a mind to arduous and completion of the most Treasury officialsfor some months.
In view of the conviction by
that some arrangework," are going directly contrary to the teachings of the ments must be made for the financial relief of the Eusopean Governments
during the next few years, or until the domestic financial situation of each
Almighty.
is
country has
to a solid financial basis, the Treasury
This nation needs to be taught the dignity of work. We seeking some been restoredproviding for the payment of the principalnow
of the
arrangement
need to glorify work—work on the farm and work in the mine Allied loans coincident with the date upon which fall due interest and prinand work in the factory, work in the office, work in the school- cipal payments on outstanding Liberty bonds.
by all of the Allied counSuch a plan, however, entails unanimous
room, work in the pulpit. Men who have decried work, or tries in joining before being put into effect. action form final plans will take
What
who have sought to limit the output of laborers not merely for the liquidation of the Allied loans, however, only will become known
by unduly reducing the hours of labor, but by reducing the after Assistant Secretary of the Treasury Rathbone has conferred with the
arrangements,
Allied
amount of work that a man may do in a given time, are flying financial representative; of all of the States nations and made
equally as satisfactory to the United
as to the Allied Governments.
directly in the face of the teachings of the Bible.
Work is a blessing, not a curse.
NIGERIAN GOVERNMENT LOAN OVERSUBSCRIBED.
A special cablegram to the "Journal of Commerce" from
London Nov. 27 says:
Trurrent Plents and
plAcussions
CONTINUED OFFERING OF BRITISH TREASURY
BILLS.
The usual offering of ninety-day British Treasury bills
was disposed of this week by J. P. Morgan & Co. on a discount basis of 6%,the figure to which the rate was advanced
some weeks ago from 532%. The bills in this week's offering are dated Nov. 24.
CONTINUED OFFERING OF FRENCH TREASURY
BILLS.
Another block of the French Treasury bills which are being
offered in the market up to an amount of $50,000,000, as
market conditions justify and on much the same scheme as
the British Treasury bills, was disposed of by J. P. Morgan
& Co. this week. The offering in any one week is limited to
$5,000,000. These French Treasury bills were again disposed of on a discount basis of 6%, the figure to which the
ate was advanced some time ago. The bills in this week's
offering are dated Nov. 28.
The Nigerian Government issue of 16,200,000 at 6% has been oversubscribed, the larger applicants receiving 80% allotments.
GERMANY TO REDEEM SIX BILLION MARKS.
Brussels cablegrams of Nov. 28 state that "an agreement
has been arrived at between the Belgian and German Governments whereby Germany during a-period of twenty years
will redeem 6,000,000,000 marks which were issued by the
Germans in the occupied territories."
INTERNATIONAL CREDIT, ACCORDING TO LLOYD
GEORGE, NECESSARY IN BEHALF
OF AUSTRIA.
David Lloyd George, Great Britain's Prime Minister, in
answering on the floor of the House of Commons on Nov.27
various questions bearing on the European economic and
military situation growing out of the war, had the following
to say, it is learned through the Associated Press, relative to
an international credit in behalf of Austria.
The Premier declared that the Supreme Council had reached the conclusion that only a comprehensive arrangement for a large international credit
would adequately meet the situation, and that it was essential for the success of such a proposal that the United States should contribute that part
of the expenditure which would have to be incurred in dollars.
"Urgent representations have accordingly been made to the United States
Government in this sense," the Premier added.
QUESTION DISCUSSED ANEW AS TO POSTPONEMENT OF INTEREST ON LOANS TO ALLIES.
The cablegrams to the daily press from London Nov. 25
reported Austen Chamberlain, the British Chancellor of the
Exchequer, as announcing that a plan was under discussion LLOYD GEORGE ON RELIEF WORK IN EUROPE BY
UNITED STATES—AID TO AUSTRIA.
by the British and American governments under which the
From the above cablegram dealing with the remarks of
payment of interest on advances by Great Britain and the
United States to the Allies in the course of the war, and also Lloyd George in the House of Commons on Nov. 27, we also
on advances by the United States to Great Britain, would take the following:
The relief work being
be postponed for three years. As to the information re- misunderstood or its done in Europe by the United States seems to be
extent is little realized in England. The statement
Washington, the press dispatches made by Mr. Lloyd George last Thursday [Nov. 201 that the British had
garding this vouchsafed at
already given aid to the Government at Vienna amounting to £15,000,000,
from there, on the 25th inst., said:
caused much comment among Britons and Americans in London.
Interest payments on the American Government s loans to the Allies
The sum mentioned by Mr. Lloyd George is money loaned to England
may be deferred "until the war reaction passes," it was said to-day at the
relief work in Austria by the American Relief Administration to avoid
Treasury. Negotiations to this end are now being conducted at the for
burdensome features in United States law regarding the spending of
request of the Allies, but officials explained that the latest advices from the certain
money for relief in enemy countries.
Treasury s representatives at Paris did not indicate an early conclusion.
With the money thus available, ostensibly from a British source, the
America s boars to its associates in the war aggregate $9,647,000,000 and
the interest rate averages 5%. All of the obligations are in the form of Americans sent to Austria American supplies in American ships to the
American distributing organization, which placed them in the hands of the
short-term notes, but it has been proposed by the Allies that they be converted into long-term paper, which would fall due on dates corresponding people.
to those on which American Liberty Loans mature.
Officials said the American Government was not seeking the new arrangeSOUTH AFRICAN DIAMOND PRODUCTION
ment. They explained, however, that they felt that "the present chaotic
CONTROLLED.
interest payments were
condition in Europe" might be bettered if the
funded. Tentative plans would defer these payments from three to five
The placing under control of the South African diamond
Years, which, it was stated, "would allow European conditions to readjust
production is announced in the following Associated Press
themselves and place the foreign governments reconstruction programs
dispatches from Johannesburg, South Africa, Nov. 27:
well under way."
Albert Rathbone, Assistant Secretary of the Treasury, is representing
South African diamonds henceforth are to be under control, according to
the United States in the negotiations at Paris. Treasury officials said the a statement made to-day by Minister of Mines Malin. A London syndicate
only instruction given him was that in reaching an agreement the "interest in the future is to be the sole channel through which the world's markets
of the whole world's financial structure" be given thorough consideration.
can obtain stones. The amount to be supplied for sale will be based on
-Ai A
We also take occasion to give the following special ad- the actual sales of the past three months.
The De Beers mines will provide 51%, the Premier 18%, the Jagersfonvices from Washington to the "Journal of Commerce" on tein mines 10%, and the Southwest Protectorate 21%. The basic price for.
Nov. 25:
stones is to be fixed each three months.
•
Nov. 29 1919.1
THE CHRONICLE
2029
The "Journal of Commerce," in a special cablegram from
London, supplies the following additional information:
Present at the meeting were Joseph P. Grace, W. A. Prendergast,
John
McIlhenny, G. A. O'Reilly and Mortimer L. Schiff, of New York; W. D.
' Simmons and Robert S. Brookings, of St. Louis; Robert N. Harper, W. C.
This agreement has been made between the producers, the South African
Worden, John Joy Edson, Glenn Levin Swiggett, of Washington, and Win.
Government and Southwest Africa representatives.
De Beers' annual report to June 30 last shows the diamond trade pros- Allen of New Orleans.
perity. Sales are reported to a value of £5,849,000, against £4,327,000 for
previous twelve months. The total revenus is £6,258,000, against £4,679,- FOREIGN
CREDITS FAVORED BY SUB-COMMITTEE OF
000 reported a year ago. The dividend is 40 shillings per preferred share,
COMMITTEE ON COMMERCE AND
against 25 shillings for the preceding year.
7% RATE ON BILLS FOR FAR EASTERN TRADE.
As to an understanding reached by bankers with respect
to a charge of 7% in the case of bills dealt in on account of
Far Eastern trade, the "Journal of Commerce" of Nov. 26
said:
,
It was learned yesterday that nearly all of the banks especially engaged in
the financing of trade in the Far East have entered into an agreement
whereby the rate of interest on bills drawn in the foreign trade with that
part of the world will henceforward be fixed at 7% on a basis of the time
required to secure the return of funds to New York in the case of dollar
credits and to London in the case of sterling credits. The action taken is
an advance of about 1% over the rate prevailing heretofore,that having been
generally 6%. Considerable interest was felt by business houses in the
action because of its effect, to all intents and purposes, in "stabilizing"
the rate to be asked for loans in this particular phase of foreign banking.
They regarded it as representative of a much closer degree of common understanding among bankers than has heretofore prevailed.
A similar effort to agree on exchange charges has been in progress among
a number ofthe banks for some time past. The movement has been especially
notable in connection with the Eastern exchanges in which it started.
This has been particularly true among those institutions possessing Far
Eastern branches or close connections in the Far East, but the idea of others
has been that it might be possible to make a general agreement that would
affect some European exchanges. This has been especially desired because
of the uncertainty which exists in a ragged exchange market and the danger
that banks would undercut one another's business, even without intending
to do so, because of a lack of common understanding or action as to charges.
During the war a good many banks came to appreciate the desirability
of a stabilized rate of exchange, and since the close of the struggle not a few
of them have been strongly desirous that something might be done to bring
back the less hazardous conditions which existed at that time. it has been
supposed that more or less stable rates could be fixed from time to time,
at least in trade with the East, and that possibly they might be extended
in other directions. The extremely uncertain condition of the European
exchanges has made any such action difficult thus far, although there has
been less disposition to make competitive rates in view of the wide fluctuations.
BOARD OF REPRESENTATIVES OF AMERICAN
ACCEPTANCE COUNCIL TO MEET DEC. 4.
The first annual meeting of the Board of Representatives
of the American Acceptance Council will be held in the rooms
of the Merchants Association, in the Woolworth Building,
next Thursday morning, Dec. 4th, to act upon the following
business:
The election of President, Vice President, Secretary and Treasurer;
The election of twelve members of the Executive Council for a term of
one year and twelve members of the Executive Council for a term of two
years; and
To receive annual reports of the officers and committee of the Council,
and to transact such other business as may properly come before the meeting.
MARINE OF A. B. A.
Besides favoring the extension by the Government of
credits to cover freight charges Government shipping carrying supplies to Europe, the Foreign Credits Sub-Committee
of the Committee on Commerce and Marine of the American Bankers' Association urges a nation wide organization
through which financial advances in the form of protected
credits would be made to European countries. William
F. Collins, Secretary, Committee on Commerce and Marine
makes known the conclusions of the latter's sub-committee
as follows:
Durmg a meeting held Saturday Nov. 22 at the Hotel Commodore, New
York City, between the Foreign Credits Sub-Committee of the Committee
on Commerce and Marine of the American Bankers Association and delegates of the Foreign Commissions to the International Trade Conference,
on the matter of foreign credits, the foreign delegates were apprised of the
Sub-Committee's adoption of the following resolution:
"Resolved, That the Sub-Committee use its best efforts to induce the
Government, through the proper channels, to extend credits to cover
freight charges on Government shipping engaged in carrying needed supplies to Europe."
The Sub-Committee also has adopted the following, of which the foreign
delegates were apprised:
'The American Bankers Association, in the opinion of the Sub-Committee on Foreign Credits of the Committee on Commerce and Marine
of that Association, should prepare itself at once to take its fitting part in
the matter of extending credits to Europe.
"Highly important in this connection is the furthering in every possible
way of increased American production. This is essential not only to the
profitable employment of our farms and industries with resulting supplies
In sufficient volume to decreases the cost of
living, but also to the providing of materials and goods for foreign purchasers. It is the keystone
of national prosperity.
"There should be organization at the earliest possible moment on a nationwide basis, for making needed financial advances in the form of protected
credits to European countries. If this is not done the purchasing power
of Europe inevitably will decline to new low levels
as registered in figures
of exchange unfavorable to Europe, and the market abroad for American
products will be automatically checked to a corresponding degree. Such
an organization should be well equipped for its task, thoroughly responsible
and with ample capital, and with it American producers, manufacturers,
exporters and bankers should be identified. If it is not on sufficiently
large lines it is apparent that its work cannot be satisfactorily carried
"The banks of the country can be effective agents in the attainment of
this. But there must be well
-directed co-operation on the part of industry
and business generally to bring this about. The Sub-Committee stands
ready by every means in its power, to educate public opinion in this direction and to develop practical machinery for handling a situation which
it is of the utmost urgency to have clearly understood ahd adequately and
promptly met."
The Sub-Committee is made of the following: William A. Law, President First National Bank, Philadelphia, Chairman; Richard B. Hawes,
Vice-President First National Bank in St. Louis, St. Louis, Mo., and
President of the American Bankers Association; Fred I. Kent, Vice-President Bankers Trust Company, New York City; Thomas B. McAdams,
Vice-President Merchant National Bank, Richmond, Va., and Second
Vice-President oft the American Bankers Association; Walso Newcomer,
President National Exchange Bank, Baltimore, Md., and John McHugh,
Vice-President Mechanics and Metals Bank, New York City, and Chairman of the Committee on Commerce and Marine, American Bankers
Association.
CHAIRMAN SELECTED FOR GROUP COMMITTEES
AT PAN AMERICAN FINANCIAL CONFERENCE.
A dozen group committee chairmen and representatives
of chairmen who are to have active charge of the work of
the Pan-American Financial Conference, the work of January 12, met with Secretary Glass and Secretary-General
Last Saturday's meeting was attended by delegates to
Rowe at the Treasury on November 24. The following the recent International Trade Conferences from Great
announcement anent the meeting is made by the Treasury Britain, France, Italy and Belgium. In its
reference to this
Department:
meeting the New York "Times" of Nov. 23 in part said:
Secretary Glass addressed the meeting briefly, urging the importance
of the conference and saying that despite the fact that he will be in the
Senate when the conference convenes, he will continue to co-operate with the
committees to the utmost of his ability.
Decision was reached not to take the Pan-American representatives on
a tour of the country as a body, but to invite business organizations in the
various industrial centres to extend invitations to groups with whom they
would particularly like to confer. It was felt that the greatest commercial
good could be reached through such an arrangement as past experience has
shown that large banquets and elaborate entertainments seldom result in
constructive action.
Announcement was made of the selection of the following group of committee chairmen:
Argentina—Frank A. Vanderlip, New York City.
Bolivia—Joseph P. Grace, New York, N. Y.
Brazil—Mortimer L. Schiff, New York City.
Chile—Paul M. Warburg, New York City.
Colombia—Wallace D. Simmons, St. Louis, Mo,
Costa Rica—Walter Parker, New Orleans, La.
Cuba—F. Q. Brown, New York City.
Dominican Republic—Hon. William C. Redfield, New York, N. Y.
Guatemala—John Clausen, New York, N. Y.
Haiti—Edward Hidden, St. Louis, Mo.
Honduras—H. H. Merrick, Chicago, Ill.
Mexico—Robert S. Brookings, St. Louis, Mo.
Nicaragua—W. L. Saunders, New York, N. Y.
Panama—H. K. Mulford, Philadelphia, Penn.
Paraguay—Lewis E. Pierson, New York, N. Y.
Peru—John H. Fahey, Boston, Mass.
Salvador—W. S. Rowe, Cincinnati, Ohio.
Uruguay—Harry A. Wheeler, Chicago, Ill.
Venezuela—Robert H. Patchin, New York, N. Y.
The chairman of the Ecuador groin) will be chosen later.
A loan of from $2,000,000,000 to $4,000,000,000 is needed to relieve the
present international economic situation, according to
Edward A. Filene, of
Boston, who is accompanying the foreign missions on their tour. Mr.
Filene has just returned from Europe, where he aided in the formation of
the missions.
"Such a loan should be started after the missions complete their tour," he
said,"with securities issued in denominations as low as $50, that they will
so
be within the reach of everybody. It will be to the interest of the farmers
of the entire West, the growers of cotton, the
millers, and grain dealers,
packing houses, and, In fact, to the interest of every American citizen
to
subscribe to such a loan. As a result of the Atlantic
City conference a big
committee of bankers and business men is being organized
to work out a
plan."
NATIONAL COMMITTEE ON EUROPEAN FINANCE—
A. B. A. REPRESENTATIVES ON COMMITTEE.
In line with the recommendation made by the Committee
on Credit and Finance of the recent International Trade
Conference at Atlantic City, the organization of a National
Committee on European Finance, to study plans for supplying long time credit for Europe's purchases in the United
States, was made known at WashiRton on Nov. 23. The
Committee has been appointed by the Chamber of Commerce of the United States, at whose instance the. Atlantie
City conference was held. The financial members of the
Committee have also been designated as representatives of
the American Bankers' Association. At the conference at
Atlantic City, as has/already been noted in these columns,
2030
[Vol, 109.
THE CHRONICLE
representatives of American business, industry and banking
conferred with unofficial representatives from England,
France, Belgium and Italy on the commodity and credit
needs of their respective countries. The Chairman of the
newly formed Committee is Harry A. Wheeler, Vice-President of the Union Trust Co. of Chicago and the First VicePresident of the Chamber of Commerce of the United States.
The Chairman of the Executive Committee is James S.
Alexander, President of the National Bank of Commerce in
New York. An announcement relative to the organization
of the Committee, made public by the Chamber of Commerce
of the United States on Nov. 24, says:
Organization of this Committee is believed to be a step toward the
solution of the most important peace-time financial problems which have
ever confronted a nation. The task before the Committee is to devise ways
and means for speeding up a return to normal in the trade relationships
between the United States and Europe. Leading business men believe that
only by the full co-operation of the investing public and all the commercial
industrial and financial interests throughout the entire United States can
this task be performed.
The membership [of the Committee] has been drawn from among men
of experience in all the various lines of business activity and important
affairs of the nation and is representative of all sections of the country,
among them being:
Henry P. Davison, Homer L. Ferguson, Myron T. Herrick, Charles E.
Hughes, Alfred E. Marling, William FeHowes Morgan, William C. Redfield. Charles H. Sabin, Charles M. Schwab and former President William
H. Taft.
Acceptances of membership on the National Committee on European
Finance have been received to date from the following:
Charles S. Calwell
E. Walter Clark
Alba B. Johnson
William A.. Law
George McFadden
Levi L. Rue
Philadelphia Federal Reserve District.
President Corn Exchange Nat. Bk., Philadelphia
Member E. W. Clark & Co., Philadelphia
1112 Morris Building, Philadelphia
President First National Bank, Philadelphia
Member G. H. McFadden & Brother. Phila.
President Philadelphia National Bank, Phila.
Cleveland Federal Reserve District.
President Chamber of Commerce. Cincinnati, 0.
President H. J. Heinz Co., Pittsburgh
President Westinghouse Elec. Co., Pittsburgh
Cuyahoga Building, Cleveland
President Fifth-Third National Bank,
Cincinnati, Ohio
President Union Trust Co., Pittsburgh
H. C. MeEldowney
President Nat. Assn. of Mfrs., Pittsburgh
Stephen C. Mason
Member I'ickands, Mather Co., Cleveland
Samuel Mather
President Mellon National Bank, Pittsburgh
A. W. Mellon
President First National Bank, Cineinnati
W. S. Rowe
President Goodyear Tire & Rubber Co., Akron
F. A. Seiberling
President First National Bank, Cleveland
John Sherwin
Member Harbison-Walker
Hamilton Stewart
Refractories Co., Pittsburgh
Edwin C. Gibbs
Howard Heinz
E. M. Herr
Myron.T. Herrick
Chas. A. Hinsch
Richmond Federal Reserve District.
President Craddock, Terry Co., Lynchburg
President Chamber of Commerce ofU. S. A..
Washington
President Citizens National Bank, Baltimore
Albert D. Graham
Vice-Pros. Merchants National Bank,
Thos. B. McAdams
Richmond, Va.
President The National Exchange Bank,
Waldo Newcomer
National Committee on European Finance.
Baltimore, Md.
Co. of Chicago, Chairman
Vice-Pros. Union Trust
Harry A. Wheeler
President Peoples National Bank, Charleston
President National Bank of Commerce in N. Y., R. Goodwyn Rhett
James S. Alexander
Chairman Executive Committee
Atlanta Federal Reserve District.
Boston Federal Reserve District.
President Whitney-Central Nat. Bk., New Orl'ns
President National Shawmut Balk of Boston
Alfred L. Aiken
J. E. Bouden, Jr.
•
President American Newspaper Publishers,
l'issident Dennison Mfg. Co., Framingham
F. P. Glass,
Henry S. Dennison
Birmingham, Ala.
Vice-Pros. Chamber of Commerce of U. S. A..
John if. Fahey
Savannah
Boston
President Citizens and Southern Bank,
Mills B. Lane.
Member William Filen° Sons Co., Boston
President Atlanta National Bank, Atlanta
Edward A. Filene
Robert F. Maddox
President Industrial Conference Board, Boston
P. P. FL,h
Chicago Federal Reserve District.
Member Lee, Higginson & Co., Boston
George C. Lee
President John Deere Co., Moline
William Butterwoeth
President United Drug Co., Boston, Mass.
K. Liggett
Louis
Detroit
President First & Old Detroit Nat. Bk.,
Emory W. Clark
Treasurer Lo Taine Mfg. Co., Pawtucket
James R. MacColl
105 So. La Salle St., Chicago
Joseph H. Defrees
President Nat. Machine Tool Builders Assn..
A. E. Newton
Fremont
President National Canners Assn.,
Frank Gerber
Worcester
28 East Jackson Boul'd, Chicago, Ill.
Hon. Edward N.Hurley
Professor Harvard University, Cambridge
0. M. W. Sprague
Vice-Pros. International Harvester Co., Chicago
Alexander Legge
Presklent Old Colony Trust Co.. Boston
Philip Stockton
President Merchants Loan & Trust Co., Chicago
E. D. Hulbert
New Haven
Hon. William II. Taft
Charles H. MacDowell President Armour Fertilizer Works, Chicago
President First National Bank, Boston
Daniel G. Wing
President Associated Advertising Clubs of the
E. T. Meredith
Member Kidder, Peabody & Co.. Boston
Robert Winsor
World, Des Moines
New York Federal Reserve District.
Member Arthur W. O'Leary & Son, Chicago
John W. O'Leary
of New York
Vice-Pros. First National Bank
George F. Baker, Jr.
Chairman
Frank S. Peabody
Chairman Standard 011 Co. of N.J., 26 Broadway
A. C. Bedford
of Board Peabody Coal Co., Chicago
New York City
President Clyde Line SS. Co., Chicago, Ill.
H. H.Raymond
Member Bonbright & Co.. New York
William P. Bonbright
Chairman Continental & Commercial National
George M. Reynolds
Vico-Pres. Guaranty Trust Co., New York
Willis H. Booth
Bank, Chicago
President Nat. Assn. of Motion Picture Industry, John W. Scott
William A. Brady
Member Carson, Pine, Scott & Co., Chicago
New York
Marshall, Field & Co., Chicago
President
John G. Shedd
Member Brown Bros. & Co., New York
James Brown
Member IIalsey Stuart & Co., Chicago
H. L. Stuart
President National Association of Credit Men
C. R. Burnett
l'resident First National Bank, Chicago
F. 0. Wetmore
Bush Terminal Co.. New York
President
Irving T. Bush
President Wilson & Co., Chicago
Thomas E. Wilson
President Western Union Tel. Co., N. Y. City
Newcomb Canton
St. Louis Federal Reserve District.
Member Goldman. Sachs & Co., New York
Waddill Catchings
President Consolidated Steel Corp.. New York
E. A. S. Clarke
Maryland and Newstea,d Ayes., St. Louis
David R. Francis
Member J. P. Morgan & Co.. New York
President American Bankers' Association,
Henry P. Davison
Richard S. Hawes
William A. Read & Co., Now York
St. Louis, Mo.
Clarence Dillon
President Pan-Amer. Petroleum & Transport
E. L. Doheney
l'resident American Iron & Heavy Hardware
S. L. Orr
Co., New York
Association, Evansville
Vice-l'res. National Bank of Commerce in N.Y. Wallace D. Simmons
Guy Emerson
President Simmons Hardware Co.,St. Louis, Mo.
Member Harris, Forbes & Co.. New York
President Mercantile Trust Co., St. Louis
Allen B. Forbes
Festus J. Wade
President W. R. Grace & Co., New York
Pres:dent First National Bank, St. Louis
Joseph P. Grace
P. 0. Watts
President Investment Bankers' Assn., N. Y.
George W. Hodges
Minneapolis Federal Reserve District.
York
96 Broadway, New
Hon. Charles E. Ilughes
Vice-Pres. Bankers Trust Co., N. Y. City
Fred I. Kent
Vice-Pros. Washburn-Crosby Co., Minneapolis
James F. Bell
President Equitable Trust Co., New York
Alvin W. Krech
Chairman Great Northern Railroad, St. Paul
Louis W. Hill
'
Member J. P. Morgan & Co., New York
Thomas W. Lamont
President First A,: Security National Bank,
Jaffrey
C. T.
President Assn. of Nat. Advertisers, New York
Minneapolis, Minn.
W. A. MeDermid
Vice-Pros. Mechanics & Metals Nat. Bk., N. Y.
John McHugh
,
Kansas City Federal Reserve Distri :.
Executive
Samuel McRoberts
President Commercial Nat. Bk., Kansas City
Manager National City Bank,55 Wall St., N.Y. 1'. W. Goebel
President First Nat. Bk., Kansas City
E. F. Swinney •
President Chamber of Commerce State of
Alfred E. Marling
Now York. New York
Dallas Federal Reserve District.
H. A. Meldrum Co., Buffalo
Member
H. A. Meldrum
President Southern Nue Association, Dallas
A. L. Clark
President The Pfaudier Co.. Rochester
E. G. Miner
Wichita Falls, Texas
Frank Kell
William FellowesMorgan President 'Merchants Assn. of N. Y., Ndw York John H. Kirby
President National Lumber Mfrs. Assn., care of
President Textile Mfrs. Alliance, Inc., N. Y.
John R. Munn
Kirby Bonner Lumber Co., Houston
•
Chairman
Dr. Wm. H. Nichols
President First National Bank, Houston
John T. Scott
of Board General Chemical Co., New York
San Francisco Federal Reserve District.
Chairman
Lewis E. Pierson
of Board Irving National Bank, New York
President Bank of California National AssociaFrank B. Anderson
Y. City
President Bankers Trust Co.. N.
Seward Prosser
tion, San Francisco
Mfrs. & Traders Nat. Bk., Buffalo
President
Harry T. Ramsdell
Vice-Pres. Crocker National Bank,
James J. Fagan
Former Sec. of Commerce, N. Y.
Wm. C. Redfield
San Francisco, Cal.
E. W. Rice, Jr.
President General Electric Co., Schenectady
President Guaranty Trust Co., Now York
Charles IL Sabin
President American Mfrs. Export Ass'n, N. Y.
William L. Saunders
THE CAUSES OF THE RISE IN THE PRICE OF SILVER.
Member Kuhn, Loeb & Co., New York
Mortimer L. Schiff
Chairman Bethlehem Steal Corp., New York
Charles M. Schwab
In the November issue of "The Americas" George E.
Alfred H. Smith
President N. Y. C. & H. R. RR. Co., N. Y.
Roberts, Vice-President, The National City Bank of New
Co., New York
Geo. Ed. Smith
President Royal Typewriter
underlying causes
Charles A. Stone
President American International Corp.. N. Y. York, has an interesting article on the
Frederick Strauss
Member J. & W. Seligman dr Co., Now York
of the great advance in the price of silver, from which we
13. Fred Stron,T
l'resident Savings Bank Section, American
quote as follows:
Bankers' Association, New York
The market price of silver has been fluctuating widely of late, but moving
W. O. Teagie
President Standard Oil Co. of N. J., New York
generally upward until during the present month it has touched $1 314
E. P. Thomas
President U. 8. Steel Products Co., New York
highest figure recorded in this market since 1872. For
George F. Trowbridge President American Importers & Exporters per fine ounce, the
the calendar year 1913. the last full year before the war, the average price
Association, New York
in the Now York market was about 60.4 cents per ounce. Since then, as
165 Broadway, New York
Eliot Wadsworth
Bureau of the Mint, the average for each year has been
Theodore F. Whitmarsh Vice-Pres. Francis H. Leggett & Co., New York computed by the
as follows:
President American Radiator Co., New York
Clarence M. Wool!ey
John W. Craddock
Homer L. Ferguson
Nov. 29 1919.]
THE CHRONICLE
1914-__$0.55311915 ___30.51811916 ___$0.68611917_-_$0.89511918 _$0.984
Our silver dollar coinage rate is $1 29+ and the rate for our subsidiary
coins $1 38+, the latter being lighter proportionately than the dollar piece.
The silver dollar was originally intended to be a standard coin: that is to
say, its bullion value and money value were intended to be identical, but
the subsidiary coins were intended to be merely token coins, and purposely
over-valued in order that they might not be taken out of the country or
melted. They are of limited tender value and redeemable at the Treasury
in full legal tender money.
With silver bullion in the public market hovering about the coinage rate
for dollars, with a possibility that the price may even go above the subsidiary
rate, the situation is very interesting. There is no law against the melting
of our coins, and if the market value of bullion should remain for some time
above the coinage rate the coins undoubtedly would be melted. On
Nov. 1 1919 the Treasury estimated that the total stock of silver dollars
in the country was $308,145,000, of which $81,885,000 were outside the
Treasury, $156,135,714 were in the Treasury as trust funds against silver
certificates outstanding and $68,415,000 were in the general Treasury cash.
The pieces Which have always been in the Treasury against certificates are
full weight, but those which have been in circulation are in some degree
abraded and would not yield full value if melted. The silver certificates
in circulation are mainly in small denominations, and could not be gathered
up very rapidly, although such a movement would be accelerated if a premium was offered for them.
Whether silver will go higher or not depends mainly upon the general
trade situation between the rest of the world and Asia, and particularly
upon the prices of exports from China, India and the other countries using
silver as money. The urgent demand at present is from China. In 1914
the exports and imports of China nearly balanced, the former aggregating
$292,225,000 and the latter $296,676,000. In 1917 the exports were $789,074,000 against imports of $512,931,000, and in 1918 the exports were
$978,400,000 against imports of $831,000,000.
In 1915 the normal movement of silver into India was interrupted by the
German raiders in the Indian Ocean and the submarines in the Mediterranean and about the British Isles. The wants of India were largely supplied from 1914 to 1917 from stocks in China, and even in 1918 the shipments from China continued. These shipments reduced the stocks in
China below normal and partially explain the extraordinary demands of
China this year.
The exports of India in its fiscal year 1914 were valued at $792,359,000.
and in 1918 they were $823,600,000, while the imports declined from $594,521,000 in 1914 to $548,400,000 in 1918. The increased trade balance in
Asia's favor called for more silver, but besides this influence there were
others. The campaign in Mesopotamia and purchases in other countries
of Asia and Africa, where the silver rupee circulates as money. took large
amounts of these coins from India, creating a scarcity in the channels of
business. Moreover, agitation caused by the war, and the rise of silver
bullion to a price above the coin value, caused a hoarding of silver among
the natives, and the higher prices prevailing in general trade made it
necessary to have more money in circulation there, as elsewhere. The-Government increased the issues of rupee notes to the extent that the public
would take them, but the Indian population has never taken kindly to
paper money. The situation has been exceptional, and it is improbabl
e
that the demand for India will continue at the same rate.
2031
arly in Mexico. The production of silver made its high mark in 1911, when
the world's output was 226,192,000 fine ounces. From this it fell to 156,626,000 ounces in 1916, when Mexico's yield was estimated at only 22,000.000 ounces against over 70,000,000 in 1913.. The production of the United
States in 1918 was about 68,000,000, against 72,000,000 in 1914. For
twenty years and more the production of silver in the United States has
been almost wholly as a by-product in the reduction of copper and lead
ores, but under the stimulus of higher price there is a revival of interese
in some of the old silver districts, and if the price is maintained it is probable
that production will show some increase.
Coinage Consumption.
On the other hand, while production has been thus declning, coinage
requirements have been increasing enormously. The rise of wages and
prices, the state of full employment in all countries and activity of trade,
have created a demand for more silver as pocket money, and although
silver has lost its old place as standard money, it is everywhere the
money of small change. In the United States for the five years
1910-14 the purchases by the Mints for subsidiary coinage aggregated
18,226,414 fine ounces, an average of 3,645,283 per year. In the next
five years the purchaises were as follows:
Fiscal Year
Fine Ounces.
1915
3,395,763
1916
6,545,162
1917
6,161,680
1918
•
34,211,368
1919
9,122,030
Total
59,436,003
Average, 11,887,200 per year.
The Purchase of silver bullion by other inaDortant countries in and since
1913 are reported by.the Bureau of the Mint as follows:
Fine Ounces. 1913.
1914.
1915.
1916.
1917.
191g.
*Gt. Britain 5,696,271 20,988,353 25,951,612 28,180,084 13,752,993 No report
China
28,626,109 77,499,086 110,294,436 79,765,842 37,806,567 No report
India
58,858,610 18,659,107 5,921,239 75,562,776 95,829,310 148,013,322
France
2,906,555 4,240,649 11,587,532 20,708,938 11,604.359 12,403.927
Japan
2,234,351 1,025,996 1,401,493 2,513,236 67,167,421 7,397,269
Italy
2,171,365 2,789,233 2,448,313 3,178,612 2,950,203 No report
Netherlands—Between 4,000,000 and 5,000,000 ounces for the years 1913, 1914 .
‘
1915, 1916 and 1917, and 16,500,000 for the year 1918.
* Independent of British West Africa and India.
The consumption of silver in. manufactures,
for tableware, &c., has beer'
running above all previous records in the
United States.
With this extraordinary demand for more
silver from all quarters and
declining production, it has been entirely
natural that the price should rai-"
t
vance. It is not to be supposed, however,
that wages and prices will double
again in the next four years, hence it is
not probable that the present
demand will be permanent, for, allowing
that
retail trade is supplied with enough to handle prices are stable, once the
it
demand will grow merely with the normal increase at the existing level the
in the volume of business.
If wages and prices tend downward lees
currency and small change will be
used in the retail trade, and, furthermore, the
profits of silver mining will
increase and stimulate a greater production.
Pittman Act a Relief Measure.
All in all, the conditions
seem to indicate that this spurt of high prices
will not be maintained, and
In order to aid the Indian Government in obtaining a supply of silver, that prices will not go much higher. The
situation is abnormal.
and to provide means of meeting our own adverse trade balance with
Prior to the war London was the silver market
India,
of the world, and most
the Congress of the United States, upon the recommendation of the
Secre- of our own exports wont there for distribution. During the war, owing
tary of the Treasury, passed what was known as the Pittman Act
early in to the submarine peril and high cost of insurance, the supplies for Asia
1918, which authorized the melting down of 350,000,000 silver
dollars held began to go mainly across the Pacific, and that practice has been mainin the vaults of the Treasury and the sale of the bullion. The
silver certifi- tained. The result is that London is recieving comparatively small supcates outstanding against these dollars were to be previously
retired and plies, and demands upon that market are not readily filled. Of late China
their place in the circulation taken by notes issued by the
Federal Reserve has been bidding against London and taking the metal from our west coast
banks, secured by special deposits of United States Treasury
certificates. as fast as it was produced, keeping this market literally bare. With Asiatic
At that time there were about 568,000,000 silver
dollars in the country, commodities rising in price as they have been, the medium in which they
and as the Treasury reports for recent months show
that this stock has been are paid for, silver, has gone up easily with them.
reduced to 308,000,000, it is apparent that about 260,000,00
0 were melted,
which would produce about 200,000,000 fine ounces, and
that the Treasury
still has authority to melt and dispose of about
90.000.000 dollars.
Why Not Sell All Our Silver Dollars?
This unused authority IS something to be considered 4n calculatin
g the
probable course of the market. If the Treasury should decide
to release
these 90,000,000 dollars or any considerable portion of them
the action
would give a check to the upward movement.
It has been understood,
however, that the intention was to hold these pieces to supply bullion
for
our own subsidiary coinage, which is very heavy. Of course
this policy
has the effect of keeping this Government out of the market as
a buyer,
but its purchases of that amount would be spread over several years.
No
little embarrassment will result from having our subsidiary
coins melted.
It would probably force an issue of subsidiary paper currency.
The present seems to be an opportune time to
dispose of all the remaining
silver dollars, and Congress might well enlarge the authority
of the Secretary
of the Treasury to enable him to do this. If disposed
of upon the same
terms as to repurchase, which provide that the Secretary
shall replace the
silver by purchasing bullion at $1 per ounce, it would
create a still larger
reserve market at that price, affording a very important
guaranty of stability to the silver-producing industry, besides
rendering a world service
by stabilizing the exchanges in the present emergency
.
The disposition of the silver dollar reserves and
substitution of Federal
Reserve bank notes for silver certificates increases
the amount of paper
money outstanding without metallic reserves, but for
many years the silver
certificates have been virtually considered as Treasury
obligations, without
much reference to the silver reserves, which were
worth only about fifty
cents on the dollar. The Federal Reserve notes issueri
in substitution for
silver certificates are in small denominations, as were
the certificates, and
are to be regarded as a retail currency, kept in
circulation by the needs of
trade, and not at all likely to be a menace to the gold
reserves.
French Coins Have Disappeared.
The countries of Europe all have considerable amounts
of silver coin in
circulation, which might be exported at a profit at
a bullion price but little
above the present, provided the Governments
placed no obstacles in the
way of exportation. France has about $400,000,0
00 worth, chiefly in
five-franc pieces, and they have disappeared
from circulation like gold.
France has forbidden the exportation or melting
of silver coin and Great
Britain has taken similar action. It is a mistake
to suppose that the market
for silver is an unlimited one. The coinage consumpti
on is likely to cease
entirely if the price goes above present coinage
rates, as other materials
may be used for subsidiary currency. The British
Government is reported
to be considering nickel alloyed with copper.
The extraordinary demand for silver for Asia,
however, is not the only
reason for the advance in price. Production has declined
heavily, particu-
L. F. LOREE ON RESOURCES OF CIVILIZATION
AGAINT INDUSTRIAL DISORDER.
"The Resources of Civilization Against Industrial Disorder"
was the title under which L.F. Loree, President of the Delaware & Hudson Company discussed on Nov. 20 the present
world wide disturbances, and offered suggestions for corrections. In opening his discussion (at a dinner of the
National Industrial Conference Board at the Hotel Astor,
New York) Mr. Loree noted that Gladstone, "confronting
threatened disorder amounting .to insurrection," "proclaimed that the 'resources of civilization against its enemies' are not easily exhausted." Mr. Loree went on to
say in part:
A sonorous phrase; it would be gratifying
to find, underlying its resonance, suggestions helpful to a world even
now threatened and torn by
disorder. What are these "resources of
civilization" and how shall they
be marshalled in support of that order
which is the primary essential not
merely to progress but to the preservation of
that which past progress has
created?
Civilization can, of course, meet force with force.
Being barbarously
attacked, it may wield against barbarians,
with all the added skill which
the arts oftivilization confer, the developed
weapons of barbarism. From
such utter combat civilization has just emerged,
grievously wounded but
victorious; and, in the very hour of victory we
have left the problem surpassing all others whether the fair product
of human intelligence can survive the processes of the achievement.
Aside from force, the great resource of civilizatio
n is the moral sentiment
of mankind and this is efficient for the preservati
on of order in precisely
the extent in which it is sound'and instructed
.
There are many who leap too easily from real
or fancied imperfections
in the social order to remote and retrogressi
ve changes, which they are
pleased to call remedies. Ignorance, prejudiced and
impassioned, prescribes
as panaceas, expedients the recorded failures of
which fill the pages of history and aspiring blinkards find many so blind
as to rejoice in their leadership.
ii
Chief among those, in America and in England, who
must be classed as
actual enemies of civilization are those who preach
the solidarity of any
class or group as opposed to the whole mass of the
people. We have lately
learned to condemn, in none too vigorous fashion, distinction arising
s
out
4
2032
THE CHRONICLE
of orginal nationality and it may be hoped that the unpopularity of "hyphenates" has become perpetual. Why, then, should one who considered
himself as a "Capitalist American," (if such a thing could be conceived)
or a "Labor American" (as seems to be far too common) be tolerated, if
other forms of class Americanism are not permitted.
There are to be met distinguishable types of attack upon the social order. There is the theoretical socialism of Marx, mainly attractive to men
of visionary and impractical minds; the more recent socialism of the Soviet,
always faintly hiding a despicable tyranny and a sordid despot; The socialism of the State, recently so dear to the heart of Wilhelm II and apparently appealing strongly still to Lloyd George, a form of socialism that
exhibited its inevitable end when the Rome of the Caesares became a city
of paupers living on the food and debauched by the loot which the hired
soldiers by whom they were actually ruled obtained through the spoliation
of other peoples; and there is the labor union socialism which has attained
Its climax in an approach to Sovietism in the "Plumb plan," proposing to
hand over the railways of this nation to organizations of their workmen,
who are to take all the profits, leaving all the losses to fall upon the general
public.
These forces of disorder have not been ineffective. The "Adamson"
law, passed under labor union coercion, encouraged the development of
the "Plumb plan" of expropriation and plunder, and Congress has been
told that a handful of the population, happening to be railway employees,
"will not brook" action which all the rest of the public may approve, and
that if conspiracies to interrupt inter-State commerce by strikes are prohibited, the statute will be defied. In the face of a judicial order the
leaders of the coal strike publicly rescinded the direction to strike but many
of the union men have ignored the change in the situation and have failed
to resume work, while there is an appearance of secret concert to avoid
the consequences of the judicial decree.
If these conditions which are but typical are to be opposed by the peaceful "resources of civilizaton," the whole process is suggested by the word
"education." The people, the sources of power, Must learn the value of
order and the penalties imposed by immutable law upon disorder. The
education must be that which leads up to understanding, more knowledge
-will not suffice. Definite and documented knowledge of facts is important, such education is easily supplied by the schools; but it is better to
know a few facts in their relations than to know a multitude in isolation,
and the relations of cause and effect are revealed only to understand-'
ing. Such education is accomplished only by growth and slow growth.
This resource of civilization offers only to patience and persistence—yet
it is the one resource ultimately sufficient. Indeed, it is superior even to
force, for if understanding fails, force Is as likely to be used against as it is
used for civilization—else why did Germans support the attack which
civilization so recently and with such difficulty put down.
to
The mind turns. the newspaper, as the great agency for creating public
sentiment—the great means of mass education. It is impossible to look
in this direction with much satisfaction. One is convinced that the ordinary newspaper finds it easier to support than to combat prejudice. Newspapers, are, with few exceptions, commercial undertakings. From this
point of view, it is not unfair to explain them as a device to induce the public to pay part of the cost of advertising the goods which are offered for its
consumption, and, at thesame time,to give greater effect to the advertising
because it has not been gratuitously communicated. By a curious perversion of the facts, the advertiser, has considered himself relieved of all
responsibility for the moral tone of the printed matter thus published in
aid of his advertising and there has grown up a concept of "journalistic
freedom" which pretends that he may not concern himself with anything
other than the space for 'which he is charged. Thus the advertisements
of reputable business enterprises frequently provide means for the support
of publications that threaten the public welfare. Now nothing is more
fundamental than that demand creates supply. If men will pay for space
in periodicals pandering to the basest prejudices, the space to be paid for
will always be provided. The merchant who would print scandalous,
obscene or libelous matter upon his handbills in order to make them attractive to the depraved would commit no greater moral offense than the
advertiser who disregards the fact that a newspaper through which he
offers his wares to the public is habitually in an attitude of enmity to public7order. Primary responsibility for the existence of these periodicals
rests with their advertisers; it is absurd to consider them as mere vehicles
for the exploitation of the views of owners (even those of vast inherited
wealth) who would be forced to discontinue them in a month if the advertising were withheld.
The field for education of the sort here considered is so vast that it would
be impossible to enumerate the many agencies that are available. The
subject should receive careful study and be formulated. Among such
agencies may be suggested the following:
1. Legislative Action:
(a) Limit the franchise to those competent to speak, read and write
English.
(b) Require the foreign language press to print in parallel columns the
English equivalent of its contents.
(c) Prevent any foreign control of our industrial activities such as contemplated in Part XIII of the proposed Peace Treaty with the Central
Powers.
(d) Maintain at each legislative session a ,competent organization to
oppose passage of harmful legislation and to secure laws designed to give
effect to the spirit of our Government. If the activities of every alternate session of the Legislature could be restricted to the passage of revenue
laws and the repeal or codification of existing laws, the condition of our
legislation might be enormously improved.
(e) Secure the adoption of anti-picketing legislation, both by the State
and by City ordinances. The right of man to work is as sacred as his
right to worship, and the measure of his freedom in the one case should be
the measure of his freedom in the other.
(f) All voluntary associations designed to control or affect prices, wages
or conditions of employment should by legislation be charged with the
•
same responsibilities as is the individual or the corporation. The State
for its own protection should have access to their books, letters and acthe membership,
counts. On all important matters requiring a vote of
and especially where strikes are contemplated, the secret or Australian
ballot should be used, and the honesty of the count secured by its being
taken under the supervision of proper public officers.
2. Community Action:
Organize in all communities open shop associations, such as are now
being formed in the Southwest, and citizens' alliances, such as were formerly in vogue in the Central West, or similar bodies through which the
extra legal power of the community can be given effect. These bodies
should:
(a) Emphasize the three aspects in which significance is given to the
labor relation—employment by the State, employment in public utility
work, and employment in private business.
(b) By proper legal organization hold to a strict accountability all persons who during industrial disturbances engage in disorder or violation
of. the 'law.
[VOL. 109.
(c) Organize a general suspension of credit in any community in which
the continuation Of the strike, placing the entire
community on a cash basis.
3. The .National Industrial Conference Board and other national associations should invoke the various means by which public opinion can be
influenced:
(a) By lecturers on the Chataqua circuit and by addresses of business
men before Chambers of Commerce, trade meetings ahd other public
assemblies.
(b) Collect and disseminate data as to the amount of advertising used by
supporters of the National Industrial Conference Board and study what
effect upon the attitude of the press, and especially of theheadline writers,
might be secured through its use.
(c) Collect, classify and study data to determine the number of indutii
establishments and the number of men employed therein under condit
of union shop, open shop and non-union shop; data regarding break'ss
contracts or violations of the same by employers or organized or unorgun e
employees; a record by months and by years of strikes and strike viole bee
as shown by newspaper clippings. State Labor Bureau reports and °lb
sources of information, classified as between union and non-union, and a
full report upon the number of strikes, union and non-union, inaugurated
during the period of thewar, and the variety and extent of profiteering by
labor.
Serious as the situation is, I cannot believe it to in any way give cause
for despair. We must forever keep in mind the great underlying qualities
that distinguish our race from those of the other inhabitants of the world.
What we have to do is not so much to seek out leadership, helpful as this
would be, but to stir the national pulse and set in motion the national
power. Every substantial business undertaking should be a centre for •
the dissemination of accurate facts and sound discussion. Men of light
and leading must accept and properly discharge the responsibility for
inaugurating the systematic education necessary to marshall civilization's
resources of sound sense in a public sentiment forceful enough to maintain order against all elements or disorder, and this duty must be discharged
not in the distant future but now, to-day.
a strike occurs, during
PROF. COPELAND OF HARVARD UNIVERSITY ON
ADVANCING PRICES AND INFLATION.
ffrAscr;bing the primary cause for high prices and social
unrest to the inflation of currency, Prof. Melvin T. Copeland, Directorj of thelBureau of Business Research of
tral7ard University, states that "so far as this country is
concerned, we seem to have reached the end of the period
of inflation." Prof. Copeland describes the active demand
in retail trade that is now resulting from inflation as "particularly unstable." In his view, if the progress of inflation
has been checked, "it will help us in dealing with our great
labor problems." Prof. Copeland's views were expressed in
an address on the "Cost of Doing Business in the Wholesale
and Retail Trades," delivered before the Committee on
Trade and Commerce of the Connecticut Chamber of Commerce at New Haven on Nov. 20, and appeared as follows in
the New York "Evening Post" of the 20th inst.:
We have heard a great deal during the last three or four years about
profiteering in retail and wholesale trades. From my observations I Judge
that many of these accusations are unjustified. Business has been active
in most trades, and failures have been less frequent than in normal times.
Yet I doubt seriously whether there are more frequent instances of abnormal
profits in retail and wholesale businesses than in manufacturing or among
wage earners and farmers.
All along the line we have seen higher prices, higher incomes and higher
expenses. Clergymen, school teachers and college professors are about
the only classes who have not had a share in these larger monetary incomes.
The dollar has truly fallen in value, but not because of the machinations of
merchants. So far as I can judge, the cost of doing business has gone up
in retail and wholesale trades about as rapidly as prices and profits have
advanced.
As Director of the Harvard Bureau of Business Research I have had an
opportunity to learn the cost of doing business in several trades. In the
retail grocery business, for example, reports were received from 197 grocers
on the cost of doing business in 1918. These reports were in detail. The
merchants who supplied them were located in all parts of the United States.
I am confident that they are fully typical stores and that the results that
they show are a fair guide to the cost of doing business in retail grocery
stores generally.
The average cost of doing business in these retail grocery stores in 1918
was 14% of net sales. This figure for total expense included rent, whether
the store was owned or leased, proprietor's salary, and interest both on
owned and borrowed capital. The average gross profit in these stores was
16.9%; the average net profit was 2.3% of net sales. The highest figure
for net profit that was shown by any of the reports received was 9.29%.
On the other hand, a number of stores showed a loss, the highest net loss
being 6.05% of net sales.
As regards profiteering, we have long been chasing the devil around the
stump and we haven't caught him yet. As a matter of fact, a primary
cause for high prices at the present time is inflation of our currency. From
1900 to 1914 the amount of currency in circulation in the United States
had been expanding at the rate of about $100,000,000 a year, due to the
increase in the world's output of gold. With this annual expansion of our
currency, prices wee constantly rising. Yet from July 1 1914 to July 1
1919 the amount of currency in circulation in this country increased $2,440,000,000.
In a period of five years, therefore, there was an expansion of our currency one and one-half times as great as in the preceding fifteen years. To
put it in other words, the amount of currency in circulation in the last five
years has increased 71%.
There have been other contributing influences to cause high prices
but this inflation of our currency is unquestionably the greatest factor.
.This inflation has come about through the influx of gold during the first
years of the European war, through the expansion of credit under the
newly organized Federal Reserve system, and also through. the policyof
the Government in permitting the use of our United States war bonds
for rediscount at favorable rates. To finance the war we did not issue
paper money directly, as was done in most of the European countries.
Nevertheless, by the use of bonds for rediscount at the Federal Reserve
banks we indirectly helped to finance the war by inflation of our credit and
currency. This policy on the part of the Government may well have been
Nov. 29 1919.]
THE CHRONICLE
the wisest one to follow. Nevertheless, granting that, the fact remains tna
inflation has been a particularly potent cause for the present high prices.
Fortunately the inflation here has been less than in most ot the
other
belligerent countries. There is no question as to the fundamental soundness of our financial system.
This inflation of currency, and therefore of prices, is a large factor
in
the present social unrest. It has always been so in the past in this country
and abroad. No lesson is taught more clearly by history. The problems
of social unrest throughout Europe are inextricably bound up with the
financial problems of these countries. In Russia the problems of
readjustment have been intensified by the freedom with which the Bolsheviki have
run their printing presses to turn out paper money. Austria and Germany
are nearly swamped with paper money. Even in France and Italy there
is serious inflation. We can be thankful that in this period of world-wide
Inflation we are in a relatively favorable position.
So far as this country is concerned we seem to have reached the end of
the period of inflation. Two weeks ago the Federal Reserve banks in
Boston and New York took the first steps toward bringing about a deflation of our currency. It is certainly to be hoped, both in the public interest
and from the standpoint of business men, that these efforts will be continued. This process of deflation may bring with it temporary hardships
to business, yet these hardships will be the lesser of two evils.
We can look ahead to a period of great business prosperity. Yet before
we realize that we will probably have to go through some readjustments.
The active demand in retail trade that is now resulting from inflation is
particularly unstable. This demand seems to have arisen largely from
consumers who have enjoyed a sudden rapid increase in their incomes. In
the meantime our productive facilities are not being sufficiently expanded.
Our railroads cannot afford to increase their facilities extensively at these
high prices. Manufacturers are cautious regarding the expansion of their
plants at the present scale of cost. There is an accumulated demand for
new homes; yet this demand is not being filled because prices for building
materials and labor are so high. In other words, the great demand that
we have witnessed in recent months is not primarily the demand that has
accumulated during the war, but rather a new demand that has resulted
from inflation. Sooner or later the accumulated demand of the last four
or five years will have to be taken care of, and eventually the process of
deflation will help to bring this about.
As I stated a few moments ago, the progress of inflation seems to have
been checked in this country. If this proves to be the case it will help us
in dealing with our great labor problems. Several manufacturers and
wholesalers have told me recently that they have sold merchandise for
spring delivery at prices that will necessitate retailers increasing their
prices from 20 to 40%.
If that were to continue our labor problems would become far more
serious than they have yet been, for a sudden rapid increase in prices
affords the radical leader his best ammunition. Under present conditions,
furthermore, if there were to be another sudden increase in prices, those
radical leaders would secure sympathy from many quarters that are ordinarily opposed to their preachings. It is for these reasons that I have stated
that oven some temporary hardships during the process of deflation will be
the lesser of two evils.
We have on our hands a tremendously difficult task of readjustment
with which we are just beginning to grapple. If business men will take
hold of this task as they tackled the problems of readjustment during the
war, it will be solved and solved quickly. For 21 months in Washington
I saw business men displaying great unselfishness. Time and again I
heard business men say that they were willing to make any sacrifice for the
welfare of the country.
I have heard manufacturers repeatedly say that they were willing to
have their businesses closed up entirely if thereby the interests of the
country in carrying on the war could be better served. This is the spirit
that we now need. That is the spirit that I feel sure business men will show
once they clearly recognize the problem that we have on our hands.
REDUCTION IN LIBERTY BOND, VICTORY NOTE AND
TREASURY CERTIFICATE HOLDINGS OF
NATIONAL BANKS.
The amount of Liberty bonds and Victory notes owned by
National banks stood at $801,753,000 on Sept. 12, according
to an announcement made public by the Comptroller of the
Currency on Nov. 24, which also states that the figures indicated represent a reduction of $71,070,000 since March 4
1919. The total amount of Victory notes owned by the
National banks on Sept. 12 was $384,638,000, besides which
they also owned 2,094,000 on Victory notes for final instalments not yet fully paid. Of U. S. Certificates of Indebtedness there was owned by the National banks on
Sept. 12 $1,147,920,000. The following is the statement
issued by the Comptroller.
Reports of all national banks just compiled show that on September 12
1919, the total amount of Liberty Bonds of all four issues owned by them
on the date named had been reduced to $801,753,000, or less than 434% of
the total amount of Liberty Bonds sold. This is a net reduction of $71,070,000 since March 4 1919. The reports also show that the national banks of
5
the country September 12 1919, had loss than 3%% of their resources invested in Liberty Bonds, against more than 4 1-3% March 4 1919.
The amount of Liberty Bonds held as collateral for loans by national
banks September 12 1919, was $915,211,000.
The total amount of Victory Notes owned by national banks and fully
paid for on September 12 amounted to $384,638,000, and, in addition to
this, the banks reported that they also owed $82,094,000 on Victory Notes
for final installments not yet fully paid.
The total amount of United States Certificates of Indebtedness owned by
national banks on September 12 was $1,147,920,000, a reduction since
March 4 1919, of $722,787,000. The amount of United States Certificates
of Indebtedness held as collateral for loans by national banks on September
12 was $32,379,000.
The total net reduction in ownership by national banks of all Liberty
Bonds, Victory Notes and United States Certificates of Indebtedness September 12 1919, as compared with March 4 1919, was $409,218,326.
The total amount of Liberty Bonds owned by all the national banks in
the following cities on September 12 1919, did not amount to more than
$1,000,000 in any one city: Buffalo, Atlanta, Birmingham, New Orleans,
Galveston. Little Rock, Peoria, Grand Rapids, Cedar Rapids, Dubuque,
Sioux City, St. Joseph, Lincoln, Kansas City, Kansas, Topeka, Wichita,
Denver, Pueblo, Muskogee, Tacoma and Oakland.
2033
The total amount of Liberty Bonds owned by all the national banks in
each of the following cities amounted to between one million and two million
dollars: Albany, Jacksonville, El Paso, Fort Worth, Waco, Louisville,
Chattanooga, Memphis, Cincinnati, Toledo, Indianapolis, Milwaukee,
Minneapolis, Tulsa, Spokane, Portland and Ogden.
The only cities whose national banks owned in the aggregate as much
as $10,000,000 in Liberty Bonds were New York 125,000,000, Pittsburgh
25 million, Philadelphia 16 million, Nashville and San Francisco 12 million
each.
The only cities whose national banks held as collateral for loans made as
much as $1,000,000 or more of Victory Notes were New York
150 million.
Philadelphia 32 million, Boston 10 million, Chicago 8 million, Pittsburgh
7 million, St. Louis 4 million, Richmond and Atlanta 3 million each, Albany,
Buffalo, Baltimore, Cleveland and San Francisco 2 million each,
Washington, Houston and Cincinnati 1 million each.
The only cities whose national banks held as collateral for loans
made,in
the aggregate, as much as one million dollars of United States
Certificates
of Indebtedness were New York City 12 million, Boston 5
million, Chicago
2 million, Philadelphia 1 million.
•
N. Y. STOCK EXCHANGE RULE REGARDING OFFER'
TO SELL COUPLED WITH OFFER TO BUY BACK.
E. V. D. Cox, Secretary of the New York Stock Exchange, issued a notice to members on Nov. 25 calling attention to the following resolution adopted by the Committee of
Arrangements:
In the opinion of the Committee of Arrangements an offer to sell
coupled
with an offer to buy back at the same
or an advanced price, or the reverse,
is not in accord with the rules of business permitted on the Stock
Exchange.
LIBERTY BOND SINKING FUND NOT EXHAUSTED.
From the "Wall Street Journal" of yesterday (Nov. 28)
we take the following:
The impression prevails in the Liberty bond market, which said
is
to be
responsible, in a measure, for the renewed weakness in
Liberty bond prices
this week, that the Government sinking fund has
preactically reached its
limit of capacity in respect of current purchases in the open
market. This
Impression followed the recent statement issued by the
Treasury Department detailing the operations of the bond purchase fund
up to Nov. 20.
This, however, is an erroneous deduction. In the
case of two of the
bond purchase years, the sinking fund has practically
100% capacity ahead
of it inasmuch as the fund has only recently entered
upon new bond purchase
years. The bond purchase year for the First Liberty
Loan 4s and 45%s and
the Second Liberty Loan 4s and 4
expired on Nov. 14. The bond purchase year for the Fourth Liberty Loan bonds expired
Oct. 23 last. Therefore, the Treasury, to the extent that it has the funds
available for that
purpose, can employ the sinking fund to practically its
full legal one-year
capacity in the purchase of these issues.
That the Treasury has been making full use of the sinking
fund, heretofore, is shown by the fact that during the year ended
Nov. 14 it purchased
$24,459,000 First Liberty Loan bonds applicable to that
bond purchase
year, which was only $4,302,000 loss than the authorized
amount. The
Treasury also purchased $180,870,000 Second Liberty Loan
bonds, which
was substantially the full amount authorized for that year.
Purchases
of the Fourth Liberty Loan bonds in the bond purchase year
of Oct. 23
amounted to $348,115,000, or substantially the full amount authorized.
In the case of the Third Liberty Loan issue, the current bond.purchase
year does not expire until May 8 next, or nearly six months yet to
run.
It appears that the Treasury has bought none of these bonds so far in
the
current bond purchase year, although the War Finance Corporation
holds
a considerable amount. There is therefore plenty of opportunity for the
Treasury to employ the sinking fund to the limit in the purchase of
the
Third Liberty Loan bonds before the current year expires.
It is evident from the foregoing that as far as the capacity of the sinking
fund is concerned the Treasury has considerable latitude for purchases
of
Liberty bonds in the open market at the present time. The only possible
obstacle to the Treasury operations is the matter of funds, but
on this
score there is little occasion for concern. There is, at present, a
net balance
In the Treasury oC about $700,000,000. On Dec. 15
next the last installment of taxes is due which may bring in anywhere from
$750,000,000 to
$1,000,000,000. Again, the Treasury's latest offering of Certificates
of
Indebtedness, payable Dec. 1, will help to swell available
funds. These
receipts will more than offset the $747,000,000 of tax certificates
to be
paid off Dec. 15.
LETTER OF SECRETARY GLASS RESPECTING
RESUMPTION OF TREASURY CERTIFICATE
ISSUES.
The intention of the Government to resume the issuance
of Treasury Certificates of Indebtedness was made known in
a letter addressed by Secretary of the Treasury Carter Glass
to the banking institutions of the country, made public on
Nov. 23. The proposed issuance of Government loan
certificates was announced by Secretary Glass, who stated
that "along with the issue of these loan certificates it has
been thought wise, in order to make it possible and convenient for taxpayers, to prepare further for the large payments which fall due on March 20, 1920, to offer an issue of
4Y tax certificates of that maturity." These offerings are
i%
detailed elsewhere in to-day's issue of our paper. In his
letter, Secretary Glass states among other things, that "very
gratifying progress has been. made in the absorption by investors of Government securities." We quote from his
letter the following:
In my letter of September 8,I stated that, while it could
not be said definitely when semi-monthly issues of loan certificates
would be resumed,
such issues would certainly not be resumed before October
15. Though
most factors in the general situation since that letter was
written have been
adverse, the position of the Treasury has developed more favorably
than
then there seemed any reason to hope. The great suc,ceis
of the issue of
tax certificates then announced, the reduction in current
expenditures, and
2034
THE CHRONICLE
the increase of receipts, notably from sales of war materials and supplies,
have made it possible to avoid until now the resumption of the issue of certificates.
On the basis of Treasury daily statements, in the month of October the
net current deficit (excess of disbursements over receipts, exclusive of transactions in the principal of the public debt) was $319,239,450 35, the lowest
figure for any month since April 1917, excluding the month in which income and profits taxes were payable, and for the first half of the month
of November the net current deficit was $118.630,787 30, indicating the
likelihood of a further important reduction for that month.
On the basis of Treasury daily statements, the total gross debt, which
on June 30 1919, amounted to $25,484,506,160 05 and on August 31 1919,
had reached the peak at $26,596,701,648 01, had been reduced by September 30 by more than $400,000,000, and, notwithstanding the Increased
resulting from the Victory Loan installment payments in October and November, when the final payment was made, stood on November 15 at $26,210,905,795, a net reduction of about $385.000,000 from the high mark at
the end of August, and a net increase since June 30 of only $726,399,634 95,
although in that period only one quarterly income and profit tax installment
had been received.
The total amount of loan certificates outstanding and unmatured, which
On June 30 was $2.478,317,500 and on August 31 $2,012,387,500 was reduced in September to $1,634,671,500, at which figure it stands; while the
total amount of tax certificates outstanding and unmatured, which on
June 30 was $789.561,000 and on August 31 was $1,925,837,500, was reduced in September to $1,827,586,500, at which figure it stands. Of the
latter, certificates to the amount of $746,869,500 mature December 15
1919, and are amply provided for by the income and Profits tax installment
Payable on that date.
Very gratifying progress has been made in the absorption by investors of
Government securities. During the period of five months from June 6
(when holding of Victory notes were first reported separately) to November
7 (the last date for which reports are available) all reporting member banks
(about 783 member banks in leading cities which are believed to control
about 40% of the commercial bank deposits of the country) have, according
to Federal Reserve Board reports, reduced their holdings of Liberty bonds
from $646,273,000 to $633,950,000, or $12,323,000; of Victory notes from
$438,589,000 to $292.410,000, or $146,179,000; of United States certificates
of indebtedness from $1,514,462,000 to $847,558.000, or $666,904,000;
making a total reduction in all reporting member banks' holdings of U. S.
war securities of $825,406,000.
Loans by all reporting member banks secured by United States war securities, after deducting those rediscounted with Federal Reserve banks, are
reported as reduced in the same period by $221,450,000 (from $1,430,581,000 to $1,199,131,000), this reduction being partly offset, however, by
increased rediscounts of such paper with Federal Reserve banks.
The long intermission in the issue of certificates of all kinds makes it
Possible, upon resuming, to issue loan,certificates, bearing 4h% interests,
and having only two and one-half months to run, instead of five months as
heretofore, while fixing the maturity one-half month later than that of the
last issue of loan certificates. Along with the issue of these loan certificates it has been thought wise, in order to make it possible and convenient
for taxpayers to prepare further for the large tax payments which fall due
on March 15 1920, to offer an issue of4x% tax certificates of that maturity.
The letter of Secretary Glass, dated Sept. 8, referred to
above, was published in our issue of Sept. 13, page 1032.
ISSUE OF TREASURY LOAN CERTIFICATES.
A new issue of Treasury Certificates of Indebtedness
(Series D 1920) for Government loan purposes, was announced by Secretary Glass on Nov. 24, along with an offering of tax certificates, which is referred to in a separate item
in to-day's issue of our paper. The Certificates Series D
1920 are dated and bear interest from December 11919, and
become due February 16 1920. These certificates carry
43j% interest and are issued in denominations of $500,
$1,000, $5,000, $10,000 and $100,000. The Treasury
Department circular says in part:
VOL. 109.
OFFERING OF TREASURY CERTIFICATES IN ANTICIPATION OF TAXES.
An offering of Treasury Certificates, Series T. M. 3-1920,
in anticipation of taxes was announced on Nov. 24, by
Secretary of the Treasury Glass. They are dated and bear
interest from December 1 1919 and are due March 15 1920,
thug running but three and a half months. They will bear
434% and will be issued in denominations of $500, $1,000,
$5,000, $10,000 and $100,000. The New York Federal
Reserve Bank in its circular announcing the offering, says:
Said certificates shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated additional income
taxes, commonly known as surtaxes, and excess profits and war-profits
taxes, now or hereafter imposed by the United States, upon the income or
profits of individuals, partnerships, associations, or corporations. The
Interest on an amount of bonds and certificates authorized by said act
approved September 24 1917, and amendments thereto, the principal of
which does not exceed in the aggregate $5,000, owned by any individual,
partnership, association, or corporation, shall be exempt from the taxes
provided for in clause (b) above.
Certificates of this series will be accepted at par with an adjustment of
accrued interest, during such time and under such rules and regulations as
shall be prescribed or approved by the Secretary of the Treasury,in payment
ofincome and profits taxes payable at the maturity of the certificates. The
certificates of this series do not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the
amount of certificates applied for and to close the subscriptions at any time
without notice. Payment at par and accrued interest for certificates allotted
must be made on or before December 1 1919, or on later allotment. After
allotment and upon payment Federal Reserve Banks will issue interim receipts pending delivery of the definitive certificates. Qualified depositaries
will be permitted to make payment by credit for certificates alloted to them
for themselves and their customers up to an amount for whcih each shall
have qualified in excess of existing deposits, when so notified by Federal
Reserve Banks. Treasury certificates of indebtedness of any and all
series now outstanding and not overdue, maturing on or before February
2 1920 (with any unmatured coupons attached), will be accepted at par
with an adjustment of accrued interest in payment for any certificates of
the Series T M 3 1920 now offered which shall be subscribed for and allotted.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments in full
In the order of the receipt of applications up to amounts indicated by the
Secretary of the Treasury to the Federal Reserve Banks of the respective
districts.
EMBARGOES ON WHEAT IMPORTS AND EXPORTS
•
. REMOVED—EFFECTIVE DEC. 15.
The elimination, effective December 15 1919, of the export
and import embargoes on wheat and wheat flour was announced on Nov. 21 by Julius H. Barnes, U. S. Wheat
Director, who stated that on that date President Wilson
had signed a proclamation completely terminating the embargo control which has been in effect for over two years,
first under the War Trade Board and then under the legislation of the Wheat Guarantee Bill, latterly maintained by
the Wheat Director, the embargo being one of the first steps
taken by the War Trade Board more than two years ago
to protect the supplies of wheat and wheat flour for the
Allies. Discussing the lifting of the embargo Mr. Barnes
said:
This is one step in the necessary reconstruction of trade facilities broken
by the war, which must function when the Grain Corporation terminates its
three year's work. While ocean transport conditions and _Aso disorganized
International finance will probably prevent free trading between merchants
of the various countries for some time, it is expected that, step by step,
international trade may be re-knit in the usual channels. Until this is
fully accomplished the Grain Corporation will continue to soil from its
stocks of wheat and wheat flour the foreign trade that is not suppled under
private business initiative.
This release of embargo also permits Canadian wheat and wheat flour
to enter American markeys free of duty under rulings of the Customs service. It is expected that this will greatly enlarge the United States' supply
of spring wheat flours which are favorites in the baking trade and which,
because of the partial crop failure in the Northwest this year, have been
relatively in light supply.
The Wheat Director also stated that the sales of the Grain Corporation
from its accumulated stocks, largely in western markets to American mills,
under its advertised offer effective Thursday (Nov. 20), have amounted to
about thirty million bushels. Mr. Barnes added that in his opinion, the
mills in all sections are now amply supplied with wheat, though some particular qualities of wheat are relatively in light supply.
Said certificates shall be exempt, both as to principal and interest, from
all taxation now or hereafter imposed by the United States, any State, or
any of the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, and (b) graduated additional income
taxes, commonly known as surtaxes, and excess-profits and war-profits
taxes, now or hereafter imposed by the United States, upon the income or
profits of individuals, partnerships, associations, or corporations. The
Interest on an amount of bonds and certificates authorized by said act
approved September 24 1917, and amendments thereto, the principal of
which does not exceed in the aggregate $5,000, owned by any individual
partnership, association, or corporation, shall be exempt from taxes provided for in clause (b) above.
If any notes should be offered for subscription by the United States after
the offering and before the maturity of such certificates, and the subscription price of such notes or the first installment thereof be payable on a date
occuring at or before the maturity of such certificates, then on and after
such date (a) such certificates will be accepted at par with an adjustment
of accrued interest in payment on the subscription price, when payable, at
or before the maturity or redemption of such certificates of any such notes
LICENSES REVOKED BY WHEAT DIRECTOR.
subscribed for by and allotted to holders of such certificates; and (b) upon
ten day's public notice given in such manner as may be determined by the
The United States Wheat Director announced Nov. 24
Secretary of the Treasury the certificates of this series may be redeemed as
a whole at par and accrued interest. The certificates of this series do not that he had revoked until further notice, effective at noon
bear the circulation privilege and will not be accepted in payment of taxes. on November 25 1919, the license granted to the Lawton
The right is reserved to reject any subscription and to allot less than the
Grain Company, whose main office is at Lawton, Oklahoma
amount of certificates applied for and to close the subscriptions at any time
without notice. Payment at par and accrued interest for certificates alotted and which does business at Lawton, Tinney, Holliday,
must be made on or before December 1 1919, or on later allotment. After Faxon, Chattanooga, Devol, Snyder, Indiahoma, Cache,
allotment and upon payment Federal Reserve Banks may issue interim
receipts pending delivery of the definitive certificates. Any qualified de- Fletcher, Cyril, Cement, Richards Spur, Mt. View, Gotebo,
positary will be permitted to make payment by credit for certificates allotted Granite, Cordell, Bessie, Bridgeport, Ryan, Waurika,
to it for itself and its customers up to any amount for which it shall be quali- Hastings, Temple, Big Cabin, Chelsea, Manitou, Catale,
fied in excess of existing deposits, when so notified by the Federal Reserve
Bank of its district. Treasury certificates of indebtedness of any and all Whiteoak, Vanita, Binger, and Roosevelt, all in Oklahoma.
series now outstanding and not overdue, maturing on or before February 2 The announcement issued at Mr. Barnes' office said:
1920 (with any unmatured interest coupons attached) will be accepted at
The license of this company was revoked for violations of the Act of
par with an adjustment of accrued interest in payment for any certificates Congress approved March 4 1919. and the regulations and requirements
of the Series D 1920 now offered which shall be subscribed for and allotted. of the Wheat Director, particularly including its failure to display the
Nov. 291919.]
THE CHRONICLE
Wheat Director's notice to producers as required; failure to furnish information to D. P. Piazzek, Second Vice-President of the United States Grain
Corporation, Kansas City, Missouri, as required; and for failure to follow
Government grades.
A further announcement by Mr. Barnes said:
The United States Wheat Director announced to-day that he has revoked
for a period of ten days, the license granted to the Consolidated Flour and
Feed Company, 405-8 Keith Theatre Buidling, Syracuse, New York, as
wholesaler or jobber of wheat flour, such revocation to be effective at noon,
November 24 1919.
This Company admitted having violated Condition 4 of its Wheat
Director license, which prohibits a licensee dealing with a person,firm,corporation or association, which does not hold at the same time such license
as Is required under proclamations issued in pursuance of the Act of Congress
approved March 4 1919.
BULGARIA'S LARGE WHEAT CROP.
Associated Press advices from Sofia, Nov. 19, said:
2035
The revival of the wartime functions of Food Administrator
resulted directly from the. Government's efforts to avert a
famine in sugar, but the powers delegated to the head of the
Department of Justice will be used, it is stated, also to help
reduce generally the high cost of living.
.
PLATFORM OF AMERICAN FEDERATION OF FARM
BUREAUS.
The American Federation of Farm Bureaus which was
formed at Chicago, Nov. 13, "to promote, protect and represent the business, social, economic and educational
interests of the farmers of the nation," adopted as a platform the following set of principles, according to special
correspondence of the N. Y."Evening Post," under date of
Nov. 20:
Large elevators are being constructed at Varna, on the Black Sea coast
The high cost of living was declared to be due largely to curtailment of
of Bulgaria to handle the country's wheat crop, which is estimated as being
the largest in the history of Bulgaria and worth $250,000,000. This work production, to shorter hours, lessened efficiency of labor, and strikes. The
Is being carried forward by Premier Stambuliwsky in the hope of securing Federal land banks were approved and it was suggested that the maximum
Individual loan be changed from $10,000 to $25,000. Land ownership, it
outside help for regulating exchange prices and stimulating trade.
Clothes are scarce and luxuries are considered contraband in Bulgaria, was declared, is stewardship, and it was held that ownership does not give
.and any shipments of these commodities into the country must be exchanged the right to soil depletion and the tenantry system was deplored as it enfor other goods. The Board of Control, however, will not let such goods couraged a rapid reduction of soil curtailment.
Recognizing the economic law that impels the consolidation of business,
leave Bulgaria unless others of corresponding value are coming in.
and that belief from the extortion of monoply of manufacture and commerce
is to be found in co-operation, in enforced publicity of business records,
AUSTRALIA WHEAT CROP LESS THAN IN 1918. and a just graduated income tax rather through interference with the
economic law upon which great industries are founded, is the eighth platForeign correspondence of "The New York Evening Post" form of the preamble. Regulation of all purveyors of foodstuffs, including
packers, wholesale grocers, commiss on men and all semi-industries, in
from Melbourne, Sept. 30, published in the Nov. 22 issue such
manner as will be just and fair to producers and consumers as well as
of that paper, said:
to the industries. Economic expenditure of public moneys is recommended.
Good rain has not fallen over a large section of the Continent for some time Disapproval of the extension work of the Department of Agriculture
through
and, in parts, the wheat crop will not be worth reaping. It is now almost the land colleges of the several States and recommendation
of the Bureau
too late for rain to alter the situation materially in these dry parts. Over of Farm Management of Department of Agriculture and the work
of the
-growing country, however, the prospects range from Bureau of Markets and of crop estimates
the rest of the wheat
are favored, and it is suggested
fair to good, and a fairly authoritative estimate places the whole crop for that the latter be vitalized and adequately supported to meet
the needs of
Australia at approximately 60,000,000 bushels, as against 65,000,000 agriculture.
bushels last year.
With few exceptions in the past forty years,says the ninth preamble, the
There are only four wheat-growing States in the Commonwealth. The farmer's sole profit has come from unrestored fertility taken from
the soil
other two do not produce enough for their own requirements. Of the four and from long hours of work and unpaid labor of women and
children
wheat States, New South Wales is usually the largest contributor to the It is insisted that these are legitimate factors in cost of food production
and
pool. This year, however, New South Wales has experienced a severe must be so recognized by the commercial public.
drought, except over the coastal districts, and the crop in that State will
The formation of the American Federation of Farm Burnot be anything like as large as normally. The effect of this drought is
also shown on the wool clip, which, from the affected areas, continues to eaus was noted in the "Chronicle" Nov. 22, page 1946.
open up thin and tender in staple. Both in Victoria and South Australia
the prospects are fair to good, the rains during the last month or six weeks
having increased the probable return materially. In Western Australia FLOUR PRICES IN CANADA ADVANCE FOLLOWING
the rains have been timely and plentiful, and the crop is developing splenREMOVAL BY U. S. OF WHEAT EMBARGOES.
didly.
As to the effect in Canada of the removal by the United
Given normal conditions until harvesting time, which is still several
weeks ahead,
.the four States should produce a crop which, after, satisfying States of the wheat embargoes, "Financial America" in
home requirements for food and seed, should leave a surplus available for Ottawa
advices Nov. 25 said:
export of about 30,000,000 bushels,
The renewal of the wheat embargo has caused general satisfaction in
Canada'. It is learned that large sales, estimated at about 500 tons, have
been
THE WORLD'S CROPS OF WHEAT, CORN, OATS AND gium made by the Canadian Wheat Board to Great Britain, France, Beland Greece and it is also estimated that 20,000.000 bushels are ready
SUGAR BEETS.
to be shipped to millers in the United States.
Quite favorable results for the leading crops are foreOn the following date the same paper said:
shadowed in a cablegram to the Bureau Crop Estimates, at
According to advides received .
on the Produce Exchange, the price of
Washington, from the International Institute of Agriculture, flour in Canada was advanced overnight to $14 per barrel, compared with
the previous price of $12 25. This was believed to be due directly to the
Rome, Italy, and made public Nov. 26. It gives the 1919 recent removal of import restrictions into the United States.
production of wheat in Spain, France, England, Wales,
Scotland, Italy, Netherlands, Rumania, Switzerland, CanBITUMINOUS COAL MINERS REJECT FUEL
ada, United States, British India, Japan and Tunis as
ADMINISTRATOR'S OFFER.
2,040,509,000 bushels, or 93.5% of the 1918 production for
The Washington conference of representatives of the
these countries, and 96.5% 9f a five-year average, 1913bituminous miners and operators of the Central Competitive
1917. For the other crops the estimates are:
Field adjourned sine die on Nov. 27. The operators offered
The 1919 production of corn in Spain, Italy, Rumania, Switzerland,
Canada and the United States is given as 3,126,194,000 bushels, or 114.8% to arbitrate and the miners definitely rejected the proposal
of the 1918 productions for these countries, and 104.4% of a five-year and moved an adjournment
of the joint conference in the
average, 1913-1917.
The 1919 production of oats in Spain, France, England, Wales, Scotland, Washington hotel. The adjournment motion carried.
Italy, Netherlands, Rumania, Switzerland, Canada, United States, Japan
Events leading up to the adjournment were summarized
and Tunis is given as 2,085,786,000 bushels, or 84.8% of the 1918 pro- in Washington press
dispatches of Nov. 27, as follows:
duction for these countries and 90.3% of a five-year average, 1913-1917.
The 1919 production of barley in Spain, France, England, Wales, Scotland, Italy, Netherlands, Roumania, Switzerland, Canada, United States,
Japan and Tunis is given as 550,090,000 bushels, or 89.3% of the 1918
production for these countries, and 101.8% of a five-year average, 19131917.
The 1919 production of rye in Spain, France, Italy, Netherlands, Roumania, Switzerland, Canada and the United States is given as 169.414,000
bushels, or 95.9% of the 1918 production for these countries, and 124%
of a five-year average, 1913-1917.
The 1919 production of sugar beets in Spain, Netherlands, Switzerland,
Canada and the United States is given as 10,344,000 tons of 2,000 lbs., or
125.9% of the 1918 production for these countries. and 114.8% for a fiveYear average, 1913-1917.
PRESIDENT WILSON GIVES WAR POWERS OF U. S.
FOOD ADMINISTRATOR TO ATTORNEY GENERAL
TO CONTROL SUGAR SUPPLY.
Seeking to relieve the serious sugar shortage which has
existed for the past month, President Wilson on Nov. 21
signed an executive order reviving the war-time powers of
the U. S. Food Administration and vesting them in Attorney
General Palmer. Mr. Palmer has for the past several
months been directing the Government's campaign against
high food prices.
The miners unanimously rejected the Government proposal, made by Dr.
Garfield (Nov. 26) at the direction of the Cabinet, for a 14%
wage Increase,
without increasing the price of coal.
This rejection was made after the operators had announced that they
would accept the Government's suggestion for settlement. The operators
also notified Dr. Garfield of their acceptance, but pointed out that to increase wages without increasing the selling price would eliminate the profits
of a large number of mines and seriously affect production. They said
they would rely upon the Government to make later adjustments
in prices
to remedy this.
The operators then renewed their offer of submitting the dispute to a
board of arbitration, but this was refused by the miners. On motion of
the miners the coal conference was adjourned sine die.
The conference was called by Secretary of Labor Wilson,
and opened at Washington Nov. 14. Its object was to bring
about a settlement of the differences between the miners and
operators. The conference was begun immediately after
the heads of the miners'unions had, in obedience to a mandate of the Federal District Court, recalled the strike order
which had become effective Nov. 1. The operators scale
committee on Nov. 20 submitted a proposal for settlement
to the miners which the latter flatly rejected; and on. the
following day (Nov. 21) the miners representative made a
counter-proposal, saying they would accept a 40% wage
increase and seven-hour day—this comparing with the miner'
2036
THE CHRONICLE
[VOL. 109.
On Nov. 27 the wage conference on the motion of the
miners' leaders adjourned sine die. When the operators
agreed to accept the Government's offer, the miners voted
in the negative. The miners insisted that Secretary Wilson's suggestion that wages be advanced 31.61% should
First. That the President be asked to appoint an arbitration board to prevail, and to this case the operators voted "no." Finally
settle all question at issue.
Second. That the operators and miners each appoint four men to con- the operators proposed the question be submitted to arbitration. This was rejected by the miners.
stitute a settlement board, with a ninth member selected by the eight.
Third. That the miners, operators and the President each appoint three
The operators left a permanent committee in Washington
members to a board to settle all questions.'
with authority to act in the matter. The following stateThese proposals were all rejected by the miners.
Secretary of Labor Wilson was then (Nov. 21) called into ment was made by John L. Lewis, Acting President of the
United Mine Workers of America, when the conference
the conference at the request of the miners after all propositions by either the miners or the operators had been rejected adjourned: are pretending to accept Dr. Garfield's proposal, but as
The operators
including proposals for arbitration. The Secretary laid they do it they state they are unable to operate many of their mines under
before the Conference Government data on wages, cost of It. It would be foolish for us to attempt to make an agreement unless
given work.
are to
living and other points involved. Secretary Wilson offered miners positionbe unchanged. We hold the United States Government
Our
is
a basis of settlement which represented a compromise be- cannot break its word. The pledge of Secretary Wilson to grant us a 31%,
tween the proposals of the operators and the counter- increase must be redeemed. In my judgment Dr. Garfield and the Cabinet have committed the most colossal blunder in the history of our nation.
proposals of the miners. This proposition provided for a They are blindly following an academic theory, without regard to justice
flat increase in mining rates of 27.12 cents a ton, a flat in- to the mine workers or effects on the people of the United States.
Responsibility for the crisis now confronting the nation must be with
crease in day wages of $1 58, and an increase in yard and those
statesmen using the powers of Government to oppress and deny
dead work of 31.61%.
justice to a great element of its citizenship directly concerned in industry.
I cannot believe the people of our country will endorse such a policy of
The following day (Nov. 22) the miners' representatives
oppression and
continued industrial chaos and
announced that they had accepted Secretary Wilson's plan. intense sufferingrepression, which means workers and our citizenship.
on the part of the mine
On the same day the operators refused to accept the proThe operators, announcing their intention to accept
—We
posals made by Secretary Wilson as a basis for further nego- final plan of settlement offered by the Government, sent
rested their case with Fuel Administrator Gar- to Dr. Garfield the following letter:
tiations, and
field, whose official approval would be necessary to validate
Washington, Nov. 27 1919.
Hon. II. A. Garfield, United States Fuel Administrator
any new wage agreement.
need of
Recognising the seriousness of
crisis and the
On Nov. 24 Dr. Garfield called the miners and operators the country for coal, we wish to the presentthat subject to urgent
your approval
advise you
together after a lengthy conference with Attorney-General and conditions upon the mines resuming operations immediately, the
Palmer, Director-General Hines and Assistant Attorney- Operators' Scale Committee of the Central Competitive Coal Field accept
termias a basis for the settlement of the present
General Ames who in the Federal District Court, had nation of the strike, the figures submitted bywage controversy and
you to the joint meeting of
prosecuted the Government's case against the miners' heads. operators and miners held yesterday evening, namely an average increase
He read them a statement which he said embraced the of 14% to be granted to all classes of mine labor, such increase to be apportioned in accordance with the wage bases that are acceptable to the emfive principles which were governing him and his associates ployees and employers, thus preserving present differentials. Otherwise
than as above modified in complete accordance with your proposal, the
their deliberations.
in
present contract in all its terms and conditions to be continued in full force
The five principles announced by Dr. Garfield were:
original demands, which included a 60% wage increase, a
six hour day and five day week. Before making their
counter-proposals the heads of the mine workers received from
the operators a plan of settlement, embodying three new proposals, which were:
First—The public must not be asked to pay more than it is now paying and effect until March 31 1922.
We have already notified the miners to this effect.
for coal unless it is necessary to do so in order to provide reasonable wages
At the same time we wish to call your attention to the fact that the acto the mine workers and a reasonable profit to the operators.
ceptance of this increase in wages without any increase in selling prices
Second—The arrangement entered into between the operators, the
entirely eliminates the profits of a large number of mines. Such a large
mine workers and the Fuel Administration, with the sanction of the Presinumber,in fact, we fear that the production of coal will be seriously affected.
dent of the United States in October 1917, was intended to equalize the We
understood that operating statistics for 1919 are not now in your psowages of all classes of mine workers and to be sufficient to cover the period
session and we shall rely upon the Government, when such statistics are
of the war, but not beyond March 311920; hence the only increase in cost properly
assembled and presented to make such adjustments in selling
of living which can now be considered is the increase above that provided prices as will
permit these mines to make such fair and reasonable profit
for by the average increase in 1917. That is to say, the average total as they are
entitled to under the Lever law.
Increase in pay over the 1918 base, which was the base considered in 1917, THE
OPERATORS'SCALE COMMITTEE OF THE CENTRAL COMshould not exceed the present average increase in the cost ofliving over the
PETITIVE COAL FIELD.
same base. It is also to be considered that the cost of living will fall rather
Dr. Garfield's statement to the conference on Nov. 26
than rise during the next few years.
Third—The maximum prices fixed by the Government on coal were embodying the Government's proposals in full follows:
calculated to increase production of coal for war purposes. Coal was basic
On the 24th instant I announced that the public must not be asked to
and the increase imperative. The public ought not to be asked to pay and pay more than it is now paying for coal, unless it is necessary to do so in
will not now pay the increase over normal profits then allowed for the order to provide reasonable wages to the mine workers and a reasonable
purpose of stimulating production.
profit to the operators. Careful investigation forces me to the conclusion
Fourth—Any increases in wages now arrived at on the basis of the fore- that in accord with this and the other
principles set forth on the 24th instant
going principles should be borne by the operators, or the public, or both, the public ought not be required to pay any increases
in coal prices at this
as may be determined by the application of these principles and should time.
take effect as of the date when the men return to work.
The prices fixed by the Government on coal were calculated to increase
Fifth—The needs of the United States are not alone to be considered; production for war purposes. Coal
was basic and the increase in production
Europe is in desperate need of coal and should have all that we can spare.
was imperative. The operators are now in receipt
which were
On Nov. 26 Fuel Administrator Garfield, at a joint meet- necessary to effect the increase of production, but of margins larger than
which are
ing of the representatives of the miners and operators, are required under present conditions. It was estimated that the production
needed
announced that an increase of 14% in wages of the miners tons. for 1918 was 600,000,000 tons. The estimate for 1919 is 500,000,000
and the continuation of war-time maximum prices of coal
Applying the principles set forth in paragraph two, of the statement of
were the terms on which the Government in the public November 24, when the average increases in wages since 1913 for the various classes of mine workers are deducted from the increase in cost of living
interest would insist that the coal strike controversy be since that time, we arrive at the amount of additional increase in wages
settled.
justifiable at the present time.
I have taken the figures of the Bureau of Labor statistics for both cost of
These conclusions were reached by the President's Cabinet
living and for the weighted average of wage increases. According to these
after sessions for two days. The position taken by the figures the cost of living has risen 79.8% since 1913, and the amount necesCabinet was that the 14% increase would bring the wages to sary to bring the average wages of mine workers up to this point at the
the same level which the cost of living has increased during present time is 14%.
Readjustments heretofore made since 1913 were such as to give certain
the war
classes of mine workers an average increase in excess of the increase In the
The terms suggested by the Government were final, Dr. cost of living.
This form of adjustment was made in order to establish or preserve certain
Garfield stated after reading the statement, and the Governrelative bases in the mining industry. I do not think this condition, howment, believing that the proposition is the only fair one, ever, ought to result in giving to mine workers as a whole, and, in conseproposes, he declared, to see to it that the country has coal quence, imposing upon the public a total average increase in excess of the
total average increase in the cost of living, because, if this course be adopted,
on this basis.
the result would be that the total increased burden placed upon the mining
The Government's proposal brought from John L. Lewis, industry will be far in excess of the increase in the cost of living.
Acting President of the miners, the flat declaration that
If this principle were applied to industries generally, It is obvious the
would be
it would not be acceptable. "No, we will not accept it," resulting costincrease inpassed along to the general public, and the increased
a rapid spiral, taking as a minimum the percentage
wages would
he said. "I am astounded that the Government would make ofincrease in the actual cost of living. In the long run, this would add many
such an offer during the present crisis when the country is so new and serious burdens to the cost of living of the entire public, and would
fall more injuriously upon the working classes than upon any others.
sorely in need of coal."
It seems to me that the reasonable way to deal with this situation is to
"The operators are ready to negotiate a new wage agree- give to the industry as a whole an average increase commensurate with the
ment," said Thomas T. Brewster, Chairman of the Coal increase in the cost ofliving and then let that amount of increase be portioned
Operators Association, "despite Dr. Garfield's statement In accord with the wage bases that are acceptable to the employers and the
employees.
that the Government will not permit an advance in the. Control of prices by the Government, will be maintained for the present.
The present negotiation stands by itself, but it is far from disposing of the
price of coal."
Nov. 29 1919.]
THE CHRONICLE
fundamental controversy between operators and mine workers. That controversy is bound to be a continuing one as matters now stand. It involves
living conditions and conditions in the mines, as well as wages and profits
and the general relation between operators and mine workers.
Therefore, to aid in applying the principles which have governed us and
which should govern in reaching conclusions in the future, it is urged that a
permanent consultative body, with purely advisory powers, be set up, consisting of the Secretary of the Interior, as chairman, and of an equal number
of representatives of the operators and of the mine workers, chosen in such
manner as they may each determine from time to time. In order that the
data necessary for the consideration of this consultative body may at all
times be available, it is urged that the Congress make provision for collecting
definite and trustworthy information concerning the coal and coke industry
and for the tabulation of the same in quarterly reports, showing:
1. Production, distribution, storage and stocks of coal and coke.
2. The cost of production and distribution and of maintaining suitable
stocks and any other data concerning the industry deemed necessary.
3. The cost of living in the several coal fields.
4. The selling prices and profits obtained by the operators, middlemen
and retail dealers.
5. Export requirements and the conditions limiting them.
The settlement of the present controversy on the wage and price basis
above indicated must be considered in the light of the proposal to set up
this permanent, consultative body. While it will not have powers of
decision, it will hardly seem possible to a reasonable man that in the light
of its conclusions, demands for exorbitant profits or unreasonable wages can
be successfully maintained, or that conditions unfavorable to the American
standard of living will be tolerated.
2037
The figures produced by the Bureau of Labor Statistics for the three bituminous mining towns for which the workingman's family budget has been
computed show an increase in the cost of living in these towns since December 1914, of 79.8%•
The run of mine pick mining price in the Pittsburg and Hocking Valley
fields in 1914 was 64.64 cents per ton. Adding 79.8% to the 64.64 cents
gives an increase of 51.58 cents per ton. Since December 1914, the miners
in the Pittsburg and Hocking Valley fields received an increase of 23 cents
per ton. Twenty-three cents deducted from 51.58 cents leaves a balance of
28.58 cents as the increase per ton that would be necessary to m.ke the
Pittsburg and Hocking Valley mine-run pick-mining rates equivalent to the
present increase in the cost of living.
In 1914 the mine-rim pick-mining rate in the Danville district of Illinois
and the Indiana bituminous field was 61 cents per ton. Adding 79.8% to
61 cents makes an increase of48.67 cents per ton. The increase in the mining
rate since December 1914, has been 23 cents per ton. Deducting the 23
cents from 48.67 cents leaves a balance of'25.67 cents as the increase per ton
necessary to bring the Danville and Indiana bituminous mine-run pick-mining rates up to the equivalent of the present cost of living.
These mining rates have always been accepted as the basic prices upon
which flat advances or decreases should be computed in order to avoid changing the differentials between different kinds of mining. Assuming that the
Pittsburg and Hocking Valley rates and the Danville and Indiana bituminous rates have equal weight, and taking the average, we arrive at 27.12
cents per ton as the increase that would be necessary to bring the miners to
the equivalent of the present increase in the cost of living, which would be
fair to the public, fair to the operators and fair to the miners.
An increase of 27.12 cents per ton would be 30.94% increase on the present
Pittsburg and Hocking Valley rates, and 32.28% increase on the present
Danville and Indiana bituminous rates, or an average increase of 31.61%.
Applying this increase to the rate to drivers, which has always been the
basic rate upon which a flat advance to day wage workers has been computed, we get 31.61% of $5, or $1.58, as the advance per day in the wage
of day men.
On the same basis yardage and deadwork should be increased 31.61%.
To summarize: There should be a flat increase in mining rates of 27.12
cents a ton, a flat increase in day wages of $1.58 and an increase in yardage
and deadwork of 31.61%.
Dr. Garfield, as was noted in these columns last week,
page 1954, appeared at an open session of the wage conference on Nov. 19. He made plain that as long as the Government stands "the people of ,the United States need, must
have and will have coal, and they will not be prevented by
anything the operators and miners may do." He said that
the public, "the chief party in interest in the present controversy, was not in a mood to tolerate either excessive prices
When Dr. Garfield presented to the conference the Governor prolonged stoppage of production." His statement, ment's
final plan for the solution of the wage controversy
that time to the conference, was quoted in Wash- the
made at
representative of the coal miners,it was stated, denounced
ington press dispatches of Nov. 19 which said:
the decision and demanded of Dr. Garfield if it meant an
"I represent the people of the United States in a different sense from the
Secretary of Labor:" Dr. Garfield said. "It is a part of Mr. Wilson's func- open repudiation of Secretary Wilson.
On this point Washington advices of Nov.26 to the N. Y.
tion to effect conciliation. It is my sole function to exercise those powers
conferred on the Fuel Administration; to see that an adequate supply of "Times" said:
coal is furnished the people of the United States and to see that in times of
stress such as we are still unhappily in the midst of the prices asked and
received for coal are not excessive.
ihnt"Well, we must bear in mind that the Lever Act guarantees a reasonable
profit on the production of fuel'. Of course, Congress, is responsible for all
tax enactments."
0* Contrasting mining with commercial enterprises, Dr. Garfield said it
was necessary not to lose sight of the fact that coal mining was the basic
industry, necesssy to the winning of the war and that reasonable profits
had to be maintained. It was because a fair return was guaranteed under
the Lever Act that Congress could not tax away all the mine owners' profits, he said.
"But the mine workers cannot be deterred from demanding higher wages
and better conditions as a result of the Federal tax," Mr.Lewis replied.
"That is the Government's responsibility."
lij"We all realize now that in the coal industry the public is an independent
Partner. At one time the operators and miners' workers, like farmers,
considered themselves peculiarly independent. But the public has a
Paramount interest.
"The people of the United States will not consent to pay an excessive
price for coal. We are all agreed to that, but the question now is, 'what
is an excessive price?'
"The people of the United States need, must have and will have coal and
they will not be prevented by anything the operators and miners may do
unless the Government is dissolved into a chaotic condition.
"The people of the United States are willing to pay sufficient to maintain
American standards, but the question Is what are American standards?
The people want the operators to have a just return, but what is a just
'
return?
Dr. Garfield said he was not yet prepared to say what changes could reasonably be made in the price of coal, as all the necessary data was not in
hand. One of the items not yet determined, he said, was that of the Federal income taxes for 1918, which the operators have claimed should be
included in the cost of operation. The Government has disputed this.
Dr. Garfield expressed regret that the operators and miners had not
established a permanent body to adjudicate their disputes. Lacking that.
he said, the question revolved around the cost of production.
-buring 1918, he said, 51,300.000.000 was paid for bituminous coal, the
average price being S2.61 per ton. The production cost was 52.15 per ton,
the miners receiving 8750,000,000, or an average of 51.50 per ton. A total
of $230,000,000 went to the mine owners, but Dr. Garfield said this was not
all profit, as Federal income and excess profits tax had to be deducted.
"In 1917," Dr. Garfield said, "the taxes amounted to 3 cents a ton average over the whole country, but it is difficult to estimate for 1918. The
taxes in 1918, however, to come out of the margins are somewhat less, 1
believe, than in 1917, but I will continue my investigation to determine
them accurately."
"Do you think the mine workers should give consideration to the operators because they have to pay taxes?" asked John L. Lewis, President of
the United Mine Workers of America.
"The question is whether the consumer should pay enough to cover the
excess profits tax and at the same time give the operators their normal
profit, too," replied Dr. Garfield.
"If the Federal Government took all the profits, by taxation, evqn that
circumstance should not prevent the miners from asking reasonable increases," said Lewis.
Dr. Garfield refused to answer this, simply saying that
questions to that
effect by the representatives of the miners misrepresented
the situation.
He pictured the situation rather as one in which there had
been a difference
of opinion and where the stand taken by the Fuel
Administrator had prevailed, p nding further investigati - n. But he was none the
less firm in
stating that his offer was one which the miners could accept
or reject as they
saw fit, but behind which the Government would stand.
At 5 p. m. the miners and operators assembled at the
Red Cross building
and waited for Dr. Garfield. At 5:15 o'clock a messenger
appeared from
Dr. Garfield's office and stated that there would be delay
and that Dr.
Garfield would not be able to appear until 8:30.
Frank Farrington, representing the miners, arose when T. T.
Brewster of
the operators, Chairman of the meeting, made the
announcement.
"I don't know about the others," he said, "but as for myself
I am tired
of Waiting on Dr. Garfield. I would like to know if it is agreed that
all of
us are wanted to come back here." There was a murmur of
surprise at
this statement, Mr. Brewster declaring it out of order.
Miners and operators awaited the statement by Dr. Garfield tonight with
ill-concealed interest.
The operators were satisfied after they heard Dr. Garfield; the miners
openly rebellious. Acting President Lewis was on his feet the moment
Dr. Garfield stopped talking and his voice had a cynical tone.
"Do I understand," he said, "that what you have stated means that you
recommend but a 14% increase for the miners?"
Dr. Garfield assured him that that was the purport of his statement and
that it was the decision of the Government..
Mr. Lewis tried to nail Dr. Garfield down to a definite statement that
such an announcement was an open repudiation of Secretary Wilson. Dr.
Garfield couched his reply in concilliatory terms, stating that Mr. Lewis's
question was unfair.
The same advices had the following to say with reference
to the attitude of the individual members of the President's
Cabinet:
There were many who felt to-night that in face of the Garfield announcement that Secretary Wilson might offer his resignation, thus
accentuating
the differences of opinion in the Cabinet over the coal strike. It has been
generally reported that Secretary Baker has been among the minority members, supporting a larger increase to the miners, but he has refused to comment upon the matter.
The controversy in the Cabinet between the Garfield faction and the one
headed by Secretary Wilson was taken up again this morning when the
Cabinet met at 11 o'clock. Dr. Garfield made it known that he had not
receded from his position of yesterday, when he held that the terms of settlement, suggested by Secretary Wilson and backed by former Secretary of
the Treasury McAdoo, were based upon a wrong hypothesis.
Ther ensued a warm debate from 11 a. m. until 1;30 p. in. Then Secretary Wilson left the Cabinet room, a.frown upon his face. He told the
reporters that he had nothing to say. Dr. Garfield and Attorney General
Palmer, who was said to have backed him up in the Cabinet, appeared a
few minutes later, smiling. They rode away in the same automobile.
Mr. Palmer remarked that he had "nothing to say at all."
Dr. Garfield said that a decision had been reached and that the miners
and operators would be called together later to hear it.
A statement was issued on Nov. 22 by Secretary of Labor
Wilson explaining the plan of settlement which he had set be- SUPREME COURT OF NORTH DAKOTA UPHOLDS
fore the conference on the preceding day and to which we have
ORDER TO RETURN COAL MINES
referred above. Mr. Wilson's statement follows:
TO THEIR OWNERS.
As I view the attitude of the public toward the present dispute between the
The Supreme Court of North Dakota on Nov.22 sustained
miners and the operators in bituminous coal mining operations they will not
willingly submit to pay a cent more for coal than is necessary to give a just the action of District Judge W. L. Nuessle on Nov. 19 in
wage to the miners and a fair profit to the operators, but they are willing issuing an
injunction directing the authorities of that State
to pay any rate that is fair to all three. The question to be determined then
to'return to their private owners coal mining properties taken
is what that rate should be.
203S
THE CHRONICLE
over by Governor Frazier Nov. 13. On the same day the
State surrendered control of the Washburn Lignite Company's mines at Wilton, N. D.
The opinion was rendered by Associate Justice James E.
Robinson, a League member of the Supreme Court at Bismarck, N. D., in denying to William Lemke, Vice-President
of the Non-Partisan League and his former law partner
acting as counsel for Gov. Frazier, a writ of prohibition preventing Judge Nuessle from enforcing his order for the return
of the Washburn Company's mines.
The decision of the Supreme Court was based entirely
upon Lemke's application for an injunction and it did not
touch upon legal phases of Judge Nuessle's order. Justices
Christianson, Birdzell and Robinson voted to deny the
Lemke motion and Justices Bronson and Grace voted to
grant the injunction.
Judge Nuessle's decision was quoted in the "Chronicle"
Nov. 22, page 1953.
The application for a writ of prohibition was filed in the
Supreme Court by William Lemke, Nov. 21. The petition
stated that the Governor could remove Judge Nuessle for his
interference with the military forces and that Judge Nuessle's
"interference, orders, and inflammatory remarks tend to
invite bloodshed and civil war."
In upholding Judge Nuessle's action Judge Robinson said:
"Pandering to the Labor vote we have passed laws to permit
and encourage strikes;a law to permit any person to quit work
in disregard of his contract and to persuade others to do likewise. . . . The military power is for military purposes
only. . . . It may not be used to take from him that has
and to give to him that has not." Judge Robinson's opinion
was quoted and referred to in advices of Nov. 22 from Bismarck, N. D., to the N. Y."Times" as follows:
"Pandering to the labor vote," said Judge Robinson, "we have passed
laws to permit and encourage strikes, picketing, and idleness; a law to permit
any person to quit work in disregard of his contract and to persuade others
to do likewise; a law to prevent coal miners from working more than eight
hours a day, and a law to subject mine owners to a tax of nearly 5% on their
payroll at a rate of $20,000 on the Wilton Mine.
"We have a statute of twenty-seven printed pages subjecting mine owners
to fearfully expensive, onerous and drastic rules and regulations. The result
Is that the pleasant Summer days have passed with only a limited production
of coal. We have sown to the wind and we are reaping the whirlwind. The
long and cold Winter is upon us, and without any grievance our well-paid
miners have quit work and struck pursuant to orders from some labor
agitators.
"The miners were willing to continue work for the same wages, with an
advance of 60% to be paid to the agitators and idlers. To this the mine
owners did not accede and the result is that with the military the Governor
has undertaken to operate the mines.
"In the District Court of Burieigh County the Washburn Coal Company
sued for and obtained an injunctional order restraining such operations. The
Governor applies to this court for a writ to forbid the District Court and the
mine owners from interfering with his operation of the mines. His position
is that the courts have no jurisdiction to interfere with him when he acts as
a commander of militia, but that the courts have jurisdiction to aid him by
enjoining all parties from obstructing him; in other words, that the courts
have only such jurisdiction as the Governor may permit them to exercise;
that the courts may aid him, but if they thwart his wishes then he may use
military force to defy them and to turn them out of their offices."
The Jurist then quotes from the Constitution to prove that the military
shall be subordinate to the civil power; that all men have a right to acquire
and possess and protect property; that private property shall not be taken
or damaged for public use without just compensation shall have been first
made to the owner; that no person be deprived of life or liberty or property
without due process of law and right and justice, open, and every man for
any injury done him in his lands, goods, person or reputation shall have a
remedy by due process of law; that all courts shall be administered without
sale, denial or delay.
"In every civilized Government," says the Jurist, "the courts are the bulwarks offreedom and civil liberty and the refuge of the citizens for protection
of life, liberty, and property. The military power is for military purposes
only. It may be used to suppress insurrection and repel invasion. It may
be not used to take from him that has and to give to him that has not.
"The shortage of fuel is in no way different from a shortage of bread and
butter,flour and feed and other necessities of life, and who will say that such
shortage does authorize the military to take bread or grain from one and to
give it to another. It follows that the Governor has no jurisdiction to declare martial law for the purpose of taking over the mines, or to cause any
one to do it, and any order to that effect is wholly void. The motion is
denied."
On the other hand, Judge C. F. Amidon in the Federal
District Court at Fargo, N. D., on Nov. 27 denied the
application of the Dakota Coal Company, a Minnesota
corporation, for a writ of injunction to restrain the Governor of North Dakota from operating the lignite mines of
that State. In making his decision in the case Judge
Amidon said: "The firm establishment of the supremacy
by the law of the rights of the public is the next step in the
life of the American people." His action was reported in
advices of Nov. 27 from Fargo to the New York "Times"
as follows:
g"All that can be achieved by means of writs of injunction has been tried,
and it has not produced a ton of coal," said Judge Charles F. Amidon in
the United States District Court here to-day in denying the application by
the Dakota Coal Company, a Minnesota corporation, for a writ of in tt lction to restrain Governor Lynn J. Frazier from seizing and operath g the
lignite coal mines of this State.
[VoL.
"Nearly half a million miners continue the strike. As the winter advances the crisis in the East deepens," said the Court. "It needs only the
presence of North Dakota temperatures in the East to call into immediate
action something besides injunctions.
"Every strike in a key in:lustry involves three rights—the rights of the
employer, the rights of the (mployees, and the rights of the public. The
greatest of these is the rights of the public. The firm establishment of the
supremacy by the law of the rights of the public is the next step in the life of
the American people. Heretofore the public has been the sufferer. Private rights have been placed above public welfare. Employer and employees have been permitted to fight, while the public has acted simply
as a police officer and borne most of the loss. By long suffering we have
got sufficient wisdom to end that regime."
As was noted in these columns last week, page 1953,
Judge Amidon on Nov. 19 simultaneous with the issuance
by Judge Nuessle of the order referred to above on the
petition of the McClure Coal Co., a Minnesota corporation,
and the Dakota Coal Co., had issued an order, returnable
Nov. 24, directing Governor Frazier to show cause why he
should not be enjoined from continuing the operation of the
company's lignite property at Tasker, N. D.
WILLIAM G. McADOO CHARGES PROFITEERING BY
COAL OPTERATORS.
William G. McAdoo,former Secretary of the Treasury and
Director-General of Railroads, sent a telegram on Nov. 24
to Federal Fuel Administrator Harry Garfield, setting forth
his views on the present wage controversy between the bituminous coal miners and operators of the Central Competitive
Field, whose differences the Government has been trying
to settle.
Referring to the wage demands of the miners, Mr. McAdoo
said: "I am convinced that the increase proposed for the
mine workers are just and reasonable, but I have grave
doubts as to whether the mine operators are entitled to increase the price of coal to consumers because thereof." Mr.
McAdoo charges that "in the year 1917 many mine owners
made shocking and indefensible profits on bituminous coal.
I know this because, as Secretary of the Treasury, I examined in May 1918, their income tax returns to the Treasury."
He therefore urged "that the bituminous coal operators be
not permitted to impose an additional charge for coal on the
public until a careful examination has been made of their
gloom° tax returns filed with the Treasury Department for
the years 1917 and 1918."
The ex-Secretary's telegram to Fuel Administrator Garfield, which was sent from the office of McAdoo, Cotton &
Franklin, attorneys, New York City, reads as follows:
Reports from Washington indicate that the miners are willing to accept
the wage increase suggested by Secretary Wilson, but that the mine owners
are holding back until they learn from you how much of the wage increase
they can impose on the public through increased prices for bituminous coal.
I am convinced that the increases proposed for the mine workers are just
and reasonable, but I have grave doubts as to whether the mine operators
are entitled to increase the price of coal to consumers because thereof.
"Mine Owners Made Shocking and Indefensible Profits."
In the year 1917 many mine owners made shocking and indefensible profits
on bituminous coal. I know this because, as Secretary of the Treasury, I
examined in May, 1918, their income tax returns to the Treasury. Before
deduction of excess profits taxes, which were less in 1917 than now, these
returns showed earnings on capital stock ranging from 15% to 2,000%. Earnings of 100% to 300% on capital stock were not uncommon. The operators
claim that their "invested capital" frequently exceeds their "capital stock,"
but it is doubtless true that in many cases "capital stock" exceeds "invested
capital." However this may be, it is clear that even on the basis of the
operators' claims as to "invested capital" their net earnings in 1917 were
abnormal.
Striking Facts as to Earnings.
In a report made by the Treasury in response to a Senate resolution on
profiteering in 1918, some striking facts were given as to the earnings of
various companies engaged in production of necessaries of life, including fuel.
Of course, I do not know what the profits of the bituminous coal operators
were in 1918, since I left the Treasury in December 1918, and these reports
were not filed until March 1919, but if they disclose any such profits as
earned by the bituminous coal operators in 1917, it would be a grave wrong
to permit the operators to take from the public additional profits in the
form of increased prices for bituminous coal.
"Operators Can Well Afford to Pay the Increased Wages."
Moreover, if profits were even measurably as great in 1918 as In 1917, the
operators can well afford to pay the increased wages to the miners and still
have perhaps a larger return upon the capital employed in the mines than
they are justly entitled to.
In behalf of the public, already overburdened with the high cost of living,
I earnestly urge that the bituminous coal operators be not permitted to impose an additional charge for coal on the public until a careful examination
has been made of their income tax returns filed with the Treasury Department for the years 1917 and 1918. It can be determined from the actual
facts of the case whether an increased charge to the public Is in any respect
justifiable.
Income Tax Returns Ought to be Published.
I earnestly urge also that these income tax returns be published. They
ought to be published, so that the American people can know what the true
facts are about the earnings of the bituminous operators. They are entitled to this information, and there is no reason why it should be withheld,
since the law permits it in certain circumstances. It can be taken for
granted that the income tax returns of these companies are more likely to
understate than to overstate net earning power for the purpose of taxation.
Nov. 29 1919.J
THE CHRONICLE
"Wage Increases Should be Promptly Conceded."
In my judgment the wage increases should be promptly conceded, and
the coal operators should accept them and submit to the investigation and
publication of their income tax reports, subject to your final determination,
after all facts are considered, as to what the just price of bituminous coal
should be. If later the facts show that an increased price is jutified, the
American people will, I am sure, be willing to pay it.
In my opinion, resumption of work at the mines should immediately
begin upon this basis, so that the American people may not be subjected
to the perils of a further depletion of the available fuel supply in this country.
COAL OPERATORS' REPLY TO CHARGES OF W. G.
McADOO.—CHARGES REITERATED
BY MR. McADOO.
Following the publication by ex-Secretary of the Treasury
W. G. McAdoo of a telegram sent by him to Fuel Administrator Garfield, on Nov. 24, relative to the wage controversy between the bituminous coal miners and operators,
the operators on Nov. 25 sent an open telegram to Mr.
McAdoo,denying the statements contained in Mr. McAdoo's
telegram.
The operators charged Mr. McAdoo with "ignorance" of
conditions in 1918 and 1919, and asked him upon what
"current facts and figures" he held that the increases for the
miners were just and reasonable. Regarding Mr. McAdoo's
suggestion that a careful examination of the operators income
tax returns be made before permitting an increase in the price
of coal to the consumer and his further recommendation that
these returns be published, the operators contend that they
had agreed to such an examination a month ago and state
they "will welcome the publicaion of just as full current
tax returns for the bituminous coal industry as are published
for any other industry." Their reply to Mr. McAdoo follows:
The Hon. William G.McAdoo, New York, N. Y.
Inasmuch as your message of Nov. 24 was released for publication and
thus became a message to the public; we take the liberty of answering it in
the *same manner. The mine owners are opposing a wage increase at this
time for the reason that they believe no increase in wage rates is necessary
to permit any industrious man who wants to work to earn sufficient money
to maintain a decent American standard ofliving. This point, together with
all others, they have offered to submit to arbitration or investigation.
Upon what Current facts and figures are you convinced that increased rates
of wages proposed for the mine workers are just and reasonable? Upon
what current facts and figures are your grave doubts based as to whether
the mine owners are entitled to increase the price of coal to the consumers?
If you have current facts and figures to substantiate your conviction and
doubts, you will make a good witness for the miners before a board of arbitration or tribunal of investigation which, thus far, they have firmly declined to agree to. If you have not these current facts and figures your
mere personal opinion has no weight*
Government Fixed Coal Prices During War Period.
Your admission that conditions in 1917 were abnormal is agreed to.
When the world goes to war, conditions are certainly abnormal. So far as
the mine workers are concerned, this abnormal condition was recognized
by two abnormal increases in wages during the year 1917 and the United
States Government promptly put an end to abnormal coal prices. It would
be interesting to have your recollections regarding the tax reports made by
other industries which were not so restrained. As you proceed to admit
your ignorance of conditions in 1918and 1919, that portion of your message
carries no weight and requires no answer.
Operators Will Welcome Publication of Income Tax Returns.
You suggest a careful examination of income tax returns before an additional price for coal is allowed. This would be included in the investigation
which the mine owners agreed to more than a month ago and have been
urging ever since, but thus far the mine workers have been unwilling to
agree either to arbitration or investigation. Either procedure will disclose
not only the current tax returns of the mine oweners but of the miners as
well. The figures are here in Washington and can be readily produced
If you can get the mine workers to agree. The bituminous coal operators
will welcome the publication of just as full current tax returns for the
bituminous coal industry as are published for any other industry.
Operators Accepted Presit'ent Wilson's Plans of Settlement.
In the last two paragraphs of your message you again suggest investigation and also that the mines resume operation. Either your newspapers
are not reaching you, you are not reading them, or you have deliberately
Ignored the published facts. Upon Oct. 24. In Washington, the mine
owners promptly and without reservation agreed to the proposition made
by President Wilson that the mines be continued at work and the entire
matter be submitted to a board of arbitration. Upon Oct. 31 in Cleveland,
the mine owners agreed to President Wilson's later suggestion that the whole
matter be left tc a tribunal to be appointed by him to investigate the acts.
Upon Thursday. Nov. 20, in Washington, the operators offered three resolutions to the sub-scale committee of miners and operate. s each referring the
entire matter to arbitration, and they were all voted down by the miners.
2039
items not allowed in computing costs of production, come the net profits to
the operator which are so shocking and indefensible to you.
Allege Misleading Statement.
If this message had not come from a former prominent official, supposedly
accurately informed, it would not deserve the notice of a reply, but its misleading statements and insinuations are the kind of stuff which Bolshevism
breeds upon. Whatever your purpose it is in exceedingly bad taste for
you, a former member of the Cabinet of the present Administration, to
Inject yourself into the present tense situation in a manner which can only
embarass and handicap those officers of the Government who are now
bending every effort to work out a solution of the mine wage controversy
in a manner which will do justice to all parties concerned. Respectfully,
For the bituminous coal operators:
T. T. BREWSTER.
A. M. OGLE,
T. W. GUTHRIE.
Mr. McAdoo on Nov.25,after he had had read to him an
Associated Press dispatch from Washington giving the substance of the open telegram addressed to him by the operators
made this statement: •
The question is whether or not the coal operators are making excessive
profits. Their income tax returns filed under oath will give an understand •
ing of the truth and the facts. If they are making excessive profits, as they
were clearly making in 1917, then any increase of wages that may be made
to the miners should not be passed on to the public in the form of increased
prices of bituminous coal. A showdown will enable the American people
to form a just opinion.
Mr. McAdoo, in reply to the above, on Nov. 26 sent to
the operators executives the following telegram:
T. T. Brewster, A. M. Ogle, T. W. Guthrie,.Washington, D. C.:
Your telegram just received. The question at issue is very simple and
must not be obscured. It is whether or not the coal operators are making
such large or excessive profits on coal that they should be permitted to
increase the price of coal to the overburdened public in the event the increase
of wages is given to the miners.
How can the coal operators' profits be quickly shown? By publication
of their oncome tax returns to the Treasury Department for the years of
1917 and 1918 as I have already suggested. These income tax returns are
made under oath and they show the profits which each mine operator made
on his capital stock as well as upon what he claims to have been his invested
capital for the years in question. I repeat that in the year 1917 the tax
returns of the coal operators showed profits ranging from 15 to 2,000%
on capital stock before deduction for excess profits taxes. This is an understatementrather than an overstamenent of what these returns disclosed.
The mine operators claim that their invested capital frequently exceeds
their capital stock, and, of course, this will be given consideration in a final
determination of profits. The point is that on the most favorable basis to
the mine operators the income tax returns for 1917 disclosed extraordinary
profits, and I have said that if such profits were maintained in 1918 and 1919
any increase of wages to the miners should not be put upon the already overburdened consuming public, but should be borne by the operators themselves.
These income tax returns should be published. The country is entitled to
this information before it is made to suffer further burdens, and I can think
of no reason why the public, which has a vital interest in this situation,
should be deprived of all the facts. The statement in your telegram that
the average margin per ton on all coal mined in 1918 was 46 cents has no
bearing upon the issue. These averages are frequently used as convenient
smoke screens to obscure the facts.
The question is: What were the profits on the capital employed by the
mine withers regardless of the average profit that may have been earned on
each ton of coal? Whatever the margin per ton was, if it resulted in excessive profits on the capital employed then clearly the public should not
be made to pay the higher prices for coal nad the mine owners should absorb
the wage increase to the men. There need be no controversy about the
matter, because the income tax returns speak for themselves.
You state that the bituminous coal operators will welcome the publication of just as full current tax returns for the bituminous coal industry as are
published for any other industry. The publication of returns for any other
Industry has nothing to do with this case. Coal is vital to the life of the
American people and basic to every industry in the country. Before the
coal operators are permitted to increase the price of coal, which would mean
taking toll from every factory, every business, and from every domestic
fireside in America, it should be clearly demonstrated that the increase is
justified.
Under the law, the Secretary of the Treasury may publish these returns
with the President's approval, and I hope for the sake of the American
public that such publication will be made. I am convinced that the increased waged proposed by Secretary Wilson for the mine workers are just
and reasonable because they equalize the miners' wages with the present
increased cost of living as shown by Secretary Wilson's figures.
I ignore the offensive tone or your telegram because neither personalities
nor q ie3tions of motive should lot permitted to obscure the issue. I am not
surpesed • however,that you think it bad taste for me as a private citizen to
express my opinion upon an important question concerning the general
publ'e, but even a private citizen still has as much right as mine owners to
express his opinions in free America.
The long suffering public has a right to be heard and considered. I shall
never hesitate, so long as I have a voice, to raise it in behalf of the public
whenever I think it proper to do so.
WILLIAM G. McADOO.
The operators on Nov. 27 again attacked Mr. McAdoo's
statements and charges. They sent another telegram to
Mr. McAdoo. On the saine day Mr. McAdoo issued at his
home in New York, the following statement in the matter:
The coal operators assert that I gave out confidential information whelk
I stated that profits of the mine owners in 1917 ranged from 15 to 2,000%
On November 19, in Washington, Federal Fuel Administrator Garfield. on capital stock before 'deduction of taxes.
This was not confidential information. The Treasury Department may
based upon the statistics codected by his officials, stated that the average
realization upon 579,385,820 tons of bituminous coal mined in 1918 was publish statistical matter of this character any time. In fact, information
$2.61 a ton; that the average cost of production during the same period was concerning this very subject was furnished by me to the United States
32 15 a ton, leaving an average margin of 46 cents a ton to the operators. Senate in response to a resolution introduced by Senator Borah concerning
Mr. Garfield was then careful to state that "this margin of 46 cents a ton profiteering and was published July 5, 1918 (see Senate document 259.
65th Congress, second session).
includes profit, but does not represent profit only, inasmuch as interes
In this report the returns of several hundred coal companies showed
charges, selling expense, Federal taxes, both normal and excess profit, as
well as certain other items not allowed in computing costs of production, profits ranging from 15 to 800% on their invested capital in 1917. The
were paid out of it." The average income and excess profits taxes "were range of profits VMS higher on capital stock. In short, many coal operators
upward of 30 cents a ton in 1918." From the remaining 16 cents a ton, got back their entire invested capital several times out of their profits in
after deducting interest charges, selling expense, as well as certain ether 1917, as shown by the reports, and must now be on velvet.
Quote Fuel Administrator Garfield on Profits.
2040
THE CHRONICLE
STATEMENT SHOWING PROFITS OF COAL OPERATORS.
A statement was issued on Nov. 26 by Carter Glass, Secretary of the Treasury, containing figures obtained from the
income tax returns of the coal operators, intended to show
the profits made by the operators during the past five years.
Two days before, William G. McAdoo, as noted in another
article, sent a telegram to Federal Fuel Administrator Garfield declaring that "in 1917 many mine owners made
shocking and indefensible profits on bituminous coal."
Secretary Glass's statement follows:
Memorandum—Furnished to the Secretary of the Treasury by experts
of Internal Revenue Bureau as to profits of coal operators.
Coal operators generally in the United States in the year 1914 and 1915
lost money when normal depletion and depreciation are taken into consideration. What is meant by this is that a proper item in fixing costs is
depreciation of plant and depletion of the cost or value of the coal in the
ground.
In the latter part of 1916 all coal companies in the United States, save
those in the extreme West, began making money with the result that the
operations for the year 1916 generally show a profit of from 10 to 35% on
capital invested.
In 1917 all bituminous coal mines east of the Mississippi River made what
might be termed fabulous profits, the general average being from 100 to
150% on invested capital, the range be!ng from 15 to 800% •
In 1918 conditions were not so good in the Appalachian and central competitive districts, profits generally being reduced 25 to'30% less than for
the preceding year, the range being from 15 to 300% on invested capital.
In the West conditions in 1918 were better than in 1917, the profits in the
Rocky Mountain district ranging as high as 400% on invested capital.
Unofficial figures for 1919, incomplete, of course, indicate that profits of
the operators are less than for 1918,some of the operators claiming to have
actually lost money.
RIGHT TO STRIKE MUST BE SUBORDINATED TO
THE PUBLIC INTEREST SAYS ATTORNEYGENERAL PALMER—WARNS
ALIEN AGITATORS.
The strike of the Boston policemen several weeks ago
and the more recent strike of the bituminous coal miners
in the face of an imminent coal shortage have brought into
prominence the question: Shall labor employed in service
indispenable to the welfare of the public be permitted to
use the strike weapon to obtain increased wages. The attitude of the Senate Inter-State Commerce Committee on
this question was indicated a few weeks ago by its action
in reporting to the Senate the Cummins 'bill for return of
the railroads to private ownership which would specifically
prohibit strikes of railroad employees. Notwithstanding
the frequent warnings of leaders of organized labor that very
serious consequences would come from the restriction of
the workers' right to strike it has been made plain by the
Government that the right to strike must not involve the
right to disregard the interest of the public. Speaking recently before a convention of Mayors, Burgesses and District Attorneys of Pennsylvania, Attorney-General A.
Mitchell Palmer said:
While the right to strike in all ordinary industries, under normal circumstances, cannot be denied, there are some callings which are so closely related to the life, liberty, and security of the people that the right to strike
In those cases must be subordinated to the superior right of the public to enjoy uninterrupted service. Where the right of collective bargaining has
been recognized and the peaceful processes of settlement of disputes has
been offered and rejected, no Government worthy of the name can permit
the strike weapon to be used to enforce the demands of a single class of
workers at the expense of all the people.
The convention to which the foregoing remarks were
addressed, was held at Harrisburg, Pa., on Nov. 6 at the
instance of Governor William C. Sproul. The immediate
purpose of the meeting was to consider means of curbing
the high cost of living. In discussing the use of the strike
weapon, Mr. Palmer referred to the soft coal miners' strike,
then in progress. He said:
[VOL. 109.
Americans who have close to their hearts the preservation of our liberties
under the forms fashioned by the wisdom of the fathers, have felt much
conern of late by reason of the activities of certain classes of aliens who
have taken up residence in this country. How far the alien agitator shall
be permitted to advance his menacing propaganda among a people of whom
he has made himself a part, only to further his designs againsb our institutions and laws, Is one of the most serious questions arising out of the unprecedented condition following an unprecedented war.
We have been a hospitable people. In the beginning the strip of land
along the eastern coast, from Massachusetts to Georgia, was peopled by
courageous, freedom-loving men and women who found here all the real
essentials of life which were denied them across the seas. In later times
by reason of the open generosity of the Government the almost boundless
stretches of the West were covered by tha homes of men who became owners of the soil, a cause and effect never dreamed of in the Old World, where
the land was only for those classes who had held it through the centuries.
The new land owners thus found themselves important factors in the life
of tne great republic under a plan which was conscientiously designed to
make one great, homogeneous people out of a population gathered from
every corner of the globe. No regret is anywhere expressed for this broadminded and farsighted policy. But just to that degree that we have been
generously and unselfishly hospitable we naturally resent the abuse of that
hospitality.
We cannot back-track on the policy hallowed by more than a century of
usefulness. We cannot be less willing now than we have always been that
the oppressed of every clime shall find here a refuge from disorder and distress. But we can insist with more emphasis than we have employed heretofore that those who come to our shores shall come in the right spirit and
with the right purpose; that those who remain shall stay with the intent to
become! Americans in every sense.
The ingenuity of man has made the Atlantic Ocean a mere diten between
the continents. But it must always be wide enough to permit the immigrant as he crosses it to rid himself once for all of the misconception of government with which the old conditions filled his mind. He must realize
that his revolution has been fought and won when he sets his foot on American soil. His time for the use of force is then behind him; his time for the
use of intelligence has come. Those who will not come here in this spirit,
those who will not seek to promptly learn what democracy means, those who
Imagine that a government of the people is no different from the rule of
kings under a bogus claim of divine right, should go back to fight their battles where their foe is real
Not all the disorderin the country is created by the alien element, but it is
all created by an element that is un-American. Real Americans understand that popular Government is organized self-restraint in the common
Interest. I would not halt any movement designed to bring better conditions to any portion of our people, but I would use all the power of the
people's Government to make certain such a ,movement shall be conducted
In the peaceful and orderly way provided by the people for the accomplishment of all reform. That method will avail; it may be slower than force,
but it will be safer and its result will be more enduring.
BRITISH GOVERNMENT MAKES REDUCTION OF TEN
SHILLINGS IN PRICE OF COAL—LABOR UNIONS
OPPOSE SCHEME.
An order making known that there would be a ten-shilling
reduction in the price per ton of household coal in Great
Britain, was issued on Nov. 24 by Sir Auckland Geddes,
Minister of National Service and Reconstruction. Following the action of Sir Auckland, what was described as a
"sweeping victory" was won by the Government on Nov. 28
in the House of Commons when the motion of William Brace,
a Labor leader, calling for the appointment of a committee
to inquire into the cost of production, the output and prices
of coal, wad rejected. The Government received 254 votes,
as against 59 for the measure.
•
With reference to this event, London press advices of
Nov. 28 said:
Mr. Brace's motion was regarded as aimed to censure the policy of the
Government in connection with control of the coal output of the United
Kingdom. Behind the resolutions the full strength of the Labor Party
was marshaled. There was a full attendance of the House.
In presenting the motion Mr. Brace declared the Labor Party had been
trying to co-operate with the Government in a grave and difficult problem,
but that the Government had declined to permit the party's co-operation.
Mr. Brace asked why the Government was afraid of a committee of Inquiry. The miners, he said, had been driven to despair over the blunders
of the coal department, and the trade was working into chaos. Development was retarded, he declared. He asserted that the industry required
reorganizing, because the shortage in the output was not attributable to
the miners, but to the lack of development by the owners and to bad transportation. The miners, he said, were prepared to co-operate with anybody
and everybody, on any system, in order to secure larger production.
Sir Auckland Geddes, Minister of National Service and Reconstruction,
replying to Mr. Brace, said what the committee suggested was undesirable
because inexpert. The Government had nothing to conceal, he declared,
but objected to the committee because it wanted to proceed with the work.
The reason for the obscure situation regarding coal was the existence of two
parties, one fighting for nationalization and the other against a limitation
of profits, and both bringing different figures. The Government, he said.
had decided to refer the subject to impartial accountants.
This is a critical hour in'the life of our country. The test l being made
whether the Government has the right and the power to protect all the
people from a national disaster which would be inflicted upon them by
a single group for its own advantage.
The strike of the bituminous coal miners, at the time and under the circumstances in which it was called, involves much more than a dispute between employers and employees over wages, hours or conditions of labor. In
the proceedings which the Government has taken to prevent the strike, we
have been careful not to take sides in the controversy between the operators
and the miners. Nothing that we have done is intended or designed to :lave
any effect upon the recognized right of labor to organize, to bargain collectively through its unions, and, under ordinary industrial conditions, to walk
out by concered action. There is involved the right and the power of the
Government to vindicate its own authority and sovereignty.
London press dispatches of Nov. 25 indicated that the
coal price reduction was an incident of unusual significance,
stating:
Mr. Palmer, in a speech at Lafayette College, Easton,
Pa., on Oct. 15 sounded a note of warning to the alien
agitator and radical declaring "that those who come to our
shores shall come in the right spirit and with the right purpose." The immigrant, said he, "must realize that his
revolution has been fought and won when he sets his foot
on" American soil. His time for the use of force is then
behind him; his time for the use of intelligence has come."
Mr. Palmer's remarks were further quoted in dispatches to
the New York "Times" as follows:
No domestic event in a long time has so stirred the press as the reduction
of 10 shillings a ton in the price of coal for household use, announced in the
House of Commons by Sir Auckland Geddes, Minister of National Service
and Reconstruction. The action, coming as it did shortly after a statement
by the Minister that even a 6 shilling decrease was impossible, caused general
amazement. A deep political move is imagined in some quarters to be at
the bottom of the matter, one editorial suggestion being that as several byelections are impending the concession to householders is a vote catching
dodge.
Explaining the Government's decision Sir Auckland said that the prices
for export coal were unprecedentedly high and the decrease in prices had
been postponed because of events in the United States. The prices of coastwise and bunker coal also were high, and it was from these sources that
Nov. 29 1919.]
THE CHRONICLE
profits were being made. The coal used for inland purposes was being sold
at less than the average cost of production. This was an unsatisfactory and
dangerous position, he said, and industrial coal must be sold on an economic
basis at the earliest possible date.
The Government proposed gradually to transform the coal control machinery until it consisted of three parts—first, the limitation of exports; second,
the limitation of owners' profits; third, special limitation on the price of
coal supplied for domestic purposes. Coastwise coal will be reduced to the
industrial level, and, according to this standard, coastwise coal will be reduced by 30 shillings.
While the coal owners, through some of their spokesmen, assert the reduction in price means ruin for them, as coal cannot be produced under such
conditions except at a grave loss, the miners' leaders contend that the
reduction can and ought to be carried much further. The latter and the
section of the press which supports them point out that the new reduction
does not affect industrial coal, which remains at what is said to be an unreasonable price and will have to be paid for by the public in high prices for
commodities which depend on coal for production..
Frank Hodges, secretary of the Miners Federation, says the coal used by
domestic consumers amounts to only 15% of the total and that its reduction
by 10 shillings absolves only 11,000,000 pounds of the surplus money obtained through the July increase, there being still 40,000,000 pounds at the
Government's disposal for a further reduction.
The Laborite members of the House of Commons and their supporters
intend, it is said, to carry on an agitation against the Government until this
alleged surplus has been applied to lowering the price all around, and especially on industrial coal.
END OF THE TROUBLE IN THE NEW YORK PRINTING
TRADE.
The trouble in the local printing trades, which began Oct. 1
and tied up practically all of the book and job printing
establishments in this city were terminated this week by the
action of members of the pressmen's and feeders' unions
who voted to rejoin the internatiohal unions from which
they had seceded.
This action followed the decision of the members of the
"Big Six" Typographical Union on Nov 23, who had remained away from work on "vacations," to return to work
-hour week, for which they
and submit the question of the 44
had been contending, to arbitration, along with their wage
demands. In taking this step the members of "Big Six"
obeyed the mandate of the executive council of the International Typographical Union, the parent body. The
threat of penalization by the international union was held
over their heads in the event of failure to comply. The preceding day officers of the .
"Big Six" union were in conference
with the executive council of he international union, after
which the mandate, based upon the complaint of the employers that the vote to remain out on "vacations" was virtually a vote to strike and was illegal without the sanction
of the international officers, was issued. The results of the
strike was summarized in the N. Y. "Sun" of Nov. 27, as
follows:
2041
and consequently the employing printers association protested to the International Typographical Union that
the "vaeationists" action was equivalent to a strike
vote.
As
a result, the Executive Council of the
international body,I as stated above, issued.a mandate
ordering the men to return to work. A great many of the
weekly and monthly papers which had previously been published in this city, were during the strike brought out in
other cities, some in Boston, others in Philadelphia and
Chicago. The offer of the employing printers, as represented
by the Printers' League Section of the Association of Employing Printers, has been a $6 wage increase and the adoption
of the 44
-hour week May 1 1921. The International Printing Pressmen and Assistants' Union throughout the strike
supported the employing printers and opened offices here to
recruit pressroom workers to fill the places of those who,
because of their affiliation with the four outlawed local
unions, had, as stated above, been refused re-employment.
The other international unions also upheld the employing
printers. Despite the orders of the "Big Six"
Some magazines, notably the "Literary Digest," were
published regularly without compositors, the text matter
being reproduced from plates made from photographic
copies of the typewritten manuscript.
"GOVERNMENT BROKE ITS PLEDGE TO ORGANIZED
LABOR IN BRINGING COURT PROCEEDINGS
AGAINST COAL MINERS," SAYS
SAMUEL GOMPERS.
In a speech before the Central Labor Union'of Washington,
D. C., on Nov. 22, Samuel Gompers, President of the American Federation of Labor reiterated charges recently made by
that organization to the effect that the Federal Government
promised there would be no prosecutions of labor unions
under the Lever Food and Fuel Control act upon which was
based the injunction issued by Judge Anderson at Indianapolis ordering the officers of the United Mine Workers of
America to call off the coal strike.
In the course of his remarks Mr. Gompers read from notes,
records and statements including the "Congressional Record"
to show that President Wilson, Secretary of Labor Wilson,
former Attorney General Gregory, the Council of National
Defense, Food Administrator Hoover, and former•Representative Lever, author of the act, had given assurances,
accepted as conclusive, that labor unions would not be prevented from striking.
He then asked: "If labor cannot depend on the pledges of
An official of the Printers League (the employers organization) figured the United States Government and its officers
what hope is
that 10,000 workers earning from $40 to $70 a week sacrificed approxithere for better relations between the workers of this country
mately $3,500,000. It is more difficult to estimate what the strike cost
owners, but one plant alone places It losses at $200,000. More than 250 and the administrative forces of the United States?"
•
shops were tied up.
In a statement issued by the American Federation of Labor
Magazine publishers who sent their work out of town had to pay high for
it. It was reported that $23,000 was paid for getting put one issue of a on Nov.9,appearing in the "Chronicle," Nov. 15, page 1850,
it was alleged that "every assurance from the highest authorperiodical that ordinarily cost $9,500.
The general opinion among employing printers, however, is that the ity of our
Government was given that the (Lever)law would
victory was worth the price. It was more than a question of wages and
hours; the stability of labor was at stake, conservative., contend. Had the not be so applied," i. e., applied to the activities of organized
radical element won many publishers intended going out of business, they labor. Mr. Gompers' speech reiterating these charges was
said.
quoted in Washington advices of Nov. 22 to the Phila.
The troubles in the printing trades began on Oct. 1 when "Public Ledger" which said:
the press rooms of 250 local printing establishments were
Samuel Gompers, president of the Ame lean Federation of Labor, drove
closed down following the decision of the employing printers another wedge tonight in the breach between the organized workers of the
United States and
on the preceding day to refuse re-employment to press room President Wilson, the officers of the Government when he directly charged
William B. Wilson, secretary
T.
workers whose unions were not in good standing with their formerly Attorney-General, and members of theof labor,and W. Gregory.
Senate
House with
international unions. A strike of compositors, members breaking the pledge they made to labor that the provisions of the Lever act
would not be applied to the activities of th? organized worker.
of Typographical Union No. 6, which was looked forward
Mr. Gompers said that his presentation was made so that the workers
to as a possibility was averted on Sept. 28, when at a mass and through them the citizens of the United States might know that he and
resolutions were adopted indorsing the stand of its the officials of the American Federation of Labor had not made statements
meeting
that
in his closing sentence he indicated the attitude that
President, Leon Rouse, who declared he would not act laborwere untrue, but he said:
now takes when
contrary to the laws of the International Typograpical Union. "If labor cannot depend on the pledges of the United States Government and
At the same time the meeting adopted a resolution author- workers its officers, what hope is there for better relations between the
of this country and the administrative forces of the United States?"
izing appointment of a committee of five to disseminate
The allusions of the president of the American Federation of Labor to
throughout the country in behalf of the stand present coal str ke were meager, except in two or three instances, whenthe
propaganda
he
of Mr. Rouse against Marsden G. Scott, President of the charged the Government with obtaining a restraining order and injunction in
order to starve the miners into submitting to the overlordship of the operInternational, the latter having strongly opposed the idea ators. He drew a parallel that brought
out his attltude on what labor calls
of a definite and direct strike if the printers did not win their "government by injunction" when in discussing the sentence for contempt
which was returned against him in the Buck Stove case under the Sherman
demands for a weekly wage increase of $14 and the im- anti-tritst law,
he said:
mediate adoption of the 44-hour week. Notwithstanding
"I am willing to go to jail at any time if necessary to defend the rights of
this vote members of the "Big Six" union began to take our citizenship."
"The
"vacations", i. e., quit work, while at the same time avoid- promisedquestion is whether Mr. Gregory, who has denied that we were
that the Lever act would not be used against organized labor, is
ing tile technical act of striking. The members of the right, and we are prevaricators, or whethe. Mr. Gregory is wrong and we are
"vacationists" increased to such an extent that the employ- right.
"First, let me say that under
inF printers association finally refused to carry on negoti- activities of the Government they present conditions and according to the
are making no distinction between anarations with the officers of their Union. On Nov. 16 the chists, Bolshevists and the great body of constructive, patriotic workers.tIt
members of the "Big Six" at a mass meeting voted to stay is regrettable that such a state of mind should exist, for it is only necessary
to recall the
away from their positions until their demands were granted question ouractivity of organized labor during the war, and then no one can
loyalty.
2042
THE CHRONICLE
"To revert to the subject at hand. M.. Gregory has contradicted the statements made by me and the executive council of the A. F. of L. that assurances were given us that the Lever act would not be used against the workers.
I have prepared a statement of evidence that I desire to submit to you
and through you to the whole mass of the people and to the conscience of our
Government in its legislative halls, the Department of Justice and the executive head of our government. I ask you to say whether there has been fair
dealing and whether the pledge given was sustained or violated."
Mr. Gompers' statement which was read to the meeting was made up
mainly of extracts from the Congressional Recozd and Memoranda in the
files of Mr. Gompers which rtated that Mr. Gomper. had been assured during the consideration of the bill that it was not the intention to use it against
organized labor and that President Wilson had assured Mr. Gompers through
the medium of a conference with Secretary Wilson that district attorneys
would be instructed not to make use of the act against unionized workers.
"No district attorney brought the suit against the mine workers. It was
brought by the attorney general as the representative of the Department of
Justice," was the point made by Mr. Gompers when the reading of his evidence had been concluded.
there any sane person In our country that would imagine I would
give support to that bill, that I would be so asinine as to believe the bill
would be applied to make strikes unlawful?"
Mr. Gompers reviewed the fight which labor made against the Sherman
anti-trust law twenty years ago because it did not exempt labor organizations
from its provisions, and made references to both the Danbury hatters and
Buck stove cases.
"We were told at that time that the law would not be construed to apply
to the working man. There were few then, as now, however, who could
tell how the courts would construe laws, especially as affecting the rights of
the working man. We were deceived and misled then. Did you imagine tha,
we would remain silent when a similar situation arose? We protested against
the Lever Act as it was and its enactment,and we were urged not to interpose
any objections. We answered that while fighting autocracy in Europe we
could not yield democracy over here.
"Then the promises came that the bill could not be construed to apply to
labor from members of both the House and the Senate. Then assurances
came that the government would interpret the law as not affecting the
workers and that the attorney general held the same view and would so
Instruct the district attorneys. These assurances were accepted.
"I ask whether these were not all the assurances we could have had? Why
then for the period of the war should we have opposed it?
"I make this presentation of the case in behalf of labor to be judged on
its merits.
ASBURY F. LEVER, AUTHOR OF FOOD AND FUEL
CONTROL ACT SAYS LAW WAS MADE TO
APPLY TO LABOR AS WELL AS CAPITAL.
Following the issuance by the American Federation of
Labor on Nov. 9 of a statement alleging that the Federal
Food and Fuel Control Act was never intended to "be applied to workers in cases of strikes or lockouts," Asbury F.
Lever, author of the measure, made a statement on Nov. 10,
in which he said:
I could not conceive at that time, nor do I believe now, that any body
of American citizens desired to be exempted from the provisions of an act
which made it criminal to limit production of food or fuel, the two vital
necessities of life.
The section of the act, upon which the court has relied in dealing with
the coal strike, was vigorously assailed on the floor of the House by certain
Representatives claiming to speak the mind of organized labor throughout
the country.
I resisted the attempt to strike the provision from the bill. This resistance
was successful because the provision was so just as to admit of no dispute,
and in addition there was back of me the full administration support and
endorsement. President Wilson considered this provision as a very vital
section of the food control bill.
I have read Judge Anderson's decision as reported and I feel that his
Interpretation speaks fully the will of Congress. it should be borne in mind
that the terms of this act are applicable to the mine operators and miners.
In the statement of the Federation of Labor'referred to
above it was claimed that at the time of the passage of the
Lever Bill "the then Attorney General, Mr. Gregory, gave
assurance that the Government would not apply that law to
the workers' efforts to obtain improved working conditions."
In denying this allegation, Mr. Gregory on Nov. 11 issued at
New York the following statement:
While Attorney General I did not at any time give assurances to any one
that any law would not be enforced against any class of citizens. I gave no
assurances that the Government would not seek to enforce the Lever act
against workers.
The following reply to former Attorney General Gregory
was issued by the Federation of Labor headquarters at Washington, Nov. 13:
Now comes former Attorney General Gregory, who says that he did not
give assurance that the Lever bill, if enacted, would not be applied to the
workers.
A few days ago Mr. Gregory declared through the public press that he remembers having had the conference with Mr. Gompers and Mr. Morrison
regarding the Lever bill, but added that he had no recollection of having
made a statement that its provisions would not be so applied.
Mr. Gregory, as well as everyone else in the Administration and in Congress and eLsewhere, knows that the Lever bill was intended to prevent speculation and profiteering in food and fuel and that it was not intended to apply
to working people engaged in an effort to improve wages, hours and conditions and standards of labor and life.
At that conference with the Attorney General in 1917 Mr. Gregor;stated
emphatically, speaking for himself and for the Government, that the provisions of the Lever act would not be applied to such workers and that he
would write to the United States District Attorneys that they, too, should
be governed by that assurance. Whether Mr. Gregory carried out his pledge
to write his subordinates I am not in a position to say, but that he gave that
assurance that he would do so there is absolutely no question.
In the official report of the Executive Council to the convention of the
American Federation of Labor in 1917 that situation and assurance was
fully recorded. Copies of that printed report were sent to every member of
the Cabinet, including the Attorney General. It was sent to the newspapers
of the country, and not until this day has the accuracy of that report been
challenged by any one.
[vol.,. 109.
NATIONAL ADJUSTMENT COMMISSION GRANTS
FURTHER WAGE INCREASES TO
LONGSHOREMEN.
A wage increase of ten cents an hour was awarded to the
deep sea longshoremen of the Atlantic seaboard by the
National Adjustment Commission of the United States
Shipping Board on Nov. 21. The increase is applicable
to both regular work, for which the men had previously
been granted seventy cents, and to overtime work for which
they had been awarded $1 10 an hour. The new scale will
be effective from Dec. 1 to Oct. 1 1920. On Oct. 7 the
Adjustment Commission announced it had awarded to the
longshoremen an increase of five and ten cents an hour for
regular and overtime work respectively. The wage scale
on Oct. 1 had been sixty-five cents and a dollar an hour for
regular and overtime work respectively. It was also stated
on Oct. 7 by the Adjustment Commission that in the event
that the cost of living was not reduced by Dec. 1 1919 the
case would be reopened. The conditions under which the
further wage increases were granted on Nov. 21 were set
forth in the New York "Times" of the following day, as
follows:
Holding that the cost of living had not shown a decrease since the tentative award in October and that under the terms of that award his condition justified a re-opening of the case, the National Adjustment Commission
of the United States Shipping Board yesterday afternoon rendered a decision of an increase in wages to deep sea longshoremen from 70 cents an
hour to 80 cents, and from $1 10 an hour for overtime o $1 20, effective
on Dec. 1. This is an increase of 223. % over the scale of wages in force
up to Oct. 1 last. The longshoremen demanded $1 an hour and $2 overtime.
Checkers are to get an increase of 50 cents a day, making their wage now
$6 a day. The case of the coastwise longshoremen, of whom there are about
6.000 in this port, will be taken up in Washington on Dec. 5.
The decision of the Commission was reached at an executive session,
following a public hearing in the Produce Exchange Building yesterday
morning, at which several witnesses told of the continued high cost of
living.
The October award of the Commission of 70 cents and $1 10 furnished
the cause for the strike of the longshoremen, which ran for four weeks.
The men who expressed themselves last nignt said they were pleased with
the new award and thought there would be no further trouble. The rate
of wages runs until Oct. 11920. John F. Riley, President of the Now York
District Council, said that he thought the men would be satisfied.
T. V. O'Connor and Joseph Ryan, President and Vice-President, respectively, of the International Longshoremen's Association, who represent
the longshoremen on the Commission, voted for 85 cents an hour and $1 25
for overtime. Professor William Z. Ripley. Chairman, voted with the
two members representing the steamship interests, and Mr. O'Connor
afterward moved to make the award unanimous. Frederick Toppin,
Vice-President of the International Mercantile Marine, and Oakley Wood
are representatives of the steamship interests on the Commission.
Twenty locals in this port had accredited representatives present at yesterday's meeting and there were also delegates from Hampton Roads, Boston and Baltimore. The steamship interests were represented by Clement
II. Betts of Punch-Edye Sz Co., who declared that since the strike the
longshoremen had not given the steamship companies a square deal in the
way of efficiency. The cost of loading a ship is from $1 50 to $2 a ton.
while in 1914 it was 35 cents a ton, he said.
Following its decision of Nov. 21 in the case of the longshoremen of the Atlantic 'coast, the National Adjustment
Commission on Nov. 22 awarded to the longshoremen of
the Gulf Coast District similar wage increases.
A strike of 50,000 longshoremen employed in the Port of
New York and vicinity, which was in progress for a month
and tied up practically all the Trans-Atlantic and coastwise
shipping of New York, Jersey City and Hoboken, ended on
Nov.6 precisely where it had begun, with no change in hours,
wages or working conditions. It was an unauthorized strike.
It cost the longshoremen $8,000,000 in pay, it was estimated,
and it cost the shipping interests $35,000,000. On Nov. 5
at a meeting of the Federal Conciliation Commission, which
had been appointed earlier in the strike by Secretary of
Labor William B. Wilson, 2,500 of the longshoremen,
who wore known is "insurgents" and "insurrectionists,"
because they openly defied and renounced the leadership of
their responsible union heads, voted unanimously to return
to work. They represented a faction, whose membership
was claimed to be 26,000. At the same time these men
voted to ignore the five and ten cent award of the National
Adjustment Commission of the U. S. Shipping Board, which
they'called the "Woolworth award," but which they nevertheless, through their authorized representatives, had agreed
to abide by before the decision was announced.
The men began to return to work on Nov. 1, and from
that time up to Nov.6 they continued to go back in increasing
numbers. From the beginning, T. V. O'Connor, President
of the International Longshoremen's Union, stood firmly
against the walkout. His position was upheld and supported
by the American Federation of Labor, with which the longshoremen's union is affiliated. Mayor Hylan, one of the
three members of the Federal Conciliation Commission,
appointed by Secretary Wilson to settle the strike, tried
consistently to obtain wage increases for the men above the
Nov. 29 1919.)
THE CHRONICLE
award of the National Adjustment Commission but the
steamship lines refused to employ the men on any other
terms than those laid down by the decision, to which both
employer and employee had voluntarily subscribed. The
longshoremen, who prior to the award of the Adjustment
Commission were receiving 65 cents and $1 an hour for regular
and overtime work, respectively, were as stated above,
given an increase to 70 cents and $1 10 an hour by the
decision. The National Adjustment Commission, whose
Chairman is William Z. Ripley, Professor of Economics at
Harvard,in announcing its award on Oct. 7 said: "We agree
that if the prevailing high prices do not decline substantially
by Dec. 1 1919, in conformity with the President's prediction,.that the Adjustment Commission on its own motion
will reopen the case with a view to further relief" ("Chronicle," Oct. 11, page 1421). Notwithstanding this proposal
the men refused to return to work until all their counterproposals for arbitration and compromise were rejected by
their employers who were pledged to stand by the Commission's award as were the men.
The efforts of Mayor Hylan to obtain for the strikers a
wage increase greater than the award of the National Adjustment Commission brought from President O'Connor
of the International Union, who had tried to induce the men
to abide by the decision much opposition and open criticism.
A few days before the strike ended Mr. O'Connor issued a
statement in which he charged that Mayor Hylan's efforts
in behalf of the men were prolonging the strike. Mayor
Hylan in a statement previously had declared that the men
had "no confidence" in Mr. O'Connor. "It is impossible
for me to get the men to go back to work," said the Mayor's
statement, "so long as Mr. O'Connor and another have
anything to do with the adjustment of the trouble."
On Nov. 5 Mayor Hylan sent to Secretary of Labor Wilson the following telegram:
This afternoon I appeared at a meeting of the longshoremen held at Tammany Hall. After addressing the meeting and urging the men to return
to work, immediately they agreed to do so at the old rates of 65 cents and
$1 pending the decision of the National Adjustment Commission upon the
application for a rehearing on the award to be made by representatives
of the various locals and the Board of Conciliation composed of Mr. Hughes,
Mr. Vaccarelli and myself. The action of the longshoremen was in line
with the recommendations made to them by the Board of Conciliation
appointed by you. A motion was made and unanimously carried that the
longshoremen of New York and vicinity pass a vote of thanks and confidence
In Secretary of Labor ilson and the Board of Conciliation for their efforte
to settle their difficulties in an amicable manner.
JOHN F. HYLAN, Mayor.
2043
We have established a reputation in this fight by showing the public that
our promise means more to us than a "scap of paper."
The so-called "insurgent" faction of the longshoremen's
union subsequently ratified the action of their representatives at the meeting attended by Mayor Hylan, at which
the vote to return to work was accompanied by rejection of
the wage award of the National Adjustment Commission.
This faction it is claimed has a membership of 26,000. A
statement was issued by their leader, R. J. Butler, on Nov.
10 announcing their intention to bring impeachment
charges against T. V. O'Connor. The statement follows:
We wish to state for the benefit of the public that the locals that were
out on strike, with a total Membership of 26,000 men, by their representatives unanimously confirmed the action taken in Tammany Hall of rejecting the award entirely and returning to work on the old scale of 65
cents for straight time and $1 for all overtime, and further, impeachment
charges against T. V. O'Connor are now being preferred and drafted so
that they will be properly presented to a member of the executive board
of the I. L. A. for trial. In the event that no redress is given us by the
executive board of the I. L. A., we have been promised a hearing before
the Executive Council -of the American Federation of Labor, which meets
In Washington in December, and a committee will present the charges in
person.
STEAMSHIP PIER CLERKS OBTIAN FAVORABLE
DECISION ON PRINCIPLE OF
COLLECTIVE BARGAINING.
A favorable decision on an application for recognition of
the right of collective bargaining in the case of Steamship
Pier Clerks Local No. 1017 of New York, was handed down
by the National Adjustment Commission of the United
States Shipping Board on Oct. 24. The steamship pier
clerks, it is stated, had not previous to the decision of the
Adjustment Commission enjoyed the right of collective
bargaining; and the application therefor was opposed by
the steamship employers. In making known the decision
on Oct. 24 Prof. William Z. Ripley, its Chairman, was
quoted as saying: "This at least refutes the contention
that the National Adjustment Commission is a steamship
employers' organization."
RAILWAY EXECUTIVES DESIROUS OF EMERGENCY
LEGISLATION TO INSURE STANDARD RETURN.
With regard to a meeting on Nov. 24 of the Standing
Committee of the Association of Railway Executives "to
consider pending railway legislation and various matters
connected with the resumption of private operation on
Jan. 1," an announcement issued in behalf of the committee
Mr. O'Connor on Nov. 6 denied it was stated that the said:
It is understood that the railway executives feel that it is essential in case
men would refuse to accept the increases offered to them, permanent legislation cannot be enacted by Congress prior to Jan. 1st to
and said: "The men have gone back to work under the have emergency legislation which will protect the situation, at least to the
for
arrangements made by the National Adjustment Commis- extent of insuring the standard returnalso a sufficient period to secure an
maintain in existence the rate
which will
adjustment of rates
sion. Any man who refuses to work under these conditions structure established and Federal control.
during
will not be permitted to work."
The Special Committee on Allocation and Financing of Equipment also
passed both
On the other hand, F.Paul A. Vaccarelli, one of the mem- met, and it is expected, now that the enabling legislation has Corporation
branches of Congress, that the proposed National Equipment
bers of the Federal Board of Conciliation, appointed• by will be established as soon as the necessary details can be arranged.
Secretary Wilson and a leader with Richard Butler of the
R. M.Calkins,formerly President and now Vice-President of the Chicago
committee.
unauthorized strikers, said that they had not accepted the Milwaukee & St. Paul Railway Co., resigned from the standing
and H. E. Byram, formerly Federal Manager, and now President of the
increase offered them.
Chicago Milwaukee & St. Paul Railway Co., was elected in his place.
"Unless the men can prove that they deserve more than a
While the above is the only official information made
77Z
five and ten cent increase they will work under the old available regarding the meeting the New York "Stu
scale," he was quoted as having said.
Nov. 25 said:
At yesterday s meeting the railroad executives had before them data
A statement charging that "the Mayor was playing
developments:
politics" in urging the'insurgent strikers to return to- work which showed the following important will not be less than $300,000,000
1. The Government deficit this year
was issued on Nov. 6 by James McGuire, President of Local below the standard return. The amount of the deficit will probably ap996 of the International Longshoremen's Union. The proximate $350,000,000, against $235,000,000 deficit in 1918.
In0
2. The railroads are earning lass than 3347 on their total property
statement follows:
actually close to 3%•
The action'taken by Mayor Hylan at the meeting held yesterday in Tammany Hall. in advising the insurgent longshoremen to return to work was
in line with predictions made ten days or more ago by any number of the
level headed officers and members of locals of the I. L. A., who did not
hesitate to say that the Mayor was playing politics and that after election
the Mayor's interest would soon cease.
The facts are that the strike was ended before this meeting was called
and would have been ended fully two weeks ago had not the Mayor injected
himself into the controversy. Every thinking man realizes that when an
agreement has been made it is necessary to live up to it, even though at
times they may be unfortunate in making an agreement that is not quite to
their liking.
Mr. O'Connor could not have taken any other position than the one he
did take in order to uphold the integrity of our international. He told the
men in the beginning that the award was not what he felt they were entitled to, but, according to the agreement entered into with the National
Adjustment Commission, which agreement every local in our Atlantic coast
district approved through not objecting when given an opportunity to do so.
Anot' er fact which should not be overlooked is that the Mayor has not
arranged for the reopening of the award. It is specifically stated in the
award that the National Adjustment Commission will reopen the case
prior to Dec. 1 unless the cost of living has materially decreased by that
date."
The Mayor's criticism of President O'Connor does not make the slightest
difference, in the opinion of the great majority of the longshore workers of
greater New York, and time will show the radical element who were with
the so-called leaders, that there never was any time that they had the least
chance to assist them in gaining anything.
vestment of $19,750,000,000, and the percentage is
or
3. Only 31 of the 163 Class 1 railroads are earning amounts equal to
exceeding their rental contracts, and of them only two operate as much as
1,000 miles of road. The only big railroad system earning its rental contract is the Union Pacific.
equal
4. Approximately 103 of the Class 1 roads are not earning amounts
to their fixed charges.
5. Of the 103 between 40 and 50 are not earning even their operating
expenses.
6. When the roads shall be returned to private operation it is expected
that inter-State rates will stand, but intra-State rates, of course, will be
lowered to meet State laws superseded by Federal control, but which will
return to practical effect as soon as the Government gives up control, unless
something be done to maintain the entire rate structure.
Those facts, railroad nlen contend, show clearly the vital necessity of
prompt enactment of emergency legislation. Just what will be done in the
direction of a drive to obtain essential temporary legislation could not be
learned yesterday, but it was stated that the entire matter met with vigorous
discussion.
WAGE AND WORKING AGREEMENT SIGNED BY
BROTHERHOOD OF MAINTENANCE EMPLOYEES
-HOUR DAY GRANTED
—8
A new wage and working agreement affecting, it is estimated, approximately 400,000 railroad workers, was signed
on Nov. 24 by officials of the Brotherhood of Maintenance
2044
THE CHRONICLE
of Way Employees and Railway Track Laborers and the
U. S. Railroad Administration at Washington.
While demands of the union were not fully met, the eight
hour basic day was established for track laborers and others
of that classification and time and half pay after that hour
was provided. Most of the other employees included under
the agreement will receive time and a half overtime pay after
10 hours.
- Signing of the new contract by Director-General Hines
ended negotiations which had been in progress since February. The contract provides that the new scale shall be
applicable during the period of Federal control of the roads
unless notice of 30 days is given of its cancellation.
An explanatory statement issued by Mr. Hines in connection with the signing of the new agreement said:
All we will consider here is Mr. Hines's time-and-a-half proposal for
overtime. I know that discussion or action on a general strike to force
general wage increases is not on the program here. I believe I can say
safely that it will not be possible, if indeed, it is attempted, for any faction
or group to stampede this conference into a vote on a general strike.
Specifically, the new contract provides overtime for regular section labor
ers and other employees in this classification except laborers in extra or float
ing gangs whose employment is seasonal and temporary in character, and
certain employees whose positions do not require continuous manual labor
will be paid on the basis of time and one-half after the eight hour of continuous service exclusive of the meal period, thus applying the same prin..'
ciple which was established last year for important classes of railroad
workers.
Heretofore such maintenance employees have been paid overtime at prorata rates for the ninth and tenth hour and time and one-half after the tenth
hour. Under the agreement, laborers in extra or floating gangs whose employment is seasonal or temporary in character will be paid overtime at a
pro rata rate for the ninth and tenth hour and time and one-half after the
tenth hour, whereas employees holding positions not requiring continuous
manual labor,such as track, bridge and highway crossing watchmen,signalmen at railway non-interlocked crossings, lampmen, engine watchmen at
Isolated points and pumpers, will continue to be paid for their present hours
of work a monthly rate equal to their present pay.
DIRECTOR-GENERAL HINES TO MEET REPRESENTATIVES OF RAILROAD BROTHERHOODS—CHIEFS
DENY STRIKE THREAT.
Director-General Hines of the U. S. Railroad Administration announced on Nov. 28 that he would meet on Dec. 2
representatives of the four great railroad brotherhoods for
the purpose of explaining his wage offers, for settlement of
the employees' demands.
.
A conference on that date was requested by the railroad
brotherhoods on Nov. 27, when the meeting of 500 General
Chairmen of the brotherhoods, which began at Cleveland,
on Nov. 24, adopted a resolution to send a committee, including the four chiefs, and representing all four organizations, to Washington to confer with Mr. Hines. A telegram
was sent asking for a conference on Tuesday, Dec. 2.
The convention accepted Mr. Hine's proposal that the
pay of train and engine crews will automatically start at
the expiration of sixteen hours from the time of release at
away-from-home terminals.
No action looking toward a railroad strike by the four
railroad brotherhoods was taken by the General Chairmen's
meeting, which had been called to act on Director-General
Hine's offer of time and one-half for slow freight service, and
no vote was taken on the proposition, although a motion
to vote on it was adopted.
Mr.Hine's wage proposals were outlined in the "Chronicle"
Nov. 22, page 1956.
On Nov. 28 the General Chairmen of the Brotherhood of
Locomotive Firemen and Enginemen, about 180 in number,
met in separate session at Cleveland and discussed the demands of their organization for a wage increase of 40 to 45%.
The demands were presented to the Railroad Administration
in September, but no reply, it is stated, has been received.
The Brotherhood of Railroad Trainmen, who made similar
demands, were advised that the question was up to President Wilson. When told of reports regarding a possible
strike on Dec. 1 by the four railroad brotherhoods, emanating from Chicago, William G. Lee, president of the Brotherhood of Railroad Trainmen,at Cleveland, Nov.25,issued the
following statement:
[VOL. 109.
S. DAVIES WARFIELD SEES CRUX OF RAILROAD
PROBLEM SOLVED BY CUMMINS BILL—
ANSWER TO BROTHERHOODS.
Discussing "Pending Congressional Legislation as Affectpg Owners of Railroad Securities" at the annual meeting
of the Academy of Political Science at the Hotel Astor,
New York, on Nov. 21, S. Davies Warfield, President of the
National Association of Owners of Railroad Securities, declared that the failure of a rate-making formula to pass the
House substantiates our contention that the Act should
definitely interpret what a 'reasonable' rate means by naming
the minimum and provide for a maximum return from such
rates, as the only practical legislative solution of the railroad
problem." Mr. Warfield added:
Definite directions in the Act in respect to these essentials are as necessary to satisfy the demands of the public, the apprehenslions of the shippers
and the caution of Congress as it is to be certain that the railroads will be
enabled to give adequate service, as a whole, and finance themselves
To state that rates shall be made that "will produce reasonable return" and
nothing to the bill or to the present law that has not been considered by
the Commission in the past in making rates as pointed out by Commissioner
Clark at a hearing before the House Committee.
In introducing his remarks Mr. Warfield referred to the
statement published Nov. 12, signed by the chief executives
of organizations of railroad workers (including three of the
four principal brotherhoods), which, in denouncing the
labor clauses of the Esch bill, characterized it as a "conscienceless betrayal of the public interest"; that "it validates
twenty billion dollars of railroad securities, at least eight
billions of which is water"; that it caters to "Big Business"
and that generally the measure is "vicious." The statement continued: "This travesty on legislation reveals the
fundamental weakness of all schemes to return the roads to
their former owners. The fact is that private ownership of
the means of transportation has broken down. . . ." That
"apparently our statesmanship is as bankrupt as our railroads. . . ." That "the railroads should be held under
Federal control for at least two years," and in respect to
Government ownership it said that "labor is willing to accept
the sober judgment of the American voters as expressed at a
general election."
Commenting on this Mr. Warfield said in part:
Since this statement was made, the Each Bill has passed the House
stripped of the provision which the Committee of the House that framed the
bill thought would enable rates to be made which would insure sufficient
revenue to properly operate the railroads. The defeated section read thus:
"In reaching its conclusions as to the justness and reasonableness of any
rate, fare, charge, classification, regulation, or practice, the Commission
shall take into consideration the interest of the public and the shippers, the
reasonable cost of maintenance and operation (including the wages of labor,
depreciation, and taxes) and a fair return upon the value of the property
used,or held for the service of transportation."
. Under the bill as amended and passed the inefficient rate laws as at present
constituted stand, with the wage dispute adjustment provision incorporated
therein demanded by the chief executives of the brotherhoods.
The specific charge in respect to railroad securities made in the statement
by the organization of railroad workers referred to requires answer. The
charge is that the Esch Bill (before amendment), clearly meaning any
legislation giving financial protection, "validates approximately twenty
billion dollars of railroad securities, at least eight billions of which is water,
and directs the Inter-State Commerce Commission to tax the American
people through an increase in freight and passenger rates to pay dividends
on those 'shadow dollars.' "
Any such characterization of railway value is untrue and is but one of
many evidences of a deliberate determination by violent terms and action
to attempt to coerce and demoralize Congress so that no constructive railroad legislation shall pass. By these irresponsible representations as to
values and denouncement of the Congress where they say "statesmanship is
as bankrupt as our railroads," and by abusive criticism of proposed legislation inconsistent with their own, those issuing the statement have apparently succeeded in defeating the meagre financial provisions in the Esch
Bill, and hope to destroy the enterprise which employs the men they purport
to represent in order that they may gain its possession.
The reckless charges in respect to the value of the securities of the railroads are but a repetition of similar misstatements in connection with railroad legislation which for months has been before committees of both the
Senate and the House of Representatives.
No motion or resolution pertaining to a quick strike has come before the
conference of general chairmen of the four Railroad Bortherhoods in session
here foiaction, and I do not know whether any such motion or resolution
Property Accounts Represent Less Than Aggregate Value.
will be presented.
The property investment accounts of the railroads have been under the
I received messages to-day from Kansas City saying that trainmen and
supervision of the Inter-State Commerce Commission only since 1907,
yardmen had decided to strike on the 26th (to-morrow) unless a favorable close
short intervening period of twelve years the records show that
reply to their request for increased pay to overcome the high cost of living yet within the
more than six billion dollars of cash expenditure has been made on the properis granted.
railroads, over one-third of the seventeen and a half billion
I have said to all of them, in reply, that if they think they are bigger ties of Class I
than the United States Government, which is operating the railroads at dollars total property book value of these roads, exclusive of inter-company
securities (as of the test period 1915-.16-17). I am speaking of property
present, I have no advice to give them.
value not security values or issues. No well-informed person will contest
On the same day Timothy Shea, acting President of the the statement that in the aggregate the properties and equipment devoted
Brotherhood of Firemen and Enginemen, commenting on to the public use of Class I railroads (89% of the total mileage) are wroth
reports of a threatened railroad strike, declared that it was more in the aggregate than the seventeen and a half billion dollars, as shown
by the books of the railroads.
"neither the purpose nor the spirit of the Cleveland conBut whether this be true or not true, the billions of alleged "water" and
"shadow dollars" are effectually provided against in Section 6 of the Cumference to discuss a strike."
Regarding the purpose of the Cleveland conference, he mins Bill, now awaiting action by the Senate.
The importance of the provisions of this section of the Cummins Bill as
said:
the minimum essential to the continuance of the development and pros-
Nov. 29 1919.]
THE CHRONICLE
perity of the country cannot be too strongly urged upon Congress, upon the
shipping interests and the public. It now stands alone between a successful
transportation system privately owned and operated, and a Government
system, how operated you cannot know.
2045
RAILROAD PROBLEM ONE OF CREDIT, ACCORDING
TO A. P. THOM.
Alfred P. Thom, General Counsel of the Association of
Railway Executives, was one of those who at the dinner of
the Academy of Political Science, on Nov. 21, discussed the
subject of Railroad Legislation. "From unmistakable
manifestations of public opinion," Mr. Thom said, "it must
be assumed that a system of Governmental ownership and
operation will not, for the present at least, be accepted by
the American people." Private ownership and operation
being thus, he said, the only aspect of the matter open for
consideration, the question is what system of Governmental
regulation shall be adopted in order to make railroad transportation, privately owned, supported and operated, a
success and adequate to the needs of the public. The probem of'the railroads, and the problem of the public in respect
of transportation, Mr. Thom said, is a problem of credit, and
the test which any system of Governmental regulation of
privately supported transportation facilities must successfully stand, is whether it adequately provides for and maintains the necessary railroad credit. In part he added:
Fair Value of Railroads Taken as Basis for Return.
The effect of Section 6 of the Cummins Bill is to provide that, pending
actual physical valuations of all railroad properties, the Inter-State Commerce Commission, taking into consideration all the elements that should
properly be considered, shall determine the "fair value" of the property,
and equipment of the railroads, in the aggregate, in each rate group. For
the purpose of determining and adjusting rates so that they will yield a
living and fair return, the Commission shall group the roads (as they have
done in the past for similar purpose) into as many groups as they may
decide. Upon the aggregate amount of the investment in or "fair value"
of all the railroads of each group a level of rates shall be established that will
yield "as nearly as may be" 5 % on this aggregate value, plus 34 of 1%,
at the discretion of the Commission,for unproductive improvements, which
in the case of those roads earning over 6% on value determined as stated—
not on securities—shall not be capitalized for future rate making.
Earnings that may be made by any railroad in excess of the 6% (on value)
and up to 7% are divided one-half to the railr ad earning them as incentive
the other half to be used as a national fund administered by a Governmental
.
authority in the interest of transportation as a whole, for joint terminals
and other joint facilities, or for cars and equipment to be leased to roads to
relieve congestion, but not to be capitalized in future rate making. Thus
there is a division of excess earnings beyond the given reasonable return on
"fair value," between those who use the railroads and those who own them.
The one-half of the excess which goes to the road earning it is credited to a
reserve account to be used, under specific conditions, to enable it to meet
If it does not, it must be changed or the system of private ownership must
financial obligations and in lean years to provide against deficiencies which be
abandoned; if it does, the system of private ownership will succeed.
might impair its obligations to the public. After 7% is earned by any road Let
us look, then, at the question of credit from the standpoint of the private
the ratio of division becomes one-third to the railroad earning it and two- investor,
forit is with him, in the final analysis, that the system of regulathirds to the transportation fund.
tion must reckon.
When, under the existing system, he is approached with the proposal that
Director-General Hines's Prediction.
he invest in a railroad enterprise, with what is he confronted? He is offered
The Esch Bill now passed by the House does not contain, nor did the un- an investment in a
business as to the revenues of which he has no control.
amended bill contain, any permanent financial provision for the railroads. They are
controlled for him by governmental authority. Nor can he rely
It does not nor did the original bill provide for the regulation of excess earn- on the control being
based on business principles. The standards of reguings, essential to produce a uniformly efficient service throughout our trans- lations are set by
legislative bodies sensitively alive to political consideraportation system. Such regulation becomes necessary because railroads tions
and hm.tations. This is inherent in our system of government.
that serve dense traffic territory can earn more from a rate than those Legislative action will
always be responsive to publie opinion, no matter
serving sparsely settled territory, and the latter constitute the majority of how
uninformed or misinformed. There can be no assurance to the inthe railroads (Class I). You Cannot make rates that will suit all the rail- vestor that public
opinion will be always governed by a broad appreciation
roads alike. A rate level that will enable the great majority of railroads to of business
needs and conditions.
live must necessarily produce more earnings to roads serving dense traffic
Moreover, the investor can not be certain of a uniform or consistent
territory than such roads are entitled to have and more than they would standard
of regulation, political or business, inasmuch as a part of his
receive but for the necessities of the majority. The Commission in the past revenues are
regulated by the national authority, and the remainder by the
has hesitated to allow rates that will give to a few favorably situated roads several states through
which the roads may run, with their inharmonious
1nordiate earnings which the shippers and public served by these roads have and
divergent policies, It must,I think, be admitted that, as the system of
repeatedly declared they will not stand for. Yet such a result is unavoidregulation now stands, there is little on the revenue side to attract the priable under present laws if regard is to be had for the life of the majority
vate Investor.
which constitute those roads no to favorably situated as the few. The
Turning to the expense account, the investor sees that he would have far
result has been that the Commission could not make rates that were necesless control over his expenses than in most of the other subjects of investsary to the majority, so the railroads and the public have both suffered the
ment open to him. Aside from the peculiarly exposed position of the
consequences. Should this continue? If it does, Director-General Hines's
railroads in labor controversies, their expenses may be added to by governprediction will come true when he said that "the plan of private managemental requirements as to facilities and service—tne separation of grades,
ment necessarily involves the idea that if one or many railroad companies
the enlargement of train crews, the enlargement and improvement of stahappen to be exceptionally prosperious, the entire exceptional profits retions, the equipment of cars and engines, and many other matters legitimain with the railroad company. This condition," continues Mr. Hines,
mately subject to governmental regulation; and here, again, both the
"will make the public always fear or suspedt that it is being exploited
through the transportation service for the benefit of private capital and will national Government and the governments of the several states, all, possess
powers to increase the expense account.
lead to continual insistence upon the railroads being operated exclusively
Thus the expense account of the business .o which the private investor
for the public benefit through Government ownership and operation."
must be attracted, is seen to be largely beyond the owner's control.
Mr. Hines recognized the necessity of excess earnings x egulation.
Without referring to other deterrent conditions—such as the hope he
must abandon of speculative or large returns—if he embarks in this line of
Crux of Railroad Problem Solved by Section 6, Cummins Bill.
investment, and the positive attractions of competing subjects of invest-.
At a hearing before the House Committee which framed the Esch Bill,
in reply to a member of the Committee who after repeating substantially ment which are free from governmental regulation, from political interthe provision relating to rates then in the proposed bill, whether such pro- ference, and which are unrestricted in opportunities,let us turn to the things
cc must be done, if the policy of private ownership and operation is to
vision would change the past methods of the Commission for making rates,
Commissioner Clark, Chairman of their Legislative Committee and a succeed.
From what has been said, it is manifest that it is a condition precedent
member of the Inter-State Commerce Commission, stated that "it would
not change it in substance, becuase all of those things are now considered." to any successful system of regulation that there shall be an assurance to
In like manner, Commissioner Clark, when questioned upon the advisa- the investing public of revenues to the carriers adequate to attract the necbility of providing in the Act a fixed percentage return on value ascertained essary investment. The old system of unlimited and uncontrolled disby public authority which, as we have shown, carries with it regulation of cretion in the Interstate Commerce Commission will not be sufficient
excess earnings, stated, "it would avoid endless controversies (and) it would Congress has recently received from every investing source the assurance
that this system has not prevented an alarming decline of railroad credit.
put an end to interminable discussion and argument."
There is no higher type of man than the men who occupy responsible This conclusion has been reflected in each of the leading plans proposed
positions in the service of the railroads. From the locomotive engineer to to Congress—in the Warfield plan, by subjecting the discretion of the Comthe man who walks the track I do not believe one of them if fully informed mission to a fixed statutory percentage on values as a guide to rates; in the
would look for fairer protection to themselves and the public than is pro- Chamber of Commerce plan, by likewise subjecting the Commission's
vided by Section 6 of the Cummins Bill. Shippers and the public are discretion to a permanent rule of a fixed percentage on values; and in the
vitally concerned in this section, for unless adequate revenue is provided for Railway Executive's plan, by securing from an independent board, charged
the railroads, now only to be had through definite requirements of a fixed with the obligation to see that transportation facilities and services are at
return with a division and regulation of earnings in excess thereof substan- all times adequate, a certificate of the amount of revenue that it is necessary
tially as Section 6 provides, their railroad service will break down for that rate shall provide. In fact, it can not be denied that the conviction
another opportunity will not be afforded them for securing constructive is widespread, and, outside of governmental circles, universal, that something must be added to the discretion of the Interstate Commerce Commislegislation, and Government ownership will be forced upon them.
Whether all the existing railroads shall be ultimately forced to consoli- sion if the confidence of the investing public is to be attracted.
The railway executives,.from advices which they can not disregard,
date into twenty-five or thirty-five or even two or three larger companies,
or whether consolidations are made permissive (which we favor), it wi I apprehend that no fixed percentage on values can be adopted which will
require years of valuation, bargaining, and litigation in the case of the for- be adequate for the needs of the carriers; and,if a fixed percentage is adopted,
mer,.and considerable time in the case of the latter, so this is not the im- it will be accompanied by other conditions which can not be satisfied without
mediate issue. The crux of this problem lies in whether the principles laid undermining the very foundations of all property. They, accordingly,
down in Section 6 of the Cummins Bill are to be enacted into law as the have not seen fit to recommend a percentage figure in the statute, but have
only means to save the railroads on the termination of the proposed six urged, and are urging, upon the attention of Congress the necessity for a
months' extension of the standard return; or whether they shall be turned rule of rate-making which shall be precise and definite, and shall contain
back to their owners loaded with debt, many of them, their traffic dis- a statutory assurance that the proper elements in determining what revenue
rupted as the consequence of the necessary unification plans of the Govern- rates shall provide, will be properly considered by the regulatory body, and
ment incident to the war, with nothing to rely upon by the same regulating the necessary amount of revenue will be raised. We do not think that there
laws and procedure of the past, nothing definite upon which they can de- can be a legitimate doubt that the revenues, considered in respect to average
pend. Any legislation embodying substantially what is now on the statute conditions in a traffic group, should be adequate to provide (1) for the exbooks, though it may contahr added vergiage, will fail unless it empowers penses of operation, including labor and taxes; (2) a fair return upon the
the Commission to adjust rates through the regulation of excess earnings of property used or held for the public service; and, (3) a surplus sufficient
a comparatively few railroads, and to a fair and reasonably fixed initial as a basis of credit to attract the new capital needed for the facilities and
service which the commerce of the country must have. We think, further,
return to all.
Section 6 of the Cummins Bill is a constructive step in recognizing that that, in the present condition of inadequate credit under the system of
the impossible conditions which existed in the past between the shipper and unrestricted discretion in the Commission, it is necessary to provide an
the carrier must be stopped that the business of transportation may be authority whose express statutory duty it shall be to see that the facilities
carried on in a business fashion. The mandate by Congress to the Com- and service in transportation are up to the requirements of commerce; to
niission comes as near producing an automatic adjustment of rates as pos- study the credit of the carriers with reference to their needs in order that
sible, and will avoid the "endless controversies" (and) "interminable dis- they may be able to provide these facilities; and to certify the facts to the
Commission, which should take them as their guide in rate making.
cussion," as characterized by Commissioner Clark.
2046
THE CHRONICLE
'If these requirements are put in the form of definite statutory duties, we
believe that the administrative authorities will faithfully administer them,
and,in doing so, will be supported by an express statutory mandate in providing the revenues declared necessary by the legislature.
We believe that all revenues must come from rates; that it is as much
beyond the limits of constitutional regulation to make the rates too high
for the service as it is to make the rates too low; and that no rate can lawfully be permitted to be collected which it is unlawful for the carrier performing the service to retain.
If the private investor is to be attracted, It is, in our judgment,necessary
to avoid taking away any part of a carrier's earnings from lawful rates.
To do so, in our opinion, would be unconstitutional. It is not proposed,
however, to state here the reasons for that view.
For the reasons thus imperfectly and inadequately stated, it is submitted
that, if a system of transportation supported by private capital is to succeed, it is necessary:
First, That revenues shall be provided sufficient to enable the carriers to
efficiently perform their public duties, and, to that end, that a rule of rate
making be established which shall express, as a plain statutory requirement,
the elements that must be considered by the rate making power, and that
the Commission, in making rates, shall be guided by the expert advice of a
board specially charged with the responsibility of seeing that the transportation facilities and services are adequate to the needs of commerce, and with
the duty of ascertaining and certifying to the Commission the amount of
revenues the carriers need in order to provide them; and
Second, that the burden of providing these revenues shall be properly'
distributed by a single authority—which, in the nature of things, can only
be the national Government—between all the traffic, state and interstate,
of these interstate carriers, so that no class of traffic shall be unduly burdened, and no carrier shall be required to furnish service of any class at less
than reasonable compensation.
In other words, we ask for a system of harmonious regulation, based on
business principles—a system which shall not only contain the principles
of correction and repression, but also the assurance of proper ahd adequate
encouragement to those who lawfully engage in this basic and essentia
ndustrY•
HOUSE COMMITTEE RECOMMENDS REVIEW OF
SETTLEMENT OF WAR CONTRACTS.
A report alleging losses of several millions of dollars in
the settlement of eight war contracts by the War Department
was submitted to the House on Nov. 11 by Representative
Graham (Rep.) of Illinois, chairman of the Select Committee on Expenditures in the War Department.
Accompanying the report was a resolution requesting the
Secretary of War to review the settlement of certain claims
arising out of war contracts and if the Government has been
defrauded or if money is due it on the contracts, to take immediate steps to recover the amounts. The action is the
result of an investigation extending over several weeks by the
sub-committee on ordnance whose report was approved by
the full committee.
A minority report answering some of the charges of the
majority was filed on Nov. 14 by Representative Garrett,
Democrat, of Tennessee. Pasqa.ge of the resolution introduced by Chairman Graham, requesting review of all settlements, Mr. Garrett said, "was wholly unnecessary," and
would be construed as a reflection upon the integrity of that
branch of the War Department which has been engaged for
more than a year in settlements of war claims.
The resolution recommending review of the war settlements was formulated by the Select Committee's subcommittee on Ordnance. With reference to the findings of the
committee the report said:
In some of the cases investigated they obviously seem to be tainted with
fraud. In some also the committee is of the opinion that constructive if
not actual fraud occurred, vitiating the settlements.
The committee is of the opinion that millions of dollars are involved in
these settlements, which the Government might have a right to recover if
a proper review of such settlements were made. Part of the blame for this
condition is due to the rules adopted for the settlement of these claims and
the laxness and inefficiency of the Government representatives.
The sub-committee, among other things, has investigated the following
settlement of war claims and contracts, to wit: American Can Co., New
York, contract for hard bread cans; Stein-Burn Camp & Field Equipment
Co., Chicago, contract for fireless cookers, cooks' chests and bread boxes:
Henry Moss & Co., Chicago, contract for branding irons; Briar Hill Steel
Co., Youngstown, contract for corrugated roofing; National Enameling &
Stamping Co., Baltimore, contract for boilers and kettles; Standard Steel
Co., Hammond, Ind., contract for 964 240
-millimeter Howitzer carriages;
Jones & Laughlin Co., Pittsburgh, contract for by-product coke ovens, and
United Metals Selling Co., New York, contract for copper.
In all these cases except the last two named salvage values were fixed by
Government agents and army officers on special facilities furnished by the
Government, sometimes buildings and sometimse machinery. and equipment, which were, in the opinion of the committee, insufficient and unjjust
to the Government.
In the last case cited, that of the United Metals Selling Co., Immense
profits were made by the producers of copper by virtue of a combination of
the low price of copper producers, which was a combination aided and encouraged by the Government, although in violation of the law of the land.
The resolution originates in the sub-committee on ordnance, and is the
!vault of a very considerable investiagtion the sub-committee has made on
certain settlements of claims made by the War Department, or by the
various claim boards under its jurisdiction since Nov. 11 1918.
This investigation as shown by the hearings of said sub-committee has
taken a wide range. It has included investigation of the rules that have
been formulated by the War Department for the settlement of such claims
and the machinery that has been devised. It has gone into a few of the
great mass of claims that have been adjusted, all of which is incorporated
in 500 printed pages of committee hearings and is too voluminous to be
even briefed in this report.
The Act of March 2, under which the claims are settled, has never been
tested in the courts. It is manifest, however, that Congress had in con-
[VOL. 109
sideration when this Act was passed the probability or at least the possi
bility that some board or body might desire to review them. The select
committee has been created since the passage of that Act, but there remains
some doubt whether it is such a reviewing committee of Congress as is
Intended by the language of such Act. If it is, it has no right to bring
action to recover the moneys now due the Government. on said settlements,
which, through the Department of Justice, can institute the proper proceedings.
The minority views submitted by Representative Garrett
were summarized in Washington press dispatches of Nov. 14,
which said:
Representative Garrett, Democrat, Tennesee, minority member of the
special sub-committee investigating ordnance expenditures in the War
Department, to
-day filed a report answering charges made by Representative Graham, Republican, Illinois, in a majority report issued several days
ago, which claimed "settlements of war contracts by the War Department,
In some instances seem to have been obviously tainted with fraud." More
than 4,000 claims have been settled by the War Department since the armistice, Representative Garrett estimated.
"These claims and the settlements aggregate millions of dollars," his
report continued,"and nearly 3,000 yet remain to be settled. The majority
report cites the cases of eight contractors and without giving the details
of a single settlement of any one of these eight, makes a request that Secretary Baker review the thousands of settlements already made."
Passage of the resolution introduced by Chairman Graham accompanying
the majority report and requesting review by Secretary Baker of all settlements, Mr. Garrett said, "was wholly unnecessary."
"Its passage would be extremely unfortunate from whatever standpoint it
may be viewed," he added. "Its passage will be construed as a reflection
upon the integrity of that branch of the War Department which has been
engaged for more than a year in the settlements of claims against the Government growing out of the war contracts involving billions of dollars.
"There is nothing in the evidence taken by the Committee on Expenditures in the War Department to justify any such imputation or to give
ground for such inferences," Representative Garrett declared. "The
majority report states that the committee 'has gone into a few of the great
mass of claims that have been adjusted,' mentions certain ones, and, without definite reference to any particular adjustment, concludes with a loose
Indictment alleging fraud and 'laxness and inefficiency of the Government
representatives,' coupled with general criticisms of the settlement organization. Too strong emphasis cannot be laid upon the unfairness and injustice of citing 'a few cases without giving a single detail as to one of them.
predicating upon them a sweeping blanket'resolution asking for a review
of all settlements."
An investigation of all contracts and expenditures made by
the War Department during the war was called for under a
resolution passed by the House of Representatives on June 4.
The resolution provided for a "select committee of fifteen
members," whose appointment by the Speaker of the House,
Representative Gillett, was announced on June 5. The
inquiry was made to cover the matter of expenditures of
five branches of the War Department's activities—ordnance,
quartermaster's department, overseas supplies, aviation,
and the purchase of camps and cantonments, each inquiry
being conducted by a sub-committee composed of two Republicans and one Democrat. The main committee consisted of ten Republicans and five Democrats ("Chronicle,"
Aug. 2, page 437).
BILL EXTENDING WAR TIME SYSTEM OF PASSPORT
CONTROL BECOMES LAW WITHOUT
•
PRESIDENT'S SIGNATURE.
The bill extending the war-time system of passport control
and further regulating the entry of aliens into the United
States, the conference report thereon having passed the House
and Senate on Oct. 27, subsequently became a law without
the President's signature, the President having failed to
return the bill within the time prescribed by the Constitution.
The measure was submitted to the President on Oct. 29.
The enactment of such a law was requested by President
Wilson in a message to Congress in August. The law will
be effective until March 4 1921.
A statement submitted by the House conferees in connection with their report, explained the effect of the action
agreed on by the joint conference committee as follows:.
The agreement fixes March 4 1921, as the date when the law shall'cease
to be operative. The House proposal provided that it should continue in
force for a period of one year after the date when the act of May 22 1918.
entitled "An act to prevent in time of war departure from and entry into
the U. S. contrary to the public safety," should cease to be operative. The
Senate proposal would have made the law permanent.
The bill (H. R. 9782) passed the House on Oct. 16 by a
vote of 314 to 1, and the Senate on Oct. 22 without a record
vote. The President in a message to Congress on Aug. 25
asked that action be taken to extend the passport-control
Act of May 22 1918. "Information from agents of the
Government in foreign countries," the President said,
"indicates that as soon as the restrictions on travel are removed many persons will seek admission to this country,"
undesirable as future citizens, and "whose origin and affiliations make it inadvisable that they should be permitted
to enter the United States."
With reference to the scope and purpose of the measure,
Washington dispatches of Oct. 16 to the New York "Times"
said:
The passage of this bill was recommended by Secretary Lansing and other
officials as a means of preventing radicals rushing into this country [tame-
Nov. 29 1919.1
THE CHRONICLE
diately after the formal declaration of peace. Unless the law were extended
and made effective after peace is declared, there would have been no bar
against immigration except the literacy and other tests of the general immigration law.
When it was seen that it would be inmpossible to amend the immigration
law so as to prohibit general immigration for two years, Representative
Johnson, Chairman of the Immigration Committee, induced the Foreign
Relations Committee to recommend an extension of the passport law, to
which proposal Secretary Lansing agreed.
Under the present law, strict regulations are enforced as to outgoing
Americans, outgoing aliens, incoming Americans and incoming aliens. The
present bill deals entirely with incoming aliens, extending their passport
regulations as for one year after peace is declared; but it may cease to become operative within the year if so ordered by the President.
It was brought out during consideration of the bill that there are a large
number of aliens in Germany, Russia, and other unsettled countries who are
planning to come to the United States at the earliest possible moment.
Many, It was asserted, would be undesirable citizens, and most could not
be effectively excluded under the present immigration laws. Secretary
Lansing stated that the only way to check them was to stop them before they
salted, by means of a passport control system.
Mr. Lansing said it was very desirable that this country should carefully
watch the character of immigration during the crucial year which would follow the coming of peace. Within this year, it is believed, Congress will
determine its policy with respect to the admission or exclusion of applicants
for admission to the United States. The bill passed to-day is intended to
preserve the status quo while Congress is considering its permanent program.
2047
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Forty-five shares of bank stock were sold at auction this
week and no sales were made at the Stock Exchange. There
were no transactions in trust company stocks.
Shares. BANK—New York.
Low. High. Close. Last previous sale.
45 First National Bank of N. Y__ 993 993 993
Nov. 1919— 996
Walter H. Tappan has retired as Cashier of the National
City Bank of the city after twenty-three years' service with
the bank. His successor as cashier is Nathan C. Lenfestey,
previously assistant cashier in the Comptroller's Department.
William N. Enstrom and George D. Graves have been appointed vice-presidents of the Irving National Bank of this
city. Northrop Holbrook has been made an assistant cashier,
'
and Robert W. Kuebl, James C. Bradshaw, George Helfrich
and Fritz Hartman, have become assistant managers of the
Foreign- Department.
Brown Brothers & Co., 59 Wall Street, are distributing
an interesting study on the progress of the reconstruction in
France. This work has been prepared by the Statistical
Department, from whom copies may be obtained. In addiGUY E. BOWERMAN CHOSEN SECRETARY OF AMERI- tion to much important data on the subject not heretofore
CAN BANKERS' ASSOCIATION, SUCCEEDpublished in this country the booklet contains a general
ING F. E. FARNSWORTH.
survey of the economic outlook in the French republic and
The Administrative Committee of the American Bankers a series of appropriate. illustratinos and charts.
Association this week announced the selection of Guy E.
Negotiations that have been pending for thern past six
Bowerman of Idaho as General Secretary of the Association, to succeed Frederick E. Farnsworth, resigned. Mr. months have resulted in the Bankers Trust Company of
Bowerman has accepted and will assume the duties of his New.York acquiring the Hotel Bristol, in Paris, for a Paris
office Jan. 1 1920. An announcement made by the Ameri- office, according to a cable received by the company from
cani part:
Fred I. Kent, Vice-President. Mr. Kent's cable stated that
Bankers' Association says n
Mr. Bowerman began his banking career in South Dakota where he the Japanese Peace Commission which has been temporarily
spent fifteen years before going to St. Anthony, Idaho, soem twenty years occupying this property had vacated it, and that
the Bankers
ago. He organized the First National Banks of St. Anthony, Ashton, and Trust Company
would take possession on December 1st.
Driggs. Idaho, in which institutions he later disposed of his interest. He
participated actively in the organizarion of the Idaho State Bankers' The announcement by the Bankers Trust Company also
Association and his talent for organization work coupled with his own says:
personal interest in the passage of necesary and beneficial banking legislaThe Hotel Bristol, which for years has been
one of the most famous
tion resulted in his being honored a number of times by the organizations hotels in Paris, is located at 3 and
5 Place Vendome, with a frontage on
with which he became identified. He has been President of his District Rue St. Honore. This site is within
a few blocks of the Opera, Jarden des
Bankers' Association and of the Idaho State Bankers' Association, Vice- Turneries and Champs-Ely
sees, and is centrally located for American
President of the American Bankers' Association for the State of Idaho, and tourists who visit Paris.
The Hotel Bristol has been since the
Third Emin 1915 was elected a member of the Executive Council of the American pire one of the most famous
hotels in Paris, and for many years it was
a
Bankers' Association for a three year term. He has also served on the favorite abode of visiting
royalty. The exterior presents a fine appearance
State Legislative Council and the Federal Legislative Council. He is at that is in keeping with the quality
of the Bankers Trust Company's Downpresent interested in banks at St. Anthony, Sugar City, Rexburg, Rigby, town or Uptown offices in New
York. There are four floors and a basement,
and Brookland, Idaho, as well as two banks in Salt Lake City. He is with a total of 21,240 sq. ft.,
and work will be begun at once for an extensive
also Vice-President and Director of two banks and a Director of the Home reconstruction of the interior to
fit the needs of the Bankers
Fire Insurance Company at Salt Lake.
Because of the fact that the Bankers Trust Company Trust Company
is Trustee for the
Mr. Bowerman served as a member of the Idaho Legislature and was "A.B.A." Travellers' Cheques,issued by
the American Bankers Association,
Chairman of the Appropriations Committee of the House. He was a special arrangements will be made
in this Paris office for the convenience
member of the Idaho Committee on War Activities and is at present Com- of tourists using these cheques.
missioner of Finance for the State of Idaho. This office he accepted at the
It is hoped that the reconstruction work on the interior
of this building
urgent request of Governor Davis in view of Mr. Bowerman's known ability may be completed so that it will
be ready to handle all the Paris business
to handle intricate details of State finance including the subject of taxa- of the Bankers Trust Company by
Spring. The Bankers Trust Company'
tion.
present Paris office, which is in charge of Mr. Bertrom Lord,
is at 5 Rue
Mr. Bomerman is a man of independent fortune, for besides his banking Srcibe.
interests he has an extensive investment and real estate loan businesa,
which it has taken many ears to build. His broad experience in banking
Philip L. Saltonstall, member of the banking house
and business affairs combined with the fact that his training and environof
ment enable him to get the view point of the country banker, makes Mr. Tucker, Anthony & Co. of Boston and
New York, died on
Bowerman an ideal man for the office of General Secretary of the American Nov.
15 at the age of fifty-two, following a month's
Bankers' Association. He possesses a commanding presence, unusual
illness.
Mr. Saltonstall became a member of the firm
dignity, and a pleasing personality.
in 1897 and
Colonel Frederick E. Farnsworth, whose resignation as
General Secretary of the American Bankers' Association
was tendered at the recent convention at St. Louis or take
effect on the selection of his successor, announces that he
will leave that office Jan. 1 to take up his new duties as
President of the Bankers' Statistics Corporation of New
York.
PARCEL POST SYSTEM CLAIMED TO BE EARNING
$10,000,000 A YEAR.
As a result of the popularization of the parcel post system,
s, comparatively new branch of the Post Office Department,
the Government is now earning a profit from that source of
$10,000,000, Assistant Postmaster-General Koons contends. This fact was disclosed to the House Committee
on Post Office Department Expenditures, on Oct. 3, before
which Mr. Koons was testifying. Washington press dispatches of that date reporting the hearings of the Committee
said:
The parcel post is earning a profit of $10,000,000 annually, and rates
have been constantly reduced since the beginning of the service seven
years ago, Assistant Postmaster General Koons testified to-day before
the House Committee on Post Office Department Expenditures.
Mail order houses send most of their packages by parcel post. Mr. Koons
said, adding that deliveries had been so prompt that one big house asked
for delay in the service so that the packages would not arrive before invoices were sent out at night after dispatch of the packages during the day.
was associated with numerous banking, railroad
and public
utility corporations. Among the positions which
he filled
in recent years were the following: director in
the American
Trust Co., the Old Colony Trust Co. and the
Bay State
Trust Co.; President and director of Northwes
tern Power
Co. and Mesaba Railway Co.; President and director
of
.
the Kansas City, Clay County & St. Joseph Railway
Co.;
director of Bay State Street Railway Co.; director of
Electric
Bond & Share Co.; Treasurer and director of
Grafton County
Electric Light & Power Co.of New Hampshir
e; director of
Great Northern Power Co.; President and
director of Hartford & Springfield Street Railway Co.; Treasurer
and member
of the executive committee of Manchester
Traction, Light
& Power Co.; Trustee of Union Safe Deposit
Vaults; Trustee
of Warren Chambers Trust, and President,
director and
member of executive committee of Westfield
River Paper
Co. Mr. Saltonstall was one of those who some
years ago
bought 36 small street railways which later
became consolidated into the Bay State Street Railway
Co.
After an administration of nearly three
years, during
which period as a result of world war
problems, the banks
passed through the most trying experienc
es of all their
history, Philip C. Berg has resigned as
Superintendent of
Banks of Ohio to accept a Vice-Presidency
of the Guardian
Savings & Trust Co. of Cleveland, the
largest State bank
in Ohio. An announcement relative thereto
says in part:
2048
[VOL. 109.
THE CHRONICLE
Last spring this bank absorbed the Cleveland National Bank and in
doing so attracted the attention of the whole banking world because the
.
case was the first in the history of American banking where a State bank
absorbed a national bank. The Guardian Savings & Trust Co. has had a
wonderful development, especially during the past ten years. In 1908, at
the close of its first decade, it had 4,000 customers. The next ten years it
increased its deposits from eleven million to fifty-three million and its
roster of customers to more than one hundred thousand, of whom seventyfive carried active accounts either commercial or savings, This bank
is known as a young man's bank, most of its managing officials being men
in the neighborhood of forty years of age.
Ohio banks have experienced great prosperity during the period that Mr.
Berg has served as Superintendent. At the outset of his tenure, their
resources were $900,000,000. Since they have grown to more than $1,200,000,000, reaching the highest level in their history
During the war period, Superintendent Berg was called upon to solve
difficult financial problems the most important being one to modify
restrictions of the regulatory law so banks would not be hampered in placing
their facilities at the disposal of the Government for Liberty Loan and
war savings campaigns. The Superintendent ruled the law to be elastic
enough to permit him to allow banks to exceed limitations of normal times
in their patriotic work for the Government.
Prior to entering the State service he was a national bank examiner
and has been a student of banking and finance for many years, and is
considered an authority on such subjects. He has won his way in the
financial world by unremitting zeal and hard-earned merit. His career
as a financier began when early in life he was appointed cashier of a national
bank in Hillsboro, Ohio, his home city.
The Lake Shore Banking & Trust Co. of Cleveland has
decided to increase its capital from $650,000 to 00,000,
and, subject to the approval of the stockholders, to offer a
portion of the new stock to the employees on the same terms
at which the stockholders were perimtted to purchase a new
issue during the summer. The capital of the new institution
was increased in June from $500,000 to $650,000, and at that
time the stock was offered to shareholders at $133 33 per
share. In the case of the prospective issue, 80% will be set
aside for the present shareholders, the rest being made
available for subscription by the employees. The stockholders will meet on Dec. 15 to act on the question of increasing the capital to $800,000.
Sir Thomas White, K.C.M.G., formerly Canadian Minister of Finance, has become a director of the National
Trust Co. Sir Thomas, prior to becoming Minister of
Finance in 1911, had been General Manager of the National
Trust.
IMPORTS AND EXPORTS FOR OCTOBER.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for Oct. and.from
it and previous statements we have prepared the following:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers are in all cases omitted.)
MERCHANDISE.
Imports.
.Exports.
$504,797
411,362
522,900
500,443
550,925
483,799
507,468
527,014
550,396
501,861
522,236
565,886
$622,553
585,097
603.142
714,800
603,967
928.379
568,688
646,062
596,535
631,911
January
February
March
April
May
June
July '
August
September._
October
November
'December
1917.
1918.
1919.
1919.
$3,746
5,084
2,809
3,560
3,599
2,704
7,200
3.277
2,284
2,178
3,048
1,580
$4.404
2,549
1,912
2,746
6,621
31,892
2,597
1,555
2,611
1,470
1,920
1,766
2371.884
258,928
103,766
139,499
32,372
52,262
91,339
27,304
18,692
4,172
4,150
2,906
17,066
$62,043
$2,113
3,945
10,481
6,692
1,080
26,134
1,846
2,490
1,472
4,970
$20,720
22,068
17,920
16,965
57,698
67,164
69,052
46,049
31,333
11,154
7,223
4,538
$41,069
Total
1917.
1918.
1919.
1917.
1918.
$3,396
3,110
3,803
1,770
1,956
82,973
54,673
45,189
29,050
44,149
January
February
March
April
May
June
July
August
September_
October
November.
December _
$241,794
199,480
270,257
253,936
280.727
306,623
225,926
267,855
236,197
221,227
220,535
227,911
Imports.
Exports.
1919.
1917.
$233,942
207,715
242.162
278.981
322,853
260,350
241,878
273,003
261,669
246,765
251,008
210,887
$3,031,213 $2,952,468
$6.149.087 $6,233,513
GOLD.
Total
1918.
$212,993
235.124
267,596
272,957
328,926
292.915
343.746
307,289
435,385
415,666
$613,325
467,648
553,986
529,928
549,674
573,467
372,758
488,656
454,507
542,101
487,328
600,135
$552,454
SILVER.
Friends of Melvin A. Traylor, President of the First Trust
and Savings Bank of Chicago, have launched a campaign
to encourage his appointment to the treasury portfolio in
President Wilson's cabinet to succeed Carter Glass. William
G. McAdoo,former Secretary of the Treasury, is said to have
taken a personal interest in the proposed appointment and
Trayler's friends are encouraged to believe that the President may make the appointment upon the advice of his sonin-law. Mr. Trayler was in charge of the sale of United
States Treasury certificates of indebtedness in the Chicago
Federal Reserve District and made a record in Government
financing. This work drew the attention of James B.Forgan
to Mr. Trayler with the result that he was elected to head the
trust company of the First National group at the age of
forty. Mr. Trayler is peculiarly fitted for the position.
He is an able lawyer, a trained banker, a student of economics, a forceful speaker, and a man of dominant and engaging personality.
He was president of the Live Stock Exchange National
Bank and of the Chicago Cattle Loan Company, previous
to his election to his present position.
A pamphletltreating of its newly established trust department has been issued by the Chemical National Bank of this
city. The bank states therein that it is "prepared to extend
the services heretofore performed so as to include the fiduciary relationship in all its branches, and in addition to assume entire charge of personal and real property,performing
all acts necessary to their proper conservation." A concise
summary of.the services which the bank will renderin its trust
departmentlis furnished in the booklet, these services, it
notes, being "identical with those which a trust company
organized under the laws of the State of New York is permitted to perform."
Imports.
Exports.
1918.
1919.
$6,628
6,519
13,432
12,251
46,381
8,566
40.686
20,549
10,340
32,038
7,150
48,306
$252,846
Total
I
$5,576
6.757
8,198
7,067
7,913
7,079
5,528
8,327
7,539
8,723
1917.
1918.
$84,131
$5,998
4,449
6,963
5,081
7,298
5,351
5,220
7,257
7,172
8,766
5,490
4,330
$3,346
2,478
2,977
2,376
4,741
2,235
3,420
5,681
5,796
5,050
9,086
6,155
$71,375
$5,887
7,694
5,556
4,353
6,272
8,965
5,538
7,504
10,465
6,983
4,789
10,125
$19,615
33,100
23,106
25,077
28,598
12,608
8,262
13,809
12,928
12,270
January
February
March
April
May
June
July
August
September__
October
November
December
1919.
1917.
$53.341
EXCESS OF EXPORTS OR IMPORTS.
Jan _
Feb_ ..
Mar.
April_
May.
June
July
Aug Sept
Oct _Nov
Dec_
1918.
Silver.
Gold.
Merchandise.
1919.
1917.
1919.
1918.
Total
-658
+1,283
-835 +2,535
-6,678
+898
+8141
-4,922
+876 -3,022
+56,839 -29,188
+52,827 +4,603
+42,699 +1,722
-327
+27,578
+708
+1,128
-186
+3.117,874 +3,281,465
+409.560
+349,973
+335,546
+441,843
+275,041
+635,464
+224,942
+338,773
+161,150
+216,245
$
+371,531
+268,168
+283,729
+275,992
+268,947,
+266,844
+146,832
+220,801
+218,310
+320,874
+266,793
+372.189
1919.
-20,974
+270,855
+203,647
+280,738
+221,462
+228,072
+223,449
+265,59
+254,014
+288,727
+255,096
+271,228
+354,999
+14,039
+26,343
+14,908
+18,010
+20,685
+5,529
+2,734
+5,482
+5,389
+3,547
1918.
$
+630
+2,070
+6,469
+7,170
+39,083
+3,215
+35,466
+13,292
+3,168
+25,272
+1,660
+43.976
+181.471
+ Exports. -Imports.
Totals for merchandise, gold and silver for ten months:
Merchandise.
10
.
.... vo
(0003
omitted).
Exports.
Imports.
Excels ,
Exof
Exports. ports.
Gold.
Excess
Exof
Imports. Exports ports.
$
s 1 s
S
s
$
$
1919..6.501,133 3,112,5963,388,537 270,070 61,223208,847 189,374
121,532
1918..5,063,965 2,569,318 2,491,647 36,441 57 9731172359 197,369
69,217
1017. 5,146,050 2,504,022 2,642,028 360,123 532,482
53,740
1916. 4,443,240 2,009,833 2,433,407 101,484 480,3971378913 40,795
1915.2,867,694 1,451,26811,416,426, 15,873 345,560/329685
113.960207.959 45.8871162.072 42.453
1014 1M2.1131.548.153
Excess
of
Imports. Exports
$
$
72,707 116,667
61,549 135,820
38,100 31,117
20,127 27,613
28,505 12,290
20,515 21.938
The Hibernia Bank & Trust Co. of New Orleans during f Excess of Imports.
the past 12 months has made, it is announced, the largest
Similar totals for four months siace July 1 for Six
gains in its history. The figures of deposits on Nov. 17 this years make the following exhibit:
year were $50,000,000 whereas one year ago they were only
Silver.
I
Gold.,
Merchandise.
$28,000,000, a gain for the year of $22,000,000 thus being
4
Mos.
Sam
witnessed. The total resources a year ago were $39,000,000 (0005
Excess
Excess
of
InsExIm-of
Exof
Imon Nov. 17 of this year they reached $69,000,000, an increase omitports. Exports. ports. ports. Exports ;0118. ports. Exton*
led).
for the year of $30,000,000.
$
$
$ 1 s
I S
$
Sir Thomas White, formerly Canadian Minister of Finance, has been elected a director of The Canadian Bank of
Commerce (Head Office, Toronto).
1919.. 2,443,19 1,602.085 841,110 173,062 10,778 162,284 47,269
7,849 7,089 103,592
1918.. 2,086,738 1,023,314 1,063,424 14,93
8
1917.. 1,858,022 951,205 006,8171157,588 54,317103,271 30,490
35,078 293,417.258339 22,698
1916.. 1,962,619 724,737 1,237,882
8,293200,636.192343 15,946
1915.. 1,165,886 585,458 580,42
1914.. 615,271 567,236 48.0341123,984 15,1441108,840 16,942
IExcess of imports.
30,117
26,409
19,947
10,715
12,763
7,925
17,151
77,183
10,543
11,983
3,183
9,017
Nov. 29 1919.1
THE CHRONICLE
FINANCIAL STATEMENT OF U. S. JUNE 30 1919.
(Formerly Issued as "Statement of the Public Debt.")
The following statements of the public debt and Treasury
cash holdings of the United States are as officially issued
as of June 30 1919:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Balance held by the
$
• Settlement warrants,maTreasurer of the U. S.
tured interest obligaas per daily Treasury
tions, and checks outStatement for June 30
standing:
1919
1,251,664,827 54
Treasury warrants_7,199,695 03
Deduct
-Net occess of
Matured interest obitdisbursements over regationsa
80,145,012 72
•
ceipts in Juno reports
Disbursing
officers,
subsequently received. 25,499,892 28
checks
136,088,185 51
Balance free of current
obligations
1,002,732,042 00
1,226,164,935 26
1,226,164,935 26
a The unpaid interest due on Liberty Loan is estimated in cases where complete
reports have not been received.
PUBLIC DEBT BEARNING NO INTEREST.
•
(Payable on presentation.)
Obligations required to be reissued when redeemed:
United States Notes
5346,6S1,016 00
Less gold reserve
15.,979.025 63
Excess of notes over reserve
$193,701,990 37
Obligations that will be retired on presentation:
Old demand notes
53,012 50
National bank notes and Federal Reserve bank notes assumed by
the United States on Peposit of lawfulmoney for their retirement 35,830,457 00
Fractional currency
6,843,314 82
2049
It will be observed that the net imports amount to £55,339,98
2. Nearly
the whole of this suns consists of the net imports from
Belgium (together amounting to over L42,750,000).the Netherlands and
These remittances
are said to have been made in payment of foodstuffs
, &c., supplied by the
United States to Germany.
•
SILVER.
The market has remained in much the same condition,
although no inclination has been shown here to buy for shipment to
China. Ready supplies are still scanty, but, on the other hand,
the
courage demand from abroad, and from the trade present high prices disin
individuals have commenced to overhaul their stock this country. Private
of manufactured silver
goods with a view to realize the metal
in their bulky and in artistic articles
which possess no sentimental value.
The price in New York touched 133 cents per
coining value in the U. S .A.). This, at the fine ounce (4 cents over the
exchange of 4.12, is equal to
71.72 pence per standard ounce. London
has been by much the cheaper
market of the two, for, at that time.
only 687'sd.
the 12th inst. the price rose to 69d. The difference was quoted here. On
between silver for cash
and for forward delivery varied, the widest
difference being that of 2%d.
to-day. On the 10th inst. the quotation
for two months exceeded for the
first time 66d., the melting value of our
The stock in Shanghai on the 8th inst.silver currency.
consisted of about 19,185,000
ounces in sycee, 11,000,000 dollars, and
2,300 bars, as compared with about
19,850,000 ounces in sycee, 11,000,000 dollars,
and 4,000 bars on the 25th
ult.
The Shanghai exchange is quoted at
7s. the tael.
Quotations for bar silver per ounce standard:
Nov. 7
663 d.cash 643is• 2 Mee.
%
" 8
67d.
"
65d.
" 10'
68%d.
" 11
68%d. "
66gd.
" 12
69d. • "
66%d. "
" 13
69d
6654d. "
"
Average
68.25d."
66.021d. "
Bank rate
6%
Bar gold per fine ounce, about
100s.
The prices to-day for cash and two
months delivery are, respectively.
2hd. and 23id. above those fixed a week
ago.
"
Total
$236,428,774 69
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
(Payable on presentation.)
ENGLISH FINANCIAL. MARKETS
-PER CABLE.
Funded Loan of 1891,continued at 2%,called for redemption May 18
. The daily closing quotations for securities, &c., at London,
1900; interest ceased August 18 1900
$1,000 00
Funded Loan of 1891, matured September 2 1891
• 19,800 00 as reported by cable, have
been as follows the past week:
Loan of 1904, matured February 2 1904
13,050 00
London,
Funded Loan of 1907, matured July 2 1907
Nov.22. Nor. 24. Nov.25. Nov.26. Nov.27. Nov.28.
407,350 00
Week
Refunding Certificates, matured July 1 1907
Sat.
Mon.
Tues.
10,840 00 Silver, ending Nov. 28.,
Wed. Thurs.
Frt.
per oz
Old Debt matured at various dates prior to Januarly 1891,and other
d 74
75X
.76
755i
74
72X
items of debt matured at various rates subsequent to Jan. 1 1861._
Holiday 51
900,330 28 Consols, 255 per cents
---503
50(
51
British,
Certificates of indebtedness, at various interest rates, matured_ _
Holiday 91
8,821,000 00 British, 5 per cents
903(
90%
915(
Loan of 1908 18
Holiday 8541
---936,000 00 French 4X per cents
8531
8.531
8551
Rentes (in Paris), fr.. 61.40
61
60.20
60.10
60.10
60.5
French War Loan(inParis),fr. 88.50
Total
87.80
87.80
$11,109,370 26
87.85
____
87.85
INTEREST BEARING DEBT.
The price of silver in New York on the same days has been:
(Payable on or after specified future dates.)
Silver in N. Y., per oz--_cts_135
137}
13651
135
Holiday 129
Amount
Interest
-Outstanding June 30 1919
Issued.
Title of Loan- Payable.
Registered.
Coupon.
Total.
$
$
$
2s, Consols of 1930.Q. J. 646,250,150 598,031,100
GOVERNMENT REVENUE AND EXPENDITURES.
1,692,950
599,724,050
45, Loan of 1925_ __Q. F. 162,315,400 105,036,250
13,453,650
118,489,900
Canal Loan:
Panama
Through the courtesy of the Secretary of the Treasury, we
54,631,980 48,948,080
28, of 1916 3&_-Q. F.
6,100
48,954,180 are
enabled to place before our readers to-day the details of
28, of 1918 38.._ _Q. F.
30,000,000 25,835,520
111,880
25,947,400
3 of 1961
8,
Q. M.
50,000.000 43,389,600
6,610,400
50,000,000 Government
and disbursements for October 1919
3s, Conversion bds..Q. J.
28,894,500 6,705,000
22,189,500
28,894,500
Var., ctfs. of indebt..J. J. 4,719,582,400
3,446,260,490 3,446,260,490 and 1918 and for the four months of the fiscal
years 1919-20
25, Ctfs. of indebt_ J. J. 178,723,000 178,723,000
178,723,000
3Xs,First Lib. L'n _J. D. 1,989,455,550 288,862,500 1,121,209,100 1,410,071,600 and 1918-19.
48, 1st L. L'n,conv_J. D. 568,318,450 21,062,950 146,729,800
167,792,750
Receipts.
Oct. 1919.
Oct. 1918. .4 Mos. 1919. 4 Mos. 1918.
4(s,1st L.L.,cony_J. D. 405,443,150 86,588,100 316,852,000
403,440,100
Ordinary
45j8,1stL.L.2d conv.J. D.
3,492,050
1,112,700
2,379,350
3,492,050 Customs
24,276,476
11,453,097
90,552,598
48, 2d Lib. Loan..
..M. N. 3,807,864,200 85,042,950 618,261,400
54,185,814
704,204,350 Internal revenue:
44s, 2d L.L.cony.kl. N. 3,034,609,850 444,421,350 2,417,830,900 2,862,252,250
Income and profits tax
34,903,495
30,136,620 1,052,459,588 594,736,829
4 Xs,3d Lib Loan .._M. S. 4,175,148,700 530,720,350 3,427,832,350 3,958,552,700
Miscellaneous
139,333,736
93,327,252 503,946,584 372,017.370
4 sis, 4th Lib. L'n_A. 0.8,6,959,504,587
6,794,504,587 Miscellaneous revenue
58,201,459
16,058,976 247,602,466
3( 45fs, Vie. L. L_J. D.d3,467,844,972
74,435,921
3,467,844,972
b4s, War Say. & Thrift
Total
266,715,166 150,975,945 1,894,561,236
stps., ser. 1918 19bMatal,091,017,006
1,095,375.943
953,997,435
953,997,435
2X 8, Postal Say.
-Bonds.
Panama Canal
(1st to 16th ser.) _J. J.
11,349,960 10,676,000
673,960
11,349,960 Tolls, &c
394,589
604,815
1,424,498
2,218,639
Aggr. of int. bear'g debt_31,384,445,995
25,234,496,274
Public Debt
First Liberty bonds
a This amount represents receipts of the Treasurer of the United States on account Second
2,664,306
Liberty bonds
129
971
129
of principal of bonds of the Fourth Liberty Loan to June 30.
485
Third
150,440
287,334
200,460 933,295,693
b The average issue price of War Savings Stamps for the years 1918 and 1919, FourthLiberty bonds
2,165 2,295,109,704
5,037,641 2,296,749,204
with interest at 4% per annum compounded quarterly for the average period to Victory Liberty bonds
notes
136,008,130
maturity, will amount to $5 on Jan. 1 1923 and Jan. 11924. respectively.
946,092,160
Thrift Certificates of indebtedness 29,675,000 1,198,489,800 5,865,783,5
stamps do not bear interest.
13 5,026,154,500
War Savings & Thrift st'ps
7,316,468
89,084,097
24,806,441 527,160,822
c This amount represents receipts of the Treasurer of the United States on account Postal
Savings bonds
of proceeds of sales of war savings certificate stamps and U. S. Thrift stamps.
103,140
198,180
Deposits for retirement of
d This amount represents receipts of the Treasurer of the United States on account
national bank notes and
of principal of notes of the Victory Liberty Loan to June 30.
Federal Reserve bank
notes (Acts of July 14 '90 _
RECAPITULATION.
and Dec. 23 1913)
2,750,295
GROSS DEBT.
428,180
6,677,207
NET DEBT.
11,938,247
Debt bearing no int.__ $236,428,774 69 Gross debt (opposite)_825,482,034,418
49
Total
175,902,627 3,583,400,086 6,848,700,691
Debt on which interest
Deduct
8,798,161,437
11,109,370 26
has ceased
Balance free of curGrand total receipts __._433,012,382 3.734,980,846
Interest-bearing debt_ _25,234,496,273 54
8,744,686,425 9,895,756,020
rent obligations___ 1,002,732,042 00
Disbursements.
:Gross debt
$25,482,034,418 49
zNet debt
$24,479,302,376 49
Ordinary
Checks and warrants paid
z Total gross debt June 30 1919, on the basis of daily Treasury statements, $25,
(less balam es repaid,&c.)411,203,606 1,143,625,062
484,506,160 05; net amount of public debt payments in transit, &c.,
2,428,157,472 5,150,580,570
June 30 1919, Int. on public debt paid __113,521,358
52,471,741 56; balance, 825,482,034,418 49.
30,997,344 250,424,147
83,232,058
z No deduction 18 made on account of obligations of Foreign Governments or other
Total
524,724,964 1,174,622,406 2,678,581,619 5,233,812,6
Investments. The amount of $9,102,285,015 56 has been expended to
28
above date
preceding fiscal years for purchase of the obligations
in this and
of Foreign GovernSpecial
ments and $7,570,000 of such obligations have been repaid.
Panama Canal: Cheeks paid
(less bals., repaid, &a.)__ 1,469,315
1,139,855
2,973,658
4,587,466
Purchase of obligation.s of
THE ENGLISH GOLD AND SILVER MARKETS.
foreign Governments..___ 50,154,927 489,100,00
0 304,086,873 1,393,985,000
Purchase of Federal Farm
We reprint the following from the wepkly circular of
Loan bonds:
Samuel Montagu & Co. of London, written under date of
Principal
3,500,000
Accrued interest
Oct. 13 1919:
37,329
GOLD.
Total
51,624,242 490,239,855 307,060,531 1,402,109,7
The Bank of England gold reserve against its note issue
95
is
a slight decrease of £25,175 as compared with last week's £86,272,430,
Public Debt
return.
There has been a quantity of gold on the market this week. The
Bonds, int.-bearing notes
bulk
has been disposed of to India, but sales have also been made to America
and certificates retired _ _157,961,205 1,167,610,497 6,114,187,1
61 2,982,329,203
and the Continent. Larger offerings are expected for next week.
One-year Treasury notes reThe following are the imports and exports of gold into and out of
deemed (Sec. 18, Federal
the
United Kingdom during the four months ending Oct.
Reserve Act, approved
31 1919:
Dec. 23 1913)
5,064,000
Imports.
9,849,000
Exports.
National bank notes and
Netherlands
£24,547,500
- £4,281
Fall Reserve bank notes
Belgium
18,224,500
11,140
retired (Acts of July 14
Switzerland
112,000
1890 and Dec. 23 1913).._ 2,407,950
Spain and Canaries
2,061,975
8,489,420
6,922,253
12,000
305,504
West Africa
474,227
126
Total
160,369,155 1,174,736,472 6,122,676,5
United States of America
81 2,999,100,456
406,787
657,640
Egypt
8,853
150,000 Grand total disbursements 736,718,361 2,839,598,7
Rhodesia
33 9.108,318,732 9,635,022,879
894,983
Cape of Good Hope
300,000 Excess of total receipts over
Transvaal
13,363,998
total disbursements
British India
895,382,114
1,342,515
260,733,141
2,426,220 Excess of total disbursem'ts
Sundry Countries
229,016
197,486
over total receipts
303,705,979
363,632,306
£59,504,379 £4,164,397
• Receipts and disbursements for June reaching the
Treasury in July are included
receipts
[VOL. 109.
THE CHRONICLE
gommetcial andWisceilanconssews
FOREIGN TRADE OF NEW YORK-MONTHLY
-In addition to the other tables given in
STATEMENT.
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House:
Merchandise Movement at New York.
Month.
1919.
I
Customs Receipts
at New York.
Exports.
Imports.
1918.
1919.
1918.
5
January __ 85,880.20 88.164,970 264,514,534 248,203,724
February _ 110.759,84. 94.303,999 311,376.177 168,713.182
March_ _ 130.844.31 98.360,412 312.904,175251,325.068
.564.991. „ 291,719,439
145.065,15,
April
178.233,47 149.434,134 280,404.527 219,019,748
May
152,314,92 112,622,329429.160,599 205,313,999
June
179,457.37S1 96.101,747 237,532,410 237,731,667
July
August ___ 163.182.18S 122.452.147 264.759,378 209,108,295
September 251,529.881 115,731,618 267,365,966 197,725,054
October __ 214,756,732,105,821.699 324,627.015 182,657,189
1919.
1918.
8,026,387 7,488,551
9.856,34
8,177,780
10,600,101 9,870,168
12,881,216 10,525,971
12.318,060 12,162,731
13,964,223 10,665,910
15,281,139 9,215,233
15,444,278 8,589,023
16.740,934 8,438,132
16,792,153 7,350,250
Total..., 1612024115111045580463024059696 2211517365 131,901,845 92,483,749
Imports and exports of gold and silver for the 9 months:
-New York.
Silver
Gold Movement at New York.
Month.
Exports.
Imports.
1919.
1919.
1918.
1918.
$
657,94 I
3,170,387
301,073
223,777
1,302,420
203,500
3,903,713
268,600
737,990
381,2
Imports.
Exports.
1919.
1919.
7,038
2,566,942
2,360,639
2,115,201
2,650,017
828,695
1,974,668
1,630,894
1,777,994
2,039,169
$ .
6,299,043
5,574,910
3,979,692
8,405,101
6,272,817
1,115,157
1,193,471
1,901,535
2,881,673
549,939
January __
February _
March_
April
May
June_ _ _
July
August __.
September
October
649.358
529,787
668,246
699,827
506.758
414,262
393,587
1,310.313
287.011
2,683,735
2,517,289
1,070,27
993,993 2,346,310
628,514 2,311,250
1,187,332
518,14
660,277 1,422,830
58,876,463
534,4
627,829 23,609,186
638.892 3,921,003
559.988 5.279,491
456,282 3,080,163
Total__ _
8,142,884
6,738,531104,551.317 11,150.030 18.001,257 38,173,338
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
4 Fourth Atlantic Nat. Bank...275
4 National Shawmut Bank_ __.270
19 U. S. Worsted Co. 2d pref.__ 854
3 Contoocook Mills, common__ 85
155
25 Arlington Mills
35 Merrimack Mfg., common_ -112
15834
3 Lowell Bleachery
1754
50 Nashawena Mills
182
50 Nonquitt Spinning Co
155
50 Arlington Mills
1444
12 Lancaster Mills, ex div
1094
5 Nashua Mfg., preferred
1224
6 Hamilton Woolen
1 Merrimack Mfg., preferred.... 8234
200 Caro. Clinch. dr 0. Ry., pf_26 274
9 Bay State Ry., pref.(full paid
30-31
certifs.)
1,8211 Underground Elec. Rys. of
London, Ltd., trust ctfs.,
25c. per sh.
LI. each
455 Underground Elec. Rys. of
• London, Ltd., £10 each... 8)4
$ per sh•
Shares. Stocks.
25 Springfield Ry. Cos., pref.__ 3334
154.
Opera Co
2 Boston
10 Quincy Mkt. C. S. & Ware
1824
house, common
30 Groton & Knight Mfg., pref. 9934
)$6.50
240 Colonial Lumber, pref
390 Colonial Lumber Co., corn j lot
25 Boston Nut. Baseball League
1
30 Hopkins dr Allen, pref
203 Mass. Bonding & Insur_.8634 884
225 Clinchfield Coal Corp., corn. 39
10 Mass. Fire tt Marine Ins_ _ _110
5 Essex Co., ex div., $50 each_200
5 Merrimac Chemical, $50 each 924
156
25 ;Wed Rubber Co., corn
161 180
31 SUllivan Machinery
Per cent.
Bonds.
$1,000 Concord Maynard dr Hudson
St. Ry. 1st 5s, 1922 (couRon July
45 flat
1919 off)
$25,000 Boston Suburban Elec. Cos.
6034
48, 1919
534
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares. Stocks.
90
122 American Meter Co
137 Continental Equit. T. dr T.
9534 9534
par $50
30
10 Fairhill Coal
6534
5 Standard Ice Mfg. pref
4034
5 Standard Ice Mfg.corn
10 Phila.. National Bank _481-482
320
10 Fourth St. Nat. Bk
23 Bank of North America_ _ _ _295
16034
12 West End Trust
45
1 Mutual Trust par $50
130
4 Pelham Trust
10534
45 Wayne Title & Trust
5 Atlantic Title Co. (Atlantic
12734
City)
27 Lumbermens Ins. par $25_ _1054
104
10 Phila. Life Ins. par $10
15 Victory Insurance, par 550.1164
110
3 Reading City Peas Ry
200 H. K. Mulford, par 55,)..... 54
30
'1 Penna. Acad. of Fine Arta
95
1 American Dredging
21 Farr & Bailey Mfg., pref._ _100
80 No. Amer. Timber Holding,
10
pref
10
70 Bay Du Nord Corp
10
150 Cherokee Timber
16,066 West Coast MM.dr Smelt.,
$150 lot
par $1
2,000 California Mineral Water-550 lot
MOO lot
100 West Jersey Mtge
'Percent.
Bo-ds.
$500 Standard Ice Mfg. Co. 1st
88
5s, 1929
$1,000 Northumberland Co. Gas &
81
Elec. 1st 5s, 1946
$2,000 Metropolitan El. (Reading)
92
1st 5s, 1939
$200 Springfield Consol Water
55
1st 5s, 1958
$6,000 Corpus Christi Ry. & Lt.
1st Os, 1934 (July 1919
.
934
coupon attached)
$2,000 American Gas Coll. 50, 1920 9934
Porto Rico Gas 1st s. f. 6s,
$4,000
2.54
1953
$7,000 Rich Patch Iron & Ore 1st
5
1918
5s,
$10,000 Choate Oil Corp., Cony.
• 2934
75., 1922
$2,000 Midland Valley RR Adj.
"Inc." Series "A" 55,'53- 19
$1,000 Midland Valley RR. Adj. 19
• "Inc." Ser. "B" 5s, '53$55,000 The Denver & Salt Lake
RR. 1st 3 55, '43 (May
1916 coupons attached). 334
The Denver & Salt Lake RR.
$6,200
1st 5s, '1943 (May 1916
coupons attached) Cert.
334 4
of Dep
-Among other securities, the following,
Auction Sales.
-The clearings for the week
Canadian Bank Clearings.
not usually dealt in at the Stock Exchange, were recently sold
with the
and Philadelphia:
ending Nov. 20 at Canadian cities, in comparison
at auction in New York, Boston
an increase in the aggregate of
same week of 1918, Show
By Messrs. Adrian H. Muller & Sons, New York:
Per cent. 33.7%.
Per cent. Shares. Stocks.
Shares. Stocks.
465 Chic. Elev. Ry. coll, trust
ctf. for pref. panic. shares.. _ 24
Week ending November 20.
300 metallurgical Securities.. 5100 lot
Clearings al
200 Metallurgical Securities pref.
Inc. Or
1916.
$200 lot
80% paid back
1917.
Dec.
1918.
1919.
15225
370 H. B. Claflin Co., corn
$
110 H.B. Claflin Co.,2d pref.__ J lot
5
%
$
$
Canada91,805,709
144
5 Electroline Co., pref
166,627,836 104,812,295 +59.0 81,065,009
58,307,212
144 Montreal
5 Electroline Co.. corn
103,660,177 83,456,214 +31.4 57,985,769 66,801,849
5,500 Preclilecta Min.,$10 each_ _320 lot Toronto
69,156,557 72,720,582 -4.9 75,708,426 7,259,453
Winnipeg
10,300 Orphan Copper,$5 each. _340 lot Vancouver
18,484,736 12,607,370 +46.7 10,016,308 5,521,236
$25 lot
86 Wasson Piston Ring
16,879,925 9,657,453 +74.8 5,749,905 4,312,700
Ottawa
1,100 Al Package Grocery Stores,)
8,070.978 5,857,322 +37.8 4,975,461
Quebec
'pref., $10 each
}830
5,847,988 6,075,843 -3.8 3,101,750 2,840,580
Halifax
15,200 All Package Grocery Stores] lot Calgary
11,004,418 8,053,991 +36.6 10,598,371 7,696,415
corn., $10 each
8,720.975 7.090,915 +23.0 5,439,962 4,719,057
Hamilton
1
779 Chicago Elev. Ry., pref
4,168,048 2,777.418 +50.1 2,063,207 1,959,981
St. John
200 Mutual Film Corp., corn...1540
4,142,005 2,033,808 +103.7 1,864,456 1,600,000
Victoria
425 Film Exchange Corp., com_ j lot London
4.886,435 3,431,201 +42.4 2,098,598 1,978,240
27 Buff. & L. E. Trac., com _ $16
6,361,807 3,711,349 +71.4 3,768,806 2,954,508
Edmonton
* 27 Buff. & L. E. Tree., prof..-f
6,182,474 5,334,314 +15.9 4,645,050 3,991,076
Regina
1.00 lot
689,709
832,394
800 Permutit Co
+3.2
1,058,336 1,025,724
Brandon
Per ce-,t.
Bonds.
859,256 1,074,478 -20.0 1,139,115 1,101,172
Lethbridge
$50,000 Metropol. By Products,Inc.
2,972,502 2,319,273 +28.2 2,651,601 2,413,707
Saskatoon
Ser. C., 1926; Jan. 1717 coupons
2,332,386 3,001,641 -22.3 1,792,547 1,868,464
Jaw
$1,000 lot Moose
781,480
attached; stamped
960,201
1,731,383 1,118,206 +54.8
Brantford
121,977
$10,000 Yolo Water 55, ate. of dep.
936,654 +32.1 1,002,512
1,237,439
Fort William
$1,000 lot
327,928
394,064
614,018 +36.2
836,210
New Westminster
804,855
718,869
$5,000 Union Dye & Chem. Adjust.
510,809 +13.2
578,366
Medicine Hat
$100 lot Peterborough
844,329
766,460
6s, 1923
964,054 1,064,381 -9.4
48
545,854
842,641
+7.5
$35,000 Monon Coal .5s
1,202,596 1,118,928
Sherbrooke
572,590
754,582
896,130 +58.3
$10,000 Augusta Aiken Ry. dr Elec.
1,418,829
Kitchener
25
5s, 1932
3,092,815 1,774,490 +73.7
Windsor
86
427,734 +63.4
698,710
$25,000 Allied Packers 6s
Prince Albert
$16,900 Chic. Elev. Ry. 10 year
6
459.177.241 343.502.544 +33.7 280.966.008 272.180.081
deb. 68, 1924
Total Canada
Co.
$3,000 Continental Pub. Wks.
$10 lot
6% notes•
£2,000 City of Riga 44s, Loan of
DIVIDENDS.
1913, May 1919 coup. attached
$2,050 lot
following shows all the dividends announced for the
& Nor. Ind.
The
$20,000 Ft. Wayne
Trac. ref. 5s, ctfs. of dep., and
future by large or important corporations:
200 shs. Ft. Wayne & Nor. Ind.
Trac. pref. ctfs. of dep. and 200
Dividends announced this week are printed in italics.
she. Ft. Wayne & Nor. Ind.Trac.
$7,500 lot
common ctfs. of deposit
$33,700 Chic. Elev. Ry. deb. Os... 6
Books Closed.
When
Per
$50,000 Chic. Elev. Ry.55(not eat) 11
Days Indust's.
Cent. Payable.
Name of Company.
$31,000 Caro. dr Yadkin River Ry.
$100 lot
1st 5s. Ws. of deposit
Railroads (Steam).
$3,000 N. Y. Fire Protection 1st 4s,
29 Holders of rec. Dec. 1
58% Alabama Great Southern (ordinary)._ _ _ $1.75 Dec. 20 Holders of rec. Jan. 22
1954
$1.75 Neb.
Preferred
$5,000 Tacoma Water Supply Co.
$1.50 Dec. 10 Nov. 30 to 1)ec. 9
41
Atlantic Coast Line Co. (guar.)
1st 5s, 1925
334 Jan. 10 Holders of rec. I)ec. 19a
Atlantic Coast Line RR., common
$3,000 County of Dolores, Colo.,
234 Dec. 31 Holders of rec. Nov.290
704 Boston & Albany (guar.)
Funding 5s, 1929
134 Dec. 30 Dec. 16 to Jan. 1
& Susquehanna, corn. (guar.)_ _
Buffalo
Dec. 30 Dec. 16 to Jan. 1
Preferred
1
By Messrs. Wise, Hobbs & Arnold, Boston:
234 Dec. 31 Holders of rec. Dec.
Canadian Pacific, common (guar.)
Dec. 31 *Holders of rec. Dec. 5
.2
S per sh. Chesapeake di Ohio
Stocks.
$persh. Shares.
Shares. Stocks.
1 Holders of rec. Nov. 100
161
25 Sullivan Machinery
115
Cleveland & Pittsburgh, guar. (guar.).. 8734 Dec.
10 Continental Mille
50c. Dec. 1 Holders of rec. Nov. 100
965
1. Union Twist Drill, pref
2154
Special guaranteed (guar.)
10 Berkshire Cotton Mfg
Dec. 15 Holders of roe. Dec. 4a
2
3 Quincy Mkt.C.S.& Ware,p1.85 flat Colorado & Southern, first preferred.. _ _ _
105
57 Boston Mfg
Dec. 15 Holders of rec. Dec. 40
4
124 lot
Second preferred
7 U.S. Worsted, corn.. $10 each.. 84 50 United Copper, pref
Dec. 1 Holders of rec. Nov. 155
1
124 lot Cripple Creek Central, pref. (guard
United Copper, corn
50
10
655 Norfolk & Bristol RR
Feb. 2 Holders of roe. Dec. 31a
3
10 No.Atlantic Oyster Farms,Inc $5 lot Cuba Railroad, pref,rred
100 The Dayton Coy. dr Piqua
234 Dec. 20 Holders of rec. Nov.1260
5 Sealshipt Oyster System,com$234 lot tDelaware dr Hudson Co. (guar.)
Trac., pref
874c Dec. 10 Holders of rec. Nov. 29
H.& P., pref.._ _ _ 79
1 Dayton Lt.
87
Erie dt Pittsburgh (guar.)
109 Boston Wharf
12
Dec. 31 "Holdefs of rec. Dec. 10a
1 National Lt:., It. & P., com___ 1
Hocking Valley By
15 Ludlow Mfg. Associates,ex. div148
844 Illinois Central (guar.)
13( Dec. 1 Holders of rec. Nov.
142% 31 U. S. Worsted 2d pref
1 American Glue, pref
Dee. 1 Holders of rec. Nov. 154
14
190
Maine Central, preferred (guar.)
3 Gillett Safety Razor
Jan. 1
Jan. 1 Dec. 2 to
Per cent. Menge & Birmingham, preferred
2
11 lot Bonds.
113 Colonial Lumber, prof)
Nov. 29 Holders of rec. Nov. 154
$3
$10,000 Imp. Russian Govt. 54s
New York Philadelphia & Notfolk
50 Colonial Lumber,corn)
Dec. 19 Holders of rec. Nov. 29a
35 flat Norfolk & Western,common (guar.).
- 141
1921
2 The Fairbanks Co, pr f. (old). 994
Mc. Nov. 29 Holders of rec. Nov. la
500 No. Atian. Oyster Farms,
100
Pennsylvania (guar.)
60 Everlastik Co
Inc., 1st coll. tr. 55,'21.15 flat
100 Louis Dejonge & Co., pref..... 97%
2 Puget Sd. Trac., Lt. & Pow.
$8 Per sh.
corn
14 Puget Sd. Trac. Lt. & Pow.,
$48 per oh.
pref
4 El Paso Electric, com.$71 per sh.
2 United Lt.& Rys.,com$40 per sh.
4.1 Pacific Gas dr El., pf _586 per sh.
3 Sandusky Gas & Elec., pref.
$60 per sh.
50 Washington (D. C.) Gas.
$41 per sh.
$20 each
2 Mass. Chocolate Co., pref.,
$90 per sh.
Boston
9 Octavio Hill Assn., $25 each
$8 per sh.
1 Pub. Serv. Inv., pref 560 per sh.
Hons. Elec., prefS51 per sh.
3 Galv.
$105 per sh.
3 Tampa Elec. Co
5 F. H. Roberta Realty Trust,
$55 Per sh
pref
40 Noteholders Liquidation__
New Jersey Funding
808
40 Perfect Adjus. Dress Form 4315
lot
5 Brooklyn Acad. of Music_
300 Guanajuato Cons. M.& M1111
$6 lot
100 Second Avenue RR
124 85th St. & Riverside Drive
$100 lot
Co
993
45 First Nat. Bank, N. Y
Acme Hare. Mach., pref_ _560 lot
200
400 Acme Hart'. Mach., corn_ 521 lot
. 20 Woods Motor Vehicle, com_56 lot
100 McCall Corp., corn.. _ _55 per sh.
S5 lot
30 Pa. Oil dr Gas of Ala
4,000 Dora Construction Co. v.t.c.1570
8,000 Dora Gold Min. Co. V. t. c.I lot
100 Gallaudet Aircraft Corp.. pl.!$125
100 Gallaudet Aircr't Corp..com.1 lot
120 Am. McKenna Process,com.1
}S37
trustee certif
• 90 Am. McKenna Process, pref.)
j lot
trustee certif
200 U. S. Metal Prod., corn.. _521 lot
1,400 Cons.Palo Amor:11110 Rubber
$21 lot
$10 each
121 United Engineering & Con
$25 lot
tracting,common
24 Chic.Sub.G. & El, com_11 per sh.
100 Aetna Explos.,Inc.,com.$9 per sh.
4(
190 American Cities, pref
500 Seaboard Steel & Manganese
$100 lot
no par
50 Chic. Rys. partic. ctfs., Ser.3
$75 lot
lot
.
1 500 Triangle Film, $10 each.. _5550 lot
$30
50 Burrows Co., pref
•
$21 lot
50 Burrows Co., corn
-1
I
THE CHRONICLE
Nov. 29 1919.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
-Concluded.
Railroads (Steam)
to Dec. 3
Phila. Germantown & Norristown (qtr.) _ $1.50 Dec. 4 Nov. 21
85c. Dec. 4 Nov. 21
Extra
to Dec. 3
Pittsburgh Bessemer & Lake Erie, pref
$1.50 Dec. 1 Holders of rec. Nov. 15
West Va., pre'. (guar.)
Nov. 29 Holders of rec. Nov. 3a
Pittsb. &
i1
Pittsb. Youngstown & Ashtab., pr. (qu.) 151 Dec. 1 Holders of rec. Nov. 20a
Reading Co. first preferred (quar.)
50c. Dec. 11 Holders of rec. Nov. 25a
Southern Pacific (guar.)
15i Jan. 2 Holders of rec. Nov. 28a
Union Pacific, common (guar.)
234 Jan. 2 Holders of rec. Dec. la
Street and Electric Railways.
American Railways, common
*8734c Dec. 15 *Holders of rec. Dec. 10
Baton Rouge Elec., corn
4
Dec. 1 Holders of rec. Nov. 25a
Preferred
Dec. 1 Holders or rec. Nov. 25a
3
Central Arkansas Ry. & Lt., pref. (qu.) 15
i Dec. 1 Holders of rec. Nov. 14
Cities Service, com. & pref. (mthly.)--li Dec. 1 Holders of rec. Nov. 150
Common (payable in com. stock)____ fl
Dec. 1 Holders of rec. Nov. 15a
A Jan. 1 Holders of rec. Dec. 15a
Cities Service, com. & pref. (monthly)_ _
Common (payable in common stock)_ /1
Jan. 1 Holders of rec. Dec. 150
Common and preferred (monthly)__.._
54 Feb. 1 Holders of rec. Jan. 15a
Common (payable in common stock) _ _ /151 Feb. 1 Holders of rec. Jan. 15a
Cities Service, prof. B (No. 1)(monthly) 5c. Jan. 1 Holders of rec. Dec. 15a
Cities Service, Bankers' Shares (mthly.) 51.4c Dec. 1 Holders of rec. Nov. 15a
Detroit United Ry. (quar.)
2
Dec. 1 Holders of rec. Nov. 15a
Duluth-Superior Trac., pref. (guar.)
1
Jan. 2 Holders of rec. Dec. 15
Eastern Wisconsin Elec. Co., pref. (qu.) 151 Dec. 1 Holders of rec. Nov. 20a
El Peso Electric Co., common (guar.) _
*254 Dec. 15 *Holders of rec. Dec. 4a
134 Dec. 1 Nov. 22 to Dec. I
Indianapolis Street 11.y.. pref. (quar.)
Nov. 30
Ironwood & Bessemer Ry.& Lt., pr.(qu.) 151 Dec. 1 Nov. 16 to
75c Dec. 1 Holders of rec. Nov. 150
Norfolk Ry. & Light
Northern Ohio Elec. Corp., pref. (guar.) *IA Dec. 1 *Holders of rec. Nov. 18
Rochester Gas & Elec. Co. (formerly
14 Dec. 1 Holders of rec. Nov. 15a
Rochester R.& Light), pref. (quar.)_
131 Dec. 1 Holders of rec. Nov. 15a
Preferred B (guar.)
San Joaquin Light & Pow., pref. (guar.) 154 Dec. 15 Holders of rec. Nov. 30
Jan. 1 *Holders of rec. Dec. 1
Second & Third Sts. Pass. Ry. (guar.)_ _ _ *33
Nov.29 *Holders of rec. Nov. 29
United Rys. & Elec.. Baltimore, preferred_ *2
) 151 Dec. 1 Nov. 23 to Nov. 20
Washington (D.C.) Ry.& Elec., PI•(rlu.
*135 Dec. 15 *Holders of rec. Dec. 1
West Penn This., pref. (guar.)
Wisconsin Minn. Lt. & Pow., pref. (qu.) 151 Dec. 1 Holders of rec. Nov. 24
Banks.
Cuba, Bank of
6
Jan.
1
Trust Companies.
!Manufacturers, Brooklyn (guar.)
3
Jan.
2 Holders of rec. Dec. 20
Holders of rec. Dec. 21
Miscellaneous.
151 Dec. 1 Holders of rec. Nov. 20a
Acme Tea, first pref. (guar.)
Dec. 1 Nov. 21 to
1
Dec. 1
IcmelVhile Lead & Color 1Vks., cont.(qu.)
154 Dec. 1 Nov. 21 to
Dec. 1
Preferred (guar.)
$1.50 Dec. 15 Holders of rec. Nov. 29a
Max Rubber, Inc. (guar.)
American Bank Note. preferred (guar.) _ _ *154 Jan. 2 *Holders of rec. Dec. 15
Jan. 1 *Holders of rec. Dec. 15
*32
American Bosch Magneto (guar.)
3
Jan. 2 Holders of rec. Dec. 160
American Can, pref. (guar.)
.154 Jan. 2 *Holders of rec. Dec. 20
American Chicle, preferred (guar.)
Dec. 1 Nov. 14 to
1
Dec. 4
American Cotton Oil, com. (quar.)
3
Dec. 1 Nov. 14 to
Dec. 4
Preferred
4
Mar. 15 Holders of rec. Jan. 31a
American Druggist Syndicate
154 Jan. 2 Holders of rec. Nov. 29a
American Express (guar.)
American Gas & Elec., common (guar.) _ $1.25 Jan. 2 Holders of rec. Dec. 15
Jan. 2 Holders of red. Dec. 15
Common (payable In common stock)._ 131
134 Feb. 2 Holders of rec. Jan. 16
Preferred (guar.)
151 Jan. 2 Holders of rec. Dec. 13a
American Hide & Leather, pref. (guar.)
Amer. Internat. Corp., corn. & pref.(qu.) 154 Dec. 31 Holders of rec. Dec. 16a
Dee. 1 Nov. 22 to Dec. 1
Amer. Laundry Machinery,corn.(guar.) 1
American Linseed, com. (guar.) (No. 1) u51 Dec. 15 Holders of rec. Dec. la
ol4 Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
154 Dee. al Holders of rec. Dec. 13a
American Locomotive, common (guar.) _
1% Dec. 31 IIolders of rec. Dec. 13a
Preferred (guar.)
to 1)ec. 1
Dec. 1 Nov. 21
2
American Multigraph, common (quar.) _
2
Dec. 1 Nov. 21 to Dec. 1
Common (extra)
Dec. 1 Holders of rec. Nov. 21
1
,
American Power & light, Coln. (rillt r.)
Doe. 31 Dec. 23 to Doe. 31
American Radiator, common (quar.)
3
54 Dec. 20 Holders of rec. Dec. 10a
American Sewer Pipe (guar.)
1
Dec. 15 Nov.29 to Dec. 7
Amer. Smelt. & Refg., corn. (quar.)
151 Dec. 1 Nov. 18 to
Nov. 25
Preferred (guar.)
14 Jan. 2 Holders of rec. Dec. la
American Sugar, common (guar.)
Common (extra)
3.1 Jan. 2 Holders of rec. Dec. la
Preferred (guar.)
151 Jan. 2 Holders of rec. Dec. la
134 Dec. 1 Holders of rec. Nov. 29a
Amer.'7010g. & Cable (guar.)
2
Jan. 15 Holders of rec. Dec. 200
American Telco. & Teieg (guar.)
American Tobacco, common (quar.)
Dec. 1 Holders of rec. Nov. 15a
5
3c. Dec. 15 Holders of rec. Dec. I
Arizona Silver Mines
la
154 Dec. 1 Holders or rec. Nov
Association Dry Goods 1st prof. (quar.)..
14 Dec. 1 Holders of rec. Nov. la
Second preferred (guar.)
Atlantic Gulf &\V. I. SS. Lines, pf. (qu.) 15.1 Jan. 1 Holders of rec. Dec. 10a
.
Atlantic Refining (guar.)
5
Dec. 15 Holders of rec. Nov. 24a
Atlas Powder, common (guar.)
3
Dec. 10 Nov. 30 to Dec. 9
A. T. Securities Corporation (No. 1)_ - - _ $1.25 Dec. 5 Nov. 21
to Dec. 4
Autosales Corporation (guar.)
134 Dec. 31 Holders of rec. Dec. 150
Extra
34 Doe. 31 Holders of rec. Dec. 15a
Baldwin Locomotive Works, corn. and pref_ *334 Jan. 1 *Holders of rec. Dec. 6
Banks Oil Co. of Louisiana (monthly)_
2
Dec. 15 Holders of rec. Nov. 29
151 Jan. 2 Holders of rec Dec. 15a
Bethlehem Steel, common (guar.)
151 Jan. 2 Holders of rec. Dec. 150
Common B (guar.)
14 Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
2
Jan, 2 Holders of rec. Dec. 150
Eight per cent preferred (guar.)
Blackstone Valley Gas & Elec., com. (qu.). Si
Dec. 1 Holders of rec. Nov. 25
3
Preferred
Dec. 1 Holders of rec. Nov. 25
1% Jan. 2 Holders of rec. Dec. 13a
Booth Fisheries, preferred (guar.)
135 Dec. 15 Holders of reo. Dec. in
,
Borden Company, pref. (quar.)___ _
Dee. 1 Holders of rec. Nov. la
Brandram Her.dcrson, Ltd., common (qu.) 1
Preferred (quar.)
13% Jan. 2 Holders of rec. Dec. la
2
Dec. 1 Holders of rec. Nov. 20a
Brooklyn Edison (guar.)
dl% Dec. 1 holders of rec. Nov. 20a
Brown Shoe, common (quar.)
$2
Dec. 15 Holders of rec. Nov. 22
Buckeye I'lpe Line (guar.)
$1
Dec. 15 Holders of rec. Nov. 29a
California Packing, common (guar.)
50c. Dec. 22 Holders of rec. Dec. 50
Calumet & Arizona Mining (guar.)
$5
Dec. 31 Holders of rec. Dec. 6
Calumet & Hecla MI:tag (guar.)
75e. Dec. 15 Holders of rec. Nov. 29
Cambria Steel (guar.)
25c. Dec. 15 Holders of rec. Nov. 29
Extra
1
Canada SteamShip Liz es, com. (guar.)_ _
Dec. 15 holders of rec. Dec. 1
Canadian Car & Foundry, preferred_ _ _ 71151 Dec. 10 Holders of rec. Dec. 1
2
Jan. 1 Holders of rec. I)cc. 11
Canadian General Electric (guar.)
Carbo-Hydrogen , preferred (guar.)
851c Dec. 31 Holders of rec. Dec. 20
Case (J. 1.) Threshing Mach., pref. (qtr.) 14, Jan. 1 Holders of rec. Dec. 150
151 Jan. 2 Holders of rec. Dec. 10
Central Leather, pref. (guar.)
Dec. 1 Holders of rec. Nov. 21a
Cerro de Pasco Copper (guar.)
11
I
Dec. 10 Nov. 29 to Dec. 10
Childs Conzpa y, cam. (guar.)
13-4 Dee. 10 Nov. 29 to Dec. 10
Common (extra)
151 Dec. 10 Nov. 29 to Dec. 10
Preferred (quar.)
Dec. 1 Holders of rec. Nov. 15
Cleve. dc Sat dusky Brewing, cont. (guar.). 6
Colorado Power, common (guar.)
A Dec. 15 Holders of rec. Nov. 29
151 Jan. 15 Holders of rec. Dec. 31
Preferred (quar.)
CoMPuting-Tabulating-Recording (quar.) _ *1
Jan. 10 'Holders of rec. Dec. 24
151 Dec. I Holders of rec. Nov. 15a
Congoleum Co., I' c., pref. (guar.)
3
Connecticut River Power, preferred_.. _ _
Dec. 1 Holders of rec. Nov. 15a
Consolidated Cigar. preferred (guar.)- 1 1 Dec• 1 Holders of rec. Nov. 250
13% Dec. 15 Holders of rec. Nov. I2a
Consolidated Gas (quar.)
Jan. 2 Holders of rec. Dec. 15a
Consol. Gas, Elec. L & P., Ilan. (guar.) 2
Holders of rec. Nov. 5
Continental 011 & Refining (monthly)- 2
50c. Dec. 15 Holders of rec. Nov. 20
0D pper Range Co. (guar.)
851c. Dec. 1 Holders of rec. Nov. 15a
Cosden Company, preferred (quar.)
75c. Dec. 15 Nov. 23 to
Dec. 15
Crescent Pipe Line (guar.)
3
Dec. 15 Holders of rec. Nov. 28a
Crex Carpet
154 Dec. 1 Nov. 26 to
Nov. 30
Crow's Nest Pass Coal (quar.)
151 Dec. 22 Holders of rec. Dec. 8a
Crucible Steel, preferred (guar.)
354 Feb. 2 IIolders of rec. Dec. 31a
Cuba Company. preferred
Cuban American Sugar, common (guar.) 234 Jan. 2 Holders of rec. Dec. r5a
14 Jan. 2 IIolders of rec. Dec. 15a
Preferred (arum)
Name of Company.
2051
Per
1Vhen
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Cumberland Pipe Line
Dec. 15 Holders of roc. Dec. 1
12
Davis
-Daly Copper Co
50c. Dec. 20 Holders of rec. Nov. 20
Deere & Co., preferred (guar.)
14 Dec. 1 Holders of rec. Nov. 15a
Diamond Match (guar.)
2
Dec. 15 Holders of rec. Nov. 296
Dome Mines
25e. Jan. 15 Holders of rec. Dec. 31
Dominion Foundries & Steel, com. (quar.)
1
Dec. 1 Holders of rec. Nov. 25a
Preferred (guar.)
2
Dec. 1 Holders of rec. Nov. 25a
Dominion Glass, comnzon (quar.)
1
Jan. 1 Holders of rec. Dec. 15
Preferred (quar.)
1% Jan. 1 Holders of rec. Dec. 15
Dominion Oil (monthly)
10c. Dec. 1 Holders of rec. Nov. 15
,
Dominion Power & Transm., com.(qu.)_ _
1
Dec. 15 Dec. 1 to
Dec. 15
Dominion Steel Corp., common (quar.).. *134 Jan. 1 *Holders of rec. Dec. 5
Preferred (guar.)
*151 Jan. 1 *Holders of rec. Dec. 13
Dominion Textile, common (guar.)
2
Jan. 2 Holders of rec. Dec. 15
du Pont (E. I.) de Nem. et: Co., com. (qu.) 434 Dec. 15 Holders of rec. Nov. 29
Debenture stock (guar.)
1 A Jan. 26 Holders of rec. Jan. 10
du Pont(E.I.) de Nem.Powder,com.(qu.) *11- Feb. 2 *Holders of rec. Jan. 20
*13
Preferred (Quer.)
Feb. 2 *Holders of rec. Jan. 20
East Coast Fisheries, corn. (qu.)(No. 1) 10c. Jan. 1 Holders of rec. Dec. 27
Preferred (guar.)
14 Jan. 1 Holders of rec. Dec. 27
Eastern Shore Gas & Electric. pref. (guar.)
14 Dec. 1 Holders of rec. Nov. 24
Eastern Steel, common (guar.)
1254 Jan. 15 Holders of rec. Jan. 2
First and second preferred (guar.) __
14 Dec. 15 Holders of rec. Dec. 1
Eastman Kodak, common (extra)
254 Dec. 1 Holders of rec. Oct. 310
Eastman Kodak, common (quar.)
234 Jan. 2 Holders of rec. Nov. 29a
Common (extra)
754 Jan. 2 Holders of rec. Nov. 290
Preferred (extra)
154 Jan. 2 Holders 01 rec. Nov. 290
Edmunds & Jones Corp., pref. (quar.)
*14 Jan. 1 *Holders of rec. Dec. 20
Eisenlohr (Otto) & Bros., Inc. pr. (qu.)
151 Jan. 1 Holders of rec. Dec. 20
Elk Horn Coal Corp., preferred (guar.)_
75c. Dec. 10 Holders of rec. Dec. la
Fairbanks, Morse ar Co., pref. (quar.) _ _
134 Dec. 1 Nov.21
to Nov. 30
3
Farrell(Wm.) & Sons, preferred (quar.)_ *1% Jan. 2 *Holders of rec. Dec. 20
Dec. 1 Nov. 26 to Nov. 30
Fastfeed Drill & Tool Corp.. pref. (guar.) 2
Federal Min. & Smelting, pref. (guar.) _
54 Dec. 15 Holders of rec. Nov. 250
I A Dec. 1 Holders of rec. Nov. 15
Federal Utilities, preferred (guar.)
Fisk Rubber Co., 2d preferred (quar.)
14 Dec. 15 Holders of rec. Nov. 290
Freeport Gas, preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 25
Dec. 31 Holders of rec. Nov. 290
Galena Signal Oil, old & new, pref. (qu.) 2
Dec. 1 *Holders of rec. Nov. 15
Gas & Electric Securities (in corn. stock) *.f3
151 Dec. 1 Holders of rec. Nov. 14a
General Asphalt, preferred (guar.)
2
Dec. 1 Holders of rec. Nov. 200
General Chemical, common (quar.)
Jan. 2 Holders of rec. Dec. 190
General Chemical, preferred (quar.)__
14 Dec. 1 Holders of rec. Nov. 24a
General Cigar, Inc. preferred (guar.) _ _
13% Jan. 2 Holders of rec. Dec. 24a
Debenture preferred (guar.)
Jan. 15 Holders of rec. Dec. 6a
2
General Electric (guar.)
Jan. 15 Holders of rec. Dec. 6a
e2
Extra (payable in stock)
General Motors, common (guar.)
Feb. 2 *Holders or rec. Dec. 31
*3
Preferred (guar.)
*154 Feb. 2 *IIolders of rec. Dec. 31
Debenture stock (guar.)
*134 Feb. 2 *Holders of rec. Dec. 31
General Railway Signal, common (quar.).. 134 Jan. 2 Holders of rec. Dec. 20
Preferred (guar.)
154 Jan. 2 Holders of rec. Dec. 20
Gillette Safety Razor (guar.)
254 Dee. 1 Holders of rec. Oct. 31
Globe Rubber Tire Mfg., corn. (guar.) _ _
134 Dec. 15 Holders of rec. Nov. 29a
Globe Soap Co.
Corn., 1st, 2d and special pref. stks.(qu.) 134 Dec. lr Nov. 30 to Dec. 15
Goodrich (B. F.) Co., corn. (quar.)
1
Feb. 16 Holders of rec. Feb. 5a
Preferred (guar.)
13% Jan. 1 Holders of rec. Dec. 250
Goodyear Tire & Rubber, common (guar.)_
Nov. 30
3
Dec. 1 Nov. 21 to
Grasselli Chemical, common (guar.)
134 Dec. 31 Holders of rec. Dec. 15a
Common (extra)
A Dec. 31 Holders of rec. Dec. 150
Preferred (guar.)
li Dec. 31 Holders of rec. Dec. 15a
Great Atlantic & Pacific Tea, pref. (quar.)
13% Dec. 1 Holders of rec. Nov. 29a
Great Northern Paper
154 Dec. 1 Holders of rec. Nov.240
Gulf States Steel, first pref. (quar.)
14 Jan. 2 Holders of rec. Dec. 15a
IIarbison-Walker Refract., corn. (qu.)_
154 Dec. 1 Holders of rec. Nov.20a
Preferred (guar.)
154 Jan. 20 Holders of rec. Jan. 10a
Hartman Corporation (guar.)
14 Dec. dl Holders of rec. Nov. 19a
Hart, Schaffner & Marx, corn. (quar.)
1
Nov. 29 Holders of rec. Nov.20a
Haskell & Barker Car (guar.)
*$1
Jan. 2 *Holders of rec. Dec. 15
Haynes Automobile Co., pref. (quar.)___ _
13% Dec. 1 Holders of rec. Nov. 20
Heywood Bros. & 1Vakefield Co., common.. 4
Dec. 1 Nov. 15 to
Nov.30
Common (extra)
5
Dec. 1 Nov. 15 to
Nov. 30
Home Petroleum Corp.(of Denver)(qu.) 5
Dec. 10 Holders of rec. Nov. 25a
Illinois Pipe Line
Dec. 31 Nov. 30 to Dec. 21
8
Imperial Oil, Ltd. (guar.)
75e Dec. 1 Nov. 26 to
Dec. 1
Independent Brewing, Pittsb., tom. (qu.)_
50c. Dec. 15 Holders of rec. Nov. 28a
Preferred (guar.)
87540. Nov.29 Holders of rec. Nov. 18a
Indiahoma Refining Co.(monthly)
'Sc. Dec. 1 *Holders of rec. Nov. 20a
inland Steel (guar.)
2
Dec. 1 Holders of rec. Nov. 10
International Cotton Mills, cbm. (guar.) $1
Dec. 1 Holders of rec. Nov. 20
13% Dec. 1 Holders of rec. Nov. 20
Preferred (guar.)
International Harvester, pref. (guar.) _ _
151 Dec. 1 Holders of rec. Nov. 10a
International Silver, preferred (guar.)_
13% Jan. 1 Dec. 16 to Jan. 1
Interstate Iron & Steel, preferred (guar.)_ _
Nov. 30
134 Dec. 1 Nov. 21 to
Kellogg Switchboard & Sup.(L. L. bds.) 15
Nov. 29 Holders of rec. Nov. 22
Kennecott Copper Corp. (guar.)
25c Dec. 31 Holders of rec. Dec. 5a
Capital distribution
250 Dec. 31 Holders of rec. Dec. 50
Keystor,e Tire & Rubber, common (quar.)_
3
Jan. 2 Holders of rec. I)ec. 15
Dec. 1 Holders of rec. Nov. 20a
Kirshbaum (A.B.) & Co., corn.(quar.)
1
Kresge (S. S.) Co., common
*255 Jan. 1 *Holders of rec. Dec. 16
Lackawanna Steel, common (guar.)
.134 Dec. 31 *Holders of rec. Dec. 10
Laclede Gas Light, preferred
234 Dec. 15 Holders of rec. Dec. la
Lake of the Woods Milling, corn. (quar.) 3
Dec. I Holders of rec. Nov. 22
Preferred (guar.)
14 Dec. 1 Holders of rec. Nov. 22
Lanston Monotype Machine (quar.)
154 Nov. 29 Holders of rec. Nov. 191
Lehigh Coal & Navigation (guar.)
$1
Nov. 29 Holders of rec. Oct. 310
Liggett & Myers Tobacco, com. (guar.) _
3
Dec. 1 Holders of rec. Nov. 17a
Liggett & Myers Tobacco, preferred (guar.) *14 Jan. 1 *Holders of rec. Dec. 15
Louisville Gas & Elec., preferred (quar.)_ _
155 Dec. 1 Holders of rec. Nov. 200
Mackay Companies, common (quar.)
154 Jan. 2 Holders of rec. Dec. 6a
1
Jan, 2 Holders of rec. Dec. 60
Preferred (guar.)
Mahoning Investment Co. (guar.)
134 Dec. 1 Holders of rec. Nov. 24
Manati Sugar, common (guar.)
234 Dec. 1 Holders of rec. Nov. 15
Manhattan Shirt, common (guar.)
434c Dec. 1 Holders of rec. Nov. 210
Massachusetts Gas Companies, pref__
2
Dec. 1 Nov. 16 to Nov. 30
May Department Stores, corn. (quar.)
151 Dec. 1 Holders of rec Nov. 17a
Preferred (quar.)
151 Jan. 2 Holders of rec. Dec. 150
Mergenthaler Linotype (guar.)
254 Dec. 31 Holders of rec. Dec. 3a
Michigan Drop Forge, common (monthly) _
20c Dec. 1 Holders of rec. N w. 15a
Common (extra)
20c Dec. 1 Holders of rec. N M. 15a
Michigan Stamping, com. (monthly)
1235c Dec. 1 Holders of re'. Nov. 16
Michigan Sugar, common (guar.)
25c Dec. 1 Holders of rec. Nov. 16
Preferred (quar.)
15c Dec. 11 Holders of rec. Dec. 1
Middle States 011 Corp. (pay. in stock) elOe Dec. I Holders of rec. Nov. 20a
Middle States 011 Corp. (monthly)
10c. Dec. 1 Holders of rec. Nov. 200
Monthly
10c. Jan, 1 Holders of rec. Dec. 20a
Mill Factors Corp., Class A (guar.)
2
Jan. 2 Holders of rec. Dec. 20
Minnesota Sugar, common (guar.)
25c Dec. 1 Holders of rec. Nov 16
Preferred (guar )
1754c Dec 1 Holders of rec Nov 16
Moline Power, 1st pref. (guar.)
151 Dec. 1 Holders of rec. Nov. 170
Second preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 178
Mot tana Poser, common (guar.)
% Jan. 2 Holders of rec. Dec. 13
Preferred (quar.)
13% Jan. 2 Holders of rec. Dec. 13
Montreal Cottons, Ltd., com. (guar.) _ _
15.1 Dec. 15 Holders of rec. Nov.29
Preferred (guar.)
151 Dec. 15 Holders of rec. Nov. 29
Nashua Ma rufacturing (guar.)
4
Dec. 1 Holders of rec. Nov. 25
National Acme (guar.)
75c. Dec. I Holders of rec. Nov. 150
National Aniline & chem., pref. (guar.)' 151 Jan. 1 Holders of rec. Dec. 154
'
National Biscuit. oom. (guar.)
13% Jan, 15 Holders of rec. Dec. 304
Preferred (guar.)
1% Nov. 29 Holders of rec. Nov. 15a
National Cloak & Suit, pref. (guar.)
151 Dec. 1 Holders of rec. Nov. 210
National Enamel & Stamping, corn.(qu.) 155 Nov. 29 Holders of rec. Nov. 10
Preferred (guar.)
14 Dec. 31 Holders of rec. Dec. 11
National Grocer, common (guar.)
2
Dec. 31 Dec. 20 to Jan. 1
Preferred
3
Dec. 31 Dec. 20 to Jan. 1
National Lead, common (guar.)
131 Dec. 31 Holders of rec. Dec. 12a
Preferre I (quar.)
151 Dec. 15 Holders of rec. Nov. 21a
National Sugar (guar.)
14 Jan. 1 Holders of rec. Dec. 8
National Transit (guar.)
50c. Dec. 15 Hollers of rec. Nov. 29,
Extra
SI 50 nee. 15 tr-vers of rec Nov. 290
When
Per
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Continued1
Jan. 2 Holders of rec. Dec. 19a
3
National Surety (quar.)
1% Dec. 1 Holders of rec. Nov. 20
Nebraska Power, preferred (quar.)
Dec. 10 *Holders of rec. Nov. 29
*2
New Jersey Zinc (extra)
3% Jan. 2 Holders of rec. Nov. 24
New Nlquero Sugar, common
3;4 Dec. 1 Holders of rec. Nov. 24
Preferred
2% Dec. 19 Holders of rec. Dec. 2a
New York Air Brake (guar.)
251 Jan. 15 Holders of rec. Jan. 5
New York Dock, preferred
Jan. 15 Holders of rec. Dec. 20
4
New York Transit (guar.)
4
Jan. 15 Holders of rec. Dec. 20
Extra
2
Dec. 20 Holders of rec. Dec. la
-Pond, corn. (quar.)
Niles-Bement
1% Jan. 2 Holders of rec. Dec. 15a
North American Co. (guar.)
Jan. 2 Holders of rec. Dec. 13
5
Northern Pipe Line
1% Dec. 1 Holders of rec. Nov. 21
Ogilvie Flour Mills, Ltd., pref. (quar.)
Dec. 1 Holders of rec. Nov. 15a
$1
Ohio Cities Gas, common (quar.)
$1.25 Dec. 31 Nov. 30 to Dec. 23
Ohio Oil (guar.)
$4.75 Des. 31 Nov. 30 to Dec. 23
Extra
Oklahoma Producing & Refining (quar.) 12% Jan. 6 Holders of qc. Dec. 26a
1% Dec. 16 Dec. 7 to Dec. 16
Pabst Brewing, preferred (guar.)
50c. Dec. 15 Holders of rec. Dec. in
Pacific Mail Steamship
Dec. 15 Holders of rec. Dec. la
$1
Extra
1% Dec. 15 Holders of rec. Nov. 29a
Packard Motor Car, preferred (quar.)_ _
Pan-Amer. Petrol. & Transp., corn. (qu.)_ *$1.50 Jan. 10 *Holders of rec. Dec. 13
*194 Jan. 2 *Holders of rec. Dec. 13
Preferred (guar.)
1% Jan. 2 Holders of rec. Dec. la
Peerless Truck & Motor Corp.(No. 1)_ _
Jan. 2 Holders of rec. Dec. in
1
Extra
(qu.)_ *1% Jan. 2 *Holders of rec. Dec. 20
1st & 2d
PettOone-MUlliken
43.75 Dec. 15 Holders of rec. Nov. 20a
Co.,
Philadelphia Electric (quar.)
Jan. 1 Holders of rec. Dec. 15
2
Pierce-Arrow 3fotor Car, pref. (guar.) _ _ _ _
50c. Dec. 15 Holders of rec. Dec. la
Pittsburgh Brewing, common (quar.)_ _ _
873-Ic Nov. 29 Holders of rec. Nov. 19a
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 15a
Pittsburgh Plate Glass, common (quar.) 2
Mar. 1 Holders of rec. Feb. 12a
5
Common (extra)
Mar. 1 Holders of rec. Feb. 12a
12
Preferred (annual)
1% Dec. 1 Holders of rec. Nov. 15a
Pittsburgh Steel, preferred (quar.)
Dec. 3 Holders of rec. Nov. 12a
2
Pressed Steel Car, common (quar.)
Procter & Gamble 6% pref. (qu.)(No. 1) 1% Dec. 15 Holders of rec. Nov. 25a
Jan. 15 *Holders of rec. Dec. 31
*3
Quaker Oats, common (quar.)
*131 Feb. 28 *Holders of rec. Feb. 2
Preferred (quar.)
P4 Nov. 29 Holders of rec. Nov. in
Quaker Oats, preferred (quar.)
Dec. 22 *Holders of rec. Nov. 29
ill
Quincy Mining (guar.)
Dec. 31 Holders of rec. Dec. 17a
2
Railway Steel Spring, common (quar.)_ _
1% Dec. 20 Holders of rec. Dec. 6a
Preferred (quar.)
Jan. 15 Holders of rec. Jan. 5
3
Realty Associates
Jan. 15 Holders of rec. Jan. 5
2
Extra
*25c. Jan. 1 *Holders of rec. Dec. 15
Reo Motor Car (quar.)
1% Feb. 2 Holders of rec. Jan. 15a
Republic Iron & Steel, common (quar.)_
1% Jan. 2 Holders of rec. Dec. 15a
Preferred (guar.)
Dec. 10 *Holders of rec. Dec. 1
*2
Republic Oil & Refining (extra)
1% Dec. 31 Holders of rec. Dec. 24a
Riordan Pulp & Paper, pref. (quar.)---Jan. 1 *Holders of rec. Dec. 15
Vandervoort Eng'g (qu.)(No. 1) *I
Root &
25c. Dec. 20 Dec. 10 to Dec. 21
St. Joseph Lead (guar.)
1% Dec. 15 Holders of rec. Nov. 30
Savage Arms Corporation, corn. (quar.)_
Jan. 15 Holders of rec. Nov. 30
5
(extra)
Common
1% Dec. 15 Holders oi rec. Nov. 30
First preferred (quar.)
13i Dec. 15 Holders of rec. Nov. 30
Second preferred (quar.)
15c. Dec. 10 Holders of rec. Dec. 1
Savoy Oil (guar.)
1% Jan. 1 Holders of rec. Dee. 15
Sears, Roebuck & Co., preferred (guar.)
Sherwin-Williams Co. of Canada, pf. (qu.) 1% Dec. 30 Holders of rec. Dec. 15
Sloss Sheffield Steel & Iron, pref. (guar.) 1% Jan. 2 Holders of rec. Dec. 20a
Dec.d20 Nov. 30 to Dec. 21
5
Solar Refining
Dec. 20 Nov.30 to Dec. 21
15
Extra
Dec. 31 *Holders of rec. Dec. 12
*5
South Penn Oil (guar.)
Dec. 31 Holders of rec. Dec. 10a
South Porto Rico Sugar, common ((Oar.) 5
Dec. 31 Holders of rec. Dec. 10a
2
Preferred (quar.)
Dee. 1 Holders of rec. Nov. 15
5
Southern Pipe Line (quar.)
Southwestern Power & Light, pref. (qu.) 1% Dec. 1 Holders of rec. Nov. 22
Dec. 15 *Holders of rec. Nov. 30
Gas & Electric, preferred (quar.) *2
Standard
2
Nov. 29 Holders of rec. Nov. 18a
Standard Milling, corn. (quar.)
1% Nov. 29 Holders of rec. Nov. 1Sa
Preferred (fluor.)
2% Dec. 15 Holders of rec. Nov. 15
Standard 011 (Calif.) (quar.)
Dec. 15 Holders of rec. Nov. 15
1
Extra
Dec. 15 Nov. 18 to Dec. 15
3
Standard Oil (Ind.) (guar.)
3
Dec. 15 Nov. 18 to Dec. 15
Extra
Dec. 15 Holders of rec. Nov. 29a
3
Standard Oil (Kansas) (quar.)
Dec. 15 Holders or rec. Nov. 29a
3
Extra
Jan. 2 *Hoidesr of rec. Dec. 15
*3
Standard Oil (Kentucky) (guar.)
Dec. 20 Nov. 21 to Dec. 20
10
Standard Oil (Nebraska)
Dec. 15 Holders of rec. Nov. 20a
Standard Oil of New Jersey, corn. (quar.) 5
1% Dec .15 Holders of rec. Nov. 20a
Preferred (guar.) (No. 1)
Dec. 15 Holders of rec. Nov. 21a
4
(quar.)
Standard 011 of N. Y.
Jan. 1 Nov. 29 to Dec. 17
3
Standard Oil (Ohio) (quar.)
Jan. 1 Nov. 29 to Dec. 17
1
Extra
1% Dec. 1 Holders of rec. Nov. 15
Steel Products, preferred (quar.)
Jan. 2 Holders of rec. Dec. 16
$1
Stronzberg Carburetor (guar.)
1% Dec. 1 Holders of rec. Nov. 28a
Studebaker Corp., corn. (quar.)
2% Dec. I Holders of rec. Nov. 28a
Common (extra)
1% Dec. 1 Holders of rec. Nov. 28a
Preferred (quar.)
2% Jan. 1 Holders of rec. Dec. 15
Symington (T. 11.) Co., corn.(No. 1)...._
2 . Feb. 14 Holders of rec. Feb. 5
Preferred (floor.)
251 Dec. 31 Holders of rec. Nov. 29a
Texas Company (guar.)
2c. Dec. 1 Holders of rec. Nov. 252
Texas-Ranger Prod. & Refg. (monthly)_
1% Dec. 13 Holders of rec. Nov. 29
Tooke Bros., Ltd., preferred (guar.)
Jan. 1 Holders of rec. Dec. 6a
Underwood Typewriter, common (quar.) 2
Jan. 1 Holders of rec. Dec. 6a
5
Common (extra)
1% Jan. 1 Holders of rec. Dec. 6a
Preferred (quar.)
Dec. 15 Holders of rec. Dec. 5a
2
Union Bag & Paper (quar.)
Dec. 24 Holders of rec. Dec. 1
Union Tank Car (guar.)
6
Jan. 2 Holders of rec. Dec. 15a
United Cigar Stores, common
1% Dec. 15 Holders of rec. Nov. 28a
United Cigar Stores, pref. (guar.)
*1% Jan. 2 *Holders of rec. Dec. 15
United Drug, common (quay.)
United Drug, 25 pref. (guar.)
13.1 Dec. 1 Holders of rec. Nov. 15
1% Jan. 2 Holders of rec. Dec. 13a
United Dyewood, common (quar.)
Preferred (guar.)
1% Jan. 1 Holders of rec. Dec. 13a
Jan. 15 Holders of rec. Jan. 1
1
United Paperboard, preferred (quar.)__ _
15jc. Dec. 1 Holders of rec. Nov. 10a
United Profit Sharing
351c. Dec. 1 Holders of rec. Nov. 10a
Extra
U. S. Cast Iron Pipe & Fdy., pref. (qu.) 131 Dec. 13 Holders of rec. Dec. 1
1
Dec. 31 Dec. 16 to Dec. 26
U. S. Gypsum, common (special)
1% Dec. 31 Dec. 16 to Dec. 26
Preferred ((Plan)
2
Dec. 15 Holders of rec. Dec. la
U. S. Industrial Alcohol, corn. (quar.)
*3
Jan. 1 *Holders en rec. Dec. 21
U. S. Playing Card (quar.)
Extra
*5
Jan. 1 *Holders of rec. Dec. 21
Dec. 2
1% Dec. 30
U. S. Steel Corporation, corn. (quar.)
Preferred (quar.)
1% Nov. 29 Nov. 4 to Nov. 5
3
Dec. 15 Holders of rec. Nov. 29
United States Title Guaranty
550c. Jan. 2 *Holders of rec. Dec. 15
V. Vivadou, Inc., (quar.)(No. 1)
*3
Nov. 29 *Holders of rec. Nov. 1
Vacuum 011
251 Dec. 15 Holders of rec. Dec. 10a
Valvoline Oil, common (quar.)
Jan. 2 Holders of rec. Dec. 15
Wabasso Cotton (quar.)
2
Wayland Oil & Gas, common (guar.) _ _ 15c. Dec. 10 Holders of rec. Dec. in
1% Dec. 1 *Holders of rec. Nov. 15
Weber & Hellbroner, pref. (quay.)
Welch Grape Juice Co., corn. (No. 1)_ _ *75c. 1)ec. 1 *Holders of rec. Nov. 20
*1% Dec. 1 *Holders of rec. Nov. 20
Preferred (quar.) (No. 2)
Dec. 31 Dec. 20 to Jan. 1
4
Western Grocer, common
3
Dec. 31 Dec. 20 to Jan. 1
Preferred
y Dec. 10 *Holders of rec. Nov. 29
t
West., Church, Kerr & Co.,Inc.,corn.(qu.)
*13i Dec. 10 *Hol(Iers of rec. Nov. 29
Preferred (quay.)
West India Sug tr Finance Corp., corn _
1% Dec. 1 Holders of rec. Nov. 15a
Preferred
2
Dec. 1 Holders of rec. Nov. 15a
White (J. G.) & Co., Inc., pref. (quar )_
151 Dec. 1 Holders of rec. Nov. 15
White (J. G.) Engineering Corp.,pf.(qu.) 1% Dec. 1 Holders of ma .Nov. lb
White (J. G.) Manag't Corp., pf. (guar.) 1% De(.. 1 Holders of rec. Nov. 15
White Motor Co. (guar.)
d$1
Dec. 31 Holders of rec. Dec. 15a
Willys Corp., 1st pref. (guar.) (No. D.._ $1.23z Dec. 1 Holders of rec. Nov. 20
Wire Wheel Corp. of Amer., pref. (m'thly) *1
Dec. 10 *Holders of rec. 1)cc. 1
Wolverine Copper Mining (quar.)
50c. Jan. 2 Holders of rec. Dec. 6
Woman's Hotel Co
3
Dec. 16 Holders of rec. Dec. 1
Woods Mfg., Ltd., common (quar.)
1% Dec. 1 Holders of rec. Nov. 28
Common (bonus)
5
1)ec. 1 Holders of rec. Nov. 28
Woolworth (F. W.) Co.. corn. (quar.)
2
Dec. 1 Holders of rec. Nov. 10a
Woolworth (F. W.), preferred (quar.)
151 Jan. 2 Holders of rec. Dec. Ina
[VOL. 109.
THE CHRONICLE
2052
W.
151
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Worthington Pump & Mach., pref A (qu.) *14 Jan. 1 *Holders of rec. Dec. 20
Preferred B (quay.)
151 Jan. 1 *Holders of rec. Dec. 20
* From unofficial sources. T Declared subject to the approval ofDirector-General
of. Railroads.
The New York Stock Exchange has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable in stock. f Payable in common stock. g Payable in scrip.
h On account of accumulated dividends. i Payable in Liberty Loan bonds. 1 Re0
x Payable
Cross dividend. m Payable in U. S. Liberty Loan 451% bonds.
March 1 1920. t Legs 10c. on account of war income taxes. u 1)eciared 3% on
each on Dec. 15 1919, March 15 1920, June 15 1920
common stock, payable
and Sept. 15 1920, to holders of rec. Dec. 1 1919, March 1 1920, June 1 1920 and
Sept. 1 1920, respectively. v Declared 7% on preferred stock, payable 151% each
on Jan. 2 1920, April 1 1920, July 1 1920 and Oct. 1 1920 to holders of rec. Dec. 15
1919, March 15 1920, June 15 1920 and- Sept 15 1920, respectively.
per annum from date of issue, Oct. 6 1919.
z At rate of
51%
Statement of New York City Clearing House Banks
-The following detailed statement
and Trust Companies.
shows the condition of the New York City Clearing House
members for the week ending Nov. 22. The figures for the
separate banks are the averages of the daily results. In the
case of totals, actual figures at end of the week are also given:
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers 1,0001 om(tted.)
Reserve
Net
Loans,
CLEARING
Nat',
Net
Time Bar.*
Capital. Profits Discount, CAJA
with
HOUSE
De- Circe
InvestLegal Demand
MEMBERS
In
(,000 omitted.) Nat'l, Sept. 12 menit
IT,tat. Deposi- Deposits. posits. mite
tories.
Week ending State, Sept. 12
&c.
Nov. 22 1919. Tr.Cos,Sept.12
Members of
Fed. Res. Bank
Bk of N Y,NBA
Manhattan Co_
Merchants' Nat
Mech & Metals_
Bank of America
National City_ _
Chemical Nat.._
Atlantic Nat.._ _
Nat Butch & Dr
Amer Exch Nat
Nat Bk of Comm
Pacific Bank_ _ _
Chath & Phenix
Hanover Nat_ _
Citizens Nat_ _ _
Metropolitan__ _
Corn Exchange..
Imp & Trod Nat
National Park....
East River Nat_
Second Nat_ _ _ _
First National....
Irving National.
N Y CountyNat
Continental_ _ _ _
Chase National..
Fifth Avenue__
Comm'l Exch__
Commonwealth.
Lincoln Nat_ _ _
Garfield Nat......
Fifth National..
Seaboard Nat.._
Liberty Nat_ _ _
Coal & Iron Nat
Union Exch Nat
Brooklyn Trust.
Bankers Tr Co_
U S Mtge & Tr..
Guaranty Tr Co
Fidelity Trust__
Columbia Trust
Peoples Trust....
New York Trust
Franklin Trust..
Lincoln Trust....
Metropolitan Tr
Nassau N, Bkin
Irving Trust Co
Farm Loan & Tr
Columbia Bank.
Average
2,000
2,500
3,000
6,000
1,500
25,000
3,000
1,000
300
5,000
25,000
50
7,000
3,000
2,550
2,000
4,200
1,500
5,000
1,000
1,000
10,00
6,000
1,000
1,000
10,000
500
200
400
1,00
1,00
25
1,00
f5,00
1,500
1,000
1,500
15,000
2,000
25,00
1,000
5,000
1,20
3,000
1,00
1,000
2,000
1,00
3,000
5,000
1,000
6,099
7,982
3,279
13,027
7,141
55,345
10,059
1,068
122
6,943
27,899
1,174
6,951
18,513
3,443
2,674
8,627
8,378
20,978
633
4,268
33,395
7,845
482
692
20,479
2,316
926
794
2,128
1,465
448
4,248
f6,791
1,511
1,389
2,634
18,786
4,808
29,637
1,348
7,262
1,628
11,129
1,350
783
4,460
1,258
1,571
11,982
853
Average. Average Average Average. Average
$
36,829 3,522
55,145
489 6,090
89
73,370
74,184 1,777 10,234
25,814 1,298
39,041
690 3,313
159,889 3,848
155,081 10,512 24,297
27,084
33,981 1,076 3,931
564,399 14,590 85,216 *612,170 32,780
69,339 2,541
96,538 1,901 9,235
521
16,045
483 2,181
20,813
4,276
627
127
5,026
95,737 5,728
123,696 1,839 12,348
284,309 5,456
351,628 2,901 37,730
50
22,720
22,377 1,670 3,468
101,524 10,958
134,005 5,355 14,169
139,760
143,475 5,861 19,127
-655
36,784
44,402 1,193 5,676
57
38,379
40,587 2,204 5,465
151,375 5,349
151,471 5,944 21,497
25,699 1,190
681 3,410
43,805
165,072 3,803
210,534 1,469 21,720
492
10,176
10,907
399 1,348
17,972
22,049
999 2,834
191,944 9,173
353,481 1,187 26,038
124,986 4,398 15,821
115,389 3,877
548
13,798
13,396
804 1,667
7,833
8,434
161 1,639
314,078 26;55i
386,054 6,945 40,213
20,932 1,279 2,940
19,267
8,352
398 1,170
8,317
,
414 1,34
9,241
9,360
17,215 1,274 2,373
17,045
56
13,559
411 2,002
12,787
401
10,696
11,183
363 1,486
500
53,379
53,607 1,095 8,075
81,621 5,420
652 10,745
100,275
15,452
711
26,784
968 1,917
413
19,793
19,688
480 2,839
695 3,878
42,431
27,673 6,496
280,554
956 32,567
246,066 13,672
61,220 1,043 6,251
47,636 8,618
611,163 2,917 53,983 *455,870 65,604
14,037
330 1,503
450
10,761
88,269 1,248 10,498
76,701 6,327
30,999 1,127 3,099
29,780 2,010
92,538
418 7,989
57,461 2,169
638 2,669
27,210
19,641 1,900
23,911
448 3,167
21,675 1,257
49,497
645 4,333
32,969 1,261
16,869
456 1,279
922
12.275
58,817 2,216 9,174
64,482 1,223
128,484 4,283 14,694 *140,996 8.446
20,422
680 2,573
19,173
166
428
145
292
4,444
4,185
100
968
_
51
4,845
50
623
8,067
2,011
198-
1,166
-210
393
239
65
1,951
410
395
-
50
Nov.22 5,014,637 101,353571,102c4,054,418 245,386 36,189
Nov.15 5,079,502 98,230 583,194 4,071,394 248,650 36,381
Nov. 8 5,148,111 100,408 633,577 4,082,679 249,648 36,322
Nov. 1 5,185,380 91,114 590,194 4,132,789 248,91536,377
State Banks. Not Me mbers of Federal Re serve Ba nk
500 1,674
18,003 2,324 1,227
Greenwich Bank
250
836
6,028
Bowery Bank....
664
326
1,000 1,328
25,187 2,731 2,198
N Y Prod Exch_
2,000 1,201
61,892 3,627 2,670
State Bank
3,750
5,040
111,110
9,346
6,421
Totals, actual co ndition Nov.22 111,036 9,336 6,513
Totals, actual Co edition Nov.15 111,418 8,969 7,061
Totals, actual Co ndition Nov. 8 109,433 9,489 6,643
Totals, actual co ndition Nov. 1 111,625 8,938 7,109
-Trust Companies. N at MembersofFed eral Res erve Ba nk
Title Guar & Tr 5,000 12,825
44,228 1,124 3,124
Lawyers T & Tr 4,000 5,529
25,919
849 1,804
Average
747
1,759
L000
1-Ji5
209,600399,02 5,057,273 101,089571,843 c4,065,026 246,863 36,125
Totals, actual co ndition
Totals, actual co ndition
Totals, actual co ndition
Totals, actual co ndition
Average
den,
9,000 18,355
Totals, actual co ndition
Totals, actual co ndition
Totals, actual co ndition
Totals, actual co ndition
Nov.22
Nov.15
Nov. 8
Nov. 1
70,147
1,973
4,928
18,784
5,435
74
27,338
33,921 23,980
85,478 24,054
85,410
86,311
85,228
87,758
24,276
23,731
23,197
22,716
28,022
17,550
1,042
264
45,572
1,306
45,852 1,299
45,315 1,471
45.660 1,474
44,272 1,394
-.Gr'd agga, avge 222,35 422,4165,238,530 112,408583,192 54,196,076 272,223 36,125
pre v. week
Comparison,
--56,659-1,150--8,371 -21,973--1,301 +144
69,999
69.377
68,600
67,807
2,055
1,887
1,870
1,915
4,949
5,082
5,150
5,559
Gr'd aggr, act'l cond'n Nov.225,195,672 112,744 582,564 e4,185,680 270,961 30,189
Comparison, pre v. week
-64,625 +3,658 -12,773 --17,340-2,891 -192
act'l cond'n
act'l cond'n
act'l cond'n
act'l cond'n
4,203,020 273,852 36,381
4,213,567 274,319 36,322
4,264,819 273,025 36,377
4,214,729 275,452 36,261
* Includes deposits in foreign branches not included in total footings, as follows:
National City Bank,$112,760,000; Guaranty Trust Co.,$59,858,000; Farmers Loan
& Trust Co., $30,076,000. Balances carried in banks in foreign countries as'wave
for such deposits were: National City Bank, $28,295,000; Guaranty Trust Co,
$9,616,000; Farmers' Loan dr Trust Co., $6,083,000. c Deposits in foreign branches
not included. d U.S. deposits deducted, $132,731,000. e U. S. deposits deducted.
$111,441,000. Bills payable, rediscounts, acceptances and other liabilities,
$961,417,000. f As of Oct. 18 1919.
Gr'd
Gr'd
Gr'd
Gr'd
aggr,
aggr,
aggr,
aggr,
Nov.15 5,260,297 109,086 595,337
Nov. 85 326,144 111,767645,370
Nov. 15,364,812 101,967 602,862
Oct. 255,332,277 110,947 583,525
Nov. 29 1919.]
THE CHRONICLE
STATEMENTS OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
4053
STATE BANKS AND TRUST COMPANIES IN NEW YORK CITY.
Slate Banks.
Cash
Reserve
in Vault.
Members Federal
Reserve Banks
State banks.
Trust companies•___
Total Nov. 22____
Total Nov. 15____
Total Nov. 8__
Total Nov. 1 _ _
Reserve
Depositaries
Total
Reserve.
a
Reserve
Required.
11,319,000
11,430,000
11,389,000
11,157,000
583,192,000 594,511,000 558,081,110
591,563,000 602,993,000 560,987,650
594,444,000 605,833,000 563,449,880
571,363,000 582,520,000 558,408,970
Cash
Reserve
in Vault.
Reserve
in
Depositaries
Surplus
Reserve.
36,429,890
42,005,350
42,383,120
24,111,030
Actual Figures.
Members Federal
Reserve Banks_
State banks*
Trust companies*
Total
Total
Total
Total
Nov. 22
Nov. 15_....
Nov. 8
Nov. 1
9,336,000
2,055,000
Reserve
Required.
Surplus
Reserve.
5
571,102,000 571,102,000 534,435,920 36,666,080
6,513,000 15,849,000 15,373,800
475,200
4,949,000 7,004,000 6,877,800
126,200
11,391,000 582.564,000 593,955,000 556,687,520
10,856,000 595,337,000 606,193,000 559,073,950
11,359,000 645,370,000 656,729,000 560,427,750
10,853,000 602,862,000 613,715,000 567,167.260
37,267,480
47,119,050
96,301,250
46,547.740
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve banks includes also amount of reserve required on net time deposits, which was as follows:
Nov. 22, S7,405,890; Nov. 15, $7,455,330; Nov.8. $7,521,120; Nov. 1, $7,532,820.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Nov.22, $7,361,580; Nov. 15,$7,459,500; Nov.8,$7,489,440; Nov. 1, $7,467,450.
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
figures showing the condition of State banks and trust
companies in New York City not in the Clearing House, as
follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.'
Figures Furnished by State Banking Department.
Differences from
Nov. 22.
previous week.
$794,757,000 Dec. 516,345,800
Loans and investments
8,329,000 Dec.
162,100
Specie
18,549,000 Dec.
858,200
Currency and bank notes
73,406,000 Dec. 3,321,100
Deposits with Federal Reserve Bank of New York
857,582,000 Dec. 12,534,300
Total deposits
Deposits, eliminating amounts due from reserve depositaries, and from other banks and trust companies In N. Y. City, exchanges and U.S. deposits 802,836,000 Dec. 11,744.500
140,424,400 Dec. 4,013,400
Reserve on deposits
Percentage of reserve, 20.2%.
RESERVE.
State Banks
- -Trust Companies
$24,561,000 13.98%
575,723,400 14.64%
Cash in vaults
Deposits in banks and trust cos_ _
12,080,000
.28,060,000
6.87%
5.40%
Total
$36,641,000
20.85%
Differences from
previous week.
Nov. 22.
1919.
5
571,843,000 571,843,000 535,859,270 35,983,730
6,421,000 15,767,000 15,386,040
9,346,000
380,960
1,973,000
4,928,000 6,901,000 6,835,800
65,200
Total
Reserve.
Trust Companies.
Week ended Nov. 22.
Averages.
5103,783,400
20.04%
Capital as of June 30_
Surplus as of June 30_
Loans & investments_
Specie
Currency & bk. notes
Deposits with the F.
R. Bank of N. Y
Deposits
Reserve on deposits
P. C.reserve to dep....
Nov. 22.
1919.
Differences from
previous week.
25,000,000
105.550.000
45,703,300
175,548.400
685,774,500 Dec. 8,773.400 2,153,006,600 Des. 32,593,900
7,171,400 Dee.
66,200
11.400.500 Dec.
275,100
29,286,400 Dec. 1,263,100
22,502,700 Dec.
378,900
68.969,300 Dec. 3,060,900 220,081.800 Dec. 5,794,800
845,379,500 Dec. 36,517,200 2,219,917,800 Dec. 49,759.500
124,417,900 Dec. 3,968,500 298,600.200 Dec. 7,495.600
20.1% Dec.
17.5% Dec.
0.8%
same
Non-Member Banks and Trust Companies.
-Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the
"Clearing House Return" on the following page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers 1000 omitted.)
Net Loans,
CLEARING
Capital. Profits, DisReserve
Net
Net
Nat'l
NON-MEMBERS
counts, Cash
with Demand Time Bank
Nat.bks.Sep.12 Invest- in
Legal
DeCircuDeWeek ending State bks Sep12 merits, Vault. Deposi- posits. posits.
lation.
Nov. 22 1919. Tr. cos. Sep. 12 &c.
tortes.
Members of
Fed'I Res. Bank.
Battery Park Nat_
Mutual Bank
New Netherland__
W R Grace & Co's
Yorkville Bank__
First Nat, Jer City
State Banks
Not Members of the
Federal Reserve Bank
Bank of Wash Hgts
Colonial Bank____
International Bank
North Side, Bklyn
Total
Average Average Average Average Average Average
$
$
$
$
$
$
$
1,630 16,535
141 2,012 12,123
182
186
623 12,297
242 1,642 11,514
422
t676 9,435
209 1,311
172
7,959
997 6,748
21
892
4,044 1,706'
728 12,384
300 1,180
7,127 5,579
1,382 9,132
640
99
6,205
377
,
3,400
Total
$
1,590
200
t600
500
200
400
6,037 66,531
1,553
8,031
48,999
8,065
100
600
500
200
457 2,966
1,192 13,754
259 6,975
244 6,104
409
1,440
790
437
188
1,168
565
337
3,076
14,844
6,835
5,515
3S5
320
2,154 29,799 3,076
=-
2,258
30,270
703
342
373
6,841
4,145
i
I
1,018
4,4881
1,400
Trust Companies
Not Members of the
Federal Reserve Bank
Hamilton Tr, Bkln
Mech Tr, Bayonne
500
200
1,089
435
8,672
8,717
556
288
Total
700 1,524 17,389
844
715 10,986 5,5061
Grand aggregate__ 5,500 9.'717 113,719 5,473 11,004 .90,255
14,276,
Comparison previous
______ -2,026 -187 +305 -1,140
+64'
Gr'd aggr, Nov. 8
Gr'd aggr, Nov. 1
Gr'd aggr, Oct. 25
Gr'd azaT Oet is
5,500
5,500
5,500
9,717115,745
9,717 114,581
9,717111,878
a509
A 717 112 704
5,660 10,699
5,234 10,685
5,580 10,125
5 AAR 10 779
559
559
-21
91,395 14,212,
89,549 13,699;
88,727 13,3471
99 755 11 2R9,
580
575
574
;rat
• U. S. deposits deducted, $1,094,000.
Bills payable, rediscounts, acceptances and other liabilities, 58,618,000.
Excess reserve. $317,688 increase.
Banks and Trust Companies in New York City.
-The
t As of Oct. 11 1919.
averages of the Now York City Clearing House banks and
trust companies combined with those for. the State banks
Boston Clearing House Banks.
-We give below a sumand trust companies in Greater New York City outside of mary showing
the totals for all the items in the Boston
the Clearing House, are as follows:
Clearing House weekly statement for a series of weeks:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week Ended
May
June
June
June
June
July
July
July
31
7
14
21
28
5
12
19
.11111 26
,
Aug. 2
Aug. 0
Aug. 16
Aug. 23
Aug. 30
Sept. 6
Sept. 13
Sept. 20
Sept. 27
4
Oct
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Nov. 22
Loans and
Investments.
Demand
Deposits.
$
5,708,665,600
5,877,228,200
5,929,099,200
5.817,958.200
5.732,766,300
5,804,258,400
5,820,469.000
5,804,693,200
5,698,786,600
5,690,625,100
5,785,809.200
5,741,263,800
5,819,688,000
5,754,798,300
5,864,168,300
5.902,292,900
6,021.66(1,000
6,119,282.200
6,148,637,600
6,222,640,800
6,225,364,700
6,157.850,600
6,152.354,000
6,196,334,100
6,106,291,800
6,033.287,000
4,885,307,200
4,904,243,900
4,880,382,900
4,846,699,100
4,759,196,800
4,860,090,300
4.804,154,700
4.872.081,700
4,810,097,600
4,819,601.900
4,842,504,500
4,827,551,800
4,829,754,500
4,783,893,900
4,848,125,200
4,938,470,000
5,088,541,400
4,935,788,100
4,959,036,000
4,953,388,90(1
4.995,626,900
5,011.330,800
5,997,701,600
5,056,029,200
5,032,629,900
4.998,912,400
'Total Cash
in Vault.
Nov. 22.
1919.
Reserve in
Depositaries.
133,474,700 676.577,800
136,878,600 691,657.300
137,691,300 671,863,300
134,955,500 679,994,600
134,566,800 665,490,300
131.398.300 684.431,000
144,478,700 649,207,500
142,504,200 683,989.600
145,451,400 653,572,500
133,939,100 674.886.200
132,963.800 696,304.800
133,444,000 685,210,500
134,568.000 658,155.000
132,595,200 649,535,200
131,288,390 678,190,000
134,273,500 685,555,900
131,534,900 744,346,600
132,190,500 .687,665,200
133,183,600 670,761,900
136,3(12,200 639,598,400
135,260,200 699,093,800
136,751,700 698,812,600
136,421,700 687,726,600
134,385,200 719,908,100
141,456.700 708,102,100
139,286.400 696,738.090
• This Item includes gold, silver, legal tenders, national bank notes and Federal
notes.
Reserve
New York City State Banks and Trust Companies.
In addition to the returns of "State banks and trust comYork City not in the Clearing House," furnished
panies in New
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the City of New York.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
The provisions of the law governing the reserve requirements of State banking institutions as amended May 22
1917 were published in the "Chronicle" May 19 1917 (V. 104,
p. 1975). The regulations relating to calculating the amount
of deposits and what deductions are permitted in the computation of the reserves were given in the "Chronicle"
April 4 1914 (V. 98, p. 1045).
BOSTON CLEARING HOUSE MEMBERS.
Changes from
previous week.
Circulation
3,779,000 Dec.
Loans, disc'ts & investments_ 566,670,000 Dec.
Individual deposits, incl. U.S. 446.401,000 Dec.
Due to banks
118,115,000 Dec.
Time deposits
13,376,000 Inc.
United States deposits.
11,254,000 Dec.
Exchanges for Clear. House
24,854,000 Dec.
other banks
Due from
66,528,000 Dec.
Cash In bank & in F. R. Bank 73,480,000 Dec.
Reserve excess in bank and
Federal Reserve Bank
25,765,000 Dec.
Nov. 15.
1919.
Nov. 8.
1919.
16,000 3,795,000 3,779,000
771,000 567,441,000 566.706,000
8,584,000 454,985,090 453.298.000
2,681,000 120,796,030 126,182,000
228,000 13,143,000 13,016,000
2,154,000 13,408,000 14,201,000
1,131,000 25,985,000 24,760,000
9,816.000 76,344,000 68,547,000
3,720,000 77,200,000 73,019,000
3,696,000 29,461,000 24,011,000
• Formerly included under the head of "Individual Deposits."
Philadelphia Banks.
-The Philadelphia Clearing House
statement for the week ending Nov, 22 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."
iv eetc enalny Nov. c2 outs.
Two ciphers (00) omitted. Membersof
F.R.System
Capital
Surplus and profits
Loans, disc'ts & investm'ts
Exchanges for Clear. House
Due from banks
Bank deposits
hull.idual deposit.s
Time deposits
Total deposits
U.S.deposits(notIncluded)
Res've with Fed. Res. Bank
Res've with legal deposit'sCash in vault.
Total reserve & cash held__
Reserve required
Excess res. & cash in vault_
$30,275,0
84,616,0
737,621,0
26,607,0
127,889,0
146,876,0
523,166,0
6,022,0'
676,064,0
Trust
Cos.
53,000,0
8,145,0
30,354,0
546,0
15,0
341,0
20,036,0
20,377,0
55,123,0
14,113,0
69,236,0
51,734,0
17.502.0
2,313,0
898,0
3,211,0
2.972,0
239.0
Nov. 15
1919.
Nov. 8
1919.
532,275,0
92,529,0
782,478,0
30,951,0
126,935,0
149,572,0
550,921,0
6,009,0
706,502,0
16,791,0
53,786,0
2,563,0
14,593,0
70.942,0
55,471,0
15.471.0
533,275,0
92,524,0
789,510,0
29,932.0
125,540,0
149,445,0
546,512,0
5,995,0
701,952,0
20,792,0
55,125,0
3,092,0
14,000,0
72,217,0
55,293,0
17.924.0
Total.
533,275,0
92,761,0
767,975,0
27,153,0
127,904,0
147,217,0
543,202,0
6,022,0
696,441,0
12,402,0
55,123,0
2.313,0
15,011,0
72,447,0
54,706,0
17.741.0
',Cash in vault is not counted as reserve for Federal Reserve bank members.
[VOL. 109.
THE CHRONICLE
2054
-Following is the weekly statement issued by the Federal Reserve
Member Banks of the Federal Reserve System.
Board giving the principal items of the resources and liabilities of the Member Banks. Definitions of the differen items
In the statement were given in the statement of Doe. 14 1917, published in the "Chronicle" Doe. 29 1917, page 2523.
STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS 01? MEMBER BANKS LOCATED IN CENTRAL RESERVE AND OTHER
SELECTED CITIES AS AT CLOSE OF BUSINESS NOV. 7 1919
The Government reduced its deposits by 44.9 millions for the week, the
Further liquidation of Government securities and war paper, also material reduction of loans secured by stocks and bonds and of the banks' greater portion of the reduction being shown for the New York City banks,
while other demand deposits (net) increased by 71.3 millions notwithborrowings from Federal Reserve banks, are indicated by the Federal
standing decreases of 5.8 millions shown for tho New York banks and of
Reserve Board's weekly statement of condition on Nov. 14 1919 of 782 24.9 millions for the Chicago banks. Time deposits were about 15 millions
member banks in leading cities.
larger than the week before. The banks' reserve balances with the Federal
Reserve banks show a decline for the week of 44.5 millions, the decrease
Declines of 1.4 millions in the holdings of U. S. bonds, of 13.7 millions in
being considerably larger (61.6 millions) for the New York City banks
Victory notes on hand, and of 16.2 millions in Treasury certificates held are
War paper holdings were 79.6 millions less than the
alone, while cash in vett declined 1.1 millions.
shown for the week.
Aggregate borrowings from Federal Reserve banks by reporting member
week before, most of this liquidation being reported by the banks in the
twelve Federal Reserve Bank cities. Loans secured by stocks and bonds banks show a decline for the week of 44.5 millions, a reduction of 101.3
show a decline of about 76 millions for the New York City banks alone, millions in the banks' own collateral notes being offset in part by an inand of 43.1 millions for all reporting banks. All other loans and invest- crease of 56.8 millions in rediscounted customers' paper. The change in
discount rates of the Federal Reserve banks by which the differential in
ments went up 6.7 millions. The ratio of war securities and war paper to
-day war paper was discontinued may afford a partial explanation
total loans and investments shows a further decline for the week from 18.7 favor of 15
to 18.2%, the corresponding ratios for the New York City banks being for this shifting from collateral notes (15 day paper) to rediscounts of longer
maturities.
22.9% and 22.6% respectively.
I. Data for all reporting banks in each district. Three ciphers (000) omitted.
Boston. New York Philadet. Cleveland Richm'd. Atlanta. Chicago. St.Louis. .1finneap. Kan. City
Three ciphers (000) omitted.
112
$48,633
284,192
119,433
395,552
Dallas. San Fran.
Total.
90
$41,841
62,405
26,311
69,366
82
$26,071
37,407
13,726
20,785
47
$14,015
28,084
10,425
30,997
99
$20,885
47,970
48,357
114,387
35
$17,154
14,002
6,531
14,219
35
$7,120
10,276
4,238
22,947
77
$14,467
23,832
9,437
20,626
42
$19,573
20,052
4,932
16,154
$67,881 $847,810
42,787 557,124
$94,806 $199,923
117,065
96,395
$97,989
37,302
$83,521 $231,599
89,720
25,192
$51,816
29,411
$44,581
14,538
$68,362
19,769
$50,711 $161,668 $2,010,667
26,192 1,061,438
5,943
207,584 1,488,037
660,577 3,288,514
80,356 698,268
26,154 126,782
797,097 5,141,917
124,698 433,876
18,781 158,947
35,898 515,575
81.621 236.569
217,781
489,328
63,734
17,560
675,910
22,386
20,536
75,090
114,110
339,318
39,392
18,767
374,455
96,686
8,588
49,614
49,258 373,016
354,977 1,287,092
33,010 180,906
14,201
68,892
289,346 1,342,717
120,846 471,880
3,687
25,527
47,861 107,972
147,336
294,265
46,846
11,330
342,092
108,281
5,679
21,233
33,898
261,395
26,038
9,297
268,267
58,317
6,388
19 700
74,560
459,813
56,423
15,560
462,054
85,159
6,404
43,368
28,668
202,836
27,069
11,890
233,233
32,117
5,484
10,650
Number of reporting banks
U. S. bonds to secure circulationOther U. S. bonds.
U. S. Victory notes
U EL certificates of indebtedness
46
$13,536
15,824
8,284
30,237
Total U. S. securities
Loans secured by U. S. bonds, &C
Loans secured by stocks and bonds
other than U. S. securities
tll other loans and investments_ _ _ _
iteserve balances with F. R. bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Bills payable with F. R. bank
Rilla recilscollhted With F. R. bank_
56
$11,097
29,466
14,676
39,567
99648
343,885
783,924
91,392
34,033
832,217
324,922
22,264
95,476
RA 959
17 555
5,1 15o
55 515
'
01 sin100.7
.
57 411,-
8782
61
$34,605
58,220
12,303
56,534
124,855
725,225
73,659
27,034
595,594
344,874
3,578
43,103
25.439
782
$268,997
631,730
278,659
831,281
3,202,988
9,147,264
1,417.123
381,503
11,354,899
2,224,042
285,863
1.065,540
668.000
2. Data for Banks in Federal Reserve Bank and Branch Cities and All Other Reporting Banks.
New York.
Chicago.
All F.R.Bank Cities. F.'. R. Bra tch Cities.
Three ciphers (000) omitted.
Nov. 14.
Nov. 7.
71
71
Number of reporting banks
U. S. bonds to secure circulation_ $38,936 $38,836
253,078 252,510
Other U. S. bonds.
105,431 107,161
U. S. Victory notes
U. S. certificates of indebtedness 370,900 374,629
768,345 773,136
Total U. S. securities
Loans secured by U.S. bonds. Ste. 526,881 565,800
Loans secured by stocks and bonds
1,345,160 1,421,159
other than U.S. securities
All other loans and investments_ _ 2,929,595 2,927,960
Reserve balances with F. R. bank 660,000 721,073
113,487 116,124
Cash in vault
4,698,916 4,701,741
Net demand deposits
351,538 348,644
Time deposits
156,218 195,167
Government deposits
461,758 564,766
Bills payable with F. It. bank_ _
Bills rediscounted with F. R. bank 217,851 203,952
Ratio of II. S. war securs. and war
22.9
22.8
Darter. total loans & inve,st't.
• Including Liberty bonds.
Nov. 14. Nov. 7.
Nov. 14.
Nov. 7.
All Other
Reporting Banks.
44
$1,439
15,245
22,674
57,573
44
268
268
$1,438 $101,784 ,S101,683
15,341 374,999 373,477
23,811 164,250 172,183
58,183 556,937 570,783
178
$66,199
130,578
57,604
165,178
Nov. 14. Noy. 7.
-336
178
336
$65,549 $101,014 $100,977
133,764 126.153 126,664
56,805
62,331
57,888
166,759 109,166 190,081
96,931
63,311
98,773 1,197,970 1,281,126
66,512 832,003 907,614
419,559
123,007
423,403
126,989
288,102
709,680
123,015
38,709
879,182
177,841
18,514
54,861
40,489
Nov. 14.
Nov. 7.
393,138
106,358
Total.
Nov. 7.
Nov. 14.
782
$268,997
631,730
278,659
831,281
Mau 16.
773
782
S268,209 $268,095
682,490
033,905
292,402
847,523 2,222,332
395,510 2,010,667 2,012,039 3,172,917
106,413 1,061,438 1,141,016 1,079,980
278,031 2,387,211 2,455,714 414,875 396,167 400,902 394,192 3,202,988 3,246,073
714,002 5,768,516 5,779,587 1,673,858 1,654,079 1,701,890 1,706,921 9.147,264 9,140,587 10,428,511
122,921 1,053,629 1,115,146 182,310 179.477 176,184 166,969 1,417.123 1,461,692 1,317,760
360,596
39,270 220,171 220,689
382,636
381,503
67,876
93,456
69,328
92,619
901,086 8,001,621 8,020,179 1,598,864 1,553,450 1,754,414 1,710,000 11,354,899 11,283,623 10,571,547
176,238 1,082,496 1,073,998 600,553 595,397 540,993 539,565 2,224,012 2,208,960 1,718,894
434,848
18,012 235,849 279,546
330,843
285,863
24,467
27,929
25,547
23,368
40,252 708,803 801,393 215,168 222,031 141,569 143,361 1,065,540 1,166,815 1,312,063
22,974 511,264 461,701
248,002
611,231
90,107
668,000
82,274
66,629
67,256
1Q,
11.
is o
10 q
IR 0
1.42
27.1
18.7
18.2
13.7
-Following is the weekly statement issued by the Federal Reserve Board on Nov. 21:
The Federal Reserve Banks.
Further liquidation of 26.7 millions of war paper, more than offset by increases In all other classes of earning assets and a decline of 14 millions in
gold reserves and 13.1 millions in total cash reserves are indicated by the
Federal Reserve Board's weekly bank statement issued as at close of business on Nov. 211919. Deposit liabilities show a decrease of 11.5 millions,
while Federal Reserve note circulation shows a further expansion of 8.7
millions. As a result the reserve ration declined from 47.1 to 46.9%.
Discounts, other than war paper, show an increase of 11.7 millions, acceptances on hand went up 24.4 millions and Treasury certificate holdings
were 6.8 millions larger than the week before. Total earning assets show
an increase for the week of 16.2 millions. War paper holdings of the
Chicago and St. Louis banks include 20.4 millions of bills discounted o
other Federal Reserve banks, while acceptances holdsing Of the Cleveland.
Chicago, St. Louis, Dallas and San Francisco banks are onclusive of 116.6
millions of acceptances purchased from other Federal Reserve banks, as
against 113.8 millions the week before.
An increase of 24.9 miolions in Government deposits is accompanied bya
decrease of 25.8 millions in members' reserve deposits and of about 3 millions in other deposits, including foreign Government credits. The "gloat"
carried by the reserve banks was 7.6 millions larger than the week before
and net deposits work out at 11.5 millions above the figure for the precedin
week. Gold reserves declined about 14 millions, a decrease of 4 millions
being caused by sale of gold held in the vaults of the Bank of England.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT TFIE CLOSE OF BUSINESS
Nov 21 1919.
Nov. 211919. Nov. 14 1919. Nov. 7 1919. Oct. 31 1919. Oct. 24 1919. Oct. 17 1919. Oct. 10 1919. Oct. 3 1919. Nov. 22 1918.
Total gold held by banks
Gold with Federal Reserve agents
Gold redemption fund
$
$
$
8
$
$
254,027,000 248,375,000 251,954,000 245,485,000 242,405,000 371,498,000
444,126,000 465,535,000 461,193,1)00 496,904,00(1 516,335,000 435,892,000
5,829,000
129,923.000 132,983,000 106.917,000 108,123,000 108,892,000
834,754,000 834.855,000 801.430.000 828,076,000 816,893.000 820,064,000 850,512,000 867,632,000 813,219,000
1,166,086.000 1,194,319,000 1,207,275,000 1,205,576,000 1,197,933,000 1,201,302,000 1,186,697,000 1.166,398.000 1,168.917,000
78,129.000
94,119,000 101,252,000
118,475.000 104,086,000 110,860,000 104,348.000 101,799,000 107,077,000
Total gold reserves
Legal tender notes, silver, &c
2,119,315,000 2,133,260,000 2,119,565,000 2,138.000,000 2,146,605,000 2,128,443,000 2,131,328,000 2.135,282,000 2,060,265,000
55,992,000
70,229,000
70,772,000
70,742,000
67,956.000
67,592,000
67,804,000
66,846,000
07,657,000
RESOURCES.
Gold coin and certificates
Gold settlement fund. F. R. Board
Gold with foreign agencies
Total reserves
Bills discounted:
Secured by Govt. war obligations
All other
131113 bought in open market
Total bills on hand
U. S. Government bonds
U. S. Victory Notes
U. S. certificates of indebtedness
All other earning assets
$
248,012,000
444,547,000
142,195.000
$
248,601,000
440,078,000
146,176,000
$
244,836,000
420,429,000
127,165,000
2,186,972,000 2,200,106.000 2,187,369,000 2,205,592,000 2,214,561,000 2,109,185,000 2.202,100,000 2.205,511,000 2,116,257,000
1,281,245,000
1673,890,000 1,700,618,000 1,771,028,000 1,681,082,000 1,666,055,000 1,698,885,000 1.672,797,000 1,654,166,000 428,190,000
450,747,000 439,000,000 418,461,000 447,465,000 416,084,000 422,842,000 401,058,000 361,771,000
433,586,000 394,355,000 368,846,000 342,938,000 326,852,000 326,667,000 368,784,000
480,043,000 455,653,000
2,604.680,000 2,595,271,000 2,623,075,000 2,522,902,000 2,450,985,000 2,464,665,000 2.400,707,000 2,342,604,000 2,078,219,000
27,096,000
29,134,000
27,095,000
27,095.000 27,097,0110
26,845,000
26,846,000
26,846,000
26,847,000
133,000
86,000
87,000
136,000
84,000
84,000
79,000
57,000
285,341,000 278,538,000 273,199,000 274,325,000 273,585,000 269,414,000 267,551,000 263,148,000 .148,180,000
27,000
2,916,925,000 2,900,734,000 2,923,204,000 2,824,156,000 2,751.751,000 2,701,263,000 2.695,487,000 2,632,983,000 2,255,560,000
Total earning assets
13,358,000
13,357,000
13,336,000
13,319,000
13,184.000
12,222,000
12,266,000
12,278,000
Bank premises
Gold in transit or in custody in foreign
19,242,000
46,355,000
19,242.000
46,355,000
46,355,000
19,242,000
countries
Uncollected items and other deductions
1,000,288,000 1,023,574,000 917,936,000 855,795,000 918,008.000 1,115,812,000 853,658,000 861.955,000 819,010,000
from gross deposits
4,525,000
12,571.000
13,333,0011
12,636,00)1
11.897,000
12,331,000
13,405,000
13,009,000
13,038,000
6% redemp fund agst. F. R. bank notes
24,175,000
9,139,000
8,494,000
7,869,000
10.246,000
13,530.000
8,225,000
10,071,000
8,040.000
All other resources
Total resources
LIABILITIES.
Capital paid in
Surplus
Government deposits
Due to members, reserve account
Deferred availability items
Other deposits, incl. for. Govt. credits
6,137,541,000 6,159,760,000 6,081,606,000 5,939.344,000 5,938.630,000 6,161,812,000 5,832,049,000 5,782,131,000 5,219,527,000
80,025,010
85,350,000
85,301,000
86,013,000
85,863,000
85.540,000
86,267,000
86,769.000
86,885.000
1,134,000
81.087.000
81,087,000
81.087.000
81,087,000
81,087,000
81,087,000
81,087,000
81,087,000
113,174,000
80,067,000
78,832,000
83,984.000 133,639,000
63,687,000 100,465.000
77,912,000
102,805,000
1,837,540,000 1,863,379,000 1.906,867,000 1.833,481,000 1,813.563,000 1,841,101,000 1,777,859,000 1.765.863.000 1,604,033,000
811,204,000 842.047,000 739,384,000 693.766,000 733,227.000 882,156,000 088,734,000 691,968,000 620,608,000
97,203,000
97,843.000
98,878.000 101,430.000
97,913.00 113,967,000
98,494,000
97,750,000
95,539,000
2,847,088,000 2,881,832,000 2,807,688,000 2,725.555,000 2,729.652.000 2.958,326,000 2,643,863,000 2.634.576,000 2,451,782,000
Total gross deposits
2,817,173,000 2,808,456,000 2,806,759,000 2,752.876,000 2,753.457,000 2,752,569,000 2,741,684,000 2,708,186,000 2,555,215,000
F. R. notes in actual circulation
80.504,000
257,680,000 257,281,000 257.572,000 254,933,000 251,590,000 249,675,000 247,176,000 241.937.000
F. It. bank notes in circulation-net liab
000
50,867,
32,848,000
30,995.000
36.981,000
38,880,000
34,615,000
42,233,000
44.335,000
47,628,000
All other liabilities
Total liabilities
„ ,
• Includes one-Year Treasury Notes.
.)
,
9,081.909,000, .
.000 5.OSS.6311.000 6,161.512,000 5,832.049.000,
.. ,
„ ,
THE CHRONICLE
Nov. 29 1919.1
2055
Nov. 211919. .Vor. 14 1919. Nov. 7 1919. Oct. 31 1919. Oct. 24 1919. Oct. 17 1919. Oct. 10 1919. Oct. 3 1919. Nov. 22 1918.
—
Ratio of gold reserves to net deposit and
45.4%
50.9%
F. R. note liabilities combined
46.3%
45.7%
45.3%
46.1%
47.7%
47.0%
47.0%
Ratio of total reserves to net deposit and
47.1 (
F. R. note liabilities combined
,
46.9%
50.5%
47.9%
46.8%
40.7%
49.1%
48.7%
48.3%
reserves to F. R. notes in
Ratio of total
circulation after setting aside 35%
against net deposit liabilities
55.2%
60.5%
51.7%
54.6%
56.6%
57.6%
57.1%
59.1%
58.1%
—
Distribution by Maturities—
5
S
S
S
$
5
5
$
$
94,230,000 102,431,000
1-15 days bills bought in open market
76,671,000
83,577,000
88,601,000
95,228,000 104,417,000 f 1206215 000
05,063,000
1,518.169,000 1,568,739,000 1,723,833,000 1,770,521,000 1,721.280,000 1,777,863,000 1,756,690,000 1,657,457,000 t
1-15 days bills discounted
1-15 days U.S.certif. of indebtedness
27,614,000
21,760,000
21,066,000
69,029,000
20,856,000
20,067,000
14,156,000
32,290,000
31,814,000
1-15 days municipal warrants
5,000
16-30 days bills bought in open market
87,971,000
91,471,000
99,432,000
90,740,000
175,680,000
79,954,000
59,443,000
60,772,000
69,704.0001
16-30 days bills discounted
122,628,000 149,456,000 119,955,000 103,418,000 115,589,000 109,132,000
77,632,000 117,639,000 t
15,681,000
16-30 days U.S. certif. of indebtedness
12,499,000
10.998,000
6,499,000
3,000,000
16,850,000
4,999,000
15,500,000
16-30 clays municipal warrants
10,000
186,021,000 180,666,00(1 176,945,000 159,536,000 124,124,030 131,462,000 129,176,000 116,849,000 J 338,876,000
31-60 (lays bills bought in open market
31-60 days bills discounted
273,145,000 184,578,000 141,585,000 143,943,000 143,163,000 162,437,000 167,147,000 167,570,000 1
31-60 days U.S. certif. of indebtedness
18,299,000
22,343,000
22,507,000
23,497,000
10,335,000
25,762,000
13,497,000
9,409,000
18,227,000
31-60 days municipal warrants
6,000
•
61-90 days bills bought in open market__
111,821,000
81,085,000
80,461,000
'60,502,000
34.904,000 5 337,346,000
41,144,000
76,167,000
56,248,000
61-90 (lays bills discounted
192,744,000 220,029,000 186,561,000
99,017,000
65,320,000 t
64,444,000
91,868,000
63,495,000
61-00 days U.S. certif. of indebtedness
6,715,000
9,054,000
5,517,000
12,655,000
2,023,000
28,229,000
24,177,000
14,875,000
19,769,000
61-90 days municipal warrants
3,000
Over 90 days bills bought in open market
77,000
793,000 1 20,102.000
522,000
722,000
16,816,000
Over 90 days nulls discounted
17,951,000
14,555,000
11,648,000
7.951.0901,
10,239,000
7,942,000
8,800,000
Over 00 nays certif. of indebtedness_.... 214,693,000 215,221,000 213,111,000 211,607,000 198,134,000 194,129,000 200,221,000 187,714,000
66,793,000
Over 90 (lays municipal warrants
3,000
Federal Reserve Notes—
3,031,492,000 3,036,690,000 3,000,867,000 2,958,700,000 2.980,610,000 2,970,132.000 2,949,244,000 2,890,122,000 2,768,777,000
Outstanding
Held by banks
214,319.000 228,234,000 194,108,000 205,824,000 227,153,000 217,563.000 207,560,000 193,936,000 213,562,000
—
—
2,817,173.000 2,808,456,000 2,806,759,000 2,752,876,000 2,753,457,000 2,752,569,000 2,741,684,000 2,708,186,000 2,555,215,000
In actual circulation
Fed. Res. Notes (Agents Accounts)—
5,774,280,000 5,746,28(1,000 5,665,380,000 5,620,180,000 5,577,160,000 5,511,620,000 5,461,940,000 5,380,120,000 3,660,540,000
Received from the Comptroller
2,350,935,000 2,314,968,000 2,281,861,000 2,241,892,000 2,187,243,000 2,154,160,000 2,122,288,000 2,085,335,000 591,693,000
Returned to the Comptroller
—
—
Amount chargeable to Fed. Res. agent 3,423,345,000 3,431,312,000 3,383,516,00(1 3,378,288,000 3,389,917,000 3,357,460,000 3,339,652,000 3,294,785,000 3,068,847,000
391,853,000 394,622,000 382,649,000 419,588,000 409,307,000 387,328,000 390,408,000 395.663,000 300.070,000
In hands of Federal Reserve Agent
—
3,031,492,000 3,036,690,000 3,000,867,000 2,958,700,000 2,980,610,000 2,970,132,000 2,949,244,000 2,899,122,000 2,768,777,000
Issued to Federal Reserve banks
How Secured—
236,248,000 238,248,000 238,248,000 242,249,000 242,248,000 2427248,000 244,248,000 242,248,000 211,626,000
gold coin and certificates
By
By lawful money
1,865,406,000 1,842,371,000 1,793,592,000 1,753,124,000 1,782,677,000 1,768,830,000 1,762.547,000 1,732,724,000 1,599,860,000
By eligible paper
93,821,000 105,267,000
93,368,000
Gold redemption fund
83,668,000
90,999,000
78,793.000
91,949,000
93,608,000
88,108,000
831,017,000 850,804,000 875,659.000 242,249,000 864,686,000 867,105,000 854,341,000 830,542,000 878,498,000
With Federal Reserve Board
Total
3,031,492,000 3,036,690,000 3,000,867,000 2,958,700,000 2,980,610,000 2,970,132,000 2,949,241,000 2,899,122,000 2,768,777,000
Pilgible ner delivered to F. R. Agent_ _ _ 2,519.660.000 2,509,360,000 2,530.781.000 2.427,125,000 2.366.882.000 2,371,047,000 2,312,574.033 27264.643.000 2,006,806,000
.
.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSNESS NON. 21 1919
Boston. New York
RESOURCES.
$
8,533,0
Gold coin and certificates
Gold Settlement Fund, F. R. B'd 23,952,0
10,380,0
Gold with Foreign Agencies
Phila. Cleveland. Richmond Atlanta.
-S
S
S
5
$
146,923,0 1,263,0 21,634,0 2,344,0 8,043,0
125,038,0 31,952,0 29,952,0 29,857,0 13,950,0
52,186,0 11,376,0 11,660,0 6,968,0 5,119,0
Total gold held by banks
42,865,0
Gold with Federal Reserve agents 65,815,0
Gold redemption fund
23,750,0
324,147,0 44,591,0 63,246,0 39,169,0 27,112,0 103,367,0 27,545,0 29,066,0 49,239,0 34,798,0 49,609,0 834,754,0
283,780,0 78,378,0 107,012,0 48,840,0 54,403,0 252,442,0 71,331,0 35,396,0 40,516,0 25,492,0 102,681,0 1,166,086,0
25,000,0 10,641,0
842,0 11,491,0 6,638,0 17,758,0 4,634,0
1,387,0 3,776,0 3,008,0 9,550,0 118,475,0
Total gold reserves
Legal tender notes, silver,
132,430,0
5,108,0
632,927,0 133,610,0 171,100,0 99,500,0 88,153,0 373,567,0 103,510.0 65,849,0 93,531,0 63,898,0 161,840,0 2,119,315,0
50,265,0
446,0
878,0
198,0
1,289,0 2,401,0 4,952,0
90,0
1,584,0
250,0
193,0
67,657,0
Total reserves
Bills discounted: Secured by Government war obligations (a).
All other
Bills bought in open market (b)
137,538,0
683,192,0 134,056,0 171,978,0 99,698.0 89,442,0 375,971,0 103,462,0 65,939,0 93,781,0 64,882,0 162,033,0 2,186,972,0
127,078,0
32,763,0
50,555,0
701,956,0 188,259,0 125,938.0 84,986,0 68,895,0 160,345,0 45,614,0 30,128,0 49,535,0 26,054,0 56,102,0 1,673,800,0
88,855,0 18,399,0 30,194,0 12,598,0 38,172,0 81,449,0 23,273,0 27,259,0 49,027,0 15,923,0 32,835,0 450,747,0
86,379,0
1,444,0 67,971,0 7,175,0 12,428,0 102,054,0 29,077,0 21,692,0
450,0 7,830,0 92,988,0 480,043,0
Total bills on hand ______
_ 210,396,0
U. S. Government bonds
539,0
U. S. Government Victory bonds
U. S. certificates of Indebtedness 22,440,0
877,190,0 208,102,0 224,103,0 104,759,0 119,495,0 352,848,0 97,964,0 79,079,0 99,012,0 49,807,0 181,925,0 2,604,680,0
1,257,0
1,385,0
844,0
1,234,0
376,0 4,477,0
26,847,0
1,153,0
116,0 8,868,0 3,966,0 2,632,0
50,0
4,0
3,0
57,0
75,564,0 30,361,0 20,018,0 11,860,0 15,665,0 40,485,0 17,469,0 8,380,0 14,820,0 11,310,0 10,960,0 285,341,0
—
954,061,0 239,848,0 250,965,0 117,853,0 135,540,0 397,810.0 116,586,0 87,578,0 122,700,0 65,0S3,0 195,517,0 2,916,925,0
3,994,0
500,0
889,0
491,0
503,0 2,936,0
400,0
394,0
402,0
12,278,0
691,0
Two ciphers (00) omitted.
Total earning assets
233,384,0
Bank premises
1,078,0
Gold in transit or in custody it
Foreign Countries
Uncollected items and other d
ductions from gross deposits
79,290,0
6% redemption fund against
Federal Reserve oank notes
1,072,0
All other resources
337,0
Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
5
5
24,031,0 3,410,0
62,365,0 17,452,0
16,921,0 6,683,0
S
S
$
S
8,234,0
275,0 6,823,0 16.449,0
16,093,0 42,139,0 24,278,0 26,619,0
3,839,0 6,825,0 3,697,0 6,541,0
Total.
$
248,012.0
444,547,0
142,195,0
240,891,0 70,752,0 74,314,0 89,070,0 42,971,0 116,023,0 67,468,0 23,698,0 79,540,0 50,358,0 47,713,0 1,000,088,0
2,901,0
1,294,0
1,450,0
766,0
1,155,0
658,0
583,0
1,760,0
851,0
177,0
1,915,0
1,073,0
610,0
242,0
330,0
129,0
957,0
494,0
559,0
313,0
655,0
797,0
13,038,0
8,040,0
Total resources
452,699,0 1,886,333,0 456,372,0 499,959,0 309,655,0 269,484,0 895,728,0 294,059,0 177,674,0 297,874,0 190,589,0 407,115,0 0,137,541,0
LIABILITIES.
Cap( al paid In
7,103,0
22,447,0 7,856,0 9,469,0 4,383,0 3,388,0 12,254,0 4,056,0 3,059,0 3,981,0 3,437,0 5,452,0
86,885,0
But plus
5,026,0
32,922,0 5,311.0 5,800,0 3,800,0 2,805,0 9,710,0 2,589,0 2,320.0 3,957,0 2,020,0 4,578,0
81,037,0
Gavernmen deposi.a
10,511,0
50,747,0 7,318,0 5,163,0 1,174,0 2,524,0 4,962,0
4,589,0 3,710,0 4,847,0 3,271,0 3,989,0 102,805,0
Due to members, reserve accoun , 114,878,0 733,912,0 100,716,0 134,426,0 64,198,0 51,017,0 251,035,0 66,068,0 53,338,0 91,376,0 60,729,0 115,847,0 1,837,540,0
Deferred availability items
66,242,0 171.652,0 77,688.0 68,644,6 76,547,0 40,509,0 93,583,0 55,499,0 19,740,0 69,620,0 39,367,0 32,108,0 811,204,0
All other deposits
7,016,0
42,506,0 6,414.0 6,002,0 3,602,0 2,737,0 9,672,0 3,733,0 2,279,0 3,605,0 2,538,0 5,435,0
95,539,0
Total gross deposits
198,047,0 998,817,0 102,136,0 214,235,0 145,521,0 96,787,0 359,257,0 129,889,0 79,007,0 169,448,0 105,905,0 157,379,0 2,847,088,0
F. R. notes in actual circulation 216,914,0 758,797,0 219,689,0 245,484,0 142,403,0 149,812,0 168,708,0 139,634,0 83,786,0 99,114,0 67,780,0
225,052,0 2,817,173,0
F. R. bank notes in circulatio
—net liability
21,300,0
55,934,0 27,563,0 21,505,0 11,605,0 14,750,0 40,361,0 16,176,0 8,009,0 19,056.0 10,188,0 11,233,0 257,680,0
All other liabilities
3,529,0
17,416,0 3,817,0 3,405,0
1,943,0
1,942,0 5,438,0
1,433,0 2,318,0
1,715,0
1,2500 3,421,0
47,628,0
Total llaollities
452,699,0 1,886,333,0 456,372,0 499,959,0 309,655,0 260,484,0 995,728,0 294,059,0 177,674,0 297,874,0
190,589,0 407,115,0 0,137,541,0
Memoranda—Contingent liaoilit • as endors cr on:
Discounted paper rediscountecI
with Muer F. R. banks
•
20,370,0
20,370,0
Bankers' acceptances sold t r
other F. R. banks
20,245,0
20,245,0
(a) Includes oills discounted to •
other F. It. banks, viz
•
15,870,0 4,500,0
20,370,0
(b) Includes bankers' acceptance 3 bought fr om other F. lt. banks:
With their endorsement
10,164,0 10,081,0
20,215,0
Without their endorsement__
25.095.0
40,340,0 1:3,914,0
5.012.0 12.027.0
90.358,0
STATEMENT OF FEDERAL RESERVE AGENTS ACCOUNTS AT CLOSE OF BUSINESS NOV. 21 1919.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Two ciphers (00) omitted.
Total.
—
$
Federal Reserve notes:
S
$
$
S
$
S
$
3
$
$
$
$
Rexived from Comptroller--- 458,800,0 1,877,300,0 186,780,0 448.880.0 292.640,0 289,000,0 788,800,0 283,480,0 146,480,0 192,660,0 131,740,0 377,720,0
178,598,0 913,322,0 228,114,0 161,920,0 120,926,0 85,077,0 264,781,0 103,674,0 51,778,0 80,808,0 45,819,0 116,115,0 5.774,280,0
Returned to Comptroller
2,350,935,0
Chargeable to F. R. Agent
In hands of F. R. Agent
280,202,0
52,600,0
Issued to F. R. bank, less amt.
returned to F. It. Agent for
227,602,0
redemption:
Collat'l security for outst'g notes:
Gold coin and ctfs. on hand_
13,815,0
Gold redemption fund
Gold Set'm't Fund, F. R. I3'd_ 52,000,0
Eligible paper, min'm required 161,787,0
)
• 27,602.0
Total
Amount of eligible paper deity210,396,0
h, ered to F. It. Agent
227,602,0
F. R. notes outstanding
10,688,0
R. notes held by bank
F.
P4
..... rt ms•f.. in nniti li niroiii.itl In • 10 014 0
,
963,978,0 258,666,0 286,960,0 171,714.0 203,923,0 524,016,0 179,806,0 94,702,0 111,852,0 85,921,0 261,605,0 3,423,345,0
125,000,0 21,980,0 29,560,0 25,218,0 50,065,0 32,480,0 17,280,0 9,260,0 5,810,0 15,450,0 4,150,0 391,853,0
838,978,0 23'3,686,0 257,400,0 146,496,0 153,858,0 191,536,0 162,526,0 85,442,0 106,012,0 70,471,0 257,455,0 3,031,492,0
183,740,0
24,125,0
2,500,0
8,831,0
236,248,0
4,000,0 13,052,0
15,040,0 12,989,0 12,887,0
840,0 3,903,0 8,297,0 5,400,0 2,544,0 2,156,0 5,177,0 15,773,0
98,821,0
85,000,0 65,389,0 70,000,0 48,000,0 48,000,0 244,145,0 61.931,0 19,800,0 38,360,0 11,484,0 86,908,0 831.017,0
555,198,0 155,308,0 150,388,0 97,656,0 99,455,0 239,094,0 91,195,0 50,046,0 65,526,0 44,979,0 154,774,0 1,865.406,0
838,978,0 233,686,0 257,400,0 146,496,0 153,858,0 491,536,0 162,526,0 85,442,0 106,042,0 70,471,0 257,445,0 3.031.492,0
876,244,0 167,569,0 221,849,0 100,074,0 105,646,0 352,407,0 97,780,0 6.9239,0 99,012,0 49,807,0 169.628.0 2.519,660,0
838.978,0 233,686,0 257,400,0 146,496,0 153,858,0 491,536,0 162,5213,0 85,442,0 106,042,0 70,471,0 257,455,0 3,031,492,0
80,181.0 13,997,0 11,916,0 4,093,0 4,046,0 22,828,0 22,892,0
1,656,0 6,928,0 2,691,0 32,403,0 214,319,0
7A5 707 0 910 050 11 04.5 454.1) 142.403.0
149.8120 408708 n IRQ 054 n 55 7580 99.114.0 67.780.0 225,052,0 2,817.173.0
THE CHRONICLE
Vaulters' Gazette.
Watl Street, Friday Night, November 28 1919.
-The expected
Railroad and Miscellaneous Stocks.
irregular movement which always accompanies readjustment after the bursting of a bubble in Wall Street has
characterized the security markets this week. While the
general trend of prices has since Monday been towards a
lower level, not a few issues, especially of the industrial list,
substantially advanced until to-day. Almost no developments of the week have been interpreted in Wall Street as
favorable and the announcement this morning that negotiations in the coal strike are off and that the Government
will take over and operate the mines, in addition to increasing tension in the Mexican situation and a firmer
money market caused renewed liquidation and a drop of
3 to 20 points in a long list of stocks. Balt. & Ohio closed
with a net loss for the day of 53/i points, Can. Pao. 4%,
St. Paul and Texas & Pac. 3%, Nor. Pac. 3%, Union Pac.
and So. Pac. 3 and Gr. Nor., Atch., New York Cent. and
Reading from 2 to 3.
Gen. Motors closes nearly 28 points below the highest at
which it has sold during the week, Crucible Steel 25, Pierce
Arrow 14%, Mex. Pt. 16, Chandler Motors 10, Studebaker
and U. S. Rubber 9 and a considerable list of other stocks
in this group are from 5 to 8 points lower.
Prim, Poo Ati
The troubles in the printing trades having been settled,
the Stock Exchange to-day resumed the issue of its daily sales
sheet, which had been suspended since Oct 2.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Nov. 28.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. $ per share. $ per share.$ per share.
American Express_ _ _100 1,800 90 Nov 24 100 Nov 25 763.4 Sept 103
May
Am Teleg & Cable_..100
200 55% Nov 28 56 Nov 28 5534 Nov 63 May
Ann Arbor, pref
100
300 20 Nov 24 20 Nov 24 15
Oct 21
Nov
Baldwin Locom, pref.100
400 1053j Nov 25 1053. Nov 22 102
Jan 11134 June
Buff Roch & Pittsb_ _100
10 55 Nov 24 55 Nov 24 55
Nov 723.4 Feb
Chic & Alton, pref_..l00
100 12 Nov 26 12 Nov 26 1034 May 1734 July
Chic & E Ill pref ctfs dep
400 7 Nov 28 8 Nov 26 7
Nov 173.4 July
C St P M & Om,pref_100
300 95% Nov 28 9934 Nov 26 9535 Nov 10735 July
,
Crex Carpet
100
300 50 Nov 28 50 Nov 28 48
Mar 79
July
Fam Play Lasky rights__ 27,000
24
% Nov 22
% Nov
A Nov 134 Nov
Gen Chemical, pref_ ..100
200 101
Nov 25 101 Nov 25 101
Nov 108
Feb
Gray & Davis, Inc_ _ _ _25 4,600 49% Nov 26 53% Nov 26 4914 Nov 5334 Nov
Bomestake Mining_ _100
1011 68% Nov 25 683.4 Nov 25 60
Oct 100
Feb
Internat Nickel pref_100
200 92% Nov 28 93 Nov 28 90
Oct 9734 May
International Salt__ _100
333 65 Nov 24 6635 Nov 25 53
,
Feb 663.4 Nov
Kayser (Julius) & Co 100
100 115 Nov 2S 115 Nov 28 105
Apr 130
Apr
Kelsey Wheel, pref_ _100
100 99% Nov 22 99% Nov 22 89
Jan 10034 Oct
Kresge (S S) Co
200 140 Nov 26 145 Nov 22 1063.4 Jan 170
100
July
Lee Rubber & Tire rights 6,500
% Nov 24
% Nov 26
A Nov 134 Nov
600 65 Nov 25 7135 Nov 22 6134 July 8034 Apr
Marlin Rock v t c_no par
Maxwell Motor ctfs dep. 1,930 36% Nov 28 42% Nov 25 3634 Nov 43
Nov
1st pref ctfs deP
100 3 Nov 22 63 Nov 22 66
Nov 69% Nov
100 353.1 Nov 24 35% Nov 24 32% Nov 3534 Nov
2d pref ctts dep.
..100
200 95 Nov 28 9535 Nov 26 95
M St P & S S M,pref.100
Nov 10934 May
Nashv Chatt & St L_100
Nov 11934 May
20e 112 Nov 28 1123.-i Nov 25 111
400 67 Nov 2' 67% Nov 25 67
Norfolk & West, pref.100
Nov 76
July
100 96 Nov 25 96 Nov 25 96
Otis Elevator, pref
Nov 96
Nov
200 100% Nov 28 101
Owens Bottle, prer_ _100
Nov 25 100
Oct 104
May
Pan Am P & T rights__ _ 35,900
Nov 2
, % Nov 22
% Novi 335 Oct
3
Nov 47% Nov
Parish & Bingham Corp_ 2,830 44 Nov 28 47% Nov 26 44
300 14 Nov 28 1435 Nov 22 434 Mari 20 July
Peoria & Eastern_ _ _ _100
Nov 26
Nov 26 1
% Nov' 1
300
Saxon Motor rights
Nov
Standard Mill rights_ _ _ _ 1.300 73 Nov 28 835 Nov 24 734 Nov 14
Oct
Nov 28 434 Nov 26 234 Nov 434 Nov
26,100
Studebaker rights
Nov 28 68 Nov 22 61
Nov 70
5,000 61
Texas Co rights
Nov
Jan 95
Vulcan Detinning, p1.100
Oct
10e 89% Nov 24 8934 Nov 24 40
Feb 70 May
West'se E & M,1st 131_50
100 65 Nov 26 65 Nov 261 61
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
Nov. 28 1919.
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Par Value.
388,758 $34,155,800
803,893 73,515,800
1,060,000 96,894,500
1,188,900 109,640,530
Railroad.
&c.,
Bonds.
$1,890,000
2,965,000
2,872,000
4,266,000
HOLIDAY
1,458,218 130,760,050
3,995,000
State. Mun.
& Foreign
Bonds.
United
States
Bonds.
$750,000 $10,422,000
498,000 14,385,000
501,000 20,257,000
581,000 22,741,000
[Vol.. 109.
the market for shares. The downward movement of prices
was lead by the local traction issues which have been thrown
on the market regardless of results and declined from 5 to
over 6 points. Inter. Met. 432s close 13 points below their
selling price late in Oct. and Interboro. R. T.5s have declined.
over 15 points during the same period. Weakness is not, however, confined to this group. St. Paul cv. 43/s have lost 35%
2
points within the week, So. Paz. 5s 2%, Atch. gen. 4s 23.
and New York Cent. 6s 23/8. Of a list of 16 notably active
bonds only Consol. Gas 6s show a fractional net gain.
United States Bonds.
-Sales of Government bonds at the
Board are limited to the various Liberty Loan issues. Today's prices are given below. For weekly and yearly range see
fourth page following.
Daily Record of Liberty Loan Prices. Nov.22.Nov.24. Nov.25.Nov.28. Noo.27 Nov.28.
.
(High 100.12 100.10
First Liberty Loan
335s, 15-30 year, 1932-47 (Low_ 100.04 100.02
(Close 100.06 100.08
Total sales in $1,000 units
493
791
Second Liberty Loan
( High 92.34 92.40
4s, 10-25 year cony, 1942 I Low_ 92.22 92.00
(Close 92.30 92.12
Total sales in $1,000 units
338
181
Second Liberty Loan
( High 94.40 94.30
4s, convertible, 1932-47 I Low_ 94.30 94.30
(Close 94.30 94.30
Total sales in $1,000 units
43
66
Third Liberty Loan
(High 94.30 94.30
43.0 of 1928
{Low_ 94.12 94.20
(Clo
94.26 94.24
Total sales in $1,000 units
1,500 1,498
Third Liberty Loan
(High 94.50 94.50
434s of lat L L eonv,'32-'47( Low- 94.50 94.30
(Close 94.50 94.30
Total sales in $1,000 units
136
82
Third Liberty Loan
92.74 92.60
1 Mg
43is of 2d L L conv,'27-'42(Low_ 92.54 92.30
(Close 92.60 92.36
Total sales in $1,000 units
1,530 2,180
Fourth Liberty Loan
i High 92.68 92.56
430 of 1933-38
(Low_ 92.54 92.3'
(Cl.92.58 92.40
Total sales in MOM units
4.400 3,071
Fourth Liberty Loan
___
1 Higi
___
434s,1st LL 2d conv,'32-47I Low_
____
____
(Close
____
____
Total sales in $1,000 units
Victory Liberty Loan
(High 99.28 99.28
434s cony gold notes,'22-23( Low- 99.24 99.20
(Close 99.24 99.20
Total sales in 81,000 units
1,810 3.204
Victory Liberty Loan
( High 99.30 99.26
3348,conv gold notes, '22-23 I Low_ 99.24 99.20
[Close 99.26 99.20
Total sales in $1,000 units
360 1.118
100.10 100.08
100.04
100.04 100.00
"99.98
100.04 100.08
100.00
388
768
1,055
92.20 91.92
91.54
91.80 91.30
91.10
91.98 91.40
91.10
364
245
226
94.30 94.20
94.00
94.20 94.10
94.00
94.20 94.10
94.00
106
27
111
94.30 94.24
94.08
94.20 94.02
93.68
93.76
94.26 94.12
4,344
2,307 3,465
94.20
94.42 94.38
94.20
94.30 94.20
94.20
94.32 94.20
149
27
45
91.76
92.36 92.26
91.40
92.20 91.70
91.58
92.26 91.82
2,257
1,680 3,003
91,76
92.34 92.30
91.36
92.16 91.70
91.58
92.22 91.78
7,260
5,816 7,799
100.96
__
101.00
100.96
101.00
---100.96
101.00
---31
99.08
- .18
9
99.22 9 99.02
99.14 99.06
99.02
99.16 99.10
3,985
7,376 4,595
99.10
99.22 99.14
99.02
99.14 99.06
99.02
99.16 99.06
2,345
947 2,307
EXCHANGE CLOSED-HOLIDAY
2056
Foreign Exchange.
-The market for sterling exchange
has ruled dull at or near the closing rates of last week.
Continental exchange was again weak and irregular, while
neutral exchange has relapsed into its former ilominal
position.
To-day's (Friday's) actual rates for sterling exchange were 3 96%©
3 9834 for sixty days, 4 00% ©4 023 for checks and 4 01% @40334 for
%
cables. Commercial on banks, sight, 4 00%04 0234; sixty days, 3 9734
©13 994; ninety days, 3 9634@3 9834, and documents for payment (sixty
days) 3 96©3 98; cotton and grain for payment, 4 0034@4 0234.
ii
To-day's (Friday's) actual rates for Paris bankers' francs were 9 86©9 89
for long and 9 78©9 81 for short. Germany bankers' marks are not yet
quoted for long and short bills. Amsterdam bankers' guilders were 3734@
37 6-16 for long and 37 11-16037 7-11 for short.
Exchange at Paris on London, 39.23 fr.; week's range, 38.90 fr. h gh and
39.35 fr. low.
The range for foreign exchange fro the week follows:
Sterling ActualSixty Days. Checks.
Cables.
High for the week
4 0334
4 0734
4 0634
Low for the week
40334
396'%
40134
Paris Bankers' Francs
High for the week
9 67
9 56
9 54
Low for the week
9 89
9 78
9 76
Germany Bankers' Marks
High for the week
2 53
2 55
Low for the week
2 26
_
Amsterdam Bankers' Guilders
High for the week
37 5-16
3734
38
Low for the week
36 15-16 37%
37 A
-Chicago, par. St. Louis, 15©25c. per $1,000
Domestic Exchange.
Boston, par. San Francisco, par. Montreal, $45 per $1,000
discount.
premium. Cincinnati, par.
Outside Market.
-"Curb" securities showed renewed
strength throughout the week until to-day when a heavy
759,000 20,672,000 selling movement caused a sharp break in numerous instances and a heavy tone generally. General Asphalt corn.
Total
4,899,769 $444,966,650 $15,989,000 $3,039,000 $88,477,000
was a conspicuous feature, advancing from 123 to 127 and
to-day dropping to 102. General Motors, new stock was
Sales as
Week ending Nov. 28.
Jan. 1 to Nov. 28.
also a centre of interest and on heavy transactions gained
Yew York Stock
five points to 40, and to-day sold back to 35. The new 7%
Ezchange.
1918.
1919.
1919.
1918.
debenture stock was traded in for the first time to-day
-No. shares_ _
Stocks
4,899,769
291,206,942
3,291,529
131,927,808
Par value
$444,966,650 $309,486,400 $26,563,277,930 $12,332,894,315 down from 100 to 96. A. T. Securities moved up steadily
Bank shares, par
$47,200
$19,700 from 61 to 66 and to-day broke o 603/2, finishing back to 61.
Bonds.
Government bonds- _ _ $88,477,000 $42,124,003 $2,368,374,800 $1,122,231,000 Loft Inc., declined from 26 to 22. Replogle Stee lost four
State, mun.,&c.,bonds
3,089,030
5,347,500
251,830,500
249,377,5)0 point to 50, and Rockaway Rolling Mills three points to 7.
RR.& misc. bonds_
15,988,003
8,999,0001
499,220,000
310,546,000 Submarine Boat weakened from 173
% to 163/2. Tobacco
Total bonds
$107,554,030 $56,470,500 $3,119,455,300 $1,682,154,500 Products Exports sold down from 283/i to 27. Vanadium
Steel, after an advance from 543/ to 623' during the week,
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
dropped to-day to 53. Trading in oil shares was on a large
BALTIMORE EXCHANGES.
scale. Simms Petroleum was an exception to the rule,
Boston.
Philadelphia.
Baltimore.
gaining eight points to 53 and closing to-day at 503'. Shell
Week ending
Nov. 28 1919.
Shares. 'Bond Sales. Shares. !Bond Sales. Shares. Bond Sales. Transport & Trading sold up from 78 to 823 and down to-- day to 76%, the close being at 77. Boone Oil advanced
Saturday
11,8011 523,490
5,1721 $16,100
1,594
$11,900 from
Monday
63/ to 83/2. Carib Syndicate, new stock, rose from
31,585
70,530
5,8771
28,300
3,278
7,600
Tuesday
39,511
10,436
184,450
1,536
35.000
34,100 463 to 483/i and sank to 44, the final figure to-day being 45.
Wednesday
31,018
118,200
6,733
121,300
2,101
44,600 Guffey-Gillespie corn. declined from
349 to 32 and sold
Thursday
IIOLI DAY
Friday
29,568
23,000
14,965
1,793
26,000
31,000 finally at 323.. Houston Oil corn. advanced 16 points to
160 and reacted to 151. Internat. Petroleum improved
Total
143,4831 $419.550
43.133 $226.700
10,302 $129,200
from 53% to 583/2 and to-day sold back to 54. Among
State and Railroad Bonds.
-Sales of State bonds at mines the silver issues were in demand. Nipissing gained
the Board are limited to $1,000 N. Y. Canal 43/2s at 109%•
13/2 points to 13.
The market for railway and industrial bonds has been unuA complete record of "curb" market transactions for the
sually weak both on its own account and in sympathy with week will be found on page 2066.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
205.
OCCUPYING THREE PAGES
For record of sales during the week of stocks usually Inactive, see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Satuntoi
Nor. 22
Monday
Nov. 24
Tucvlay
Nov. 25
$ Per share $ per share $ per share
881, 8814 83
8812 88
8814
787* 79
79
79
79
79
934 93
4 *812 912
9
9
.
9412 9512 95
95
9418 9418
38
3738 3314
3314
3712 373,
50
4912 50
50
4912 4978
1878 1914 1778 1914
1614 18
.14
15
13
14
1212 13
14512 14612 14612 14612 14514 146
5714 5734
5712 5318
5712 5712
*914
912 s9
912
9
9
25
2518 26
26
25
25
4214 4212 4134 4214 4112 4212
621* 6212 62
6214 6114 6214
*9112 93
*91
93
907 917
3
8
.121 124 *12112 125
12178 122
2712 2712 2718 2778
273 277
8
8
§7312 7312 *7312 75
74
74
63
63
.63
64
63 .. 3
6sii
4
60
60
*4512 49
;48" 481j ;ii- .66 70 .66 68 .
2314 2412 ---- ---
ió
•182
.8
1512
15
2438
1712
8414
3978
.812
.34
*9118
514
•16
f&i siOY'f6
191 *182
912 *812
16
1558
1514
1478
2434 2412
1712 .17
8412 8334
4018 40
10
*358
3512 *34
92
92
53
8
412
173*
1334
8
-1175- 18
1734
43
48
.45
*9
11
*9
.1712 22
*1712
4518 4518 4434
114 114 .112
52
5212 49
1512
§8312
-71.114 11
12 1114
*1012 19
.16
273
27
s 2738
453 46
4
44
_
.63i
*45
723 5
; 4 7
7212
.
28 29 *28
.63
70
.63
*43
46
.43
313 313
4
4 315
8
1834 183
4
1812
ioir2
196
184 184
9
*8
9
16
1512 1534
147 1518
1518
8
243
2412 *24
4
18
1714 1712
8458 827 84
8
4014
3978 40
10
.858 10
3512 *3118 3512
92
9118 9214
514
33
4 5
1612
1214 15
1734
4512
11
22
45
114
5114
1512
8312
1112
1812
2778
4512
714
43
7318
29
70
46
32
1812
1712 18
.48
50
17
11
;97
4334 45
*11214 115
4412 4814
____
3258
8212 - - 7
1114 1134
1612 1612
27
2712
453 46
8
6
65
8
4512 4512
72
7238
.23
29
*63
70
*43
46
3112 32
*1312 19
13
13
100* 101 100141-003-4 10014 10038
8514 853
4 8438 8512 8458 85
4212 4278 4238 4234 4211 4212
2358 24
24
2412 24
2438
6334 64
Wednesday
Nov. 26
Thursday
Nor. 27
S per share $ per share
8712 88
79
79
9
9 1s
93
93
363 375
8
8
433 493
4
s
1614
16
1112 1134
145 14534
563 5712
4
--_- --3612
5712
897
8
121
2618
73
613
4
11 2
-1
6114
968
121
2714
7312
6218
4
-4 - - -23
51
13 51
Fol.; 1- -102 4
812
145
143
4
2212
17
82
395
8
*85
8
3418
9012
358
12
-- 2
811512
147
3
2312
17
827
8
40
914
3418
91
4
1212
1712
49
-.45
9
9
4712 2258
4312
43
11312 1131.
44
42
145 15
8
_
-2
1114 11116
1612
2038 2718
4334 45
___ _ ___ _
70i
28
.03
.43
2912
1812
1314
100
8318
4218
2318
64
7113
28
70
46
3112
1812
131 1
10012
845
8
4238
2412
64
- ci 6734 673*
(
3018 30
3012 2934 293
2858 2912
4
SO
*7714 73
*7714 78
77
77
7914 777 79
7818 7914
8
7034 77 8
5
35
34
34
$3
*33
35
35
3718 *37
38
*3612 3S
*3612 3%
173
4
1734 173
163 1712
4
4
1734
.25
30
1714_ _ _ _
25
25
15
15
15
15
2734 273 -- _4
27
27
838 838 --------88 83
8
1613 -16 *1612 1712 -2
- 116
1614
9714 9812 9712 9918
Wis
9514 97
2414 25
2114 25
2414 247
8 2314 243
s
.
62
61
62
62
6078 607
8
8 607 607
8
46
46
4578 4614 46
4758 44
457
8
.13
1512
1412 1412 133 1412 13
4
13
.10
12
*9
12
*10
.9
12
12
.19
25
.19
25 .19
25
.19
25
.35
40
.35
39
.35
39
.35
39
12634 12738 12638 12938 12712 12912 1253 12712
4
63
.6712 68
68
0712 68
.6712 GS
9
*812 9
914
*9
1212 .9
1212
1712 1712 173 18
•17
18
4
1712 19
918
87
8 918
85
8 83
4
818
812
2818 283
4 27
2334 29
28
263 27
8
----------------18
19
19
1812
s 1218
12
1218 1218
12
1158 12
22
.19
.20
22
23
.21
.18
22
2412
24
2312 2312 23
25
.
24
2334
5513 5512 5514 5514
5514 5514 55
56
1412 147
8
1412 145
8
1414 143*
133* 1414
21
.2118 24
2118 20
23
.
21
20
.30
34
.30
34
34
.30
.30
34
3512 3318 331s *3312 3612 .3312 3612
.32
4012 4012 41
41
41
•
40
1018 403
8
717 717
8
71
.70
71
71
s
72
72
8514 8514 8612 8634 85
85
212
212
2
23
8 212
212 -11214
238
212 25
212 255
8
23
4
8 23
238
212
4234 4234 4214 427
8 427 4312 4212 423
8
4
9012 9012 .91
95
94
.90
.92
93
9334 933
4 937 937 .91
8
8
94
93
93
9618 9618 *9618 9612 9612 97
.9612 98
30
.77
7858
.34
373
8
1712
6 8 9213 95
95'8 - *
07
95
.85
95
*85
95
.84
94
12414 12614 12512 127
125 126
5178 5412 56
54
5314 5514
10112 10112 101 10158 10014 10014
13614 1377 13412 136
13518 137
8
116 116
52 - - 50 - 52
52
52
5018
93
93
93
93
-10T2 1012 1078 1112 1112 12
113* 12
4 3212 3234 3212 33
3134 323
32
327
8
12412 12512 12214 124
12312 12412 124 125
4512 46
45
47
45
45
45
4614
64
6412 66
6612 66
67
66
66
11238 113
11212 11314 113 11412 10912 113
7134 713
7078' 703 7212 6912 7138
4
4 70
9212 9212
95
*93
.94
95
95
.93
953 0712 9514 973
96
94
4
8 9312 9558
10714 10713 .107 108 .106 107 .106 107
50
. 5018 5018, 5118 5118 .5318 5218' 50
3178
3012 3218 303 3134 293 307
4
8
4
31
* .1117 31
,
'13
s',11
t
*so
*30
85
95
95
12634
5378
*102
135
127
- .
54
10212
13512
_
5212
-
• Bid and asked prices: no sales on this daY.
Pada,
'
Nov. 28
Sates
for
the
Week
-
Ex-rights.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100 share lots
Lowest
Highest
$ per share Shares
Railroads
$ per shire
Pay $ per share
8412 86% 10,200 Atch Topeka & Santa Fe.. 100 8112 Nov28 104 May27
7712 7834 3,500
Do pref
100 7712 Nov28 89 Jan 1
812 3,800 Atlanta Birm & Atlantic.. 100
7
6 Mar31
1512 July24
92
92
700 Atlantic Coast Line RR 100 9012 Sept 6 107 May29
31
3514 15,400 Baltimore & Ohio
100 31 Nov28 5514 May27
4212 4814 3.200
Do pref
100 4212 Nov23 5912 May27
16
1614 12,700 Brooklyn Rapid Transit _100 16 Nov26 3318 July23
1018 1118 8,200
Certificates of deposit
1012 Nov28 2814 July23
14012 145
4,500 Canadian Pacific
100 14012 Nov23 1707 July10
8
5614 6,300 Chesapeake & Ohio
55
6812 May17
100 5312 Aug21
8
818 2,100 Chicago Great Western_100
12 July17
718 Jan21
24
25
1,500
Do Wet
3078 Ivlay13
100 2218 Aug21
355 39
8
21,600 Chicago Milw & St Paul _100 3412 Feb15 5234 July17
5212 5814 13,100
Do pref
100 5212 Nov23 78 July17
85
8914 2,800 Chicago & Northwestern_ A00 85 Nov23 105 May26
118 118500
Do. pref
100 11712 Nov I 133 Jan 17
2358 26
100 2218 Jan21
3214 July17
14,7001 Chic Rock IA& Ptc
71
7358
1,230
100 6314 Aug 8 84 Jane 6
7% Preferred
593 6014 3,000
4.
6% preferred
_100 5514 Aug21
73 July17
100, Chic St P Minn & Omaha_ _100 60 Nov22 82
Jan 7
4312 44
4001 Clay Cin Chic & St Lou's__ 100 32 Feb17 547 June 6
66200
65
' Do pref
74 July12
100 63 Septll
2112 2112
6001 Colorado & Southern
1934 Jan22 31 May 5
100
Do 2dt pre f
ID o 1s pref
100 4814 Jan 3 5812 July24
200
100 45 Feb 4 5112 May29
10038 10138
03t23 116 May29
100 100
1,800 Delaware & Hudson
7001 Delaware Lack & Western _50 17212 Mar18 217 May 7
174 182
1512 July14
33 Jan 8
4
400' Denver & Rio Grande_ _ _ MO
,
72 84
,
Do pref
1318 1434 8,3001
100
618 Feb 3 24 July14
13
100
13 Nov23 2014 May19
1434 11,8331 Erie
Do 1st pref
20
100 20 Nov23 33 July16
22
4,500
Do 2,1 pref
16
16 Nov23 2334 July17
100
163
4
1,300
79
8114 18,700 Great Northern pref____ _100 79 Nov23 1005 May27
8
Iron Ore properties_No par
383 397 10,800
313 Jan 2 523 July10
4
s
4
8
100
7 Sept20
*85
8 9Gulf Mob & Nor tr ctfs
127 July25
8
Preferred
3518
-2615!
100 3114 Jan16 4012 July18
.30
90 Aug21 104 May16
90
10(
90
2,000' Illinois Central
318 Mar21
918 June 2
312 3 4 27,3001 lnterboro Cons Corp__No Par
3
Do pref
1118 Mar29
-1158 1212 18,6J0
3114 June12
100
Iowa Central
212 Feb13
100
934 July21
4-,i(-)51 Kansas City Southern__.100 13 Nov23 2514 May19
-la- -1-6-3-4
Do
pref
10
447 Nov13 57 May21
46
8
46
200i
100 Lake Erie & Western
14 July21
100
7 Feb26
9
9
__1
Preferred
1612 Apr21
25 May19
100
.17
22
7,800 Lehigh Valley
4212 Nov28 6038June 2
Louisville & Nashville
*14214: 1433
109 l047 Aug19 12234 May17
50
3
12
19311
11
13
,
3934 Nov23 88
Jan25
393 4214 6 1001 Manhattan Its' guar
4
2412 July17
10
918 Jan21
700
660 1 Minneap & St L (neto)
Minn St P & S S M.
2
100 SO Nov 8 9814 May29
80
80
9&3000 Missouri Kansas
1: 0
7
Texas_100
458 Feb10
1658 July22
1
Do pref
812 Jan13 2518 July18
00
1418 16
2234 Jan21 3878 July 9
.10
2234 2614 22,700 Missouri Pacific trust
Do pref trust ctfs _ir_fs_ 100 403 Nov23 5834 June 7
8
4038 43
3,900
512 Feb 6 14 Mar10
55
8300 Nat Rys of Mex 253 pref_ 100
8 55
2834 AprIO 59 Sept24
44
4514
1,100 1 New 01 Tex & Mex v t c_ _10(
'
100 6914 Jan21
8314June 6
093 7078 11:, New York Central_
3
500
1001 N Y Chicago & St Louls_100 2334 Sept24 3314 July10
.27
29
First preferred
Oct 1
70
Apr 2
100 62
.62
70
Second preferred
100 43 Nov12 5312 July 7
46
8
273 2938 28ino N I' N 11 & Hartford _ _100 2534 Feb13 407 July17
4
1812 1,800 N Y Ontario & Western_ ._100 1012 Nov23 2414 July1S
_100 13 Nov10 20 May29
13
13
800 Nor! ilk Southern
100 29614 Nov23 11212 May19
Z964 9814 3,600 Norfolk & Western
100 80 Nov23 9978 May27
80
8318 13,400 Northern Pacific
50 42 Nov23 4312 May19
42
4214 14,840 Pennsylvania
Pere Marquette v t c
2614 Junel I
1218 Jan21
8,600
213 23
4
Do pri ir ore v t c_ _ _ _101 56 Mar27 67% July15
64
64
500
Do pref v t c
100 39 Apr 7 51 NovI7
10
0
Sept15
Apr29
44
;F7- 66-51515 Pitts CM Chic & St Lools_-_ 100 2618 Nov23 72 June 9
443
2618 285
8 6,800 Pittsburgh & West Va
Do prof
100 77 Nov21 8412June 7
.73
76
200
50 74 Nov23 9353June 6
7(114 32,4001 Realing
74
Do 1st pref.
50 34 Nov 6 3813 Feb 4
*34
35
4001
n
Do 2d pref
Apr30 3912 May16
36
3612
70
"
1034 Jan21 2734 July17
5
1412 1638 9,3001 St Louis-San Fran tr ctfs_ _100 36
n
Preferred A trust etfs__100 22
Jan27 37 May 2
2n St Louis Southwestern_ _ 100
"
1418 Aug13 2338June 9
--8
.
1418 -- .
141
400
1)0 pref
100 25 A ug23 37711 June10'
26
26
400 Seaboard Air
Line
73 Feb13 12 July23
8
100
200
Do pref
100 1534 Feb 3 2334 July17
6
2-1- 1 -1-63" 83,900 Southern
70
Pacific Co
100 9234 Aug 3 115 June 2
z9 4 94 4
Southern Railway
100 22 Nov28 33 May19
22
2312 13,600
Do pref
7212 May27
100 5934 Aug21
5978 603
900 Texas & Pacific
8
100 2712 Jan21
7012 July 2
4112 16,300 ThLrd
39
Avenue
100 13 Nov27 255s July23
13
13
800 Tol St L & W trust
receipts__
1312 July29
5 May 1
.9
12
---Preferred certificates dap__
10 Mar 4 2512 July25
.18
25
-;;J, Twin City Rapid Transit 100 35 Nov28 60 June 3
36
35
°"" Uni in Pacific
100 11918 Aug 8 13312May29
25: 4
3
123 16712 301:60000
67
0
Do prof100 6612 Oct27 74% Mar 5
United Railways Invest
100
714 Jan 9 157 July I
3
812 2,700
8
Do pref
Jan13 3434 July 1
100
15
1712 1758 3,600 Wabash
100
734 Jan20 133 July23
8
7,100
8
8
Do pref A
100 2412 Nov28 33 May19
4,600
2412 25
Do pref 13
100 1714 Nov23 2512 July 9
1,000 Western Maryland (new) 100
1714 1714
147 July17'
Ps Apr21
8
1158 4,100
11
Do 253 pref
100 20 Sept18 3012 July 9
20
.15
Western Paolilc
17 Feb 3 26 July14
100
1,10;3
2218
22
Do pref
100 5218 Feb20 6112Jan 9
55
55
900 Wheellog & Lake Erie Ry_100
73 Mar 5 1314 Sept24
4
1134 1314 11.
200
Do pref
100 17
Jan30 283 Sept23
4
20
20
700 Wisconsin Central
100 30 Sept18 417 May16
8
.30
35
Industrial & Miscellaneous
-(- A,Iams Express_
33
32
100 295s Apr26 64 May23
1, 00 Advance umely_
40
38
80
9
Jan21 53711 July 3
100 21
14 71
Do prof70
100 5612 Jan20 76 June 9
2,400 Ajax Rubber Inc
793 81
4
Jan13 113 July14
50 66
214 3,400 Alaska Odd Mines __ __ ._ _10
218
218 Nov28
414Jan 15
212 16,700 Alaska Juneau Gold MIific.10
238
4
13 Jan 2
314 July14
4034 42
2, 0 Aliis- p lef ors Mfg _ __ ._ _ _100 30 Jan21 515 Oct 8
400
7
DoCtoar na
8
9114 9114
100 817 Jan23 97 Sept1.13
8
9118 9178 1, 00 AmerA o Agricultural Chem__100 87 Sept 2 11334 May I
60
3
0
.9614 98
Oct 4 103 Mar15
100 94
American Bank Note__ __...5.
33
Jan25 55 JulYI5
-,800Preferred
50 42
Oct18
Jan 2 49
-g6i - 2 18
4 611American Beet Sugar-----100 62
Jan 3 1013 Oct21
4
.85
94
Do pre!
_100 8414 Jan13 95 May29
2:,
5 60 Amer Bosch Magneto _No par
120 125
-8 -900
S412 May 7 1137 Nov 8
8
49
527
8 6
American Can
_100 427 Febll
8
535 Sept30
8
1,500
.9912 102
Do pref
100 9818 Jan 6 1075 Janata
8
12,700 American Car & Foundry_100 8418 Feb10 1433 Nov 5
13114 134
8
8
1147 116
500
Do pref
_100 113
Jan13 119 Julyll
49
50
2,000 American Cotton Oil__ _ _ _ _100 3958 Jan 2 6714 July14
_
200
Do prof
_100 88
Jan 7 93 Apr 3
11
1112 6,200 Amer Druggifts Syndicate.10
1014 Nov19
1414 Mar 7
2978 313
4 5,900 American tilde & Leather_100
1318 Jan 4 431s July31
11938 122
6,500
Do prof.
100 7114 Jan 2 1423 Oct22
8
43
42
2,100 American Ice
100 3712 Aug21
7612June 6
6412 1,000
63
Do pref
100
4 Jan20 7614 June 6
10512 10312 32,200 Amer International Corp .100 .543 Feb 8 13214 Oct31
523*
3,600 American Linseed
6714 63
100 4418 Mar 1 89 Nov 7
.92
95
100
Do pref
100 85 Mar 1 98111 Apr 15
9012 93
32,500 American Locomotive
preJan21 11712 Oct 7
100 53 Ja
•10612 107
200
Do
100 100
Jan14 10934 July 2
4912 4912
400 Amer Malt & Grain____Vo par
1912 Nov23 63 Aug 3
2718 29
55,900 Am Ship & Comm Corp_ no par 2712 Nov28 4712
0%22
An Smelt Seep' corer ser A.100 80
Oct311 9412 Junel2
Lass Into 100 shares a 13z-dly
rights
s Sc divi lead
• Fall paid
2001
PER SHARE
Range or Previous
Year 1918
Lowest
;
Highest
$ per share $ per share
Si Mar 993 Nov
4
9212 Nov
Jan
30
1012 June
5 Dec
8938 Apr 109 Nov
4812 Dec 62 Nov
53 Apr 6412 Nov
253 Dec 4814 Jan
8
135 Mar
4914 Jan
Apr
6
1812 Apr
3714 Apr
6614 Apr
5912 Mar
125 July
Apr
18
5604 Jan
Jan
46
89 Sept
Feb
26
583, may
Apr
18
Apr
47
Apr
40
10012 Apr
160
Apr
214 Jan
5
Apr
Apr
14
2318 Jan
1812 Jan
Jan
86
2515 Jan
Mar
27 DA,
Jan
92
434 Dec
1714 Dec
218 Jan
1518 Apr
15
Jan
714 Oct
13
Apr
535 Dec
8
110
Jan
80
Dec
13 Apr
7
8018 Jan
43 Jan
8
613 Jan
20
Jan
41
Jan
458 may
Apr
17
6712 Jan
1358 Oct
55 July
40
Oct
27
Apr
1814 Jan
14 Nov
102
Jan
81 18 Jan
4314 June
913 May
5212 Apr
Apr
30
257 June
s
2258 Jan
61
Jan
70111 Jan
35
Jan
35 Mar
93* Apr
21
Apr
19
Oct
28
Oct
Apr
7
1518 Apr
8012 Jan
2038 Apr
57
Jan
14 May
1214 Dec
4 June
812 Mar
32 Dec
10934 Jan
69
Jan
43 Jan
4
1012 Apr
7
Apr
307 Dec
/1
191s Dec
10
Dee
20
Jan
13
Jan
46
Jan
Apr
8
1712 Apr
2978 Dec
17478 Oct
6238 Nov
11 Nov
32 Nov
5414 Sept
863* Nov
107 Nov
137
Jan
3212 Nov
88 Nov
Nov
75
82 Dee
40 Nov
70 Nov
2712 Nov
55 Nov
48 Dee
1193 Nov
4
185 Sept
7 Nov
135s Jan
2338 Nov
3612 Nov
2714 Nov
10612 Nov
3412 Nov
10 May
3518 Dec
10512 Nov
912 Jan
4712 Jan
512 Nov
2414 Nov
5912 Nov
1178 Nov
Oct
25
6518 Nov
12434 Nov
10018 Deo
1578 Nov
9712 Nov
634 Nov
1312 Nov
3158 Nov
62 Nov
1038 Nov
3612 Dec
3158 Nov
34 Nov
65 Nov
48 Nov
8
457 May
2438 Nov
2114 Dec
11214 Nov
105 Nov
5018 Nov
1878 Nov
64 Nov
50 Nov
5818 Nov
403
82 Nov
9614 Oct
39 May
40 July
1714 bee
3312 Nov
25 Nov
4012 Jan
12 Nov
2514 Nov
110 Nov
3472 Nov
7514 Nov
2912 Dec
2134 Jan
714 Aug
16 Aug
6514 Jan
13712 Oct
7634 Nov
12 June
20 May
1134 July
4412 Jan
2612 June
1734 Feb
32 June
243 Nov
4
66 June
1234 Nov
26 Nov
3934 Oct
42 Dec 80
Jan
2634 Nov
11
Jan
2578 Jan 6278 Nov
7214 Dec
49
Jan
53 Nov
2
114 Apr
312 June
112 Apr
1734 Jan 37 May
7214 Jan
8612 May
Oct
78
Jan 106
8918 Jan 101
Aug
3112 Mar
3512 May
4134 Juno 4212 Aug
Feb
48 Nov 84
:142 Sept 9112 MaY
343
503- 7, 7
Jn - 41 13
Dee
3914 Jan, 99
6814 Jan' 93 Deo
Dec
106
Jan 115
25
Jan 443 Oct
4
Dee
78 May 83
-1178
-22'; Sept
50
Jan 941s Aug
Oct
1112 Jan
49
Oct
383 Jan' 61
4
5112 Sept 6012 Oct
4712 Dec
27
Jan
6914 Jan; 92 Dec
5312 Jan' 713 May
4
z95
Jan, 10238 Dec
89
May
96
Nov
New York Stock Record-Continued-Page 2
2058
For record of sales during the week of stocks usually inactive, see second page preceding.
-PER SHARE NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
Nov. 22
Monday
Nov. 24
Tuesday
Nov. 25
Wednesday
Nov. 26
Thursday
Nov. 27
Friday
Nov. 28
Sales
for
the
1Veek
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell. (Con) Par
$ per share
x615 6212 31,800 Amer Smelting & Refining_ 100
8
4
6434 653
4 623 6412
,
653 66 4 6334 67
8
100
700 Do pref
98
*977 9812
8
983
4
99
9812 9834 *98
99
99
100
American Snuff
*115 119
*115 120 *117 120 *115 120 *115 120
4112
3912 4053 6,400 Am Steel Found tern ctfs_3313
4134 42-14 41
4012 4012 4112 42
No par
9212 9212
9212 92
400 Pref temp ctfs
93
93
132 135
10,700 American Sugar Refining_ _100
157E2 13
1 184 13834 1 /4 13714 14014 136 137
100
Do pref
*11612 118
118 *11612 118 *11612 118 *11612 118
*11612
87
9012 12,400 Amer Sumatra Tobacco_ 100
91
8918 9012 90
9312
92
4
883 89
100
*91
94
100 Do preferred
93
94
93
*91
*91
*90
9412 93
9912 100
7,300 Amer Telephone & Teleg 100
997 100
s
10013 10013 100 10012 100 100
100
*230 255
1,100 American Tobacco
255 257
257 262
*230 260 *240 260
100
*99 100
900 Do pref (new)
99 10012 9914 9914
9912 *97 100
*99
100
119 12478 27,600 Amer Woolen of Mass
12712 12912 125 123
123 12434 12312 128
100
101 1017
900 Do prof
8
102 102
10234 103
103 103
103 103
.100
55
57
1,500 Amer Writing Paper pref.
57
57
60
*57
5912 *5612 60
*57
1614 17
2,900 Amer Zinc Lead & Smelt_ __25
17
18
173 173
3
3 1814 1814 *1712 18
25
55
300 Do pref
55
57
571 1 *53
57
*55
*54
74
*53
55, 583 56,700 Anaconda Copper Mining_50
8
60
4
6212 63
593 6112 59
4
603 63
4
10
512 6
41g
5
412 43
47
8 3,700 Assets Realization
5
5
6
4
525 54
8
1,700 Associated Dry Goods__ __100
5312 55
5534
53
53
574 55
*51
100
*68
72
500 Do 1st preferred
72
71
71
72
*71
73
72
*71
100
72
*70
500 • Do 2d preferred
74
72
7014 7014 *70
*6813 73
72
100
*____ 110
500 Associated 011
111 112
111 111
16218 16514 11,000 Atl Gulf & W I SS Line_ 100
170 17412
1&
- 166
1- -- -- 168 16V12 16934 175
100
69
69
1,100 Do pref
70
70
70
70
70
8
8
697 697 *69
50
16
1613 321,4400 Autosaies Corporation
800 0
0
1714 1714
1512 1512 1512 167
8
50
6% pref temp certifs
303 30 4
4
,
31
29
29
30
Baldwin Locomotive Wks_100
10312 1073
1033 111 4
14
16i 2 107 11214 11014 114
4
7
100
11814 121
4,200 Barrett Co (The)
12112 123
122 12312 123 126
122 122
100
*110 114
100 Do preferred
*110 114
113 113
*113 114
152
20
*113
700 Batopilas Mining
138
*112
158
13
8
112 -1 2
112
112
7
3212 35
27,900 Bethlehem Motors___.No par
344 33
32
3212 32
3078 32
363
4
9038 9033
500 Bethlehem Steel Corp____100
92
92
g
917 9212
4
.100
90
9212 90,400 Do Class B common.
96
9314 -934 955
9414 9514 943 96
100
Do preferred
____
115 ffg- 3200 Do corn cony 8% pref100
11334 1134
12 I3 4 7,000 Booth Fisheries
No par
-31334 1414
14
1412 14
1412
15
14
100
Brooklyn Edison, Inc
*95
99
64
64
*95
99
*58
558
4934 501a
100
51
59
1,640 Brooklyn Union Gas
60
50
59
57
;LW. 61
100
105 105
1,200 Brown Shoe, Inc
10512 10512
107 108 4
,
4
993 993
4
100
100 Do preferred
912
*8
914
900 Brunswick Term & Ry Sec _100
8
838
912 912 *814 914 *814
100
11818 120
12014 124
5,46000 Burns Bros
0
*122 130 *125 135 *125 135
912 912
Butte Copper & Zinc v t c__5
1018
978 97
8
958 95
8
10
912 93
4
24
2812 *26
2418
100
*26
28
25
29
1,200 Butterick
2512
*26
20
*2112 22
21
2112 2158 2112 213
3,900 Butte & Superior Mining. 10
4 21
2112
223 233
4
2714
2734 28
2812 2812 2712 277
4 4,600 Caddo Central 011 & Ref I00
8 24
77
27434 753
7614 7712 767 77
4 2,500 California Packing____No par
76
8
4
7612 753
4314 4414 4312 4612 4612 4712 4514 4714
100
4112 4412 11.900 California Petroleum
100
78
78
77
78
*7712 78
*7712 79
78
79
700 Do pref
3812 6112
6814 6034 63
*60
6414 65
800 Calumet & Arizona Mining. 10
6112 6112
99
99
99
99
99
99
300 Case (J I) Thresh M pf ctf_100
100
9534 97
965g 9734
9218 95
- 2 9534 9712
9V120,900 Central Leather
100
110 110 *108 111
108 11014
11014 11014 11014 11014
300 Do pref
585 59
8
5214 5614 18,400 Cerro de Pasco Cop__ _No par
567 577
s
8
58
6018 5778 59
4 56
53
563
51
51
53
54
3,400 Certain-Teed Products_No par
5714
112 115
s
116 1163 11612 118
7,500 Chandler Motor Car__.No par
11814 12134 116 120
13,310000 Chicago Pneumatic Tool 100
10712 10712
j93 2014 -io; 164
4
18 -fi
25
1912 1978 -i6- 197
Chile Copper
138
3812 3612 383
5
3314 3534 14,000 Chino Copper
8 3578 3634 3512 3614
85
84
89
89
400 Cluett, Peabody & Co__ __100
*84
90
86
86
90
*8,4
3712 3978 6,100 Coca Cola
40
4114 40
No par
393 40
4
4012 40
40
40
42
42
42
4212 423
4318 4212 4234
2,100 Colorado Fuel & Iron_ ___100
4 43
6112 633 35,200 Columbia Gas & Elec
4
100
6314 66
4 6518 6612 645* 66
6414 663
6214 6518 56,000 Columbia Graphophone No par
6318 64.7
8 63
3
6334 653
3 6518 6914
64 4
9314 9314
200 Do pref
100
_
93
93
*5413 57
;Li- -SS55
300 Computing-Tab-Recording 100
*5412 56
55 - - 5434 55
*64
*6412 65
6512
65
500 Consolidated Cigar__ __No par
64
64
6412 6512 *64
*7912 80
80
100
*79
*79
100 Do preferred
80
*7912 80
80
80
83
87
90
12,300 Consolidated Gas (N Y)...100
907
3 8714 9014
9018 9012 9018 91
1612 1718 3,700 Cons Inter-State Call Mg_ _10
1734
17
4
4
17
163 1714
1714 1714 173
3514 3534 3312 35
3214 324 6,900 Consolidated Textile___No par
3578
3512 35
35
100
87
89
9012
6.600 Continental Can, Inc
88
88
88
9218 9012 9314 90
100
100 Do preferred
105 105
1214 - - 2 4,300 Continental Candy Corp No par
1211212 13
1234 1314
-34 13
- -3- -12
12 4
25
*81
85
Continental Insurance
86
*81
*80
86
86
*82
86
*82
7612 8058 31,800 Corn Products RefinIng__100
3
8314 84
8338 847
8 8312 8453 813 83
100
107 107
450 Do preferred
10712 10712 10712 10712
*107 110 *107 109
195 205
58,400 Crucible Steel of America_100
215 22012 205 214
20612 21714 212 218
100
*9912 103
700 Do preferred
100 101
9912 100
No par
44
46
32,600 Cuba Cane Sugar
4813
4712 483
8 46
4838
-4612 lilts 47
.
100
8212 8312 2,500 Do preferred
831,
8314 83
833
4
8312 8314 8312 83
*350 400
200 Cuban-American Sugar. ..100
360 375 *350 400
*350 400 *350 400
*100 101
100 Deere & Co. preferred__ 100
10012 10012 *100 101
*100 102 *100 102
10
1353 14
8
7,300 Dome Mines, Ltd
1313 145
.1314 1312 *1314 1312 1312 1312
50
2713 28
29
4,650 Elk Horn Coal Corp
32
30
3012 2812 3014 29
30
50
40
40
100 Do preferred
*40
41
*40
45
45
*40
45
*40
31
30
800 Emerson-Brantingham____ 100
30
32
3014
32
*30
*30
32
*30
100
9218 9218
92
300 Do preferred
92
*9134 95
*9158 95
*9158 95
50
13012 1387 21,775 Endicott-Johnson
8
13714 14312
134 13712 13812 146
100
600 Do preferred
105 105
10512 1054
106 106
106 106
25
Co (The)
1,200 Fairbanks
80
80
87
86
80
85
86
*84
90
,
,000 Famous Players Lasky No par
87
92
93
4 9238 96
9312 -9334 - 89
93
200 Federal Mining & Smelting 100
10
10
11
11
*10
*9
11
*10
*1014 11
100
400 Do preferred
26
2812
31
31
*30
2912 2912 *2312 30
*30
No par
110 Fisher Body Corp
13112 13112
*125 135 *125 135 *125 135 *125 135
25
34,900 Fisk Rubber
40
41
4118 42
4178 427
8 42
433
4 4112 427g
No par
35
377
8 7,300 Freeport Texas Co
4014 40
4014
377 40
8
40
No par
1312 1912 8,500 Gaston W & W,Inc
1912 20
2012 213
8 2012 203 -16- -261;
4
100
7118 6,800 General Cigar, Inc
68
725 7414 7218 7318
7272 7312 7334 74
8
100
168 17112 4,700 General Electric
4
1703 17034 16912 1704 16312 1711f 16812 16912
100
88,800 General Motors Corp
33112 345
333 338
33334 366
350 361
330 336
100
10,755 Do preferred
92
92
95
92
92
94
9214 93
9034 92
907 9414 27,900 Do Debenture stock. 100
8
90
9012 913
4
9214 90
913
90
9218
8
100
7814 8018 11,500 Goodrich Co (B
8
4
8 803 817
8112 82
813 8214 8112 827
4
100
500 Do preferred
10138 10438
10414 10433
10414 10412
100
800 Granby Cons M S & P
53
51
57 - .- 55
5
55
65
54
-Li- -1.*58
3,600 Greene Cananea Copper 100
4
343 35
38 4 3'712 383
3
38
4 37
3712 3513 36
2,200 Gulf States Steel tr ctfs 100
64
63
66
6414 65
,
_
66
637 65 8
8
100
1,900 Hartman Corporation
9018
90
*89
91
90
91
90
4
90
*853 90
3,100 Haskel & Barker Car__ _No par
5718
57
4 60
5912
*581.4 593
58
604 6014 6014
5112 21,600 Inspiration Cons Copper_ __20
5414 5134 52
45
55
56
534 55
53
.100
500 Internat Agricul Corp.
2012 2012
*22
22
*2114 22
2134 22
237
8 21
100
Do preferred
SI
8238
900
83
*82
84
84
84
*83
85
83
.__100
13214 13214 13214 130 13214
2,000 Inter IIarvester (new)
12712 130
__-- 132
Do Preferred, new... 100
200
11512 11512
100
517g 53
S33
8
46
- 4 32,700 Int Mercantile Marine.
56I- -52
531% 51
-Lif2 53
100
10118 10314 12,400 Do preferred
3
4
105 10514 105 10614 1053 10612 104 1053
23
244 17,100 International Nickel (The)_25
244 25
2434 25
2478 2518 2434 25
100
20,S00 International Paper
6512 6
70
703 71
3
717
8 704 7212 6914 7118
100
100 Do stamped pref
78
*75
76
76
*76
79
*76
88
*76
88
4312
39
413
4 8,050 Iron Products Corp_ _No par
37
42
40
4214 4214 4414 43
100
24
300 Jewel Tea, Inc
*20
*21
23
24
24
2334 2334 *2278 24
100
600 Do preferred
*62
67
*62
67
67
*62
67
6518 6518 *62
100
29
700 Jones Bros Tea, Inc
29
*30
30
35
3018 31
30
25
4,700 Kelly-Springfield Tire
12813 133
13514 13 -1- *132 137
-- 2
6
137 1394 135 137
1,000 Temporary 8% preferred 100
4
10212 1033
105 105 *103 105 *10312 1085 •10312 105
8
100
1,300 Kelsey Wheel, Inc
*85
85
90
80
*83
85
8414 90
88
893
4
3018 3012 2958 3012 2912 2978
2818 2912 38,500 Kennecott Copper_ _ _.No par
2914 293
4
30,000 Keystone Tire & Rubber.....10
4718 4834 4812 4914 4938 51
4538 48
4818 507
3
100
86
17,500 Lackawanna Steel
87
8112 85
867 8712 87
8
90
8
857 87
100
100 Laclede Gas (St Louls)
*45
*44
48
55
*45
55
*45
443 443
50
4
4
3412 3412 34
3234 337
8 4,000 Lee Rubber & Tire__ _ _No par
35
34
34 4 343
,
4 34
Liggett dr Myers Tobacco_ _100
•190 210 *190 210 *205 235 *200 215
*200 202
100
•108 115 *108 111
*105 115
200 Do preferred
110 111 •108 115
7012 71
71
72
727 727
3
3
800 Loose-Wiles Biscuit tr ctf3_100
72
72
74
74
100
Do 26 preferred
*106 115
*106
• Bid and asked prices no sales on this day. 2 Less than 100 shares.
1 For fluctuations in rights see second page preceding.
Ex-rights a Ex-div. and rights.
PER SUARE
Range Since Jan. 1
On basis of 100-share lots
Highest
$ per share
X6158 Nov28
9778 Oct28
105
Janl 1
3314 May10
913 Nov13
4
11114 Jan21
11313 Jan 6
73 Aug21
9212 Aug19
963 Aug14
4
19173 Feb 4
965 May14
8
4514 Jan16
9133 Feb 8
2758 Jan 2
Jan31
11
Jan21
40
5518 Nov28
Jan 2
1
1714 Jan 6
61 Mar19
5313 Feb 8
Jan 2
68
92 Feb 8
Jan29
64
1412 Nov19
Oct25
29
6473 Jan29
Jan 2
103
110 Feb10
114 Jan20
26 Sept22
5512 Jan20
5533 Jan21
9012 Jan30
10153 Jan22
12 Nov28
97 Apr16
493 Nov28
4
71
Feb 5
97 Aug18
8 Nov26
117 Nov13
513 Feb20
Jan27
16
1678 Febll
2234 Nov28
4814 Jan 2
2038 Jan 2
6413 Jan 2
5634 Mar15
9112 Jan14
5612 Feb 8
10412 Jan 7
31
Jan22
3014 Apr12
90 Nov12
68
Apr16
1713 Jan21
3212 Feb 6
6038 Feb27
3712 Nov28
3434 Feb10
3914 Feb 1
503 Oct18
4
93 Nov18
3734 Jan 4
54 Aug18
x78 Aug15
83 Nov28
57 Apr23
8
3134 Nov19
6512 Feb10
10012 Oct18
1034 Sept20
Jan 3
58
46
Jan21
102
Jan23
5218 Feb 7
91
Jan 2
203 Jan27
8
6912 Mar 1
Jan 8
150
933 Feb17
4
105 Jan31
3
27
Jan23
40 Sept 5
2813 Aug 8
OctIO
92
80 June30
1017 Aug21
3
73 Sept19
8612 Nov19
913 Feb20
26 Nov28
3814 Jan 14
3913 Nov13
35 Nov28
1812 Nov28
47
Jan 3
14412 Feb 2
11812 Jan21
82
Jan 6
8212 Feb17
5612 Jan10
102 Aug 7
51 Nov28
3434 Nov28
4912 Feb 8
5414 Jan 8
40 Feb 6
4212 Feb 6
1012 Jan 2
48
Jan 4
11018 Jan21
113
00,30
2114 Jan31
9234 Feb10
23 Nov28
3014 Jan 3
62
Jan13
3514 Nov19
18 Sept30
5912 Oct 1
2853 Nov12
Jan21
68
10212 Nov28
39
Jan24
2812 Nov28
453 Nov28
3
7212 Jan21
4018 Nov12
21
Jan22
197 Nov19
107
Jan27
4018 Feb17
94
Feb 5
$ per share
8934 July16
10958 July17
140 Sept18
47 July 7
9612 Aug14
14838 Oct29
119 May24
12012 June12
100 May12
10858 Mar10
31412 Oct24
106
Jan 6
14973 Oct20
11034 June 5
69
Oct 2
29 July14
65 July24
777 July16
3
938 Nov17
60
Oct 8
82 Aug14
8014 May13
142 Nov 7
1925 Oct31
1
7612 May 8
2012 Oct20
3412 Nov 7
15614 Oct22
145 July 7
119 May29
213 May13
Oct16
45
10734 July15
112
Oct23
108 July21
116 Sept30
25 July24
102 Aug 1
92 May29
11212 July16
101 May14
17
Oct 6
160
Apr23
Oct 11
17
3914 July30
3712 Julyll
5414 May27
8414 Oct31
567 Oct20
8
8658 SeptI7
4
863 July24
101 Aug19
11612 JUly24
114 July16
6712 Julyll
(5512 Nov 7
14114 Nov 5
11312 Nov 3
2914 July14
507s July16
9512 July 2
4353 Nov 7
56 July14
69
Octll
7514 03t27
9513 Oct28
6334 July14
75 June27
863 Julyll
8
10633 July15
23
Octl4
3712 Nov14
10334 June 7
110 Junc17
s
153 Oct20
8412 Nov 7
Oct22
99
1097 July25
3
Oct23
261
105 July 3
483 Nov24
3
8712 July 2
410
Oct31
103 July28
1614 May12
43 July16
49 July23
43 June27
101 June26
146 Nov25
10634 Nov 6
94
OctIO
123 JulyI7
2312 July15
4814 July14
175
Oct 8
55
Oct 9
6438 July14
383 Julyll
4
9578 July23
176
Oct20
40612 Nov 5
95 June 3
9134 Apr14
933 Oct29
8
10912 Apr16
80
Jan 3
4712 July14
8918 Oct20
9634 July16
7138 July14
6878 July16
3734 July14
9158 July14
14958 July 7
120 June23
6734 Julyll
12813 May28
3378 June26
82 Nov 5
80 July22
05 Nov 7
48 Mar15
91 Mar 6
44 July16
164 Nov 3
11014 Oct2I
11434 Oct28
43 July15
12612 July14
10734 Nov 1
Jan21
83
Oct21
40
25014 Au. 8
;
115 July16
81 July14
120 Junc20
b 80% paid.
o Ful paid.
PER SHARE
Range for Previous
Year 1918
Lowest
Highest
$ per share $ per share
4
73 May 9-13 Oct
103 Sept 11014 Nov
Oct 107 Dec
85
_
11(i May
11412 Dee
145 May
103 June
10914 Feb
1983 Dec
4
10012 Dec
6078 May
9634 Dec
3933 Aug
2138 July
5314 July
27414 Oct
212 Nov
1858 Dec
63 Dee
3618 Jan
71
Oct
12014 Feb
675 Nov
8
-- -- -- 5618 Jan 10134 May
Jan 110 Dec
85
9913 June 10713 Dec
_
98
Jan
10814 Mar
6034 Jan
81
Jan
905 Aug
8
14012 Jan
9218 Sept
4473 Jan
92
Jan
2014 Apr
11
Dec
3834 Dec
59 Dec
12 Dec
22 May
51 May
3613 Jan
54
Apr
9734 Jan
58
Jan
60
4
593
84
9612
21
Dec -66 May
Nov 94 May
Dec 94 Sept
Jan 1067 Apr
8
Jan
2812 Sept
78 Aug
62 June
Jan
95
618 Jan
108 Feb
513 Dec
712 May
6112 Jan
3612
12
36
61
73
5134
10112
2914
30
9312 Nov
74 Nov
98
Apr
1018 June
6112 Oct
127 July
8
1812 Nov
3312 May
-Jan -io Nov
Jan 2478 Nov
Jan 7012 Dec
Dec 71 May
9212 Dec
Jan
Dec 7333 Feb
Dec 108 Nov
Mar 39 Nov
Oct 4012 Nov
68 June
1412 Apr
3133 Dec
45
Jan
3
707 June
2434 Oct
47 May
6514 Nov
3434 Jan
2834 Mar
- f‘irti
4413 Dec
30
Jan
397 July
823 July
712 Sept
Nov
13 June
6512 Oct -95 - Feb
99 July 107 Dec
44
Feb 60 Dec
297 Jan 5018 Nov
3
29012 Jan 104 Dec
52
Jan
7478 May
86
Jan 9134 June
2712 Apr 34 Nov
7714 Dec 83
Feb
136 Aug 152
Jan
90 June 96
Feb
6 June
15 Nov
22
Jan 3114 Nov
37 Mar 4312 Nov
_
_
---_
--- - _
- - -9
27
26
2534
34
1273
4
1063
4
753
3
Dec
Jan
Jan
15
Oct
4412 Oct
43 June
_
Oct
- Feb
Jan 58 June
Jan 15812 Oct
Jan 164 Aug
Oct 88 Feb
38
9553
74
3812
583
4
37
34
4113
10
38
104
107
21
833
3
27
2412
58
Jan
Dec
Jan
Jan
Dec
Mar
Jan
Dec
Jan
Jan
Oct
Oct
Jan
Jan
Jan
Jan
Jan
597 Oct
104 Deo
Oct
86
5814 Nov
11112 Apr
55 Dec
4914 July
6813 Oct
19 June
65 June
121 Nov
11458 Dec
33
Oct
12512 Nov
35 Nov
4512 MaY
6512 Jan
27
88
Dec
Apr
4012 1.4cp!
9714 Jan
41
Apr
245* July
29 Mar
72
- eO
15-
Oct
35
4114 Nov
6512 Dec -1)1: 3 MaY
582 July 90 May
12
Apr 24 Dee
16414 Aug 210 Dee
10012 June 110 Nov
1712 Jan
4553 Dec
53 Feb 06 Dec
n Old stock.
x Ex-dividend.
New York Stock Record-Concluded- -Page 3
2059
For record of sales during the week of stocks usually inactive, see third page
preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Nov. 22
Monday
Nov. 21
$ per share $ per share
*175 185 *175 190
•110 115 .110 115
.73
80
.73
80
.61
6414 .64
6414
.30
33
Tuesday
Nov. 25
Wednelday
Nov. 26
$ per share $ per share
185 186
17514 180
115 115 .111 115
.73
80
.73
80
.64
6114 .64
6414
33
33
-2678 2678
-io- -1i3 2
4014 42
68
68
___
67
6412 6612 69
*33
35
-3512 --1 *35
35 2
34
3512 3512
.115 122
120 123 .118 125
120 122
•104 110 .104 110 .104 110
109 109
200 2017 20112 2057 2023 20512 19512 20212
3
8
103 103
-2412 -- -324 4 24
2412 -2.12
3
1312
6058 6218 605g 62
6034 62
56, 613
4
4
5114 517
513 517
8 513 5218 507 5158
8
60
60
59
60
5614 57
4
513 59
4412 45
41
4618 4534 46
44
46
3534 3534 358 36
36
36
36
36
6434 65
66
6618 6418 71
6312 65
.87
90 .
87
8912 89
89
848 88%
118 118
116 118
Thursday
Nov. 27
per share
Friday
Nov. 23
Sales
or
the
Week.
STOCKS
NEW YOGK STOCK
EXCE1kNGE
PER SHARE
Range Since Jan. 1
On buts of 100-shars lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1918
Lowest
$ per share Shares
1701g 175
1,600
2110 11114
200
73
73
100
64
64
400
100
"iait Ii" 700
3612 40
6,900
6534 68
4,300
34
34
600
118 11912 1,300
.104 111
100
184 19212 43,000
100
-2112 -- 5,300
5
53
57
31,300
4934 5034 31,400
51
55
3,500
4312 44
3,200
358 3618 2,100
6118 63
14,700
300
300
_
.103 103 - ---ioo
;7a- -8
0
Hightst
Industrial&Nfisc.(Con.) Par $ per share
$ per share
$ per share $ Per share
Lorillard (P)
100 14734 Apr15 245 July23 14412 Aug 200 Mar
Do preferred
100 107
Jan28 115 July29
93
Jan 110 Nov
Mackay Companies
100 70
Jan22 797 May27
8
70 Dec 7812 Feb
Da pref
100 263 June 6 65 Julyll
57
Jan 65 May
Manhattan Shirt
25 28 Aug 5 3812 July17
Martin Parry Corp_ no par
263 Nov21
4
3178 Nov 7
Maxwell Motor, Inc
100 264 Jan22 61 July28
/
1
4212 Nov
2212 Jan
Do 1st pref
100 503 Jan22 8112 July28
3
50 Dec
8
t.,97 Nov
Do 2,1 pref
1914 Jan 2 4813 June 3
100
3253 Nov
19 May
May Department Stores_100 60
Jan 4 1313 0.11'31
4
19 May 3253 Nov
Do preferred
100 101
Jan 2 110 May 2
47
Jan 6312 Dec
Mexican Petroleum
100 1633 Jan23 264
4
Oct22
Oat
79
Jan 194
Do pref
100 105 Feb 7 11434 Sept30
87
Jan 107 Dee
Miami Copper
5 2112 Nov23 3234 July17
2214 Dec 3318 JD
Middle States 011 Corp
10 32 Oct 9 713 N w14 - - - - -- -4
-,
Midvale S'eel & Ordnance 50 4014 Feb 7 6214 July14
41
61- May
Dec Montana Power
100 51 Nov24 83 July29
64 June 8112 Nov
l'afullins Body
no par 40 Nov13 53
Oct20
National Acme
50 2912 Jan 2 4313 July12 -2534 -Jan -33- Mir
Nat Aniline & Chem vtc.no par 4 14 SeptIS 75 Nov 7
---- ---- ---- ---Do preferred v t e
100 87 Nov13 9112 Oct 7 -56_
_ i _ri --g
National Biscuit
100 107 Aug20 139
2
Oct 7.,.,1 Dee
1 Aug
Do preferred
1011 112.4. Nov20 2121 Mar14 10614 Sept 114 Mu
National Cloak & Sult__100 70
Jan22 92 July26
.103 107 *103 107 .103 107 .103 107
55 Sept 6712 Dee
Do preferred
100 10318 Feb26 103 May28 100
/
1
4
Jan 104 Dec
1214 123
1214 13
1214 1212
4
12
1214 4,000 Nat Conduit & Cable_No par
12 Nov24 2434 July15
13 Nov
3
213 July
70i5- 14- 783 7973 7934 8112 7914 80
4
7558 773
4 5,000 Nat Enam'g & Stamp'g
100 4513 Feb 8 443 June 7
8
3714 Jan 5412 May
.100 103
102 102 .100 104 .100 104
.100 104
100
Da pref
100 93
Jan15 104 May27
88 Nov
8212 8212 .8113 8312 813 83% 833 8358
9912 Feb
4
s
7814 8112 2,509 National Lead
100 64
9113 0.2t23
Janll
.103 10614 .102 10614 .103 10614 *10314 110
4314 Jan 694 Dee
.104 103
Do pref
100 102 Sept 4 112 July14
1518 153
993 Mar 10512 May
4
1434 1512
1514 1514
15
1314 15
151k
8,600 Nevada Cansol Copper
5 1314 Nav23 217 July17
*117 121 .113 121
39 .14a
Dec 121% MeF
1207 1207s 118 11914
3
11434 116
2,000 New York Alr Brake--.,100 9114 Feb 3 14534 Oct22
.48
51
146
52
52
.46
981
164
46
46
44
4512
500 New York Dock
100 1912 Feb 7 703 July30
4
.6034 65
1812 Jan
27 May
.59
65
.59
65
603 603
4
4
59
59
200
Da preferred
100 4414 Mar13 75 July29
42
.54
57
Jan
.51
4512 Dee
53 .54
57
*51
57
55 5000 47
200 North American CoCa
Jatall 67 July24
5712 Nov
7112 7512 75
3712 Aug
7312 753 7712 723 76
4
4
6912 7312 6,300 Nova Scotia Steel & Coal_103 48
Jan30 97 June 2
521 Dec 70 Aug
50
5034 5018 507
8 5018 5012 4912 5014
4712 195 25,700 Ohio Cities Gas (The)
8
25 0353 Feb14 617k July10
4
Oot
351 Mar 48
5012 5013
51
52
51
*50
15212 5212
450 Ohio Fuel Supply
25 43
Jan18 55 July25
914 958
40
912 93
4
958 10
Oct 4613 Juno
95 10
8
914 934 40,200 Oklahoma Prod & Refining_5
8 Feb 3 1313 May10
11
•103 1112 1118 1118
1114 1114 10
4
---- ---700 Ontario Silver MinIng___-100
512 Mar18 1114 Nov 5 - 4 -Jai; -ii - itiiii
411397 139%
110 140
8
200 Otis Elevator
no par 123 Nov12 149 Nov 3
37
37
37
4
3712 3634 373 -aOTz 3712
-3512 16
; 6,800 Otls Steel
1
no par 345 Nov19 3914 Nov14
8
6034 61
60
61
6014 .54
61
60
5614 54
2,200 Owens Bottle.,
25 46 Mar 3 74
Oct17
41 - Dec 7014 -,
Z1lif
75
75
75
75
200 Pacific Development__ _ _ _
73 Oct 23 80 Oct IS
6112 6112 6134 62
6134 62
6018 6114 1,400 Pacific, Gas & Electric
Feb 0 42,8 jly 14 _ .2 _: , _ici _ - e_
100 59,2 Nov2
8 7514 Je y21
. j;,
1
_ _
n_ a
;5/ 38
8
4
3
.3613 33
4 365 365
3714 373 373
3714
300 Pacific Mall SS
5 2912
23
_. 5T4 foi - ------- Pacific Teleph & Feick--100 22
6
. 51
,
,
Jan21 4013 Aug15
Oct
1814 Dec 27
ioLis
- 1166 4 110712 166 2 10S fOr
- 3Pan-Am Pet & Trans 11_ ___50 67
Jan21 14014 Oct22
5314 Oct 7214 Oct
3313 3312 :3358 3413 3514 3914 3678 3438
3334 36
14,100 Penn-Se ab a ard St'l v to No par 2712 Apr30 53 July18
38
3812 3914 3312 3812 37
*3 , 39
3412 35
82
2,600 People's 0 L & C (Chic) __100 3412 Nov23 57 May29 -395 -Jan -61"3
Nov
32
32
3214 32
323 .3113 33
3212
31
32
3,800 Philadelphia Co (Pittsb)___50 30
Jan 3 43 Apr 28
21
Apr
6714 7513 7414 81
8713
3514 Oct
7914 438 80
7113 7634 346 600 Pierce-Arrow M Car____Vo par
30
: 00
p
38'4 Jan22 99
OcL20
34
5134 Nov
Jan
10112 1083
10913 110
107 110
4
100 10114 Jan 3 111
Oct20
8914 Jan 104 Dec
4
1878 19
183 1914
4
-1518 191.
188 19 1
-i5T4 -16- 10,800 Pierce Oil Corporation
25 16
Jan 2 311 Apr 17
/
4
1913 Oct
15 Sept
.103 104
101 104
_
103 10314
400
Do
pref
100 1017 Nov12 10512 Oct28
s
6278 62
6318 62
6114 -63
621;
6214 -5918 61
5,300 Pittsburgh Coal of Pa
100 45 Feb 3 715 July29 -42 - -.Tan -is:sq. -Fab
3
.88
90
.83
90
90
90
891 8918
.89
92
600
Do prof
100 8512 Mar17 OR May28
3
7914 Jan 857 Dec
2378 2378 2334 233
4 22
2318 2014 2178
21
2234 3,500 Pond Creek Coal
10 1213 Feb 5 3112 Oct18
20 June
15 Nov
8
1003 10114 10114 1027 1013 10113 101 103
8
97
93
18,400 Pressed Steel Car
109 259
Febll 109
Oct20
5512 Nov
10112 10112 10078 10078
73 Aug
100 100
400
Do pref
100 100 Mar 3 106 July16
93 Apr 100 Aug
•_ ___ 72 ._-__ 72 .____ 72
.____ 72
Public Sera Corp of N J__100 70 Nov 5 9134 Jan 7
85
*121 12212 120 121
Oct 10912 Mar
1173 12014 115 118
8
110 114
12,200 Pullman Company
100 110 Nov28 13213 July17 10018 Jan 13214 Nov
8612 90
8914 95
9013 93
83
91
84
8512 21,500 Punta Alegre Sugar
Apr 4 97
50 51
Oct30
98
93
9712 93
9312 99
97
97
93
95
2,400 Railway Steel Spring
100 6312 Feb10 10712 Nov 5
4513 Jan -7812 Dec
.10413 10912 .10113 10912
.106 10912
Do prof
100 104 Feb 4 112 June 3
95
2114 2114 2078 2118 208 21
Jan 10512 Dec
2012 203
4
--391 4'.
101- -"i„Loo Ray Consoll Wed Copper i0 19 Mar 4 2712 July17
4
1914 Dec _2614 N_& ..
.8212 87
!
..a
8112 8612
8612 87
8634 87
80
82
1,300 Rernlngton Typewriter v t a 100 64 AuglS 10512 Oct21
10134 10634 10513 107% 10712 110
10512 10312
10058 10134 134,100 Republic Iron & Steel
100 71,2 Jan18 145 Nov 1 iiii -ii ; gii May
.106 107
4
10612 10612 10613 10512 .105 10612
*106 10613
300
Do pref
100 100
Jan13 10513 July28
/
1
9253 Jan 1024 Sept
51
5514 6014 5614 5412
55
51
5514 8,700 Republic Motor Truck_No par 4413 Sept 8 7412 Nov 1
16558 162 - 10114 1023 10112 103
4
10018 10238
97 100
68,700 Royal Dutch Co(N Y shares)_
84 Aug27 121 July17
1418 1418
133 14
4
1314 1314 1,000 St Joseph Lead
,
10 13 4 Nov24 17 July14
--21- - -1 83
31 2 3 2
2
8418 85
83 4 *33
,
85
275
80
1,200 Savage Arms Corp
100 5318 Jan21 9413 oct17
5112 Dec -air,.1Viiir
148 1518
1358 1518
1418 15
133 147
4
8
1353 1438 12,300 Saxon Motor Car Cori:1_100
614 Mar21 29 Aug 6
.215 220 .216 218
3 Aug
4
18 Nov
218 218
214 218
21514 21734
600 Sears, Roebuck & Co
100 16312 Feb13 225 Nov 3 13334 Jane 7512 Dee
.12
1212 .12
1212 .1218 1212 1218 1218
1178 1218
400 Shattuck Ariz Copper
10 10 Feb19
1914 July25 213 Dec
181, Feb
49
5014 4914 5034 4912 50
477 4912
8
458 478 174,900 Sinclair Cons Oil ._;orp No par 457 Nov23 6114 Nov3-8
72
72
72
72
73
74
7113 7412
6914 70
5,600 Sloss Sheffield Steel & Iron 100 4512 Feb10 89 Nov 3 - - Jan
39
;
*9414 97
-711 May
*94
93 .9414 97
.9114 97
.9114 96
Do preferred
100 85 Marll 9712 July 8
9314 July
81
.
110 113 *112 118 *112 118 .115 118
Feb
*115 118
So Porto Rico Sugar pref_100 107
Jan27 117 Sept 6 102
.130 140 *130 140.130 140
Jan 110 Nov
.13213 140
Standard Milliner
100 124
Jan14 160
Ocilii
84
Jan 120 Dec
.35
90
.35
90
.85
90
90
.85
Do preferred
100 8512 Jan 2 941e June12
_80 June_
.. .....
8_9_
Jan
_.ir3 _i.6_1; 19,975s
stewart Warner Speedom 100 8658 Janll 181 Nov 7
7418 75
-7 - /71; -- 12 WI; 7714 82
7
7
tromberg-Ca.rburet __Nn par
353 Jan10 10912 OctIO
4
11514 117
119
12214 119 12212
a107 11012 179,900 Studebaker Corp (The) 1 _100 453 Jan22 151
'
1
4
Oct28
337 Apr -727 Nov
10212 10212
a107 102
200
Do prof
Jan22 10112 Nov 6
100 92
: 114 - 11612---- i
3:;4 -- 8012 July 100 Nov
14 11434 11814--11634 11734 114 11712
10618 111
4,100 StutzMotor Car of Am_No par
4214 Feb14 14478 Oct14
4578 458. 4518 4518 4518 47
37
Oct 55 Dec
4013 42
1,700 Soperior Steel Corp'n
Jan21 548 June 3
100 32
1112 115
8 1158 1158 1118 113
3414 Mar 4558 May
3 11
1114
1018 1118 6,800 Tenn Copp & C tr etfri_No par
10 Nov13 1714 May 5
299 301
295 302
1234 Dec 21 JulY
29612 30114 290 300
2294 290
22,800 Texas Company (The)1--100 184
Jan 2 345
Oct30 13612 Jan 203
.260 270 .260 275 .260 275 .260 275
001
.255 275
Tidewater Oil
100 207
Jan 3 275 Nov 1 178
8214 8318 8334 843
4 8434 858 8312 8578
Jan 20014 Dec
79
82
10.600 Tobacco Products Corp_100 7253 Jan29 115 June30
*9812 99
484 Mar
9313 987
821/4 Dee
/
1
9853 983 *9413 100
4
9418 9418
ref
100 93 Nov20 120 June30 28714 Mar 1047
5278 533
4 5214 533
4 52
5314 4512 52
2 DeC
4518 4714 150,400 Transcontinental Oil__ No par
423 Aug21 6253 Nov10
4
62
637
62
62
s 6214 64
6112 62
61
6118 4, 00 TrDano P& Williams SLAT° par
600
4
sue
3714 Janll
748 Oct20 -564 Oct "ii May
194 19413 195 196
"
*195 200
400 Underwood Typewriter_100 115
Jan 8 196 Nov26 100
7
;87- -. 9
5
95
95
.92
Apr 112 Dec
96
92
92
300 Unlon Bag & Paper Corp_100
75
Jan 3 100 July10
3914 - - 4 39
391393
65
4 39
398 3613 347
Jan
80 May
36
378 18,500 Union Oil_
no par 36 Nov23 4518 Oct 14
4 52
5218 5213 5213 5012 5218
518 513
50
5012 5,600 United Alloy Steel
No par 373 Janll
8
5858 July28
.141 145
14078 14113 14318 14318 141 14118
368 Oct 44, 14 i
2
138 140
1,100 United Drug
100 9013 Jan 6 175% July29
5138 52
53
5214 .5138 5213 .52
89 June 90% Dec"
52
*5112 5212
800
Do 1st preferred
50 50 July18 58% May 9
46
Jan 5012 Nov
Do 2d preferred
100 91
Jan28 155 July29 ' 77 June 8514 Dec
- -3-1 201 261 4 255- 21 -114 20514 2 -5 19713 204
-11;
111112 ffii" 11,300 United Fruit
100 157 Feb10 215
Oct30 118,4 Jan 1881 Dec
/
4
9113 913 9414 91
8712 883
3
4 89
9412
8618 9034 139,000 United Retail Stores _-No par
801a Aug21 1194 Oct11
/
1
2212 2213 2258 2414 23
2212 23
23
20
22
3,800 U S Cast I Pipe & Fdy
100 14
Jan15 2.81 Aug 7
/
4
--- Apr
57
1118 ---- -19 - isii;
57
56
56 *___ _ 56
/
1
4
5614 5614
400
Do pref
100 4212 Jan18 743 July 7
:22i: -. - 2214 2212 .2213 24
4
25
41 Mar 4714 Feb
.2212 21
U 8 Express
100 163 Feb 5 324 May21 . !
4
/
1
7612 76
1_42
7734 76
161* May
76
761
733 75
4
72 51; 12 ,- t00 v S Food Products Corp_100 66
,
Apr 4 9133 Oct I
10518 106
4
1043 106
10514 10658 1025 1055
8
8
100 10212 18,800 US Industrial Alcohol
9714 Jan22 167 May27 298
*100 105 *100 105 *100 105 *100 105
Dec iii- May
•100 105
Do pref
100 9614 Jan 2 111 May23
94
42
42
Oct 99 Mar
42
42
42
4314 417 4173
3
40
4018
1,500 U S Realty & Improvement 100 17 4 Jan 3 507 June 6
,
Oct
8
8 Mar 28
1174 11914 11914 12314 12213 1257 12118 1235
8
11614 12013 131,100 United States B,ubbet
Jan21 13914 Nov 6
100 73
51
Jan
80,2 Dec
100
do sub receipts full paid_ ._ 118
Oct 3 136 NovI6
*HI 115 HI 115 118- 115 115 116ill Ili300
Do let prof
100 109
Jan20 11912 July10 ;65 - -3u ii6 - -ffee
4;
4
7.13 753
3
4 753 7734 7613 7814 76
7814
7312 76
20,700 U S Smelting Ref & M
50 4314 Jan21
7814 Nav25
3212 Apr 5034 Oct
*47
49
.4712 49
48
43 .4
49
48
48
300
Do prof
Jan18 50 Mar 2
50 45
/
1
101 10514 10453 10512 1043 1057 10314 10458
4253 Apr 474 Dec
4
8
10134 10338 260,400 United States Steel Corp_100 8814 Feb10 11513 July14
8613 Mar 11812 Aug
11312 11313 11334 114
1l334 114
1133 114
4
11218 114
2,500
Do pref
100 11218 Nov2S 11712 July17 103 Mar 11353 Dec
755 76
8
7453 77
75
7553 7414 7512
705 7412 22,100 Utah Copper
8
10 65% Feb 7 9713 Jidy16
Oct
7114 Dec 93
.1114 12
11
11
.11
1113 103 1114
4
1013 1012
800 Utah Securities v t a
100 10% Nov20 213 Junell
11 Sept
1614 Nov
64
68
7
687 63 8 69
69
6612 6734
62
2,300 Virginia-Carolina Chem_ 100 51
658
Feb10 9213 July14
333 Jan 6014 Nov
4
.11313 114
11312 1131 11312 11312 1123 11312
/
4
4
.11213 11313
700
Do pref
100 110
Jan 7 1157 Oct 7
8
98
Jan 11358 Dee
67
693
4
200 Virginia Iron C & C
100 54 Mar31 82
Oct24
7312 July
50
Jan
;Li- 55
55 gi- -LL- 66- -5414 - 3
5645614 57
900 Wells. Fargo Express
100 5114 Nov12 79 May23
631 Sept 8314 Jan
/
4
8814 8814 8714 88
3
873 8712 87
87
3714 89
1,300 Western Union Telegraph_100 82 Sept22 9212 May26
7714 Aug 9558 Apr
*116 118 .116 11912 *11534 1183 1153 117
4
4
11558 117
500 Westinghouse Air Brake50 9412 Jan15 126 July 7
95
5353 5334 5338 538 5378 5414 5314 54
Deo 95 Dec
5214 5318 11,100 Westinghouse Elm & Mfg__50 4012 Jan21 597
June 9
3812 Jan
4712 May
633 66
4
66
7013 6714 7034 6712 7114
6314 653 46,600 White Motor
4
50 45
Jan 3 86
Oct20
3614 Jan
,
49 Nov
30 8 3114 3114 3178 31
3134 3012 318
2958 305 33,400 Willys-Overiand (The)
8
25 2314 Jan22 4014 June 2
1512 Jan
*9012 92
91
30 Nov
92
.9078 9213 •9013 9213
9012 9012
300
Do pref (new)
100 873 Jan 7 9314 May 9
4
8914 Nov
75
4
Jan
7812 7812 7918 7918 793 793
4
4 77
793
1,100 Wilson&Co,Inc, v t o-No par
76
75
655 Jan20 104% July 2
8
4514 Jan
9813
9912 9913 .95 100
.95
7714 Da°
395
9313' .
9912
100
Do preferred
100 9514 Nov11 10112 June16
9012 Sept 9912 Dec
*125 127 1.126 128 .126 128
123 125
500 Woolworth (F W)
100 120
Feb 7 13813 May19 110 Mar 10812 Oct
*114 11513 .114 11512 *114 11513.114 115131
•114 11512
Do pref
100 1143 June26 1171 July25 111
8
/
4
3014 83
Oct 115 Sept
84
95
8
9
9613 84
83
7914 8412 33,800 Worthington P & M v t c 100 50
Feb13 117
Oct 7
34
Jan 69 Aug
.91
*9114 96
96
____
_ _1 •9114 9(3
100
95
95
Do pref A 100 84
Jan 9 9312 Oot15
Apr
.
75
79
.70
8553 Feb 91
76
76
76
77
77
76
76
300
1-1
, 9..r fl
_ . _ _ _199 66
In 3 St
Oct g 50 lan 7013 July
I Bid and asked prices; no 911106 on this day. t Loss than 109 shares.
x-rignt.s. a Ex-4iv. and rights. z
T For fluctuations In rights see p 2053.
,.
_..,.,_._
2060
Nev;
k Stock Exchange-Bond Re' ori Friday, Weekly and Yearly
0/
now-"and interest"-ercept for interest and defaulted bonds.
Jan. 1909 the Excha: ge method of quoting bonds was changed and prices are
d
711
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 28
21-2
Price
Friday
Nov 28
Week's
Range or
Last Sale
o
Range
EilCe
Jan. 1
High No Low High
Ask Low
Bid
U. S. Government.
First Liberty Loan
1st 15-30 year__1932-'17 J D 100.00 Sale 99.98 100.12 3415 98 20 101.00
3
Second Liberty Loan
1st L L cony_ __1932-47 J D 94.00 Sale 94.00 94.40 353 92.50 96.00
4s
1927-42 M N 91.10 Sale 91.0) 92.40 1354 91.00 95.10
2nd L L
4s
Third Liberty Loan
,
1932 47 ID 91.20 Sale 91.20 91.50 438 93.70 96.60
tyie 1st L L conv
43(5 2nd L L conv_1927-'42 M N 91.58 Sale 91.40 92.74 10651 91.40 95.36
1928 M S 93.76 Sale 93.68 91.30 13114 93.68 96.60
43(s 3rd L L
Fourth Liberty Loan
4 95.42 102.06
100.99 ____ 100.96 101.00
43is 1st L L 2nd cony 1932-'47 J
1933-38. A 0 91.53 Sale 91.36 92.68 28346 91.36 95.72
43i5 4thLL
Victory Liberty Loan
99.02 Sale 9102 99.28 20570 99.02 100.60
1922-'23
43(8 cony g notes
99.02 Sale 93.02 99.30 7077 99.02 100.48
1922-'23
334s cony g notes
9934 Sept'19
8
977 997a
d1930
oonsol regLetered
100:4 Aug '19
93 10014
d1930
Ii oonsol coupon
10458 10614
i56- 106 Oct '19
F
1925
41 regititered
8
103 10638
10512 1063 1057 Nov'19
4
1925
41 coupon
9814 9814
---- 9814 Mar'19
k1936
Pan Canal 10-30-yr es
99 July'18
---Pan Canal 10-30-yr 2s reg__1938
89 Nov'19
S7ii 91
8818
1981
Panama Canal 3e g
8814 Oct '19
8814 91
1961
Registered
100 Feb '15
1914-34
Philippine Island 4s
Foreign Government.
Anglo-French 5-yr be Etter loan A 0 9614
,
Argentine Internal 56 of 1909___ MS 7152
8
923
Bordeaux (City of) 15-yr 68_1934 MN
Ry) Is of 1911 ID 5 55
Chinese (Httkuang
Cabs-External debt 55 of 1904_ MS 91
s
837
Ester dt be of 1914 ser A__1949 FA
7614
1949 P A
External loan 4)-e
1921 AO 93
Donlon of Canada g 5s
1926 AO 93
do
do
1931 AO 94
do
do
4
Japaneao Govt-£ loan 43i8_1925 FA 5 813
1925 J J 8012
434s
Sacco(' series
80
do do "German stamp"_
1931 i- -5 5 66
Sterling loan 48
3
N 923
1934
Lyons (City of) 15-yr 6s
8
lofamities (City of) 15-yr 661934 MN 923
30
Mexlco-Exter loan I: be 01 1899 Q J
1954 Jo 42
Gold debt 4s of 1904
8
_ _1921 AO 943
-year
Paris (City of) 5
MS 65
Tokyo City Is loan 01 1912
U K of (It Brit & Ireiand97
1921 MN
II-Year 515% notes
4
893
110-year gold bond 634e1937 FA
1929 FO 9612
-year 'ono 5 As
10
8
977
p1922 F A
-Is
-year cony 53
3
:TAM are prices °lithe basis of $51o1
Sale
77
Sale
Sale
9218
8414
7834
Sale
9314
Sale
Sale
82
Sale
Sale
Salo
Sale
4734
45
Sale
66
97 1079 95% 974
964
2 74
77
93
77
9212 79 9238 9212
8
923
55
7212
5712 16 55
4 9112 100
9112
92
9334
8414
8414 10 84
4 77
7712
7712
85
4
9318 55 983 9918
974
4 9212 985s
8
943
9312
934
9414 55 92
9812
7 8014 9253
8014
82
82 Nov'19
93
82
80
89
8112 61 80
61
8 17 64
693
8012
8
92%
9212 82 923 9212
923
3
9212 71 923 9212
8
4 43
43
7912
43
45 Nov'19
61
45
9018
953 127 9418 10014
8
2 66
83
63
6612
Sale
Sale
Sale
Sale
97
4
893
9618
3
977
9758
9012
9614
98
158 9612 99%
276 893 10184
4
536 96
9612
295 977 9818
8
State and City Securities.
4
9714 963
97
98
9714 51 96
Y
• Gity-43(e Corp stock_1960 MS 97
973 9714
8
9714
2 98
98
4;j5 Corporate stock __1964 MS
_ 96
9914
AC 97
9738 97 Nov'19
43(e Corporate stock _ _ _ _1966
101
101
Sale 101
As Corporate stock July 1987
1 '1 371
318 2
101
2
1965 JD 101 10132 101
Corporate stock
&As
101
22 100 1024
Sale 101
&As Corporate stock.. _1963 MS 101
1 903 9334
4
8
923
9238 9238
92
1959 MN
1% Corporate stock
8
1 9012 9312
8
923
923
94
92
MN
1958
4% Corporate stock
12 9012 9338
9219 921 2
92
9212
1957 MN
4% Corporate stock
903 9332
2
,
4
9134 923 9218 17(re19
4%Corporate stock reg. 1956 MN
101
4 ( 12 27
19 100138 10 1
Sale 101
1957 MN 101
New 41-4s
101
Sale 101
dy;% Corporate stock_1957 MN 101
N12 21421
4
__ 823 Nov'19
8234
1954 MN
8A% Corporate etock
__
9812 Aug '19
1961 MS 99
-4a
T
• State
9612 100
100 Nov'19
99
Canal Improvement 45_1961 J .1
_ 984 Aug '19 ---- 9814 9912
Canal Improvement 4s_A962 J .) 99
4
99 Sept'19
963 99
J
1960 J
Canal Improvement 4s
8
1 10634 1C1914
1095
2
J 10812 1091- 1094
4348_1984 J
Canal Improvement
102 ____ 10212 Dee '18
J
Canal Improvement 448_1965 J
11:.111571 ig14
Highway Improv't 4348_1963 M S 103 10912 108 Sept'19
__ _ _
1001s June'18
.
Highway Improv t 43(s...1965 MS 10312 ____ 784 Dec 'IS
Virginia funded debt 2-30_1991 J
-E6- 7438
59 Nov'19
60
59
_
Os deferred Brown Bros ctlie_
Railroad.
1 5118 58
5114
5738 5114
51
M995 Q
Lan Arbor let g 4e
Unison Topeka & Santa Fe
7812 235 76
8513
1995 A0 7012 Sale 7612
Gen g 42
808
7618 82 4
60
77 Sept'19
78
1995 AO
Registered
704
8
703
697 70
2
Nov
311995
Adjustment gold 4e
7312 June'18
/11995 Nov
Registered
fa
7138 23 -- 7913
7014 Sale 7014
/31995 MN
tamped
9 6518 7612
6812
Sale 68
1955 J D 68
Cony gold 4e
2 89 10214
8912
Sale' 89
1960 J D 89
Cony 48 issue of 1910
9218
88
907
East Okla Div let g 418_1928 MS 87e4 89 I 74 8 Nov'18 ----'
76
51 71
7112
71
74
,
Rocky Mtn Die let 48.. _1965 J
51 7514 81
8
757
8
754 Sale 755
Trans Con Short L let 18_1958 J .1
8214 Nov'19 ----1 8214 25
MS 761s 81
Cal-Aria let & ref 441"A"1962
__I 95 95
95 June'19
___ 95
1942 M
13 Fe Pree & Ph 1st g 5s
854
20 78
79
Sale 77
ail Coast L 1st gold es____111952 MS -77
4 7612 88
14
2
77
76,
77
1964 J D 76
Gen unified 4348
9612 9812
934 June'19
1928 MN 9218 98
Ala Mid let gu gold 5e
80 Oct'19- 80 80
J
7918 85
Beuus & W let au gold 48_1938 J
__
8
J 1143 117 1294 Aug '15
()bailee & Say let gold 75_1936 J
15 684 7812
72
Sale 71
71
o1952 MN
& 4 coil gold 48
L
105 Aug '19____ 105 1C174
gay F & W let sold 5e__1934 A
1934 A 0 .- 9514 ____ 105 July'15 ---lit gold Is
8514 46 8378 8912
Sale 81
81
1925
Silt & Ohio prior 334e
71
823
7
3
'19
3
843 87 Feb6 19 lies- 65
4
111925
Registered_
711948 A 0 6518 Sale 65
-year gold 48
lit 50
•
4
6712 923 Mar'17 111948
Registered_
203 6014 80
61
6014 Sale 6014
1933
10-yr cony 434s
644 63 5712 8212
5712 Sale 5712
Refund & gen 56 Series A_1995
28 8934 9512
94
4
9134 Sale 893
1929
Temporary 10-yr 68
-_ - - -112 Jan '12
1922
Mut Juno let gold 6s
8712
-7334 844 Sept'19 _-__ 82
-_-_-_-_
P June & M Div let g 334s 1925
78
5812 29 55
Sale 55
56
PLE&W Va Sys ref 4e 1941
8614
7758 101 77
8
-- _ 767 77
Southw Div 1st gold 3 Sie _1925
4
8
-87-3 8934 87-38 Sept'19 -__ 8734 893
Cent Ohio It let o g 4 34e1930
2
Cl Lor & W con let g 5e 1933 A 0 92 ____ 957 July'19 --__ 9512 957s
96 Oct '19 --__ 9512 96
9534 96
Ohio River RR let g It. _ _1936
9118
88 Aug '19 --__ 88
90
79
1937 A
General gold Is
9614 .___ 9918 Mar'18
PItte Clev & Tol 1st g 85_1922 A
68
Nov'19 --- 53
3
514 547
J
52
Tel & Chi div let ref 45 A _1959 J
99
95
95 Nov'19
1937 MS 9158 94
intfalo R & P gen g 5e
8814
8014 8312 84 Nov'19 --__ 84
1957 MN
Congo! As
4
8
8
All & West 1st g 4s gu__ _ _1998 AO 7314 833 845 July'19 --__ 845 844
89 ____ 1031e Feb 16
Clear & Mah 1st gu g be_ _1943 2
10018 101
Roch A Fitts let gold de_ A921 FA 1001s 10112 1004 Sept'19 _-_ 10014 102
8
1922 J D 1003 101 10014 Aug '19
Como! 1st g tls
954
14 88
8614
86
86
Canada Sou cons gu A be_ _1982 AO 85
82
7574 75 Nov'19 --- 75
70
olar Clinch & Ohio let 30-yr be '38 J D
4
9112 ____ 973 Aug '19 --__ 9734 1004
Oentral of Ga 1st gold 5s___ p1945 P A
MN 8612 83
8612 Nov'19
Consol gold be
1945
4 9112 997
4
9 114
95
8
___ 913 95
10-yr temp femur (Se June 1929
Mott Div cur money g 48 1951 JD -7318 7512 7412 May'19 _-- 7412 7514
Mac & Nor Div let g 5e1948 22 8912 -__ 90 May'18
_
9738 June'17
Mid Ga & Atl Div Is
1947
4
J
9312 913 Jan '11) ____ 9134 1/114
1946 • J 90
Mobile Div 1st g be
90
86
87 Sept'19 __
8034 87
ZlentRR & B of Ga coil g 55_1937 MN
100
2 loo 105
J 100 1014 100
Pistol NJ gen gold 58____ _1987 J
10018 102
994 1004 Nov'19
h1987 Q 1 Registered
2() 98 100
93
____ 9834 98
Am Dock & Imp gu be _1921 J
_
9614
100 Apr '18
Leh & Hod Riv gen gu 5/8_1920• J
s 80 - -. - 1004 Jan • 13 _ _
Y & Long for gen a 44 1041
'
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 23
tas
Price
Friday
Nov. 28
'gal
lice/c's
el,
Range or
Last Sale '
11
Range
Since
Jan. 1
High No, Low High
Ask'Low
Bid
65
51
51 Oct '19
60
Oast Ver.nont let gu s 40.._e1920 Q F 50
9318
J
8478 85 Oct '19 _--- 85
83
pt be__1929 J
s
l?
0ae
9912
93
93t4 29 93
Sale 93
1939 M N
0 flug dld 1m
etnso no &5s
9014 9358 10412 Jan *17
1939 M N
Registered
-34 8318
27 72
723
74
4
1992 M 13 7234 73
General gold 43-4e
1992 M S78 8634 Mar'17
Registered
8514
20 74
77
-year convertible 434e 1930 F A -7i- Sale 74
20
8
8312 '50 8238 9158
-year cony secured 5s 1916 A 0 823 Sale 824
30
7812
8
1944 J D 657 7514 75 Oct '19 --__ 75
Big Sandy 1st 4e
4
_
7418 _82:4_ 823 May'19 _-__ 8234 823
4
Coal River Ry let gu 4e 1945 J D
-1
1910 J 2 8418 ---- 9834 Feb '16
1
Valley let g 58
Craig
69
69 June'19 ---- 69
1946
Potts Creek Br 1st 4s
80
7712 78 Sept'19 ---- 75
1989 J J 63
R & A Illy let con g 4s
J
704 Oct '19 --__ 707
6312 70
s
1989 J
20 consol gold 45
70 ____ 8812 Sept'16
Greenbrier Ry 1st gu g 48_1940 M N
Warm Springs V 1st g 5e 1941 M S 76'4 ---- 113 Feb '15
701
4712
4's 5313
1949 A 0 4712 Sale 4712
Chic & Alton RR ref g 35
3012 30
30
J
3012 23 2978 40
1950 J
Railway 1st lien 3)4e
Chicago Burlington & Quincy
9314
9514 Sept'19 - -- 9514 9912
1922 F A
Denver Div 48
7212 7518 7418
J
8
7412 - 3 713 7612
1949 J
Illinois Div 334s
82
817
83
82
8
6 8012 857
.s
1949 ▪ J
Illinois Div 45
Joint bonds. See Great North.
95333
4
4 70
0
9018 3 9 18 1808331142:1
80
8 20
1927 M N _9_0_1_ 9512 9018
Nebraska Extension 4s
9078 8078
9072 Oct '19
1927 MN
Registered
Sale 78
1958 M
General 48
36
7 25
25
251
,
.1
Chic & E Ill ref & imp 45 g 1955 J
3634
22
2514 Nov'19
26
S Mtg & Tr Co ate of dep..
_ 7_,17-3 98 July'19 ____ 98 104
-1 0
A- - 4
193. 8 ,
hen eonsol gold 65
69
7112 Nov'19 ---- 7112 80
1937
General cousol 1st 5s
70
714 70
70
U S Mtg & Tr Co ctfe of dep.
8
0
8
7
5
0
..
78 Aug '19 ___S 7
90
67
Guar Tr Co etfe of dep
.... ....
4
3
' 2 -1 _
9734 F eb5 1: _4- _ 5_ 37 _ i63..,..
I -A
Purch money 1st coal 55__1942
32 Mar'17
Chic & Ind C Ry let 5s_ _ _1936 2 J
53
i1-5 8
43_ _1959 Si
Chicago Great West let
2
9514
__1_12 883
9614 100
J
Chic Ind & Loulev-Ref 88..1947 J
8512
80
J
1947 J
Refunding gold 55
9
8941; ll° 17
8618 ___ 85837 A prv9.S 78
J
J
1947
Refunding 48 Series C
7634
83 May 7 -_-..---_ -6018 63
'
7 19
Ind & Louley 1st gu 45_ _1956 ▪ J
-f63
71
J
1956 J
Chic Ind & Sou 50-yr 4s
6
8
_ 73
5
D
-gil4 9714 86 Oct '19,-3 8 4 81
Chic L S & East let 434e1069
6678' 31 6614 7612
6514 Sale 6514
J
Ch M & StP gen g 4e ser A.e1989 J
_
924 Feb '1(S __ .
e1989 Q
Registered
59 1 22 -Li- -iii8
8;l.3 -5738 - e 573
Gen'l gold 33is Ser 16
e1989 J
8
845
7
4
1
/
18
: 4 83 73
Sale 73
73
J
e1989 J
General 4 4s Series C
7414
59
62
75
8
A 0 594 Sale 597
Gen & ref Ser A 4 As__a2014
8
7112 96 6712 817
6712 Sale 6712
Gen ref cony Ser B Is_ a2014 F A
8
a
7312 133 697 817
D 694 Sale 6978
1932
Convertible 430
7812 Sole 76
1925• D
Permanent 48
J
Sale 68
67
1934 J
25
-year debenture 45
07i2
J _6 1 100.ole
Sole
9
Chic & L Sup Div g 5e__1921 J
7
6
9
9
93 Oct078 --:25 6766
9677714
8
: '9 :
:
4
J
878578
Chic & Mo Rh Div 513_1926 J
J
Chic & P W lat g 58
1921 J
67
67
8
J
683 67
C M & Puget Sd let go 15_1949 J
1 9914 ___1920 J
Dubuque Div let s f Os
:
96999 ; 09799:891
i
1 9 - 1-1 83 4 106
N
_
1
107
, 180902958 Sept;19 ..-... _ 9916'759 :82 11
Fargo A Sou assum g 6e1921 J
May'19
7712 84
Milw & Nor let ext 4 3-4s 1934 J
92
, 83
0
8
9
83
) 92 (set .' 19 iiii 8
81
1934 J 1) 734 it),
Cons extended 4 3is
4
9714 Nov'19 ____ 963 9818
1921 J
Wie & Minn Div g 5s
8
997
J
994 Oct '19 ____ 99
Wls Valley Div let Se.,. _,192() J
1
.
Chic & N'west Ex 48 ___1888-'26 F A -/ 5
92
02 Oct '19 ____ 92
A
1886-1926 F
Registered
8
1 637 71
6918
133
Sale
General gold 33-4s
1987 M N 89- 63
7011
7012 Apr '19 .___ 69
p1937 Q F 6314 66
Registered
8
825
1 75
80
78
784 80
1987 MN
General 45.
2 7812 7812
7812
7814 7312
1987 MN
Stamped 15
23 9512 101
98
M N
Sale 97
97
General be stamped
1987
8
Sinking fund (Se
1879-1929 A 0 ____ 109 106 Oct '19 ____ 1015 106
10912 Apr '18 ..___
1879-1929 AO
Registered
8
7j1s
902 Oct '19 ____ -od i- -5i38_
Sinking fund 5e
1879-1929 A 0 97 104
98 Nov'18
Registered
1879 1929 A 0 .9212
9712 Nov'19 _--- -5 - -ii
A 0 9712 98
Debenture toe
1921
98
98 Mar'19 ____ 9
1921 AO
Registered
9612
90
01
91
9112 91
Sinking fund deb Is
1933 M N
97 Nov'18 --591
Registered
1933 M N
1014 Oct '16 -- -_-_-_- -_-_-_Des Plaines Val let gu 43-4s '47 M S 8012 _..
Frem Elk A Mo V let 135_ _1933 A 0 103 11C1 1054 Nov'19 ____ 105- 109 88 Jan '17
ManGB&N W let 3 Ae_1941
J J
6 2
i
Milw AS L let gu 3Sis
1941 j j -- 18
1563- 101
i
0 1Mli L S & West let g 6s__ _1921 M S •_ _ _ 117:4 75613
99
95
96 Nov'19
Ext & Imps f gold 5s
1929
100 104
100 Sept'19
Ashland Div 1st g 63_1925 ▪ S
10178 104
J 100 __- 1014 Aug '19
Mich Div 1st gold 65_1921•
7518 784
___- 7f14 76 Nov'19
Mli Spar & N W let gu 45_1947 M
933 Oct '19 ____ 1 9112 98
4
St L Peo dr N W 1st gu 5e 1948 J 2 8714 92
Chicago Rock lel & Pao7012 73
73
5 70
7012
7314
ReUreay general gold 4s
1988
8
J
__ 7638 763
2
763
1983 J
Registered
6718
4
0 653 Sale 6512 May'19-237 6512 7612
1934
Refunding gold 4s
90
7012
7012 701 2
p
ar:1,
1932
:19 __
20-year debenture 55
72
66
62
61
3 60
R I Ark & Louts 1st 43-4s._1934
A S
90
0
(1
1931 M O 89°s -9:172.
Burl C R & N let g 5s_
9714 9714
'
112
_ 9714 Feb629
let go Is. _1921 A 0 924
O RA F & N
97 Ma,'18
Cho Okla ot Cl gen g 58-01919 J
-rid- - 89 Oct '19
1952
Consul gold 5s
7938
Keok & Des Moines 1st 5s 1923
A A
M D 5.
F N 05
St Paul & K CSh List 430'41 2 0 ; 5- 66
1
g76
-80g545 103
104
• 053
Stole 106657918 Nov'N v
& 0 cone 6s___ _1930
Chic St P
8234 85
8312 Nov'19
Cons 6e reduced to 3Sin_ _1930
M S
1 8'712 9'7
-FTF4
1930 2 B
Debenture Se
J i5112
187'2 N• ov8•71'ti
18
North Wisconsin 1st 6s__ _1930 J
_ 95 May'18 _S 935.
Superior Short L 1st be g_e1930
_ tid
Chic T B & So East let &LAM)J D
0
8' Octy:7
1073 1,a° 19 : :10 1:4 :10f_112
2
508 8
9
n . 78 31 1 6 :4
.
5 5
:
5
5_4
Chic & Vest Ind gen g 138__,1932 Q M 102 103
J
J _51
e_
1952
-year 4e.
Consol 50
J
8838
1937 J
Oln El & B 20 gold 414e
88 Mar'll
C Find & Ft W let go 4e g 1923 MN
80 Sept'19 ...
80
Day & Mich 1st cons 414s 1931
2
--1- 8 271 6514
66
7 703 7213
5 66 4 8412
& St L gen 48..1993 I D -64 3 654
Cley Cia Ch
J
79
8018 774
79
1931 J
20-year deb 44s
82
8112 88
82
184
11 870
070
821: 87
1993 J D
General Is 9eries B
2
J
09's._.. 676,8 N
1931) J
Ceiro ()Iv 1st gold 413
J
Oct '19
Clo W & 1*1 Div let g 4e 1991 J
4
s 70
fi 67 _621_ 673 Nov'19 __
67
7614
St L Div let coil tr g 4e_ 1990
744 Jan '19 ____ 7418 7412
1940 M
Spr & Col Div let g 4e
84 Nov'16
J '71
oNt W Val Div 1st g 4s._. _1940 J
101 Oct '19
MN
9934 101
I St L & C
11936• F 82 ____ 84 Oct '19 ...._ 8214 81
1st gold 48
8214 Sept'191____ 8214 8214
11936 Q F
Registered
9312 May'19,.... 93
937
8
Cm S & Cl cone let g 5s __1928
10214 Oct '19 ____ 10214 107
J (IR
2 lt
()CC& Igen consg(le__1934
4
70 762
A 0 75 _-_- 7634 Nov'19'
4
Ind B & W let pref 4s____1940
61938
0 Ind & W let pref 58
1(17(
A
A
-Ea 15 -Ed - -- 8
76
211
5313 -55,110s -EISS
East 1st cons 48_1940 Q p0:1
Peoria &
31
2312
2312 10 12
1990
Income 4e
89
83
Cleve Short L let Ku 134e__ _1961 A 0 8112 ___- 884 Oct '19
8914
1 82
8212
82
8612 8212
_1929 F A
Colorado & Sou let g es_
8112
7 75
72
77 I
s
767 75
1935 M N
Refund & Ext 41,4e
4
8
4
983 993
Ft W & Den C 1st g 6t.__1921 J D 977 9938 9838 Oct '19
Conn & Pas Rive let g 49_1943 AO
797 85 Be;E•151
135'4
J
70
:: 85
1052 J
Cuba RR let 50-year Is g
Del hack & Western
73
70
8
Morris & Eee let go 3 t4e '2000 J 0 6912 724 715 Nov'19
s
J 10014
1003 Nov'19 ....I 10014 1007
8
1921 J
N Y Lark & W lat fts
1 944, 101
9418
9118
9-118 96
1923• A
Construction 58
9212 02
8
935 Aug '19
• N ____ 93
Term & Irnprovt 48._ 1923
1021a Feb
Warren let ref iu g 3 S4s 2000 FA
I
5 No Once Friday: latest this week, a Due Jan. d Due April. e Due May. g Duo June. 19 Duo July. 1 Due Aug. q Due Oct
I
I
p Due Nov.Due Des
a Option sale
Nov. 29 1919.]
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 28
New York Bond Record—Continued—Page 2
*
Z
.
Price
Friday
Nov. 23
Week's
Range or
Last Sale
.17.,
8'4
Range
Since
Jan. 1
Bid
Ask Low
High No.: 1Low High
Delaware & Hudson—
1922 ii 9712 9712 97 Oct '19 .--- 96
let lien equip g 4 34e
97
80
1943
83
80
2 7812 8514
let & ref 48
8112
Sale 86
1935 A0 86
-year cony 5e
20
80
1 81% 9511
Sus(' cony 3348__ _ _1916 AO 7014 73
71
Alb &
7812
713
4
2 71
N 10218 101 10234 Apr '19 --_- 1023 102%
Renss & Saratoga let 7s 1921
4
Denver Ac Rio Grande—
42 62
Sale 62
1935 1 J 62
let eons g 48
63%
7514
65
69
1936 1 J
6913 Nov'19
Consol gold 4345
69
7612
1928 J D 70
Improvement gold 5s
73
74 Nov'19
8
733 80
1955 F A
_ 528 57 Nov'19
let & refunding 5e
45
6012
1939 J D -_-_-_-_873 Nov'16
4
Rio Or June let Cu g 5s
391 6114 Apr '11
1940 J 1
Rio Or Sou let gold 4e
J
Guaranteed
1940 J
34 July'17
3 - - -73 2
8
8
Rio Or West let gold 4s 1939 J J -611- -65,- 66
66 18
613
4
-12 52% 60
Mtge & coil trust 49 A 1949 A 0 ---- 527 523
523
8
Del& Mack—let lien g 4s-1995 J D
55
55% 82 Dee 16
1995 J D 50 ____ 7512 July'16
Gold 4s
9 753 8414
Det Riv Tun Ter Tun 4348..1961 M N
77
75
75%
757
8
Dul lillseabe & Nor gen 5s 1911 1 J
948 ____ 9634 June*18
Dul & Iron Range let 58
1937 A 0 90 _-_- 89;4 Nov'19
371
:g6, 95
10513 Mar'03
1937 A 0
Registered
33
Dul Sou Shore dr Atl g 5s_ 1937 J
83
83 June'19
75
8112
J
9012
- 8912 Sept'19
Elgin Joliet & East let g 5s-1941 M N
8918 96
2 981 100%
idd loo
Erie let consol gold 7e
loo
1920 M 11
/
4
7813 Oct '18
82
N Y & Erie let ext g 4s
1947 M N
9158 Oct '19
2d ext gild se
1919 M S
-915 -E 8
;
53rd ext gold 434e
1923 M S 9112 ____ 92 Sept'19
91% 92
1920 A 0 9512 ____ 9912 July'17
4th eat gold 58
943 Nov'15
4
1928 J D
5th eat gold 45
2
N Y I, E & W let g fd 7s 1920 Ni S -g1- 155- 9312 Aug'19
9312 9312
41 547 7012
8
56
Erie let cons 2 le prior. 1996 J J 548 Sale 517
2
84 Dec '16
1998 J J
Regietered
147 43
43
Sale 43
571,
45
let consol gen lien g 45_1996 J J
55
73 June'16
1996 J J
Registered.
83
80
80
80
-ii58 -giPenn coil trust gold 4e_ _1951 F A
5 40
37% 40
41
-year cony 45 Ser A...1953 A 0
52
50
1953 A 0 33 Sale 38
4018 21 3818 52
do Series B
44 33
Sale 38
44
Gen cony 48 Series D -1953 A 0 41
55
8314 87% 85 Nov'19
84
Chic & Erie let gold 55.-1982 M N
9518
Clev & Mahon Vail g 58-1938 1 J .93 ___ 1067 Jan '17
;
J ____ 937 9412 Oct '19
1955 .1
-9413 iaf
/
1
4
Erie & Jersey let e f(
8 94 101
95
97
91
J
97
1957 J
Genesee River let e f 6s
108 10312 Sept'19
1935 A 0
Long Dock consol g 6s
107 109
8
Coal & RR let cur gu 6e 1922 M N -53- 933 103 Jan 18
Dock & Impt let ext 5e_ 1943 J 3 9014 ---- 10212 July'17
N Y & Green L gu g 58_ 1916 M N 84 --__ 85 Jan '18
6412 65 Nov'19
6414 7814
N Y Sim dr W let ref 5e 1937 1 J 60
55 100 Dee '06
/
1
4
1937 F A
2d gold 4348
_
50
60 June'13
1940 F A
General gold Egi
818
97 Dec '18
Termival lot gold 5e_ 1943 rs, N
_
1940 A 0 72
72
72
Mid of N J let ext 5s
72
72
55
55 Nov'19 ---- 55
72
Wilk & East let gu g 5s 1942 I D
2312 Jan '17
V& Ind let cone go g 6s-1926 J J
J -5E- -664 951 Aug'19
/
4
Cvansv & T li let cons 6s 1921 J
95
98
1942 A 0 6658 6814 6814
6814
let general gold 58
6314 7014
103 Nov'll
/
1
4
Mt Vemon let gold( _ _1923 A 0
tut; 95 June'12
Still Co Branch let g 58_1930 A 0
77
2 -id - 85
77
77
Florida E Coast let 134.--1959 1 D
J
92 Aug '10
Port St U D Co let e ,48-1941 J
J
56 --_- 6312 July'19
Ft Worth & Rio Or let g 48_1928 J
81
783 Nov'19
Daly Roue & lien let 5e__ _1933 A 0 76
73% 7838
9118 Sale 941s
J
Great Nor C B & Q coil 48 1921 J
943 200 9118 9778
4
Registered
51921 Q J
9412 Nov'19
94
9 178
3 82
83
_1961 1 J
87
83
let & ref 43es Series A
83
87
Registered
1961 1 3
96 June'16
8414 83
J
8614 Oct '19
f3t Paul M & Man 45
1933 J
8614 8812
4 104 10312
J 1058 ____ 10558
1933 J
let consol g 611
1051
/
4
.1
1933 J
Registered
118 Apr '17
9118 ____ 92
Reduced to gold 4348_1933 J
J
2 -51- -55192
8
1933 J 1
_ 99 10212 May'16
Registered
____ 8158 Nov'19
1937 1 D
Mont ext let gold 4e
-gi1937 J D
Registered
80 Sept'19 •80
80
73 __-- 77 Nov'19
J
1910 J
Pacific ext guar 48 £
77
81
E Minn Nor Div let g 4/1_1948 A 0 7718 8112 7414 Oct '19
7414 7411
J
1922 J
Minn Union let g fie
99 Aug'19
99
99
1937 J
J
Mont C let Cu g(
/
1
4
1013
4
1043
4
103 108333
Registered
1937 J .1
13614 May'06
J 94
let quer gold 5s
1937 J
9514 9534 Ocr '19
935 -gir
2
Will A S F let gold 58_193S J D ____ 9314 955 Nov'19
8
95% 95%
Green Bay &W deb ctfs "A"____ Feb
5212 57
5253 Nov'19
66
51
Feb
Debenturectfe "B"
83
4 47
8 912 Nov'19
6% 15%
73
J
Gulf & A 1 let ref & t g 5s_ _51952 J
73 Oct '19
73
8212
Hocking Val let cons g 434e 1999
-6914 Sale 6914
7138
691 83
/
4
J
Registered
1999 J
7312 June'18
1948 A 0 737
Col & II V let ext g 4s
7312 Oct '18
7118
1955 F A
Col & Tol let eat 48
7614 Apr '19
, 7614 7614
Houston Belt & Term let 58_1937 J
SO
J
87
82 Nov'19
80
82
Illinois Central let gold 48_1951 1 J
83
83 Nov'19 ---- 83
88
Registered
J
1951 J
92 Sept'17
19513 1 72
let gold 334e
74
7418 Nov'19
74
76
Registered
1051 1 J
84 Nov'15
Extended let gold 334e
1951 A 0 72 ---- 7314 Nov'19
-751-4 7314
Registered
1951 A 0
1951 PA S
let gold 35 sterling
-ga- July.
- 09
Registered
1951 IN S
Collateral trust gold 48
1952 A 0 -7/12 74 -74 Nov'19
7112 79
Registered
1952 A 0
9533 elept'12
1955 M N
let refunding 4e
76 -ga 1; 76
4 76
.
77
/
4
811
Purchased lines 334e
1952 .1
J
63
695 71
8
Aug'19 ---- 71
75
L N 0 & Texas gold 4s_ 1953 M N
69
71
708 Nov'19 --.- 69
7758
Registered.
1953 M N
66 Aug'19
66
71113
-year secured 512s
1934 J
15
915$ Sale 9112
911, 9714
9214
Cairo Bridge gold 4e
1950 J 0 7812 --_- 781: Nov'19 ---- 7812 79
Litchfield Div let gold 38_1951 J J
60 ____ 61
Aug'19 --- 61
61
Louiev Div & Term g 334e 1953 J
J 6512 --_- 6714 Nov'19 --- 66
7312
Registered
1953 J
J
83 Aug '12
977
1921 F A
Middle Div reg fie
- 102 June'16
1951 F A
Omaha Div let gold 13
5814 Sept'18
J
56 __ 62 Oct '18
St Louis Div & Term g 38_1951 J
3 678 ____ 68 Oct '19
1951 J
Gold 334e
-jiRegistered
1951 J
1
80 June'16
Spring! Div let g 334e___ _1951 J .1
74
805 Nov'16
Western Lines let g 4e.... 1951 F A -if- 85
7912 May'19
791 7913
Registered
1951 F A ---- -- 92 Nov*10
Bellev A Car let /
1923 1 D 9434
(
1
4
_ 11713 May'10
Carb dr Shaw let gold 4e_ _1932 IN S 70
73 Mar'19 --- 73
73
Chic St L & N 0 gold 59 1951 J D 93 ---- 94
9514
91
1 91
9934
1951 J D
Registered.
9518 Feb '19 ____ 9512 9518
411-1951 J D 65 ____ 6512 July*18
Gold 3 i
1951 .1 D
Registered
Joint let ref 513 Series A _1963 J D 81
8212 85 Nov'19 ---- 85
95
Memph 1)1v let g 4s. _ _1951 J D
73% 71 Nov'19 ---- 71
77
1051 J D
Registered_
---- 65 Nov'17
St Louis Soo let gu g 4s_ _1931 M S 7418 81
7711 Aug'19 ---- 7712 793
Ind Ill & Iowa let g 4.
19505 3 7714 7953 7918 Oct '19 ---- 7918 82 4
let & Great Nor let g Os_ _ ..j919 M N
93
93
1 93
96
James Frank .4 Clear let 48 1959 J D
7614 -7713 8014 Aug'19 ---- 8014 82
.
Saneas City Sou let gold 38_1950 A 1
567 Sale 5614
2
4 5018 6438
567
3
Registered
_1950 A 0
---- 78 Oct '09
Ref A Impt 5s
Apr 1950 1 1 74
Sale 74
75
71
83
Kansas City Term let 48_ _1960 1 1 73
737 7312
,3
9 7313 81
737
Lake Erie & Weet 1st g 5/1_1937 J
J
82
83
8318 Nov'19
83133 90
2d gold 53
19413 J -- -- 65
80 Feb '17
52
North Ohlo let guar g 5e 1945 A 0 60
65
65 Aug'19
-8538
Lob Val NY let gu g 410_1940 J
J 8212 8712 88 Nov'19 —_ 80
92
Registered
1940 .1
J
S614 78 Sept'19
78
78
Lehigh Val (Pa) cons g 42003,M N ____ 71
70%
7034
4
703 8012
.-e.,-, es v
General eee• 4,4.
74
7e3
5
79
1 74 4 r11
,
• No Price Friday; latest bid and asked this week. a Due Jan, 5 Due Feb. g Due
-661;
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov. 28
Price
Friday
Nov. 23
Lal V Terra Ry let go g 58-1941 A
Registered
1941 A
Leh Val RR 10-yr cell 6s_n1928
Leh Val Coal Co let gu g 50_1933
Registered
1933 _
let int reduced to 48
1933 J
Leb & NY let guar g 4s
1945 M
Registered
Long led let cons gold Se.
.51931 Q
946 M
1 Q
let consol gold 4s
General gold 4e
1938 J
m
Ferry gold 41-4e
Gold 4e
U fied gold 48
1949 I
93222 ni
9
M
Debenture gold 5s
1934 .1
m
20-year p m deb 5s
1937
Guar refunding gold 4s
1949 M
Registered
1949
NYI3&MBletcong55_1935 M
A
NY&RB 1st gold 55
1927 M
Nor Sh 13 1st con g gu 55_01932 Q
Louisiana dr Ark 1st g 5s
1927 M
Louisville & Nashv gen 6s 1930 J
Gold 58
0
1947 5
93 M
Unified gold 45
Registered
Collateral trust gold 5s
1940 3
931 M
L Cin & Lex gold 4 348_1931 M
N 0& M let gold 68
1930 J
25 gold (is
Paducah & Mem Div 48._193
190
46
St Louie Div let gold rie_1921 M
2d gold 30
All Knox & Clla Div 4s..1955 M
9
380
Atl Knox & Nor let g 5s 1946 J
Render Bdge let s f g 6s 1931 M
Kentucky Central gold 48_1987 J
Lea & East 1st 50-yr 5e gu 1965 A
L&N&M&M letg 43481945 M
L & N-South M Joint 4e_ h 1952 J
_
Q
Registered
N Fla & S 1st gu g 5s____1937 V
N& C Bdge gen gu g 4 348_1945 J
Pensac & All let gu g 6s__1921 F
9A N Ala cons gu g 55
-1936 F
Gen cons gu 50
-year 58_1963 A
L & Jeff Bdge Co gu g 4s___1945 M
Manila RR—Sou lines 4s_ _1936 M
Met Internet let cons g 48__1977 M
Stamped guaranteed_ ____1977 M
Midland Term—let e f g 5e_1925 J
Minn St Louis let 7e
Pacific Ext 1st gold 68
927 A
1921 I
let consol gold 56
1934 M
let & refunding gold 48
1949
Ref & ext 50-yr 58 Ser A.,.19132 Q
Des M & Ft D let gu 4s 1935 J
Iowa Central let gold 58.-1933
Refunding gold 4e
1951 IN
MStP &SSNIcong 4sIntgu-1
193 !838
let eons 513
let Chic Term ef4s
1941 M
MSS M dr A 1st g 49 int gu_'26
Mississippi Central let 58
1949 I
Missouri Kansas & Texas
1st gold 4e
1990 J
25 gold 4s
g2 944 F
; 0m
400
9
let ext gold 58
1st & refunding 48 _
Fruet Co cents of dep
Gen sinking fund 4 348_ 1936 J
St Louis Div let ref g 4s__2001 A
5% secured notes "ext" '16 _
Dall & Waco 1st gu g 5s__1940 M
Kan City & Pac let g 48_1990 F
Mo K & E let gu g 5.
1942 A
M K dr Okla let guar 5s1942
M K & T of T 1st gu g 5e 1942 M
Sher Sh & So let gu g 5s __I942 J
Texas & Okla let gu g 5s__1943 NI
Missouri Pacific (reorg Co)—
ls( SE refunding Sc Ser A__1965 F
1st & refunding 58 Ser Ba 1923 F
let & refunding 5s Ser C__1926 F
General 4e
1975 M
Missouri Pao 1st eons g 68-1920 M
40-year gold loan 4e
1945 M
3d 7e extended at 4%
1938 M
Boonv St L & S let 58 gu.1951 F
Cent Br U P let g 4e
1948
Pac 1101 Mo let extg 4e 1938 F
25 extended gold 58-1933
St L Ir M dr S gen con g 5s 1931A
Gen con stamp gu g 5e_1931 A
Unified & ref gold 4e
1929 J
Registered
12Iv & 0 Div let g 4s_ _1 23
9939
Verdi V I & W let g 5e
1926 M
Mob & Ohio new gold its., _ 711927 (.1
1927 1
let ext gold Its
General gold 4e
Montgomery Div let g 5821937 F
948 M
St Louie Div 58
1927 J
St L & Cairo guar g 48
1931
Nashv Chatt & St L let 5e 1923 A
Jasper Branch let g 68_ _1923 J
7ist Rye of Met pr Oen 4348_1957 J
Guaranteed general 4s
1977 A
Nat of Met prior lien 4 30_1926 J
let corm' 4e
New Orleans Term let 4e_ _161 J
953 A
N 0 Tex & Mexico let 68
1925 J
Non-cum income Sc A..1935 A
New York Central RR—
Cony deb 68
1935 M
F
Consul 4e Series A
Ref & imp 4 34e "A"
2998 A
1013
New York Cent & Bud Rtv—
Mortgage 3 348
1997
Registered
1997 J
m
Debenture gold 4e
1934
Registered
SI
Lake Shore coil g 3 tie__
Registered_
Mich Cent coil gold 3e 1998 F
34
993 F
Registered
1998 F
Battle Cr & Slur let gu 38-1989 J
Beech Creek let go g 45_1936 .1
Registered
5
1936 1
2d guar gold 58
1936 J
Registered
Beech Cr Ext let g 3 4e_b1936 A
1 51
Cart & Ad let go g 4e...1981
Gouv & Oswe 1st gu g 5/1_ _1942 J
Mob & Mal let go g 43...1991 M
N J June R guar let 4s_ 19S61F
N Y & Harlem g 3 1, e_ _ _20001M
4
"4 V A Northern ler g ee_1923 A
:a
-
June. /3 Due July.
2061
Week's
Range or
Last Sale
Bid
Ask Low
9714 99
99
_ ____ 113
63
Jan. 1
an.
n
1012 IJO rEF8
____ 100
105
8714
Range
'• 4• - I
High No. Low High
Oct '19
- 98 1(1214
Mar'17
jai 10012 103
96
s3
Sept'19 ____
Oct '13
-id-
9714 1C10
__--
-._
J
-871 1(3(11 -521- Sept'19
; ;
2
7938 ____ 86
Aug'19
7314 ____ 75 Nov'19 ---8912 9512 92 Oct '19 ---!
70
85
9914 OA '06 _
70
69 Nov'19
/
1
4
____ 72
81 June'19 ___-1
7214 75
721
7212 14
6714 6913 681
/
4
6314
/95 Jan '11
92 Aug'19
86 ____ 8787
1,
8218 92
9013.11111J 19 --I
80
8112 Oct '19
9934 Nov'19
8133 . 8938 Nov' __ _
975 8
8 99le 9 1
19 44
84
9 12 8812
88
9
2
6
7212 80
8618 92
66
76
72
67
751
/
4
84
7712
77
92
91
87
92
9018 91
8112 8812
9912 108
8738 18042
91
08
/
1
8112 Sept'19 _--- 8112 8112
-551- 93
2
97 Oct '19
-, 97 100
9014 9112 92 Nov'19 .---' 92
9444
101 101 101 Sept'19 ---1 10312 10512
944 100 100 Jan '19
/
1
100 100
78
8914 7912 Jan '19 ---1 7912 7912
9914 10278 5134
5112 5
099
993
1 9912 10114
4
51
57
1/3 Nov'19
72
74
721g
7218
t 7218 79
9558 100
9512 Nov'19
95, 9512
2
10053 __-- 10112 Oct '19, _— - 10112 101 12
____
7114 77
75 Oct '19 _--- 73
8058
88
8714 10 8714 9514
July'19,
855$ 8712
64
8018 Sale 6886474'
6512
3 62
73
___
95_ 92 Sept'19
9v8 m
9414
___ __95
941_2
_
8012
99 104 10158 July'19 ---- 110114 1015
8
105 100 Oct '19 ---- 9614 100
8514 89 j 8514
8514
2 8514 93
62
63
70 Oct '19 ___-' 711
70
77 Marl()
75 Nov'10
---- 9112 June'17
---- 101 July'19 ---- 102 101
91
9713 9712 Apr '19 --_- 9713 9914
-1 74
80
76
36 -S-a e 3
78
3912
9 38
768
49
4278 44 Sept'19 ---- 44
49
40
50
45 Nov'19 ---- 45
45
72
727 7278 Nov'19
8
721 80
/
4
39
Sala 39
4112
8 39
4812
83
8353 831
8318
1 8112 89
/
4
927 -- -- 96% July'19 ---- 9634 9738
8
88 ---- 88 Nov'19 ---- 88
_gci_ 931z__ 95 Dec 92 83
253 Nov:16
9
9112
7
0
61
33
32
40
44
2912 3512
39
0
29
- _
-
55
40
671- 69
2
55
74
39
77
90
86
5514
9714
-
773
8
9212
8614
Sale
9814
858
-81 4
-1-
81
87
89
9718
Sale
71
66 124
1
S
e
61
31%
2014
401
/
4
4214
30
27
N0v 1 9
6 112
.
61
29
Aug'19 ---- 2014
Nov'19 ---- 4014
Nov'19 ---- 41
Nov'19 ---- 29
July'19 _--- 25
68
3
9
30
4812
4612
34
27
- 1
66 2
............
53
Ocr19
40 Nov'19 ---- 40
50
69 Oct '19 ---- 69
7112
5513 Aug'19
5058 58
51
'16 —
Dee
40 Oct '19
-id- -Eci80 Nov'19 ---I
9112
9112
1
86
86
3
218
5518
57
9834 Nov'19 ---53 Oct '18 ---82 Apr '17 ---100 Feb '13 ---68 June'19
81 Nov'19 ---89 May'19
89
89
174 July'14
02
16
7 7
:1 8
67 2 Oct8 7
80%
6
SO
8773
9078 947
8458 92
5518 6312
98 100
---- -4-68
8
8014 82
8
9
89
9712
73
8212
6712 7712
92
92
10114 Oct '19
92
10014 10514
953 ___- 9653 Nov'19
8
96
9812
60
631 6012 Nov'19
8
6012 68
7614 83
844 Nov'19 ---- 83
/
1
91
---82
Apr'19
86% 87
7214 7618 7512 Nov'19
7338 8112
9614 973 9614 Nov'19
4
961 100
/
4
101 10414 11014 A4er'17 ------ 247 50 Mar'19
8
-E6- -Ed-237 247 35 Aug '16 ---8
3
____
6312 68
95
97
9678 Aug'18
21 Feb 3
63
9378
64
9512
523 52% 52
4
525
3
11 -6i- -709712
5 94
6912
3, 50
1
9114 Sale 9114
9312 101 9114 10012
691 74
/
4
6918 Nov'19 6812 7814
75
Sale 75
76
14 74
88
Sale 6712
14 6712
69
71 Oct '19 __-- 6812
80
80
7 78
79 Nov'18
6014 Sale 60
6412 16 60
60
62 62
62
1 59
6214 Sale 6214
2 605
62,
4
8
75 Mael7
673
79
-79i14
8018 9353 62
Aug'19
9534
9538 Nov'16
8818 _-__ 104 May*16
5452
_7218 77
91
7518 _ _
68 ____
_
49
May'19
Feb *15
May'17
Nov'19
68
67
70
82
82
80
80
Nov'18
80
8912
80
9612
73
71
86
n Due Sept. o Due Oot. j Option sale.
9612 9314
2062
BONDS
N. Y. STOCK EXCHANGE
Week ending Nov 23
New York Bond Record—Continued—Page 3
Price
Fridau
Nos 23
Week's
&sage or
Last Sale
g
Range
Since
Jan. 1
High No Low High
Ask Low
Bid
N T Cent & H It RR (Con)—
73
Apr '19
80
N Y Pu let eons gu g 48_1903 A 0 7214 --_- 7814 May'15
Pine Creek reg guar 6s____1932 J D 10314 ____ 113 July'19
9) 9918
9913
93
ext 5s__//1922 A 0 97
It W OC 0 con let
_ 67
7718
73 ____ 77 Oct '19
J
Rutland let con g 4 kie___1941 J
6138
60
567g 60 Aug '19
55
J
Ogee LCham let gu 4e g_19-13 J
67
67
67 Feb '19
J J
-Canada let gu g 49_1949
Rut
-1J -82 4 85 101 Nov'16
St Laser ar Adir let g 5s___1996 J
103 Nov'113
1996 A 0
2d gold (Is
9533 96
9518 ____ 96 Aug '19
J
Utica & Elk thy gu g 4s-1922 J
6914 74
8
693 6912 N w'19
1997 .1 El 63
Lake Shore gold 34s
8
7012 707
7013 Nov'19
71
1997 J D 69
Registered
7 8412 90
87
4
833 8612
1928 NI S 87
Debenture gold 4e
10 8218 89
4
843
8
813 8113
1931 M N 83
25-year gold As
8414 8414
3
1931 M N -81 4 8113 Nov'19
Registered
1938 J J
Ka A & G R 1st gu 58
9318 ____ 10112 D30 '15
---1934 J J
Mahon Cl RR let 5s
103 May'17
Pitts & L Erie 2d g Se,,_a1928 A 0
Pitts McK & Y 1st gu 6s-1932 3 J 10238 ____ 1301s Jan '09
_
1934 J J 101 —__ 12.114 Mar'12
26 guaranteed 68
12
1931 M S 9412 ____ 9) Aug '17
Michigan Central Se
4
1931 Q ci 923 ___ 9312 Novli
Registered
81
82 Nov'19
81
80
.1
1940
4s
87 Feb '14
1940 J J
Registered
J L & S 1st gold 348_1951 M S 7018 ____ 90 June'04
703 7414
8
6714 7414 7414 Aug '19
1952 M N
let gold 350
7413 85
7418 Nov'19
-year debenture 48_1929 A 0 7412 77
20
8
8
7812 84
s
793
I937 A 0 795 Sale 795
N Y Chi & St L let g 48
-- 85 Nov'17
1937 A 0
Registered
7618
71
8
71
723 75 Nov'19
1931 MI N
Debenture 43
6.3 70
8112
71
Sale 71
72
.1 J
23111
West Shore let 49 guar
2 70
71
71
7834
70
71
2361 J J
Registered
971g ____ 9912 Feb '19
9913 9913
N Y C Lines eq tr 58__1919-22 M N
s
983 July'17
9314 192
Equip trust 4 kis__1919-1925 J J
5- - -g634
LI Connect 1st gu 44s A..1953 F A 89 803 8112 Nov'19
NTNH & Hartford—
5 50
50
5112
53
50
1947 M S 50
Non-cony deben 48
2 49
51
49
1947 M S
Non-cony deben 3kie
409 Aug '19
5
52
51
48
50
A 0
Non-cony deben 3.4e_,..1954
5112 567
5212 Nov'19
50
52
8
1955.3 J
Non-cony deben 4e
6 49
5912
50
52
52
50
1958 M N
Non-cony deben 48
1
4914 52
-_- 5012 50 Oct '19
1956.3
Cony debenture 3kis
13 7218 83
75
1948 .1 J -7218 Sale 7218
Cony debenture Se
50 Oct '17
---1930 F A
Cons fly non-cony 4e
____
51 ___ 9113 Jan '12
1954 J J
Non-cony deben 4s
60 July'18
1955,.1 J
Non-cony deben 4s
1955 A 0
Non-cony deben 4s
49 Oci, '19
l9513 J J
Non-cony deben 4s
3
63
67 ____ 68
Harlem fl-Pt Chef) let 48_1954 ci N
B & N Y Air Line 1st 4a 1955 F A 65 ____ 7912 Dec '17
J --_- 5934 59 Oct '09
Cent New Eng let gu 48_1961 J
1930 M S
Hartford St fly let 4s
ii;May'15
Housatonic It cons g 58_1937 M N 80
1954 ci N 65 ____ 87 July'14
Naugatuck RR let 4s
____ 83 Aug '13
1942 A 0 8012
R Y Prov & Boston 4e
29 -id- 54
42
J 40 Salo 40
NYW'claes&B let ser I 448'46 J
Boston Terminal let 43_1039 A 0
80
1945 J J
New England cons 58
J 63 _-__70 sep
1945 J
Consol 4s
38
38
38 -40Providence Secur deb 4s 1957 M N ____ 38
3
____
J 80 ____ 997 Deo '13
Proy & Springfield let 59_1922 J
3
8
Providence Term let 49_1956 M S 673 ____ 883 Feb '14
-J 60 ---1943 J
W & Con East 1st 4 kie
63 Nov'19
6134 70
62
61
N Y 0& W ref let g 4s____p1992 M
9212 June'12
g1992 M S
Registered $5,000 only,,
-661; -E_ 7212 6014 Nov'19
1955 .1 D
General 4e
5 CU) 6912
2
6013
Norfolk Sou let & ref A 5e 1961 F A ____ 6058 601
1 81
89
81
81 Sale I 81
M N
1941
Norf & Sou let gold 50
8
8
1931 M A 10314 10612 1017 Nov'19 -- 1017 10912
Nor!& West gen gold 68
1
_122 Nov 16
Improvement & ext g (3e 1934 F A 10318 ___ 10612 Aug. ---2
'19 ---- i551- 1581;
,.1932 A 0
New River let gold Se,
8612
7812 11 77
7112 7812
N & W fly let cons g 48_1996 A 0 77
81
79 Oct
79
1996 A 0 ---Registered
7812
7812
1 7414 82
79
J
Div'l let lien & gen g 48..1944 J
8412
8414 Feb '19 ---- 84
1932 J D ____ 79
-25
10 -year cony 4s
---- 11714 May'19
1932 M S
10 -year cony 48
-20
100 Aug '19 -- -- i55- 10412
10 -year cony 448-1938 M S ____ 100 10312
-25
105
51 103 11014
10312 Sale
10
-year cony (3e (w 0_1929 8
s
7918 817 815 Nov'19 ---- 8158 86
11
1941 J Pocab C & C joint 4s
'19
o C & T let guar gold 56_1922 J N 9733 ---- 97 Aug75 ---- 97 97
1 74
81
75
7412
Belo V & N E Ist gu g 4s 1989 M
Northern Pacific prior lien rail7714 192 7512 86
7513 Sale 7513
1997 Q
way & land grant g 4s
8
4
773 -- 765 Nov'19 ---- 7612 82
1997 Q
Registered
/
5571 126 5438 6178
8
8
a2047 Q F 543 Sale 543
General lien gold 3e
5712
_ 55 Nov'19 ---- 55
Q F 54
a2047
Registered
4 82
90
83
82
Sale
83
20473
Ref & imp 44s ser A
76
75
70
7918 76 May'19
Paul-Duluth Div g 4a 1996 J
St
101
191____ 10018 10412
F
st P & N P gen gold 69 1923 Q A 10078 10014 101 Oct' ----. 100 10038
100 Nov'19
9913
A
Registered certificates 1923
97 Feb '19 ---- 97
9812
St Paul & Duluth let 5a_1931 F F --__ -- 7613
Oc; '19 ---- 7618 7618
1968 J D 6913 _- -let consol gold 48
60 ____ 3712 Dec '16
1948 Q M
Wash Cent let gold 4e
1:1612 1075
8
J 10612
-- 10513 Nov'19
Nor Pao Term Co let g 68_1933
8
94
4
3 22 69. 797
707
1961 J J 6918 6912, 6 3
Oregon-Wash let & ref 4s
8412 Sept'19 ---- 8412 88
13 ____ 84
1946
Co let a 5s
Pacific Coast
93 10053 Feb '17
Paducah & Ills lets f 449_1955 J
-5E7; -5E38
8
953 Apr '19
Pennsylvania RR let g 411_1923 M N
998 Apr '19
99% 99%
Consol gold 5s
9914 9914
9914 Feb '19
1919 Q M
M S
Registered
871s 88
8314 8713 8718 June'19
1943 M N
Como! gold 4s
2 82
8912
8412
1948 M N 8112 Sale 8414
Consol gold 49
7 91
9614
8
917
9212' 9112
92
1960 F A
Consol 44e
89%
8212 153 81
D 81 Sale 81
1965 J
General 44s
307 893 9714
92
4
1968 J D 9012 Sale 9013
General 5a
8
867 8712
1942 M S 8112 ____ 8712 Aug '19
Alleg Val gen guar g 4e
,
85 4 ---- 8412 Sept'16
D R RR & B'ge 1st gu 4s g 1936 F A
87I 87'2
8712 Jan '19
Fblia Halt & W let g 4s1943 M N 87 ____ 102 Jan
'93
Sodus Bay & Sou let g 58_1924 J
--- _:I---J
Sunbury & Lewis let g 48_1936 J
U N J RR & Can gen 4s 1944 ci S 81- ____ 92 Dec '17
Pennsylvania Co—
5 97
9812
973
4
973
4
J 975g 98
19.21 J
Guar let gold 44e
8
955 98
8
955 Oct '19
9753 98
J
1921 J
Registered
87 Feb '17
Guar 34a coil trust reg A_1937 M S 7312 ____
5
- - 78
78 Jan '19
7312 77
Guar 34e coil trust ser B_1941 F A
7713 7712
7612 7713 Oct '19
75
1942 J
Guar 34s trust ens C
77
77
77
77
7312 77
Guar 34e trust ctfs D,,,,1984.3 D
4
8214 863
8214
-year gold 4s 1931 A 0 8214 8312 8214
-25
Guar 15
5 8078 87
8078
8
807
8
-e0
-year guar 45 etre Ser E_1952 ci N 807
8112 82%
8112 ---- 8112 Oct '19
1942 M N
Cin Leb & Nor gu 4s g
4 8812 8313
8812
8812
CI & Mar lst gu g 4 kis_1935 M N 8813 90
---4
9018 -- 963 May'18
Cl & P gen gu 44e ser A_1942 J .1
____ _-_1942 A 0 9013 _--- 104 Dec '15
Series B
____ _-_9614 Feb '12
Int reduced to 346_1942 A 0 ____
____
90,s Oct '12
1948 M N
Series C 3 kis
8814 Feb '17
1950 F A
Series D 34s
-1-i9 1;
7918 Oct '19
81
J
gne & Pitts gu g 34e B 1940
4
7934 793
7914 May'19
1940.3 J
Series C
87
87
8014 ____ 87 June'19
J
Or R & fez let gu g 448_1941 J
4
8312 853
4
Ohio Connect let gu 4s_ 1943 M S 8553 ____ 853 Nov'19
9758 ____ 93 May'10
Pitts Y & Ash let cons 53_1927 M N
_
4
ml W V & 0 gu 434s A_1931 J .1 8718 9114 913 Apr '17
8718 8718
3
J 8713 897 8718 Nov'19
Series B 44s
1933 J
8818 Sept'17
81
1942M S
Serlee C 49
9118 9412
9118
P C C& St L gu 44e A 1940 A 0 9012 9112 9113
91
923
4
91 Nov'19
Series B guar
1942 A 0 9012 95
_
93 June'17
8834 ____
Series C guar
1942 M N
8
903
90
114, 9012 Oct '19 -Series D 4e guar
1945 M
go
Series E 34s guar trold_1949 13
80 ____ 90 Oct i9-._ go
• No price Friday; latest bld and asked. a Due Jan, C Due Feb. j Due June_ h
BONDS
N. Y. STOCK EXCFIANGE
Week ending Nov. 23
Price
Fridag
Non. 23
[VOL. 109.
iVeek's
Range or
Last Sale
11
Range
Since
Jan,!
High No, Low High
Au: Low
Bid
P. C. C.& St. L (Con.)—
91 Sept'18
Series F guar Is gold___1953 Jo 92
8812 91
3
903 Aug '19
N
1957
Series GI Is guar
91
91 Apr '19 -- 91
_ 91
Series I cons gu 434e.,,,,1963 P A
.
99
C St L& P let eons g 5s 1932 A0 -. 38 10014 101 June'19 --_- 101 102
9) 93 100 June'17
Peoria & Pekin Un let as g 1921 Q F
87 Mar'16
51921 MN
26 gold 44s
90
12 83
81%
8314 Site 8314
Pere Marquette let Ser A 59_1956 _
7214
8 6(3
67
6312
67
65
1956
let Series B is_
55
45
45 Nov'19
50
45
Philippine Ely let 30-yrs f 4s 1937
1910 A0 9718 -- 99 Jets '18
Pitts Sh & L E let g 5s
8- 9714 Dec '17 -951
J
___ 1913 J
let coagol gold 5e
81
81 Sale 8014
1997 J
Reading Co Rea gold 41
8
8131-4
76- -6 2
78 Aug '19 56 -7
J
1937 J
Registered
8018 10 7912 85
80
4
'
1951 40 -fjj 80
Jersey Central coil g 4s
1
J
1951 J
Atlantic City guar Is g
5918 68
62
6018 Nov'19
53
J
St Jos & Grand tel let g 4s 1947 J
St Louis & San Fran (reorg G0)—
61
55 Sale 55
4
563 220 55
J
J
1950
Prior lien Ser A As
79
128 67
68
J 67 Sale 67
1950 J
Prior lien Ser B b's
3
6018 118 5712 713
Cum adjust Ser A 63.-111955 AO 63 Sale 5712
4312 103, 3938 56
40 Salo 40
/11960 Oct
Ineotne Series Ads
J 10158 _-__ 101 Nov'19 ---- 101 106
St Louis & San Fran gen 63_1931 J
8
3 913 9813
94
94
9214 95
J
1931 J
General gold 5s_
78 May'18
J
St L & S F flacons g 45_1996 J
90 May' 7
1917 A0
Southw Div let g 5s
9922 10314
1007
s
• N i55- 101 100%
K C Ft S & M cons g t3s_1928
1 6378 7512
64
04
63
KG Ft S & M Ity ref g 4s_1936 A0 62
8818 9012
9912 Oct '19
53_1929 A0 8778 89
KC&M It&BIstgu
74
11 61
6234
S tle 61
61
St L S W let g 4s bond etta 1989 MN
5714 63
_ 59/8 63 Sept'19
2d g 49 income bond 005_7)1989 J J
6518
57
59
Sale 57
1932 3D 57
Consol gold 4s
61
3
583 6112
Site 59
59
J
1st terminal & unifying 55_1952 J
- 9812 Jan '14
Gray's Pt Ter let go g 58_1947 J o
6114
68
59
Sale 59
1943 J J 59
S 44 A Pass let gu g 4s
6214 10 6214 72
1950 AG _63 6214
Seaboard Air Line g 48
74
63
1950 40 ars 61% 63 Nov'19 36 43
Gold 48 stamped
314
4418
01949 FA 43 Sale 43
Adjustment 5s
60
5 43
45
43
1959 A0 ____ 45
Refunding 4s
80
71
71 Oct '19
__ 69
M
Atl BIrm 30-yr let g 49_81933
76
76
'7.61 4
76 Apr '19
1949• J
Caro Cent let con g 4s
4
10014 1003
i5i 100,4 Apr '19
J
Fla Cent & Pen let ext 69_1923 J
104 101 Dec '15
let land grant ext g 58_1930 J J
8712 9212
Oct '19
8
1943 J J ____ 897 8712 July'19
Consol gold 58
9114 93
---- 03
J
Ga & Ala Fly let con 59_01945 J
94
94
9112 Apr '19
88
(3a Car & No let gag 5s 1929
9514 9614
9518 9512 9514 May'19
Seaboard & Roan let 58_1926 j
Southern Pacific Co—
8
797
16 63
4
Gold 45 (Cent Pac coll)__k1949 J o 683 Sale 6834 FebFeb70 8
14
1021
1
'
97
oe- 9
2
k1949 J o -9,78;1_ sti:tli_
Registered
36 78 -gira
,881
01929 MS
20
-year cony 4e
657 9912 115
99!.
1934 3D
20
-year cony 5s
7413 ,
; 1
;1
!e_ 72% sep82 4 76. 7214 83
.
7 1,6
t5
Cent Pac let ref gu g 4e.._1949 P A
1949 FA
Registered
24 81 -17E4
Mort guar gold 3kie_k1929 J o 821 Solo
5 7012 80
7012
7012
Through St L let gu 48_1954 40 6914 70
---Oct '18
,
,
93 101 100
N
GH&SAM&P 1st 581931
__
J
J
1931
2d exten 58 guar
a
M Nn 8
9634 j av "18
9212 102
(31Ia V 0&N 18t gu g 59_1921 MN
924 -515;
8512 -- 9253 July'19
N
1933
Hous E & W T lat g 5e
8514 ____ 100 Oct '16
N
1933
let guar 5s red
-517- 984
94 Oct '19
J 9134 9418
H & T C lat g 59 int gu__ _1937 J
9118
5 9118 915
' 3
Gen gold 4s int guar.__ _1921 AG 9114 9314 9112
91
94
94 Mar'19
90
N
Waco & N W div let g 65'30
93 Nov'18
4
J 873 95
1941 J
A & N W 1st gu g 56
------9912 ---- 10014 Oct '17 J
1921 J
Louisiana %Vest let 6s
8 995
9331 9914 9953 Aug '19 ---. -1165- - 8
J
Morgan's La & T 1st fls 1920 J
95t8 9512
9512 Nov'19 _1938 A0 We 97
No of Cal guar a 58
1 925 901.3
8
8
933
• J 9338 Sale 9338
1927
Ore & Cal let guar g 5s
8
9758 JulY.19 -- 9758 975
9134
So Pac of Cal—Go g 5e_ 1937 MN
9213 03
3
927
9012 ---- 9212 June'19
J
So Pac Coast 1st gu 48 g I937 J
4
7214 ---1 72
803
AO 7214 Sale 7214
1950
San Fran Terml let 4s
85
83 ---- 85 July'19 -- 85
J
Tex & N 0 con gold 511_1943 J
7434 Sale 7414
7712 51 75 4 83,
3
,
1955 J J
So Pac flit let ref 4e
86.4 43 8514 465e
8514 Sale 8514
J
Southern—let cons g 58_1994 J
92
8514 8514
8514 Sept'19
J
1994 J
Registered •
-2
63 - 127 61
69
Develop .1, gen 4sSer A__ _1956 AO 61 Sale 61
6834
61
1938 MS
Mob & Ohio coil tr g 48
9018 9114
:
6
9113 J uly 19
58
8814 83
69
0 N v 19
1996 J J
Mem Div 1st g 4 kie-5e
76
70 Nov'19 •--- 693 7413
8
J
g 4s
1951 J
St Louts dly 1st
8
927 93
9'2% July'19
91
Ala(It Sou 1st cons A 5e 1943 3D 80
8
_ 8212 847 Nov'19
847 8818
J
AU & Chart AL let A 4 As 1944 J
9718
1 87
87
87
88
87
J
J
-year 58 Ser B__1944
let 30
74
8
717 70 Oct '19
70
J 66
1948 J
Atl & Deny let g 4s
8112 Marl°
_
J
1948 J
20 49
(38
63 Oct .19 -- 68
All & Yad let g guar 4s 1949 A0 84
915a 96 95 Sept'19 -- 95 97
ET Va & Oa Div g Se. 193O J J
10 898 07
91
M M 8914 92
1956
Cons let gold 59
9514
91
92
92 July'19,
94
80
1938 M
E Tenn reorg lien g 5s
52
52 Jan '19 ---- 52
1946 AO 4918 51
()a Midland let Os
1922 J J 100 101 10012 Aug'19 -- 10012 101
Ga Pac RI let g (39
4
J 973 ---- 100 Oct '18 ---1925 J
Knoxv & Ohio let g (le
-J 8513 97
9112 Oct '13 -Mob & Sir prior lien g 59-1945 J
65
66
65 Aug '19 -- 65
J 60
Mortgage gold 4e
1945 J
4
9238
0253
3 9253 953
Rich & Dan deb 5s etropd _1927 AO 9258 102
71
(39
61 ---- 69 June'19
Rich & Meek let a 5s_ __ _1948 M
99 100
--.... 9912 Apr '19
N
1919
So Car & Ga lst g 5s
Virginia Mid Ser D 4-5a 1921 MS 9512 _-_- 10212 June'll
-51- -9638
91 Nov'19
1926 MS 9112 100
Serin3E 5s
el y 5
9901,1: -93-_ 10412 liue 419
98
1926 M
Series F 59
97
96
N
1936
General 5e
8218 92
8153 Sept'18
Va & So'w'n let gu 58_2003 1
67'2 71
-year 58_1958 AO 67 ---- 6712 Oct '19
cons 50
let
937 Mar'17
8518 95
8
W 0& W 1st cy gu 4s
1924 FA
7512 7512
_
'1919
Spokane Internet let g 513_1955 J
9112
75
6
7
88112 8 13 A9r
' 6 No
7
5 Nov
Term Assn of St List g 449.1939 A0 85
9812
93
8712 90
93 Oct '19
let eons gold 58
1894-1944 FA
77
69
711s 72 Nov'19
1953 J J 69
Gen refund s f g 48
92
92
St L M Bridge Ter gu g 581_1930 40 ____ 9412 92 June'19 ---93
813
4 11 84
2000 3D 84 Sale 81
Texas & Pao let gold 5a
5212 ---- 41 Sept'18
2nd gold income Sc
c''000 Mar
86 May'18 -1931 33 6014
La Div B L lst g Egt
10612 Nov'()4
W Min W & N W let gu 591930 P A
89'3 92 Apr '19 -.- -92- -5i82
J
Tol & Ohio Cent 1st gu 58_1935 J
87
8434 Nov'19 -- 83
1935 A0 8012 87
Western Div let g Sc
73
70 Oct '19 -- 70
81
1935• D 70
General gold Se
73 Oct '10 -- 7012 7612
4
1990 AO 613 73
Kan & M let gu g 49
92
871. 9613 92 Sept'19
88
1927 J J
2(1 20-year Sc
3a
36 Feb '19 -- 38
J --__ 50
1917 J
To!P & W 1st gold 4s
7518 01
7513 Nov.19 -- 7518 7613
J
Tot St L & W pr lien g 345_1925 J
56
4713 Nov'19 --- 45
1950 * 0 44618 49
gold 4e_
-year
50
---1853 Mar'16 ---1917 FA --__ 35
Coll trust 48 g Set A
18 Aug '18
____ 19
--Trust co ctts of deposit....,,
7114 80 Am''17
Tor Ham A Buff 1st g 4s__/11946 JO 65
77(3 8513 50 8 seDv 17
8
8053 -gg5):
885 N, t 9
Ulster & Del 1st cons g 59_1924
105 A0
g 43
let refunding
8478 65 8224 -Ws
8312 Sale 8312
J
1947 J
Union Pacific let g 4s
8178 8553001 '18 -1947• J
Registered
8112
8412 85
20 82
8912
86
J
1927 J
20-year cony 4s
8312
78 75
78
75 Sale 75
p2004 M
let & refunding 49
1025
8 59 102 106
J 102 10212 102
-year perm secured is_1928 J
10
7714
13 7618 8(3
7714
Ore RR & Nay con g 48_1946 3D 7712 78
8
10014
9931 100 100
6 957 10112
Ore Short Line let g 6s__1922 FA
3 93
932
98%
9312 Sale 93
J
1916 J
let consol g 50
8212 26 7818 88
1929 JD 7813 Sale 7818
Guar refund 43
931g Oct '19
9212 96
8
9
J
93
1926 J
Utah & Nor gold 5s
89 Feb '18
86
J 82
1933 J
let extended 4s
30:
,,,_ 8012 Apr '19
391
7838...
1955 P A
Vendetta cons g 40 Fier A
4
813 8018 Jone'18
1957 MN
C011.9018 49 Series B
35
_ 35 Mtv'19
:is
J
P 141 no 44e 1934 J
Vera 1. I
Due July
4 Die 4113. 0 Doe Oct. p Due Nov.
Due Dec. s Option &Ile.
New York Bond Record—Concluded—Page 4
BONDS
N Y STOCK EXCHANGE
Week ending Nov. 28
Price
Friday
Nov. 28
Week's
Range or
Last Sale
Range
Since
Jan. 1
cz2
Bid
Ask Low
High No. Law High
Virginian 1st 53 series A__ __1962
• N 83% Sale 837
8112 26 83% 9412
Wabash 1st gold 55
1939
8934 897 893
s
4
/ 93
1
4
9012 29 87
•N
1939
2d gold 5s
8038 797
15 79
797
89
A 78
Debenture series B
1939
90 Aug'18
7 ____ 9712 July'19
1921
1st lien equips fd g 5s
9712 0
-712
97
1st lien 50-yr g term 4s_ 1954
6518 707s 703
4
4 70 4 703
703
4
3
4
1941
Det & Ch Ext 1st g 5s
4
883
_ _ 8814 Feb'19 ____ 8814 8814
Des Moines Div let g 4s-1939
_ - - - 7518 80 Aug'12
1941 A 0
Om Div 1st g 330
- - 65
67
Feb'19 --' 67
67
Tol & Ch Div g 45
1941
- 7412 Oct'19
_ 72
7412
Wash Terml 1st gu 330
1945
/
1
721 July'19 ____I 7238 7512
/
4
A 744 75
1st 40-yr guar 4s
1945
82 Aug'18
A
West Maryland 1st g 4s__1952 A 0 537 Sale 537
s
51
9 -EFL -63
,
.
West N Y & Pa 1st g 5s
1937
91
93 Nov'19
92 100
Gen gold 4s
1943 A
62
651 70 Dec'18
/
4
_
Income 5s
p1943 Nov
- 36
Oct'17
_ -- Western Pac 1st ser A 5s _ _1946 MS 8112 Sale 8112
10 8112 8612
817
Wheeling & L E 1st g 5s__ _1926 40 915 94
8
96 July'19
96
96
Wheel Div 1st gold 5s____1924 J
Feb'17 _-_J ___.. 95 100
Exten & Impt gold 5s____1930 FA _
905 Mar'17 _-_8
_
Refunding 430 series A__1966 MS 5014 53
58 Sept'19 _-5612 64
RR 1st consol 4s
55
1949 MS 43
59
,59
59
6512
Winston-Salem S B 1st 4s 1960 J
675 Nov'19
8
6758 76
J 6712 69
Wis Cent 50-yr 1st gen 4s_ 1949 J
4
30
J 67, 6712 6712
Ws 11 64
Sup & Dul div & term 1st 4s'36 MN
7112 7218 Nov'19
71
7218 77
Street Railway
Brooklyn Rapid Tran g 5s__1945 A0
1st refund cony gold 4s__ _2002
3-yr 7% secured notes__h1921
Certificates of deposit
Certificates of deposit stmp'd
Bk City 1st cons 53__1916-1911 ii
Ilk Q Co &S con gu g 5.3_1941 MN
Bklyn Q Co & S 1st 5s_ ___1941 J J
Bklyn Un El 1st g 4-5s___1950 FA
Stamped guar 4-53
1956 FA
Kings County E 1st g 4s 1949 FA
Stamped guar 4s
1949 FA
Nassau Elec guar gold 43_1951 .1 J
Chicago Rys 1st 55
1927 FA
Conn fly & L 1st & ref g 4301951 J J
Stamped guar 438s
1951 J
J
Da United 1st cons g 430_1932 J
J
Ft Smith Lt & Tr let g 5s_ _ _1936 MS
Hud & Manhat 5s ser A__ 1957 FA
Adjust income 5s
1957
N Y & Jersey 1st 55
19:32 F A
Interboro-Metrop coil 430_1956 AO
Certificates of Deposit
Interboro Itap Tran 1st 5s_ _1966 J
J
Manhat fly (N Y cons g 43_1990 40
Stamped tax-exempt
1990 AO
Manila Elec Ry & Lt s f 5s_1953 MS
Metropolitan Street Ry—
Bway & 7th Ay 1st c g 53_1943 J O
Col & 9th Ay 1st gu g 5s 1993 MS
Lex Av & P F 1st gu g 5s-1993 MS
Met WS El (Chic 1st g 4s 1938 F A
Mllw Elec fly & Lt cons g 5s 1926 FA
Refunding & exten 430 1931 J
J
Montreal Tram let & ref 5s_1941 J
J
New On fly & Lt gen 430_ _1935 J
J
N Y Municip Ry 1st s f 58 A..1966 J
J
NY Rys 1st It E& ref 4s
1942 J J
Certificates of deposit
30-year adj Inc 5s
a1942 AO
Certificates of deposit
NY State Rys 1st cons 4;0_1962
Portland fly 1st & ref 5s__1930
Portid fly Lt & P 1st ref 58_1942
A
Portland Gen Bloc 1st 5s_1935
St Jos fly L H & P 1st g 5s1937
St Paul City Cab cons g 5s_ _1937
Third Ave 1st ref 4s
1960
Ad)Income 5s
a1960
Third Ave fly 1st g 53
1937
Tr -City fly & Lt 1st s f 5s 1923
Undergr of London 430
1933
Income 6s
1948
United Rys Inv 55 Pitts iss 1926
United Rys St L 1st g 4s_
1934
St Louis Transit gu 53_ _ 1924
0
United RRs San Fr s f 4s_._1927
Union Tr(N Y ctfs dep
Equit Tr(N Y inter ctfs _____
Va fly & Pow 1st & ref 5s
1934
Gas and Electric Light
Atlanta G L Co 1st g 53_ ___1947 J
Bklyn Un Gas 1st cons g 5s_1945 M
Clncin Gas & Elec lst&ref 5s 1956 A
Columbia G & E 1st 5s
1927 J
Columbus Gas 1st gold 5s 1932 J
Consol Gas cony deb 6s
1920
Cons Gas EL&P of Bait 5-yr 59'21 M
Detroit City Gas gold 53
1923 J
Detroit Edison 1st coil tr 5s_1933 .1
1st & ref 53 ser A
h1940 M
Eq GLNY 1st cons g 5s_ _ _1932 M
Gas & Elec Berg Co c g 5s__1949 J
Havana Eiec consol g 5s____1952 F A
Hudson Co Gas 1st g 53__ _1949 M
Kan City(Mo •Gas 1st g 5s_1922 A
Kings Co El L & P g 53
1937A
Purchase money 63
1997 A
Convertible deb 68
1925 M
El III Mtn 1st con g 48_1939 J
Ed
Lac Gas L of St L Ref & ext 5s'34 A
Milwaukee Gas L 1st 4s__ _1927 M
Newark Con Gas g 55
1948 J
NYGELII&Pg 5s
1948J
Purchase money g 4s
1949 F A
Ed Elec Ill 1st cons g 5s 1995 J
NY&Q El L&P 1st con g 53_1930 F A
Pacific 0 dr El Co—Cal G & E—
Corp unifying & ref 5s_ 1937 M
Pacific G & E gen & ref 5s 1942 J
Pac Pow & Lt 1st & ref 20-yr
58 International Series
1930 F A
Pat & Passaic G & El 53__ 1949 M
Poop GM & C 1st cons g 6s_1943 A
Refunding gold 5s
1947 M
Ch G-L & Coke let gu g 5s 1937 J
Con G Co of Ch 1st gu g 5s 1036 J
Ind Nat Ga.s & 01130-yr 531936 M
Mu Fuel Gas 1st gu g 5s_ _1947 M
Philadelphia Co cony g 53_1922 M
Stand Gas & El cony s f 6s 1926 J
Syracuse Lighting 1st g 5s_ _1951 J
Syracuse Light & Power 5s 1954 J
Trenton G & El 1st g 5s
1949 M
Union Elec Lt & P 1st g 5s 1932 M
Refunding & extension 5s_1933 M
United Fuel Gas 1st s f 6s 1936 J
Utah Power & Lt 1st 53_
1944 F A
Utica Elec L & P 1st g 5sI950 J
Utica Gas & Elec ref 53
1957 J
Westchester Ltd gold 5s_ _ _ _1950 J
'No Price Friday;latest bid and asked
,
3014
261
/
4
40
3912
38
35
28
Sale
Sale
Sale
77
- - - - 70
6412 Sale
6412 65
- --_ 60
- - - - 58
25
34
- - - - 673
8
-- - -- - - 7712
68
Sale
_
_ 7018
5312 Sale
12
Sale
70
90
1418 Sale
143 Sale
8
4378 Sale
55
Sale
55% Sale
45
- -- --- -- -96
--- 78
533
4
____
31
29,
5
615
612
55
74%
55
_ _ ---- 4712
2714
---91%
70
65
- -- 5114
- - --- 2518
7318
1
32
331
32
30 Nov'19 _28
40
ii5 4J
49
3912
195 3912
46
34
4012 23 34
70
Oct'19
70
80 May'18
101 May'13
- 51 6411
6412
65
7014 N)y'19
7014
60 Sept'19 --_- 57
62
Jan'19
62
50 June'19 --_- 50
65
2 65
65
7012 Sept'19 ----' 7012
77 July'19 ----• 77
68
6912 34 63
86
Jan'14
5313
53 52
51
113
4
1214 211 1134
90 May'19
1314
197 8 15i5 V14
13
634 13
19
433
4
5912 2763 4334
53
32 55
57
55%
575
5 17 5514
75
Oct'19
75
76
53
86
79
7812
70
- 7914
7912
68
62
55
81
88
77
8112
60
1914
931
44
4114
7515
7214
7412
77
49% 4914 Nov'19
49
72
497 53 Sept'19
58
63
487 5712 Sept'19
s
5712 74
- - 54 Dec'19
_
_ 96 Nov'19
96
96
8112 8112 Dec'18
79
78
73
78
79
31 61 61
61 July'19
68
52
57 July'19
55
63
17, 3012 49
Sale 3012
3114
2 23
Sale 291
.
2912
/ 45
1
4
714
Sale 612
73 612 1612
Sale 612
15 612 1612
7
55% 56 Nov'19 - - -' 52
62
__
755 Oct'19
8
7514 7514
66
61 Nov'19
61
655
8
94
9015 Feb'17
78
95 July'17
817 10212 Mar'12
8
Sale 47
433
4 19 47
593
4
Sale 2714
2918 78 25
4212
8812 86 Nov'19
9312
86
92
9312 92 Nov'19
97
961s 73 May'19
73
73
_
_ 65 Nov'19
65
78
75
7512 Nov'19
70
78
53% 5114
2 4312 55
5114
50 June'17
55
33
26 Nov'19
-22- -267;
26
10 22
26
26
361.
263 26
8
2 22
26
3634
76
7314
1 73
79
7314
9514 _
_
103 Sept'15 --_85
Oct'19 ____
93 July'19
85
85
87 June'19
9914
9934 -157
9814 Sept'19
9614 Nov'19
95
3
95
89 Nov'19
94
Feb'18 _-_100
Feb'13 _-_84
89
84 Nov'19 __ -91 Sept'19 _-_9212
_ 9212 May'19 _-_83
85 Nov'19 _-_9612 99
9912 Nov'19
- - - - 101
98
Apr'19 _-__
-7912 754 Nov'19
/
1
83
89
84
84
8714 8712 87 s
1
3
873
s
- - - - 87 10412 Apr'17
80
811 1 8312
25
81
- - - - 65% 66 Nov'19
- - - - - _ - 9212 Nov'19
81
89
9612 Aug'17
- 83
-99
-- -9614
05
- ----
9312
8613
85
9912
93
97
__ _ _
89
91
893 Sale 893
4
4
331s 8314 83
901
8314
85
95
43
93
82
9212
87
87
991s 1053
4
9615 99
9618 963
4
94
9612
8812 94
-_
84
87
90
91
9213 9212
85
94
95 105
90
98
7512 84
84
97
87
89
- -- - _ -8312 94
7414
66
9213 105
26 89
10 $3
9618
88
BONDS
N Y STOCK EXCHANGE
Week ending Nov. 23
I P.. \
t
I
.
:42
2063
Price
Friday
Nov. 23
,
Ask Low
.8tcl
Miscellaneous
Adams Ex coll tr g 45
1948 M S
Alaska Gold M deb 6s A
1925 M
Cony deb 6s series B
1926 M
Am SS of W Va 1st 5s
1920 M N
Armour & Co 1st real est 4 s '39 J D
Booth Fisheries deb s 1 6s
1926 A 0
Braden Cop M coil tr s f 6s 1931 F A
Bush Terminal 1st 4s
1952 A 0
Consol 5s
J
1955 J
Buildings 5s guar tax ex 1950 A 0
Chic C & Conn Rys s f 5s_ _1927A
0
Chic Un Stat'n 1st gu 430 A 1963 J
J
Chile Copper 10-yr cony 78_1923M N
Recta (part paid cony Os ser A AO
Coll tr & cony 6s ser A
1932 40
Computing-Tab-Rec s f 6s 1911 J .1
Granby Cons MS&P con Gs A '28 MN
Stamped
1923 M N
Great Falls Pow 1st s f 5s
1940 M N
lot Mercan Marine s f 6s_ _1941 A0
Montana Power 1st 53 A
J
1913 J
Morris & Co 1st s f 430
J
1939 J
Mtge Bonds(N Y 4s ser 2 1966 AO
10-20-year 55 series 3
J
1932 J
NY Doc.. 50-yr 1st g 4s
1951 FA
Niagara Falls Power 1st 5s 1932 J
J
Ref & gen 6s
a1932 AO
Niag Loc_ & 0 Pow 1st 5s_1951 SI N
Nor States Power 25-yr 53 A 1941 40
Ontario Power N F 1st 5s_1943 F A
Ontario Transmission 5s__1915
N
Pan-AmPet&Trlst cony 63'19-27 J
J
Pub Serv Corp N J gen 5s__1959 A0
Tennessee Cop 1st cony 6s__1925 MN
Wash Water Power 1st 5s__1939 J
J
Wilson & Co 1st 25-Yr s f 6s-1941 AO
10-yr cony s I 6s
1928 J D
Manufacturing & Industrial
Am Agric Chem 1st c 5s_ _...1928 A
Cony deben .5s
1924
Am Cot 011 debenture 5s_ 1931
Am Hide & L 1st s f g /
(
1
4
1919
Am Sm & 11 1st 30-yr 5s ser A '47 A
Am Tobacco 40-year g 6s_ 1914 A
Gold 4s
1951
Am Writ Paper s f 7-6s___ _1939
1st s f 5s ctfs of deposit
Baldw Loco Wor_s 1st 5s__1940
Cent Foundry 1st s f 6s____1931
Cent Leather 20-year g 5s__1925 A
Consol Tobacco g 4s
1951
Corn Prod Refg s f g 5s
1931
1st 25-year s 1 5s
1931
Distill Sec Con cony 1st g 5s_1927 A
E I du Pout Powder 430_
193(1
General Baking 1st 25-yr 6s_1930
Gen Electric deb g 330
1942
Debenture 5s
1952
Ingersoll-Rand 1st 5s
1935
Int Agric Corp 1st 20-yr 5s 1932
Int Paper cony s f g 5s
1935
1st & ref s f cony ser A_1947
Liggett & Myers Tobac 7s 1944 -A
5s
1951
Lorillard Co (P 7s
1914 A
5s
1951
Nat Enarn & Stampg 1st 5s_1929
Nat Starch 20
-year deb 5s 1930
National Tube 1st 5s
1942
N Y Air Brae 1st cony 6s_1933
Pierce Oil 5-year cony 6s....q1920
10-year cony deb Os____h1924
Sinclair Oil & Refining
1st s f 7s 1920 warrants attach
do without warrants attach
Standard Milling 1st 5s_
1930 SI
The Texas Co cony deb 6s1931
Union Bag & Paper 1st 53_1930
Stamped
1930
Union Oil Co of Cal 1st 5s_ _1931
US Realty & I cony deb g 5s 1921
U S Rubber 5-year sec 7s
1922
1st & ref 5s series A
1947
U S Smelt Ref .3r M cony 6s.1926
Va-Caro Chem 1st 15-yr 53_1923
Cony deb Os
e1924
West Electric 1st 5s Dec_ __1922
Coal, Iron & Steel
Beth Steel 1st ext s f 5s__.1926
1st & ref 53 guar A
1942
20-yr p m & imp s f 5s_1936
Buff & Susq Iron s f 5s
1932
Debenture 53
a1926
Cahaba C M Co 1st gu 63_1922
Colo & I Co gen s f 5s1943
Col Indus 1st & coil 5s gu_ _1934
Cons Coal of Md lst&ref 53_1950
Elk Horn Coal cony 6s
1925
Illinois Steel deb 430
1940
Indiana Steel 1st 5s
1952
Jeff & Clear C & I 2d 5s_ _ 1926
Lackawanna Steel 1st g 5s 1923
1st cons 5s series A
1950
Midvale Steel &0 cony s f 5s1936
Pleasant Val Coal 1st s f 58_1928
Pocah Con Collier 1st s f 53_1957
Repub I & S 10-30-yr 5s s 1_1940
St L Roc.. Mt & P 53 stmpd_1955
Tenn Coal I & RR gen 5s_ _1951
U S Steel Corp—fcoup _ _ _d1963
s f 10-60
-year 5slreg _ _ _ _d1963
Utah Fuel 1st s f 5s
1931
Victor Fuel 1st s f 5s
1953
Va Iron Coal & Co _e 1st g .5s 1949
0
A
0
A
A
A
0
A
45
A
0
A
ill
ot
%
Week's
Range or
Last Site
High
5334 Sale' 5534
57 I
1712 20
20 Nov'19
1712
1712 20
17
/
1
4
Range
Since
Jan. 1
No. Low
High
26 55
62
20
35
6 1712 35
Sale; 823
4
833
4' 51,8212 884
9518' 90
Feb'18
Sale 91
91 I
8 924 97
/
1
177
80
79
83
79 1
77
7814 Nov'19
_'78
855s
7978. 80 Nov'19 ____1 791s 83
_I 53 Mar'18
__Sale, 80
89
3212 103 80
Sale 104
70 104 128
10614
4
893 Oct'19 ____1 8212 95
7612 Sale 76
827 291 76
4
943
83
$3
88
1 823 89
4
88 I
9618 102
96
96 Nov'19
9812
96
Sale 96
95
96 I
98
94
9414 9414
1 9314 96
9414
94
95 I 106 94 1053
Sale 94
4
32 87
87
Sale 87
847
8
95%
8315 Nov'19 ____ 83
8812
- - - - 78
Apr'14
83
94 June'16
____ 63
_ 6712 72
4
673 Act'19
93
- 1 9314 97
961 9314
/
4
9314
10012 10112 10112 Oct'19
10012 1017
s
8414 Nov'19
93
9112 94
8 14 9
84 2 8
8
0
4 84
90
8414
87
Sale 8412
7 841z 911
87 I
/
4
8212
79
8) 79 Nov'19
79
170 ____ 15512 May'19
__ 11214 15512
59
Sale 5338
60 I 50 533 80
8
9112 Sale 91
9412'
2 91
95
- - - - 90
907 July'19 ____ 90
95
3
93
Sale 93
8
93 14' 25 965 10138
9614
95
Sale 95
30 95 10414
4
823
__
94
79
75
77
4012
8)
104
93
93
82
4
19 963 101
9812 953
4
98
9914
109
1 98 11212
9914
3 87
87%
89
8912
877
8
__ 993 1001z
4
- 100 Aug'19
8614 36 8 863
,
s
864 --85 8418 93
/
1
119 _
11912 Aug'19
__ 119 11912
75
_ 87 Sept'19 ____ 7212 80
8512 Sale 8412
011 2
841/4 19901:4
851
/
4
'
9018 July'19
286
:::: 1654 10034 Oct'19
100
847 86
8
85 Nov'19
78
9738 9758 97
98 I 15 9512 9812
_1_ _
75
8012 7312 Dec'18
10012 101 10012
10012
3 991 102'
10012 Sale 10012
10.11
2 9912 100'12
2, 85 2 9218
/
4
854 83% 39
/
1
89 I
91 100
9334 Sept'19
12 94
89
_ 8312 July'19
8312
70
701.
71
7012
70
77
9.37 Silo 9378
8
9535
15' 937 101
-- _ 96 Nov'18,
821s 83
8212
8312
19' 761 85'A
9314
_ 98 Sept'19
98
98
- _ _ - 92
87 Aug'19 7-1
11014 Silo 110
11012
109 13378
87
Sale 87
87 I
3 87
95
110 11012 10912 Nov'19
87
Sale 87
88 I
287 1 N12
963 9712 97
4
97 I
10, 95
98
9312 _ _ _ _ 94
Aug'18
93
9412 911z
9412
-5 "Oi 4 -661. 32
9918 Nov'19
9412 99
103
10012 Sale 10018
10012'
1001 2 145
10414 1045 1033 Nov'19
4
8
1052014
1 1212
N
-24
-- al 8:53
°, 1:
A
A
A
12312
--- _
997
92
9212 92
10312 Sale 10312
_ 87
8612
8712
9412 9012 95
77
Sale 77
103
Sale 103
8312 Sale 83
10514 103 10612
9434 Sale 9434
100 101 10118
97
Sale 97
968
873
4
8514
8712
9214
A
A
-7518
- 83
9312
96
9412
95
8414
7614
8112
9314
73
8914
98
98
Sale
8
857
__ __I
9713
8734
8614
9312
917
8
101
8738 8734
77
75
847 835
8
8
_ 93
8412 83
Sale 9315
947
8
Sale
Sale
__
84%
Sale
77
9112
Sale
Aug'19
July'19
92 I
7 91
95
10312
13 1004 1044
/
1
/
1
1, 8112 8914
8612'
Dec'18
__ I 937 9512
8
Oct'19
77 8
5
57 60
7812
103 1
8 1023 1047
4
8
8512 202 83
893
4
10758
67 873 10758
4
95
17 9434 9812
Nov'19: ____ 9612 9914
97141
9 9612 9914
93
83
86%
July'19
Nov'19
Dec'14
Nov'19
Nov'19
Nov'19
Feb'19
84
93%
11 9512 98
7 87
92
11 80
8912
9312 901
/
4
90
917
8
- -- - -4
873 92
7312 81
8212 90
__ 95
9814
6 8215 8612
4 9312 9812
951s Nov'19
45
94%
955s
78
8114
8512
- 8412 __________
1
9314
914
/
1
73 Nov'19
90
93
1
227
93
99
98 Nov'19
- - - 863 863 Nov'19, _ _
4
4
50 _ _ _ 70 Mar'19 ____
81
815 83 Nov'19 ____
s
95
98
86 1011
/
4
8414 91
9212 9614
70
8034
93
87
98 10112
98 10012
863 S6 4
4
,
70
70
83
87513
Telegraph & Telephone
Am Telep & Tel coil tr 4s
1929
813 Sale 8018
s
86
23 79
8138
Convertible 4s
1936
____ 7438 80 May'19 ____ 77
80
-97 101
20-yr convertible 430_ _ _ _1933
83 Sale 83
91
13 83
83 I
1 643 7712
8
30-yr temp coll tr 513
1946
81
Sale 81
94
54 81
8212
78% 83
-year convertible 65
7
A
1925
99
Sale 99
s
99‘s 103 99 1043
Cent Dist Tel 1st 30-yr 5s_ _1943
9614 93
9614 Oct'19 _-__ 96
:
931
Commercial Cable 1st g 4s 2397
73 Nov'17,
Registered
75
75
2397
61318 Jan'18
Cumb T & T 1st & gen 5s_ 1937
8712 91
87
90
867 Nov'19
8
893 9612 Keystone Telephone 1st 5s 1935
4
88
Apr'16
98
Mich State Teleph 1st 5s
- - -- - --1921
A 86
8118 Sept'19
90
8115 9218
7412 7112 NY&NJ Telephone 5s g1920
9812 9S12
9818 _ _ _ _ 9812 Apr'19
N Y Telco 1st & gen s 143.0_1939
S178 Sale 81%
24 817 9112
84
8
8814 92
30-yr deben s f 6s_ __Feb 1949
97
Sale 97
47 97 10112
93
Pacific Tel & Tel 1st 5s
82
82
1937
871 Sale 87
/
4
953
26 87
88
s
94
South Bell Tel cic T 1st 81 53_1941 J J 85
98
8614 85
9312
8518
5 85
West Union coil tr cur 5s_ 1938 J
84
90
J 8512 Sale 8615
1 8575 94
861!
Fund & real est g 430_ 1950 MN 83
is 8214 92
Sue 83
8314
Slut Un Tel gu ext 5s_ _1941 MN - - - 87
90
- - - 10112 Sept'17
- - -- -- 85 •
Northwest Tel gu 430 g_ _1934 J
J
94 Nov'16
- - - - - -- a Due Jan. b Due April. e Due May. g Due Juno. h Due July. k Due Aug.
o Due Oct. p Due Nov. g Due Dec. s Option &1e.
-83
82
Apr'19
- 100 July'17
89
56
97
Aug'19
643 Sale 643
8
8
613
s
80
85
81 Nov'19
- - - - - - - - 100
Apr'17
-- - 89 Mar'17
- - - - so
75 May'19
88
8914 89 Nov'19
88
92
9234 Sept'19
8412 - - - - 9712 May'17
73
7412 Sept'19
- - - - 933 Oct'17
8
883 8314 Oct'19
4
- - - - 82 July'19
96
973 Nov'19
4
8314 83% 84 Noy'15
9514 - - - 101 June'17
87
87
87
____
33
Oct'19
82
98
p
BOSTON STOCK EXCHANGE-Stock Record see BrtrSage [VOL. 109.
2064
-NOT PER CENTUM PRICES.
SHARE PRICES
Saturday
Nov. 22
Monday
Nov. 24
Tuesday
Nov. 25
Thursday
Wednesday
Nov. 26 I Nov. 27
Friday
Nov. 28
Salesfor
the
Week.
Shares.
125 125 .
12412 12412 124 125
125
8
7
4
6513 653 THANKS- -;-. ..65-67
65
6512 66
66
90
*87
90 1 GIVING
*87
89
89
90
8812 *88
79
80
79
DAY
*79
79
79
80
*78
80
34
36
35
3512
3714 3612 37
3614 36
42
42
48
*40
45
*41
48
48
Last Sale 145 Nov 19,
.
145 *140 145 *140 145
*140
____
Last Sale .35 Nov'19'
3.50
*.50 ____ '
+.50
3
;. 5
- -312
312
4
4 33
33
4
312 33
4
4 33
33
-73 14 -1218 *214 5
218
*214 5
19
Last Sale 132 Oct'19
____
__-- *132
.'132
*132 ---- *132
Last Sale 85 Nov'19
*____ 85
____ ____
85
*____
Last Site 67 Nov'19
,..100 103
455- icii102 113- '100 103 *ioo- foi- ,
1 50
8
507
5012 51
51
51
503 503
4
4 50
50
'
Llst Sale 1033 Oct'19
4
*10412 106
L :.;1 Sale 7212 Nov'19
. 6
; 6712 6712
.- -5 - - i2 •
-6712 171- •712 -.
-OW 68
28
30 ,
31
4 30
8
313 313
3134 32
*3112 32
Last Sale 9912 Aug'19,
90
*85
90
*80
90
*80
90
*80
85 I
1 85
87
*84
85 *____ 87
85
*8412 86
Last Sale 16 Nov'19
1712
1712 *16
*1612 1712 *16
Last Sale 82
Oct'19.
*8014 85 1 *8014 87
.- *8014 86
19
41
4112
4212 413 413
4
4
4212 4312 42
42
42
50
50
____
*50
51
50
51
*50
*50 ---125
*6558
8812
80
3614
*40
618,
*6
1341
*114
8 I
*7
100 10012
148 151
8213 8212
1912 1912
25
324
'
914 912
3
*312 3 41
8181
*8
*1312 14
*512 6
4
183 1918
70
70
14712 148
8
8
343 345
87121
*85
2912 29121
4914 50
312 312
29
*25
4714
47
7
*678
2912 30
1012
*10
9612
6978
*69
61
61
140 140
4
4
533 533
4414 4414
8812 8812
618
6
134
*114
8
*7
100 10012
149 150
84
83
*1912 20
25
*24
9Is
918
3
3 4 334
734 8
*1312 15
618
6
114
114
8
*7
100 10012
148 150
84
83
1912 20
25
*24
918
9
8
353 35
712 734
*1312 14 I
8 6
57
134
*114
8
*7
4
993 10014
150 152
84
84
8
*1912 197
25
*24
8
914 93
*312 4
4
712 73
*1312 15
51' 5,12
5
51' 2134 1958 20 3
5 12
51' 1912 20
19
75
75
*72
72
74
*70
148 150
149 14912
14712 148
3412 3412 3413 3412 3312 34
80
80
87
8612 87
85
8
303
30
2934 2934 *2912 30
3
5314 5014 533
51
51
50
312 334
3
34 4
3
312 3 4
26
26
29
*25
29
*25
48
48
48
45
48
48
714
7
714
714
714
7
3112 303 3114
4
293 3014 30
4
1013
10
*10
1012 1012 10
96
96
9612
*96
96
96
8
6978 6978 6914 6914 697 70
6212 817 617
8
8
6212 62
61
138 140 *13814 140 *13812 140
53
4
51
3
53 4 5334 533 54
45
4412 4512 4512 4612 45
9014 9014
90
90
90
89
190 195
19512 197
_
3 4512 47511
4
-.-- 147g 443 473
- -3
44; -i1
*9712 98
*9712 98
*9712 98
*9712 98
*1512 16
8
*155 16
*1512 16
16
16
54
4
4
543
4 513 55
5414 543
5114
54
2112
2212 2012 2212 20
22
2212 23
3
5012 5014 5012 5013 5012 50, 5018.
50
2
13412 13514 135 13612 136 136, 13512 13612.
7214 7212,
72
1
72
72
7112 7112 72
50
5013
4
493 50
4
493 50
4934 50
8'
4
2512 2534 253 257
26
26
26
26
1712 1612 17 I
1713 173Is 1712 17
17
8 1714 1712 *1714 1712,
8
1712 1712 173 175
41
353
*3412 3512 3514 3512 3512 3512 35
2314
2078 2078 2138 2178 2112 2312 22
67 67 *---- 68 *---- 68
70
*65
68 *-__- 68 *--__ 68
*65
67
*65
76
*72
76 *____ 76 *-_-- 76
1
1
1
'3.75
1
*.75
74
*71
71
71
74
*71
.50 *.25 .75
.50
*.50 .70
3
36 4
35
35
35
35
35
14
14
14
14
1418 1418
6
6
7
*814
6
6
3.32 .40
3.35 .40 '
.32 .35 '
385 390
4
4
*385 3853 3853 390
4
263
26
26
8 26
3
25 4 263
17
*15
17
*15
17
*15
4512 4612 4413 46
46
46
278
3
3
312
278
*3
1114 1112 1118 1138
4
113
11
15
14
1412 15
4
143 15
4
4
412
412 *4
*4
*512 6
618
*534 618 *____
312 312
312 312
312 312
112 4 1
*1
114
,
*1
114
46
4634 *45
*45
84
*83
84
14
385
' - - - - 533
3012 3012
2912 31
*3112 33
*378 4
•378 4
4
4
112
112 *114
112 *114
*114
412
412 *4
*4
4
4
*3
312 •3
312 *3
312
4
*3
4
*3
4
*3
614
*6
*614 7
7
*614
612 718
612 812
4
812 83
812 812
812
812 *8
*8
61
60
60
60
61
61
• 312
*3
3
3
3
3
2012
2012 20
*2014 2114 20
514
814
*812 9
4 834
83
26
*24
26
*24
26
*22
*8312 86
*8312 8612 *8312 86
8
113 1112 1114 1112 1112 1134
1514 1612 1518 16
8
1614 167
1
1 •____
1
1
1
*112 2
112 112
*112 2
35
3412 3612 34
37
*35
54
.50
54
*50
55
*50
62
62
61
60
61
.60
50
50
52
52
52
*50
16
*1512 17
1512 1513 16
218 233, 218
218 24
*2
2
2
2 •____
2
*.20 .25 *.20 .25 *.20 .25
*534 612 *512 6
6
6
9
8
/
51 4 51
514 5/,
5
5
214
*178
134 2
1
178
3
4
313 .
3 ' 4 13
'1.<, 13
13
114
3
212 234
4
234 23
212 234
9
8
9
9
9
9
3 18
3
234 23
4
3
3
4
*213 23
4 312 *212 3
*23
112
112
112
112
112 112
2112 2112 •____ 22 •____ 22
112
114 *____
133
* S d and asked ortees
4..80 .95
70
70
*.15 .50
37
*36
1312 1312
*614 7
3.35 .40
'
382 385
26
2634
17
*15
4412 45
318
8
*27
1114 1212
1412
14
418
418
*512 6
312 358
114
*1
45
45
84
*83
31
31
4
4
112
112
*4
412
312
*3
4
*3
612
*6
6
6
*714 8
62
62
4
*3
2014
29
8
7
26
*22
*8312 8612
8
117 1212
1514 1512
1
2
•1
32
32
50
50
60
59
55
*50
15
15
2
2
2
.20 .28
*513 6
518
458
*13
4 214
PA 133,
4
*212 23
8
8
4 3
23
*212 3
4
13
*114
22
1
I
o Ex-stock dividend
8 6
57
,
1341
I *114
Nov'19
Last Sale 7
9914 100
145 148
8
--16- 137
Last Sale 24 Nov'19
____ ____
3 12
3
5
78
714
1312 14
512 512
1834 1958
72
75 I
14814 149 I
33341
I 32
8012 81 I
30
8
303
4914 5012
312 4
25
25
47
48
714
7I3
2912 30
*10
1012
.96
9612
4
6913 693
*i5ii2
5012
4314
90
1165112
4314
9014
-ii- - ii
Last Sale 9712 Nov'19
*1513 16
5314 5412
1712 18
4912 50
13334 13512
7214 7214
20
55,2 2532
5014
1612
1718
35
22
68
•
Last Sale Bi---Novel9
Last Sale 76 Nov'19
16
1718
3318
2134
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1.
Range for Previous
Year 1918.
Lowest.
Highest.
Lowest.
Highest,
Railroads
100
88 Boston & Albany
100
596 Boston Elevated_
100
45 Do pro
100
39 Boston & Lowell
100
595 Boston & Maine
100
25 Do pref
100
Boston & Providence
Boston Suburban Elec__no par
no par
335 Do prof
300 Bost & Wore Elea pre no par
Chic Junc Ry & US Y_---100
100
Do pref
Concord & Mont class 4__ 100
100
27 Connecticut River
100
115 Fitchburg pref
Georgia Ry & Elec starnp.1.100
100
Do pref
100
250 Maine Central
1,909 N Y Nil & Hartford__ -100
Northern New Hampshire_100
100
403 Old Colony
100
Rutland prof
Vermont & Massachusetts 100
50
760 West End Street
50
174 Do prof
121 Sept22
6312 Sept20
Oct24
86
Octl5
78
Jan30
28
Oct 10
40
130 Sept22
350 Nov21
,
3 2 Nov24
218 N),,24
,
Oct 1
132
84 Feb13
Apr30
61
100 Sept 6
47 Nov 7
9938 Mar15
70 Mar15
Oct 3
63
2578 Feb13
88 May10
85 Nov2i
16 Nov20
Oct30
82
3812 Sept24
47 Sent24
145 Apr 3
8014 Apr 5
Jan28
97
95
Jan 3
3812 July29
50 Jan27
168
Jan 6
70c Nov 5
11
Jan14
30 Feb 7
Jan 4
135
90 Junel0
77
Jan 6
115 Apr 9
Jan 2
58
110 June24
7313 July29
83
Jan 6
40.14 July29
9912 Aug 6
Jan 3
105
23 May27
Jan18
100
50 Apr 3
58 Junel3
12212 Apr
37 Jan
9112 Dec
80 Jan
19 Jan
27 Feb
150 Apr
50 Dec
1014 Mar
25 July
138 July
8212 Apr
73 Nov
104 Feb
53 Jan
106 Sept
Oct
70
7713 June
27 Feb
Oct
84
28812 June
20 Jan
80 Aug
37 Feb
Jan
47
146 Nov
80 Nov
98 Nov
104 Nov
40 Sept
60 Nov
170 Aug
3 June
15 June
3014 Nov
147 Apr
8512 Dec
SO Feb
125 Nov
Jan
65
11614 Jan
81 Feb
88 Nov
46 May
95 Nov
11212 Dec
Jan
25
90
Oct
50 July
62 A D7
Miscellaneous
10
1,745 Am Oil Engineering
100 Amer Pneumatic Service__ 25
50
Do prof
100
2,176 Amer Telco & Teleg
440 Amoskeag Manufacturing_ ___
41
Do prof
905 Anglo-Am coonni Corp_no par
Art Metal Construe Inc___ 10
1,430 Bigheart Prod & Refg_--- 10
1,554 Boston Mex Pet Trustees..___
1,201 Century Steel of Amer Inc_ 10
145 Cuban Portland Cement__ 10
425 East Boston Land
10
4,975 Eastern SS Lines Inc
25
100
251 Do pref
733 Edison Electric Ilium
100
1,515, EI:lor Corporation ._ _no par
216 Fairbanks Company
25
575 Gorton-Pew Fisheries
50
25
12,720,Gray & Davis Iac
2,164.Internal Portland Cement_ 10
265! Do prof
50
1,032 Intermit Products
no par
555 Island 011 & Trans Corp- 10
1,153,Libby, McNeill & Libby10
10
541Loew's Theatres
85,McElwain (NV H) 1st pref_100
100
1
8 7 Doach ree
1671Maas pusr tts Gas Cos
100
37 Mergenthaler Linotype
10
1951Mexican Investment Inc
2,315 Mullins Body Corp___no par
290 New England Telephone 100
641IPacific Mills
5,667 Parish & Bingham Corp_no par
100
(Thus
10
3
( prof
Reece
301 Plani 11titton-1-lole
1,920 Root & Van Dervoort Class A
5
770 Simms Magneto
1,210 Stewart mfg Corporation
.
1 212 Swift & Co
5
172 Totrington
2 7
518
1, 5 United Shoe Mach CorpCorp__. 25
25
1,306 Ventura Cf nsol Oil Fields_ 5
Do Preo
10
905 Waldorf System Inc
100
621 Waltham Watch
2,790 walworth Manufacturing _ 20
500 Warren Bros
170
Do 1st prof
100
2d pref
Do
558 Nov20
55c Jan 2
212 Apr 8
97 Aug14
79 Feb15
7812 Jan 9
1812 Septll
1712 Jan2I
9 Nov12
3 Nov28
714 Nov21
10 Mar26
412 Jan 4
Jan22
6
39 Aprll
Oct24
138
2312 Oct 9
5212 Jan21
28 AprIl
h37 Septll
312 Nov22
Jan 4
18
19 Mar20
Jan 2
6
2838 Nov13
8
85 Feb10
90 Jan17
6714 Nov19
61 Nov22
130 Feb10
49 Nov20
3218 Sept30
83 Sept26
145 Feb24
34 Aug21
93 Jan 6
Jan 3
14
35 July 1
1712 Nov28
3218 Jan23
Jan30
115
5212 Jan13
Jan13
44
2518 0(.128
734 Jan2I
16 May19
28 Aug26
17 Mar24
15 Feb14
37 Jan 2
38 Jan23
714 Nov 8
2 Aug14
914 Aug14
10813 May27
152 Nov21
84 Mar22
2112 Nov 5
24 Nov 5
1313 May19
478 Nov10
1512 Mar17
1834 May 6
(178 June19
21 Nov25
Oct30
77
172 Jan 2
3834 Nov 7
9312 Nov 6
38 MaY17
5112 Nov10
914 May 6
30 0:124
5812 Oct22
938 Feb20
35 Oct 20
Jan15
11
99 1N,lar26
Jan 9
86
Jan13
71
149 June181
72 July17'
54
0,1120
96 Marl()
199 Nov 1
5514 Oct24
99 Mar29
16 May15
5912 Oct20
2714 Nov10
5914 Oct24
150 May 5
7412 Nov 7
55 May 6
Jan25
31
2058 Nov 31
2112 July10I
43
Oct,23,
25 July24;
83 July141
7212May 21
80 July16
9
0
2 d ye nt ure M I n isog
2 Abineek
Consolidated
Con n
40 July
212 Mar
4 Sept 1558 Mar
9034 Aug 10918 Oct
6012 Jan 92 Nov
,
Jan 82 Junt
76
11
n-e
Feb ;16- - e-
1014 May
8
-147 Dec
1712 May
1112 Nov
4
53 May
Jan
4
13 Mar
6 Nov
Oct 58 Mar
39
134 June 186 Not
64 2712 j'Une - - - -14 Nov
35 Aug
27 Aug
-i17 Oct
2
23 NON
-- -658 Dec
-11- Aug
8
- 2 Oct
4112 Apr
4
73 June 10 May
88 Sept 93 Nov
27714 Jan 9114 Nov
62 June 71 Nov
107 June 147 Nov
821 July 10012 Oct
130 Feb 160 Nov
-of
11
Aug 100 Feb
1378 Mar
Jan
- -
Oct 4111 Nov
27
102 Aug 14614 Aug
45 Jan 56 Dec
3812 July 4812 May
2434 Aug 2613 May
9 Nov
5 Jan
-17 Nov
9 Feb
35 Dee
-
25 We- i
n
1212 Feb
42 Apr
--
212 July25
25 .50 Apr22
134 Jan
12 June
25 6212 Mar22 91 July29
69 Deo 86 Nov
25 10c Apr30
114 July30
15o July 450 May
25 3312 May 1 52 July28
4012 Dee 54 Feb
Jan
640 Arizona Commercial
1614 Aug
5 1034 Feb28 18 July30
11
20 Bingham Mines
lo
1034 May
9 Nov
6 Nov24 1012 May12
10 20c Jan30 90c May14
300 Butte-Balaklava Copper
200 Oct 48o Nov
49 calumet & Hecht
25 350 Mar14 480 July17 425 Dee 470 Dec
1214 May 5 2818 Oct 6
1
2 Carson Hill Gold
2.1
)65
1413 Feb
25 12 Mar21 20 July28
4
103 Juno
4U Centennial
971 Copper
1,
25 39 Mar 5 62 July28
40 Woo 5112 Nov
20
3 Sept
112 Apr
Co
2 Marll
4
33 May14
'i
4,893 Davis
678 Mar
10
434 Dee
434 Feb13 1412 Oct20
-Daly Copper
812 Mar 12 Nov
8 Feb28 21 Aug 9
2,026 East Butte Copper Min_.... 10
6 Feb
25
3 Juno
138May 9
4
63 July26
115 Franklin
1018 Jan
434 Dee
912 July28
4 May 1
Hancock Consolidated__ -- 25
73 May21
4
25 20c Feb20
15c Mar 300 Sept
Jan
1
25 50c Mar 8
2 July26
40 July
eta
1'757 gitniaMining
4478 Dec 70 May
1 42 Apr16 5534 July28
125 Island Creek Coal
7912 Oct 84 Feb
I 78 Apr12 8812 July30
1912 Jan 29 July
25 24
Jan 2 41 July29
Lakepre
Royale Copper.
Jan
618 May 9
5
613 Oct
312 Oct16
5
r
5 sleE p
5
6705 IKerr
4
: 08
0
3371 3 7
134 May
238 July31
80c Sept
25 99e Mar 4
112
*114
50 Keweenaw Copper
738 July28
334 Deo
25
4
3 Jan25
83 May
110 Lake Copper Co
412
I *4
2 Jan
314 Mar
512 July28
25
2 Apr16
Copper
Nov.19
Last Sale 3
La Salle
458 Oct3l
4
23 Dee
6 Feb
218 Apr23
5
312 312
30 mason Valley Mine
Jan
7
25
4
4 Feb 7 10 July28 ' 33 Sept
Last Sale 612 Nov'19
Mass Consol
65e Mar
412 Nov
2 Jan13 1314 June 2
25
Colony
325
7.4
714
40c June
414 Oct
25
212 Feb24 10 July26
5013 Dec 6613 May
25 4912 Feb 7 83 July28
Mohawk_
613 July28
114 Aug
212 July
25
1 Mar 8
71857
2685 New Aradian Copper
081'
63;
06
63
.
5 1434 Mar 5 2914 July31
1,215 New Cornelia Copper
1912 20
4
- LW) 1714 Mit;
_ 13 612 May 2 1212 July31
5
520 New idria Quicksilver
8
8
12 Aug 20 Jan
100
878 Febll 28 • Oct 4
Last Sale 26 Nov'19
30 New River Company
6312 Dec 80 Jan
100 5734 Mar 1 87 Nov10
8512 8534
4 Jan
83
9711 Apr
814 Jan15 1312 May12
5
2,352 Nipissing Mines
8
125 13
1012 Dee
3
173 May
15
9 Feb20 2038 July23
1434 1518 2,740 North Butte
1
134 July30
25c Feb 95e Mar
•_ _ a _
25 25c Apr22
200 North L ke
158 Dee
414 July29
25 75c Mar15
120 Ofibway Mining
33 June
2
*1
32 Dee 4512 Jan
25 3012 Mar 5 5212 July28
32
21481008
elya
cieno
32
d Domlnion Co
4612 Juno 65
Jan
25 45 Mar17 73 July28
50
49
Osceola
59 Dec 78 May
25 52 Mar22 83 July28
59
59
38 Dee 57 Jan
25 40 Mar 4 75 July29
50
49
26 St Mary's Mineral Land
Jan
1534 Duo
7
8
13 Jan22 2612 July29
45705
Copper Corp ___no par
mi
4
23 Dec
414 July31)
112 Mar15
10
4
53 Jan
Shannon
12 Sept
2 Jan
312 June 6
•____ 22540c Jan13
5 South Lake
10e Dec 20c Jan
5
130 Janll 50c Aug14
20 .20
0
62 08Suotoer U
0
itItiortah M & S
4 Feb
8
87 Nov
25
4 Mar 8 1114 June 5
54
'3. , - 114 Aug
434 Sept
4
4
I NIar28 53 Nov21
43
412 - - 12,325 Superior & Boston Copper 10
212 Sept
314 Juno 2
412 Feb
25
112 Sept 9
214
+173
305 Trinity
73c Dee 1% Aug
3
14 2,350 Tu Aumne Copper
118
5 71c Apr 1 2% Sopt17
114 May
418 Nov
3s8 June 2
4May 9
____ ____5 13
875 Utah-Apex Mining
Jan
712 Jan18
12
7 Dec
1234 July29
1
Consolidated
529 Utah
1 Dec 31
4 Apr
5 July30
114 Jan28
1
2 4 3,320 Utah Metal & Tunnel
--2i4 -- -38
15 Dec
3 Jan
434 July28
25
Nov'10
114 Mar13
Last Sale 3
12 Nov
3 July28
2 Jan
112
112
25 50c Jan 9
9301 V' n°rniaa
Weto
l
Jon
18 Doe 36
25
15 Mar 5 31 July31
30 Wolverine
20
20
40e May
1
1
1 ,4 Mar
•____
40c M tr13 1% May27
110 Wyand -Ate__
1
•.75
71
71
•.25 .50
34
34
13
13
7
*EN
•.35 .40
381 383
2514 2614
1514
15
44
43
314
*3
1234
12
14
14
412
*4
Nov'19
Last Sale 6
318
318
Last Sale I
Nov'19
4434 45
Last Sale 84 Nov'19
10
23 0A liou. Milling
0 gam th
el
-paid.
Halt
d Ex-dividend and rights. s Assessment paid. A Ex-rIghte. a Ex-dividend. •
Nov. 29 1919.1
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Nov. 22 to Nov. 28, both inclusive:
Bonds.
Friday
Sales
Last Week's Range
for
Sale.
of Prices.
Week.
Price. Low. High. Shares.
S Lib Loan 3%8_1932-47
1st Lib Loan 48_1932-47
2d Lib Loan 4s_ _1927-42
1st Lib L'n 4%s1032-47
2d Lib L'n 448_192742
3d Lib Loan 44s_ _ _1928
4th Lib L'n 448_1933-38
Victory 434s_ _ _1922-23
Victory 44s_ _ _ _1922-23
Atl G & W I SS I, 5s_ _1959 83
Carson Hill Gold 78_ _ _1923 100
Chic June & U S Y 4s_1940
Gt Nor
-C B & Q 48_ _1921
Mass Gas 4%s
1920
Miss River Power 5s_ _1951
78
N E Telephone 5s_ _ _ _1932
Pond Creek Coal 6s_ _ A923
Swift & Co 1st 58
1944 93%
S Smelt, It & M cony Os 1074
S Steel Corp its
99.84 100.02
94.04 94.04
91.00 92.10
94.04 94.34
92.04 92.60
93.84 94.34
91.64 92.68
98.84 99.30
99.20 99.20
83
834
100 102%
71
714
94% 944
90% 91%
79
78
8634 8634
94
94%
93% 94
106
10734
98% 98
$18,150
6,550
13,000
3.800
22,600
24,500
34,340
47,150
20,000
21,500
36,700
5,000
8,000
3,000
28,000
1,000
11,000
9.000
37,500
5,000
Range since Jan. 1.
Low.
High.
98.04 Feb
91.64 Jan
91.00 Nov
93.24 Jan
92.04 Nov
93.84 Nov
91.64 Nov
98.84 Nov
99.20 Nov
79
Feb
99% Nov
71
Nov
94% Aug
89% Apr
73
Oct
86
Nov
92
Jan
92% Oct
99
Feb
98% Nov
100.64 Oct
95.90 Mar
94.80June
9€.50 Jan
95.90 Jan
96.58 Sept
96.50 Jan
100.04 June
99.90 Sept
84
May
•102% Nov
77
Mar
95% July
94
Mar
80
May
93% Feb
98% May
98% June
107% Oct
100% June
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Nov.22to Nov. 28, both inclusive,
compiled from official sales lists:
Stocks-
2065
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low, High.
Pittsb Brewing, com
_50
Preferred
50
Pittsburgh Coal, corn_ _100
Preferred
100
Pittsb Jerome Cop Co.._1
Pitts & Mt Shasta Cop__ _1
Pittsb 011 & Gas
100
Pittsb Plate Gla.ss, com.100
Pitts Stock Exch mem'ship
Riverside East Oil, com_ _5
Union Natural Gas_ _ _ _100
U S Glass
100
U S Steel Corp, corn_ _ _100
West'house Air Brake_ __50
West'house Elec & alfg _50
Preferred
50
W Penn Tr & WP,com_100
Bonds
Mon R Con C & C Gs_ _1949
Pittsb Brewing 6s_ _ _1949
Range since Jan. 1.
Low.
73.4
60
22c
5Sc
15
153
123
102%
115
528%
7%
100
2
14% 15%
810
7
GO
60%
425 45
93
93
60 853.4
22c
23,400
26c
Sc
57c 64c
21,300 21c
15
5,930
8
1634
151% 153
301 116
5500 5500
1 2200
25
%
5% 534
123 124
160 122
56
60
110 30
102% 103%
150 88%
115 117%
185 93
524 5334
300 40%
67
67
10 59
9
50
9
9
107
75
107
75
62,000 106
12,000 52
A COO
0:3,
High.
Jan
1034
Jan 20
Feb 73
Feb 98
Jan 67c
Jan
70c
Jan
1834
Jan 153
Mar 6000
Feb
6%
Jan 135
Feb 63
Feb 11434
Jan 124%
Jan 68
Jan 73%
Nov
14
July
June
July
May
Aug
Sept
June
Nov
Nov
Oct
May
Oct
July
June
Oct
July
May
May 107% 'Nov
Jan 75% ••July
Ton
OR
NOV
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Nov. 22 to Nov. 28, both inclusive, compilenfrom official sales lists:
Stocks-
Last Week's Range for
Sale.
ll'eek.
of Prices.
Par. Price. Low. High. Shares.
Range since Jan. 1.
Low.
High.
Alabama Co
100
85
85
20 69
Feb 96
Aug
Friday
Second preferred_ _ _ _100
Sales
72
72
70 60
Feb 76
June
Last Week's Range for
Arundel Corporation
Range since Jan. 1.
39% 39%
10 38% Nov
3934 Nov
Sale.
of Prices.
Arundel Sand & Gravel_100 48
Week.
48
48
20 34% Jan
July
49
StocksPar. Price. Low. High. Shares.
Atlantic Petroleum
Low,
10
3%
3% 3%
105
High.
2
Jan
4% July
Baltimore Tube
100
3 65
65
65
Sept 90
May
Armour & Co, preferred _ _ _ 102
102 103%
Preferred
1,585 98% Aug 105% Aug
100
86
28 71% Feb 93 June
87%
63
Briscoe, corn
62
66
1,151 55
Oct 688% Nov Celestine 011 voting trust__
4.00
4.00 4.10
575
1.00 Mar
4.90 July
Booth Fish, com_ __new( ) 13
5
13
15
470 13
Nov 25
10
10
10%
July Cent Teresa Sugar, pref ___
830
9% Nov
12% Oct
Bucyrus, preferred
__ _
99
99
50 80
July 99
25 .50
Nov Commercial Credit
50
50 40
July 50
513
Nov
Bunte, common
Consol Gas,E L & Pow.100 105
128%
128% 128%
150
9% June 15
103% 105
133 101
July
Nov 111% May
Butler Bros
272
272 277
Consolidation Coal_ _ __100
195 250
Oct 278
Nov
82
343 78% Apr 92
83
June
Chic C & C Ry pt sh com_ _
1
2,375
4 Jan
1
5 10
2
Aug Cosden & Co
10
945
10%
6% Feb
12% May
Preferred
9% 118%
Preferred
( ) 10
5
1,290
6% Mar
5
18% Aug
330
43.4
Jan
4
5
May
43.4 44
Chic Pneumatic Tool_ _100 102
102 105
Davison Chemical_ _no par 32
110 6034 Feb 115
Nov
29
1,332 28
Nov 4034 Feb
3234
6
Chic Rys part ctf "2"
6%
387
5
Apr
104 Aug Elkhorn Coal Corpn_ _..50 29
29
32
125 27
Mar 43
July
Chicago Title & Trust_ A00
210 215
Preferred
107 178
Feb 215
50
Nov
41% 41%
10 39
June 50
July
Commonwealth Edison.100 1091( 1098% 1108%
840 107
Aug 118
89
90
July Houston 011 pref tr ctfs_100
15 7234 Jan 101
May
Cont Motors, corn
Indiahoma Refining
124
12% 13%
2,085
834 Apr
11%
11% 1134
58% June 12% Oct
14
Oct
876
Cudahy Pack Co, corn. 100 106
106 108
330 100% Feb 123
16
May Monon Vail Trac, pref. 25
164
200 16
July 30
Apr
Case (J I)
20% 21%
208%
775 20
Oct 27% Oct Mt V Woodb Mills v t r 100 5134
49% 51%
961
16
Jan 51% Aug
First preferred
97
Prcferred v t r
97
100 97
100 95
Oct 98% Nov
94
95
264 71
Feb 100
Aug
Cohn(A D)
O'Neill, preferred
45
44% 45
40 44% Nov 45
99
Nov
99
5 99
Nov
Nov 99
Preferred
98
98
10 98
Nov 98
Nov Pennsylv Wat& Power_100 79% 79% 8034
183 7734 Jan 8834 May
Deere & Co, pref
100 100
100 101
145 78
12%
Apr 105
12% 13
501
July United Ry & Electric_ _ _50
1134 Nov
2034 Jan
Diamond Match
Wash Halt & Annap
100
119% 124
50
875 101
June 124
204 20%
Nov
95 20
Oct 2934 Jun(
Decker (A) & Co
44
()
5
44
5
4%
30 3834 Oct 4834 Oct Wayland Oil & Gas
4% 5
1.105
3% Feb
Nov
5
Preferred
Bonds974 97%
.50 9734 Nov 98% Nov
Corporation_ A00 89
Hartman
88
91
1,095 82
91
Oct 96
01
Oct Balt Eiec stamped 5s_ _1957
$3,000 91
Nov
94
Max
Holland American Sugar_ _
1734
17% 18%
97
150
97
1234 Aug 214 Oct Central Ry consul 5s_ _1932 97
2,000 97
Nov my, Jar
Hupp Motor
Consolidated Gas 5s_ _1939
10 13% 13% 15
22,345 10% Sent
98
98
1,000 973,' Oct 100% Mat
17
Aug
Illinois Brick
General 4%s
78
1954.
77
•.,
77
320 56
84
Feb 80% Sept
84
4.000 82% Oct 89
Jar
Libby (W I) •
10 2934
2934 3134 15,395 19% Jan 36% Oct Cons G,E L & P 4348_1935 1 81% 81% 82
6,000 81% Nov 85% Jar
Lindsay Light
10
5% notes
714
7% 7%
1
95
680
95
734 Nov
17
25,000 95
Aug
Nov 99% Jun(
Preferred
10
7% notes
8% 8%
100 100%
100
7% Nov
1034 Apr
6,000 1 00
Nov 101% Jul3
Middle West Mil,com_100 25
25
25
97% 99% 23,000 8534 Jan 105% seal
100 24
Feb 40
May Cosden & Co ser B 6s_1932 97%
Preferred
Fair & Clarks Trac 5s_1938
100 49
48
50
80 48
89
Nov 71% Nov
89
1,000 88
Nov 954 Jar
Mitchell Motor Co
Fla Cent & Perlin ext Os_
44
( ) 44
5
48
605 33
99 A 9934
Apr 5534 July
2,000 99% Nay' 101
Fet
National Carbon, prof _100
G B S Brewing
123 123
45 118
Apr 125
Nov
National Leather
20 17% 17% 18% 12,700 16% Sept 25
Funding 6s, small__1934
21% 31%
500 20
Aug
May 31% Nov
People's Gas Lt & Coke.100 35
TIMIS Oil div ctfs_ _1923 25
35
108 108
40
70 35
1.500 9834 Jan 117
Nov 55% July
Mai
Pub Serv of N Ill, com.100
80
80
48% 48% 20,000 48% Nov 52
85 80
Nov 95% May Interboro ft:spid Tran 55_ _
Nov
Preferred
100 85
Mary'd Elec Ry 1st 58.1931
83
85
87
311 83
87
1,000 87
Nov 105
Oct 8934 Mai
May
Quaker Oats Co
100 250
Nor Halt Trac its
250
1942 97
250
97
94 240
97
Sept 300
5,000 97
July
Nov 100% Jar
Preferred
100 96
United Ry & Elec 48..1949 66% 6534 67
96
96%
480 96
15,000 65% Nov 76% Jar
Nov 105
May
Reo Motor
Funding 5s
30% 31
(*) 30%
1936
64
850 28% May 3534 Oct
61
1,090 64
Nov
76
Mat
1Vneh TIrilt A- Annnn Ra 1941
Root & Vandervoot
54%
5434 55
77% 77%
720 5234 Mar 5S
1.000 77% Nov
Nov
8334 Jar
Sears Roebuck, corn _.100 216
216 220
835 1684 Feb 232
Nov
Shaw W W,corn
100
245 250
225 112% May 250
Oct
Philadelphia Stock Exchange.
-Record of transactions
Standard Gas & Mee
5 29
29
29%
623 28% Nov 31% Nov
Preferred
at Philadelphia Stock Exchange, Nov. 22 to Nov. 28, both
5
42
100 4131 Nov 43
42
Nov
Stewart Mfg rights
A
%
100
4 Nov
34 Nov
inclusive, compiled from official sales lists:
Stewart Mfg
(*) 48% 48% 51
470 45
Apr 59
Oct
Stew Warn Speed, corn..100 153
152 160
2,065 84
Friday
Jan 185
Nov
Sales
New. w
38
38
40
3,535 37
Nov 43
Last Week's Range for
Nov
hea
Range since Jan. 1.
Swift & Co
100 133% 133% 136%
5,360 115% Jan 149% Mal
of Prices.
Week.
Swift International
53% E53% 57%
Stocks-8,275 41% Jan 65% Ocl
Par. Prick Low. High. Shares.
Low.
High.
Temtor Co "A"
(*) 49
48% 49
387 48% Nov 5034 Oci
Thompson. common_ _ _ _2
4234 42% 42%
Alliance Insurance
345 34
Aug 44
10 24
Nov
24
24
25 19
Jan 24
Nov
Union Car & Carb Co_ _(*) 764 76
78% 10,220 56
American Gas
100 50
Jan 85% Jul3
50
52
272 44
Nov 74
June
Wahl Co
(*) 478%
4734 50
American Milling
2,255 19% Sept 55% Nov
10
9
9
9
35
9
May
12% Apr
Ward, Montgom dr Co,pre 112
111% 112
American Stores_ _ _.no par 40
1,329 105
40% 42%
July 112% Juni
880 2034 Apr 43% Nov
Wilson (le Co,common_ _(*)
79
80
Baldwin Locom, prof._100
180 79
Nov 104
106 106
Jul)
5 100% Jan 110
Nov
Preferred
10
99 100
Congoleum Co, Inc_no par
85 95 Feb
Jul)
35
104
35
15 35
Nov
Nov
35
Wrigley Jr, common
8334 82% 83%
Consul Trac of N J...100
265 74% Sept 89
45
Oc
45
10 45
Nov
Feb
59
Bonds
Elec Storage Battery_ _100 132% 132% 143
3,884 .5134 Jan 153
Oct
Chicago City Ry 5s_ _ A927
65
67
86,000 65
General Asphalt
100 107
107 127
Nov 84
Fel
710 39
Oct
Jan 161
Chic City & Con Rys 5s'2
47
47% 18,00(1 41
Preferred
Apr 55
185 195
Ant
300 76
Jan 241
Oct
Chicago'Rys 5s
192
65
65
65
Giant Portland Cement 50
10.000 65
Nov
Jai
81
5
5
70
5
Oct
Oct
5
Chicago Rys 4s Su "B"
35
35
18,000 35
Preferred
Nov
50
50
20
Jai
20
200 20
Oct 20
Oct
Metr W S El ext g 4s_ _193
42
42
1.000 42
Insurance Co of N A__ _ _10 3534
Nov
Jar
51
35
36
920 25% Jan
Nov
36
Keystone Telephone_ _50
10
11
260
Mar
18% July
Pittsburgh Stock Exchange.
Preferred
-Record of transactions at
50 43
43
43
16 43
Nov 59
July
Pittsburgh Stock Exchange Nov. 22 to Nov. 28, both in- Lake Superior Corp__..t00 204 20 22
4.425 17
Jan 2534 July
Lehigh Navigation
50 63
63
644
909 63
Jan
Nov 73
clusive, compiled from official sales lists:
Lehigh Valley
50 42% 42% 454
2.387 42 12 Nov 60% June
Lit Brothers
10 25% 25% 2534
Friday
20 25% Nov 26% May
Sales
Midvale Steel & Ord__..50 50
50
51%
450 41
Last it'eek's Range for
Jan 61% July
Range since Jan. 1.
Northern Central
50
70% 70%
400 69% Sept 75
Sale.
Jan
of Prices.
Week.
Pennsylvania Salt Mfg_ _50
7934 80
Stocks
Par. Price. Low. High. Shares.
58 79% Nov 84% Feb
Low.
Pennsylvania
50 42
High.
42
42%
2,711 42
Nov 48% May
Philadelphia Co (Pitts)..,50
32% 33
Amer Roiling Mill, com_25
44 30
Jan 42% July
52
52
20 44% Apr 6434 July
Prof (cumulative 6%)
33
-50 33
33
Amer Vitrified Products__ _
128 31% Jan 37% Apr
17
17
18
130 17
Nov
20
Nov Phila Electric of Pa
24% 25
1,688 24% Jan 2631 May
Amer Wind Glass Mach 100 122
122
128
760 79
Jan 157
July Phtla Rapid Transit....50 24% 26% 264
25
6
Preferred
100 94
200 24% Aug 28% June
94
94
65 77% Jan 103% Oct
Voting trust receipts_ _50 26
254 27%
Arkansas Nat Gas,com.100
3,608 23
Apr 29% June
350 360
510 53
July 460
Nov Philadelphia Traction_ _50
62
417 62
Preferred
62%
100
Nov
Jan
71
105 105
105 75
May 120
Sept Philadelphia & Western _ 50
6
6
400
Barnsdall Corporation_ _25 47
54 May
8
May
44% 48
2,850 32
June 50% Oct Reading
50 75%
75% 79%
465 75% Nov 93% June
Carbo Hydrogen Co,com_5
3% 4
1,675
2% Aug
First preferred
434 Oct
35
50
35
100 34% Nov
Preferred
5
38% Nov
4%
4% 4%
1,850
Aug
Oct Tono Belmont Devel _ _ _ _1
234
2% 3
1,990
Carnegie Lead & Zinc__ _ _5 10
2% Jan 3 15 16 May
9% 10
600
Sept
13% Oct Tonopah Mining
1
21
2ifs 2%
%
1.725
2% Sept
Columbia Gas & Flee_ _100 63
4
63
May
66
110 39% Feb 67% Oct Union Traction
5
0 3734
37
847 37
38
Jan
Consolidated Ice, prof. _50
41
__
23
May
23
35 15
Feb 29
June United
100
197 197
1 185
Feb 197% Oct
Crucible Steel, pref.. _ _ _100
102 102
to 91 Jan 104 July United Cos of N J
Gas Impt
50 52%
52
5434
7,008 53
Oct 74% Jan
Guffey Gilles Oil_ _(no par) 324
32
35
8,725 314 Nov
35% Nov US Steel Corporation_ _100 1101
x101
104
40 88% Feb 115% July
Harb Walk Refrac, com100
118% 118%
49 112
June 121
Oct Westmoreland Coal
50
14 72% Apr 75
74
74
Indep Brewing, corn
_50
Jan
4
4%
130
Jan
7
May York Railways, pref. _50
620 30
31
31
Preferred
50
May 3234 May
8% 10
210
5% Jan
16
Bon dsMay
La Belle Iron Wks,com.100
109% 109%
50 94% Feb 123% July U S 3 Lib Loiri 448_ _1928
.
94.22 94.24 $6.000 94.22 Nov 96.38 Jan
Lone Star Gas
100 157% 157% 166
77 157% Nov 300
4th Lib L'n 434s.1933-38
May
92.4092.64 9.000 92.40 Nov 95.70 May
Mfrs Light & Heat
50 5934 59% 62%
916 48% Jan 66
Nov
Victory 448
1922-32
99.14 99.14 2,590 99.14 Nov 100.04June
marland Petroleum
5
6% 6% 6,937
6% Nov
8% Oct Amer Gas & Electric 5s2007 53% 83
5,000 83
83%
Nov 88 34 Jan
Nat Fireproofing, coin_ _50
9
9
934
685
5
Jan
11% May
do
small
2007
83
100 82
83
Nov 88% Jan
Preferred
50
17
17%
170 10
Jan
24
May Elec & Poop tr ctfs 45_1945
63
64
3,000 63
Nov 71
Jan
Ohio Fuel 011
1 31% 31% 33
669 16
Jan 35
do
Nov
small
05 59% 50% 52
1495
64
64
300 64
Nov 75
Ohio Fuel Supply
Jan
936 4234
5471 July Ft Wayne & W Va Trac 5s _
31
10,900 31
31
Nov 31
Oklahoma Natural Gas_ _25 46% 46% 49
Nov
2,046 28% Jan 50% Nov Hunt & Broad Top
cons 58
.56
10,000 56
56
Nov 56
Nov
n
Friday
Last Week's Range Sales
for
of Prices.
Sale.
Price. Low. High.
Bonds
Inter State Rys coil 4s.1943
Lehigh Valley coil 6s_ A928
Midvale Steel AC Ord 5s1936
Penn RR consol 454s__1960
P W & B ctfs 4s_ _ _ _1921
Peoples Pass tr ctfs 4s..1943
Phtla Co 1st 5s stmpd _1949
Phila Electric 1st 5s_ A966
1966
small
do
1997
Reading gen 4s
UnitedRys gold tr ctf 43'49
1930
Welsbach Co 5s
35
100%
84%
01
97%
75%
99%
9134
91%
93%
80%
50
98%
84%
92
97%
Range since Jan. 1.
High.
Low.
Nov 40% Feb
$2,000 35
35
6,000 100% Nov 102% Jan
100%
1,000 84% Nov 86% Oct
84%
Nov 96% Feb
112,000 91
92
Feb 97% Nov
1,000 95
97%
June
Mar 78
5,000 72
75%
1,000 9934 Nov 100% Mar
99%
July
OG
37,000 91% Nov
92
700 93% May 97% Jan
93%
6,000 80% Aug 86% Jan
81
Jan
Nov 57
1,000 50
50
Jan 98% June
5.000 95
0854
z Ex-dividend.
New York "Curb" Market-Below we give a record of
the transactions in the outside security market from Nov. 22
to Nov.28, both inclusive. It covers the week ending Friday
afternoon. On the "Curb" 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 transactions. The possibility that fictitious transactions may creep in, or even that dealings in spurious securities 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 anyone to vouch for the absolute
trustworthiness of this record of "Curb" transactions, and
we give it for what it may be worth.
sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par. Price. Low. High. Shares.
Week ending Nov. 28
Stocks-
[VOL. 109.
THE CHRONICLE
2066
Aetna Explosives_r(no par)
Air Reduction_ r__(no par)
Allied Packers_ r_ _(no par)
Amalg Tire Stores_r_(t)
Amer & British Mfg,new__
Amer Candy Co, com_r(t)
100
Preferred_r
Am-La France Fire Eng r10
Amer Safety Razor_r_ - _25
AT Securities Corp w 1_(t)
Amer Writ Paper, corn 100
Austin Nichols & Co,Inz(t)
Beth Motor, new._(no par)
BriscJeMotorCorp,comr(t)
Brit-Am Chem Corp__ _ _10
Brit Amer Tob ord bear..£1
25
Car Ltg & Power r
Cent Teresa Sug com_r_10
Cities Serv, pref ll w I___10
Cities Serv Bankers sits (1)
Clinton Wright Wire,-(t)
Dafoe-Eustice Co Inc__(t)
Durham lIos'y corn B_ r_50
du Pont Chemical, pref_r_5
Farrell (Wm)& Son,Inc(t)
Firestone Tire & R,pf.r100
General Asplutit com_r_100
Gen Motors w 1_ _ _(no par)
New 7% debenture stock
Godchaux Sugar,com.r (t)
First preferred _ r_ _.100
Goldwin Picture.r_(no par)
1
Grape Ola common
1
Preferred
25
Gray & Davis
Knit, p1.r_100
['lanes(P H)
ElavanaTobaccocom_r _100
100
Preferred r
Elendee Mfg corn _ r_ _100
(n) par)
Eleyden Chemical r
Elupp Motor Car Corp_10
hydraulic Steel, corn
Preferred
Indian Packing Corp_r_(t)
intercontinental Rubb_100
1
Kay County Gas-r
Loew's Incorp-___(no par)
Loft Incorporated r(no par)
Madison Tire & R,com.(t)
MarconiWirel.Tel.of Amer5
Mercer Motors_ r_ _(no par)
Morris (Philip) & Co_ __ _10
(no par)
!,/ Y Shipbldg
gor Am Pulp & Paper_(t)
Thin Body & Blower_r_(t)
10
3verland Tire
?ack Mot Car,corn w LAO
100
Preferred _r
?atchogue-Plym Mills (t)
Penn Coal & Coke_r_ _ _ _50
Perfection Tire & Rubb_r_l
?ick (Albert)
Eteplogie Steel _r _ _(no par)
lepublic Rubber r (no par)
lockaway Roll Mills_ r _(t)
loot & Van Dervoort r 100
3now's Fount Hold Corp 10
3%lar Light Corp_r__ (t)
100
3picer Mfg,com_r
;rand Gas & El com_r_ _50
Manwood Rubber, com.(t)
3tearns Motors
newart Mfg,com.r(no par)
itibmarine Boat v t c__(t)
3weets Co of America_r_10
robacco Products ExP-(t)
['odd Shipyards Corp_ _(t)
JntdPictureProdCorp_r(t)
Jutted Profit Sharing_ _25c
in Retail St's Candy_ r_(t)
I S Distribution corn_ _ .50
I S High SpeedSteel&Toolt
is Lt & IR Corp, com.r 10
10
J S Steamship
5
Jzold Tire.r
ranadium Steel of Am_ r(t)
7 Vivadou, Inc_ r_ _(no par)
100
Varren Bros r
5
Vayne Coal
_5
Vorld Film 2d pre( r
Former Standard Oil
Subsidiaries
knglo-American 011_r_ _ £1
llinois Pipe Line_ r_ _100
'rattle Oil & Gas_r___ _100
100
3outh Penn Oil r
3tandard Oil (Calif)_r_100
3tandard 011 of N J _ r_ _100
ltandard Oil of N Y_r_100
100
racuum ()Mr
8%
52
15
8
100
124
1734
61
33
834
253%
3%
7%
43
113%
GO
52
98
102
35
96
35
1%
13-4
3%
47
6%
13%
41
173%
234
2954
22
80
634
35
9
4
31%
30
29
38
50
5%
7
53%
11%
10%
1654
16%
11
27
200
14
2%
15
51%
28
334
33-4
53
22%
65
5
31
295
425
9% 17.000
550
F.334,
300
38%
3,300
15%
2,700
25
4,600
8
800
100
,
11% 12% .,000
1734 18% 30,800
31,200
603% 66
700
13% 13%
1,700
30
28
500
3034 33
200
66
63
1,200
854 9
3,700
25% 26
1,200
3% 3%
93%
100
9%
7,000
754 7%
46% 13,500
43
300
3434
34
10,200
12
11
110
60
60
3,000
8% 12
1,900
53%
52
600
98 100
26,900
102 127
197,000
40
35
1,500
96 100
100
47
47
200
94
93
200
5
3
35
8,400
154
1%
10,000
2
1%
975
.53
50
300
99 100
400
3% 354
100
13% 133%
4,100
51
46
1,400
734
6%
34,500
15
13
4,500
48
38
100
100 100
173% 20% 10,900
100
19
19
2,100
2% 234
14,200
2934 32
18,300
26
22
300
80
80
21%500
7
634
3,200
38
35
1,000
854 9%
200
54
54
5,500
4%
4
5.700
3055 33
3,250
30
29
500
25
26
400
9634 97%
400
45%
44
1,600
2854 2934
11-16 13-10 28,000
2.700
45
38
4,200
54
50
534 5% 9,100
3,500
10%
7
3,100
55
53
3,200
10% 11%
8,750
9% 1034
100
95
95
400
29
29
1,700
163-4 1834
400
85
79
100
47
47
1655 1754 11,700
2,200
11
113%
2854 7,000
27
650
194 210
1,800
1454
12
2% 19,000
254
17% 26.000
15
2.800
53
51
2.550
28
27
3,200
33.4
3
334 554 28,500
3
334 18,700
53
6234 24,500
22% 24% 5,900
700
70
(.0
3,200
4% 5%
100
%
8%
52
37
14%
20
754
100
35
31
181
700
338
295
715
421
4:35
34
185
700
338
298
720
430
435
17,900
40
10
10
30
GO
140
10
Range since Jan. 1.
High.
Low.
6% Jan
June
51
Nov
36
Nov
14
10
Oct
Nov
7
Nov
100
11% Nov
16% Oct
5.555 Nov
255 Jan
Sept
28
30% Nov
Oct
53
7% Sept
July
20
Feb
2
854 Nov
7% Oct
Feb
35
Aug
30
Sept
11
Aug
38
854 Nov
Nov
51
98 , Nov
Jan
39
Nov
30
Nov
00
Sept
25
Sept
93
Nov
35
54 Oct
Oct
1
Nov
47
Nov
99
1% Jan
2% Feb
Nov
42
May
6
4% Jan
Nov
38
Nov
100
173% Nov
103% Jan
2% Nov
2854 Nov
Oct
17
Aug
45
Jan
4
Nov
32
Feb
7
Jan
25
2% Jan
2955 Nov
14% Aug
Nov
25
963.4 Nov
Nov
35
Apr
23
55 Feb
Nov
40
Nov
50
53-4 Nov
Nov
7
Aug
37
Oct
9
93% Nov
563.4 July
Aug
24
163% Nov
Oct
51
Apr
38
Feb
10
63% July
June
25
Feb
102
11
Sept
7-16 Jun
Nov
14
Nov
49
Nov
27
13.4 Jan
Mar
2
2% Sept
3755 Aug
Nov
21
4254 May
354 May
'is Mar
163-4
164
630
292
258
668
310
395
Jan
Jan
Jan
Apr
Jan
Apr
Jan
Jan
1234 July
May
65
67% July
17% Nov
25 'Nov
Nov
8
Nov
100
1255 Nov
20% Sept
Oct
80
July
18
38
Aug
Nov
33
Nov
68
11% July
May
28
5% July
123% Oct
734 Oct
5034 Sept
Oct
42
14% Oct
Nov
66
Juno
14
6634 Oct
Nov
100
Oct
162
41% Nov
100 kNov
Nov
41
July
.98
Nov
35
1% Nov
2% Nov
Nov
55
Nov
100
634 July
July
29
Oct
62
103% Aug
Nov
15
Nov
48
Nov
100
50% July
May
35
3% Oct
38% Oct
343s Oct
Oct
80
7% Oct
Oct
43
16
July
July
78
7% Apr
Nov
37
Oct
32
Oct
36
9955 Oct
Oct
47
Sept
30
1% Apr
Nov
45
Oct
62
July
11
Sept
12
Oct
60
Nov
12
1034 Nov
Oct
105
443% May
183% Nov
Nov
93
May
49
2051 July
1554 July
4055 July
Nov
220
Oct
28
33-4 July
30% Aug
Oct
59
Oct
28
454 Oct
834 Oct
334 Nov
6655 Oct
Sept
33
Oct
90
GU July
June
34
363-4
107
800
350
319
798
447
490
Nov
May
May
May
July
July
Nov
May
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Other 011 Stocks
Par. Price. Low. High. Shares.
1
Allen 011 r
5
Alliance Oil & Itef_r
1
Allied Oil_ r
Alto Gasoline & Oil_r _ _ _ _5
Amalgamated Royalty_ r _1
Anna Bell
1
Aritex 011 r
Associated Oil of Texas__ _1
1
Barnett Oil & Gas r
Bell Petroleum_r
Big Heart Prod
5
Boone Oil r
1
Boston Mex Petrol
Boston-Wyoming 011_ r _ _1
Brazos Oil Corp_r_(no par)
Burknett Van Cleav 011.5
1
Can-Amer 0& G_r
Carib Syndicate r new w L
5
Circle Oil_r
(
Commonwealth Petrol _ r t)
Cosden & Co, coni_r_ _ _ _5
Cushing Petr Corp com_r_5
10
Dominion Oil_r
5
Elk Basin Petrol_r
Engineers Petrol Co_r _ _ _1
5
Ertel 011_r
Esmeralda Oil & Gas_ r _ _ _1
5
Federal Oil Corp,
Fensland OiLr_ _ _ _(no par)
Glenrock 011 Corp_ r _ _..l0
Guffey-Gillespie Oil_ r _ -(t)
Home 011 & Refg_r_ _ _ _10
Home Petrol of Denver_10
100
Houston Oil com_r_
1
Hudson Oil _ r
£1
Internat Petrol _ r
50
Invincible Oil r
Island Oil & Transp_r_ _10
1
Little Sioux 011_ r
1
Livingston Oil Corp_r
5
Magma 011 & Ref_r
Manhattan Petroleum_ r _1
Margay Oil Corp.r_(no par)
Maracaibo 011 Explor_ r_(t)
10
Merritt Oil Corp_r
Metropolitan Petroleum _25
Mexican-Panuco 011_10
Midwest Refining_r____50
-Texas Oil _ r_ _1
Midwest
1
Morton Pet of Me_r
National Oil_ r
10
North American 011_ r_ _ _5
1
Ohio-Ranger_r
Omar 011 & Gas new
Orient Oil & Gas_r
1
Osage Nation 011 Synd_r_l
10
Pennok OIL r
Phillips Petrol, corn_ r_ _ (t)
10
Producers & Ref_r
5
Ranger Gulf_ r
1
Ranger 011_r
Red Rock Oil & Gas_r
_
Rickard Texas Co_r .
Ryan Petroleum r
1
_25
Salt Creek Prod r
5
Seaboard Oil & Gas r_
1
Sequoyah 011 dr Ref
Shell Transp & Trod
Simms Petroleum r(no par)
10
Skelly Oil Co_r
Southern 011 At Trans_ r_ 10
South States Cons Corp r 1
Spencer Petrol Corp ___ _10
Stanton 011 r
1
.
_ 10
Star-Tex Pet r
Superior Oil Corp (no par)
Texans 011 & Ref _r___ _ 1
Texas Company new_ .._ 25
Tex Pac Coal & 011 w LAO
Texas
-Ranger Prod & 11._I
_5
Tex-Ken 011 Corp_r_
1
Texon 011 & Land r
1
Thranian 011.r
1
Trinity 011 Corp_r
25
Tropical Oil_ r
United Tex Petrol_ r _ _ _ _1
10
Victoria 011_r
5
Vulcan Oil_r
Wayland 011 & Gas, corn_5
Whelan 011.r
White Eagle Oil&Ref r .(t)
White Oil Corp_ r_ _(no par)
Woodburn 011 Corp.r.wi(t)
Wyoming Cons Oil r___ _1
Mining Stocks- Par.
Alaska-Brit Col Metals_ A
Amer Hond Min Corp_ r A
1
America M Ines_ r
1
Arizona Silver_ r
1
Atlanta Mines
10c
Beicher-Dtvide,
Belcher Extension_ r__ _10e
Big Ledge Copper Co___
1
Booth r
Boston & Montana Dev._5
Butte & N Y Copper_ _1
1
Caledonia Mining
Canada Copper Co. Ltd_ _5
1
Candalaria Sitver_r
10c
Carrie Silver,_ r
Cash Boy_ _ ___ ._ _ _1
Consol Virginia Sliver_r_
Cresson Con Gold M & M.1
1
Divide Extension_r
El Salvador Silver Min_.A
Eureka Croesus Min r _ _ _1
_____
_
Kureka
4
(orty.nlneMkllng.r
5
Gadsden,
Golden Gate Explor'n_r _5
10
Goldfield Consord
Goldfield Devel_r__ _ .10c
1
Goldfield Merger _r
1
Gold Zone Divide_r
1
r;reat Bend_ r
Green Monster Min _ r_50c
1
Hasbrouck Divide_ r
25c
ecla Mining
10c
Iron Blossom_ r
1
Jim Butler_r
1
Jumbo Extension
5
Kerr Lake
1
K ewanus_ r
10c
Knox Divide_ r
5
La Rose Mines, Ltd
1
t.ouisiana Cons (1
MacNamara Crescent_ r_ _1
MacNamara Mining __r_ _1
1
Magma Chief r
1
Marsh Mining.
Range since Jan. 1.
High.
Low.
1,000
1% 1%
3.4 Jan
455 Apr
4,100
15
1555
34 July
3-4 13-16 15-16 61,500
42%
Oct
3,100
5
5%
Aug
1
9,000
1%
154
1
Oct
5,000 600
70c
69c
70c
34 Oct
1
% 1% 25,000
255 2% 6,700
2%
134 Nov
3-16
54 Aug
34 3-16 C,000
154 Nov
11-16 1% 12,200
155
9% Nov
9% 10
1,100
10
3
Mar
855
855 24,300
3
33-4
Nov
355 8,600
18c
77,000
Jan
83c 90c
88c
3,300 20
24
20
Nov
Sept
23-4 18,700
2%
5,200
34 Nov
55
34
Oct
44
4854 13,000 28
45
455 5,400
June
4% 4
Mar
2,100 37
41% 4134 46%
Jan
10
6,700
1054
10
3% Nov
334
8,100
35-4
3%
93-4 33 36 50,000 3254 Nov
6
Jan
7% 8% 127,500
1% 1% 1% 9,900 154 Nov
454 Nov
1.000
454 4%
451
% 8,700
34 Sept
51
34
2
Jan
4
20,000
3
1,500
6% Nov
6% 6%
6%
5,000
354
334
354 Nov
Aug
3434 11,700 18
32
32%
7,400
7% Nov
754 11
8
35c 37c 32,700 30c Aug
36c
Jan
3,000 75
136 160
Feb
% 4,400 55c
%
13-16
5354 583-4 10,100
1(3% Jan
54
15,200 3054 Aug
3655 39
3655
6% Jan
9,300
73.4
6%
% Aug
3,100
1 1-16 154
1%
2% 48,000
134 June
2
2
8% Nov
26,000
9
83-4
1,500 34c Nov
34c 3654c
35c
8% Nov
5,000
854 834
4,600 25% Nov
253% 2834
25%
Aug
3,500 20
2255
21
21
1% Sept
3% 22,500
354
000 10% May
19
17
Jan
2,900 124
157 160
158
500
54 Nov
%
Mar
1
33-4
5,100
355
3%
2% Aug
79-4
2,300
6%
5% Nov
1,700
5%
53-4
5%
34 Sept
34
1
2,600
2,000
5% Sent
954 1155
9%
1% Apr
2,200
8
854
8
500
55 Nov
%
%
12% 13
2,000 1154 Feb
12%
Aug
72
74%
700 58
72
Aug
10% 11% 54,500
7
10%
Apr
14
30
:"12
100
% 11-16 3,800 3-16 Oct
11-16
1%
1% 6,100 550 Sept
%
4
6
Nov
1,600
4
8,500
254 Apr
5%
69-4
49%
6,800 38
Mar
44% 44
700
6% 7
5% Oct
7-16 9-16 9,200 7-16 Aug
%
Aug
77
7634 8255 19.90(1 66
53 102,500 2855 Aug
50% 45
1154 12
10,700 11% Nov
11%
3,800
2% Apr
7
731
655
13-4 Oct
2,700
134
19-4
134
19
20% 8,500 1354 July
19
34 Mar
154
154 18,000
1
14
1,300 13% Nov
14
143%
18
18
Nov
100 15
Jan
lie
34 11-16 52,200
56%
Nov
61% 9,025 55
56
168 168
Nov
100 168
1%
54 Oct
3,500
13-4
5,700
355 4
354 Nov
23.4 94,000
155
1%
54 June
255 '
14,000
2% Nov
2%
1
Nov
1
5,700
1
1%
18
1,800 15
July
18
2034
1
154
134 40,960 50c June
1% 1% 3,800
134 Nov
8
9%
114 Nov
1,900
8
1,8(10
3% Jan
5
434
43-4
5,000
55
,
136
94 Nov
25
2,3011 20% Aug
25
25%
7,000 35
Nov
35% 35% 3734
854 955
3,200
83.4 Oct
35c
40c 30.200 35o Sept
40c
454 Apr
15% Nov
154 Sept
7% Sept
2% Apr
70c Nov
2% Sept
2% Nov
5-16 Jan
2% Oct
Nov
11
16% May
4% Aug
1% Nov
32% July
234 Nov
1% May
Oct
52
5% Oct
63
June
12% Sept
5% Oct
38
Oct
11% May
1% Nov
11
July
1 1-16 Aug
Apr
4
Nov
7
8% Apr
40% Nov
40% May
42c
Oct
Oct
167
5% Apr
Nov
60
495i Oct
9% Mar
154 Nov
4% July
Nov
9
May
2
9% Oct
Nov
:30
May
35
4 5-16 Mar
Oct
29
May
190
1% May
5% Apr
734 Nov
9% Aug
234 May
Oct
15
10% Oct
2% May
17% Apr
Oct
81
12% Nov
June
:3(3
2% May
1% Nov
24% June
7% May
65% July
8% July
% May
84
Oct
Nov
53
14% Oct
Oct
9
1% Nov
Oct
21
•2% May
14% Sept
20% Oct
l9s June
Oct
(38
Oct
195
June
0
6% Aug
255 Nov
255 Nov
1% Aug
2554 Oct
1% Nov
Apr
6
6
Apr
July
5
154 Oct
2955 Nov
4054 Oct
1054 Aug
400 Sept
11-16 154
1%
1%
1 11-16
11-16 1%
3e
3c
3te 39e
42e
38c
%
%
Sc
7c
65c
70c
7-16 %
39c
z36c
37c
111-16 1 5-16 1 7-16
% 15-16
18
22
21
6e
10c
10c
555
73-4
7%
2%
2
254
135 1% 1 13-16
3% 4
3%
1 13-16 2
75
80
75
2%
2
2%
2% 3%
2
1%
1%
h 18c
5-32
11%c 13c
120
de
2%c 4c
48c 52c
49c
40
2c
3c
%
3-4
110
12e
12c
3% 3%
3 II-16
% 7-16
34
23c
25c
23c
8c
9c
9c
3% 4%
3c
4c
4c
17c
19c
171
7-16 7-16
9-16
35 9-16
31c
350
330
46c 55c
52c
7-16 yi
35e
443c
39c
June
2
1% Nov
1 9-10 Feb
154 Nov
6%o Mar
84o July
52e Oct
15-16 Jan
Apr
360
93e July
% Oct
450 Sept
254 Feb
2 3-18 June
22 Nov
1554e Mar
7% Nov
5% Jan
3% July
5% May
234 May
95
Oct
234 Oct
6% Feb
4% May
25c
Oct
24c
Jan
80 Mar
Apr
194
Jan
6o
34 Mar
Apr
47c
6% June
Jan
5:3e
Feb
44e
16o Mar
MaY
6
Jan
8o
37o JuLV
% Oct
9.4 Oct
490 July
May
1
May
4so Nov
1%
111-111
1
1 3-16
3c
38c
30c
9-16
6c
68c
27,350
3,200
6,000
29,300
11,000
14,200
16,600
25,600
13,000
20,000
3,000
14,700
5,300
8,500
5,500
25,950
4,070
12,100
47,300
3,200
23,000
12,000
9,900
2,600
2,500
27,400
31,400
14,000
23,000
7,000
3,000
3,200
11,270
4,700
7,350
11,400
4,700
0,500
15,100
3,000
8,300
21,000
67.200
16,000
104,200
310
1
May
May
54 July
Nov
pyt
'F;"
221 1A ug
302 :
34 Mar
6a Nov
60
2704 N
111;
SeptmNshonv52:i
5c
Fob
Nov
1
50 : . oat
N uevg
AkOu V
1
June
1% Nov
155 Nov
lie July
11c July
2540 Nov
354
2c Nov
g
Nov
34
110 June
Nov
1
23 Y No v
8e Sept
3% Oct
2340 July
15o June
5e
1-16 A
Apr
24e June
340 Mar
Feb
22c
Feb
3c
Nov. 29 1919.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Weck.
Price. Low. High. Shares.
Mining (Concluded) Par
11ason Valley_ _ _ _ .... _5
_
3% 3% 3%
icKinley Darragh Say_ _I
68c
60c
70c
qother Lode new r
1 5%c
5%c fic
National Tin Corp_r _.50c
7
7%
Nevada Ophir Min_r__10c
29c
29c
Ripissing Mines
5
13
11% 13
Nixon Nevada
I
18c
22c
3nondago Mines Corp_r _1
2%
2% 2%
Dphir Silver Mines_ r_ _ _ _1
1%
1%
1%
Roper Group M Co
I
5-16
5-16 %
St Croix Cons Mines_r_ _ I
11-16 11-le
Seneca Copp Corp_(no par)
15
1534
Seven Metals Mining_r_ _I
%
% 5-16
Silver Dollar Mr
1
7-16
7-16 %
Silver King of Arizona_ _I
11-16 %
Silver King Divide_ r____ I
14c
13c
17c
Sliver Pick Cons'd_r
1
7c
6c
7c
Sou Am Gold & Plat_ r_ _10
8%
834 9
standard Sliver-Lead..,. I
X
X
%
Stewart
1
23c
19e
24c
Success Mining
I
4c
2e
4c
Toggery Divide.,
10c
25e 2:c
Tonopah Belont Devel_r_l 2 13-16 2% 2 15-16
Tonopah Divide_ r
1
5%
534 5%
Tonopah Extension
1
23s 2 2 11-16
Tonopah Mining
1
234
2%
2.4
United Eastern
1
3% 4
U S Continental Mines_r 1 10 A c
10c 1114c
Victory Divide_ r
24c 28e
25e
1
Washington Gold Quartz.] 97c
97c 98c
West End Consolidated 5 111-16 1 5-16 1 11-16
White Caps Extension_10c 234c
2e 23.4c
*bite Caps Mining---10c
11c
13c
12c
Wilbert Mining
1
6c
7c
6e
BondsAllied Pack cony deb 6s '29
Amer Tel & Tel 65 _r__ '22
6% notes r
1924
Anaconda Cop Min 60 r '29
Canada(Dom of) 534ss '21
DC C & St Louls_r_ _1929
Copenhagen (City) 534s '44
Interboro R T 7s
1921
Russian Govt 63is-r 1919
1921
5)is r
Swedish Govt 6s.rne 15'39
..,__.._-_,... ..-,...,. ... MIL.•90
84%
9634
96%
94
53
94
84%
9634
96%
97A
96%
9334
83
57
36
37
93
on
86
97
96%
9734
97
9434
83%
6634
37
37
9434
on,:
Range since Jan. 1.
Low.
High.
5,100
2
Apr
4% July
15,200 45e
Jan
75e Sept
1,100
3%c Mar
6%c Nov
75% Sept
1,200
% Mar
1,500
15c
Apr 50c May
11,200
84 Jan
15
May
6.500
17c
Apr
48c
Jan
1,200
2% Nov
4% Oct
2,300
1% Oct
1% Oct
46,500
3-16 Oct
1% Aug
.;,000
% Oct
1
Aug
700 13% Feb
26
May
900
11 Aug
3i, July
5,200
% Nov
134 June
8,000 13-32 Feb
1% May
8,200 12c Sept 37c Mar
10,200
4c
Apr
14e
Apr
4,300 . 834 Nov
1434 June
2,000
A Jan
if, May
40,300 14c Mar
34c May
12.900
2e Nov
7c
Jan
2,000 29c
Oct
42e
Oct
3,275 2 9-16 Jan
4
May
9,050
b
Aug •12
Aug
5.710
1% Jar,
3% May
5,800
234 Jan
434 May
5,250 3 3-16 Jan
54 Mar
30,100
So
Jan
190 May
11,200 20c Nov
53c June
6,200 71c
Apr 99c
Oct
7,900
1
Mar
3
May
11,300
2c
Jan
7c
Apr
14,700 10e
Jan
35c
Apr
12,700
5c
Jan
13%c Aug
s
322,100
136,000
15,000
1,000
39,00(1
26,000
20,000
455,000
10,000
15,000
45,000
ono
84
96%
9534
9734
96%
93%
83
61
3434
37
92
on
Nov
91
Sept
Nov
9934 Oct
Nov 100% May
Feb 100
May
Nov
9834 Oct
Nov
98
Aug
Nov
9334 Aug
Nov 92% Fet
Sept 72
Fet
Sept 65
Fet
Nov 100% Jun(
Nr,-,‘, nr: 7,4 Tillx
•Odd lots. t No par value. I Listed as a prospect. I Listed on the Stock
'exchange this week, where additional transactions will be found. o New stock.
r Unlisted. to When issued. z Ex-dividend. y Ex-rights. a Ex-stock dividend.
Dollars per 1.000 lire flat
k Correction.
CURRENT
NOTICES
-Elmer G. Parsly, formerly a member of the firm of Harper & Turner,
Philadelphia. with L. Fuller Parsly and Joseph Priestley Button have
formed a co-partnership under the name of Parsly Bros. & Co. The new
firm will deal in investment securities and transact a general brokerage
business in stocks and bonds with offices at 1421 Chestnut street, Philadelphia. Parsly & Co. are members Philadelphia Stock Exchange and have
private wire service to Now York, Pittsburgh, Hartford, Providence and
Boston.
Rutter & Co. announce that Carroll Dunham,3rd, formerly of Hodges.
Dunham & Co., has been admitted to the firm and that Robert D. White,
recently with Blake Bros. & Co., is now associated with them. Tho firm
has recently moved to 14 Wall Street.
-William G. Gallagher and Max Winkelman have formed a co-partner
ship under the firm name of William G. Gallagher & Co., and will transact
business in curb stocks and unlisted securities with offices at 15 Broad
Street.
The American Exchange National Bank nas been appointed registrar
of the stock issues of the Langley Mills, the Aiken Mills and the Seminole
Mills, all corporations in South Carolina.
-Morton Lachenbruch, of Morton Lachenbruch & Co., 42 Broad St.,
Now York City, has been elected a member of the Detroit Stock Ex change
-The Mechanics & Metals National Bank has been appointed New
York Registrar of the capital stock of the Ohio Body and Blower Company.
-The Guaranty Trust Company of New York has been appointed
Transfer Agent of stock of the Basin Metals Mining Corporation.
-Blodgett, Hart & Co., dealers in investment securities, have moved
to 42 Broadway.
New York City Banks and Trust Companies.
All prices now dollars per share.
Banks
-N Y Bid
Ask
Banks
i Bid
Trust Co's
Ask
Bid
Ask
America •____ 625 635 1Hrving (trust'
New York
Amer Each__ 315 325 1
certificates) 400 405 Bankers Trust 465 480
Atlantic
200
' Liberty
1465 485 Central Union 455 462
Battery Park_ 215 220 1I11ncoln
285 290 Columbia...... 375 385
Bowery*
425
____,
Manhattan •_ 240 250 .Commercial__ 150
160
Broadway Con 140 150 'Mech & Met_ 465 480 ,Empire
295 305
Bronx Boro... 105
125 ,,Merchants
237 242 Equitable Tr_ 480 490
Bronx Nat__ - 150
160 IMutual•
425
Farm L & Tr_ 440 450
Bryant Parks 145
156 ,,New Neth's_ 200 210 Fidelity
-220 230
Butch & Drov 35
45 , New York Co 140
149 Fulton
255 265
Cent Mere
175 190 New York
465 480 Guaranty Tr_ 425 433
Chase
615 630 1Pacific •
135
Hudson
135 145
Chat & Phen_ 325 335 Park
760 780 Irving Trust..(See Irving
Chelsea Exch• 130
140 Prod Exch._ 350
400
/Nat Bank
Chemical
585 595 'Public
330
Law Tit .1c Tr 140
143
Citizens
270 280 Seaboard
625
_ Lincoln Trust 175
City
435 • 445 Second
400 425 Mercantile Tr 235
-Coal & Iron_ 250
State.
215 235 Metropolitan.. 345 355
Colonial•
350
23d Ward'..,.. 125
135 Mutual(West
Columbia•
205
___- Union Exch
185
190
chester)
105 125
Commerce
J., United States. 20()
252
_
N Y Life Ins
Comml
395 410 Wash II ts•
350 450
& Trust
776
CommonWestch Ave._ 170
N Y Trust
615
wealth•- 210 220 Yorkville•
340
_
Title Gu & Tr 420 427
Continental'. 120
S Mtg & Tr 425 435
Corn Each's
470
Brooklyn
480
'United States 900 925
Coemop'tan•_ 95 100 Coney Island* 140
155 Westchester
130
140
Cuba (Ilk of)_ 177
182 First
200 215 ,
East River
150
Greenpoint
150
165
Brooklyn
Europe
110
130
110
120 .Brooklyn Tr_ 505
Fifth Avenue* 900
Homestead•
_
80
Franklin
255 265
Fifth
165 Mechanics's
1150
85
95 Hamilton
262 272
First
990 1020 Montauk •
85
95 Kings County 650 700
Garfield
220 230 Nassau
205 215 Manufacturers 205
Gotham
190 200 National City 115
130 1People's
305 315
Greenwich•
380
North Side...., 195 205 I
Hanover
820
835 People's
137 147
Harriman_
365
380
Imp & Trad
600
610
• Banks marked with a (I) are State banks.
change this week. I Includes one-half share t Sale at auction or at Stock ExIrving Trust Co. 8 New stock,
sEx-rights
Eg"
2067
New York City Realty and Surety Companies.
All prices now dollars per share.
Alliance R'Ity
Amer Surety_
Bond & M G_
City Investing
Preferred_
Bid
70
78
243
37
82
Ask
80
82
248
42
86
Bid
Lawyers Mtge 127
Mtge Bond__ 92
Nat Surety_ _
N Y Title ez
Mortgage.._ 137
Ask 1,
Bid
132 !,Realty Assoc
(Brooklyn).. 115
97
260 U S Casualty.. 185
US Title Guar 80
145 West & Bronx,
Title & M GI 150
Ask
120
200
170
Quotations for Sundry Securities
All bond prices are "and interest" except where marked "f
Standard Oil Stocks Pelt Sitar e
RR. Equipments-PerCLIBasts
.
Par Bid
Ask. Baltimore & Ohio 434e
6.00 5.75
Angio-Ataerican Oil new.. £1 3112 32
Buff Roch & Pittsburgh 434s 5.95 5.50
Atlantic Refining
100 1625 1725
Equipment 4s
5.95 5.50
Pref. new
11012 11112
Equipment 6s
5.90 5.50
Borne-Scrymeer Co
100 470 490 Canadian Pacific 434s
6.00 5.70
Buckeye Pipe Lino Co
50 .95 97 Caro Clinchfield & Ohio 5s.,
6 75 6.00
Chesebrough Mfg new
100 x280 295 Central of Georgia 4%'
. 6.50 5.90
Rights
*2
4
Chesapeake & Ohio
6 00 5.70
Preierred new
108 112
Equipment 55
6.00 5 70
Continental Oil
100 555 575 Chicago & Alton 4345
7.50 6.50
Crescent Pipe Line Co__ _ 50 .32 35
Equipment 5s
7.50 6.50
Cumberland Pipe Line_ _ _100 x165 175 Chicago & Eastern Ill
534 i_. 7.25 6.25
Eureka Pipe Line Co_
100 150 160 Chic Ind & Louisv 4%5
6 37 6.00
Galena-Signal 011 corn_ 100 85 88 Chic St Louis dc N
590 5.50
0 bePreferred old
100 103 113 Chicago & N W 4 As
5.75 5.30
Preferred new
104 109
Chicago RI & Pac 4 A e__ _. 6.50 5 90
Illinois Pipe Line
100 170 180
Equipment 5s
6.50 b 90
Indiana Pipe Line Co__
50 *93 95 Colorado & Southern bs . 6.50 6.00
International Petroleum.. Ll *54 56
Erie be
6.75 6.00
National Transit Co.._ _12.50 .35 37
Equipment 4%s
6 75 6.00
New York Transit Co.,
..A00 178 183 Hocking Valley 41281
6.37, b 75
Northern Pipe Line Co_ 100 105 110
Equipment be
6.37, 5 75
Ohio Oil Co
25 *361 370 Illinois Central 5s
5.751 5.40
Penn-Met Fuel Co
25 .70 75
Equipment 434s
5.75: 5.40
Prairie 011 & Gas
100 675 695 Kanawha & Michigan 4345... 6.37, 5.75
Prairie Pipe Line
100 270 275
Louisville & Nashville Si...... 5.75!5.00
Solar Refining
100 365 390
Michigan Central be
5.90 5 75
Southern Pipe Line Co_ _100 165 170
5.90 5.75
Equipment 6s
South Penn 011
100 325 335
Minn St P&SSM 4
5.95 5.50
Southwest Pa Pipe Lines_100 95 98 Missouri Kansas Texas
Is.. 7.00 6.00
&
Standard Oil (Caltforula).100 293 298 'Missouri Pacific
6.75 6.00
Standard 011 (Indiana) _ ..100 750 760 'Mobile & Ohio 5s
6 50 5.75
Sc
Standard 011 (Kansas). _100 530 595
Equipment 4%s
6.50 5.75
Standard Oil (Kentucky)100 470 490
New York Central Lines Sc... 5.90 5.75
Standard Oil (Nebraska).100 515 530
Equipment 4%s
5.90 5.75
Standard 011 of New Jer_100 710 715 N Y Central RR 4125
5.95 5 75
Preferred
100 113 11312 N Y Ontario & West
434s... 6.50 6.00
Standard 011 of New Y'k.100 424 428
Norfolk & Western 4 A s _ 5.75 5.30
Standard Oil (Ohio)
100 515 530 Pennsylvania RR 4 ab 65 5 30
-- Swan & Finch
100 120 125
Equipment 4s
5.65 5 30
Union Tank Car Co
100 125 130 St Louis Iron Mt et Sou
bs_. 7.00 6.00
Vacuum Oil
100 430 440 St Louis & San Francisco
5s. 703 6.00
Washington Oil
10 .40 45 Seaboard Air Line
6.75 6.00
be
Equipment 434s
6.75 6.00
Ordnance Stocks-Pd? S hare.
Southern
Aetna Explosives pref___100 50 60 Southern Pacific Co 434g..... 5.80 5.35
Railway 434s_..,.-. 6.37 5.70
Atlas Powder common_ _ _100 152 155
Equipment be
6.37 5.70
Preferred
100 89 92 Toledo & Ohio Central
4e.... 6.50 575
Babcock & Wilcox
100 120 123
Bliss (E W)Co common_ 50 •430 470
Preferred
50• 66 75
Canada Fdys & Forgings_100 185 195
Carbon Steel common_ 100 124 126
Tobacco Stocks-Par SI are.
let preferred
100 101 110
Fa Bid. Ask
20 preferred
76
American Cigar common_100 130 135
100 71
Colt's Patent Fire Arms
Preferred
10( 85 90
Mfg_
25 *60 62
Amer Machine & Fdry_ _100 110 112
duPont(E I) de Nemours
British-Amer Tobac
*253 26
4
& Co common
100 380 390
Ordinary, bearer
*25 2612
93 Conley Foil
Debenture stock
100 91
100 210 245
Eastern Steel
100 87 91
Johnson Tin Foil & Met_10( 110 118
Empire Steel & Iron corn _100 22 28 MacAndrews & Forbee 101 155
160
Preferred
100 64 69
Preferred
101 95 98
Hercules Powder corn......100 227 233 Reynolds (R J) Tobacco_101 495 530
Preferred
B common stock
10€ 106 110
10( 465 500
Niles
-Bement
-Pond com_100 111 114
Preferred
10( 103 107
Preferred
100 95 100
A dividend scrip
99 101
Phelps
-Dodge Corp
100 245 /55
B dividend scrip
99 101
Scovill Nianufacturing
100 410 430
Young (J 5) Co
10( 129 137
Thomas Iron
50 *30 35
Preferred
100 95 105
Winchester Co corn
100 350
1st preferred
100 94 98
2nd preferred
60 65
Woodward Iron
100 48 52
Short Term Notes-Per
Preferred
80 90 Am Cot Oil 65 1924_ _M&S 2 9714 98
Amer Tel & Tel Os 1924_ FAA
96 963
5
Public Utilities
6% notes 1922
A&O 9614 9634
Amer Gas & Elite nom__ be •124 129
Anaconda Cop Min '29_J&J 97 973
4
Preferred
60 *3914 4014 Canadian Pao Os 1924.M&S 2 93 9812
Amer Lt Tree oom_ _ _ _100 210 212 Del & Hudson be 1920.
9812 99
_FAA
Preferred
100 93 95 Federal Bug Rfg Os 1924M&N 97 973
4
Amer Power & Lt corn.,,.,.100 60 65 General Elec 6e
1920_ _ _ _J&J 100 10035
Preferred
10C 74
6% notes (2-yr) 1919.J&U 9914 100
Amer Public Utilities com100
10 Great North be 1920..
M&S 9812 99
Preferred
100 23 26 K C Term Ry 4%s 1921_J&J 95 9612
Carolina Pow&Light corn 100 34 36
bs Nov 15 1923_ _M&N
Cities Service Co corn_ ,...100 430 435 Liggett&M yersTob68'21 lb 9812 9912
J&D 9014 993
4
Preferred
100 76 7612 ,N Y Cent 6e 1920__M&S 15 991 _997
8
Colorado l'ower corn__ 100
16 Penn Co 434s 1921__J&D 15 973
s -97414
Preferred
100 98 100 Pub Set Corp NJ 7s '22.M&5
87
Com'w'th Pow Ry & Lt100 20 22 .Sloss-Shef
S & I 6s '29.F&A 9212 9412
Preferred
100 45 47 Southern Ry
M&S 9512 96
Elm Bond & Share prof..,.100 d92 95
Swift&Co 6e 1921_ _ _ FAA lb 9914 99
14
Federal Light & Traction.100
11
8
Utah See Corp 6,3'22.M&S lb 8714 88
Preferred
100 40 45
Great West Pow be 1946_J&J 80 85
Mississippi Bly Pow com_100
11
9
Preferred
100 491 52
Industrial
First Mtge bs 1951_ _J&J 77 79
and Miscellaneous
Northern Ohio Elea Corp(t)'a is 21
American Brass
100 228 232
Preferred
100 55 60 American Chicle corn... IGO 94 98
North'n States Pow com_100 63 67
Preferred
100 81
86
Preferred
100 90 92 American Hardware_ ._ 100 152 158
North Texas Elea Co corn 100 60
Amer Typefounders corn _100 47 50
Preferred
100 70 74
Preferred
100 89 93
Pacific Gas & ElecIst prof 1
8812 89 Borden's Cond Milk com_100 105 108
Puget Sd Tr L & P corn....100
11
Preferred
100 96
99
Preferred
100 50 55 Celluloid Company
100 135 150
Republic Ry & Light
100 14
17 Havana Tobacco Co.._ 100
8
33
s 32
Preferred
100 50 53
Preferred
100 _ _ _ _ s13714
South Calif Edison corn..
87 8812
1st g 5s June 1 1922_ _J-D f55 60
Preferred
100 102 105 Intercontinen Rubb com_100 16
19
Standard Gas & El (Del),.
*2312 2914 International Salt
100 66 70
Preferred
.42 4212
let gold bs 1951
A-0 69 73
Tennessee Ry L & P com_100
212 312 International Sliver pref_160 97
Preferred
100
5
8 Lehigh Valley Coal Sales_ 50 •90 92
United Gas et Elee Corp_100
Royal Baking Pow corn_ ..100 140 145
1st preferred
100
Preferred
100, 95 100
20 preferred
100 _
Singer Manufacturing__ ..100 175 185
United Lt & Rys com
43 Singer Mfg Ltd
..100
1
314
1st preferred
100 67 70 Texas Pac Coal & 011
11 *17012 180
10 '12
Western Power common_100 21
23
W'houseChurchKerr&Co 100I _ _ _ _ 60
Preferred
74
..100 71
Preferred
1001 80 85
•Per share. b Basis. 4 Purchaser also pays accrued dividend. • New nook.
1 Flat price. n Nominal. x Ex-dividend. y Ex-rights. (t) Without par value.
Vol,. 109.
THE CHRONICLE
2068
intirestment and gailraact intelligence.
RAILROAD GROSS EARNINGS
returns
The following table shows the gross earnings of various STEAM roads from which regular weekly or monthlylast two
the
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and
electric railways
columns the earnings for the period from Jan. 1 to and including the latest week or month. The returns of the
are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current 1Previous
Year.
Year.
Current
Year.
Previous
Year.
Jan. 1 to Latest Date.
Latest Gross Earnings.
Jan. 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
8
$
$
308,136 288,996 2,620,814 2.250,901
September
Alabama & Vicksb_ September
230,351 232,345 2,040,303 1,750,865 Monongahela
183.417 241,197 1,316,710 1,787,159
3.860,319 3,109,207 Monongahela Conn_ September
3d wk Nov
Ann Arbor
165,111 156,129 1,135,514 1,130,219
October
Atch Topeka & S Fe September 17873535 15354:828 126797079 118135608 !Montour
14,426,089 15,653.628
Gulf Colo & S Fe_ September 2,153,320 1,938.129 14,876,900 14,028,418 Nashv Chatt & St L September 1.908,985 2,215,232
252,338
287.460
3,815
9,958
670,345 501.969 4,420,152 4,382,662 i Nevada-Cal-Oregon 2d wk Nov 126,276 265,870 1,105,634 1,985,886
Panhandle & S Fe September
465,997 3. 01.4 8 3,309.678 Nevada Northern.._ September
Birm & Atl_ September
Atlanta
444,781
19,435 169.845 1,067,2-19 1,168,984
& Sou Sh'October
Atlanta & West Pt._ September
222.304 251.876 2.001.8-19 1.790.341 Newburgh
200,832 199,543 1,722,600 1,653,321
September
415,338 466,542 3,629,113 3,152,813 New On Great Nor._ September
Atlantic City
546,201 665,186 4,781,506 4,820.489
Atlantic Coast Line_ September 4.754,206 4,778,365 46,276,518 41.390,761 New On & Nor East September
184,866 150,816 1,431,108 1,465,052
er
Baltimore & Ohio September 18708038 18816993 132609922 125042186 N 0 Texas & Mex__ISeptemb
968,624 1,075,632
122,189 127,005
Beaum S L & W.... September
217,785 160,144 1,418,798 1,359.294
B & 0 Ch Term.._ September
512,726 485,479 3,968,998 3,199,828
St L Browns & M;September
449,705 456.917 3,721.675 3,491.758
Bangor & Aroostook September
29486945 30506322 229010770 210620888
65,038 New York Central__1September
74,755
7,339
11,083
Bellefonte Central September
12 4,060.328
620,110 536.465 4,802,9,
Ind Harbor Belt.. September
403.134 332.985 2.722,238 2.937,747
Belt Ry of Chicago September
966,785 832,139 7.115,939 6,757,311
Lake Erie & West September
Bessemer & L Erie September 1,340,520 1,638.357 9,981,922 9.935,698
6,005.579 56,918,226 48,923,700
Michigan Central September 7.707.648
847.188 2,598,556
Bingham & Garfield September
84,249 316,482
Cleve C C & St L.. September 7.474,754 7,503,023 53,092.126 51,822,062
432,638 1,136.923
42,524, 87,112
Birmingham South_ September
259,606 258.741 2,156,944 1,981.439
Cincinnati North_ September
September 7,140,558 7.133.759 52.451,126 51.792.036
Boston & Maine
Pitts & Lake Erie September 2.695.502 3,446,082 21.308,136 24,116,756
Buff Roch & Pittsb_ 3d wk Nov 210.048 344,894 12,793,082,17.136,228
992,380 871.424 6.850,659 7,186,933
Tol & Ohio Cent_ September
1,695.503
221,763 190,5371 1,696,7941
September
Buffalo & Sus°
417,146 629,713 3,204,561 4,293,445
Kanawha & Mich September
Canadian Nat Rys_ 2d wk Nov 1,961,003 1.719,030 77.868,526 68,408,623
17,707,486 15,633,914
100,916 138.454 2.013.442 1,585.539 N Y Chic & St Louis September 2,067,196 2,230,058 76,728.381 75,702,148
Can Pac Lines in Me September
N Y N II & Hartf_ _ September 10216559 10007110
Canadian Pacific_ _ _ 3d wk Nov 4,111,000 3.582,000 151304000 133918000
1,025.943 8,391.819 8,419,533
953,330
550.451 488,133 4,369,816 3,453,235 N Y Ont & Western September
Caro Clinch & Ohio_ISeptember
323,747 344.019 2,870,714 3,084,357
Central of Georgia_ September 1,855,972 1.822.792 15,737,993 15,027,373 N Y Susq & West__ September 7,348,327 7,925,743 56,023,042 59,236,485
September
Central RR of N J.. September 4,131,525 4,249,786 32,895,634 33.091,906 Norfolk & Western.. September
590,161 518.804 4,687,080 4,152,072
671,898 597,364 4,851,775 4,602,209 Norfolk Southern__ September
Cent New England_ September
998,052
842,419
109.423 162,394
587,314 529,768 4,267,450 3,788,750 Northern Alabama_ October
Central Vermont.. September
107030-10 12167442 83.246,513 82,813,285
278,904 282,023 2,211,722 2,074,629 Northern Pacific...... September
773,371
Charleston & W Car September
799,870
62,603
77,528
Minn & Internat..
°hos & Ohio Lines.._ September 6,546,830 7,339.545 53,673,732 51,900,335
628.741 560,186 4.789.377 4.292,644
September 2.414.784 2.501.247 18.691,456 17.735,341 NorthwesternPacific September
Chicago & Alton_
486,268 451,395 3,691,108 4,178,597
September
Chic Burl & Quincy September 15487099 14017204 112204197 104032713 Pacific Coast RR September 36906615 37154966 282854124264201180
2,214,751 2.8 11.806 15.909.694 16,691,992 Pennsylvania
Chicaso & East HI_ _ August
158,971 182,669 1,216,506 1,039,684
Bait Ches & Atl_ _ September
Chicago Great West September 2,204.613 1.880,449 16,108,560 14,096,588
755,910
810,079
88,072
101,793
Cine Lob & North September
Chic Ind & Louisv__ September 1,152,262 1,043.759 8,979,268 7,904,621
553,636 626,855 4,233,709 4.111,277
Cumberland Vail.. September
2,464,417
329,440 280,116 2,697,530
Chicago Junction__ September
1,851.252 1,817,117 20,902,801 18,861.378
October
Long Island
Chic Milw & St Paul September 15137097 13575320 110262256 95.766,153
788,166
143,217 133,132 1.124.239
Mary Del & Va.... September
Chic & North West_ September 14504392 13344958 102112652 91,427,090
770,772 767,970 6,098,830 5.399,045
N Y Phila & Nor_ September
181,883 180,564 1,221,495 1,636,831
Chic Peoria & St L_ September
137.700 177,830 1,203,479 1,192,609
September
Tol Poor & West_
Chic It I & l'acific__ September 11386285 9.758.725 80.405.489 72.620.188
8.172,355
W Jersey & Seash September 1,248,189 1,195,870 9,497,455 67,006,845
505,498 392,032 3,470,078 3.257.297
Chic R I & Gulf__ September
September 10401552 9.336,260 78,583,585
Chic St P M & Om_ September 2,639,485 2,406,687 19.863,310 17,739,388 Pennsylvania Co...... September
862,689 716,761 6,021.948 5,324,173
Grand Rap & Ind
483,720 525,206 3,068,136 3,631,105
Terre H & S E.. September
Chic
Pitts C C & St L.. September 9,079,693 8,396,660 68.989.665 63,253,227
286,661 306.478 2,256.174 2.333,978
Chic Ind & Western September
941,688
867,067
99,550 113.333
September
Cin N 0 & Tex Pac_ September 1.243,337 1,376,930 11.912.564 11,195.974 Peoria & Pekin Un_ September 3,332,640 2,815,650 25,427.031 20,439,932
2d wk Nov 497,533 483,322 21,957.276 18,462,779 Pere Marquette
Colo & Southern
779,482
813,883
101,419 123.360
September
Perkiomen
Ft W & Don City.. September 1,049,897 728,311 8.029,924 5,548,259 Phila Beth & N E October
686,436 1,231,159
75,932 123,468
836,334
958,803
149,148 107,961
Trin & Brazos Val September
September 6,954,895 7,568.742 53,764.311 59,579,364
836,603 Phila & Reading
822,934
84.614
77.636
Colo& Wyoming___ September
862,302 1,027,882
116,312 130,911
Pittsb & Shawmut_ _ September
September 1.094.970 875.550 10,341.654 10,062.260 Pitts Shaw &
Cuba Railroad
972,393
834,711
90,470
121,432
September
Delaware & Hudson September 3,131,892 3,768,930 25.690,260 26,082,585 Pittsb & WestNorth September
128,669 167,629 1.005,819 1.411,655
Va__
49,736.310
Del Lack & West_ _ _ September 6.213.780 6,540.659 52,974.984
218,347 247,995 1,902,527 1,821,779
September
Deny & Rio Grande September 3,498,069 3,227.953 23.543.080 22,289,450 Port Reading K C.... September
793,767
812,554
99,306
101,823
309,371 217.567 2.104,577 1,592,498 Quincy Om &
Denver & Salt Lake September
598,934 830,612 5,927,595 4,958,406
September
152,449 137.297 1,186,828 1,153,359 Rich Fred & Potom_ September
Detroit & Mackinac September
341,168 418.411 3,512,584 2,716,922
Wash Southern
339.584 397,451 2,718,193 2.409.857
Detroit Tol & Iront_ September
453,720 485.785 3,529,313 3,434,027
September
268,651 177,370 1.819,222 1.446,686 Rutland
Det & Tol Shore L__ September
272,512 223,212 2,170,767 1,967,971
September
Dul & Iron Range__ September 1,106.005 1,250.257 6.794,118 7,311,283 St Jos & Grand Isl'd September 7,452,640 7,251,929 56,701,301 50,714,786
3,402.821 16,469,543 16,730,437 St Louis-San Fran September
Dui Nlissabe & Nor.. September 2,968,017
847,013
181,166 112.364 1,135,757
Ft W & Rio Gran..
86,940 4.155,801 4,206,271
93,461
Dub Sou Shore & Atl 2d wk Nov
116.852 102.041 1.126,561 1,038,040
September
153,533 126.056 1.412,359 1.267,889 StSt L-S F or Texas.. September 1,260.500 1,061,288 9,640,489 9,582,229
Duluth Winn & Pac September
Louis Southwest_
836,675
900,349
102,553 113.350
East St Louis Conn September
641,153 515,513 4,793,212 3,012,393
St L SW of Texas September
Elgin Joliet & East_ September 1,699,902 2,005.230 14.976.402 14,238.426 St Louis Transfer September
848,503
808,988
129.128 110.171
1,168,006 1,179.466 10,460,981 12,306,597 San
El Paso & So West.. October
458.831 487.532 3,212,015 3,087,343
Ant & Aran Pass September
61,953,958
September 8,881.185 8,096.843 67,298,016
Erie Railroad
September 3.161.082 3,971,221 30,298.801 28,604,483
948,420 944,702 7.666,216 7,587,908 Seaboard Air Line.._ October
830,820 1,301,921
Chicago & Erie September
52,820 140,108
704,357 508,156 7,448.021 6.722,305 South Buffalo
121754835 111293855
Florida East Coast_ September
843,017 Southern Pacific.. September 16588992 14583550 2,715.834 :1,333,836
939,784
109.301 116,327
Fonda Johns & Glov September
403.029
256,249
Arizona Eastern _ September
924.660
157.534 113.971 1330,838
Ft Smith & Western September
Galv Harris & S A September 1,625,227 2,058,876 15,628,046 15,888,500
790,490
624,776
72,878
68,194
Galveston Wharf..__ September
884,639 913,584 6,561,318 6,726,304
Hous & Tex Cent_ September
562,077 775.184 4.453,953 4,722.131
Georgia Railroad___ September
223,256 207,132 1,724,336 1,525,613
Hous E & W Tex_ September
745.463
726,899
98,405
87,825
Georgia & Florida__ September
3.235,334
328,626 402,276 2.988.
Louisiana Western September
165,522 367,621 2,621,310 1.704,522
Ord Trk L in New E September
617,405 732,758 5,565,811 6,034,736
Morg La & Texas September
Grand Trunk Syst__ 2d wk Nov 1,488,716 1,471,654 58,998,596 50,628,614
702,658 634,497 5,895,234 5,505,920
Texas & New On.. September
13.296,274
Grd Trunk 'West_ September 2.141,970 1,796,655 16,317,275
13394714 93,426,288 93,110,470
September
Great Northern Syst September 11077054 10967706 77,235,005 68,566,615 Southern Railway.._ September 11317589 971,3611 7,549.959 6,720,937
859,854
Ala Great South_
239,233 224,518 1,991,172 1,771,374
Gulf Mobile & Nor_ September
Mobile & Ohio...... September 1,405,149 1,383,659 11,130,330 10,917.409
206.335 226.242 1,797.919 1.974,730
Gulf & Ship Island_ September
347,454 316.991 3,177,878 2,600,064
Georgia Sou & Fla September
Hocking Valley____ September 1,383,081 1.490,827 8.582.985 9,823,592
155,062 145.679 1,2.36,929 1,013,057
South By in Miss. September
Illinois Central_ __ .. September 9,840.095 10802501 78.895,768 79,224,556
745,237
811,259
93,714
125,818
Internat & Grt Nor_ September 1.295.424 1,354.734 10,377,559 9,804.121 Spokane internat.... September
669,869 769,684 5,400,327 6,102,301
979.641 Spok Portl & Seattle September
989,120
Mex & Or September
174,320
156.915
Kan City
192,148 202,197 1,714,896 1,401,613
T.__ September
887,956 Staten Island R
826.917
K C Mex & 0 of Tex September
129.253 115.347
119,732
117,1 1(17
2.870
3,135
Kansas City South._ September 1,332,293 1,418,203 10.897,290 10,980.044 Tenn Ala & Georgia 2d wk Nov 213,834 292,087 1,879.923 2,216,977
886,389 Tennessee Central __ September
96,028 1.071,324
146,691
Texark & Ft Sm__ September
390,683 368,687 2,832,569 2,828,704
918,586 Term RR Assn ofStL September
129,012 113.615 1.010.412
Kansas City Term__ September
2,687,350
336,038
St L Men Bridge T September
277,178 191.753 1.947.4-10 1.713,073
Lehigh & flud River September
758,836 600,055 30,797,42() 22,8:18,167
418,731 180,680 2.769.777 3,011.752 TMCM & Pacific_ _ 2d wk Nov 853,699 790,014 5,822,412 6,034,530
Lehigh & New Eng.. September
September
September 6,076,055 6,407.870 47,169,810 47,385,830 Toledo St L & W_
771,064
Lehigh Valley
891,807
91,370
156,796
Los Ang & Salt Lake September 1,472,350 1,380,407 12.503.473 10,577.281 Ulster & Delaware.._ September 11452998 10527835 80,746.408 69,858,762
September
178,3691 127.078 1,533.753 1,254,337 Union Pacific
Louisiana & Arkan_ September
27.667,468 24.617.876
Oregon Short Line September 3,852,204 3.283.076
298,9611 268,859 2,583.090 2,253,572
Louisiana Ry & Nay September
2.789,324 2,589.778 20,779,092 19,274,863
Ore-Wash RR & N
Louisville & Nashv_ September 9,846.323 9.991,340 78.592,992,73,368,542 Union RR (Penn)._ September
682,211 684,3311 6,523,312 5,818.278
October
265,0671 289.275 2,165.5891 2,019,988
Louisv fiend & St L September
865,317 1,023.264
139,559 132,882
September
12,127,843 Utah
September 1,603,177,1.646,584 12.852,475
Maine Central
296,684 254,059 2,408,424 1,871,225
Pac_ September
339,2441 326.524 2,877,4531 2.520,767 Vicks Shreve &
Midland Valley__ September
September 1,280,679 1,180,591 8,628,252 8,679,748
669,225; 1,000,725 Virginian RR
2d wk Nov
20.577
13,9611
Mineral Range
September 4,634,276 4,550,246 34,727.202 34,351,330
Wabash
Minneap & St Louis September 1.371,678 1.255.858 9.692.2421 8,737.277 Western R Fl
1,485,965 1,262,474 12.375.593 12,271,879
Maryland_ October
Minn St P & S S M_ September 4.186,107 3,978.417 30,679,835 24,354,869
September 1,433,014 1,036,991 9,365,243 8,348,465
982.710 Western Pacific
739.535
75.946 134,684
Mississippi Central_ September
190,749 303.932 1,878,537 1,816,042
Ry of Ala September
Western
Missouri Kan & Tex September 3.291.042 3.205,948 25,092,592 23,513,231 Wheel & Lake Erie_ September 1,237,697 1,434,044 9,518,615 9,992,774
763.278
Mo K & T By of Tex September 2,429,785 1,931,358 18,117.969 14,225.823 Wichita Falls & N W September
252,745 110,042 1,593,144
1,060,868
06,874 1,145,0871
159,896
Mo & North Arkan_ September
2,109,072 18,000,644 15.933,649
139,709 171,283 1.020.706 1,360,087 Yazoo & Miss Valley September 2,462.013
Mo Okla & Gulf_ ___ September
Missouri Pacific..___ September 9.093,852 8.453.365 67.483.924 64.787,366
9
9
9
AGGREGATE OF GROSS EARNINGS-Weekly and Monthly.
*Weekly Summaries.
Current
Year.
Previous
Year.
I
$
$
7.683.102, 7.057.111
3d week Aug (11 roads)____
4th week Aug (14 roads)_ _ __ 12.493,8531 11,537.116
8.487,4571 7.539.327
1st week Sept (14 roads)....
2d week Sept (14 roads)_ -__ 9,112.054' 7.517 915
7,526,952 5.909.152
3d week Sept (8 roads)____
4th week Sept (14 roads)........ 13,554,337, 10.992.251
1st week Oct (8 roads)......._ 8,512.726 7.547,918
8,705.749 7,789.435
2d week Oct. (13 roads)_ ___
9.751.383 8,364,852
3d week Oct (14 roads)____
9th week Oct (9 roads),..__ 13.060,631 11,621,996
a 110 510
R RA9 Alq
1st. week Nov_ (14 mark)
• We no longer Include Mexican roads in any of our
Increase or
Decrelse.
%
8
+625.991 8.87
+956,737 8.29
+948.130 12.58
+1.594.13921.20
+1.617,300 27.37
+2,562,086 23.42
+964,778 12.78
+916,314;11.64
+1,386,531116.57
+1,438.635 12.38
-4-741 o23 o 1A
totals.
Curr.Yr.
Mileage.
October ____230.184
November _232.274
December _232,774
January ____232,655
February _ _ _232,957
226,086
March
232.708
April
233.931
May
232.169
June
226.654
July
Anqnat _ _ _ _233.423
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$
$
S
Prev.Yr.
230.576 484.824,750377,867.933 +106956,817 28.3(
232,259 438,602,283 358.438,875 +82,163,408 23.0(
2:32,399 438.365,327335,607,571 4-102757756 30.61
.21
233,199 395,552,020 284.131.201 +111420,81939
21.31
233.266 351.018.747 289.392.150 61.656.597
225.631 375.772,750 365.096.335 10.676.415 2-9(
4.81
233.251 388.697.894 370.710.999 17,980,895 9.21
234,339 413,190,468 378.058,16:3 +35.132,305
232.682 424.035,872 393.265,898 +30.769.974 7.8.
:
226.934 454,588,513 469,246,733 -14,658,220 3.1:
233.2.03 4f19.RIIR.87RA02.50A.334 -32.636.656 6.41
*Monthly Summaries.
Nov. 29 1919.]
THE CHRONICLE
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second week
of November. The table covers 14 roads and shows 13.99%
increase in the aggregate over the same week last year.
Second week of November.
1919.
1918.
Name of Road
or Company.
$
151,418
6,616
158,034
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings with charges and
surplus of STEAM railroad and industrial companies reported this week:
Latest Gross Earnings.
Month.
Increase. Decrease.
$
$
S
Ann Arbor
90,433
85,177
5,256
Buffalo Rochester & Pittsburgh_
193,476
344.894
Canadian National Rys
1,961,003 1,719,030 241,973
Canadian Pacific
4,083,000 3,247,000 836,000
Colorado & Southern
497,633
483,322
14,311
Duluth South Shore & Atlantic_
93,461
86,940
6,521
Grand Trunk of Canada
Grand Trunk Western
1 ,488,716 1,471,654
17,062
Detroit Grand Hay & Milw_
Canada Atlantic
J
Mineral Range
13,961
20,577
Nevada-California-Oregon
9,958
3,815
6,143
Tennessee Alabama & Georgia__
3,135
2,870
265
Texas & Pacific
758,836
600.065 158,771
Total (14 roads)
9.193,612 8,065,344 1,286,302
Net increase (13.99%)
1.128.268
2069
Manhat Bdge 3c Line July'
aMilw El Ity & Lt Co September
lississippi Riv P Co.. September
Nashville Ry & Light September
New England Power_ September
Newp N&1I Ry,G&E. October
New York Dock Co_ _ October
N Y & Long Island__ July
N Y & North Shore__ July
N Y & Queens County July
New York Railways_ July
Northampton Trac__ June
Northern Ohio Elec. _ October
North Texas Electric_ September
Ocean Electric(L I)_.. July
Pacific Power & Light September
Pensacola Electric Co September
Phila & Western
August
Phila Rapid Trans Co October
Portland Gas & Coke_ September
Port(Oro)Ry,L&P Co September
Republic Ry & Lt Co September
Richmond Lt & RR July
St L Rocky Mt & Pac August
Santiago El Lt & Tr.._ August
Savannah Electric Co September
Second Avenue (Rec) July
Southern Boulevard June
Southern Cal Edison_ October
Staten Island Midled_ July
Tampa Electric Co_ _ September
Tennessee Power_ _ _ _ September
kTenn Ry, Lt & P Co September
Texas Power & Lt Co September
Third Avenue System_ October
DDEB&BRR
June
42dStM&StNAvRy June
UnionRyCo(NYC). June
Yonkers Railroad_ _ June
N Y City Inter Ry_ June
Belt Line Railway_ June
Third Avenue
June
Twin City Rap Trail_ October
Virginia Ry & Power_ October
Wash Balt & Annan June
Westchester Electric_ June
Youngstown & Ohio_ September
Jan. 1 to Latest Date.
Current Prerious
Year.
Year.
Current
Year.
Previous
Year.
12,843 12,301
81,942
90,091
1207,606 1023,287 10,642,189 8,650,007
191,050 183,812 1,694,558 1,660.657
274,181 271,642 2,366,376 2,081,799
382,672 338.160 2.922.423 2,600.482
226,048 187.664 2,305,123 1,766,613
416,180 461,850 4,282,025 4,446,584
55,066 54.255
264,870
324,217
14,431
15.838
84.186
88,619
101.787 91.641
535.282
622.443
1077.896 905.830 8.342.663 6,519.757
20.470 19.615
108.999
125.977
796.765 585.622 7,528.102 5,997.743
292,346 226,617 2,426.933 2.263.466
39.429 30.336
112,196
85,347
204.727 167,678 1,585,325 1,370.630
43,182 47,385
366,306
412,857
69,130 59,268
400,642
476.825
3165,552 2411,986 29,160,984 25.535.542
190,275 173,504 1,575.864 1,293,316
706,479 672.791 6,376.094 5,660,876
508,241 443.863 4,522,471 4.150,660
310.487
53,951 47,903
257,114
368,305 467.825 2,655.636 3,848,370
64,367 57.839
495,658
440.507
119.585 101,467 1,031,166
858,150
88.561 80.718
472,471
502.317
22.900 16.390
117.898
99,400
886,394 699,958 8.749,031 7,254,900
42.028 31.539
163.839
200,023
102,653 91.614
915,804
785,287
161.296 186,419 1,603.598 1,590.498
527,745 557,768 4,676,971 4,478,404
279,145 326,820 2,426.172 2,299,633
1030,116 797,504 9,428,155 8,254,601
50.426 51,366
286,313
240,805
160.503 140.262
879.231
799,125
274,226 255.823 1.407.661 1.302,869
97.567 72.552
395,598
479.795
338.642
367.300
68,220 58.271
292.776
298.470
48.577 48,053
348.060 316.629 1.999,917 1.909.852
990,,,G5 751,697 9,231,46, 8,051,212
'
811,308 594,948 7,497,023 6,539,814
203.155 242.955 1,175,052 1.199.668
61.089 54.888
272.214
306,435
47,935 40,657
314,517
362,189
Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Yeac.
Year.
Year.
$
Belt Ry of Chicago_ b_ _ _ _Oct 389,626
349,689
70,745 def20,318
Jan 1 to Oct. 31
3,111,865 3,287,437
367,907
99,966
Birmingham South_ b_ _ _Oct
47,672
92,840
8,681
61,890
Jan 1 to Oct 31
480,310 1,229,763
103,262
335,774
El Paso Southwest_ b_ __ _Oct 1,168,006 1,179,466
293,797
257,620
10,460,981 12,306,599 3,231,068 5,093,676
Jan 1 to Oct 31
•
Oct 165,111
Montour b
156,127
20,832
33.620
1,135,514 1,130.219 def133.600
Jan 1 to Oct 31
104,057
Newburgh & South Sh_ b_ Oct
19,435
169,845 def42.745
53,073
1,067,249 1,168,984 def10,940
Jan 1 to Oct 31
241,195
Pennsylvania System
Oct 1,854,252 1,817,117
Long Island b
83,271
251,337
-20,902,801 18,861,378 4,037,638 5,619,618
Jan 1 to Oct 31__75,932
Phila Beth & Now Eng_ b Oct
123,468
def4.721
13,107
a Includes Milwaukee Light, Heat &
686,436 1,231.159
Jan 1 to Oct 31
18,427
219,368 f Earnings given in milreis. g Includes Traction Co. b Includes all sources.
constituent or
Oct
52,820
South Buffalo_ b
140,108
9,345
32,552 h Subsidiary companies only. j Lewiston Augusta & subsidiary companies.
Waterville Street Ry.
830,820 1,301,921
Jan 1 to Oct 31
110,704
282,102 earnings, expenses, &c., not included in 1919. k Includes Tennessee Ry..
Union RR Co of Penn_ b_Oct 683,211
684,331 def74,023
558 Light & Power Co., the Nashville Ry. & Light Co., the Tennessee Power
6,523,312 5,818,278
Jan 1 to Oct 31
264,639
435,848 Co. and the Chattanooga Ry. & Light Co. 1 Includes both elevated and
Western Maryland_ b_ _ _ _Oct 1,485,965 1,262,474
80,611 def405,112 subway lines. j Of Abington and Rockland (Mass.).
12,375,593 12,271,879
Jan 1 to Oct 31
471,677 def320,118
Electric Railway and Other Public Utility Net Earnb Net earnings here given are before deducting taxes.
Roads.
EXPRESS COMPANIES.
-Month of July- -Jan. 1 to July 311919.
1918.
1919.
1918.
American Ry. Express Co.$
$
$
$
Total from transportation_ __24,102,723 19,413,293153,197,519
Express privileges
-Dr
12,067,654 9,740,904 76,723,989
Companies.
Revenue from transport'n_12,035,069 9,672,389 76,473,530
Oper. other than transport'n_
702,208
307,598 4,315,605
Total operating rovenues.._12,737,277 9,979,987 80,789,135
Operating expenses
14,303,280 11,086,062 94,516,518
Net oper.revenue (deficit)- 1,566,003
Uncollect. rev. from transp'n
4,099
Express taxes
137,665
1,106,075 13,727,383
600
21,951
127,974
953,543
Operating income (deficit)_ 1,707,767
1.234,649 14,702.877
ELECTRIC RAILWAY AND PUBLIC UTILITY COS.
Latest Gross Earnings.
Name of Road
or Company.
Month.
Adirondack El Pow Co October
Alabama Power Co.._ October
October
Atlantic Shore
Bangor Ry & Electric September
Baton Rouge Elec Co September
Blackstone V G & EL September
bl3razilian Trac,L & 1' September
gBklyn Rap Tran Sys June
Cape Breton Elec Co_ September
Cent Miss V El Prop.. September
Chattanooga Ry & Lt September
Cities Service Co_ ___ October
Clove Painesv & East September
Colorado Power Co_ _Puly
Columbia Gas & Elec'August
Columbus (Ga) El Co September
Com'w'th P, Ity & Lt October
Connecticut Pow Co_ September
Consum Pow (Mich)_ October
jOumb Co(Me)P & L September
Dayton Pow & Light_ October
gDetrolt Edison
October
gDetroit United Lines September
Duluth-Superior Trac September
East St Louis St Sub.._ September
Eastern Texas Eloc September
Edison El of Brockton September
Elec Light & Pow Co September
gEl Paso Electric Co_ September
Fall River Gas Works September
Federal Light & Trac_ August
Fort Worth Pow & Lt September
Galv-Hous Elec Co September
g Great West Pow Sys August
Harrisburg Railways_ August
Havana El IV, L & P September
Haverhill Gas Lt Co_ September
Honolulu R T & Land September
Houghton Co El L Co September
Houghton Co Trac Co September
Hudson & Manhattan July
b Illinois Traction_ _ October
Interboro Rap Tran_ September
Jacksonville Trac Co_ September
Kansas Gas & Elec Co September
Keokuk Electric Co September
Key West Electric Co September
Lake Shore Elec Ry September
Long Island Electric.. July
Louisville Railway.. October
Lowell Electric Corp_ September
Current Previous
Year.
Year.
Jan. 1 to Latest Date.
Current
Year.
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:
Previous
Year.
161,982 161,932 1,384,573 1.476,803
275,142 275,827 2,359.271 2,434,406
14,48J
9,961
152,944
145,514
97,088 83.952
781,334
685,717
31,078 21.909
265,410
193,144
236,955 214,109 1.878.963 1,744,027
19792000f9081000 f83559,000f77730.000
3260,157 2774,333 17,514.662 15,240.907
49,404 46.027
369.204
426,493
35,913 29,847
249,256
304,515
164,034 173,242 1,376,103 1,347.673
1498,677 1784,000 18,606,847 18.652,718
65,471 50,941
416,826
521,222
85,566 103,548
733.413
652,726
804.071 779,687 7,709,114 7,660.977
121,984 95.028
876,585
941,370
2289,808 1799,629 20,929.618 17,715.993
724,434
109.617 97.746
912,356
721,249 582,240 6.558,580 5,261.859
250,318 299,726 2,026,130 2,416,267
259,177 218,689 2,302,456 1,902,457
1539,273 1268.289 13,130,802 11,063,958
2330,351 1710.423 17,862,321 14,103,983
159,634 137,877 1,434,927 1,270,746
373,893 385.033 3,050,285 3,050,932
124.344 98,293 1,013,892
836.882
87,030 69.610
579,436
782,738
28,511 23.460
163,963
209,891
130,079 104,290 1,130,870
933.514
73,577 64,173
522,955
548,045
303,931 283,088 2,512,378 2,289,886
119,047 110,208 1,041,469
955,663
257,045 243.118 2.302,380 1,986,493
480,215 452.193 3,410.246 2,961.638
138.648 123,474 1,048,189
865,920
792,317 714,696 6,724,847 6,042.507
34,769 30,435
243,436
272,081
63,316 60.620
523,803
560,266
35,877 33,881
301,718
318,528
23.020 25.258
246,917
221,766
470.293 385,024 3.484,836 2,844.732
1602.692 1249,294 14,095,468 12,102.410
3842,198 3176,577 34,218,319 30.264,338
81,609 97,820
682,791
756,078
194,951 171,346 1,884,934 1,501,922
27.130 23,820
229,822
195,889
15,208 19,153
143,151
166,779
232,645 216,053 1.940.763 1,633,751
27.960 26,602
129,487
141,140
264,074 288,175 2,897,580 3,052,532
79,876 79,546
621.142
714,379
-Gross Earnings--Net Earnings
Current
Prerious
Current
Precious
Year.
Year.
Year.
Yea:.
Beaver Vail Trac Co and Pitts
& Beaver Street Rya_ Oct
52,026
44,255
8,637
3,983
Jan 1 to Oct 31
500,466
421,912
78,022
42.960
Eastern SS Co, Inca._..Oct 405,890
331,051
43,741 def35,613
Jan 1 to Oct 31
4,013,361 3,209,254
616,772
360,222
Equitable Coke Co_a_ _ _ _Oct
100.409
95.998
29,094
22,717
Jan 1 to Oct 31
845,086
570,175
233,896
260,184
Illinois Traction Co_a_ _ _Oct 1,602,692 1,249,294
489,501
296,188
Jan 1 to Oct 31
14,095,468 12,102,410 3,901,801 3,286,877
17th St Incl Plane Co_a_Oct
4,225
3,690
1,136
936
Jan 1 to Oct 31
35,924
33,262
7.087
6,978
a Net earnings here given are after deducting taxes.
Gross
Earnings.
Dayton Power &
Oct '19
259,177
Light Co
'18
218,689
10 mos '19 2,302,456
'18 1,902,457
Detroit Edison
Oct '19 1,539,273
Company
'18 1.268,289
10 mos'19 13,130,802
'18 11,063,959
Newport News &
Oct '19
226,048
Hampton Ry, Gas
'18
187,664
& Elec Co
10 mos '19 2,305,123
'18 1,766,613
North Carolina
Oct '19
79,095
Public Service Co
'18
57,220
12 mos '19
820,793
'18
689,054
Southern California Oct '19
886,394
Edison Co
'18
699.958
12 mos '19 10,229,586
'18 8,573,813
Third Avenue Ry
Oct '19 1,030,116
System
'18
797,504
4 mos '19 4,085,084
'18 3,409,708
Net after
Taxes.
$
83,565
65,458
814,535
571,345
356.803
356,515
3,355,516
2,866,765
51,163
44,443
582,185
485,157
26.921
17,880
284,171
272,764
411.248
359,597
6,113,903
5,274,226
160.800
107,211
684,956
617,914
Fixed
Charges.
Balance,
Surplus.
64,887
x22,498
44,690
x23,367
474,152 x370.818
407,674 x189,907
148,549
208,254
128,258
228,257
1,407,830 1,947,686
1,096,262 1,770,503
27,069
x24,251
21,105
x24,185
244.869 x344,744
206,052 x286.878
13,206
13,715
13,162
4,718
158,151
126,020
156,885
115,879
261.247
150.001
250,970
108,627
3.103.038 3,010.865
2,888,667 2.385.559
219,642 xdef41,354
219,914 xclef99,243
879,249xdef134,197
884,603xdef213,718
x After allowing for other income received.
Gross
Net
Fixed Chgs.
Earnings. Earnings. & Taxes.
Commonwealth
Oct '19 2,289,808
Power & Light Co
'18 1,799,629
10 mos '19 20,929,618
'18 17,715,993
Consumers
Oct '19
721,249
Power Co
'18
582,240
12 mos '19 7,904,824
'18 6,381,701
New York Dock Co Oct'19
416,180
'18
461,850
10 mos '19 4,282,025
, '18 4,446,584
Northern Ohio
Oct '19
796,765
Electric Corp
'18
585,622
10 mos '19 7,528,102
'18 5,997,743
Twin City
Oct '19
990,865
Rapid Transit Co
'18
751,697
10 mos '19 9,231,466
'18 8,051,212
913,113
600,587
8,586.629
6,720,819
342,391
268,832
4,191.644
3,236,838
145,194
200,855
1,621,911
1,916.453
241,089
158,284
2,531,304
2,062,122
259,306
201,441
2,607,504
2,276,387
Balance,
Surplus.
694,235
218.878
648,669 def48,082
6,809,383 1,777,246
6,177,728
543,091
168,362
174,029
168,119
100,713
2,204,349 1,987,295
1,823,718 1,413,120
89,039
56,155
109,076
91,779
893,010
728,901
964,261
952.192
170,302
70,787
143,096
15,188
1,674.107
857,197
1,433,010
629,112
223,091
36,215
185,977
15.464
1,748,102
859,402
1,628,274
648,113
THE CHRONICLE
2070
The United Gas ec Electric Corp.
Gross
Earnings.
$
Citizens Gas & Fuel Oct '19
Co (Terre Haute, Ind)'18
12 mos '19
'18
Colorado Spas (Col) Oct '19
Heat & Pow Co '18
Light
12 mos '19
'18
Oct '19
Columbia (Pa)
'18
Gas Co
12 mos '19
'18
Conestoga Traction Oct '19
'18
Co (Lancaster, Pa)
12 mos '19
'18
Consumers Elec Lt Oct '19
'18
& Pow Co (New
Orleans, La) 12 mos '19
'18
Edison Electric Co Oct '19
'18
(Lancaster, Pa)
12 mos '19
'18
Oct '19
Elmira (N Y)
Water Light & RR Co '18
12 mos '19
'18
Gretna (La) Light Oct '19
'18
& Power Co, Inc
12 mos '19
'18
Harrisburg (pa)
Oct '19
'18
Light & Power Co
12 mos '19
'18
Oct '19
Houston (Texas)
'18
Gas & Fuel Co
12 mos '19
'18
Oct '19
Houston Heights
(Tex) Water & Lt Assn '18
12 mos '19
'18
Oct '19
*Internat System
'18
(Buffalo, N Y)
12 mos '19
'18
Lancaster (Pa) Elec Oct '19
Lt Heat & Power Co '18
12 mos '19
'18
Lancaster (Pa) Gas Oct '19
'18
Light & Fuel Co
12 mos '19
'18
(Kan) Oct '19
Leavenworth
Lt Heat & Power Co '18
12 mos '19
'18
Oct '19
Y)
Lockport(N
Lt float 8,c Power Co '18
12 mos '19
'18
(Ind) Lt Oct '19
Richmond
'18
Heat & Power Co
12 mos '19
'18
& Elec Oct '19
Union Gas
Co (Bloomington, Ill) '18
12 mos '19
'18
Oct '19
Wilkes-Barre
The
Co (Wilkes-Barre, Pa) '18
12 mos '19
'18
Net after
Taxes.
$
Fixed
Charges.
$
Balance,
Surplus.
7,712
3,813
11,525
33,721
7,170
3,650
10,820
28,121
76,479
44,386
120,865
357,040
85,606
44,708
130,314
313,018
13,853
5,910
19,763
53,725
7,229
12,459
19,688
51,244
91,091
163,447
254,538
637,708
66,037
149,527
215,564
594,972
977
342
1,319
4,058
735
349
1,084
3,773
4,906
4,148
9,054
41,046
3,478
4,070
7,548
36,847
21.056
26,489
47,545
126,638
26,551 def25,520
1,031
77,408
146,990
319,913
466,903
1,395,126
120,718
325,191
445,909
1,234,262
12,114
6,923
19,037
48,587
def6,360
6,833
473
33,094
112,501
83,274
195,775
550,956
58,861
81,962
140,823
386,892
32,300
10,822
43,122
89,148
17,264
10,279
27,543
68,732
302,925
125,942
428,867
940.527
234,489
116,031
350,520
783,566
26,234
20,207
46,441
135,841
11,031
20,851
31,882
119,784
225,608
249,131
474,739
1,536,557
217,307
245,508
462.815
1,380,229
2,686
5
2,691
9,085
4,060
4
4,064
9,349
14,815
64
14,879
90,061
12,469
53
12,522
52,837
14,825
20,047
34,872
90,913
9,927
19,240
29,167
81,519
192,241
237,635
429,876
1,092,513
225,694
159,335
385,029
979,595
11,207
18,518
7,311
64,564
1,620
6,941
8,561
53,691
85,137
58,575
143,712
751,529
116,111
82,379
198.490
661,066
705
130
835
2,264
777
130
907
2,322
8,674
1,560
10,234
28,533
13,068
1,560
14,628
31,146
178,258 def53,503
124,785
796,134
175,755 def315,453
192,445 def139,698
9,124,216 1,301,424 2,382,963def1081,539
7,464,768 1,421,842 2,153,176 def731,334
1,383
1,388
2,771
4,429
826
2,243
1,417
4,414
19,329
16,716
36,045
56,588
33,397
26,770
328,264
282,308
26,837
22,231
306,362
256,927
44,739
39,282
475,695
435,109
13,407
14,498
173,272
182,078
23,553
18,920
251,481
206,411
98,385
83,373
1,134,449
946,777
12,783
6,809
94,704
78,738
6,303
2,032
75,770
11,282
11,753
7,431
113,600
101,632
def124
4,265
43,039
56,499
8,750
6,312
83,139
58,505
38,668
27,708
469,685
357,931
* Operation suspended twenty-four (24) days
of strike.
10,351
2,432
4,526
2,283
67,238
27,466
52,071
26,667
3,843
2,460
2,884
def852
32,741
43,029
34,512 def23,230
5,138
6,615
512
6,919
81,772
31,828
83,130
18,502
5,511
def5,635
4,510
def245
61,047 def18,008
55,078
1,421
6,212
2,538
3,675
2,637
30,851
52,288
31,976
26,529
21,046
17,622
21,603
6,105
256,041
213,644
256,437
101,494
during Oct. 1918,on account
FINANCIAL REPORTS
-The following is an index to all
Annual, &c., Reports.
annual and other financial reports of steam roads, street
railways and other companies published since Sept. 27.
As many stock and bond offerings contain financial statements of value this index should servo as a guide to most of
the leading offerings of new securities which have been
brought, out during the period covered, as well as to the
reports issued by important investment properties at regular
intervals.
This index, which is given monthly, does not include reports
in to-day's "Chronicle."
Full-face figures indicate reports published at length.
Page.
Steam Roads1788
Alabama Great Southern
1983
Alabama & Vicksburg
1984
Algoma Central & Hudson Bay_
1609
Atlanta Birmingham & Atlantic
1526
Atlantic Coast Line Co
1460, 1981
Baltimore & Ohio RR
1609
Bellefonte Central ItR
1288
Central RR. of New Jersey
1360
Chicago & Alton RR
Orleans & Tex. Pac_.._1986
Cincin. New
1609
Dallas Railway
1269
Detroit & Mackinac Ry
1790
Georgia Southern & Florida
International & Great Northern Ry_1526
of Central Amer_1456
International Rye.
1983
Maine Central Ry
1983
Mobile & Ohio RR
1361
New Orleans Tex & Mexico Ry
1268
Norfolk Southern RR
1793
Quebec Central Ry
1456
St. Louis Southwestern Ry
1360
Southern Railway Co
1787
Toledo St. Louis & Western
United Rys. of the Havana & Regis
1459
Warehouses
Vicksburg Shreveport & Pacific_ __ _1789
1457
West Jersey Sc Seashore RR
1789
Western N. Y.& Pennsylvania
Electric Railways
1893
American Light & Traction Co
1697
Boston Elevated Ry
1608
California Ry. & Power Co
Electric Railways (Concluded)- Page.
1887
I)enver Tramway Co
1700
Hagerstown & Frederick Ry
1697
Hudson & Manhattan RR
1363
Kentucky Securities Corp
1271
Monawk Valley Co
1362
Montreal Tramways
1892
Philadelphia Rapid Transit Co
San Francisco-Oakland Term. Ry_..1274
1893
Texas Electric Ry
1698
Third Avenue Ry
1701
Gas & Electric Corp
United
United Railroads of San Franci4co_ _1367
1790
United Railways Investment Co_
Industrial Companies
1988
Alaska Gold Mines Co
1793
Chalmers Mfg. Co
Allis
1610
American Candy Co
1610
American Chicle Co
1699
American Cities Co
1890
American Coal Co
1984
American Cotton Oil Co
1459
American Factors, Ltd
1701
American Hide & Leather Co
American-La France Fire Eng. Co 1889
1888
American Linseed Co
1275
American Safety Razor Corp
1362
American Shipbuilding Co
American Ship & Commerce Co_ _ _A275
American Smelting & Refining CO.._1269
1794
American Steel Foundries
1888
American Type Founders
American Water Works& Elec. Co_ -1989
[VoL. 109.
l'age.
Industrial Companies (Cont.)- Page. I Pldustrials (Concluded)1797
American Window Glass Co_ _1790, 1611 Lindsay Light Co
1371
1462 Loft, Incorporated
Amoskeag Manufacturing Co
1459
1459 Mahoning Investment Co
Appalachian Power Co
1368 Maple Leaf Milling Co
Astoria Mahogany Co
1611 Mellville Shoe Corp
Corp
Autosales
111472697680
1611 Mercer Motors Co
Barnet Leather Co
11327711
1369 Mexican Petroleum Co
Beaver Board Co
1460 Mexican Telegraph Co
Co
Beech-Nut Packing
1798
1894 Midvale Steel & Ordnance Co
Briggs & Stratton Co
1614, 1798
Mullins Body Corp
Brighton Mills Co
1705
11978949 National Acme Co
Butte & Superior Mining Co
1993
1369 Nevado Consol. Copper Co
1,
89
Butterick Co
1798
1611 New Jersey Zinc Co
Barrel Co
California
1798
Niagara Falls Power Co
California Petroleum Co
1371
76
11889
Canadian Locomotive Co_ _ _ _1267, 12701 Northern States Power Co
1466
Co
Notaseme Hosiery
Carbon Steel Co
1530
Ogilvie Flour Mills Co
(J. I.) Case Plow Works Co
1705
1611 Ohio Fuel Supply Co
Central Leather Co
1614
Otis Elevator Co
Central & South American Tel
1799
13 9
1528 Owen's Bottle Co
6
Chandler Motor Car Co
8
1372, 1457
3 4
1277, 1865 Pacific Coast Co
Crex Carpet Co
1608
Packard Motor Car Co
Charcoal Iron Co
1530
Chesebrough Manufacturing Co_.._1989 Paige-Detrolt Motor Car Co
-1 143236767626 0
Chicago Pneumatic Tool Co_ _1701, 1794 Pan-Amer. Petroleum & Trans.
1611 Patchogue-Plymouth Mills Corp__ -1372
Chile Copper Co
1990 Penna. Coal & Coke Co
Chino Copper Co
795
179 Pennsylvania Salt Mfg. Co
Cities Service Co
Phillips Petroleum Co
Cockshutt Plow Co., Ltd
1705
1990 Pierce-Arrow Motor Car Co
Colorado Fuel & Iron Co
6
,6
1372, 1487
1612 Pit sburghnerce Oil
p
(P. F.) Collier & Son Co
_1527
1612
CorpCsotreeI Co
Gas & Electric Co
Columbia
Brewing Co
1612 Pittsburgh
Columbia Graphophone Co
28
186
09
Computing Tabulating Recording Co1795 producers & Refiners Corp
1702 Pond Creek Coal Co
Corn Products Refining Co
38
116909
& Machine Co -1669
1699 Poole Engineering
Cosden & Co
Public Service Co. of North Ill ____1372
Steel Co
Crucible St
8
79
1990, 1463 Pullman Co
Cuba Cane Sugar Corp
1614, 1698
270
Curtiss Aeroplane & Motor Corp 13 7 Punta Alegre Sugar c0
Co
1r2
11377,05 Ray Consolidated Copper
(Alfred) Decker & Cohn, Inc
702
1376
(Robert) Reis & Co
Detroit Edison Co
1531
Republic Iron & Steel Co
Detroit Gear & Machine Co
Motor Truck Co
Republic
Diem & Wing Paper Co
1458
1271 Royal Dutch Co
(W. L.) Douglas Shoe Co
1706
Edison Electric Illuminating Co_ _ _ -1529 Russel Motor Car Co
1799
Car Co
1702 Saxon Motor
Eisman Magneto Corp
170(i
1529 Savage Arms Corp
Elder Corporation
1373
.
1277, 1773 Shntritles CuoaaGenepe l co
wck-A ror p cop rar
0
3 0 s ecu
Fairbanks Co
1993
Federal Sign System
1279
1895 Sinclair Consolidated Corp
Federal Sugar Refining Co
F
1279
9
42
1558 (A. 0.) Smith Corp Chemical Co_ _1377
Ford Motor Co
463
Southern Fertilizer &
Ford Motor Co. of Canada
1990 (A. G.) Spalding & Bros
Franklin Process Co
& Paper Co_ -1706
1613, 1984 Spanish River Pulp
Freeport Texas Co
1467
g Co
General Chemical Co ___1613, 1703. 1790 Spicer Manufacturin o co
1365
1796 staing V Gay A,WEatlecortCrio
Sprnd ardalle s
General Gas & Electric Co
1993
1703
Geneva Cutlery Co
11347538
1703 Standard Milling Co
Co
Goodyear Tire & Rubber
gCoof N. J
e
dd
Granby Consol. Min. Smelt. & Pow_1985
Products Co
Dredge & Dock Co.._ _ _1277 Standard TextileSpeedometer Corp 1799
Great Lakes
45 9
-Warner
Great Western Power System_1363, 1703 Stewart
1373
1530 Stromberg Carburetor Co
(Geo. E.) Keith Co
1899
1889 Union Oil Co
g Co
Hendee Manufacturin
1280
1890 United Cigar Stores, Ltd
Hocking Valley Products Co
1707, 1888
1889 United Drug Co
Independent Brewing Co
1994
Co__ _1890 U. S. Finishing Co
Independent Pneumatic Tool
1280, 1889
International Agricultural Corp_ _ _ _1699 U.S. Glass Co
118768
6
1796, 1829 U. S. Industrial Alcohol Co
International Nickel Co
161
1899
U. S. Rubber Co
Kentucky Utilities Co
1698
U. S. Steel Corp
Island Creek Coal Co
1990
1888 Utah Copper Co
(Julius) Kayser & Co
0
20
1787
1704 Vacuum Oil Co
Keystone Telephone Co
1465 Western Canada Flour Mills
Lackawanna Steel Co
27 0
1460 Wheeling Mould & Foundry Co_ _ __1373
Laurentide Co., Ltd
1364
Wheeling Steel & Iron Co
Lehigh & Wilkes-Barre Coal Co_ _ _ _1
•
1......
Immi
InterborougliRapid Transit Co., New York.
(Report of Engineers, Dated Nov. 1 1919.)
Day & Zimmermann, Inc., engineers, Philadelphia and
Now York, under date of Nov. 1 1919, have submitted to
J. P. Morgan, Chairman of Committee for First & Refund-year 7% Secured Coning Mortgage 5% gold bonds and 3
vertible gold notes, a summarized statement of their findings
and conclusions relative to the business of the Interborough
Rapid Transit Co., covering operating, financial and statistical data. This summary shows in substance:
follows:
Past Earnings.-Alcondensed statement of past operating results
Condensed Statement of Operating Results-Years Ending June 30.
1918-19.
1917-18.
1915-16.
1913-14.
$
43,207,000
Gross operating revenue_ ___33.515,000 35,891,000 40,497,000 26,233.000
12,902,000 14,008.000 19,113,000 3,134,000
Operating expenses
2,082,000 2,341,000 3,758,000
Taxes
14,447,000
Gross income(incl.oth.inc.)19,143,000 20,122,000 18,219,000 18,257,000
Deduct-Rentals, int., s.f., &c.11,119,000 11,409,000 13,557,000
3810,000
Not corporato income____ 8,024,000 8,713,000 4,662,000def
-For the year ended Juno 30 1905 the gross operating
1905 through 1914.
after 10 years, in the year ending Juno 30 1914,
revenue was $17,201,083;
on the original
it had increased to $33,515,395, a growth of almost 100%
operation until 1909.
subways, notwithstanding they were not in complete
annual surplus, after paying all fixed charges,
During the same period the
rentals and income deductions increased from $2,419,921 to $8,024,580.
-Since 1913-14 gross operating revenue has shown,
1914 through 1919.
and the surplus after fixed
except in 1915, marked improvement each year.
each year until the year 1916-17, when it aggregated
charges increased
lack of space l'I•1).1.
table for
$8,885.358 (year omitted from aboveafter fixed charges was $4,662,000 as
For the year 1917-18 the surplus
the interest chargecompared with $8,885.000 in the previous year. As related certificates
3 and the
able to income account due to Contract No.the larger part of the loss was
it will be seen that
increased but $1.194.000,
occasioned by the increase in operating expenses and taxes owing to coninditions growing out of the war. The operating ratio including taxes
creased from 48.9% in 1917 to 56.5% in 1918. 1917-18 the cost of coal
-Throughout the year
Year ended June 30 1919.
year it was about
delivered was approximately $3 30 per ton; in the 1918-19 ton to $57 per
from $31 36 per
$6 10 per ton. Similarly rails increased
excess of
brake shoos from $42 50 a ton to $76 a ton, and wages in increased
ton;
$3,000,000. Consequently, although gross earnings for 1918-19and taxes,
$2.700,000, the net earnings, after payment of operating expenses
declined from $18,219,000 to $14,447,000, or nearly $1.000,000. on the
Further, during the year in question the interest and sinking fundincome
to
First & Refunding Mtge. bonds and 3-year 7% notes chargeable owing to
$4,500,000
amounted to $9,215,295, being an increase of almostand other extensions.
the opening of the 7th Ave. and Lexington Ave. lines
The deficit of $3,810,339 was the direct result of the foregoing conditions.
1919
If wages and material costs had prevailed through the fiscal year fiscal
upon the basis of the wage rates and unit prices prevailing during the
would have been earned;
year ended June 30 1916, a substantial surplus
than
in fact, the financial status of the company would have been better was
was estimated for this transition period at tho time Contract No. 3
executed;
the
Influence of War Costs on Original Estimates.-Tho agreement with
careful
bankers for the sale of 5% bonds was entered into in 1913,following
engineers.
estimates of earnings by independent
existing
The dependability of these forecasts in the light of conditions then 1915-16
in
is clearly indicated by the fact that if the ratio of 45% existing
Nov. 29 1919.]
THE CHRONICLE
had been maintained the company would have earned a surplus of about
$6,000,000 for the year ended June 30 1919 instead of a deficit of $3,800,000.
It was not contemplated, however, that the operating ratio of 1916 would
continue. However, of the $10.000.000 represented by the increase in the
geatiiao e neeun ed
e)
rttio incTdligr taxes) from
y
6 in l9 5 t: 6 :1 A3,001.9 6
in1.1va es 'L.9
)2
(
directly
Increase
as
gy the increased cost of coal and other supplies.
August 1919 Wage Increase.
-The wage increase of 25% which went
into effect Aug. 17 1919 has, however, changed the situation completely.
The statement given below is identical to the one of Aug. 11, except that
the wage increase of approximately $5,000,000 per annum has been added
to oper.(expenses in each estimate..(Compare V.109. p. 676,1080,1174.)
Estimates After Wage Increase of Aug. 1919
-Entire Interborough System.
(1) Day & Zimmermann, Inc.; (2) Stone & Webster.
(000s omitted in each -1919-20- -1921-22- -1923-24---amount.)
(1)(2) (1)
(2)
Gross earnings
$47,050 $44300 $5290 $52,600 $58,300 $57,800
Operating expenses
32,734 32,894 36.384 35,329 38,609 37,766
Taxes
2,500
2,500
2,500
2.700
2,750
2,900
Net
$11,816 $11,906 $13,866 $14,571 $16,941 $17,134
Deduct
-Rentals
8,779
____
8,791
---_
8,803
thhae
$3,037
Int. & sinkg. fund 5%
bonds and 7% notes_ 11,909
---- $5,075
$8,138
13,379
13,823
Net deficit
$8,872 $8,778 $8,304 $7,155 $5,685 $4,786
Estimated accumulated deficit June 30 1924: Day & Zimmermann,Inc.,
$39,501,000; Stone & Webster, $35,390,000.
The estimated deficits as shown in the above table for the years ended
June 30 1920 and 1924, namely $8,872,030 and $5,685,000, respectively,
are the results of estimated deficits on the elevated lines of $6,143,000 and
35,021,000 and from the subway lines of $2,729,000 and $664,000.
Prior to the recent wage increase the deficits for 1920 and 1924 were
estimated at $4,072,000 and $35,000, respectively, the result of deficits
of $4.143,000 and $2,671,000 on the elevated division, reduced however,
by a surplus of $71,000 and $2,636,000 on the subway division.
It will be observed that, notwithstanding the very substantial increases
in gross operating revenue which appear in both estimates, the resulting
estimated income will fail to meet the interest and sinking fund on the 5%
bonds and 7% notes by $8,800,000 for the fiscal year ending June 30 1920.
which deficit would be reduced to $5,200,000 for the year ending June 30
1924, based upon an average of the estimates prepared by Messrs. Stone &
Webster and ourselves. In other words, the recent wage increase, with
the continuance of the 5
-cent fare, precludes the possibility of earning income sufficient to meet the existing fixed charges of the Interborough Rapid
Transit Co. If present costs continue through the next five years, the estimates indicate that the accumulated deficit would be from $35,000,000
to $40,000,000.
-We believe that the funds already available from
Capital Requirements.
-year 7% notes will be sufficient
the sale of the 5% First Mtge. bonds and 3
to meet all the construction obligations as provided for in Contract No. 3
and related certificates. However, it may be necessary to provide during
the next five years approximately $7,500,000 for additional equipment.
Cash Position Dec. 311919.
-On Dec. 31 1919 approximately $5,000,000
will have to be provided from some source other than operating income in
order that the company may meet the rentals and fixed charges payable
on Jan. 11920.
-The mortgage covers all the rights
Rights in Case of Default on Bonds.
of the company under Contracts Nos. 1, 2 and 3, the Manhattan lease
and the certificates permitting certain short extensions; and in case of
default on the bonds the bondholders or their receiver or trustee would
succeed to all such rights of the company.
Under present conditions a default under the mortgage would not involve
a default under Contract No. 3. The only charges under Contract No. 3
payable prior to the "subway preferential" and to interest and sinking
fund on the company's investment in the new subsways are the $2,400,000
rental payable to the city under Contracts Nos. 1 and 2. ($470.000 Q.
-J.
and $5.?.0,00.) in December) taxes, operating expenses, maintenance and
depreciation.
Preferential Rights.
-It is apparent that the "subway preferential" of
$6,335,000,if earned,together with the company's other income,is sufficient
to provide for the interest and sinking fund on the 5% bonds and 7% notes
representing the investment other than under Contract 3 [Contract No. 3
covers the 7th Ave. and Lexington Ave. lines together with extensions in
the Bronx, a line through 42d St. and under the East River extending to
Astoria and Corona in Queens, as well as important extensions in Brooklyn].
If all the revenues to which the company has preferential rights are
earned,there will be available for interest and sinking fund on the 5% bonds
and 7% notes a total of $17,535,990, whereas the annual charges on the
bonds and notes now outstanding amount to but $13,009,000. For the
purpose of simplification in this computation we have excluded miscellaneous earnings, including revenue from the Subway Realty Co. These miscellaneous items amounted for the year June 30 1919 to a net credit of
about $417,000.
[The accrued preferential earnings remaining unpaid are cumulative
and must be paid in full before the city gets any return on its investment.]
Conclusion.
-The city is certainly entitled to a return on the $100,000,000
Which it has invested in the new Interborough Rapid Transit Company's
subway system and if this return is taken at 5%, which would call for additional interest payments of $5,000,000 a year, our estimated deficit, in
interest and sinking fund, for the fiscal.
year ending June 30 1920 would
become substantially $14,000,000, which la over 40% of the total operating
eximeIathtv1 been estimated for that argument'svalfipentbr year.
sake that improved
management would obtain better results, no amount of skill displayed in
this respect could wipe out this loss and enable the Interborough Rapid
Transit Company to earn a fair return on even that part of the capital
investment which is represented by the 5% bonds and 7% Notes. As a
matter of fact, our investigatin indicates that the Interborough Rapid
Transit Company has been operated with extraordinary efficiency throughout the fifteen years since the first subway was opened.
It is clear, therefore, that an increase in fares constitutes a rational and
equitable solution to this problem.
-V. 109, p. 1700.
Brooklyn Rapid Transit System.
(Digest of Reports by Stone dc Webster, Nov. 15 1919.)
The following data are from the very full summary
sent out by the Protective Committee (see a following page)
of the report on the system which Stone & Webster presented
under date of Nov. 15 1919 to Hon. Julius M. Mayer,
United States District Judge, N. Y. City:
2071
ing of the $14,654,794 of certificates of indebtedness, representing but a
small part of the cost of the elevated lines contributed by the company
to the rapid transit system.
(5) It will take an 8
-cent fare to cover the company's preferential and
provide a substantial return upon the city's investment (including cost of
completion) of more than $150,000,000 in the city-owned subways, although a 7
-cent fare will yield a surplus above the company's preferential
and a somewhat larger surplus above its fixed charges.
(6) General.
-Neither the rapid transit lines nor the surface lines can be
permanently maintained and developed by the operating companies without
an assurance of sufficient earnings to justify the investment of the additional
capital that will from time to time necessarily be required to keep up with
the increasing demands of the traffic of the city.
Securities of System Held by General Public Aggregate $231,895 .745.
Bonds
$64.847,477 Stock of 13. R. T. Co_ _ _$74,455.159
Notes (secured by bonds) 61,260,000 Stocks of controlled cos_ 1,085.809
Receiver's certificates
18,000,000 Stocks of lessor cos
*12.247.300
Total obligations
$144,107,477
Total stocks
$87,788.268
* Includes (a) dividends guaranteed as rentals on $12,000,000 Brooklyn
City RR.stock with rental of $1,200,000. or 10%;(b) not guar.on $247,300.
Ownership of Aforesaid Securities (other than the receiver's,certificates):
(a) Women and estates of decedents, 7,247; (b) institutions, such as savings banks and charitable institutions. 2,034; (c) other holders, 14.704;
total number of holders, 23.985. Average holding less than $10.000.
Earnings of Entire System.
Our estimate shows that for the current fiscal year the earnings, above
operating expenses and taxes, upon the entire investment represented by
$231,895,745 of securities in the hands of the public are approximately
$3,870,000, as follows:
Earnings upon rapid transit lines
984.000
Add earningsfrom power house and other facilities operated$3,
by the B. R. T., say
1.000,000
Total
$4.984.000
Deduct estimated loss on surface lines
1,114,000
Balance
$33,870.000
This is about 23i% on the outstanding obligations and about 134%
on all the outstanding securities.
The decrease in earnings resulting from the changes due to the
war is shown by the fact that in 1917 the system earned.
according to the co.'s report, above oper. exp. and taxes_ _$10.839.312
Those earnings, after providing for all fixed charges, left a surplus for the stock of the Brooklyn Rapid Transit Co.. of, _ 5,195,238
It has not been possible in the time at our disposal to prepare estimates
of the probable results of the partial disintegration resulting from the return
of about 40% of the surface trackage to the Brooklyn City RR. Co. following the recent default in the payment of the rental under the lease of
those lines.
The Brooklyn Rapid Transit Co. itself owns
which supplies power for both the surface and the principal power plant
also does the maintenance and repair work forthe rapid transit lines and
the entire system.
Rapid Transit Lines(Subway and Elev.)-Preferential with a 5c.Fare.
Under the provisions of City Contract No. 4 the net earnings of such
fully completed lines remaining after the payment
and taxes are to be applied each year as follows: of operating expenses
First, to the company's preferential made up as follows:
(a) An amount based upon the earnings of the Elevated lines
prior to the execution of Contract No. 4
$3,500,000
(b)6% on the new investment under Contract No. 4, which.
upon the completion of that investment, will be approx.. 4,750,000
Total company preferential
Second, to the payment of the city's preferential, being interest$8.250,000
and sinking fund charges upon the city's investment in subways. When that investment is completed this preferential
will be approximately
7,540,000
Interest on aceount of lines not yet in full operation is charged to cost
of construction.
Actual Deficits in Earning Preferential.
Year ending June 301916-17.
1917-18.
1918-19. '19-20 (Est.)
Total revenue under Con$
$
3
$
tract No.4
11,371,282 13,057,406 15,710,000 18,435,000
°per.' expenses and taxes_.. 7,012,831 8,296,956 11,378,000 14,761.000
Company's preferentials_
4,608,823 5,166,201 5,886,000 6,640,000
Deficit in co.'s preferentials 250,372
405,751 1,554,000 2,966,000
City's preferential
2,495,000 2,865,000 3,285,000 5,280,000
Deficit in city s preferential 2,745,372 3,270,751 4,839,000 8.246.000
The accrued deficit in company's preferentials on June 30 1919 was
$2,__996.,751 and on June 30 1920 on old fare basis would be abt. $5,962,751
Under Contract No. 4 these accumulated deficits must be paid before
any payment can be made upon the city's preferential.
Estimates of Results from Increased Fare upon Preferentials.
-Year ending June 30 1921- Yr.'21-22.
Fare
5 cents
7 cents
8 cents
8 cents
Total revenue under Con$
tract No.4
21,560,000 27,960.000
Oper. expenses and taxes_ _ _17,309.000 17,309,000 30,860,000 33,990,000
17,309,000 18,929,000
Balance
4,251,000 10,651.000 13,551,000 15,061,000
Company's preferentials_
7,600,000 7,600,000 7,600.000 8,250,000
Balance surplus_ _ _ __def. 3,349,000 3,051,000 5,951,000
6,811,000
City's preferential
7,260,000 7,260,000 7,260,000 7,540,000
Deficit in city's preferentia110,609,000 4,209,000 1,309,000
729,000
In other words, under the present contract, with a 5-cent fare the company will in year 1920-21 fail to earn its preferential by $3,349,000 and
nothing would be earned on the city't preferential ,while with
or 8
-cent
fare the co.'s preferential would be earned in full with a balancea 7 the city's
for
preferential of $3,051,000 in the case of a 7
-cent fare and in the case of
-cent fare $5,951,000, in year 1920-21, and $6,811,000 in year 1921-22. an
8
In
so far as the preferentials are concerned, the results for 1922 will not differ
greatly from 1921, the improvement in net earnings as the lines are completed being in large measure offset by the increasing amount of interest
,which must be charged against operation instead of against cost of construction. Even an 8
-cent fare will not provide in full for the city's preferential in 1922.
Earnings, Actual and Estimated, of Rapid Transit Div. (Omitting Prefential).
-Present Earnings, 5
-cent Fare- -7-cent Fare
Year ending
1918.
1919. Est. 1920.
Est. 1921. Est. 1922.
June 30-8
Gross earnings a_13,316,802 16,010,479 18,675,000 28,200,000
Op.exp. & tax.b_ 8,034,862 11,758,107 14.691,000 17,239,000 31,040,000
18,859.000
Balance
5,281,940 4,252,372 3,984,000 10,961,000 12,181,000
(1) Fixed charges
excluding (2) 2,856,124 3,489,995 4,458,000 y5,418,000 5,938,000
(2) Fixed charges
on ctfs. of ind.c 878,865
879,407
880,000
880,000
880,000
Scope of Report, &c.
-Our reports have been somewhat delayed because
of the recent changes in operating conditions, especially the 25% increase
in wages following the August strike, which necessitated complete revision
of all our estimates of future earnings. Our reports treat the system as a
whole as it existed at the time of the appointment of the receiver. Estimates as to future earnings are necessarily based upon the present scale
of wages and of other items entering into operating costs.
Main Conclusions
-Eight and Seven Cent Fares a Minimum.
In our opinion, there is no escape from the following conclusions:
-(1) Unless there is an increase in fares the operation
The Surface Lines.
of many of the surface lines will eventually have to be discontinued because
of their failure to yarn operating expenses and taxes.
d Balance sur_ 1,546,951 def117,030def1354,000sur4663,000sur5363,000
-cent fare with a charge of two centsf or transfers
(2) Nothing less than an 8
will provide a safe margin for the operation of the surface lines as one sysa Includes certain items of ram-operating income excluded under Contem, with reasonable provision for upkeep.
tract No. 4. b Excludes certain rentals included in
accounting under
(3) Even an 8
-cent fare will not yield a fair return upon the actual invest- Contract No. 4. c Certificates of indebtedness held the the
by
ment in the surface lines or upon their reproduction value. For that pledged under its First Refunding Mtge. y Fixed charges inB. R. T.and
year 1920-21
purpose a higher fare would be necessary.
Include: Underlying bonds, $1,080.000; subway bonds and receiver's cer-Without an increased fare the rapid transit tificates, $4,100,000 (for 1921-22, $4.750,000); discount on receiver's cer(4) The Rapid Transit Lines.
lines will not be able to earn even the fixed charges upon the underlying tificates (none in 1921-22), $130,000; rents, &c., $108,000; total, $5,-cent fare it is estimated the surplus balance would
bonds aggregating $22,967,000 and the notes, bonds and receiver's certifi- 418,000. d With an 8
cates (authorized by the U. S. District Court), together aggregating $73,- be $7,563,000 in 1920-21 and $8,553,000 in 1921-22.
000,000, which represent fresh capital provided for the rapid transit lines
The estimate for 1920 takes into account the effect of the traffic diverted
subsequent to March 19 1913, the date of City Contract No. 4, to say noth- to the rapid transit lines on account of the 2c. charge
for transfers on surface
2072
THE CHRONICLE
lines which became effective Aug. 1 1919 and the 25% wage increase effective Aug. 10 1919.
The fixed charges stated do not include interest chargeable to construction, which on securities now outstanding will amount to about $1,240,000
In 1920 and $280,000 in 1921. This item should become practically negligible in the fiscal year ending June 30 1922, as it is estimated the new lines
will be completed and placed in operation during that year.
In all our estimates of earnings resulting from increased fares we have
made allowance, based to some extent on the experience in other cities,
for the decrease in the number of passengers which always results from
an increased fare.
Securities Outstanding in Rapid Transit Lines.
(1) New York Consolidated RR Co
Common stock held by public, $214,015; by B. R. T., $4,(a)
$5,000,000
785.985
(b) Pref. stock held by public,$469,169: by B.R.T.,$13,430,831 13,900,000
(e) "Underlying bonds" of New York Consolidated RR. in
hands of public, namely Kings County Elevated 4s, $7,000.$22,967,000
000, and Brooklyn Union Elevated 5s, $15,967,000
14,654,794
(d) Certificates of indebtedness (see below)
(2) New York Municipal Railway Corporation
(a) Capital stock (excluded because all owned by N. Y. Consol.
RR. Co.)
(b) "Subway bonds," viz., 1st M. 5s of N. Y. Municipal RY.
Corp., of which $2,265,000 are held by public and $57,735,000
-year and
are pledged to secure a like amount of B. R. T. 3
60,000,000
-year notes
6
(c) Receiver's certificates pledged as part of the security for the
13,000,000
$18,000,000 of certificates issued by the Receiver
[The certificates of indebtedness represent advances by the B. R. T.
prior to the date of City Contract No. 4, and they are pledged under its
First Refunding Mortgage.-Ed.1
Earnings of Surface Lines-Actual and Estimated.
During the fiscal year ended June 30 1919 the net earnings of the surface
lines were insufficient to pay more than about 40% of the fixed charges.
This appears from table No. 1 following.
We estimate that during the current fiscal year those properties as a
whole, at the present rate of fare, and disregarding the effect on earnings
of the partial disintegration of which has occurred, will fail by over $1,000,000 to earn their operating expenses and taxes. This estimate (shown
-cent transfers and also the
in table No. 1) includes the revenue from the 2
increase due to the 25% increase in wages effective Aug. 10 1919.
If operating expenses continue upon the present basis, and assuming
the operation of the surface lines as one system, an increase in the rate
of fare to 8c. will still provide insufficient revenue to pay all fixed charges,
as is shown by the following estimate (in table No. 2) for the fiscal years
ending June 30 1921 and 1922. As already stated, allowance has been
made for the probable decrease in riding due to an increase in the fare.
(1) Earnings of All the Surface Lines and Estimate for Current Year.
1918-19. Est.'19-20.
1917-18.
1916-17.
$
$
$
Year ending June 30*19,182,000*18,462.000 17,962,000 20,545,000
Gross earnings
Oper. expenses and taxes_ _*12,992,000*13,276,000 16,174,000 21,659,000
Balance
6,190,000 5,186,000 1,788,000def1114,000
Rentals accruing to public
(incl. $1,200.000 guar. divs.
on Bkln. City RR. Co. stk) 1,576,000 1,576,000 1,576,000 1,576,000
Other fixed chges. to public_ 1,127,000 1,121,000 1,020,000 1,020,000
Balance
3,487,000 2,489,000 def808,000def3710,000
Fixed charges payable to B.R.
*2,394,000 *2,304,000 1,970.000 2,045,000
T. or its subsidiaries
[VOL. 109.
B. R. T. Capitalization-Power, &c., Charges included in Operating Expenses.
None of the securities issued by the Brooklyn Rapid Transit Co. are
included in the above statement. Although the surface lines obtain power
from power stations of the Brooklyn Rapid Transit Co., the fixed charges
on this investment are included in the amount paid for power and charged
to operating expenses by the surface line companies.
As already pointed out, both the Rapid Transit Lines and the Surface
Lines receive power and repair and maintenance service from the power
houses and other facilities operated by the Brooklyn Rapid Transit Co.,
and in large measure owned by it. For this service that company makes a
charge sufficient to cover the cost of the service and also some return upon
the investment, which return, under existing arrangements, we estimate
at about $1,000,000. The Brooklyn Rapid Transit Company's investment
(not including facilities operated by the B. R. T. but owned by subsidiaries)
In these facilities, as shown by the books of the Company, is more than
$11,000,000. During the next two years, it contemplates a considerable
additional expenditure upon them, to provide for which $5,000,000 of
Receiver's Certificates have been issued.
Securities of Brooklyn Rapid Transit Company.
Pledged, &c. Public Holds
$74,455,159
Stock outstanding in hands of public
-year 5% bonds, $7,000,000, viz.: (a) Held by
50
6,970,000
public
(b) In Brooklyn City RR. guaranty fund, $25,$30,000
000; pledged for B. R. T. rec. certfs., $5,000
First Refunding Mtge. 4% bonds, $27,621,000,
3,439,000
viz. (a) Held by public
-year
(b) Otherwise held:(aa) Pledged for 3 and 6
notes, $10.000,000;(bb) pledged for $3,300,000
of bank loans,$7,079,000;(cc) in Brooklyn City
RR. guaranty fund, $250,000; (dd) held by
surface line cps., 31,761,000: (ee) pledged for
24,182,000
B. R. T. receiver's certfs., $5,092.000_
Three-year 7% notes: War Finance Corp., $16,57,230,000
544,700; general public, $40,685,300
505.000
Six-year 5% notes held by public
18,000,000
Receiver's certificates
$24,212,000 $160,599,159
Total
[The issue of $18,000,000 receiver's certificates was sold last August.
See V. 109, p. 774. In addition to the notes shown in the table there are
-V. 109, p. 1986, 1891.
-Editor.]
$3,300,000 bank loans outstanding.
Quebec Central Railway.
(Report for Fiscal Year ended June 30 1919.)
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1915-16.
1916-17.
1917-18.
1918-19.
Freight revenues
$1.950,247 $1,409,444 $1,215,001 $1,043,108
378,364
445,919
446,648
Passenger revenues
566,166
65,786
65,108
70.312
Mail, express, &c
33,479
Total oper. revenues.... $2,549,893 $1,926,404 31.726,028 $1,487,258
$208,266
$243,225
$273,675
Maint.of way & struct
$444,773
150,603
172,067
189,535
Maint. of equipment..
378,968
523.805
672,661
837,458
Transportation expenses 1,046.695
27,004
28,679
29,531
Traffic expenses
28,914
66,813
75,723
79,109
General, &c., expenses_..
21,169
18.493
15,046
Taxes
15,250
104,441
$994,984
Total oper. expenses $2,024,960 $1,424,559 $1,207,401
$492,274
$518,627
Net operating income_
$501,845
$524,932
16,640
15,427
Other income
5.500
7,370
sur1,093,000 sur185,000def2778,000def5755,000
$508,914
3507.345 '$534,054
Gross income
$532,303
175,314
* Combined statements of companies without elimination of inter- Int. on debenture stock_
175.314
175,314
175,315
S2,247
company charges and credits.
Jut. on mortgage bonds_
82,247
82,247
82,246
-The above estimate for 1920 includes the revenue from the 2c. Dividends paid
Note.
(5%)169,080 (5)169,080 (5)169.080 (4)135,264
charge for transfers which was put into effect Aug. 1 1919, and the in$116,089
$107,413
Balance, surplus
crease in oper, exp. due to the 25% wage increase effective Aug.10, 1919.
$80,704
$105.662
(2) Estimated Earnings with Increased Fares.
BALANCE SHEET JUNE 30.
Years ending June 30- -Year 1920-21- -Year 1921-221918.
1919.
191. 9
1918.
$
$
$
Liabilities$
Assets
8 cents
7 cents
8 cents
7 cents
Fare
3,381,603 3,381,603
Share capital
23,704,000 24,386,000 24,695,000 25,407,000 Cost of main line,
earnings
Gross
extensions, &c _ 9,937,060 9,548,966 4% 1st M.deb.stk. 2,943,540 2,943,540
Oper, expenses and taxes_ _ _21,133,000 21,133,000 21,888,000 21,888,000
334% 2d M. deb.
Uncompleted wks.
1,644,033 1,644,933
9,505
411,505 stock
& db3trib. accts..
2,571,000 3,253,000 2,807,000 3,514,000
Balance
221,624
151,490 5% 3d M.bonds__ 1,644,933 1,644,933
1,576,000 1.576,000 1,576,000 1,576,000 Cash
Rentals to public
154,713
Aud'd vouch., &c_ 120,943
Other fixed charges to public 1,020,000 1,020,000 1,020,000 1,020,000 Agents' and agen31,697
86,626
cies balances_ - _
23,992
43,228 Traffic accounts....
72,247
92,991
24,306
45,409 Pay rolls
211,000
923,000 Traffic accounts
657.000
def25,000
Balance, surplus
Int. & dive. due dc
Fuel, materials &
to B.R.
Fixed charges payable
247,199
*252,389
374,510
274,485 accrued
supplies
2,165,000 2,165,000 2,185.000 2,185,000
T. or its subsidiaries
32,804 TJnexp. approp. dcf
Miscellaneous ---- 127,640
( 381,7671 168,597
reserves
25,000
.000def1974,000def1262.000 Victory bonds_
def2,190.000defl.508
Balance
50,000
Res've conting. ft1.1
Surface Lines Face Disintegration Unless Granted Adequate Fare.
168,249
:Revenue bats_ _ _ 193,911
-The situation will not, in our estimation, be materially imOutlook.
proved for several years, as the increased traffic which would normally
10,743,636 10,507,712
result to the surface lines through the growth and development of the region,
10,743,636 10,507,712 Total
Total
which they traverse will in large part be offset by the diversion of traffic
* Includes in 1918 4% debenture stock accrued, $49,059, and 3)4%
from many of them to the rapid transit lines.
Mtge. bonds payable July,
-The physical condition of some parts of the surface lines debenture stock payable July, 328,786, 5% 3d
Deterioration.
and dividends
has seriously deteriorated, and deterioration is bound to continue so long 341,123, share dividend payable July, $84,540, and interest
as the income is insufficient for operating expenses and taxes. It will unclaimed, $48,880.-V. 109, p. 1793.
require an expenditure of approximately $1,000,000 per annum for several
years to make up deferred maintenance on the surface lines and bring them
and Subsidiaries
up to a proper standard, most of this cost being chargeable to operating Tidewater Oil Co. (of N. J.), N. Y. City,
expenses. This is a substantially larger amount than has been spent for
(Report for Nine Months ending Sept. 30 .1919.)
these purposes in recent years.
-The disintegration of the system, which began with the
Disintegration.
[Including Tide Water Oil Co. and Subsidiaries.
surrender of the Brooklyn City lines, is bound to continue unless the fare is
1918.
1919.
Nine MonthsIncreased. The result will be the breaking up of the system into a number
of independent lines. Those most favorably located may be able to earn Total volume of business done by company and
subsidiaries, as represented by their combined
something more than operating expenses and taxes but nothing like an
gross sales and earnings, exclusive of inter-comadequate return upon the investment, while many lines, which can run only
$34,322,671 $30,420,574
pany sales and transactions
at a loss, will have to be abandoned. Thus the value of the surface lines
$12,601,009 $13,178,870
to the public served will be very greatly impaired. The people of the Net from operations
$12,821,797 $13,451,317
have a satisfactory service from the surface Total income
Borough of Brooklyn can never
25,695
357,070
portion
lines until they are reassembled into a single system and that can only be Outside stockholders, off
2,934,164 2,620,203
Depreciation charged
accomplished through an increased fare.
1,988,132
2,627,540
Provision for Federal taxes
Ownership of Surface Line Securities as Divided between the B. R. T. and Public.
7,899,501
8,203,575
Net income
(1) Lines under stock control by B.R.T. Owned by Held by the
(12%)3,922,930(14)4465,940
Dividends paid
Total.
Public.
B. R. T.
3,950,874 3,380,565
Balance, surplus, for period
Stock
$402,625 $18,396,900 Previous surplus
$17,994,275
13,292,225 12 917,001
21,829,441 Add-Through acquisition of outside interests of
21,829,441
Certificates of Indebtedness
3,786,000 23,884,927 27,670.927
Bonds
618.456
subsidiary companies
(2) Leased Lines
$17,861,555 $16,297,566
Total profit and loss surplus
(a) Brooklyn City RR. stock (10%
12,000,000 12,000,000
dividend rental)
CONSOLIDATED BALANCE SHEET(INCLUDING SUBSIDIARIES).
*2,552,000 4,373,000 6,925,000
Bonds (see note)
Sept.30'19. Se:n.30'18.
Sept.30'19. Sept.30'18.
(b) Prospect Park & Coney Island
-$
Assets
250,000
247,300
(So. Bklyn. Ry.,rental $45,000)stk
"2,700
33,087,000 31,900,000
Prop's & equipl.:32,138,131 33,698,473 Capital stock
Bonds (3 issues, incl. $250,000 in190,350
950,000 Other investments. 1,631,228 1,541,771 Subsidiaries' in _ 112,288
948,550
come bonds)
1,450
444,809
851,337 1,975,452 Res. for fire losses_ 441,225
Cash
1,957,851 Minority interest
Grand total (supplied by Ed.)
$46.165,866 $41,856,402 $88,022,268 Tax reserve fund_ 1,953,631
in subsid. cos_
U. S. ars (tax fd.) 2,088,099
* The $1,627,000 of First Consol, M. 5s and $125,000 of the Refunding
payable_ 4,147,586 1,861,315
Mortgage 4s of Brooklyn City RR., which are held by the B. R. T. are Liberty bonds_ -- _ 1,562,148 1,205,840 Accountstaxes......2,901,986 2,757,688
Accrued
deposited in the guaranty fund pledged as security for the performance of Accts.& notes rec.. 4,846,329 4,130,015 T.0.surplus
64,629
17,861,555 16,297,566
109,325
the lease from the Brooklyn City RR. Co. which has already been breached. Prepaid expenses__
Crude oil & prod'ts10,673,103 7,374,956 Sub, outside interOf course, the securities of underlying companies owned by the B. R T. Materials & supp- 3,048,224 3,326,783 est surplus
47,803
Company are in effect owned by the public through the ownership of the Deferred items_ _ 1,696,163
53,892
stock and bonds of the latter company.
The certificates of indebtedness include: (a) Brooklyn Heights RR.,
58,599,442 55,405,359
Total
58,599,412 55,405,359
Total
$7,992,174: (b) Nassau Electric RR., $6,047,188; (c) Brooklyn Queens
x Includes on Sept. 30 1919 refining and gasoline plants, $14,185,927,*
County & Suburban, $2.640,710;(d) Coney Island & Brooklyn RR.,$118,oil producing properties, $18,900,249; railroad and
298: (e) Coney Island & Gravesend RR., $2,637,000; (f) South Brooklyn pipe lines, $10,482,153;
lighterage properties, $813,964; timber properties, $314,873; less reserve
RR., $2.394,071; total, $21,829,441.
for depreciation, $12,559,034.-V. 109, p. 1898.
[See also caption Brooklyn City RR. above.-Ed.1
Balance
-4 •
Nov. 29 1919.1
THE CHRONICLE
2073
Cuba Cane Sugar Corporation, New York.
(Fourth Annual Report—Year ending Sept. 30 1919.)
On subsequent pages will be found the remarks of President
Manuel Rionda, in the company's fourth annual report, also
the profit and loss account for the entire fiscal year 1918-19,
and the balance sheet of Sept. 30 1919.
tion (which will be spoken of as the "Subway Bonds" because they were
issued to raise funds primarily for subway construction and equipment under
the City contracts) of which there are $60,000,000 outstanding. are a direct
lien upon all the properties of the two Rapid Transit Companies, including
all their rights under the City contracts, subject to $22,967,000 of underlying liens on the old elevated lines and to the Receiver's Certificates hereinafter mentioned. Of these bonds $57,735,000 are pledged as the principal
security for the $57,735,000 Three Year Notes and Six Year Notes of the
B. R. T. Company. These bonds also bear the unsecured guaranty of the
B. R. T. Company.
INCOME ACCOUNT FOR YEARS ENDING SEPT. 30.
(2) Both Classes of the Notes are secured also by the pledge of $10,000.000,
out of a total issue outstanding of $27,621,000, of First Refunding Mortgage
1918-19.
1917-18.
1916-17.
Operating profit
$11,069,881 $7,390,604 $11,095,531 Bonds of the B. R. T. Company.
In addition to
Deduct—Depreciation reserve
1,750,000
1,750,000 1,750,000 to secure your the $10,000,000 of First Refunding Mortgage Bonds pledged
Interest and exchange
notes,
555,810
679,654
244,043 loans, $250,000 are in $7,079,000 thereof are pledged for $3,300,000 of bank
Reserve for taxes (incl. income and
the Guaranty Fund securing the lease of the Brooklyn
City Lines, $5.092,000
• war excess profits taxes)
979,490
834,525
1,286,471 hereinafter mentioned, are subject to the lien of the Receiver's Certificates
Reserve for doubtful accounts
$1.761,000 are held by the Surface Line Companies
400,000
500,000 and $3,139,000 are outstandin
Preferred dividends (7%)
g in the hands
3,500,000
3;500,556 3,500,000 First Refunding Mortgage Bonds are securedof the general public. These
by a direct
Trustee of the Mortgage and your Committee contend is a lien, which the
Total deductions
$7,185,300 $6,761,180 $7,280,514 the power
first lien upon
plants and real estate of the B. R. T.Company and by the pledge
Balance, surplus
$3,884,581
$626,424 $3,815,017 of stocks and
junior securities of the Surface Line Companies.
BALANCE SHEET SEPT. 20.
(3) The Three Year Notes are also secured
entire
Issue, about $29,000,000, of Consolidated and by the pledge of the Bonds
1919.
1918.
Refunding
1919.
1918.
of the B. R. T. Company, which have a lien junior to theMortgage
Assets—
Liabilities—
First Refunding
S
$
Mortgage upon the properties covered by
Propert's & plants,
Declared capital(
mortgage. Thus indirectly
the Notes are secured by a lien upon all the that
&c
77,388,307 75,290,449 (1) 7% cumurve I
properties owned by the B. R.'I'.
Company, including the power plants and other facilities common to both
Cane cultivations_ 2,036,024 2,771,853
cony. pref. stk.I
the rapid transit and surface systems.
Math & supplies_ 2,634,600 3,211,159
500,000 shares, I
All of
Advances to—
par 5100
(52,500,000 52,500,000 United these mortgages are in foreclosure in the District Court of the
States for the Southern District of New York.
Colonos (less res.) 6,850,873 9,052,710 (2) Corn. stock.(
Stores, &c
263,146
261.113
500,000 shares,)
Status of 1st M. 5s of Brooklyn Rapid Transit Co.
Sugars, &c., on
without nom'l
The B. R. T. Company has outstanding $7,000,000 of 5% bonds secured
hand
12,112,029
261,113
or par value_ j
by its so-called First Mortgage of Oct. 1 1895, which
is
Accts. & bills rec.,
Bills payable
15,000,000 12,000,000 The Trustee under that mortgage and the committee also in foreclosure.
representing those
less reserve
1,245,108 1,026.886 Acceptances
bonds have contended that the
11,000,000
Cash
4,303,188
700,712 Drafts outstanding 1,541,082 1,409,498 and power plants owned by the mortgage is a lien both on the real estate
B. R. T. Company and upon various stocks
Cash for pref. div.
Accts. payable and
and securities pledged and deposited with
the Trustee under the First Redue October_ _-- 875,000
875,000
accrued charges_ 2,512,439 5,864.608 funding Mortgage, none of which are expressly
mentioned in
1895
Special deposit_ -Pref.divs.pay.Oct. 875,000
63,000
875,000 Mortgage and many of which were acquired with the proceedsthe First
of
Security for lien reLiens on properties 954,541 1,263,205 Refunding Bonds. All such claims are being vigorously
resisted by your
demption, &c_
954,541 1,263,205 Deprec'n reserve_ - 6,500,000 4,750,000 Committee and by the Trustee
under the First Refunding Mortgage.
Prepaid insurance,
Res. or taxes, &c_ 1,439,089
800,000
Financial Position of the B. R. T. System.
605.601
rents, &c
316,296 Deferred liabilities 947,491 1,518,898
The situation with respect to the Rapid Transit Companies, the Surface
Items in suspense_
290,682 Surplus account _ -16,712,303 14,292,949
30,627
Line Co. and the B. R. T. Company proper
may be simunarized as follows:
(a) Funds Provided to
109,981,945 95,274,158
Total
Total
109,981,945 95,274,158
of greatly increased costsComplete Equipment and Power Plant.—As a result
due to the war, the City's delay in completing the
—V. 109, p. 1990.
new rapid transit lines and other causes,
it became necessary to provide a.
large additional sum to meet the System's obligations
under the City Contracts, including both equipping the new lines
to the power plant which had been commenced and completing the addition
to provide power for the new
rapid transit lines.
Receivers' Certificates.—This money was provided by the sale of
$18,000,2
RAILROADS, INCLUDING ELECTRIC ROADS.
000 of the B. R. T. Receiver's 6% Two
Year Certificates. The poroceeds of
$5,000,000 of these certificates have been retained
by the B. R. T. Receiver
Bath & Hammondsport RR.—Bond Extension.—
mainly for power development, the proceeds
of the remaining $13.000,000
Under the contract for the extension of the $100,000 1st M.5s due June being advanced for use by the Rapid Transit Companies Receiver
under
'
1 1919 the principal of these bonds is payable June 11929, the interest rate the City contracts. Against this
is increased from 5% to 6%, the principal and interest are required to be Receiver has issued $13,000,000 ofadvance, the Rapid Transit Companies'
Receiver's Certificates secured by a lien
U. S. gold coin of the present standard of weight and fineness. upon all the properties of those companies, prior
paid in
to the Subway Bonds and
junior to the underlying bonds, these
—V. 109, p. 1890.
certificates being in turn pledged to
secure the B. R. T. Receiver's Certificate
s.
Boston & Maine RR.—Receiver to Be Discharged.—Judge
Messrs. Stone & Webster advise that,
no furMorton in U. S. District Court Nov. 26 agreed to discharge ther important advance in wages or costassuming that there will beof these
of materials, the proceeds
with such part of the income
the receiver of the Boston & Maine RR. at once, declaring certificates,will be sufficient to meet as is available for the purpose under
the decree,
he believed the time was proper for such course. George L. the City and that, provided the City the requirements of the contract with
does its part with reasonable promptMayberry, counsel for the receiver, was told by the Court ness, all of the rapid transit lines provided for in the City contracts should
be equipped and in full operation before
the maturity of the certificates.
that he would sign the decree for the discharge of the receiver
(h) 5
-cent Fare Insufficient even with 2
-cent Transfers.—As a result of the
investigati
as soon as presented to him, which will probably be Monday, face lines on of Messrs. Stone & Webster, it became apparent that the surof the System would be unable to earn their fixed charges, despite
Dec. 1.—Nr. 109, p. 1985.
the two-cent charge for transfers recently allowed
by the Public Service Commission, and they now
scale of wages, and
Brooklyn City RR.—Alleged Debt to B. R. T. Co.—Power, disregarding the effect report that with the increased has occurred, these
of the disintegration which
companies cannot earn
current fiscal year, and
Facilities, etc.—
time thereafter will be during the earn, even operating probably for some
unable to
expenses and taxes.
The report of Stone & Webster, cited in a preceding page says: "Under
Receivership for Surface Lines.—A receiver
the terms of the lease from Brooklyn City RR. Co. the lessee [namely the
was appointed by the United States District Court in for the surface lines payment
Brooklyn Heights RR. Co. whose stock is all owned by the B. R. T. Co.] of
July and defaults in
the interest on practically all the mortgages resting upon those
has from time to time, out of its own funds or funds furnished by the B. R.
lines have
T., provided additions and betterments to the leased lines, the cost of which occurred. Following default in the payment of rental to Brooklyn City
the B. R. T. claims the lessor is obligated to repay. That portion of this RR. Co., that company has taken possession of its lines, comprising about
account accruing before the execution of the First Refunding Mortgage in 40% of the surface mileage of the system, which had been operated by a
subsidiary of the B. R. T. Co. under lease. The result has been a general
1902 is not represented by any Certificates of indebtedness but has
by assignment to the B. R. T. Co. and in turn been mortgaged by it. passed breaking up of the system of surface lines formerly controlled by the B. R.T.
This
portion of the construction account is referred to on the books as the B. R. Co. How far this will affect the earnings of the lines is still problematical.
Resulting Deficit.—As appears from the reports of Messrs. Stone
T. Equity in Brooklyn City Construction [the amount being $5,380,477.
&
Webster,
—Ed.) Additions and betterments made after
provided for cent fare, with the wages and other operating costs now in force and a fiveout of funds furnished by the B. R. T. Co. for1902 have been
the earnings of the rapid transit lines remaining after the payment
which it has taken Certifi- of interest
cates of indebtedness of the Brooklyn Heights Co., these certificates being
upon the Receiver's Certificates
lying elevated bonds, will fall considerably and the $22,967,000 of underpledged to secure bonds of the B. R. T. Co."
$60,000,000 of B. R. T. Notes and Subway short of the interest upon the
Drops Second Fare on Flatbush Ave. Line.—
fare no substantial contribution toward yourBonds. Without an increased
interest can be expected from
The company has abandoned its efforts to collect a second
Flat the surface lines or from the properties of the B. R.
bush Ave. line at Foster Ave., pending legal determination fare on issue. are being made to secure higher fares for all lines. T. Co. proper. Efforts
of the
The P. S. Commission had ordered the company to cease collecting the
(c) B. R. T. Receivership and Operations.—The
activities of the Receiver
second fare, but the company determined to fight the order and issue rebate of the B. R. T.Co. proper, are
now, in general, confined to completing the
slips. In a statemr nt issued discontinuing the collecting of the second fare additional power generating
facilities and furnishing power and doing repair
the company said: "The company's policy of giving a rebate slip to those and maintenance work for both
paying a second fare had proved unacceptable to the public, with conse- a contract negotiated by the the rapid transit and surface lines. Under
a
Receiver,
quent delay of traffic and disorder."
future operation of the Brooklyn City he will also furnish power for the
lines. Messrs. Stone & Webster
The company has secured a writ of certiorari
report that while this
Commission's decision by the Appellate Divisionfor a review of the P. S. to earn, interest on part of the system is earning and will probably continue
in Manhattan.—V. 109,
the B. R. T. Co.'s
p. 1986.
substantial surplus over such interest. investment therein, there will be no
Trust Co. Withdraws.—Central Union Trust Co.
Brooklyn Rapid Transit Co.—Report of Experts—Stateof New York has reas a member of
ment by Protective Committee.—Kuhn, Loeb & Co. and signed as Trustee of thethe Committee because of possible conflict with its
duties
First Refunding Mortgage of the B. R. T. Co.
Kidder, Peabody & Co. acting as a Protective Committee for
Deposits with Committee.—There have now been
mittee about $30,000,000 of the Three Year Notes,deposited with the ComBrooklyn Rapid Transit Co., Three-Year 7% Secured Gold $16,514,70 of
which, together with the
0
that issue held by
n,
Notes, due July 1 1921; Six-Year 5% Secured Gold Notes, cooperating with the Committee,War Finance Corporatiothewhich has been
constitute over 80% of
entire amount
due July 11918; and New York Municipal Ry. Corp. 1st M. outstanding. The Committee also represents the majority of the Subway
Bonds outstanding.
5% Sinking Fund Gold Bonds, Series A, due Jan. 1 1966,
Cravath & Henderson are counsel
are sending to the holders of these securities a summary of N. Y., Secretary, to the committee. and Charles E. Sigler, 80 Broadway,
[See "Financial Reports" above for extracts from
expert's report.]
the important report just made
GENERAL INVESTMENT NEWS
by Stone & Webster
"Financial Reports") and based thereon say in subst.:(see
Makeup of System.—The
•
B. R. T. System may be divided into three
distinct parts:
(a) The Rapid Transit Companies—These are (eta) New York
Consolidated RR. Co., a consolidation of the companies owning the elevated
lines
which existed prior to the dual subway contracts of 1913;
(0)
Municipal Railway Corporation, which was organized to make New York
the contracts
with the City and to construct and equip the new lines and reconstruct
and
build the thied tracks on the old lines. The Municipal
Corporation owns
certain elevated extensions and under the lease from the City
has
operate the subways, &c., built under the City contracts. the right
to
, All of its
operating rights were assigned to the Consolidated Company which, therefore, operates the entire subway and elevated system of the B. R. T. System.
(b) The Surface Line Companies.—There are six
which own or lease, and operate various surface lines. of these subsidiaries
(c) Brooklyn Rapid Transit Co. Itself
.—This company directly owns most,
and operates all, of the power plants and repair and maintenance facilities
for the entire system. It controls the various railway operating companies
of the 53 stem through ownership of stocks and securities, mostly junior
to
mortgages issued by the individual subsidiaries before
system. Since then the subsidiaries have been financed they came into the
through the B. R. T.
Security for these Notes and Bonas.
(j) Your notes and bonds are charges primarily, upon
Companies. The 1st M. bonds of New York Municipal the Rapid Transit
Railway Corpora-
• Ten-Cent Fare Upheld.—
In a test suit brought by Julius Merksamer in the Municipal
District
Court to compel the company to return an alleged excess
fare of 5 cents
charged them Tor a trip to Coney Island and so recognize the
dual subway
contract clause providing for a 5
-cent fare. Municipal Court Justice
William D. Niper gave judgment for the defendant.
The case is to be
appealed, it is said.—V. 109, p. 1986, 1891.
Chesapeake & Ohio Ry.—Dividend.—
A semi-annual dividend of 2% has been declared on
the capital stock.
payable Dec. 31 to holders of record Dec. 5,
the necessary financial arrangements with thesubject to the completion of
U. S. Railroad Administration or otherwise.—V. 109, p. 769.
Chicago Peoria &..St. Louis RR.—Default—Deposit.Default having occurred May 1, and again Nov. 1, 1919 on
the Equipment 6% notes, Series A, the committee named
below, headed by Chellis A. Austin, President of Mercanti
le
Trust Co., 115 Broadway, N. Y., is urging the immediat
e
deposit of these notes with said trust company as depositary.
Almost 50% of the outstanding notes has already been deposited with the committee.
2074
THE CHRONICLE
Digest of Statement by Committee, Dated Oct. 30 1919.
Default occurred in the interest due May 1 1919 on the above
mentioned notes, and default in payment of both principal and interest duo
Nov. 1 1919 is apparently unavoidable [as proved to be the case-Ed.]
The interest and principal due Nov. 1 1918 were not met by the receiver,
and finally arrangements were made whereby the notes maturing on that
date were purchased,and the interest coming due then was paid by the U. S.
Railroad Administration. The Railroad Administration, however has
definitely declined to meet principal or interest maturing Nov. 1 next. and
the receiver, upon whom the burden of such payment primarily rests, is
without funds sufficient to meet this payment.
The equipment upon which these notes are a first lien appears to have a
present value largely in excess of the amount of the outstanding issue.
The insurance against fire and damage on this equipment, however, expired
on Sept. 13 1919, and the receiver states that he is without funds to effect
a renewal, a matter which the committee feels should be given immediate
attention.
Protective Committee: Chellis A. Austin, Chairman, Pres. Mercantile
Trust Co.; J. Stanley Faster, Pres. The Bowery Bank; H. A. Smith, Pres.
The National Fire Ins. Co.; with Harry A. Cushing as counsel and J. C.
-'V. 109, P. 370.
Traphagen as Sec., 115 Broadway, N. Y. City.
[VoL. 109.
INDUSTRIAL AND MISCELLANEOUS
-Acquires Interest.
American Glue Co.
The company, it is stated, has purchased a substantial interest in the
business of Bacder, Adamson & Co., of Phila., recently incorporated in
Massachusetts with a capital of $2,500,000. Business established in 1824.
Manufacturers of abrasive cloth and paper, also glues. Pres., William
Adamson; V.-Pres., King Upton; Treas., J. P. Lyman, who, together with
William B. Adamson and George Upton, form the board of directors of the
now company.
-V. 109, p. 1462.
--Sold.
American Metal Co., Ltd.
Charles D. Barney & Co. and associates were the successful bidders for
the v. t. c. representing 34,644 shares of stock offered for sale on Nov. 26
by the Alien Property Custodian. The price bid was $166 per share, or a
total of $5,750,904, subject, however, to the approval of the Governmeni;
advisory committee, within 30 days.
Sales and Net Earnings (from Boston News Bureau).
June 30 Years
Calendar Years
June 30
.)
(613,106s.
(6 Mos.).
1915.
1916.
1917.
1918.
1919.
-Sold.
-Elkin & Alleghany RR.
$
$
$
A recent dispatch from Winston-Salem, N. C., says that the Court has
_29.268,252 106166,089 149216,409 82,615,282 153796,848 68,468.179
ratified the sale of the road by the receiver, C. B. Penny, to J. W. Ring. Salts _ _
832,158 2,892,387 4,899,750 7,638,337 2,498,639
330,004
The sale includes a roadbed 16 miles long from Elkin to Veneer. N. C., and Net..
other assets, including franchises, &c. The line is in operation, and it is -V. 109, p. 1988.
-V. 108, P. 2528.
projected to build an extension of 87 miles.
-"Motherhood Insurance."
American Woolen Co.
The company on Nov. 26 announced to its employees a plan of free sick
-To Pay Bonds.
Louisville & Nashville RR.
and accident benefits effective at noon Dec. 1 1919. The plan includes
The $150,000 6% bonds of the Evansville Henderson & Nashville Div.,
its subsidiary companies.
due Dec. 1 1919, will be paid off at that date at office of the company, every employee of the American Woolen Co. and
-V. 109, p. 983.
-V. 109, p. 676.
71 Broadway, N. Y. City.
Missouri Kansas & Texas Ry.-Interest.The interest due June 1 1919 on the first mtge. 4% 100-year gold bonds,
due 1990, will be paid on Dec. 1, and interest due on that date will be
deferred.
-V. 109, p. 1700.
-To Issue Capital.
Arkansas Light & Power Co.
The Arkansas Corporation Commission has granted the company per.
-V. 109:
mission to issue $150,000 7% Pref. stock and $50,000 6% bonds.
p. 889.
-Director.
A. T. Securities Corp.
New York Railways.
-Interest Payment.
-V. 109,
Joseph E. Widener of Philadelphia has been elected a director.
Judge Julius M. Mayer on Nov. 25 authorized and directed Job E.
Hedges, receiver, to pay the interest when it falls due on Dec. 1 on bonds.
- p. 1989.
V. 109, p. 1987.
-Extra Dividend.
Autosales Corporation.
The directors have declared an extra dividend of % of 1% along with the
Northampton Traction Co.
-Protective Committee.
%, both payable Dec. 31 to holders of
The committee named below has notified the holders of tne First Mortgage regular quarterly dividend of I 3
-V.109,
extra in September last.
Bonds that a hearing will be held by the Court on Dec. 1 with a view to record Dec. 15. A like amount was paid
making permanent the receiversnip. The Receiver on that date will make p. 1611, 890.
application to the Court for permission to issue a series of Receiver's CertifiBaldwin Locomotive Works.-Com. Div. of 332%.
cates to an amount not in excess of $25.000 for the purpose of meeting the
2%
The directors have declared a dividend of 3% on the Common stock and
taxes assessed against the property and for the payment of such other
amounts as may be necessary and incident to the proper operation of the the regular semi-ann. dividend of 3% on the Preferred, both payable Jan.1
the first distribution on the Common
to holders of record Dec. 6. This is /
line under the administration of the Receiver.
-V.109, p. 1701.
In view of the above the committee requests the holders of the above bonds stock since Jan. 1915 when 1% was paid.
to Nov. 28 with The Pennsylvania Co. for Insurances
to deposit them prior
on Lives and Granting Annuities, Philadelphia.
Belding-Paul-Corticelli (Silk Co.) Ltd.-Accum. Divs.-Theodore Lewis, Charles L. Serrill, C. S. Newhall, Jay
on the Preferred stock
Committee.
The directors have declared a dividend of 3
Gates, with W. B. Reed, Sec., 517 Chestnut St., Phila.-V. 109. p. 1891. on account of accumulations, payable Dec. 15 to'holders of record Dec. 1,
thus, it is understood, reducing the deferred dividends to 3%%.-V. 109.
Salt Lake Garfield & Western Ry.-Status.-Joel p. 777.
Richards, Secretary of company, under date of Nov. 8,
informs us in substance as follows:
Boston Cape Cod & New York Canal Co.-Valuations.
A jury in the U. S. Government condemnation proceedings entered in
of the
-The company issued an additional block of $450,000 Capital the Federal Court at Boston, returned a verdict in which the valuein the
Stock.
canal as of April 1 1919, was placed at $16.801.201. Testimony
stcck [during 1919] with which to purchase the Saltair Beach Amusement
follows: FinResort, so that now we have $750,000 Capital stock outstanding, and the suit showed that the cost was about $14,730,907, divided asadministration
`
i(
wIAZ walvV aeod ancing costs, $3,646.250; construction costs, $6,245,253;
sz
tge Sa:La s
stcrn
o by eir Igaclakoo.bar
n
regotaly isovninowed
antertytApe
Ero of
costs, $2,533,102, and operating costs. $2.296,302.
owned
Secretary of War Baker testified that the Government offered the owners
on both the First and Second mortgages.
By. and is still pledged
that the proBonds.
-The Second mortgage is in the form of a promissory note to $8,250,000 for the property last Jan. The owners showed estimated the
Zion Savings Bank & Trust Co.. originally issued for $200,000, of which perty cost about $11,000,000 and Gen. George A. Goothals what such a
value of the canal at $25,000,000, basing his estimate on
$35,000 has been paid, leaving a balance of $165,000 outstanding. On Sept. property would cost to-day if
Government. He stated
1 1919, $3,000 was paid on the principal of the First Mortgage bonds, that the cost to reproduce an constructed by the
identical canal under private contractorship
leaving a balance outstanding of $297.000.
would be about $30.000,000.-V. 108, p. 881.
-We have also issued $75,000 in equipment notes,
Equipment Notes, &c.
covering 6 electric motor cars, of which $15,000 has been paid, leaving a
-Offering of Bonds.Brown Company, Portland, Me.
balance of $60.000 outstanding. These notes boar 7% interest, and the
balance is duo $30,000 each August 1 1920 and 1921.
Hornblower & Weeks, New York, &c., are offering, at prices
$30,000 Sub Station Equipment Notos to
On March 4 1919 we issued
6.15%, accordthe General Electric Co., payable $1,000 per month, bearing 7% interest. ranging from 100 to 98, to yield from 6% to
$8,000 has been paid on these notes (to Nov. 8 19191 leaving a balance ing to maturities, $7,500,000 6% Serial Gold Debenture
outstanding of $22,000.
Bonds, Series "A," dated Nov. 15 1919. Duo $375,000
Electrification.-Electric operations over the line was commenced Aug.
4 1919, and company has now abandoned its locomotives and is using annually each Nov. 15 from 1920 to 1939, inclusive. See
-V. 106, p. 2011.
electric power exclusively.
advertising pages.
M.& N. at
- Int. payable Y.; Fidelity Old Colony Trust Co., Boston, trustee; Liberty
-Bonds Offered.
San Joaquin Light & Power Corp.
Trust Co., Portland, Me.; without deduction for
Nat. Bank, N.
Cyrus, Pierce & Co., Blyth, Witter & Co. and Security any Federal normal income tax up to 2%. Denom. $1,000, $500 & $100 c*
(interchangeable). Callable, all or part, on any int, date upon 30 days'
Mortgage Co., San Francisco, are offering at 99 and int. notice at 102% and interest.
$3,600,000 First & Refunding Mortgage 6% gold bonds.
Data from Letter of Pres. 11. J. Brown Portland Me. Nov. 15 1919.
Due August 11950. Int. F.& A. Redeemable at 105. Equitable Trust
Authorized. Outstanding.
Capitalization after This FinancingCo., N. Y., trustee. Exempt from personal property tax in California. First (closed) mortgage bonds, due 1920-31
S2,750,000 $1,250.000
Individual income tax of 2% paid by corporation.
,
7,
15,000,000
6% Debenture bonds (this issue)
500,000
Issued to provide 75% of cost of additional hydro-electric installation 6% First preferred stock
500.000
800,000
urgently needed to meet present demand. Security is a first mortgage on a 6% Second preferred stock
1.500,000
lien upon Common stock
2,000,000
large part of the corporation's most valuable property and a direct
2,000,000
the remainder of the property, subject to only $2,684,000 divisional closed
Company.
-Established in 1852 and incorp. In Maine as the Berlin Mills
mortgage bonds.
Co. in 1888. Name changed to Brown company in 1917 (V. 105, p. 2-158).
Capitalization
all the stock of the Brown Corporation of Canada. Is the largest
$2,684,000 Owns
Divisional Closed Mortgage bonds
manufacturer in this country of bleached sulphite fibre pulp and kraft
1st & Ref. M. bonds, due 1950, Series A, B and C (equally sec.)*12,994,000 wrapping paper, and also manufactures bond paper, lumber and allied
2,000,000 products. A research laboratory Is maintained for control of its processes
Debentures. due 1927-1929, convertible into stock
6,500,000
Preferred 6% Cumulative stock
development of its various by-products. Daily capacity is 600 tons
11,000,000 and
Common stock
bleached sulphite fibre, 160 tons kraft paper, 40 tons bond paper, 150,000
feet merchantable lumber, and 1,200 window frames. paper
mills; (b) two
-(1) The mill property consists of (a) two
Property.
* Includes present issue.
0th. Inc. Aral for int. Int. (net). Bal., Sr. bleached sulphite fibre mills; (c) a sawmill located at 13erlin and Gorham,
Net.
Cal. Year. Gross.
power plants, located at Berlin, Gorham
__ _31,363,643 $825,942 $16,268 $842,211 $373,651 $469,560 N. II.; (d) has five hydro-electric River,installed capacity of 25,000 h. p.,
1912_
491,744 and Shelburne,on the Androscoggin
655,295
24.733 1,147,039
1918_ _ _ _ 2,614,740 1.122,306
390,236 furnishing electric power to the paper, pulp and sawmills; (e) also a steam
548,959
939,195
22,996
916,198
'19,9 m's 2,439,951
in Maine, New HampV. 106, p. 2650, and see statement in plant of 20,000 h. p. (2) The timberlands are held in the I'rov. of Quebec.
See offerings in V. 91, p. 1332:
shire and Vermont, and by the Brown Corporation
"Electric Railway" Section, page 45; also V. 108. p. 2529; V. 109, P. 1178.
amounting to 400,000 acres in fee simple In Maine, New Hampshire and
Vermont, 700.000 acres in fee slmele and 100,000 acres in stiunpage on
Toledo Railways & Light Co.
lands in fee simple In Canada,and 1,100,000 acres in timber lands held under
-V. 109, P. 1988. 1893
.
See Toledo Trac., Light & Power Co. below.
perpetual license in Canada, a total of 2,900,000 acres, or 4,530 sq. miles.,
-Bonds Called, &c.
estimated to contain 15,000,000 cords of pulpwood.
Toledo Trac., Light & Power Co.
-As certified by Messrs. Niles & Niles, for the last five fiscal
Earnings.
The entire issue of $1.200,000 77 Second Lien convertible bonds of 1918,
payment on Jan. 1 1920 at Bankers years, after taxes, depreciation, interest and before dividends, have averaged
for
due Jan. 1 1921, have been called °
32,190,222, and for the last three fiscal years $3,102,369. In addition,
Trust Co., New York.
during the last five years averaging
Mayor Schreiber's application to the Court for an order compelling the special reserves have been set up
was to be heard by Judge 658. Earnings of the Brown Corporation for the last three fiscal years, after
Toledo Ry.s & Light Co. to resume its car service
taxes, depreciation, interest and before dividends, have averaged $507,617.
Knits on Nov. 28.-V. 109. p. 1893.
In addition, special reserves have been set up during the last three years
-Bonds Deposited. averaging $272,617. to provide payment for extensions and betterments
United Railroads of San Francisco.
-Issued
Purpose.
announced that more
The committee in charge of the reorganization has
already made, to provide working capital and for other corporate purposes.
than $4,000,000 of the $4,680,000 underlying bonds have been deposited In -V. 105, 7. 2458.
will go before the California
assent to the plan (V. 109, pl 1367), which
-V. 109.
Railroad Commission as soon as preliminary steps are concluded.
-Stock.
Canadian General Elec. Co., Ltd., Toronto.
p. 1610.
The company has arranged to issue 10.000 shams of new Common stock
holders of
-Deficiency Judgment in Foreclosure of at par ($1OO) per share, and will offer the same to theof one new Common
Wabash Railway.
share to
Dec. 12th next, In the
of record
-President W. H. Williams has stock then held.onPayments may be made proportion
Old Company Affirmed.
in four installments, 25% with
eight
subscription on or before Jan. 5 1920, 25% on Feb. 29 1920, 25% on April
authorized the following:
By decision rendered by Circuit Court of Appeals for eighth district St. 30 1920, and 25% on June 30 1920.-V. 109, P. 1989.
Louis on the 24th instant, judgment rendered by United States District
A
-1 3 %on Accum.-Earns.
Canadian Car & Foundry Co.
Court for Eastern district of Missouri in the amount of approximately
A dividend of 1 % has been declared on the preferred stock on account
$51,000,000 against the Wabash Co. was affirmed. [This is a confirmation
accumuof the contested deficiency judgment given following foreclosure of the old of accumulations payable Dec. 10 to holders of record Dec. 1. The
lations after this payment will amount to 22
Wabash RR. back in 1915 (V. 101, p. 1372.)-V. 108. p. 2529.
Nov. 29 1919.]
THE CHRONICLE
Consol. Surplus and Income Acct. Years End. Sept. 30 (Incl. Can. Car &
Fdy. Co., Ltd., Can. Steel Foundries, Ltd., and Assoc. Cos.).
1918-19.
1917-18.
1916-17.
1915-16.
Approximate output
$45 233 000 $25 000 000
Net profits
$2,993,471 $4,617,391 $2,572,884 $1,292,105
Deprec'n & renewals_ __ _
568,719
711,563
467,610
350,000
Bond interest
493,910
507,305
523,915
538,693
Int., &c., on deb. notes
50,019
50,156
Int. on bank loans, &c__
43,206
145.913
118,331
Prof. dividends
(830656,250(3%)262,500
Bal., surplus
V. 109, p. 680.
$1,231,386 $2,990,110 $1,413,009
$353,256
2075
Net earnings for 1920 are estimated at $150,000, or more than 5 times
Preferred stock dividend miuirements.
Capitalization consists of Pref. stock auth., $750,000: issued, $400,000:
Com, s
stock auth., $2,250,000; issued, $907,350. No bonds.
Purpose.
-Issued for the purpose of providing additional working capital
and for increasing the manufacturing capacity of the plant at Orlando.
Elk Horn Coal Corporation.-Com. Div. Postponed.-
A- quarterly dividend of 75 cents has been declared on the preferred stock
payable Dec. 10 to holders of record Dec. 1..
The directors postponed action on the common dividend due at this time
until the first week in.January on account of loss of tonnage caused by
strike
he present unsettled labor conditions at the mines. A dividend
of 154% was paid on the common in March, June and Sept. last.
-V.108,
P. 1939.
Chicago Pneumatic Tool Co., Chicago.
-New Stock
Official.
-Touching the plan to increase the auth. capital
Emerson Electric Mfg. Co., St. Louis.-Pref. Stock
stock from $7,500,000 to $13,000,000 and the outstanding
-Spencer Trask & Co., New York and Stifelstock from $6,448,800 to $12,897,600 by sale to stockholders Offered.
Nicolaus Investment Co. St. Louis are offering at 97M and
at par, an official circular says in substance:
div. to yield 7.18%, $1,000,000 7% Cumulative Preferred
Digest of Letter by President H. A. Jackson, Chicago, Nov. 6 1919.
Owing to the rapid growth of our business, the directors have determined (a..& d.) Stock, par $100. Dividends Q.
-J. Redeemable
that the productive capacity of the plants should be substantially increased,
that additional working capital should be provided, and that the bond issue all or part on any div. date at 115 and divs., upon 30 days'
should be retired.
notice.
The earnings would be substantially increased by the expenditure of the
Fisher Body Corp.
sum of $6,448,800 for the following purposes:
-Listing-Earnings.
Redemption of bonds now outstanding
$3,086,000
Extension of plants and of sales and service branches
1,775,000
Additional working capital
1.587,800
The proposed retirement of the bonds would free us from all fixed charges,
including sinking fund requirements, and leave no capital liabilities other
than $12,897,600 Capital stock.
The earnings of the company and of its subsidiaries for the calendar year
1918, after providing for excess profits taxes and liberal depreciation, but
before deducting extraordinary losses, and computed without allowance for
interest on bonds and borrowed money or for sinking fund requirements
would have amounted to $1,847,271 or an annual rate per share of $28 65.
Computed on the same basis, the earnings for the nine months ended Sept.
30 1919 amounted to $1,719,317, or an annual rate per share of $35 55.
In view of the excess profits tax law there will also be an incidental but
very substantial saving in taxes from the increase above contemplated.
[Shareholders of record Dec. 19 may subscribe and pay for their 100%
new stock at par at the Equitable Trust Co.. N. Y., on or before Jan.
201.-V. 109. D. 1794.
-Extra Dividend.
Childs Company, N. Y.
-
An extra dividend of 134% has been declared on the Common stock along
with the regular quar. dividends of 1% on the Common and 131% on the
Preferred; ali are payable Dec. 10 to holders of ream' Nov. 29. In Sept. a
regular quarterly dividend of 1% was paid on the Common and in June %
-V. 109. P. 890.
of 1%. In March dividend was omitted.
The N. Y. Stock Exchange has admitted to list 300,000 shares additional
Common stock (no par value) making the total authorized to be listed
500,000 shares (no par value).
Consolidated Income Account Five Mos. Ended Sept. 30 1919.
Net front
Surplus
Interest
Preferred
Federal
Operation.
Charges.7,
Dividends.
for Period.
Taxes, &c.
$2,115,841
$1,154,341
$139,347
$125,353
$696,800
-V. 109, P. 1795.
General Asphalt Co.
-Exchange of Stock.
The Philadelphia Stock Exchange has admitted to list $58,500 additional
Common stock issued in exchange for $39,000 Prof. stock surrendered and
canceled, making the total amount of Corn. stock listed 518,946,300 and reducing the amount of Pref.stock listed to $8,035,800.-V. 109.p. 1991,1895.
General Cigar Co., Inc.
-Acquisitions,
The company has acquired the cigar manufacturing plant of Grill Brothers
at Evansville, Ind. The Quality Cigar Co.'s plant at Cincinnati was taken
over a few weeks ago. Each of these plants has a capacity of 35,000,000
cigars a year. The General Cigar Co. has heretofore had a capacity of more
than 500,000,000 cigars and with the two additional plants it will have a
capacity of well over 600,000,000 cigars a year. Notwithstanding the strike,
which recently Interfered with production, the company is now operating
at full capacity (official)
.-V. 109, P. 1529.
General Motors Corporation.
-Plan to Authorize (1)
Chilean American Steamship Co.
-Offering of Notes.
- 8500,000,000 7% Cum. Non-Voting Debenture Stock Ranking
Corrigan & Bertles, Grand Rapids, are offering at prices Pan
Howe, Snow,
i Passu With Present Preferred and Debenture Stock; (2)
to net 754% $480,000 First Lien Mortgage 7% gold notes, guaranteed p.& i.
by Compania de Vapores Chileanos of Chile, which is being organized to a Decrease in the Present Authorized Debenture Stock to S90,operate on an established trade route between New York and Chile.
-Right Given to Present 6% Preferred and 6% DebenDated Oct. 11919, due semi-annually from April 1 1920 to Oct. 1 1922. 000,000
Interest A.& 0., as far as may be lawful, without deductions for Federal ture Holders to Subscribe for a Block of the New Issue-Official
taxes to the extent of 4%, at Central Union Trust Co., N. Y., trustee.
-A special meeting of the stockholders will be held
Denom.$500 and ¶1,000 (c*). Callable at any int. date on 3 weeks' notice Circular.
at 101. Secured by closed first lien on the ocean-going steamships "Llay- at Wilmington, Del., Dec. 30 1919 to vote upon amending
.
Llay" and '"1 11-Til". The capital stock of the steamship companies of the certificate
of incorporation so ' the total authorized
that
Chile, owners of the above steamships, is to be deposited with the trustee
capital stock shall be 56,100,000 shares, divided as follows:
as further security.
•
(a) 200,000 shares ($20,000,000) shall be 6% Preferred
Chile Copper Co.
-Production (in /bs.)stock, par value $100 a share; (b) 900,000 shares ($90,000,1919.
1918.
1917.
Month of Oct
6,900,000 8,548,000
9,050,000 000) shall be 6% debenture stock,par value$100 a share; (c)
10 mos. to Oct. 31
61,937,084 81,378,512 76,674,110 5,000,000 shares ($500,000,000) shall be 7% debenture
V. 109, p. 1611, 1369.
•
stock, having a par value of $100 a share; (d) 50,000,000
Commercial Credit Co. of Bait.
shares shall be Common stock, without any nominal or
Robert Garrett & Sons as syndicate managers are offering $250,000 7%
preferred, a similar amount of preferred "B" 7% cumulative stock, and par value.
$250,000 common stock. The 7% preferred offering price is $25 a share,
the preferred "B" $24 a share, and the common $45 a share.
-V. 107, p.
1749.
Constantin Refining Co., Tulsa, Okla.
-Offering of
Notes.
-Spitzer, Rorick & Co., New York, &c., and Bioren
& Co., Phila., are offering at 100 and int. $3,000,000 7%
First Mortgage Sinking Fund Gold notes. Circular shows:
Dated Sept. 1 1919. Due $500,000 Sept. 1 1920, $1,000,000 Sept. 1
1921 and $1,500,000 Sept. 11922. Denom. $1,000 (c5). Interest M.& S.
payable at office of trustee, Spitzer-Rorick Trust & Savings Bank, Toledo,
or at the office of Spitzer, Rorick & Co., N. Y. City. Callable at 101 and
int. at any int. date and after one year from date on 60 days' notice. The
company agrees on or before Oct. 1 1919, and monthly thereafter, to pay
to trustee a sum in cash equal to 1-6 the next maturing coupons on all notes
outstanding, and further agrees beginning Oct. 1 1919, to pay monthly to
trustee a sum in cash equal to 1-12 Of the next maturing installment of
notes until all of the notes are fully paid.
Business.-Established in Tulsa in 1912. Owns and operates two large
modern refineries, daily capacity 10,000 bbls. Will be increased to 13,000
bbls. by Jan. 1.
-Net earnings after Federal taxes and depreciation: 1916,
Earnings.
$893,276: 1917 $884,397; 1918, $350.836.
The not earnings after depreciation but before Federal taxes for 1919 are
estimated at $1,500,000; and for 1920 at $2,500,000.-V. 105, p. 74.
Cuba Cane Sugar Corp.
-Bonds-Annual Report.
-
The stockholders on Nov. 25 voted (a) to issue $25,000,000 7% 10
-year
convertible bonds and (b) to issue 416,666 shares of new corn. stock, no par
value, to be issued for conversion purposes as per plan in V. 109, p. 1702.
See also under "Annual Reports" above.
-V. 109, p. 1990, 1702.
Detroit Edison Co.
-New Stock.
-
The stockholders voted Nov. 24 to increase the authorized capital stock
from $35,000,030 to $60,000,000, and to authorize the issue of $10,000,000
-V. 109, p. 1795.
of debenture bonds.
Dome Mines Co., Ltd.
-Dividends Resumed.
-
A dividend of 25 cents has been declared on the stock payable Jan. 15
1920 to holders of record Dec. 31. This is the first distribution since June
1917 when 254% was paid.
-V. 108, p. 2126.
Eastern Manufacturing Co.
-All Sold-Listed.
-
Tucker Anthony & Co.,syndicate managers, announce that the syndicate
composed of Tucker Anthony & Co., Bond & Goodwin and Solomon Bros.&
Hutzler, formed for the sale of 50,000 shares of Eastern Manufacturing Co.
common stock, has been dissolved, all of the stock having been sold.
The Boston Stock Exchange has admitted to list 140,000 common shares
($5 par value)
.-V. 109, p. 1990.
Eatsum Products Corp., Orlando, Fla.
-Offering of
-Glover & MacGregor, Pittsburgh, are
Preferred Stock.
offering at 94 and div. by an advertisement on another page
$400,000 7% Cumulative Sinking Fund Preferred stock,
par $100. Divs. Q.
-F. Callable, all or part, upon 60 days'
notice at $110. Minimum sinking fund $50,000 per annum,
effective on and after July 1 1921.
Digest of Circular Signed by Pres. W. C. Durant, N. Y., Nov. 26 1919.
The purposes of these amendments and the procedure thereon,if adopted,
may be briefly summarized as follows:
First.
-An authorized issue of $500,000,000 par value 7% Cumulative
non-voting debenture stock,redeemable at $120 per share,to rank part passu
with the present Preferred and Debenture stock, will be created and the
present authorized issue of $500,000,000 6% debenture stock decreased to
$90,000,000. [The balance sheet of June 30 1919 shows outstanding
$59,506,600 Debenture stock and $16,948,300 Pref. stock. V. 109,P• 977.1
The holder of each share of present 6% Preferred stock and of each share
of present 6% Debenture stock, of record Dec. 311919, will receive a subscription warrant entitling him to subscribe on or before Feb. 2 1920 to two
shares of new 7% debenture stock at par, payments for which may be made
in cash, or 50% in cash and 50% in Preferred or in 6% Debenture stock
at par, thus:
Annual
Price.Income.
The holder of each share of present Preferred or Debenture
stock will be entitled to subscribe to two shares of 7%
Debenture stock at par
$200 $14 00
Paying therefor with one share of present Preferred or 6%
Debenture stock at par
100
6 00
to.4
And the balance in cash
$100 $8 00
Or, at his option the whole amount in cash
$200 214 00
In other words, on the basis of par values, the holder of each share of
Preferred stock or 6% Debenture stock secures an opportunity to invest
$100 on an 8% basis.
Second.
-Provision is made for an authorized issue of 50,000,000 shares of
Common stock of no par value in lieu of the present authorization of 5.000.000 shares of Common stock of the par value of $100 each.
None of the no par value stock is to be issued for less
$10 per share,
nor can the directors declare dividends in an amountthan reduces the
which
value of the assets as shown on the books of the corporation to a point
where the capital of the corporation with the Common stock valued at
$10 per share is impaired.
It is intended that ten shares of no par value Common stock will be issued
in lieu of each share of the present outstanding Common stock.
Financial.
-A careful forecast, looking far into the future, indicates that.
for your corporation to continue occupying its leading position in the automobile industry, large capital investments will be required, which requirements can likely be better met by financing that portion of our growth
which is not supplied from earnings, through the sale of a 7% rather than a
6% senior security. This at once gives us an opportunity and a privilege:
an opportunity to issue our senior securities at
at
the substantial discount necessary in the sale ofor above par, instead of
our present securities, and
the privilege of extending to our senior security holders the right to subscribe to this new 7% debenture stock on a most attractive basis.
The plan, with all of the subscription rights taken up, will supply about
$85.000,000 in cash for the corporation's treasury, which, added to our
present cash, sight drafts and liberty bonds, will give us a total of approximately 3175,000.000 ample to provide for the normal and safe expansion of
the business, to properly develop recently acquired and
profitable
lines and to maintain cash reserves sufficiently large extremely a gross
to
business for the calendar year 1920 of approximately care for
$800,000,000.V. 109, p. 1991, 1703.
Gerlach-Barklow Calendar Co.
-Controlling Interest.
-
Theo. R. Gerlach has purchased the original
the company
(thereby acquiring the controlling interest) fromholdings in Lambert and
Col. John
Harry
Data From Letter of Pres. C. J. Earley Orlando, Fla.. Nov 1 1919. capital Leroy Thompson, who retire from the business. The outstanding
consists of $1,500,000 common and $450,000 7% pref. Has paid
Company was incorp. March 6 1917 in Florida. Manufactures the the regular dividends on the pref.
stock and for several years at the rate of
i'Eatsum" brand of preserves, jams and jellies. Activities confined mainly 4% annually on the common stock.
manufacturing and marketing orange and grapefruit preserves. Actual
to
The company was organized in 1907. Plant located at Joliet, 111., manuorders already booked indicate a gross business for this season of 31.250,000. factures art calendars, mailing cards and
blotters, &c. Also operates_ a
During 1920 corporation will begin making jams and jellies on a large scale. plant at Toronto.
THE CHRONICLE
2076
-Listed-Earnings.
Gray & Davis, Inc.
The N.Y.Stock Exchange has admitted to list temporary interchangeable
certificates for $2,722,600 Common stock.
Earnings Nine Months Ended Sept. 30 1919.
$2,932,276 Pref. divs
$25,298
Net'sales
$599,464
Operating profit
256,280 Surplus
$327,043
Selling, &c., expenses_ _ _ _
Previous sur. (adjusted)_ _
282,293
$343,184 Premium on new stock_ _ _
Balance, surplus
294,520
9,157 Reserves,&c
Other income
238,622
Total income
-V.109, p. 1613.
$352,341
P & 1. surplus
$665,234
•
Green Star Steamship Corp.
-Offering of Bonds.
Equitable Trust Co., N. Y., are offering at 993 and int.,
elding about 7.20%, $3,500,000 First Mtge. Marine
Equipment Sinking Fund 5
-Year 7% bonds, dated Dec. 1
1919, due Dec. 1 1924. See advertising pages.
Redeemable, all or part, on any int. date at 10335 and int. on 60 days'
notice. Denom. $1,000 (c*). Interest payable J. & D. The Equitable
Trust Co., N. Y., trustee. The company will deposit with the trustee
every three months as long as any of the bonds of this issue are outstanding
the sum of $175,000. an amount sufficient to retire this entire issue at
maturity. Bonds callable by the trustee at 10335 when not purchasable
In the open market. The company agrees to pay the normal Federal income
tax on these bonds, not to excede 4%, and to refund State taxes in the
States of New York, Pennsylvania, Ohio and Maryland not to exceed
present tax in these States.
Data from Letter of President J. Mercadante N. Y. Dec. 1 1919.
Security.
-Bonds will be secured by a first closed mortgage on a fleet of
four American steel steamships of an aggregate dead weight tonnage of
34,400 tons, an actual freight-carrying capacity of over 30,000 tons, and an
appraised valuation of $7,400,000. The steamers covered are nearing completion and will be delivered for operation during the months of Dec. and
Jan. 1920. Pending the actual delivery of the boats, the proceeds of sale
of this issue are to remain on deposit and to be released in proportionate
amounts as the vessels are delivered and brought under the lien of the
mortgage. Each•of these vessels will be classed as 100 Al Lloyds.
Balance Sheet Nov. 20 1919 (Including as Cash Proceeds Due on Bond Issue to
Be Dated Dec. 1 1919, $3,500,000 Proceeds to Be Applied to Balance
Due on Steamships.)
Assets.
-Cash and current assets, $11,684,427. Fixed: 10
at cost, $18,764,760 5 steamships under construcsteamships
tion (part payment),82,139,200 deferred to future operations,
$690,950
-333,279,337
-year serial (V. 109, p. 1703), $4,500,000: 7%
Liabilities
-7% 5
.
-year Sinking Fund, $3,500,000; secured loans, $5,000.000:
5
unsecured loans and current liabilities, $8,837,385; reserves,
$342,000; capital stock, $10,000,000; surplus, $1,099,952_ _ _ _333,279,337
Earnings.
-Based on the outcome of recent voyages of other vessels of
this company, and on contracts and business offered, it is estimated that
net profits from Aug. 1 1919 to Dec. 31 1919 will be over $3,000,000.
It is further estimated that the net income of the company from all of
Its steamers for the year 1920 will be in excess of $14,000.000.
The earnings of the four vessels covered by this mortgage for the year
1920, it is estimated, will be approximately $2,500,000.
-Robert McGregor (V.-Pres.), Raymond T. Marshall, Joseph
Directors.
Mercadante (Pres.), Alfred J. Johnson, William C. Lane, Alvin W. Krech
and D. Roger Englar. Compare V. 109, p. 1703.
-Offering of Stock.
Hercules Paper Corp.
Morton, Lachenbrach & Co. are offering at $10 per share 45,000 shares
(authorized and issued, 100,000 shares.) No par value. No bonds or Preferred stock.
The corporation has been incorporated in New York to engage in the
manufacture of newsprint, paper board, and other paper products. Has
purchased paper-mill properties at Cornwall-on-Hudson, N. Y., and Rock
City Falls, Saratoga County, N. Y., valued at $750,000. Earnings are
estimated at 3200.000.
Tuckahoe, N. Y.
Hodgman Rubber
-Offering of
-Dominick & Dominick and Blake Bros. &
Co.,
Preferred Stock.
Co., New York, are offering at 100 and div., to yield 8%,
$1,000,000 8%'Cumulative Convertible Preferred (a. & d.)
stock, par $100.
[VoL. 109.
Data from Letter of Pres. S. Harold Greene Dated Nov. 1 1919.
Company.
-Organized Feb. 6 1913 in Mass. '
Owns or controls eight
mills containing 191,144 spindles and 3,205 looms, manufacturing all grades
of cotton duck, and is one of the largest producers of these fabrics in this
country. See full particulars in V. 106, p. 504.
Purpose.
-A part of the proceeds will be used to retire the $3,000,000
2
-year notes due Feb. 1 1920 at or before their maturity, and the balance
will be added to the company's working capital.
Capitalization After Present FinancingAuthorized. Outstand'a
Ten-Year 7% gold notes, due Dec. 1 1929
55,000,000 $5,000,006
Pref. stock 7% cumulative (par $100)
10.000,000 5,000,000
Common stock (par $50)
5,000,000 4,760,900
Combined Sales, International Cotton Mills, Bay State Cotton Corp., Cosmos
Cotton Co.. Ltd., and Imperial Cotton Co., Ltd., Calendar Years.
1916_811,819,0341'17320,090,258 I'18_$28,648,530119(9mos.) $19,092,812
Net Profits of Int. C. M., incl. Its Stockholding Proportion of Net of &b. Cos.
Calendar Years1916.
1917.
1918.
19(9 mos.)
Net, after depreciation, &c__$1,376,121 $3,691,779 $4,349,958 $2,283,120
Federal taxes
1,096,000 2,104,586
439,178
Net, after Federal taxes_ _ - _ 1,376,121 2.595,779 2,245,372 1,843,942
The above stated profits include the results of operation of the following
companies: International Cotton Mills, Bay State Cotton Corp., Boston
Yarn Co., Cosmos Cotton Co., Ltd., Imperial Cotton Co., Ltd.
[The Boston Stock Exchange has admitted to list 50.000 shares Pref. stock
(Par $100) and 100,000 shares Common stock (par $50).-V.108, p.1514.
-New Office.
. Internat. Mercantile Marine Co.
The company, it is stated, has purchased for approximately $3,000,000
the 12
-story office building on the corner of Broadway and Battery Place,
which has been popularly known for years as Number One Broadway
[originally named the Washington Building. When the building has been
thoroughly modernized, the company, it is understood, will occupy most
-V.109, p. 1896.
of the floor space as soon as present leases have expired.
Ipswich (Mass.) Mills.
-Extra Dividend.
An extra dividend of 6% has been declared on the common stock along
with the regular semi-annual dividends of 3% on the common and 3% on
the preferred, all payable Dec. 1 to holders of record Nov. 25. An extra dividend of 3% was paid in June and Dec. 1918.-V. 107, p. 2102.
-Offerochester, N. Y.
Kellogg Manufacturing
Rochesing of Preferred Sock.
Co.,kough & Co.,
-Converse,
Inc.,
ter, N.Y.,in Aug.offered at par and div.,to yield8%,$100,000
8% Cumul.Pref.(a.& d.) stock, par $100. A circular shows:
Dividends payable Q.
-J. Redeemable in whole or in part on 60 days'
notice at $105 and div. until Jan. 1924, thereafter at $110 and dividend.
Beginning Jan. 1921, an annual sinking fund of $5,000 is provided for the
purchase of Pref. stock by call or in the open market at not to exceed $110
and div., thus retiring the entire issue in not to exceed 22 years.
Company.
-Incorporated in New York in 1909. Is the largest manufacturer of motor-driven automobile tire pumps in the United States. The
company's product is included as standard equipment on such cars as the
Cadillac, Cole, Franklin, Marmon, Willys-Overland, the G. M. C. truck,
Nash truck, Garford truck and many others. Also manufactures electricmotor-driven air compressors for garages; free air equipment for gasoline
filling stations; high-grade hand pumps and other accessories.
Provisions.
-(a)The company will at all times maintain net tangible assets
of at least $150 per share for each share of Pref. stock and net quick assets
at least equal to the total of the outstanding Pref. stock. (b) Should net
tangible assets or net quick assets fall below required amount, Preferred
stockholders have equal voting power with the Common. (c) No additional Pref. stock or mortgage debt shall be created unless net quick assets
and net tangible assets are maintained to the required amount.
Capitalization.
-Authorized,$150,000 Common and $150,000 Pref. stock;
outstanding, $100,000 Common and 8100,000 Preferred.
Balance Sheet Aug. 1 1919 After Giving Effect to Present Financing.
AssetsLiabilities
$100,000
Real estate, building, &c_ --$161,299 Common stock
100,000
Cash
137,606 Preferred stock
46,500
Inventory
97,925 Mortgage
Other current assets
103,041 Accounts and bills payable.. 136,086
117,284
Surplus
$499,870
Total
$499.8791 Total
The net tangible assets for the Preferred stock are equal to $317 per share
and net quick assets ($202,486) over $202 per share.
Earnings.
-Since incorporation net earnings after depreciation and taxes,
available for dividends, have averaged $23,579 p. a., or nearly 3 times the
Divs. Q.
-F. Callable all or part at 115 on Feb. 1 1920 or any-city. date amount required for the Pref. stock dividends. For the first 7 months of
thereafter on 60 days' notice. A cumulative sinking fund for purchase at not 1919 net earnings have been equivalent to over 3 times the div. charges on
exceeding 115 and divs. begins Jan. 1 1921, a sum equal to 3% of the Pref. the Preferred stock for the entire year.
stock which shall theretofore have been issued and not converted into Corn.
During the ten years the company has been in business, over $140,000
stock. Convertible into Cora. stock at any time, at the rate of 1 share_of (equal to 14% p. a. on the present Prof. stock issue) has been put back into
.
Pref. for 1 share of Corn. stock.
the property out of earnings, and in addition $100,000 (or about 10%) has
Data from Letter of Pres. G. B. Hodgman, Tuckahoe, Nov. 18 1919. been paid out in dividends. At the present time has unfilled orders on its
Authorized. Outstanding, books of over $385,000.
Capitalization after present financing--Mortimer R. Anstice. Pres.; Joseph F. Weller, Vice-Pres. &
Officers.
31,000,000 31,000,000
8% Convertible Preferred stock (par $100)
50,000 sh. 12,100 sh. Treas.; Josiah Anstice, Sec.
Common stock (no par value)
Company.-Incorp. In New York. Business founded in 1838 in N. Y.
-Called.
Kirby Lumber 'Co.
City. Is the oldest company engaged in the manufacture of rubber goods
-V. 109, p. 177.
See Houston Oil Co. above.
In the United States. Factory and general offices are at Tuckahoe, N. Y.
Manufactures rubber goods, such as rubber clothing, mackintoshes, autoLambert Oil & Gas Co.
-Trustee Appointed.
mobile top material, druggists' sundries, &c.
The Guaranty Trust Co., New York, has been appointed trustee under
-Proceeds will be used to retire $197,500 of old Preferred stock
Purpose.
an agreement dated Oct. 1 1919 to secure an issue of $250,000 par value
and to provide for additional working capital and equipment.
Earnings.
-Net earnings if applied to divs. on the new Preferred stock, Series "A" 7% Convertible Gold Deb., due Oct. 1 1924.
after allowance for depreciation, reserves and Federal taxes, have been as
(H.) Liebes & Co., San Francisco.-Offering of Notes.
follows: (a) 10 years to Dec. 31 1918, average over twice the annual div.
The Anglo & London Paris National Bank. San Francisco, and Blankencharges; (b) 3 years to Dec. 31 1919 (1919 partly est.), average over 235
horn-Hunter-Dulin Co., Los Angeles, are offering at prices to yield from
times annual div.
6 to 635%, according to maturities, $750,000 6% Secured Serial gold notes,
dated Aug. 11919, maturing serially to Aug. 11927. Interest F. & A. 1 at
-Officers-Bonds Called.
Houston Oil Co. of Texas.
Henry J. Bowdoin has been elected President to succeed S. W. Fordyce the office of Anglo-California Trust Co., San Francisco, trustee, without
deduction for Federal income taxes not in excess of 2%. Tax-exempt in
deceased. E. H. Buckner has been elected Vice-Pres.
Denom. $1,000 (c*). Callable, all or part, at 101 and int.
The entire outstanding balance of New Series Timber Certificates issued California. date on 30
days' notice; longest maturities take precedence in
the Kirby Lumber Co. contract, dated Aug. 1 1911 have been called on any int.
under
such redemption.
for payment on Feb. 1 1920 at par and int. at the Maryland Trust Co.,
Notes, specifically secured by direct first mortgage lien upon the real
Baltimore or its agent, the Chase National Bank, N. Y., or the Boatmen's
property and building of the company situated in the heart of San FranBank, St. Louis.
-V. 109, p. 1896, 275.
cisco's business district, will be used to retire present mortgage and bank
- debt and to provide additional working capital.
Indiana Power & Water Co.-Offerinerof Bonds.
company
in 1864 and incorporated in
Bankers Mortgage Co., New York, Chicago and Des Moines, of The oldest andwas foundedestablishments in the United 1890, and is one
largest fur
the
States.
in Aug. offered at 97 to yield 6.30% $950,000 First Mtge.
Sinking Fund 6% Gold bonds of 1916. Due Sept. 1 1936,
but callable on any int. date upon 30 days' notice at 103 and
int. The company pays the normal Federal income tax of
2%. Net earnings over twice annual bond interest charge.
Compare V. 103, p. 1985; V. 106, p. 90; V. 108, p. 2128.
-Dividend.
ImperialTOUTCo.,g Ltd.
A quarterly dividend of 75 cents has been declared, payable Doc. 1 to
holders of record Nov. 25. The dividend is on the new stock of $25 par
value and compares with quarterly payments of $3 a share on the $100 par
value stock.
-V. 109, p. 1465.
-Lee,
Notes.
International Cotton Mills.-Offering
Higginson & Co., New York, &c., are offering at 100 and
int., yielding 7%, $.5,000,000 7% Ten-Year Sinking Fund
gold notes, dated Dec. 1 1919, due Dec. 1 1929.
Interest payable J. & D. at the offices of Lee, Higginson & Co., Boston,
N. Y. and Chicago. Denom. $1,000 and $500 (c). Callable, all or part,
at any time on 30 days' notice at 103 and int. during the first 6 years,
102 during the next 2 years and 101 thereafter. Old Colony Trust Co..
Boston. trustee. While these notes are outstanding the company agrees
not to mortgage any of its present properties. Sinking fund sufficient to
retire at least 45% of the entire issue before maturity at a rate not less
than $250,000 per year, first payment Dec. 1 1920.
Marconi Wireless Telegraph Co. of Amer.
-Vote Merger
The stockholders on Nov. 25 voted in favor of absorption of the company
by the Radio Corporation of America, as per plan in V. 109, p. 1704.
Montreal Public Service Corp.-Offering of Bonds.
A syndicate consisting of Beausoleil, Ltd., Rene T. Leclerc, and Credit
Canadien, Inc., Montreal, is offering at par and int., to yield 6V%,
$2.550,000 Five-Year 654% bonds, dated July 2 1919, due July 2 1924.
Interest payable J. & J. in Montreal, Toronto and Quebec. Callable, all or
part, on the second and third interest dates at 10135 and int.- thereafter
at 101 and int. on 30 days' notice. Secured by (a) $400,000 Montreal
Public Service Corp. 1st & Ref. M.5% bonds, due Sept. 1 1942 (b) 32,550,000 Montreal Public Service Corp. 2d M.634% bonds, dated July 2 1919.
due July 2 1924; (c) $1,700.000 Canadian Light & Power Co. 1st M. 5%
bonds, due July 1 1949: and (d) $59,500 common shares (par $100) of
Canadian Light & Power Co.
-out of a total outstanding issue of 60,000 shs.
The corporation, founded in 1908, for the most part a holding and sales
company for light and power, is a consolidation of the Saraguey Electric &
Water Co.,tne Dominion Light, Heat & Power Co. and the St. Paul Electric
Light & Power Co. It owns in addition the distribution system of the
Canadian Light & Power Co., and operates under lease the plant and distribution system of the Central Heat, Light & Power Co.
Earnings year ended June 30 1919: Gross, $992,407; net, after taxes.
$271,516; bond interest, $128,903; balance, surplus, $142,614.
Mother Lode Copper Mines Co.
-Plan for Exchange of
Stock.-
Nov. 29 1919.]
THE CHRONICLE
President James J. Godfrey says in substance: "The exchange of stock
will become effective Dec. 1 1919 on basis of one share, par $10, of Mother
Lode Copper Mines Co. of Alaska for 1.63 shares of Mother Lode Coalition
Mines Co. Fractional shares shall be paid for in cash at rate of $10 per
share. Necessary steps will then be taken to liquidate Mother Lode Copper
Mines Co. of Alaska and to distribute remaining assets, if any, to stockholders. Stockholders are requested to send their stock to our branch office,
29 Broadway, for transfer."
-V. 108, p. 1393.
Nash Motors Co., Kenosha, Wis.-New Plant.
-
The Nash Motors Co. has purchased 4 acres of land at Clement St. and
Oklahoma Ave., Milwaukee, upon which it is constructing a factory for the
production of four-cylinder cars. The company also is making substantial
additions to its main factory in Kenosha, where the Nash Six and Nash
trucks will continue to be built.
Work on the first units of the Milwaukee plant will be completed by spring
and it is planned ultimately to bring the production of this plant as nearly
as possible up to a point equal to the passenger car production of the
Kenosha factory.
Units now under construction or planned for erection include a power
plant, foundry, machine shop, drop forge, body building plant and sheet
metal plant. It is expected that the new four-cylinder car will be in the
hands of Nash dealers before Sept. 1. ("Official.")
-V. 109, p. 277.
National Steel Car Co., Ltd. Hamilton, Ont.-Plan
Approved.
-The shareholders on Nov. 14 voted to approve
the plan for the sale of the property to Donald Symington,
of Baltimore, and Robert J. Magor, of N. Y., who agree to
organize, to take over the same, the National Steel Car
Corporation, or a company with similar title, with 100,000
shares of capital stock of no par value.
Digest of Statement by President J. M. Gibson, Hamilton, Oct. 27,
19.
The shareholders doubtless know of the situation in which the company
has been placed through a contract made in 1915 for the manufacture of a,
large order of cars for the Paris, Lyons & Mediterranean Ry. Co. Unexpected conditions arising out of the war resulted in losses which amounted
to more than its total capita/ stock. We have subsequently successfully
engaged in reducing these losses and have made a material recovery upcn
this contract, and meanwhile have successfully carried on the business,
realizing a profit which has been applied in further reduction of such losses.
A summary of the present financial situation as of Sept. 30 1919 shows:
Accounts payable, $3,487,740; accounts receivable and inventory, $1,881,556; deficiency, 31,603,184. To set off against this the company has
payments coming in, as a result of negotiations with the P. L. M. Ry. In
France, which, at final adjustment, should amount to $450,000, as well as
real estate, plant and machinery, which have already been appraised at
approximately $2,600,000.
Few orders for cars are now being placed [of late] and the completion of
the work in hand has necessitated the shutting down of a tonsiderable part
of the plant, so that such operation as is being carried on is resulting in a
loss, though during the past two years the company has done a satisfactory
and profitable business. As security for its indebtedness the company made
In 1916 a mortgage covering all its property for the security of and issue of
$3,000,000 of its bonds which have been pledged for the security of its
creditors. The principal of these bonds is now overdue.
This contract makes provision for the discharge of the entire debt of the
company and for a receipt by the company of 19,000 shares of the capital
stock (out of 100,000 shares to be issued) of a new company into whose
treasury will be paid In cash the sum of $1,250,000. In addition, one-half
of the net profits realized upon liquidation of the company's claims arising
out of the French contract, after deductions as outlined in contract are to
be retained by it. We are hopeful that the avails of this contract when finally liquidated will amount to a substantial sum. The plant is in general in
excellent condition.
[The sale contract provides that the new company shall at time of sale
have no indebtedness except: (a) present indebtedness not on books not
exceeding $25,000, if not assumed by the new company; (b) obligations of
the Canadian Bank of Commerce given by the new company to obtain a
discharge of the indebtedness of and claims against National held by said
bank; and (c) for reasonable organization, appraisal, &c., expenses.
-Ed.]
-V. 108, p. 884, 2334.
2077
Standard Milling Co.
-Listing.
The N. Y. Stock Exchange has admitted to list $1,398,000 additional
Common stock.
-V. 109. p. 1799, 1531.
Stromberg Carburetor Co. of Amer., Inc.
-Officer.
-
J. R. Coffin has been elected Vice-Pres. to succeed Allan A. Ryan, who
was made Chairman of the board. Mr. Coffin was also elected a director
to succeed II. C. Stutz, resigned.V. 109, p. 1373.
Studebaker Corporation.
-Earnings.
-Stock Increase.
-
The shareholders voted Nov. 24 to increase the Common stock from
$30,000,000 to $75.000,000. Of the new stock it is proposed to offer $15,000,000 at 105 to Common stockholders of record Nov. 29, one share for
every two shares held, subscription to be filed and paid not later than
Dec. 15. Compare V. 109,p. 1707.
Profit and Loss and Surplus Account of Studebaker Corp.for 9 Mos.end.Sept.30
1918.
1919.
Net sales
$48,639,097 $35,611.058
Manufacturing costs, &c., less other income
40,103.991 31,992,901
Federal taxes
405,687
1.511,720
Net profit
Preferred dividends (53(%)
Common dividends (3%)
$7,023,386 $3,212,470
565,690
561,837
900,000
900,000
Surplus
$5,561,549 $1.746,780
The profit and loss surplus on Sept. 30 1919 stood at $20,719.267, after
adding the surplus, $5,561,549, for the nine months also special reserve for
future contingencies as of Jan. 1 1919, $1,358,237, and after deducting
$405,000 transferred to special surplus account, and on 7% serial notes,
and amounts written off on liquidation of harness and spring vehicle business
and of investment in Studebaker. Ltd.
-V. 109, p. 1800, it
Sweets Co. of America.
-Expansion.
-
President Sam F. Williams announces that the company has accepted
an offer of the Town Council of Plymouth, N. C., the centre of the peanut
industry of America, of a free site and exemption from taxes for ten years,
and will invest about $100,000 in a new plant, where the product of the
peanut farms thereabouts will be purchased, graded and roasted. Operation of its own plant will mean a considerable reduction in the price it will
pay for this ingredient of its product. Approximately 80,000 lbs. of peanuts
are used each month in the manufacture of Nut Tootsie Rolls, and the
saving by the elimination of the middleman will amount to about $50,000 a
year. In addition, it is planned to resell the surplus supply to dealers, and
to manufacture and market a high grade of salted peanuts and peanut
confections.
-V. 109, p. 1899, 1800.
Textile Products Mfg. Co.
-Preferred Stock Offering.-
stix & Co., St. Louis, are offering at 100 and div. $300,000 8% cumulative Pref. (a. & d.) stock, par $100. Divs. Q.
-F. Redeemable, all or
part, at 110 and div. at any time on 30 days' notice. No mortgage without
the consent of 80% of the Pref. stock outstanding. Beginning Oct. 1 1923
company will retire annually at 110 and div. 2%% of the largest amount
of Pref. stock issued.
Compang.-Incorp. in Missouri in 1919, successor to Zittlosen Mfg. Co..
established in St. Louis in 1867 and incorp. in 1888 for the manufacture
of "canvas products," consisting of tents, awnings, covers for machines
and commodities and canvas specialties. In addition company is manufacturing "Union Label" men's work clothes. Plants located at St. Louis.
Purpose.
-The proceeds will pay for the purchase of the new factory
and provide additional working capital.
Year1915.
1916.
1917.
1918.
Net earnings
$25,053
$57,546 $106,760 $470,908
Federal taxes
342,611
41.142
Net profits
$25,053
$57,546
$65,618 $128,297
For the first 9 mos. of 1919 net earnings were about $50,000 before setting
aside $25,000 appropriated for the development of the men's working clothes
department. On present basis of earnings and contracts not earnings for
1920 should exceed $80,000.
(The) Timken-Detroit Axle Co. Detroit.-Pref. Stock
Offered.
-The National
National Surety Co., N. Y.
-Proposed New Cap. Stock.
- Dominick & Dominick, City Co., Montgomery & Co. and
New York are offering at par and
The stockholders will vote Dec. 12 on increasing the capital stock from
$4,000.000 to $5,000,000, par $100.-V. 109, p. 1614.
div.,if as and when issued $5,000,000 7% Cumulative PreNew Jersey Zinc Co.
-Extra Dividend.
ferred Stock.
-
An extra dividend of 2% has been declared on the $35,000,000 outstanding capital stock, payable Dec. 10 to holders of record Nov. 29. A like
amount was paid extra in July last.
-V. 109, p. 1798.
New York Transit Co.
-Extra Dividend.
-
An extra dividend of 4% has been declared on the stock in addition to the
regular quarterly
both payable Jan. 15 to holders of record Dec. 20.
This Is the first extra dividend since April 1918 when 4% was paid.
-V.109,
P. 77.
Pacific Mins.-To Issue 50,000 Shares at $150 per Share
for Working Capital.
-The stockholders of record Dec. 3
will, it is announced, be given the right to subscribe for
$5,000,000 new stock at $150 per share in ratio of one new
share for each three shares of present stock.
Subscriptions will be payable either: (a) $15 Dec. 20, $60 Jan. 15, $75
July 15; or (b) in full at any time on or before July 15 1920, and certificates
for full-paid stock will be issued upon the Dec. 20, Jan. 15, April 15 or
July 15 next following the date of full payment, or as soon as possible after
the date of full payment if full payment is made on one of said dates.
Since the last issue of stock for cash in 1912„at which time $3.000,000
was paid in, the annual sales have increased from approximately $15,000,000
to $60,000,000, partly due to increased business and partly due to increased
cost of raw materials and labor, with increase in the value of goods sold.
The stockholders meet Dec. 3 to authorize the $5,000,000 increase. The
issue has been underwritten.
-V. 108, p. 386.
Packard Motor Car Co.
-Officers.
P. L. Jandron has been elected Treasurer and F. R. Robinson Secretary
to succeed Philip H. McMillan, deceased. The offices of the Secretary and
Treasurer have been moved to Detroit, Mich.
-V. 109, p. 1993.
Parish & Bingham Corporation.
-Listing-Earnings.
-
The New York Stock Exchange had admitted to list temporary interchangeable certificates for 150,000 shares of capital stock, no par value.
Earnings Seven Months ended July 31 1919.
Sales
$4,277,074 Provision for Federal taxes $200,000
Manufacturing profit_ _ _ _
739,700 Dividends
208,075
Operating profit
653,835 Surplus for period
196,846
Other income
10,612 Previous surplus
1,274,519
Total income
664,447 Reserves
12,286
Interest, &c
59,626 Profit and loss surplus.._-_ 1,459,079
-V. 109, p. 1279.
Radio Corp. of Amer.
-Merger Company Incorporated.
-
The Corporation Trust Co. of America has filed with the Secretary of
State a certificate of amendment to charter of the corporation increasing its
capitalization to $25,000,000 Prof. stock, divided into 5,000,000 shares of
$5 and 5,000,000 shares of Common without par value. Compare V. 109,
.
P. 1706.
Realty Associates of Brooklyn.
-Extra Div. of 2%.
-
An extra dividend of 2%,in addition to the regular semi-annual payment
of3% has been declared on the $4,000,000 capital stock both payable Jan. 15
to holders of record Jan. 5. An extra disbursement of 2% was made in Jan.
1914, 1% in Jan. 1910, 2% in Oct. 1906. 1907. and 1908 and A of 1% in
Oct. 1905.-V. 101. p. 1804.
Rochester Gas & Electric Corp.
-Capital Increase.
-
The company has filed notice increasing its capital from $17,250,000 to
$18,250,000.
-Compare V. 109, P. 1799. 1706.
snaw (Walden W.) Corp.
-Extra Div. of $1.
-
An extra dividend of $1 has been declared on the common stock payable
Dec. 24 to holders of record Nov. 19. The quarterly dividend of $1.50 is
paid regular In Feb.. May, Aug. and Nov.-'!. 108, p. 486.
Dividends payable quarterly Mar. Subject to redemption at the option
of company all or part. at 110 and divs., on any dividend date on 30 claysi
notice. On any voluntary distribution of capital assets the Preferred stock
shall be entitled to $110 per share and accumulated divs., on any other distribution of capital assets, the preferred stock shall be entitled to $100 per
share and accumulated divs. Transfer Agents, Nat. City Bank of N. Y.and
Security Trust Co., Detroit. Registrars, Farmers' Loan & Trust Co..
N. Y. and Union Trust Co., Detroit.
Summary of letter from Vice-President A. R. Demory Detroit Nov.19.
History and Business.
-The company was incorporated in Ohio in June
1909, and at the present time operates 5 plants
-4 in Detroit, 2 of which
machine and assemble automobile axles, 1 manufactures drop forgings for
use in its own axles, and 1 manufactures worm gearing for its own use in
axles and for general trade-the 5th plant, in Canton, 0., makes malleable
and steel castings.
Capitalization (After Present Financing)Authorized. Outstanding.
Preferred stock, 7% cumulative, par value $100_ -..$15,000,000 $5.000,000
Common stock, par value $10
30,000,000 3,000.000
Purpose of Issue.
-This Preferred stock or its proceeds will
among other things, to the retirement of the present Preferredbe applied
stockoutstanding and the redemption on Dec. 1 1919, of the present outstanding
7% Serial Gold Notes.
Security.
-The company will maintain at all times its net current
at an amount equivalent to 120% and net tangible assets equivalent assets
to 200%
of the aggregate par value of Preferred stock outstanding.
No mortgage, pledge or lien of or upon fixed assets, other than purchase
money obligations, can be created without the consent of 75% of this stock,
nor can the company issue or negotiate any bonds, notes or other funded
obligations, other than purchase money obligations, if 50% or more of the
outstanding Preferred stock shall object thereto.
Sinking Fund.
-Out of the net income (after payment of Preferred dividends) for the fiscal period ending Dec. 311921, and each succeeding fiscal
period, the company will set aside not less than 10% of such net income
(but in no event less than a sum equal to 3% of the largest aggregate par
value of Preferred stock at any time issued and outstanding), for the redemption of this stock at 110 and accrued dividends, if not purchasable at
a lower price.
Assets.
-Allowing for the application of the proceeds of
Prof. stock,
net tangible assets will be over 3 times and net quick assetsthis over twice
alone
the amount of the Prof. stock issue.
Sales and Income.
-Sales have increased from $3,263,518 for the year
1910 to $34,033,564 for the year ending Dec. 311918. Average annual net
Income available for dividends for the 43 years ended Dec. 31 1918, were
over 54 times dividend requirements on this issue, and for the year ended
Dec. 31 1918, were over 5 times these requirements. This is after deducting reserves for depreciation, contingencies and Federal taxes.
For the 43 years ended Dec. 31 1918, net income available for dividends
has amounted to $9,114,856, out of which cash dividends have been declared
and paid to the amount of only $2,433,031, the balance, $6,681,825, having
been retained in the business.
Management. Dividends, ec.-The common stock is practically all held
by the same interests who have been identified with the company since its
inception and who have been responsible for the management of the business. Regular dividends upon the common stock have been paid for several
Years at the rate of 2% every two months and since Jan. 1 1919, extra dividends have been paid in Liberty Bonds at the same rate.
The company has never mortgaged any of its property and holds the titles
to all its lands and buildings free and clear of all encumbrances.
-V. 109.
p. 1899.
United Drug Co.
-Acquisition.
-
The company, it is stated, has purchased the Absorbent Cotton Co. of
America, with headquarters in St. Louis, Mo. The company is said to
have a well-established and successful business in the manufacture and sale
of absorbent cottons.
-V. 109, p. 1888, 1707.
THE CHRONICLE
2078
[Vol,. 109.
Pparts ana hxcnuxintz.
CUBA CANE SUGAR CORPORATION
FOURTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30 1919.
112 Wall Street, New York, November 14th, 1919.
To the Stockholders:—
Your Board of Directors submits its Annual Report of
the business of the Corporation for the fourth fiscal year
ended September 30, 1919.
The preparation of the Annual Financial Statement and
the audit of the year's business involved an immense amount
of detail, and this work was not made easier by the fact that
the operations of seventeen different factories were involved,
all of them located in a foreign country. It is a gratifying
proof, therefore, of the improved efficiency of the accounting
department that, despite the hugeness of the task, the
Annual Report is now ready for distribution to the Stockholders.
Notwithstanding the railroad strikes and the generally
disturbed conditions of labor, the crop was7gathered within
the usual time, that is from December to the end of June—
with the exception of "Moron" which finished on July 9th—
and the early estimates of the crop were fully realized.
It is to be regretted that the percentage of sucrose in the
cane was unsatisfactory, being lower at nearly all your
plantations than in any other year since the incorporation
of your company; the average for this year was more than
one-quarter of 1% lower than in the previous year.
The variations in the sucrose are due to climatic conditions and beyond human control. This decrease in
sucrose was not limited to your plantations but prevailed
throughout Cuba with very few exceptions.
As there is less demand in the United States for molasses
this year, by reason of prohibition, and as this by-product
is no longer needed for munitions, the financial return from
this source is not as great as it was in the previous year.
Owing to the above two causes, the Profits from Operation of your Corporation were over $2,000,000 less than
they would have been.had the sucrose in the cane been as
high as in the previous year and had molasses had the same
value.
Note: All weightsin tons given herein consist of 2240 lbs.
The above figures show an increase of 141,640,809 arrobas
(nearly 1,600,000 tons) of cane from 1915-1916 to 1918-1919.
This increase was divided by sections, as follows:
Western estates
Eastern
"
The above total increases in the cane supply of this company exceed the total amount of cane produced in the entire
United States for the coming crop.
RATES PAID TO COLONOS FOR THEIR CANE.
The average percentage of sugar per 100 of cane paid to
the Colonos (tenant farmers) for their cane continues to
diminish as the Cane supply in the Eastern plantations
increases. In order to show the percentages paid to the
Colonos in each section, the following figures for the last
four crops are given:
1917-18
6.891%
5.115
1918-19
6.901%
5.130
6.254%
6.337%
6.383%
SUCROSE IN THE CANE.
6.168%
1915-16
6.713%
5.079
Western Estates
Eastern
"
Averages
1916-17
6.849%
5.029
The averegae percentage of sucrose in the cane at the 17
plantations for the four crops was as follows:
1915-1916
13.87%
'
1916-1917
13.00%
1917-1918
13.31%
1918-1919
13.02%
The sucrose in the cane has not been high for the last
three crops. Such continuously low sucrose in the cane
is most unusual. In Cuba it is rare indeed to have low
sucrose for so many consecutive years.
The sucrose content depends much upon the temperature
and seasonable rains, but, above all, the cane needs cool
and dry weather during the grinding season. Weather conditions up to the present have been most satisfactory for
the growing crop.
The highest percentage of sucrose this year was at "Perseverancia" 13.72%, and the lowest at "Socrro" 12.052%.
LOSSES IN MANUFACTURE.
The Losses in manufacturing, which have been decreasing year by year, showed a still further, though slight, improvement during the last campaign, as may be seen by
the following figures:
1915-1916
3.07%
CANE SUPPLY.
12,460,826 arrobas or 139,071 tons
129,179,983
"
.1,441,741 "
1916-1917
2.67%
• 1917-1918
2.36%
1918-1919
2.32%
The estimates made by the General Managers early last
Your management had hoped to show a still greater imseason of the amount of cane available at your Corporation's provement, but it is difficult to maintain a high state of
plantations in the Western and Eastern sections of the Island efficiency of operations with labor troubles in the fields and
.
were more than realized, as appear by the following tables:
sugar houses, and with railroad strikes.
294.000,000 arrobas (3,281,250 tons)
Western estates
Whenever there is a railroad strike, the quantity of cut
"
198,000,000
Eastern
"I (2,209,821 " )
Wm.
cane in the fields waiting for transportation accumulates
492,000,000 arrobas (5,491,071 tons)
and there is a constant loss in sucrose content from the time
The actual quantity of cane ground by your Corporation the cane is cut until it is finally milled.
was as follows:
When strikes of cane cutters or other laborers occur, the
307,329,091arrobas(3,430.012 tons) mills cannot be supplied daily and regular13 with the reWestern estates
"
Eastern
" (2.168,164 " ) quired amount of cane; consequently
194,267,464
grinding cannot be
501,596,555 arrobas (5,598,176 tons) uniform and the mill work must suffer.
The machinery in your plantations was in far better
In addition to the 307,329,091 arrobas (3,430,012 tons)
of cane ground at the Weatern plantations there were sold condition than in any previous year and would have been
to outside plantations 8,557,477 arrobas (95,505 tons). able to further diminish the losses in manufacturing had the
This was made necessary by strikes. Your management, cane gone to the mills freshly cut with the usual daily regurealizing that because of the time lost thereby all the cane larity. Any irregularity in feeding the mills with sufficient
could not be ground at your factories, deemed it best to cane not only causes bad mill work and increased bagasse
sell this cane to outside plantations rather than have it left losses, but necessitates the consumption of more fuel,
in the fields uncut. Mention of this is made merely to thereby further increasing the cost of production.
YIELD OF 96
-DEGREE CENTRIFUGALS.
show that your Western mills had more than an adequate
The yield of the four crops in 96 degrees centrifugals was
supply of cane for their capacity.
In the East your Company, for the same reason, sold as follows
1916-1917
-1916
1915
1917-1918
1918-19191
9,554,281 arrobas (106,635 tons), chiefly from "Moron."
10.76%
11.41%
11.15%
11.25%
The sugar made from the above mentioned 18,111,758 These figures show that the yield this year is .26% under
arrobas (202,140 tons) of cane delivered to outside plan- that of last year but only .10% under that of 1915-1916
tations is not included in the report of the company's pro- notwithstanding that the sucrose content during that year
duction of sugar.
was .85% higher than this year. This is due to the higher
CANE GROUND.
efficiency attained in the factories since the firat crop.
COMPARATIVE RECEIPTS PER POUND OF SUGAR.
The following table gives a comparison of the cane ground
For the purpose of comparing the f. o. b. price, per pound
at your mills during the four years since the incorporation
manufactured, obtained during the last four crops, the proof your Company:
ceeds from "Molasses" and "Other Earnings" are included
1915-1916
359,955,746 arrobas or 4,017,363 tons.
1916-1917
393,584,058
"
4,392,679 "
in the follow:
1917-1918
1918-1919
409,900,529
501,596,555
"
"
4,574,782 "
5,598,176 "
1915-1916
4.112c.
1916-1917
4.479c.
1917-1918
4.630c.
1918-1919
5.398c./
THE CHRONICLE
Nov. 29 1919.1
The small increase of .151c per pound for 1917-1918 crop,
the first year of Governmental control, over the price obtained the preceding year of 1916-1917, was not sufficient
to cover the extra cost of manufacturing as was shown in
the last year's Annual Report, thus proving conclusively
that the crop of 1917-1918, sold to the International Sugar
Committee at 4.60c f. o. b. was disposed of at too low a
figure. The price obtained from the U. S. Sugar Equalization Board for the crop just completed, although .900. per
pound higher, was none too high, in view of the poor sucrose
in the cane, an important factor in the cost of production.
The difference indicated between the average price of
5.398e. obtained for last crop, and the basic price of 5.50c
f. o. b. Northside ports paid by the U. S. Sugar Equalization Board, represents the reduction of .05c per lb. in the
price of the 1,824,049 bags shipped from the Southside, as
well as losses in weight and polarization on the portion of
the Corporation's production held in Cuba after the crop
was finished, in conformity with shipping provisions of the
contract.
2079
COMPARISON OF CROPS MADE BY YOUR COMPANY.
Bags.
Tons.
3,174,168 or 452,035
3,261,621 or 472,542
3,613,325 or 521,328
4,319,189 or 624,101
1915-16
1916-17
1917-18
1918-19
This production has been divided between the Western and
Eastern Estates as follows:
Western
Bags.
Tons.
2,616,301 or 372,589
2,383,866 or 345,373
2,437,926 or 351,742
2,653,620 or 382,783
1915-1916
1916-1917
1917-1918
1918-1919
Eastern
Tons.
Bags.
557,867 or 79,446
877.755 or 127,169
1,175,399 or 169,586
1,665.569 or 241,318
These figures show the large increase of 161,872 tons in the
Eastern plantations between the first and latest crops.
Owing to the competition for cane in its locality, the small
size of the Plantation and the consequent higher cost of
production, your Board of Directors decided to sell the lands
of the "Jobe" plantation and transfer the machinery to
plantations in the Eastern section of the Island. The
major portion of said machinery is being installed at
"Moron," thereby increasing the capacity of that Central,
COST OF PRODUCTION.
The cost per pound of producing sugar including cane as referred to elsewhere.
PRODUCTION AND CAPACITY OF THE EASTERN MILLS.
on an f. o. b. basis at your factories during the last four crops
The following table shows the production of the Eastern
was as follows
1917-1918
1916-1917
1915-1916
1918-1919 mills during the last four crops and the estimated produc3.431c.
3.998c.
4.606c.
2.748c.
tion for 1919-1920:
The above figures show increases in cost of
1915-16 1916-17
1919-20 Estimated.
1917-18
1918-19
.683c. per pound in 1916-1917 over previous year
1917-1918
.567c. "
1918-1919
.608c. " "
46
46
The greater portion of these increases is due to the higher
cost of cane. As is known, Cane is paid for in sugar which,
in turn is usually bought back by the Company from the
Colones at the fixed price obtained for the whole crop sold
to the Government, or, in the absence of Governmental
control, at the market price. The Company selling its own
sugar and also that purchased from the colones, at the
ruling price, neither gains nor losses by the purchase of
sugar from the colones. The best way, therefore, to state
the actual increase in the cost of production would be by
excluding the cost of cane. On this basis, the cost of transporting the cane to the mills, manufacturing the sugars
therefrom and the delivery of the sugars on board steamer
would be as follows, per pound
1915
-1916
0.715c.
1916-1917
1.072c.
1917-1918
1.456c.
1918-1919
1.555c.
The increases were, consequently:
0.357 cents per pound increase 1916-1917 over 1915-1916
"
0.384
1917-1918 " 1916-1917
"
0.099
1918-1919 " 1917-1918
From the above table it is gratifying to note that the cost
of manufacturing for the last crop shows only a slight increase over that of the previous crop, an increase of 6.8%
as compared with an increase of 36% for the year 1917-18
over 1916-17. The increase would have been even less had
the sucrose in the cane not been so disappointing.
OPERATING PROFITS PER POUND OF SUGAR.
If from the preceding f. o. b. prices at which the sugars
of the last four crops were sold, we deduct the Cost of
Production including the Cane, it will give us the Operating
Profits made per pound, as follows:
1915-16
1916-17
1917-18
1918-19
Moron____170,263 181,045
Stewart
378,097
Jagueyal --233,545 251,013
Lugareno__154,059
67,600
315,439
416,560
326,200
117,200
524,940
506,494
353,168
280,967
650-700,000 bags
575-625,000 "
425-450,000 "
300-325,000 "
557,867 877,755
1,175,399
1,665,569
1950-2,100,000 bags
This increase of over 1,400,000 bags-(200,000 tons)
-in
the Eastern mills in the four years between the first crop
of your corporation and the estimated crop of 1919-1920,
is the greatest achievement of your Cuban management.
Your management has increased the capacity of "Moron"
more than any other Eastern plantation, because of its
favorable location for the acquisition of large quantities
of cane. With a great deal of the machinery from "Jobe"
now installed at "Moron," the coming crop at the latter
estate is expected to be from 650,000 to 700,000 bags (90100,000 tons) during the usual crop months, December to
June inclusive.
There is only one corporation in Cuba, i.e. the CubanAmerican Sugar Company, which began its operations after
the Cuban War of Independence, whose production in its
two Eastern Plantations of 1,252,768 bags sugar last crop,
compares with that of your Corporation in the same section.
Your production in the East will not have reached its
maximum even with the next campaign. If the plans of the
management are carried out for the transfer of some of the
smaller Western mills to favorable locations in the East,
where your Corporation has options on ample and suitable
cane lands, the production in the East can easily be raised
in two or three years, to 2,500,000 bags during the usual
grinding period. Your Company is therefore in a good
position to make increasing quantities of sugar in the East
while maintaining the usual quantity in the West.
SUPPLY OF CANE FOR 1919-1920.
Receipts
Production cost
4.112c.
2.748c.
4.479c.
3.431c.
4.630c.
3.998c.
5.398c.
4.606c.
The present estimate of the cane supply for the coming
crop is as follows:
Operating profit
1.364c.
1.048c.
0.632c.
0.792c.
Western estates
Eastern
"
It is interesting to note that during the two years of
Governmental control of sugar, the Operating Profits were
smaller than during the preceding years of open market.
From the above statements it can be easily seen that as
the Colono shares the benefits of high prices of sugar because
he is paid for his cane in sugar, so he will bear the corresponding share of the burden of lower prices whenever they
may prevail.
Lower prices, whenever they do come, will therefore mean
not only cheaper cane (which is the largest item in our
costs), but it will also mean lower salaries, wages, cost of
fuel, packages and general supplies. In other words, any
decrease in price must be offset by decrease in cost.
Cuba, in the future as in the past, will continue to be
the country producing sugar at the lowest cost.
As stated above, the increases in Cost per pound of sugar
during All° last crop were
0.509c. In cane (This extra cost in cane, however, is recovered by the extra
price obtain,d for the sugars, as already explained.)
0.099c. in wages and other expenses.
These figures confirm the prediction made in last annual
report that the items other than that cane would this year
show but little increase.
300.000,000 arrobas or 3,350,000 tons
250.000,000
2,790,000 "
"
550.000,000 arrobas or 6,140.000 tons
Although somewhat early to make estimates of cane, the
above figures are, however, believed to be conservative.
The percentage of sucrose in the cane is the unknown factor.
Particular attention is called to the enormous increase in
cane for the Eastern estates from 1916-1917 to 1919-1920,
namely, over 145,000,000 arrobas (1,600,000 tons). In
order to obtain that additional quantity of cane about
80,000 acres of timber land had to be cleared and planted
in cane within the last three years.
ESTIMATE OF SUGAR CROP FOR 1919-1920.
It is not easy to estimate the amount of sugar that your
Corporation will make during the coming crop as the totals
depends largely upon the percentage of sucrose in the cane.
Even with as low sucrose in the cane as last year-which
is unlikely after three years of low sucrose-the total crop
for 1919-1920 should be:
In the Western estates 2,600,000 bags (377.000 tons)
In_the Eastern
"
2,100,000 " (303.000
)
4,700,000 bags (680,000 tons)
2080
THE CHRONICLE
[VoL. 109.
With a higher percentage of sucrose in the cane, the total ditions and improvements, particularly in increasing the
production will be correspondingly increased.
output in the Eastern plantations.
LANDS.
While the above expenditures increased the production
Your Company having sufficient lands to supply cane and earning power of the Corporation, they deprived it,
for its present needs, made no additional purchases or to that extent, of working capital. To remedy this, your
leases this year. This account, therefore, remains un- Board of Directors has recommended a $25,000,000 issue
changed from last year's figures which show that the cor- of 7% ten-year Debenture Bonds convertible into Common
poration owns 11,216 caballerias (373,800 acres) of land, Stock, as set forth in the Circular to the Stockholders dated
and holds under lease, many of these leases being for long October 30 1919.
periods, 6,932 caballerias (231,000 acres) of land. The
GENERAL REMARKS.
total lands owned and leased amount to 18,148 caballerias According to the preceding Receipts and Expenses Statement, the Operating Profits this year were
(604,800 acres). Land values have increased very much
$11,069,880 76
disbursements
during the last four years, especially in the East where they Deducting and Exchange for:
Interest
$555,810;06
had been much lower than in the West, and with this new
Taxes (Reserve)
979,490 11
Dividends on Preferred shares
3,500,0E10 00
virgin soil in greater demand values are drawing nearer to
5,035,300 17
those of the more densely cultivated portion of the Island.
leaves a balance of
36,034,580 59
This is equal to about 312 00 per share on the 500,000
shares of Common stock of the Corporation,
RAILROADS.
before makYour Company now owns and operates for the transporing allowance for Depreciation and Doubtful Accounts.
After deducting:
tation of its products and supplies, 1,090 kilometers (683
Reserve for Depreciation
$1,750,000 00
miles) of railway, of which 781 kilometers are standard
Reserve for Doubtful Accounts
400,000 00
2,150,000 00
gauge and 309 kilometers are narrow gauge; together with the remaining
balance of
equipment consisting of 121 locomotives, of which 87 are Is equivalent to about $7 77 per share on the Common Stock.$3,884,580 95
standard gauge and 34 narrow gauge, and 3,504 cane and
Your management has provided a regular and adequate
other cars, of which 2,219 are standard gauge and 1,285 are
supply of oil for fuel purposes, so that the operations of
narrow gauge.
your factories will not be directly affected by any stoppage
PROPERTY ACCOUNT.
of coal deliveries resulting from strikes in the coal industry,
Original Cost of the 17 Plantations, Including Taxes,
Notary Fees, etc
$48,983,296 68 such as are now threatening in this country.
Additional Purchases:
While the "Stewart" did not show up satisfactorily the
Central "Stewart"
$8,400,000 00
first year after its purchase, it is gratifying that it now
Warehouses
159,600 00
Lands
2,197,276 59
stands first in Operating results for the past fiscal year.
Taxes, Notary Fees, etc., thereon
125,599 48
"Moron," prior to the present crop, did not do as.well as
$10,882,476 07
had been expected, due to delays in arrival of machinery—
Less:
which caused late starts in grinding—and also due to low
Salo of Central "Asuncion"
$425,000 00
sucrose content in tho cane. Much of the cane ground at
Salo of Lands, Machinthis plantation in the last two crops came from virgin soil,
1,057,753 23
ery, etc
1,482,753 23
the cane from which must necessarily have a lower sucroe
$9,399,722 84
content during the first two or three Years than in the sucAdditional Improvements, etc.:
Eastern
Western
ceeding ones. During the coming crop "Moron" may
Plantations.
Total.
Fiscal Year. Plantations.
reasonably be expected to produce about 700,000 bags in
1915-1916_ $264,603 13
$155,131 08
$419,73421
1916-1917___ 2,376,123 95
2,657,229 86
the period from December to June, which will make it as
5,033,353 81
8,246,313 70 10,081,364 12
1917-1918___ 1,835,050 42
large as any other plantation on the Island.
3,309,334 68
730,004 32
1918-1919_-_
4,039,339 00
"Jagueyal" has maintained its good record.
$5,205,781 82 $14,368,00932 819,573,791 14
"Lugareno," after two disappointing crops, for the rea$28,973,513 98
sons given in last year's Annual Report, has shown up well
Less amount written off Property Account
for the 1918-19 crop. This estate is exceptionally well
to cover dismantling and relocation of
machinery
1,200,000 00 27,773,513 98 located, with an abundant
supply of cheap cane and a low
$76,756,810 66 rate of railroad freight to the shipping port.
hand
Machinery and Construction Material on
631,396 21
The program adopted in 1916 by your Board of Directors
Total as per Balance Sheet
$77,388,206 87 to increase the capacity of the Eastern plantations is now
completed.
RENEWALS, BETTERMENTS AND DEPRECIATION.
The four Eastern plantations, as well as the twelve Westcustomary practice, your Company har's ern, are now all well equipped, but some capital expendiFollowing the
renewals, repairs and tures must necessarily be made each year in order further
made adequate expenditures for
changes in the location of machinery, all of which have been to develop efficiency in operation.
charged to operating expenses before arriving at the operating profit.
EXPERIMENTS.
In addition to the cost of above renewals and repairs,
Your Company is still carrying on its experiments .for
your Board of Directors have made a charge of $1,750,000 the improvement of the cane seed, and mechanical devices
for Depreciation.
for cutting the cane. It cannot be said that much has been
ed
RECEIPTS AND EXPENSES FISCAL YEAR ENDED SEPT. 30 1919. accomplishedin the improvement of cane seed, as years
Receipts—
are required to obtain results. Considerable progress has
Production, 4,319.189 bags.
Per Bag been made in the development of the cane cutter which,
$80,470,542 43 $18.631 however, is not
Sugar Sales
yeta practical success, and in mechanical
484,414 89
.112
Molasses Sales
means for transporting tile cane to the mills.
Earnings
$560,368 62
Other
.130
Total Receipts
$81,515,325 94 318.873
Expenses—
Cost of Cane per 100 arrobas $8 50
$42,658,281 93
39.877
Dead Season Expenses (Salaries and Wages,
Materials and Supplies, Repairs and Renew1.028
als)
4,440,048 62
Crop Expenses (Salaries and Wages, Materials
and Supplies, Fuel, Maintenance, Administration—Cuba and United States)
2.093
9,038,523 33
Fiscal Year Charges:
General Insurance
.076
326,109 94
Cuban taxes on Sugar
.077
335,391 07
.018
Cuban Taxes on Molasses
75,997 10
.060
260,349 84
Cuban taxes on Real Estate
.013
56,404 51
Legal Expenses
Total Fiscal Year Charges
Sugar Expenses:
Sugar Bags and Packing
Sugar Inland Railroad Frioghts
Sugar Shipping Expenses
Sugar Insurance
Selling and Landing Expenses
Total Sugar Expenses
Total Expenses—F. 0. B
Marine Freight
Total Expenses—Delivered
$1,054,252 46
80.244
$3,106,313 13
1,626,931 29
953,741 07
210,639 85
1,300,605 47
$0.719
.376
.221
.049
.301
To show the distributon of the stock of your Company,
the number of Stockholders at the end of the last three fiscal
years is given in the table below:
$7,198,230 81
$1.666
Holders of
$64,389,337 15 $14.908
1.402
6,056,108 03
$70,445,445 18 316.310
311,069,880 76
Operating Profit to September 30th 1919
This compares with an Operating Profit last year of $7,390,603 98
and a profit per bag of
$2.563
$2.05
CAPITAL ACCOUNT.
Your Corporation has lacked working capital from the
start. Of the amount realized from the sale of the stock,
all but $3,600,000 was required to pay for the properties
originally purchased. It was expected that the shortage
in working capital would be made up out of earnings, but
most of the surplus earnings of the first year were used in
the purchase of the "Stewart" plantation, and the surplus
earnings of the following years in defraying the cost of ad-
CONTRACT FOR COMING CROP.
So far no contract has been entered into with the United
States Sugar Equalization Board, or any other similar Corporation, for the whole or any portion of the next Cuban
crop.
The scarcity of sugar and the great European demand,
because of which there is a fear that the United States may
be left with insufficient sugar, are factors that are attracting
the attention of the Administration in Washington. While
the whole Cuban crop might have been bought last summer
it would now be difficult to do so, owing to the largo sales
that have already been made for future deliveries.
STOCKHOLDERS.
Total
Preferred stock
1917.
3.840
1.843
1918.
4,494
1,860
1919.
4,880
2,684
5,683
6,354
7,464
The continuous increase in the number of holders is gratifying.
GENERAL INFORMATION REGARDING SUGAR AND SUGAR
STATISTICS.
(All general statistics given herein are compiled from
figures published by Willett & Gray unless otherwise credited.) (For exhibits referred to below see our complete
annual report.)
Sugar being a topic of general interest at present, the
stockholders may desire to know the respective production
of Cane and Beet sugar in various producing countries, as
well as other data relative to the article. For that reason
we are appending the following:
Nov. 29 1919.]
1'
THE CHRONICLE
208 i
Exhibit 1—Statement and Chart of the sugar crops of Cuba It is not to be expected that Germany or Czecho-Slovakia
from 1894 to 1919 showing the amounts of each crop pro- will be able to increase their production appreciably unless
duced in the Western and Eastern sections of the Island they again resort to the old system of Cartels and Bounrespectively. This• shows the tremendous drop in pro- ties, which is unlikely.
duction in 1895 by reason of the Cuban war of indepenCuba's capacity for producing sugar is dependent upon
dence and the rapidity with which Cuba recuperated, labor supply and mechanical devices for cutting cane.
without parallel in the history of any other sugar Lands in the Eastern section of Cuba are ample to permit
which is
producing country. This recuperation by Cuba occurred, of a material increase in the sugar production of the Island.
moreover, during years of very low sugar prices.
The increases shown by Exhibit
Exhibit 2—Statement and Chart of the proportion of Cuban of the soil and the suitability of 1 demonstrate the fertility
the climate for sugar culsugar production controlled by American companies, tivation, two advantages which Cuba enjoys
in a greater
including Cuba Cane Sugar Corporation, during crop. degree than any other
sugar producing country.
1918-1919.
The Balance Sheet as at September 30th, 1919, together
Exhibit 3—Sugar Production of the world (cane and beet) with the Profit and Loss and Surplus
Acccounts for
by countries, for the six crops 1913-1914 to 1918-1919 ended that date, certified by the Corporation's the year
Auditors,
inclusive.
Messrs. Deloitte, Plender, Griffiths & Co., and the ComBy this statement it is seen that Cuba was the only coun- parative Financial Statement, will be found•appended hereto.
try that, notwithstanding high prices, largely increased
Acknowledgment is made of
its production during those years. India, whole sugars officers and employees during the loyal co-operation of all
the year.
are all consumed locally, comes next to Cuba in the proRespectfully submitted,
duction of sugar but by reason of unfavorable weather
By order of the Board of Directors,
this year's crop was so reduced that it shows less increase
MANUEL RIONDA,
over the 1913-1914 crop than Java does, although still
President.
making about 700,000 tons more sugar than the latter.
Exhibit 4—Statement and Chart showing a comparison
BALANCE SHEET SEPTEMBER 30TH 1919.
by countries of the world's Cane and Beet sugar producASSETS.
tion for the crop of 1913-14, immediately prior to the Properties and Plants
$76,756,810 66
Machinery and Construction Material on
world war, and the last one, 1918-19.
Hand
631,396 21
Exhibit 5—Statement and Chart showing a comparison
$77,388,206 87
of the portion of the world's can and beet sugar produc- Current Assets, Advances to Colonos and Growing Cane:
Cultivations—Company Cane
$2,656,023 61
tion contributed by different countries for the crop of
Materials and Supplies
2,634,600 23
1918-1919.
Advances to Colonos less Reserve for
Doubtful Accounts
6,850,872 94
Exhibit G.—Chart showing a comparison of the wholesale
Advances to Stores and Sundry Advances
263,145 83
prices of refined sugar in various ountries before and
Sugars on hand at Net Contract Prices
(Pledged to " Bankers as security for
after the world war, years 1914 and 1919.
Loans. The major portion of these
Exhibit 7—Statement of sources of sugar consumed in the
Sugars has since been shipped and collected for, and the Loans paid)
United States during the years 1914 to 1919 inclusive.
11,692,000 36
Molasses on hand at Net Contract Prices_
420,029 46
Exhibit 8—List of Cuban Centrales Producing over 280,000
Accounts and Bills Receivable less Reserve
during the crop 1918-19.
for Doubtful Accounts
bags of Sugar
1,245,107 59
Cash
4,303.188 17
The scarcity of sugar, to which attention was called in
Cash—Special Deposit—Rental Guarantee
63,000 00
Cash on deposit to meet Preferred Divithe last Annual Report, is now being felt by the entire
dend due October 1st 1919
875,000 00
world. It, therefore, may be of interest to enumerate some
Cash Deposited for Redemption of Liens and Censos on 31,002,968 19
of the causes for the world-wide sugar scarcity:
Properties—per
954,541 42
(a): Smaller production of European beet sugar during Deferred Charges:contra
the four years of the war.
Insurance, Rents, Taxes, Etc., paid in adcomparatively small increase in the Cane sugar
vance
(b): Only a
$299,913 43
Interest
305,688 49
production throughout the world, outside of Cuba, dur- • Items inpaid in advance
suspense
30,626 53
the last five years, notwithstanding the high prices
ing
636,228 45
prevailing (see Exhibit 3).
$109,981,944 93
large increase in sugar consumption in the United
(c): The
LIABILITIES.
States, particularly since the enforcement of prohibition
(see Exhibit 7 showing the consumption in U. S. for five Declared Capital
$52,500,000 00
500,000 Shares 7% Cumulative Convertible Preferred
years along with an estimate for 1919).
Stock, par value $100 00 each.
500,000 Shares Common Stock without nominal or par
active foreign demand from all quarters after
(d): A very
the cessation of hostilities, particularly from European Billsvalue.
Payable
countries whose consumption had been temporarily Acceptances—Loans against Sugars (since$15,000,000 00
paid)
11,000,000 00
restricted by Governmental rationing during the world- Short Term Drafts Outstanding
1,541,081 86
war. Notwithstanding that Europe has received fully Accounts Payable and Accrued Charges..___ 2,512,438 98
one-third of the 1918-19 Cuban crop the demand from Preferred Dividend No. 15 (Payable October 1st 1919)
875,000 00
that source continues unabated, as a result of which large
30,928,520 84
sales of new crop Cubas have already been made and are Liens on Properties—Cash deposited per
contra
$567,911 44
delivery as late as June, 1920.
still being made for
Censos on Properties—Cash deposited per
contra
386,629 98
(e): The increase in the world's potential demand, which,
954,541 42
restrained by Governmental control during Reserves:
having been
Taxes and Contingencies
war, is now asserting itself. Had there
the four years of
$1,439,089 43
Depreciation
6,500,000 00
been no war, the probable increase in consumption would
7,939,089 43
have been 400,000 to 500,000 tons per annum, requiring Deferred Liabilities:
Balances in respect of purchases of lands
947,490 73
an increase in production of about 2,500,000 tons of sugar Surplus Account:
during that period as compared with an actual decrease
Balance
16,712,302 51
about 2,300,000 tons.
of
$109,981,944 93
(f): Last, probably the additional consumption arising
We have verified the above Balance Sheet as at September 30th 1919,
from the universal war-time advertisement of the fact,
and the accompanying Profit and
previously known to those who had thoroughly investi- ended that date, with the books in Loss and Surplus Accounts for thelyear
New
and certify that,
gated the subject; that, for the same price, sugar con- In our opinion, they correctly set forth,York and Havanafinancial position
respectively, the
of the Company as at September 30th,
tains more calories of nutritive value than any other tions for the year ended that date. 1919, and the results of the operaarticle of food.
49 Wall Street, New York City, November 13th 1919.
The present scarcity of sugar in the United States may be
DELOITTE, PLENDER, GRIFFITHS & CO.
somewhat by diverting to the Northeast and South- PROFIT AND LOSS ACCOUNT AS
relieved
OF SEPTEMBER 30TH 1919.
the domestic beet sugar now being harvested, Operating Profit for Year ended September 30th 1919---- 111,069,880 76
west some of
but the scarcity will probably not be completely overcome Less:
Interest and Exchange
$555,810 06
even when the new crop Cuba sugars are available in large
Reserve for Taxes, etc., Including Income
Tax, United States and Cuba
quantities, say in January and February. The advent of
979,49(3 11
Reserve for Depreciation
1,750,000 00
the new crop sugars will, of course, relieve the acute situaReserve for Doubtful Accounts
400,000 00
prevailing, but the demand and the high prices
tion now
3.685,300 17
will doubtless continue until production catches up with Balance, being Net Profit for the Year Carried to Surplus
consumption.
Account
$7,384,580 59
A glance at Exhibit 7, shows that the main sources of
SURPLUS ACCOUNT AS OF SEPTEMBER 30TH 1919.
supply of sugar for the United States are Cuba, Porto Rico,
Balance at October 1st 1918
12
Hawaii, Philippines, domestic beets and Louisiana.
Add: Net Profits for Year, as per Profit and Loss Account $14,292,949 59
7,384,580
If there was no European demand to be satisfied, the
above mentioned countries could furnish more sugar than Deduct:
$21,677,529 71
Appropriations of Surplus:
the United States can now consume, but with the Eastern
.Amount written off Property Account to
hemisphere clamoring for sugar, it is natural that a great
cover dismantling and re-location of
deal of Cuban sugar will find its way there. The other
machinery
$1,200,000 00
Sundry Adjustments and Charges
sources of supply enjoy an advantage over Cuba of entry
265,227 20
Dividends on Preferred Stock:
into the United States free of duty, but they cannot comNo. 12, Jan. 1 1919
$875.000 00
No. 13, April 1 '1919
875,000 00
pete with Cuban sugar in other countries where they have no
No. 14, July 1 1919
875,000 00
such advantage.
No. 15, Oct. 1 1919
875,00000
In reply to the question as to what countries can largely
3,500,000 00 4,965,227 20
increase their production, the following might be answered: Balance, September 30
1949
$16,712,302 51
first, Cuba; second, Russia, and third, United States (beet).
2082
The
THE CHRONICLE
Trimutertial Wirite$.
COMMERCIAL EPITOME
Friday Night, Nov. 28 1919.
Trade spurred partly by a fear of scarcity especially of
clothing and fuel,is active, not only for winter delivery but
for spring. In other words the demand for merchandise
still outruns the supply. In this state of things it is not
surprising to notice that prices are very firm. The demand
is keen for iron and steel. There is a sharp holiday demand. The retail trade is active. Jobbers and wholesalers are hard put to it to supply the demand for prompt
delivery. Merchants are trying to anticipate their spring
and later wants apparently on a larger scale than usual.
They fear that otherwise they may be left in the lurch.
There is a specially insistent demand for heavy clothing,
shoes and furniture for hardware, lumber and other building
materials. Automobiles, jewelry and other luxuries are
also in particularly good demand. Textile industries are
well sold ahead. Many of the mills of Lancashire, England, by the way have, it is stated, sold their output for
six • to nine months to come. Mill shares in Lancashire
have reached remarkable prices owing to the extraordinary
trade and the abnormal profits, which current prices afford.
In the South cotton mill shares are also advancing. Cotton
mills in this country are still making very large profits.
Cotton goods after a lull are back to the recent high levels.
Raw silk is rising, and wool is firmer. Money has been
easier on call and foreign exchange has recovered somewhat.
On the other hand it is regrettable to notice that food
prices are in some cases higher. Those for wheat are notably strong, in spite of the fact that the time is near at hand
when if so disposed Canada can ship wheat to American
markets. One report is that she has about 20,000,000 bushels to spare for this purpose. Butter and eggs are both
noticeably higher. Groceries of all sorts remain very high;
also poultry. Another drawback is that the increasing
scarcity of coal is beginning to handicap manufacturing industries in parts of the West. It is also causing a reduction
in train service on the railroads. There is a big demand for
goods, but Western manufacturers find it increasingly
difficult to supply it. They would not if coal were plentiful. It is very regerettable that the coal question cannot
be settled at once. Trade suffers. What is more, large
Western populations will suffer from cold, perhaps for food
and clothing, if the situation is not speedily relieved.
It is announced from Washington that seizure of bituminous coal mines where the owners do not show a disposition
to co-operate in increasing coal production has been determined upon by the U. S. Government. The Government
will also use troops to protect all miners who desire to work.
In the mines seized by the Government the 14% advance
in wages agreed upon by the Cabinet will be put into effect
at once. The mines taken over by the Government will
be operated by the Fuel Administration.
As for the Mexican embroglio due to the attitude of the
Mexican Government,in response to an apparently legitimate
request by the U. S. Government for the release of Consular
Agent Jenkins, it is to be hoped that it can be settled satisfactorily without a resort to war. It is reported to-night
that Carranza has fled from the City of Mexico after fighting
in that city between factions dominated by himself on the
one hand, and by General Alvaro Obregon on the other.
Secretary of Labor Wilson's proposal for an increase in
mining rates of 27.12 cents a ton, a flat increase in day wages
of $1.58 and an increase in yards and dead work of 31.61%
was accepted November 22, by John L. Lewis, acting President of the United Mine Workers, and rejected by coal
operators who have put their case up to Fuel Administrator
Garfield. Mr. Garfield offers a wage increase of 14%.
Miners refuse to accept it. Now there is a deadlock.
Coal scarcity has hit the West. One illustration is that
Indianapolis merchants voted to close at 4 p.m. to save coal.
Most factories will close from Thursday to next Monday
morning. And electric companies in Terre Haute, Ind.,
withhold power from non-essential industries and thousands
face idleness as a result. What next? A demand for impeachment of Judge A. B. Anderson of the United States
District Court has been formally made at Chicago by the
new National Labor Party in a petition addressed to Congress. The jurist's action in granting the Government a
mandatory injunction ordering rescinding of the coal miners'
strike call is the "reason." Judge Anderson need not worry.
His term on the bench is for life and there is not the smallest
likelihood that radicals or disguised Bolshevists will be permitted by the American people as their representatives to
persecute a fearless and upright judge. Despite the Government's campaign against the high cost of living, the average
family expenditure for food in fifty cities was approximately
the same in October as in September.
With our export trade hard hit by extraordinarily low
rates of foreign exchange, a National Committee on European
Finance has been formed to study plans for supplying the
necessary long-time credit for Europe's purchases in the
United States. The Committee was named by the U. S.
Chamber of Commerce. The Chairman is Harry A. Wheeler,
Vice-President of the Union Trust Co. of Chicago and the
Chairman of the Executive Committet is James S. Alex-
[Vol,. 109.
ander, President of the National Bank of Commerce.
Thanksgiving turkey was 55c. per lb., as against 50c. a year
ago, 45c. in 1917 and 40c. in 1916. In 1914 it was 35o.
A regular Thanksgiving dinner for five this year, it is estimated,cost $8 25. American embargoes on both exports and
imports of wheat and wheat flour will be lifted on Dec. 15.
An embargo on exports of anthracite coal except to Canada
now exists. Silver has risen and it is announced that the
first shipment of silver to China in coin, instead of bullien,
is to be made through large purchases of silver dollars in
San Francisco. This method is adopted owing to the
demand and because the metal is now cheaper as coin than
as bullion.
The question of labor for domestic service is notoriously
an acute one here in the East. It is no less so all over the
country. It will tax the acutest minds perhaps to reach a
true economic solution of a growing difficulty. -Servants
formerly glad to get $20 a month now in some cases receive.
$60. Some demand the right to ride from time to time in the
employer's automobile. And now a St. Paul, Minn. dispatch says that the shortage of maids and other servant girls
'
in the exclusive residential sections there has become so keen
that the wives of the men have agreed not only to provide
"improved living quarters" for the girls but to allow them to
use their automobiles "once or twice" a week. After some
clays of mild weather it has turned colder here within 24
hours and to-day the forecast is for probable rain or snow.
A heavy snow storm to-night is sweeping the West between
the Mississippi River and the Sierra Nevada Mountains and
from Canada to Northern Texas. Some snow has also fallen
atjLos Angeles, California. The temperature dropped to 20
degrees below zero in Wyoming. Elsewhere in the central
West and in the Southwest suffering was caused by the extreme cold and lack of coal. Cattle on the western ranges
are endangered.
LARD lower; prime Western, 26.05o.; refined to the
Continent, 29c.; South America, 29.250.; Brazil, in kegs,
30.25c. Futures advanced with corn and hogs. Shorts and
commission houses have been buyers. The strength of the
cash market has been a noticeable feature. Stocks of product at leading packing centres are believed to be comparatively small.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Sat.
Wed. Thurs.
Mon. Tues.
January delivery.._cts_23.30 23.35 23.55 23.72 Holiday 23.87
PORK easier; mess, $47 nominal, family, $52@$53;
short clear, $44@$51. January pork closed at $34 50, a rise
for the week of 50c. Beef steady; mess, $22@$23; packet,
$25@$26; extra India mess, $49@$50; No. 1 canned roast
beef, $3 50; No. 2, $7 25. Cut meats firm; pickled hams,
10 to 20 lbs., 23Y@25%c.•, pickled bellies, 25@26c. Butter,
s ,
creamery extras, 7 @74 .; other grades, 54@731 0/
4
Cheese, flats, 25@33o. Eggs, fresh gathered extras, 83@
84c.; first to extra firsts, 76@82c.
COFFEE on theispot easier at 153/2(4)15%c. for No. 7
Rio and 2 %®2634i. foriNo. 4 Santos; fair to good Cucuta
53
Futures declined under hedge selling by
26g©263/20.
the trade and, it is said, New York and New Orleans bears.
Back of this, however, was the decline in Brazil. Many
sold December and bought March. There were very few
December notices. But this did not help matters. There
was an evident desire to drop December and switch to March
and July at about 50 to75 points premium. There has,
however, been some Wall Street and trade buying on a scale
down. To-day prices declined with cables off and liquidation free. The ending is lower for the week.
cts_14.201414.25 March_cts_14.7014.721 Sept_ -eta.14.70©14.72
Dec__January __14.40@l4.45 May
@
14.80 14.82 October-14.70l4.72
July
14.80@14.90
SUGAR unchanged at 7.28c. for centrifugal 96-degrees
test Cuba and Porto Rico; granulated 9c. Raw sugar for
near arrival has been in good demand. But it is very sparingly offered. December or January shipment, it seems, is
held at something like 103'c. f. o. b. Cuba, according to some
Cuban advices. Later deliveries are also in small supply.
They have been quoted at around 83o. for February-April
Talk
shipment f. o. b. Cuba. This is a recent rise of
has been heard of 12c. for refined as a far price. That is the
quotation of beet granulated, it is said, in territory east of
Chicago and west of the Buffalo-Pittsburgh line. Raw beet
sugar is 103/2c. cash less 2% seaboard basis. Cane refined is
still scarce. A fair quantity of white sugar has of late
arrived from Cuba, Porto Rico and Brazil, i. e., about 7,500
tons in all, and are selling at 133'c. f. o. b. or about 15o.
duty paid. Receipts of Cuban sugar at Atlantic ports increased last week 17,078 tons and meltings 7,000 tons. Yet
new sugar is so scarce that it is said it may be necessary to
enforce a ration of half a pound per week for individual consumers. Otherwise it is declared there will be an actual sugar
famine before Feb. 1. Refineries here are turning out large
quantities of sugar, but more than 50% of the output, it
appears, is exported at once to Great Britain, under a wartime agreement between the Federal Government and the
British Royal Commission for the purchase and disposal of
last year's Cuban sugar crop. Indignant protests have been
made to the Equalization Board and Arthur Williams, Federal Food Administrator, is quoted as saying:"I am confident
that if Food Administrator Palmer does not take control of
the situation the price of sugar will go to 25c. a pound
immediately after Jan. 1, when our control over it ends.
Nov. 29 1919.]
THE CHRONICLE
This will be a calamity." Some think that England is
simply getting the sugar due under previous contracts and
not through favoritism or anything else; that the United
States Government supervision of the trade is not strictly
necessary; that there is more or less hoarding and to ferret
that out and put a stop to it will go a long way towards
solving the sugar problem, whose complexity, however, few
seem disposed to minimize. Prohibition, it is maintained,
has increased the consumption of sugar. Of late the. situation has been rather better. The Government's• attitude
towards the trade is described as more liberal than was at
first supposed. Tea has been active and higher.
OILS.
-Linseed in good demand and higher, at $177 for
car lots. Lard, strained winter, unchanged at $1 80; extra
$1 70. Cocoanut oil, Ceylon, bbls. higher at 18@184c.;
Cochin, 19c. Olive, steady at $2 50. Corn oil, refined,
easier at 22c. Cod, Newfoundland, $1 12@$1 14. Spirits
of turpentine,$1 68. Common to good strained rosin,$17 00.
PETROLEUM in good demand and steady; refined in
bbls., 19.75@20.75c.; bulk, New York, 12@13c.; cases,
New York, 23.75@24.75c. Gasoline active and steady;
motor gasoline in steel bbls., 24Y20.; consumers, 263/2c.;
gas machine, 41 Mc. There has been much activity in
development work in Kentucky, Ohio, Indiana and Tennessee. In Warren County it was,reported that a well was
brought in that flowed 225 bbls. in 23 hours. Another well
in the same section is said to have flowed 100 bbls. in the
first sand below the shale at a depth of 975 feet. The Oil
City "Derrick" says that in western Tennessee 43,000 acres,
belonging to the Drake & Gullett holdings are to be transferred to the New York Corporatiori and development work
.
on 20 wells rushed. The Sewanne Oil & Gas Co., a Tennessee corporation, has taken over 32,000 acres of the above
holdings and let a contract for the drilling of 16 wells.
2083
ducers have had to adopt a sort of rationing process. Export
trade, however, has been quiet. Scrap iron has been rather
easier on some grades.
STEEL trade has suffered more or less from a.
shortage
of fuel. It means a steel scarcity now and it is believed for
perhaps the first quarter of next year. Railroad companies
are frequently to all intents and purposes it appears commandeering steel producers' coal. That naturally makes the
coal question even more acute. Some iron rolling mills
in Illinois and Indiana have had to stop for want of coal.
As 9, rule, however, the large steel producers have increased
their output. Railroad buying of rails is attracting attention. And quotations are heard of $50 for re-rolling billets,
$65 for forging billets, and $62 for wire rods. But little or
no business is being done on that basis. Premiums however
loom ahead. The scarcity is very marked in wire nails,
early sheets, small bars. Tin plates are allotted on a fractional scale for the first half of 1920.
COTTON
Friday Night, Nov. 28 1919.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
269,805 bales, against 295,147 bales last week and 288,858
bales the previous week, making the total receipts since
Aug. 1 1919 2,680,644 bales, against 2,059,653 bales for the
same period of 1918, showing an increase since Aug. 1 1919
of 620.993 bales.
Sat.
Mon. Tues. Wed. Thurs. Fri.
Total.
Galveston
22,316 12,255 19,375 16.048 19.478 11.986101.458
Texas City
8,804
5.651 4,697 3.188
22.340
Port Arthur, &c_
•
762
762
New Orleans
5,I44 6;585 iiiiii 9:56 _ -7994 5,625 42,297
-ii 6
Pennsylvania
$4 50 Indiana
$2 63 Stravrn
$2 28 Mobile
2.988 1,073 1,958 4.818
921 2,928 14.686
Corning
3 10 Princeton
2 77 Thrall
2 50 Pensacola
4,098 4.098
Cabe11
3 02 Illinois, above 30
Healdton
1 35 Jacksonville
-----148
Somerset. 32 deg.
148
degrees
2 77 Moran
2 28 Savannah
8,§1.:i 7,i328 11.158 6
-,H5
10.651 44.438
and above
2 85 Plymouth
2 53 Henrietta
Brunswick
2 28
5.000 5,000
Ragland
1 35 Kansas&Oklahoma 2 50 Canada
3 13 Charleston
1,233 1,899 1,009 1,623
2.524 8,288
Wooster __
3 20 Corsicana, light_ 2 28 Caddo, La., light.. 2 25 Wilmington
586
381 2,153
620
997
982 5.719
North Lima
2 73 Corsicana, heavy 1 15 Caddo heavy_
0 75 Norfolk
1.319 1,126 2,658 1.535
2,469 9,107
South Lima
2 73 Electra
2 50 De Soto
215 N'port News,&c.
_------ - -- -----62
62
New York
849
RUBBER after declining recently has latterly been firm. Boston
849
____
'75
14
150
239
Consumers, moreover, have shown rather more interest. Baltimore
9,932 9,932
80
---302
Offerings, on the other hand, have been comparatively Philadelphia_....
382
light. Actual business, however, has been confined to the Totals this week_ 51.284 30.793 53,913 44,920 31.578 57,317 269,805
most part to small lots. In London and the Far East
The
prices are still reported firm. Smoked ribbed sheets 5232c.; since following shows the week s total receipts, the total
/
Aug.
Para Island fine 48@48Mc.; Caucho ball upper 35c.; Guayule last year: 1 1919 and the stocks to-night, compared with
wet 25@27c.
OCEAN FREIGHTS.
-There has been a fair business
1919.
1918.
Stock.
Receipts to
and rates are generally steady. It seems that all charters
Nov. 28.
This Since Aug This Since Aug
and contracts for freights must still be submitted for the
Week. 1 1919. Week. 11918.
1919.
1918.
approval of the United States Shipping Board, under the Galveston
101,408 910,027 48,047 728.791 282.003 323,215
Act passed July 18 1918, and the proclamation by the Texas City
22,340 102,963 1,293
21,752
57,238
10,513
Aransas Pass_
1.801
President July 29 1918. There are no restrictions as Port Arthur,
-.11H 32,990
362
7,188
to rates and conditions, however, under which engage- New Orleans &c.._ 42,297 370,109 43,276 517.397
450.836 381.201
ments are made on privately owned vessels. Meanwhile Mobile
•14,686 113,665 2,840
48,683
41.426
27,370
4,098
10.495
4,640
the United States Shipping Board still refuses to pay brok- Pensacola
Jacksonville
148
6.179
497
9.264
7,850
9.700
ers' commissions. Other steamship operators pay them. Savannah
44,438 624.195 23,611 430.298 358.768 277,535.
Brunswick
5,000
85.800 2,000
39.300
16.000
Brokers say that they are handicapped by this action by Charleston
16,500
8.288 131,840 2,388
71,708
71,645
58,575
the Government. Whole cargoes are going more freely Wilmington
5,719
65.994 2,049
44,989
40,183
45,909,
Norfolk
9,107 153.050 8,609 108,965
to South America, the Far East and Scandinavia. Coal N'port News,
92.120
84,428
&c_
62
1,112
_
2,557
tonnage is wanted for Italy but it is scarce. Charters in- New York
849
10.755
2.522
69,125 140,296
239
cluded merchandise from New York to Rotterdam at $20 Boston
8.535
-Hi
12,858
4.190
11,366
Baltimore
9,932
44,135
863
8,741
13,982
12,303
prompt; food products from New York to Rotterdam at Philadelphia
382
7,001
9.801
13,590
$22.50 prompt; lumber from Seattle to Philadelphia $37.50;
Totals
269.805 2,680,646 136,346 2,059,653 1.515.167 1,412,450
lumber from Puget Sound to Sydney at $37.50; lumber
In order that comparison may be made with other years,
from North Pacific to west coast of South America, $35.
one round trip in transatlantic trade, 2,098 tons, $8.50; we give below the totals at leading ports for six seasons:
steamer, 2,390 tons one round trip in transatlantic trade
1918.
1917.
delivery United Kingdom, November, 45s.; heavy grain Receipts at- 1919.
1916.
1915.
1919.
from Halifax, N. S., or St. John to the United Kingdom, Galveston..___ 101,458 48.047 46,590 86.014
69,740 100.797
TexasCity,&c.
23,102
575. 6d.; lumber from British Columbia to Sydney, $37.50;
1,655
188
18,964
15.940
8,629
New Orleans..
42.297
43,276
56,034
54,730
57,252
grain from Halifax or St. John to United Kingdom, 10s.; Mobile
80,466
14.686
2.840
1,793
4,178
3,082
6,779
Savannah _
option flour, 57s. 6d.
44,438
23,611
29,748
34,761
22,935
67,362
Brunswick
5.000
2,000
3,400
3,500
2,000
9,000
TOBACCO has continued in unabated demand. Buying Charleston,&c
8,288
2,388
10,758
8,318
5,245
17,578
Wilmington_ _
5.719
2.049
has been large. All growths have been wanted. It is for con- Norfolk
3,987
1.405
6,079
7.339
9,107
8,609
18,939
20,569
20,315
16.107
sumption; speculation has been absent. The Penn. new crop N'port N.,&c_
62
116
984
10,786
it is declared has been largely sold. One report says more All others_ ___ 15.648
1,871
10.709
7,472
5,312
6,358
than 60% of it. Large cigar and leaf concerns have been Tot. this week 269.805 136,346
182,262 239,911 208.884 331,301
buying Penn. freely. Prices have been generally firm. Foreign tobacco has also been in steady demand and firm. The Since Amt. 1_ _ 2_680.646 2.059 A5:1 2 825 coR R AAA 17d 1 lqA eon q n9i Qk41
Tobacco League of America has started to fight the antiIn addition to exports below, our telegrams to-night
tobacco propaganda of the W. C. T. U. It is stated that give us the following amounts of cotton on shipboard, also
125,000 cigarmakers in the U. S. and hundreds of thousands cleared, at the ports named. We add similar figures not
for
of others depend on the tobacco industry for their livelihood New York.
Tobacco growers also number many thousands. Besides
On Shipboard, Not Cleared for
many millions of people find a solace in the use of tobacco.
Such things as anti-tobacco agitation tend to arouse intense
Great
GerOther CoastNov. 28 at- Britain. France. many. Conn. wise. Total. Leaving
opposition to what is termed fanaticism in this country.
Stock.
COPPER quiet but steady; electrolytic, 19(:)19 Mc. Tin Galveston
39.338
1.500 11.405
60,243
New Orleans.... 10.713 7,965 13.767 50.590 8.000 83.100 221,760
65
higher at 54 M@55c. Lead in good demand and steady at Savannah
367.736
7,000 6.000
20,000 3,000 36.000 322.768
6.750. spot New York and 6.65c. for St. Louis. Zinc lower Charleston
1,000 1.000
70.645
Mobile
10.000 5.600
100 15,700
at 8.25c. spot New York and 7.90@8.50c. for St. Louis.
25,726
Norfolk
800
800
91.320
New York•
PIG IRON is still rising, owing to scarcity of steel and
2.000
7.000
9,000
60.125.
2,000
17.000 132.244
coal. The demand for consumption is persistent. Foun- Other ports*__ 15,000
dries in some cases are overrun with orders. It is hard to
Total 1919-- 84,051 19.565 15.267 90.995 12.965 222.843
1.292.324
Total 1918-- 66.428 10,679
59,390 16.137 152,634 1.259.816
get iron for the first quarter of 1920 and even later. In
Total 1017
7974R
Q 9nn
9R QQA 15 5297 199 75c1 nAQ MAQ
•
other words, the demand clearly outruns the supply. Pro- •
Estimated.
2084
[VOL. 109.
THE CHRONICLE
Although money has been easier than recently it is believed
The exports for the week ending this evening reach a total
of 338,737 bales, of which 162,340 were to Great Britain, that the Federal Reserve banks will check undue speculation
54,714 to France and 121,683 to other destinations, Exports not excepting that in spot cotton itself. And there certainly
has been a good deal of that, within the last few months,
for the week and since Aug. 1 1919 are as follows:
especially in the higher grades. There is a liberal supply
From Aug. 1 1919 to Nov. 28 1919.
Week ending Nov. 28 1919.
of the lower grades, and it is believed that mills sooner or
Exported to
Exported tolater will have to take them, in the absence of anything
Exports
Great
Great
better. Once started on this innovation so far as recent
from
Total.
Fral ce. Otter. Total. Britain. France. Other.
Britain.
developments are concerned some think that the effect on
Galveston_ _ 75,758 28,163 33,461 137,382 521,619 43,335. 176,128 741,082 prices of a big supply carried over from last season added to
33,817
21,316 33,817
Texas City_ 21,316
depressing
23,319 that of the present season may have a more or less
23,319
Houston
2
2 effect on pnces. But back of all is the coal scarcity and the
El Paso
12,142 5,485 36,352 92,385 35,820 147,166 275,371 dark outlook in Europe. To-day prices fell owing to the
New Orleans 18,3
950 45,066
1,354
6,723 42,762
6,723
Mobile
999
8,779 Mexican embroglio, the coal situation and a decline in stocks
7,780
Jacksonville
14,533 and exchange. Later there was a recovery of most of the
4,098 14,533
Pensacola __ 4,008
29,67, 43,350 108,252 73,742 202,467 384,461
Savannah.... 13,675
96,917 decline on near months,and December actually ended higher,
12,779 96,917
Brunswick _ 12,779
11,525 27,120 11,525 10,725 49.370 on a pressure from shorts to cover. Liverpool and trade.in11,525
Charleston _
5,000 62,828 85,228
17,400
18,200 18,200
Wilmington.
8,200 51,495 terests bought later months freely. Spot markets even re9,215 43,295
Norfolk___ _ 9,215
7,075 58,082 71,046 ported firm. Reports that cotton was to be shipped from
1,889
136 2,884 13,798 16,818
New York__
1,318
3,133
82
1,733
275
275
Boston ____
de150 Savannah to New York for delivery on contracts were
15
Baltimore
1,985
2,090 nied. Futures end higher for the week. Caranza was re10
Philadelphia
12,291
12,291
400
400
Middling uplands
San Fran
35,502 ported to have fled from Mexico City.
35,502
17,644 17,644
Seattle
11,585 11,585 closed at 39.45c. here showing a rise for the week of 105
2,660 2.6 i I
Tacoma
points.
162,340 54,714 121,683 338,737 1,037,076 177,933 730,228 1,945,237
Total_
The official quotation for middling upland cotton in the
Total 1918*. 55,875 24,359 45,212 125,446 741,121 182,946 420,845 1,344,912
Total 1917_ 60.007 11.467 34.679 106.153 1,033.473 278.217 450,8931.762.583 New York market each day for the past week has been:
* Figures adjusted to make comparison w th this season approximately correct.
Speculation in cotton for future delivery has been on
quite a liberal scale at rising prices. It is true that there
have been violent fluctuations but the general trend has
been upward. Liverpool for one thing has been in the main
quite firm despite occasional reactions. And sterling exchange has rallied somewhat. Not but that it is still very
low, incredibly so. But none the less sterling with francs
and lire have now and then rallied in a rather encourging
manner. Exports have increased materially and there is
an idea that for a time they will be rather liberpl. And it is
believed that the crisis in Europe is so acute from both the
commercial and financial standpoint that it stands to reason
that something will be done by this country and England
to relieve it. Continental Europe, especially central
Europe, needs immense credits. The future of exports
hinges largely on this question. Germany alone is said to
require at least $1,000,000,000 of accommodations. And
it has nothing on which to base these credits except the
moral obligation it seems of the German people. With a
stable government in Germany that would be satisfactory
enough, although it is unusual of course to advance such
immense sums without tangible financial security of some
sort. But it is pointed out that unless Central Europe gets
credits it will be brought to the brink of bankruptcy. This
would have a bad effect on other European nations and
certainly it would not benefit the United States. For after
all if Central Europe wants raw materials, food and fuel
as well as credits the United States is a great commercial
nation which has immense supplies of merchandise to sell.
It is understood that the British Government may hold a
near
conference on the subject of credits in Pans in the .
future. And Washington advices state that the National
Committee on European finance, appointed some time ago
by the United States Chamber of Commerce has been organized. It has been said that "When things get to their
worst they mend." The crying need of immense credits
for Continental countries is so clearly recognized and the
whole situation there is so bad that it is hoped that as "necessity is the mother of invention," to quote another proverb
something will speedily be done to relieve an intolerable
situation. With such relief exports would it is believed be
large.
Meanwhile Manchester is doing an enormous business.
Lancashire mills are said to be sold ahead in some cases for
six to eight months. The mills there are making such large
returns that there is an excited speculation in mill shares going
on in Oldham at extraordinary prices-some,it is said, seven
times their nominal and paid up value. And silver has for
the most part continued to rise. The bullion is worth more
than the coin. Of course, all this increases the buying power
of China and other far eastern countries. And recently the
tendency in this country has evidently been towards an
increased consumption. With the trade face to face with the
fifth short crop in succession there is widespread belief rightly
or wrongly that prices have not yet seen their highest. Liverpool and the Continent as well as American trade interests
have been free buyers. Southern offerings have not been very
large. Certainly they have not been anything like as large
as they were recently. And latterly the spot basis has in
some parts of the South been reported somewhat higher.
On the other hand the scarcity of bituminous coal over a
large section of the country has had a rather chilling effect
at times on the cotton business. Although prices are higher
it seems not unreasonable to suppose that but for the coal
problem they might have reached a still higher level. And
there is no doubt that the dismal reports from Europe have
now and then cast a shadow on this side. Liverpool's spot
sales have latterly dropped to 6,000 and 8,000 bales. Also
in parts of the South the spot basis has been rather easier at
times. Houston on the 26th inst. reported as easier basis.
Liverpool has of late sold to a certain extent at New York.
The South has been a steady if not very large seller. Many
have been sceptical as to the likelihood of present prices
being maintained for any great length of time.
Sat. Mon. Tues. Wed. Thurs. Fri.
39.00 39.05 39.45 39.45 Hol. 39.45
Nov. 22 to Nov. 28Middling uplands
.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Nov, 28 for each of the past 32 years have been as follows:
1919_c
1918
1917
1916
1915
1914
1913
1912
'39.45
29.75
31.20
20.90
12.45
7.75
13.40
13.10
9.30
15.00
14.75
9.45
11.45
11.40
11.80
9.70
1911_c
1910
1909
1908
1907
1906
1905
1904
11.50
8.55
8.00
10.12
7.81
5.62
5.81
7.69
1903 _c
1902
1901
1900
1899
1898
1897
1896
8.62
5.94
8.06
10.00
8.06
9.44,
10.25
9.88
1895..c
1894
1893
1892
1891
1890
1899
1888
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
SALES.
Futures
Market
Closed.
Spot.
Contr't.I Total. .
Saturday_ __ Steady, 60 pts. adv.. Firm
Monday ___ Steady, 5 pts. adv__ Steady
Tuesday ___ Steady, 40 pts. adv_ Steady
Wednesday.. Steady, unchanged_ Steady
Thursday __I
HOLIDAY
Friday
Steady, unchanged Steady
Total_ _
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
'well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Nov. 28
Stock at Liverpool
Stock at London
Stock at Manchester
1919.
bales__ 595,000
12,000
83,000
1918.
266,000
16,000
60,000
1917.
451,000
21,000
52,000
1916.
712,000
29,000
92,000
685,000
342,000
524,000
141,000
9,000
46,000
54,000
72,000
1,000
29,000
17,000
167,000
5,000
45,000
22,000
833,000
*1,000
*1,000
214,000
5,000
29,000
218,000
*1,000
250,000
119,000
239,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
469,000
935,000 461,000 763,000 1,302,000
Total European stocks
41,000
25,000
India cotton afloat for Europe_ _ _ 43,000
9,000
72,,926 139,000 231,000 600,796
Amer. cotton afloat for Europe
60,000
Egypt,Brazil,&c.,afloat for Eur'e 103.000
71,000
56,000
Stock in Alexandria, Egypt
210,000 211,000 250,000 220,000
Stock in Bombay, India
496,000 *155,000 *480,000 300,000
Stock in U. S. ports
1,515,167 1,412,450 1,171,273 1,490,109
,
Stock in U. S. interior towns
1,274,038 1,340,002 1,151,522 1,308,950
11,994
34,380
U. S. exports to-day
70,192
45,184
Total visible supply
5,374,323 4,328,636 4,177,175 5,334,849
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_ 401,000 149,000 331,000 581,000
93,000
48,000
Manchester stock
34,000
51,000
Continental stock
192,000 *104,000 *202,000 *371,000
American afloat for Europe
727,926 139,000 231,000 600,796
U. S. port stocks
1,515,167 1,412,450 1,171,273 1,490,109
U. S. interior stocks
1,274,038 1.340,002 1,151,522 1,308,950
11,994
34,380
U. S. exports to-day
45,184
70,192
Total American
4,231,323 3,223,636 3,169,175 4,436,849
East Indian, Brazil, &c.
Liverpool stock
189,000 117,000 120,000 131,000
29,000
21,000
London stock
16,000
12,000
19,000
4,000
Manchester stock
26,000
32,000
Continental stock
58,000 *15,000 *37,000 *98,000
41,000
25,000
afloat for Euroe
India
9,000
43,000
60,000
71,000
Egypt, Brazil, &c., afloat
56,000
103,000
Stock in Alexandria, Egypt
216,000 311,000 250,000 220,000
Stock in Bombay, India
496,000 555,000 *480,000 300,000
1,143,000 1,105,000 1,008,000 898,000
4,231,323 3,223,636 3,169,175 4,436,849
Total visible supply
5,374.323 4,328,636 4,177,175 5,334,849
Middling uplands,Liverpool
24.584. 20.50d. 22.47d. 12.21d.
20.30e.
Middling uplands, New York
29.05c. 31.00c.
39.45d.
Egypt, good sakel, Liverpool..
47.00d. 31.05d. 38.854. 26.054.
Peruvian, rough good. Liverpool.. 34.00d. 38.004. 31.00d. 17.004.
Broach, fine, Liverpool
22.854. 16.67d. 21.504. 11.554.
Tinnevelly, good, Liverpool
23.10d. 16.92d. 21.68d. 11.67d.
* Estimated.
Total East India, &c
Total American
Continental imports for past week have been 58,000 bales.
The above figures for 1919 show an increase over last week
of 74,357 bales, a gain of 1,045,687 bales over 1918, an
excess of 1,197,148 bales over 1917 and a gain of 39,474
bales over 1916.
THE CHRONICLE
Nov. 29 1919.]
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y. Friday,
Nov. 22. Nov.24. Nov.25. Nov. 26. Nov. 27. Nov.28.
December-'
35.75 .30 36.60 .15 37.05 .60 36.75 .45
Range
Closing ____ 36.25 .30 36.98 .15 37.43 .45 37.30 .45
January
34.23 .99 35.22 .75 35.90 .56 35.60 .33
Range
Closing ---- 34.98 .99 35.73 .75 36.18.20 36.18 .22
February
Range
Closing ___ _ 33.90 -- 34.60 -- 34.95 -- 35.00 March
32.45 .30 33A0 .10 34.03 .60 33.63 .33
Range
Closing ___ _ 33.24 .30 33.93 .97 34.25 .30 34.15 .20
April
Range
Closing ___ - 32.20 -- 32.95 -- 33.25 -33.00 May
31.37 .95 32.10 .67 32.65 .17 32.04 .65 HOLI
Range
Closing ---- 31.87 .95 32.62 .65 32.82 .87 32.38 .43 DAY.
June-Range
Closing
31.10 - 31.85 -- 32.05 -31.70 -July
Range
20.30 .75 30.97 .65 31.55 .00 30.90 .46
'31.50 .52 31.68.75 31.29 .30
Closing ___ _ 30.75 August
30.10 .15
Range
Closing ___ _ 29.60 -- 30.50- 30.55 -30.10
September
30.00 -30.20 Range
28.95 -- 29.85 -30.05 -29.60 -Closing __
October
27.95 .05 28.50 a55 29.20 AS 28.50 .13
Range
28.70 .80
28.25 -- 29.30 -- 29.20
Closing
Week.
36.63 170 3F.75 /70
37.65.70
35.50 .04 34.23 156
36.00 34.70 -33.35 .08 32.45 MO
33.88 .98
32.70 31.60 .33 31.37 z17
32.00 .02
31.20 -30.36 .95 30.30 100
30.6.5 .70
30.10-.15
29.45 -29.00 -29.00-z20
28.70 -27.60-M5 27.95a58
27.75,80
137c. J36c. /34c. 132c. z 30e. a 290.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug.1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to Nov. 28 1919.
Ship- Stocks
me,ts. Nov.
28.
Season. Week.
Movement to Nov. 29 1918.
Receipts.
Towns.
Week.
Ala., Eufaula_ _
Montgomery _
Selma
Ark., Helena
Little Rock
Pine Bluff..
Ga., Albany_ _
Athens
Atlanta
Augusta
Columbus
Macon
Rome
La.,Shreveport
Miss.,Columbu
Clarksdale
Greenwood
Meridian
Natchez
Vicksburg-Yazoo City..
Mo.,St. Louis
N.C.,Gr'nsbor
Raleigh
0., Cincinnati
Okla., Ardmore
Chickasha -Hugo
Oklahoma __
S.C.,Greenvill
Greenwood__
Tenn..Memphis
Nashville ___
Tex., Abilene_
Brenham ___
Clarksville- _
Dallas
Honey Grove
Houston
Paris
San Antonio_
4,208
51,869
31,446
20,152
94,652
146
2,156
903
1,378
5,990
____
g2,330
72
6,177
9,760
18,501
1,635
11,296
910
5,224
600
6,000
6,500
1,047
1,097
1,015
2,000
23,019
2,200
493
700
8,705
81,655
123,285
311.105
27,647
139,082
34,374
41,994
10,585
75,548
72,438
23,899
21,646
10,742
26,020
181,149
21,319
7,759
18,700
1,000
2,922
1,852
473
40,000
---1,748
250
2,481
3,456
1,222
70,000
3,858
1,000
.oln !IQ 1 0
Receipts.
Week. Season.
100 3,664
40
3,603
1,767 22,522 1,192 48,673
1,789 10.963 1,479
40,809
1,22. 7.321 1,382
22,449
7,729 39,468 5,292
73,607
____ 19,000 5,93
53,599
12
8,678
193 3,273
5,900 45,216 5.18
66,349
5,141 42,608 4,488 81,258
13,705207,603 6,000 216,801
880 38,485
884 26,500
58,197 4,458
13,3
94,352
13,904 1,581
25,812
2,273 47,058 3,536
75,757
600 t,328
800
13,589
5,000 47,134 4,956 65,553
5,500 34,000 5,000
75,155
2,455 13,613 1,273
23,108
1,063 11,271
25,616
899
15,919
866 7,824 1,066
1,600 14,336 1.331
20,552
23,693 4,778 21,572 186,538
1,200 10,338 1,500
14.491
450
358
191
3,488
1,700 24,000 3,750 52,676
Ship- Stocks
me ,ts. Nov.
Week. 29.
____ 2,368
641 24,138
413 18,679
1,198 8,191
5,295 31,795
4,715 35,603
22 4,393
4,720 37,640
6,384 21,538
4,400 146,511
580 23,500
3,879 30,425
1,263 12,425
1,602 45,355
500 4,829
3,388 39,674
3,000 44,014
1,153 13,670
970 12,591
625 9,464
1,135 14,605
19,624 21,755
• 800 8,096
200
208
4,450 14,006
14,035
900 4,397 1,417
22,198 2,194 9,938
17,441
770 6,467
800
18,975
700 3,892
3
____
247
600 20,187
500 7,106
55,216 7,917 28,758 2,600
33,530 1,600 24,008
11,542
474 10,115
550
11,677
350 9,275
344,144 24,000236,762 29,384 343,125 24,415276,68C
653
____
552
284
23,898 1,578 4,189
293
6,354
747
844
5,25 i
526 2,000
400
16,172
400 5,363
29,452 2,016 7,312 1,100
22,649 1,000 7,295
35,128 3,666 17,783 1,948
43,909 3,116 11,621
18,960 1,306 2,902 1,000
17,087
900 5,401
855,931 57,000216,488 46,738 921,292 50,830 393,93(
72,864 4,513 11,827 4,000 53,192 3,600 10,071
21,277 1,000 2,962
772
23,845
874 2,821
nao
lfIR ow/ 12•21 97.111.14 17A
AGA 9 oni malt. 1,11QAMA
,
The above totals show that the interior stocks have increased during the week 33,250 bales and are to-night 65,964
bales less than at the same time last year. The receipts at
all towns have been 63,583 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Nov. 28
ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
-1919Since
-1918Since
Week. Aug. 1.
/19,624 /178,116
14.661 164,143
800
6,428
3,246
50,750
2,044
29,185
5,106
73,825
21,814 181,063
Week.
23,693
20,497
1,303
4,216
600
11,273
12,419
Aug. 1.
191,681
162.373
6,240
31.846
6,850
57,370
105,433
Total gross overland
74,001
Deduc; shipments
Overland to N. Y., Boston, &c_ _ _11,402
Between interior towns
915
Inland, &c.,from South
12.299
561,798
67.295
683.510
70,426
13,733
77,616
1.374
1,362
4,352
24,121
20.823
91,013
Total to be deducted
24,616
161,775
7,088
135,957
Leaving total net overland *
49,385
400,023
60,207
547,553
* Including movement by rail to Canada. a Revised.
The foregoing shows the week's net overland movement
has been 49,385 bales, against 60,207 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 147,530 bales.
2085
1919
1918
In Sight and Spinners'
Since
Since
Week.
Aug. 1.
Takings.
Week.
Aug. 1.
Receipts at ports to Nov. 28
269,805 2,680,646 136,346 2,059,653
Net overland to Nov. 28
400,023 60,207
547.553
49,38.5
Southern consumption to Nov.28/ 73,000 1,156,000 67,000 1,399,000
Total marketed
Interior stocks in excess
392,190 4,236,669 263,553 4,006,206
643,386
13,325
472,091
35,250
Came into sight during week.._ _427,440276,878
Total in sight Nov. 28
4,649,592
,70 7-- ,7615
8
Nor,spinners' takings to Nov. 28_ 97,781
889,998 84,067
a These figures are consumption; takings not available.
778,994
Movement into sight in previous years:
Week1917
-Nov.30
1916
-Dec 1
1915
-Dec 3
Bales.
Since Aug. 1388,417 1917
-Nov.30
433.640 1916
-Dec. 1
389,03211915
-Dee. 3
Bales.
5,711,754
7,060,999
5,684,244
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
-Below are the closing quotations of middling
cotton at Southern and- other principal cotton markets for
each day of the week:
Week ending
Nov. 28.
Closing Quotations for Middling Cotton on
-
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
40.00
New Orleans_ 38.75
Mobile
36.75
Savannah
37.50
Charleston
37.50
Wilmington_ _ _ _
Norfolk
56:i5
Baltimore
37.00
Philadelphia _ _ _ 39.25
Augusta
37.25
Memphis
40.00
Dallas
Houston
40.00
Little Rock_
39.00
40.75
38.75
37.50
38.75
41.25
38.75
37.75
93.25
41.25
39.00
38.00
39.00
41.25
39.00
38.00
39.00
37.75
37.00
37.00
39.30
38.00
40.00
40.35
41.00
39.50
37.75
38.00
.39.70
138.25
,40.00
'40.70
141.25
40.00
57:f.5
37.75
38.00
39.70
38.25
40.00
40.70
41.25
40.00
37.50
HOLI- 37.50
DAY. 38.00
39.70
38.00
40.00
40.70
41.25
40.00
NEW ORLEANS CONTRACT MARKET.
-The closing quotations for leading contracts in the New Orleans cotton market for the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day,'Thursd'y, Fridly,
Nov. 22. Nov. 24. Nov. 25. Nov. 26. Nor. 27. Nov. 28.
December
January
March
May
July
October
Tone
-
Spot
Options
36.90 -137.84 -38.39-.40 38.02 38.00.-40
35.05-.15 35.98-.00 36.55-.60 36.40-.42
36.12-.20
33.56-.80 34.50-.53 34.81-.85 34.55-.59
34.30-.32
32.00-.05 32.98-.00 33.39-.41 32.95-.98 HOLI- 32.52-.54
30.94-.00 31.98-.99 32 28- 33 31.68-.76 DAY. 31.15-.20
28.42 -29.40 -29.38-.48 28.85-.98
28.06-.07
Quiet I Quiet
Steady Steady
Firm
Steady
Quiet
Steady
Steady
Steady
WEATHER REPORTS BY TELEGRAPH.
-Our reports from the South this evening by telegraph indicate that
rain has fallen in most sections during the week, with the
precipitation light as a rule. Texas reports that inclement
weather interfered with farm work towards the close of the
week.
Galveston, Tex.
-Picking and ginning- made good progress
fore part of week, but inclement weather interfered with
farm work at close. Rainfall was heaviest in the Eastern
half of Texas. We have had rain on four days of the past
week, the rainfall being eighty-three hundredths of an inch.
The thremometer has averaged 68, ranging from 60 to 76.
Abeline, Tex.
-Rain on each day of the week. The rainfall has been twenty hundredths of an inch. Average thermometer 48, highest 76, lowest 20.
Brownsville, Tex.
-We have had rain on one day of the
past week, the rainfall being four hundredths of an inch.
The thermometer has averaged 69, ranging from 54 to 84.
Dallas, Tex.
-Rain has fallen on two days during the week,
and the precipitation has been one inch and thirty-six hundredths. Average thermometer 57, highest 75, lowest 36.
Palestine, Texas.
-There has been rain on two days of the
week, to the extent of one inch and fifty-four hundredths.
The thermometer has averaged 61, ranging from 46 to 76.
San Antonio, Tex.
-There has been rain on two days during the week, the rainfall being thirty-six hundredths of an
inch. The thermometer has ranged from 36 to 78, averaging 57.
-The week's rainfall has been one inch
New Orleans, La.
and forty-nine hundredths, on three days. Average thermometer 68.
Shreveport, La.
-We have had rain on two days the past
week,the rainfall being one inch and forty-seven hundredths.
The thermometer has ranged from 46 to 79.
Vicksburg, Miss.
-We have no rain during the week. The
thermometer has averaged 64, ranging from 51 to 74.
Mobile, Ala.
-There has been rain on one day during the
week to the ex
-tent of eighteen hundredths of an inch. The
thermometer has ranged from 53 to 76, averaging 66.
Selma, Ala.
-We have had rain on two days during the
week, the precipitation reaching forty-five hundredths of an
inch. Average thermometer 58, highest 73, lowest 41.
Savannah, Ga.-We have had no rain the past week. The
thermometer has averaged 63, the highest being 80 and the
lowest 39.
Charleston, S. C.
-Dry all the week. Average thermometer 61, highest 78, and lowest 43.
Charlotte, N. C.
-We have had rain on one day cluring the
week to the extent of eight hundredths of an inch. The
thermometer has averaged 52, ranging from 34 to 71.
FALL RIVER WAGE INCREASE DEMAND REJECTED.-Advices from Fall River under date of Nov.
27 are to the effect that the Cotton Manufacturers' Asso-
THE CHRONICLE
2086
[VOL. 109.
SHIPPING NEWS.
-As shown on a previous page, the
ciation has voted unanimously that it is impossible to grant
the 25% general wage increase requested by the Fall River exports of cotton from the United States the past week have
Textile Council, National Association of Textile Operatives, reached 338,737 bales. The shipments in detail as made up
and by several unions not members of that organization. from mail and telegraphic returns, are as follows:
Bales.
The stand of the manufacturers is indicated by the following NEW YORK-To Liverpool-Nov.22-Celtic, 136
letter to President James Tansey of the Textile Council:
To Havre-Nov. 21-McKeesport, 1,000___Nov. 22
-Burmese
6
Fall River, Mass., Nov. 26 1919.
Cotton Manufacturers' Association, James Tansey, President Textile Council,
Fall River, Mass.
-The request for a 25% increase in the wages of textile operaDear Sir:
tives was presented at a meeting of the Cotton Manufacturers' Association, and after careful consideration it was unanimously voted that under existing conditions it is absolutely impossible to grant such an increase. A
letter setting forth some of the reasons for this unanimous conclusion is
In preparation and will shortly follow. Yours respectfully.
C. E. SMITH, Secretary.
(Signed)
Special general meetings of the textile operatives' associations of the Textile Council and of several unions of kindred bodies have been called for Nov. 28 when the answer
of the Cotton Manufacturers' Association will be presented.
The present wage period of six months expires with this
week.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
1919.
Cotton Takings.
Week and Season.
1918.
Season.-
Week.
Week.
Season.
4,257,415
5,209,966
Visible supply Nov. 21
4,792,018
Visible supply Aug. 1
in sight to Nov. 28_ -- 427,440 4,708,760 276,878 4,649,592
American
378,000
41,000
356,000
Bombay receipts to Nov. 27_ _ _ _ 514,000
14,000
61,000
12,000
Other India shiprrets to Nov. 27
351.000
31,000
300.000
Alexandria receipts to Nov. 26__1 b45,000
70,000
4,000
55,000
59,000
Other supply to Nov. 26 *
5,822,406 10,313,778 4,613,293 8,404,042
Total supply
Deduc;Visible supply Nov. 28
5,374,323 5,374.323 4,328,636 4,328,636
Total takings to Nov. 28a _
Of which American
Of which other
•
_
448,083 4,939,455
372,083 3,677,455
76,000 1,262,000
284,657 4,075,406
220,657 3,366,406
64,000
709.000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 1.156,000 bales in 1919 and 1,399,000 bales in 1918-takings
not being availabie-and the aggregate amounts taken by Northern and
foreign spinners, 3,783.455 bales in 1919 and 2,676,406 bales in 1918, of
which 2,531,455 bales and 1,967.406 bales American. b Estimated.
BOMBAY COTTON MOVEMENT FROM ALL PORTS.
1918.
1919.
November 6.
Receipts at
Since
Aug. 1.
Week.
Week.
273,000 16,000
20,000
Bombay
Great
Great Conti- Japan&
Britain. neat. China. Total. Britain.
Born bay
1919
1918
1917
Other India
1919
1918
1917
Total all
1919
1918
1917
8,000
Conti- Japan &
China.
neat.
Since
Aug. 1.
201,000
6,250
250
1,250
2,900
250
9,000 11,250
7,000 7,000
53,000 61,000
12,200
5,950
92,950 373,000 487,200
46,000 53,000 99,000
6,000 445,000 522,000
21,250
71,000
ALEXANDRIA RECEIPTS AND SHIPMENT.
Export (bales)
1918.
1917.
236,041
1,442,044
243,949
1,698,601
Since
Week. Aug. 1.
Receipts (cantars)This week
Since Aug. 1
Co/boniat
Great
-01h. Europe
-. Total.
Britain. France Germ'y North. South. Japan.
New York_ __
____ 16,818
136 2,884 1,232 1,000 3.566 8,000
37.382
Galveston__ 75,758 8
3
Texas City__ 21,316 ------------------ ---- -----21,316
___
---- -New Orleans. 18,365 12342 ____ 4,755 ---- 1,040
50 36.352
____
Mobilo
6,723
6,723
4.098
Pensacola_
4,098
__-_
---- ---43,350
Savannah.._ 13,675
6-,66§
____ 8,294 15,282
12.779'
Brunswick
12,7'79
11,525
Charleston_ _
____ lf,H8 :::: ::::
-_-_
18,220750'
Wilmington..
---____
---- 18,200
Norfolk
9,215
____
9,215
__ _ _
____
Boston
_ __ _
275
San Francisco .
400
___ - -466
-_-17.644
Seattle
__
____
-_-_ 17.644
2.660
Tacoma
2,660
---162,340 54.714 27,726 21,037 37,027 35,843
50 338,737
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Non. 7. Nov. 14. Nov. 21. Nov. 28.
34,000'
35.000
45,000
59,000
37,000
6,000
80,000
650.000
457,000
79,000
64,000
247,000
193,000
2.5,000
5,000
81,000
658,000
455,000
9.1,000
58.000
333,000
272,000
22,000
7,000
82,000
590,000
401,000
37,000
13,000
10,000
28.000
84.000
654,000
445,000
87,000
62,000
467,000
403,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
1919.
1.59,082
1,763,854
Alexandria, Eoyp;,
Novembez 5.
Total ________________________________________________ 338.737
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Total
Total.
8/,000 373,000 475,000
46,000 53,000 99,000
6,000 445,000 522,000
71,000
1,000
8,000
274,000 14,000
15,000
9,000 10,000
7,000 7,000
53,000 61,000
1,000
Week.
Since August 1.
For the Week.
Exports
from-
1917.
Since
Aug. 1.
Prince, 1,884
2,884
To 13remen-Nov. 21-Liberty Glow, 1,232
To Gothenburg-Nov. 24-Boren, 1,000
11:020302
To Genoa-Nov. 24-Cretic, 700; Tarantia, 2,766
To Piraeus
-Nov. 21-Pannonia, 100
1
40a
3,6
To Japan-Nov. 24-Agamemnon, 500; Nov. 26_, 7,500
8,000
GALVESTON-To Liverpool-Nov. 24-Eastern Cross, 12,987
_ _ _Nov. 25-B
13,824; Saco, 17,434
44,245To Manchester-Nov. 21-West Ashawa, 17,412_ __Nov. 25- 4'245.
Victoria de Larrinaga, 14,101
To Ilavro-Nov. 22
-Steadfast, 28,163
28,113
3L563
BB drcelo6.To ria xe, na 22
1 Nov. 25 ---Carolina de Perez. 8,860; Lackawana
,
1148:9489.27
To Genoa-Nov. 24-Marina, 0, 18.479
TEXAS CITY-To Liverpool-Nov. 21-Mount Evans, 21,316
21,316
, 4,098
PENSACOLA-To LiverpoolNEW ORLEANS
-Defender, 14,500
3
::
4 09
186
-To Liverpool-Nov. 24
Nov. 26-Yomachichi, 3,865
To Havre
-Northern,
-Nov. 21-Newburg, 8,040_Nov. 25
12,142
4.102
Nov 27 Orion,
To Antwerp
-Nov. 21-Menapier, 933
3,79956032
,030
To Copenhagen-Nov. 26
-Federal Bridge, 792
To Colombia-Nov. 26-Parismina, 50
1,040
To Japan-Nov. 26
-Nankai Maru, 1,040
6.723MOBILE-To Liverpool-Nov. 25-Antillian, 6,723
13,675
SAVANNAH-To Liverpool-Nov.25-Argalia, 13,675
8,294
To Bremen-Nov. 24-Schenectady, 8,294
4.192
To Rotterdam-Nov, 24-Schenectady, 4.192
,1;900099
11.090'
To Ghent
-Pawtucket, 11,090
-Nov. 25
To Japan-Nov. 26
-Kirin Maru. 6,099
12,779
-Alexandrian, 12,779
BRUNSWICK-To Liverpool-Nov.25
11.525
CHARLESTON-To Havre
-Nov. 26-Magrneric, 11,525
-Fort Pitt Bridge, 18,200_ 18.200
WILMINGTON-To Bremen-Nov.26
9,215
NORFOLK-To Liverpool-Nov.25
-West Nohno,9,215
275.
BOSTON-To Liverpool-Nov. 20-Winifredian, 275
400
SAN FRANCISCO-To Japan-Tancred, 400
1,628Nov.8
SEATTLE-To Japan-Nov. 5-Fushimi Maru,
Western Knight. 2.375: Yomei Marti, 2.750___Nov. 12Ed m isan i.0
Isurugoro. Maru,4,749- _ _Nov.16-Devel,4,592_ __Nov. 17
17.644
2,660
TACOMA-To Japan-Nov. 17 Chicago Maru, 2,660
Since
Week. Aug. 1.
Since
Week. Aug. 1.
Spot.
Monday.
Market,
12:15 1
P. M. I
Tuesday. IVednesday. 7'hursday.
Friday.
Fair
business.
doing.
Saturday.
Fair
business.
doing.
Quiet.
Moderate
demand.
Quiet.
•
24.05
24.71
24.63
24.62
21.58
8,000
Mid•Uprds
8,000
6,000
6,000
5,000
109,313
To Liverpool
6,400 38,868
To Manchester, &c
To Continent and India_ 1,500 28,510
400 35,104
To America
56,752 4,499 38,665
28,570 5,453 15,702
29,529 4,892 29,194
11,792
8,300 211,7951
126,643 14,844 83,561
Futures.
Market 1
i
capened
Very st'dy, Very st'dy, Steady,
Steady.
Quiet,
12025 pts. 22635 pts. 8611 pts. 6625 1/18• 5613 pts.
decline.
advance, advance, advance, advance.
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending Nov. 5 were
159,082 cantors and the foreign shipments 8,300 bales.
Market, 3
1
4
P. M. 3
Very st'dy, Steady,
Quiet, Near, firm: Steady.
356.69 pts. 23040 pts. 17635 pts. Distant, 23641 ptS.
advance, advance,
quiet.
decline.
decline.
1105(1 pts.
Total exports
Bales
IIOLI
DAY.
ndunnyn
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market is
The prices of futures at Liverpool for each day are given
Yarns are wanted for export.
strong but quieter.
We give prices for to-day below and leave those for previous below:
weeks of this and last year for comparison:
Wed.
Thurs,
Tues.
Sat.
1918.
1919.
323 Cop
Tuist.
834 Ss. Shirt- Cot'n
ings, Common Mid.
Up 's
to Finest.
834 Sm. Shirt- Cot'.
323 Cop
Twist.
legs, Common
59346
59350
635 6
@356
25.50 51%
24.93 50
23.75 48
24.58 43
54
59 53
50
59 46
29 3
28 9
28 3
27 0
s. d. d.
03810% 23.43
638 6 22.02
638 6 22.11
638 6 21.63
037 9 21.28
037 9
637 3
036 9
036 0
21.34
19.96
20.60
20.50
November _ _ _ _
December
January
February
March
April
May
June
July
August
September _ _ _ _
October
Mon.
I
1
Fri.
1234 1234 1 1234 4 1 12%1 4 121( 4 12% 4 123( 4
p. m p. m• p. m.p. m• p. in. p. m.p. m• p. m.p. m.p. m• p. m.p. in.
d.
d.
d.
d. d.
- 1.d. 7
d. d. 1 d.
23.65i23.9224.31 24.25 24.21 24.08
52
24.0
24. 6216(7123.130
23 15123.42123.7723.82 23.7123.60
23.60
23.49 23.32
22.6722.92 23.3323.32 23.24 23.10
22.85 22.79 22.62
22.1222.40 22.7622.79 22.7022.50
122.1S 22.02
22.2,
21.5S 21.88122.24 22.22 22.14 21.89
21.72 21.6421.38
HOLT
4
1
21 .14
2(3021. 2
.11) 0 8
DAY. 20.7620.95 21.32 21.22 21.14 20.87
20,68 20.52 20.32
20.4320.57120.9320.82 20.7520.47
20.23 20.03 19.89
20.1)620,19 20.5320.42 20.3520.07
2
r
188. 288 ..24
01 9 .45 189.712
19.52 19.6019.94 19.86 19.80 19.52
111998103
18.91 18.95 19.27 19.20 19.1618.98
18.3518.67 18.60 18.56 18.32
18.31
d.
to Finest.
d. s. d.
s. d. d. d.
d. s. d.
59 45 270 @310 19.68 5534 59 56% 30 3
sg• 4534 27 134(332 0 20.74 55 6 57 30 0
59 46 273 85323 22.17 54% 6 56 30 0
59 55% 30 0
49% 279 @329 22.68 54
55% 29 3
50 27 10 032 1012 24.25 52
Oct. d.
3 41
10 4134
17 4234
24 45
31 45
Nov.
52 300
7 46
52 106
14 4834
21 47% 6 5434 30 6
55% 306
28 4834
Nov. 22
to
Nov. 28.
d.
Nov. 29 1919.]
THE CHRONICLE
BREADSTUFFS
Friday Night, November 28th 1919.
Flour has been more or less unsettled. The Grain Corporation is advertising to sell straight flour to consumers through
the retail trade. Meanwhile the question is how much
Canadian wheat and flour is going to be imported into the
United States. "Very little" is the answer of many; "20,000,000 bushels" is another version. In Canada the distribution of wheat and flour is still, it is true, under Government regulation. A great deal is needed over-seas, to say
nothing of what is required in Canada itself. These two
large items must be dealt with, it is argued by some, before
• Canada will think of exporting either wheat or flour. Recently, it will be recalled, the Canadian Government commandeered about 4,500,000 bushels of wheat stored at Fort
William and Fort Arthur. The exact stock there is 4,487,000
bushels only, against 11,304,000 bushels a year ago. The
• Canadian visible stock of wheat,is in fact, 10,000,000 bushels
smaller than at this time last year. Meanwhile cash wheat
in this country has remained firm. The Canadian Wheat
Commission has advanced Canadian flour for export to
Great Britain to $14 per barrel or practically on the same
basis as spring wheat patents in the United States. Will
this fact shut off imports in this country?
Wheat has been firm. The visible supply in the United
States decreased 3,230,000 bushels, against a decrease in
the same week last year of 9,257,000 bushels. The total
is now 92,905,000 bushels, against 127,552,000 a year ago.
Millers have still been paying big premiums for the better
grades. Of the stock at Minneapolis of 7,774,000 bushels,
. nearly half it is said is durum wheat, naturally undesirable
for flour manufacture. Hard wheat in Minneapolis and
Kansas City has been very firm. The action, too, of the
Canadian Commission in advancing Canadian flour for export to Great Britain to $14 per bbl. is perhaps very suggestive, as it puts this flour on about the same basis as spring
wheat patents in the United States. Many believe that
importations of Canadian wheat will be small as Canada
needs a good deal for home consumption and export to
Europe. But it is also said, as stated above,that 20,000,000
bushels will come. Its wheat trade is still under the regulation of a Government Grain Committee. The Canadian
visible supply is only 15,729,000 bushels, against 25,547,000
bushels a year ago. On the 25th inst., however, Director
Barnes was quoted as saying that the effect of the removal
of the embargo on imports might mean a reduction in the
price of some kinds of wheat of 80c. per bushel. While this
statement had no apparent effect on wheat it is noticeable
that for a time it caused selling of corn.
Julius H. Barnes, United States Wheat Director, announced that, effective on Dec. 15 1919, the export and import embargoes on wheat and wheat flour will cease. President Wilson has signed a proclamation completely terminating the embargo control. It has existed for over two years,
first under the War Trade Board and then under the legislation,of the Wheat.Guarantee Bill, latterly maintained by the
Wheat Director. This embargo was one of the first steps
taken by the War Trade Board more than two years ago to
protect the supplies of wheat and wheat flour for the Allies.
An Ottawa dispatch says that large sales of wheat, estimated
at about 500,000 tons, have been made by the Canada Wheat
Board to Greece, France, Belgium and Great Britain. The
*same dispatch says that the removal of the embargo by the
United States finds Canada ready to ship twenty million
bushels of wheat across the border. Large elevators are
being constructed at Varna on the Black Sea coast of Bulgaria to handle the country's wheat crop, which is estimated
as the largest in the history of that country. This work is
being carried forward in the hope of securing outside help
for regulating exchange prices and stimulating trade.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_237 56 23734 23734 23734 Holi- 23734
,
24034 24034 24034 24034 day 24054
No. 2 red
No. 1 spring
Indian corn has advanced on covering of shorts. Also there
has been further talk of export business. And some of the
industries at the West have succeeded in getting supplies of
coal. For one thing the Corn Products Co. has reopened one
of its plants for that reason. It is said, too, that England has
been buying corn here recently. It appears that last week
she bought half a million bushels. English consumers, it
seems, wanted corn for early shipment as tonnage has been
scarce at Argentine markets, and freights very high. All
sorts of freight rates are mentioned. Some indeed being
about double the usual quotations. It seems, too, that American corn is now being sold in England at the rate of about 80
shillings per quarter as contrasted with a maximum price
for Argentine corn of 65 shillings. Many believe that export
business with England on this basis will be short lived. As
soon as Argentina can get ocean tonnage it will again outstrip
America in the race for European markets. At any rate
this is an idea which has received quite general acceptance
here. On the whole the rise has been attributed more to the
result of an oversold condition of the market than anything
else. Trading has certainly been active and early in the week
prices showed a, rise on May of 5 cents as compared with the
.
'low" last Saturday. Stop loss orders have been caught on
the way up. And the visible supply while it increased last
week 48,000 bushels against a decrease in the same week last
year of 863,000 bushels, is only 1,100,000- bushels against
2087
3,289,000 a year ago. Finally, it was said that there was very
little prospect of an early decline in Argentine freight rates.
Rye advanced 4 cents early in the week on active export
buying. Within a week the sales of rye for export are said
to have been 1,500,000 bushels. Cash wheat has been around
$2 95 to $3 and Canadian flour up to $14. Shorts have been
cautious.
On the other hand there was some selling at one time on
the announcement by Mr. Barnes, Grain Director that the
removal of the embargo on imports of grain might reduce
the price of wheat some 80 cents per bushel. And nobody
'pretends that the coal situation at the West is satisfactory.
Far from it. For instance Chicago streets last Saturday
last Sunday were dark, and banditry was rampant. Mills
and even schools have been closed in some sections. And
Argentine freight rates suddenly declined despite predictions
to the contrary. They fell from the basis of $32 per ton to
$26, or a drop of about 15 cents per bushel. It seems to
put the quietus on American sales of corn to Europe. A
Liverpool cable to an Eastern house on the 26th inst. said:
"No demand for American maize to-day." A sharp drop
in freight permits free sales of Argentine maize at government
maximum price of 65 shillings. To-day prices at Chicago
however advanced sharply on the coal deadlock, the Mexican
new fears of a freight embargo, and covering on December.
Offerings to arrive are small because of the scarcity of coal
and cars. December is up 5%c. for the week and at one
time touched $1 373 .
4
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. *Fri.
No.3 yellow, new
cts_15534 156
15831 15951 Hol. 16851
*No. 2 yellow.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_13134 13231 13334 13331 Roll- 137
May delivery in elevator
12531 12734 12831 12934 day 13234
OATS have advanced partly in sympathy with the rise
in corn and also in part because of reports of export trade.
Latterly 100,000 bushels are said to have been sold to Europe.
Within a week, it is said, that some 1,500,000 to 2,000,000
bushels of rye have been sold for export at a sharp rise in
prices. Moreover, the visible supply of oats last week fell
off 1,316,000 bushels, as against an increase for the same
week last year of 2,459,000 bushels. So that the total now
is only 17,294,000 bushels, against 35,119,000 a year ago.
There has been persistent buying of May at Chicago. New
England has bought freely there. In one day it took upward of 200,000 bushels. A seaboard demand there has also
been apparent. Car lots of No.3 white, 37 pounds, sold, it
is stated, at 78 cents early in the week, or 43i cents over
December. Covering on December has been on a liberal
scale. On the other hand, the advance has not been very
marked. Fluctuations have usually been within very
narrow limits. There has been heavy liquidation of December. This has told at times to a greater or less extent,
although it is now said to be pretty well completed. And so
far as actual knowledge goes there appears to have been
no large export business. Shorts who covered December
sold May. To-day prices advanced with actual trading.
No. 2 white sold in Chicago at 79c. Prices are higher for
the week.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 1 white
cts 83
8334 8434 8434 Boll- 8534
No. 2 white
day 8434
84
84
8234 83
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_ 7231 73
7334 7334 Roll- 7434
May delivery in elevator
7531 7634 7634 7631 day
7734
The following are closing quotations:
FLOUR
Spring patents
$13 25@$l4 25 Barley goods
-Portage barley:
Winter straights, soft 10 l0@ 10 30
No. 1
$7 25
Kansas straights__ 12 50@ 13 25
Nos. 2,3 and 4, pearl_ 6 501 '
Rye flour
nom
7 25
8 00
Nos. 2-0 and 3-0
7 25117 40
Corn goods. 100 lbs.Nos. 4-0 and 5-0
750]
White gram
3 85 Oats goods-Carload,
$3 80
Yellow grain
3 75
3 80
spot delivery
8 75
Corn flour
3 55© 3 65
GRAIN.
WheatOats
No. 2 red
$2 3734
No. 1
8534
No. 1 spring
24034
No. 2 white
84340845€
CornNo. 3 white
84 g184%
No. 2 yellow
1 6831 BarleyRye1 52
Feeding
No. 2
Malting
1 60@1 68
1 6531
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the.New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at
-
Flour.
Wheat.
Corn.
Oats.
RI 5
Barley.
.
bblz.196lbs.bush.60 lbs.bush. 56 lbs
.bush. 32 lbs.bush.48Ibs
h.56th:.
Chicago
267,000
658,000 1,637,000 1,275,000 -288.111
(5,000
Minneapolis
2,772,000
178,000
289,000 287.000 11 5,000
Duluth
634.000
31 1,000
73.1 a a
27.0 i a
Milwaukee
20,000 . 178,000
176,000
567,000 200,'''
4 ,000
Toledo
88,001
37,000
24,001
Detroit
37,000
30.000
98.000
St. Louis
103,000
827,000
444,000
822,000
1.000
10,10i
Peoria
58,000
15,000
,o I •
522,000
285,000
Kansas City_
19,000 2,855,001
143,000
204,111
Omaha
784,000
412.000
282 a • a
Indianapolis..
66,000
341,000
121,000
Total wk. '1
467,000 8,914,000 3,923.000 3,994,000 867,1 i a
2,000
Same wk. '1
281,000 7,265,000 3,198.000 6,253.000 1.816.''' 1,2:9,000
Same wk. '1
395,000 6,320,000 3,881,000 7,052,0
1,934,1' i
.000
Since Aug. 1
1919
7,769,000233,630,000 50,360.000 90,207,000 33,216.... 13.3:
11.000
1918
• 5.844,000255,351,000 76,913.000 128,682,000,25,378,00014,4:
16.000
A 61Q nnn inn A20 nnn An 9(11 nnn 1 qa Kin nnn An 7g7 annilu Fs!
1917
-
THE CHRONICLE
2088
Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 22 1919 follow:
Cor
Wheat.
Flour. 1
Receipts at
-
Oats.
Barley.
Rye.
Bushels. [ Bushels.
Bushels.
Bushels. Bushels.
Barrels.
497,000:
4,000
652,000, 264,000
53 000,
314,000
'
13,000
955,006
49,000
177,000
30,000
322,0001
42,000
43,000
51,000'
48,000
451,000;
100,000
25,000
118,000
329,000;
32,000
69,000
29,000
2560001
44,000
11,000
165,000 1,710,000'
97,0001
36,000
2,000
78,000
159,000
31,000
3,000
1,000
643,000,
661,000
138,000 1,069,0001 311,000
Total wk. '19
420,000
Since Jan.1'19 13,457,000,206,967,000 10,433,000 67,262,00 56,192,000 28,201,000
Week 1918_ _
454,0001 2,370,000
237,000 2,288,000
64,0001 436,000
Since Jan.1'18 15,651,0001 76,020,000! 19,339,000 92,832,000 8,809,0001 7,063,000
New York_ _ _
Philadelphia_ _
Baltimore_ _ _ _
N'port News_
New Orleans.*
Galveston_ _ _ _
Montreal _ _ _ _
Boston
*Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Nov. 22 are shown in the annexed statement:
Wheat.
Explrls from
Corn.
Flour.
Oats.
Rye.
Barley. Peas.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels. Bushels.
912,443
42,995 71,762 403,359 86,564 163,340 1,116
New York
22,000
197,000
190,000
Boston
23,000 276,000 17,000 1,000
1,110,000
Philadelphia
1,417,000
32,000
67,000
Baltimore
451,000
106,000
Newport News_ _ _ _
25,000
129,000
20,000 86,000
19,000
New Orleans
467,000
Galveston
1,330,000
145,000
66,000 95,000 191,000
Montreal
_
-6,013,443
62,995 474,762 831,359 413,564 355,340 1,116
Total week
1.492,154
107,397 2,307.931 148,809
Week 1918
7.572
The destination of these exports for the week and since
July 1 1919 is as below:
Flour.
Exports for Week •
Week
Since
and Since
Nov. 22 July 1
July 1 to1919.
1919.
Wheat.
Week
Nov. 42
1919.
Corn.
Since
July 1
1919.
Week
Nov. 22
1919.
Since
July 1
1919.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
United Kingdom_ 235,575 3,971,379 2,203,873 26,916,478
42,995
541,243
153,187 4,485,994 3,809,570 51,190,124
Continent
191,000
372,974
45,000
So.& Cent. Amer- 36,000
30,673
484,120
50,000
1,065
West Indies
20,000
486,148
Brit.No.Am.CoLs
62,783
Other Countries__
3,667
Total
Total 1918
474,762 9,377,250 6,013,443 78,152,667
10/.397 1,536,56'3 1,492,157 29,136,113
62,995 1,253,191
2,319.359
The world's shipments of wheat and corn for the week
ending Nov. 22 1919 and since July 1 1919 and 1918 are
shown in the following:
Wheat.
1919.
E.Ip3713.
Week
Nov. 22.
Corn.
1
Si•ice
July 1.
Bushels. !
Bushels.
North Amer_ 7,626,0 151,030,000
Russia
Danube _
67,193,000
Argentina_ _ _
Australia
_ 3,384,00 45,975,000
1
India
66,000 1,682.000
0th. countr
Total
1918.
Since
July 1.
1919.
Week
Nov. 22.
Bushels.
Bushels.
43,000
91,134,000
1918.
Since
July 1.
Since
July 1.
Bushels.
743,000
Bushels.
5,420,000
52,368,000 2,653,000 52,367,000 11,516,000
15,726,000
5,418,000
1,750,000 1,427,000
1,318,000
14.340.00 265,930.000 165.964,000 2,696,000 54,860,000 18,363,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Nov. 22 1919 was as follows:
United States
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
'
afloat
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Rye.
Wheal.
Corn.
Oats.
bush.
bush.
bush.
bush.
5,000 1,411,000
4,275,000
356,000
44,000
125,000
1,248,000
13,000
2,073,000
21,000
245,000
85,000
2,731,000
341.000
21,000
10,000
525,000
55,000
192,000
4,989,000
63,000
2,650,000
40,000
733,000
15,658,000
45,000 1,549,000
481,000
1,705,000
125,000
10,000
155,000
74,000
89,000
23,000
18,277,000
387,000 5,292,000 2,691,000
552,000
409,000
2,518,000
748,000
20,000
3,818,000
372,000 4,575,000
7,774,000
4,000 4,409,000 6,616,000
3,108,000
95,000
191,000
33,000
14,417,000
273,000
991,000
22,000
3,000
320,000
137,000
483,000
237.000
38,000
138,000
5,458,000
221,000
542,000
231,000
569,000
374,000
286,000
22,000
Barley.
bush.
316,000
5,000
21,000
4,000
41,000
689,000
1,000
447,000
4,000
270,000
204,000
418,000
962,000
6,000
. 31,000
98,000
Total Nov. 22 1919.... _ 92,905,000 1,160.000 17,294,000 17,455,000 3,517,000
Total Nov. 15 1919_ 96,135,000 1,112,000 18,610,000 17,306,000 4,180,000
Total Nov. 23 1918....127.552.000 3,289.000 25,119,000 9,952,000 5,280,000
Total Nov. 17 1917_ _ _ 19,564,000 1,244,000 18,533,000 3,614,000 3,587,000
Note.
-Bonded grain not included above: Oats, 9,000 bushels New York, 10,000
Boston; total, 19,000 bushels, against 3,000 bushels in 1918; and barley, New York,
23,000 bushels; Duluth, 4,000 bushels; total, 27,000, against 77,000 in 1918.
Canadian
Montreal
86,000
151 000
4,944,000
2,000
614,000
Ft. William dr Pt.Arthur_ 4,487,000
908,000
2,782,000
Other Canadian
102,000
6,298,000
1,549,000
Total Nov. 22 1919_ _ _ _15,729,000
2,000 4,945,000
86,000 1,161,000
Total Nov. 15 1919__ _ _15,706,000
1,000 4,623,000
96,000 1,477 000
Total Nov. 23 1918_ _25,547,000
191,000 3,516,000
1:96,000
5,000
Total Nov. 24 191718,000 6,491,000
23,000
86,000
18,701,000
Summary
American
92,905,000 1,160,000 17,294,000 17,455,000 3,517,000
Canadian
86,000 1,161,000
15,729,000
. 2,000 4,945,000
Total Nov. 22 1919_ _ _103,634,000 1,162,000 22,239,000 17,541,000
Total Nov. 15 1919_ _ _111,841,000 1,113,000 23,233,000 17,402,000
Total Nov. 23 1918.._153,099;000 3,480,000 28,635,000 9,957,000
Total Nov. 24 19i7.. 39,914.000 1,923,000 24,489,000 3,603,000
4,678,000
5,657,000
5,676,000
3,603000
[VOL. 109.
THE DRY GOODS TRADE
New York, Friday Night, Nov. 28 1919.
After a somewhat quieter tone last week the market for
dry goods has remained generally firm during the week just
closed. The demand continues broad and supplies are still
limited in a number of lines. It may be said that while
there are many perplexing conditions and problems facing
merchants the fundamentals are steady and clearly defined.
The wish is frequently expressed that there may be no break
in prices and both buyers and sellers are united in this hope.
It is natural that owing to the scarcity of spot goods buyers
have made unusually heavy commitments for spring and are
beginning to place orders for next fall so that any break in
prices at this time would bring about a very uncertain condition. In a market that is dependent upon long future
sales there is always some question as to the ability to keep
engagements and meet increasing obligations. At a time
like the present when values are abnormal and social and
economic conditions are so unsettled more than ordinary
caution is needed to maintain a steady market. The need
of goods continues and its manifestations are too plain to be
disputed. The actual facts of offerings of goods should
plainly convince merchants that prudence on their part was
called for at this time. The mills dare not take the ordinary risks of production because of the wage and raw material conditions and it is therefore urged that merchants
proceed very caustiously in the matter of taking even normal risks even though those about them are doing ju:4 the
opposite. The news from manufacturing centres where
added wage demands have been filed leads to the conviction that a lockout is possible unless the demands are withdrawn. It is the feeling that the limit has been reached in
the matter of wages and it would be better to conserve
what has been gained than to enter another circle of rising
costs and prices. Merchants are hoping that they will be
able to induce the operatives to see the light and some decision will probably be reached shortly. In the meantinme
traders who must provide for this fall's wants are going
ahead without much regard for price, placing their orders
with the mills that ssem most likely to deliver what they
require. There is still a firmness to the demand in the
export division of the market. Buyers in Europe and
South America continue to be more specific about deliveries
than prices, and shipments are steadily increasing in volume. The real activity in this branch of the trade, however, will not come until there is an oversupply of merchandise here and that time still seems quite distant.
-A quieter and someDOMESTIC COTTON GOODS.
what weaker tone has prevailed in the market for staple
cotton goods this week. This condition, however, has
tended to make for better deliveries and to expand the
general movement of merchandise. Those with orders in
hand are more careful about making deliveries on time and
mills that would not consider new business a short time ago
are now becoming more receptive to tenders from customers
who actually need to cover more fully. Merchants are
generally agreed on the opinion that the situation is due to
the curtailed production everywhere. The fact remains,
too, that in the cotton goods division the scarcity of good
spinning cotton still exerts a dominating influence upon
future values. Buyers of goods for future deliveries continue to press agents for permission to lay down orders. In
ginghams the outlook seems to be for continued advances
and continued difficulty in getting certain lines. Brown
sheetings have been much steadier this week and bleached
goods have been in moderate demand. Jobbers report a
steady demand for blankets, flannels, underwear and other
seasonable goods. Retailers are moving out their stocks
and pressing for additional supplies. Print cloths are
again strong, having regained the losses of the past few
weeks and fine goods are very firm,the report being current
that they are in for a big price advance when wage matters
are settled at New Bedford. The amount of speculation
in gray goods has been mitigated to some extent and the
line has been generally firm. 38j4inch standards 20 cents.
WOOLEN GOODS.
-The spirit of confidence is still on
an upward trend in the market for woolens and worsteds.
There is a strong spot demand for many fabrics and prices
are gradually rising. The men's wear division is at the
point where several factors may enter the field for fall on
short notice. The market opinion is that the volume of
staples which can be sold is below estimates made only a
few weeks ago. Clothiers are reported to be much interested in acquiring goods as they anticipate continued distribution at current or even higher levels. Goods which
have been put upon the market during the week have been
on a strictly alloted basis.
-Arrivals of linens during
FOREIGN DRY GOODS.
the past two weeks have been comparatively heavy and it is
reported that the consignments are moving out quickly to
the final distributers. Stock houses which bought in Ireland and Scotland early last year for bleaching or finishing
are now landing goods which are affording them a substantial margin of profit. In many cases these houses have not
advanced up to the replacement value of linens to-day so
are enabled to share a part of their profits with customers.
Burlaps have ruled quiet during the week except for some
export inquiry on heavies. Light weights are quoted at
13.00 to 13.25 cents and heavy weights at 17.75 cents.
Nov. 29 1919.1
THE CHRONICLE
*tate an 0'4 pepartment
NEWS ITEMS.
2089
town of Douglas for the extension, enlargement and perfecting of the system of waterworks, series No. 2, will be redeemed at the banking house of Kountz Bros., in New York
City, on Jan. 1 1920 and that the interest on these bonds
will cease sixty days after the first publication of this notice.
The official notice of this bond call will be found among the
advertisements elsewhere in this Department.
South Carolina.—Trust Funds May be Invested in Farm
Loan Bonds.—The General Assembly at its 1919 session
passed the following act permitting trust funds to be invested
in farm loan bonds issued by Federal Land Banks:
Canada.—Victory Loan Subscriptions.—Reference to these
subscriptions was made in our "Current Events and Discussions" Department last week. V. 109, p. 1931.
Canton, Ohio.—Mayor Removed for Inaction in Steel
Strike.—According to newspaper reports, Governor Cox on
Nov. 25 removed from office Mayor Charles E. Poorman,
who was suspended because of his failure to maintain order
during the steel strike.
Be it enacted by the General Assembly of the State of South Carolina,
that trust
is
in the instrumental creating
Centralia (city of), Wash.—Default on Interes Payment. the trust, funds, unless iton otherwise providedinvested in, farm loan bonds
may be loaned
the security of, or
—Default by the city of Centralia in the payment of the Issued by Federal Land Banks under and by virtue of the powers conferred
upon the
Act
of the United States
Nov. 1 coupons on the 8300,000 6% Water Revenue Bonds known assame in and by a certain Act, of the Congress17 1916.
the Federal Farm Loan
approved July
is reported. The following letter from Carstens & Earles,
Washington (State of).—Savings Bank Investment Law
Inc., of Seattle, Wash., who were instrumental in floating
this issue, serves to bring out the peculiar features attaching Amendment.—The 1919 Legislature amended section 11 of
the Banking and Trust Co. laws, which govern the investto the default.
The recent default of the City of Centralia, Washington, in the payment ment of saving bank funds. The changes consist of, (1)
of the November 1st 1919 coupons on its $300,000 6% Water Revenue qualifying the prohibition against the holding of bonds of
Bonds, will be of interest to buyers of municipal bonds generally.
About four years ago the city of Centralia at a public advertised sale, sold any local improvement district of any city or town in the
this issue of bonds to Carstens & Earles, Incorporated,of Seattle, at 95.77 State of Washington and (2) adding bankers' acceptance
and accrued interest. The funds were used to pay for the construction of a and bills of
exchange to the list of investments legal for savgravity water system which has been for several years in successful operation
and which could not now be duplicated probably for less than twice its origi- ings banks. We print below Class (1) of which section (g)
nal cost. There is, therefore, no fault found with the use of the funds.
has been revised and Class (6) which has been added to
The State of Washington has a "State Bureau of Accountancy" created
by the Legislature and empowered to investigate the financial condition Section (11), giving the new matter in italics:
and transactions of municipalities. In the course of its routine examinations
It recently criticised the city of Centralia for having sold these bonds at less
than par and recommended that the city officials sue to recover the discolmt; the bonds had then long been distributed to investors throughout
the country and this fact was well known to the State Board of Accountancy
and to the city officials. Moreover, interest up to that time had been
scrupulously met.
Taking advantage of this criticism the city officials of Centralia caused
suit to be brought (Vera M.Cuddy vs. City of Centralia, Carstens & Earles,
Incorporated, et al) against the 13ondholciers and also against Carstens &
Earles, Incorporated. The trial court dismissed the action against Carstens
& Earles, Incorporated, by reason of the statute of limitations having run,
but rendered against the bondholders a very peculiar decision, described in
the memorandum herewith, which holds that the sum of $42.25 shall be
deducted from the principal of each bond as refund of discount, and as
usurious interest. This remarkable decision was promptly appealed by
Carstens and Earles, Incorporated, acting informally for the bondholders
and the case comes up for hearing in the supreme court of the State of Washington °if December 8 1919. Meanwhile,the city defaulted in its November
Interest, although the water revenue fund was amply able to meet it.
While, in the opinion of eminent counsel, the supreme court can only
affirm the entire validity of these bonds in the hands of innocent holders,
the readiness of the city officials of Centralia to default in a plain obligation,
honestly incurred, should be noted, the advice of the State Bureau of Accountancy not being mandatory.
• The memorandum of the Court order referred to in the
above was as follows:
Sec. 11. A mutual savings bank may invest the moneys deposited
therein, the sums credited to the guaranty fund thereof, and the income
derived therefrom, in the following property and securities, and no others,
and subject to the following restrictions:
First—Public Funds.—(a) The bonds or interest-bearing notes or obligations of the United States or those for which the faith of the United States
is pledged to provide for the payment of the interest and principal, including the bonds of the District of Columbia.
(b) The bonds or interest
-bearing obligations of this State issued pursuant
to the authority of any law of this State.
(c) The bonds or interest-bearing obligations of any other State of the
United States upon which there is no default, and upon which there has
been no default for more than ninety days: Provided, That within ten
years immediately preceding the investment such State has not been in
default for more than ninety days in the payment of any part of principal
or interest of any debt duly authorized by the Legislature of such State to
be contracted by such State since Jan. 1 1878.
(d) The valid bonds of any city, town, county, school district
district in the State of Washington, issued pursuant to law, and or port
for the
payment of which the faith and credit of such municipality, county or district is pledged, or valid warrants of such municipality county or district
drawing interest, and for which such municipality, county or district
Is liable.
(e) Bonds of any incorporated city situated in any other State of the
United States: Provided, Such city has a population as shown by the Federal census next preceding the investment, of not less than 45,000 inhabitants, and was incorporated as a city at least twenty-five years prior to
the makinf of the investment, and has not since Jan. 1 1878 defaulted for
more than ninety days in the payment of any part of principal or interest
of any bond, note or other indebtedness, or effected any compromise of
any kind with the holders thereof. If at the time the indebtedness of any
such city, together with the indebtedness of any district (other than local
Improvement district or other municipal corporation or subdivision, except a county, which is wholly or in part included within the bounds or
limits of said city, less its water debt and sinking fund, shall exceed 7%
of the valuation of such city for purposes of taxation, its bonds shall thereafter, and until such indebtedness shall be reduced to 7% of such valuation
cease to be an authorized investment of the moneys of mutual savings
banks.
(f) Bonds of any commercial waterway district in this State: Provided,
The total obligations of such district by bonds, warrants or otherwise
do not exceed 10% of the assessed valuation of the lands and improvements
within such district: And provided further, That this authorization does
not extend to the 30% in amount of such bond issue last callable for pay
ment.
(g) Bonds of any local improvement district of any city or town in this
State (except bonds for an improvement consisting of grading only) and bonds
of any irrigation, diking, drainage, diking improvement or drainage improvement district of this State, unless the total indebtedness of the district after the
completion of the improvement for which the bonds are issued, plus the amount
of all other assessments of a local or special nature against the land assessed or
liable to be assessed to pay the bonds, exceed fifty per cent, of the value of the
benefited property, exclusive of improvenzents, at the time the bonds are purchased or taken by the bank, according to the actual valuation last placed upon
the property for general taxation. Before any such bonds are purchased or
taken as security the condition of the district's affairs shall be ascertained and
the property of the district examined and appraised by at least two trustees who
shall report in writing their findings and recommendations; and no bonds
shall be taken unless such report be favorable, nor unless the executive committee
of the board of trustees after careful investigation is satisfied of th, validity of
z
the bonds and the validity and sufficiency of the assessment or other means provided for payment thereof: Provided, That no city or town local improvement
bonds falling within the twenty-fire per cent. in amount
callable for payment, shall be acquired or taken as security.of any issue last
Sixth—Acceptances of the Kind and Character following:
(a) Bankers' acceptances and bills of exchange of the kind and maturities
made eligible by law for rediscount with Federal reserve banks, provided the
same are accepted by bank or trust company incorporated under the laws of
this State, or under the laws of the United States.
(b) Bills of exchange drawn by the seller on the purchaser of gooas and accepted by such purchaser, of the kind and maturities made eligible by law for
redicount with Federal Reserve banks, provided the same are indorsed by a
national bank or be a bank or trust company incorporated under the laws of this
State. Not more than 20 per cent of the assets of any mutual savings bank shall
be invested in such acceptance. The aggregate amount of the liability of any bank
or trust company or of any national bank to any mutual sarings bank, whether as
principal or indorser, for acceptances held by such savings banks and deposits
made with it, shall not exceed 25 per cent of the paid-up capital and surplus of
such bank or trust company or national bank, and not more than 5 per cent of the
aggregate amount credited to the depositors of any mutual savings bank shall
be invested in the acceptance of or deposited with a bank or trust company or a
national bank of which a trustee of such mutual savings bank is a director.
In The Superior Court of the State of Washington for Lewis Co.: E. D.
Cuddy (Vera M. Cuddy, substituted), Plaintiff vs. The City of Centralia,
Washington, a municipal corporation, John Galvin, as Mayor of the City
of Centralia, T. C. Rogers and W. W. Dickerson, as City Commissioners
of the City of Centralia, Carstens & Earles, Inc., C. K. Sturdevant, and
Samuel P. Strang, Defendants (Decree No. 7430).
This cause came regularly on to be heard on the 14th day of April 1919,the
plaintiff appearing in person and being represented by her counsel, C. D.
Cunningham and George Dysart, and the defendant City of Centralia being
represented by H. E. Grimm and P. M.Troy, and the defendant, Carstens
& Earles,
Samuel P. Strang and C. K. Sturdevant being present and
represented by their attorneys, Preston & Thorgrimson and Peters & Powell,
Inc.,
and testimony was thereupon introduced on behalf of the plaintiff and at the
conclusion of plaintiff's testimony the defendant Carstens & Earles, Inc..
moved that the case as to it be dismissed, the defendant City consenting
thereto and the plaintiff objecting, the court granted said motion and ordered that said cause be and same was thereupon dismissed as to the defendant Carstens & Earles, Inc., and thereupon, evidence was introduced
on behalf of the defendants, C. K. Sturdevant and Samuel P. Strang, and
after conclusion of the testimony, said cause was argued by counsel for the
respective parties and by the court taken under advisement; and the court
now being fully advised in the premises:
It is ordered', adjudged and decreed that the rate of interest provided in
said bonds is usurious.
It is ordered, adjudged and decreed that the contract entered into between
Carstens & Earles, Inc., and the City of Centralia for the purchase of said
bonds is usurious.
It is further ordered, adjudged and decreed that the said defendants,
C. K. Sturdevant, and Samuel P. Strang have judgment for the principal
sum of the bonds held by them respectively subject to the provisions of this
decree.
It is further ordered, adjudged and decreed that from the said principal
amount of said bond 259 held by the said C. K. Sturdevant shall be deducted
double pro rata discount therefrom exacted by Carstens & Farles, Inc., at
time of issue or the sum of $42.25, and
It is further ordered, adjudged and decreed that from the said principal
sum of said bond No. 587 and 588 held by the said Samuel P. Strang shall
be deducted double the pro rata discount therefrom exacted by Carstens &
Earles, Inc., at the time of issue, or the sum of $42.25 from bond No. 587
and the sum of $42.25 from Bond No. 588, and
It is further ordered, adjudged and decreed that there be deducted from
the remaining principal of the said Bond No. 259 held by C. K. Sturdevant
the sum of $353.75, being twice the amount of interest paid on said bond,and
It is further ordered, adjudged and decreed that there be deducted from
the remaining principal of the said bond, No. 587 and 588 held by Samuel P.
Strang the sum of $287.60, being twice the amount of interest paid on
said bond No. 587 and the sum of $287.60 being twice the amount of interest
paid on said bond No. 588.
It is further ordered, adjudged and decreed, that all accrued and unpaid
Interest on Bond No. 259 owned by the said C. K. Sturdevant be declared
forfeited and that C. K. Sturdevant as such owner of said bond, and those
claiming under him are forever barred and estopped from asserting any right
or claim to said unpaid interest.
It is further ordered, adjudged and decreed that all accrued and unpai..
Interest on Bonds No. 587 and 588 owned by the said Samuel P. Strang be
declared forfeited and that Samuel P. Strang, as such owner of said bonds
and those claiming under him are forever barred and estopped from asserting
any claim to said unpaid interest.
It is further ordered, adjudged and decreed that the defendants have and
recover of and from the said plaintiff their costs.
ALABAMA (State of).—BONDS AIVARDED IN PART.—Of the
To the entry of foregoing decree defendants Strang and Sturdevant duly
000 4h % gold bonds offered on Nov. 25—V. 109, p. 1811—$281,000$954,excepted and their exception allowed.
bonds
were disposed of at prices ranging from par to 104.
Date this 16th day of June 1919.
W. A. REYNOLDS. Judge.
ALEXANDRIA SCHOOCDISTRICT NO. 1, Rapides Parish, La.—
Colorado.—Special Session of the Legislature Called.— BOND OFFERING.—Proposals will be received until 2 p. m. Dec. 15 by
W. J. Avery,
Governor Shoup on Nov. 22 called an extraordinary session Denom. $500. Supt.-Treas. (P. 0. Alexandria) for $125,000 5% bonds.
Date Dec. 15 1919. Int. annually payable at the Whitneyof the Legislature to convene on Dec. 8. Action on the Central Trust & Savings Bank of New Orleans. Due yearly on Dec. 15 as
Woman Suffrage Amendment to the Federal Constitution follows: $3,000, 1920 to 1925. incl.; $4,000, 1926 to 1931. incl.: $5,000. 1932
and 1933; $6,000. 1934 to 1937, incl.; and $7,000, 1938
will be included in the matters to be given consideration.
check for $1,000 required. Official circular states to 1944, incl. Cert.
that the Rapides
Parish School Board
or
Douglas, Wyo.—Bond Call.—We are advised by E. R. any of the bonds thathas never defaulted in either principal hasinterest on
they have issued and no bond
ever been
contested and that there is no controversy pending or issue
threatening the exRouse, Town Clerk, that bonds Nos. 1 to 10, incl., of the stence of the boundaries of this district nor the
validity of the present
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
2090
THE CHRONICLE
officials, their respective offices, nor the validity of these or any other outstanding bonds.
-On Dec. 10 an
ATHENS, Clark County, Ga.-BOND ELECTION.
-year street
election will be held to vote on the issuance of $150,000 5% 30
paving bonds.
-An issue of
ALLIANCE, Box Butte County, Neb.-BOND SALE.
$55,000 5% drainage sewer bonds has been purchased by the Harris Trust
& Savings Bank of Chicago. Denom. $1,000. Date July 1 1919. Prin.
and semi-ann. Int. (J. & J.) payable at County Treasurer's office. Due
July 1 1929. Optional July 1 1924.
Financial Statement.
Real value of taxable property
$3.057,750
Assessed valuation for taxation
*649,490
$189,000
Total debt (this issue included)
77,000
Less water debt
[VOL. 109.
BLUFFTON SCHOOL DISTRICT (P. 0. Bluffton), Wells County,
-BOND OFFERING.
Ind.
-The Board of School Trustees (H. F. ICain,
Secretary) will receive proposals until 12 m. Dec. 13 for $8,500 5% school
bonds. Denom. $850. Date Jan. 15 1920. Due $850 each six months
from Jan. 15 1921 to July 15 1925, incl. Cert. check for $200 required.
BLYTHEVILLE SEWER IMPROVEMENT DISTRICT NO. 1 (P. 0.
-An issue of
Blytheville), Mississippi County, Ark.
-BOND SALE.
$25.000 6% bonds has 'been sold to Bowman, Cost & Co., of St. Loius at
100.176 and paid attorney's fees, trustees' charges and furnished blank
bonds. Due yearly from 1921 to 1940, incl. Bids were also submitted
by the Mercantile Trust Co., the Mississippi Valley Trust Co., and J.
Gould.
BONAPARTE IRRIGATION DISTRICT (P. 0. Tonasket), Okano-BONDS VOTED.
-On Nov. 4 the voters authorized
gan County, Wash.
-year bonds by a vote of 53 to 5.
the issuance of $300,000 6% 20
BOONE COUNTY (P. 0. Lebanon), Ind.
-BOND OFFERING.
J. L. Thomas, County Treasurer, will receive proposals until 10 a. m.
Net debt
112,000 Dec. 4 for the following 4%% road bonds:
Population, estimated, 6,500.
$6.800 P. Newby et al Marion Twp. bonds. Denom $340.
-The $5,000 22,000 P. P. Shirley et al Perry Twp. bonds. Denom $1,100.
-BOND SALE.
ANDREWS, Huntington County, Ind.
8.500 A. Bell et al Marion Twp. bonds. Denom. $425.
-12
6% 8 -year serial coupon water-works bonds, offered unsuccessfully on 10,800 I. W. Clark et al Marion Twp. bonds. Denom.
$540.
-have been awarded to the Hamilton National
May 15-V. 109, p. 2155
10.900 M. A. Davis et al Sugar Creek Twp. bonds. Denom. $545.
Bank of Indianapolis at 100.50.
Date Oct. 7 1919. Int. M. & N. Due 1 bond of each issue each six
ANTHONY SCHOOL DISTRICT (P.O. Anthony), Harper County, months from May 15 1921 to Nov. 15 1930. incl.
-The $35,000 44% 10-20 year (opt.) school bonds
Kans.-BOND SALE.
BRAWLEY, Imperial County, Calif.-13MS REJECTED.
-At
-have been sold to Brown-Crummer Co. of
voted on June 3-V. 109, p. 89
recent offering of the $125,000 534% water bonds, recently voted-V. 109,
Wichita at par. Denom. $1,000. Int. F. & A.
p. 1811-all bids were rejected. Frank & Lewis bid a premium of $100
- and Torrance Marshall & Co., par.
-BOND OFFERING.
ASBURY PARK, Monmouth County, N. J.
The Board of City Commissioners (A. G. King, Acting City Clerk) will
-TEMPORARY LOAN.BROCKTON, Plymouth County, Mass.
receive proposals until 10 a. m. Dec. 2 for an issue of memorial playground
and golf course bonds at not to exceed 5% interest, not exceeding $50,000. On Nov. 25,the temporary loan of 3350.000 issued in anticipation of revenue
Denom. $500. Int. semi-ann. Due $2,500 yearly for 20 years after date dated Nov. 26 1919 and maturing 8200,000 Jan. 23 1919 and $150,000 Mar.
-was awarded to the First National Bank of
of issue. Cert. check on an incorporated bank or trust company for 2% 18 1920-V. 109, p. 2004
Boston on a 4.53% discount basis.
of amount of bonds bid for, required.
-BOND OFFERBUNCOMBE COUNTY (P. 0. Asheville), No. Caro.
ASHTABULA CITY SCHOOL DISTRICT (P. 0. Ashtabula), Ash-B. A. Patton, Chairman of Board of County Commissioners, will
-Chas. E. Peck, Clerk ING.
-BOND OFFERING.
tabula County, Ohio.
of Education, will receive proposals until 12 m. Dec. 16 for $95.000 receive proposals until 12 m. Dec. 22 for $4450,000 coupon road and bridge
Board
5% school bonds, voted on Nov.4-V. 109, p. 1718. Auth. Sec. 7625-7627 bonds, bearing interest at 5% or 534%. Denom. $1,000. Date Jan. 1
Gen. Code. Denom. $1,000. Int. A. & 0. Due yearly on Oct. 1 from 1920. Prin. and semi-ann. int. payable at the Hanover National Bank,
1922 to 1940. incl. Cert. check on a national bank for $2,000 required. New York. Due $18,000 yearly on Jan. 1 from 1922 to 1946, incl. _Cert
check on an incorporated bank or trust company, for 2% of amodnt of
-The following 6% bonds bid for, payable to the "County of Buncombe," required.
-BOND SALE.
ASTORIA, Clatsop County, Ore.
Improvement bonds have been purchased by Morris Bros.,Inc., of Portland:
CANFIELD SCHOOL DISTRICT (P. 0. Canfield), MahonIng
$13,990 92 bonds. Denom. $500 (except one fractional bond for $490 92).
-J. W. Baird, Clerk Bd. of Ed.,
Due yearly on Nov. 1 as follows: 82,500 1920 and 1921. $3.000 County Ohio.-BOND OFFERING.
will receive proposals until S p. m. Dec. 8 for $90,000
% coupon school
1922 and 1923, and $2,990 92 1924, optional Nov. 1 1920.
40 bonds. Denom. $500 (except one fractional bond for $411 40). and equipment bonds. Denom. $1,000. Prin. and semi-ann. int. (A.
10,411
Due yearly on Nov. 1 as follows: $1,000 1920 to 1928, inclusive, & 0.), payable at the Farmers' National Bank of Canfield. Due yearly
on Apr. 1 as follows: $4,000, 1921 to 1930, incl.; and $5.000; 1931 to
and $1,411 40 1929. Optional Nov. 1 1920.
142,857 72 bonds. Denom. $500 (except one fractional bond for $857 72). 1940, incl. Cert. check for $500, payable to the District Clerk, required.
Due yearly on Nov. 1 as follows: $7,500 1920 to 1937, inclusive, Bonds to be delivered and paid for within 3 weeks from date of award.
Purchaser to pay accrued interest.
and $7,857 72 1938, optional Nov. 11920.
Date Nov. 1 1919. Principal and semi-annual interest (M. & N.) payCARUTHERSVILLE, Pemiscot County, Mo.-BOND ELECTION.able at the office of the City Treasurer or at Morris Bros., Inc., of Portland.
On Dec. 2 the voters will decide whether they are in favor of issuing $50,000
•
-During Oct- city water system bonds, it is stated.
SALE.
ATCHISON, Atchison County Kans.-BOND
%
ober the Brown-Crummer Co., of Wichita, was awarded the $125,000
-An issue
CASS COUNTY (P. 0. Logansport), Ind.
-BOND SALE.
memorial bonds, recently voted-V. 109. p. 600.
of $4,000 434% A. M. Walker, et al., Miami Twp. Road bonds offered on
-On Nov. 25 Oct. 24 has been awarded to Chas. McCoy at par and interest. Date
-BOND SALE.
ATTLEBORO, Bristol County, Mass.
Sept. 15 1919. Int. M.& N. Due each six months.
% 1-20 year serial street railway bonds. dated Nov. 15
the $30.000
1919-V. 109. r0 2003
-were awarded to Merrill, Oldham & Co.. of Boston
CHAVES COUNTY SCHOOL DISTRICT NO. 12, New Mexico.
at 100.579 and Interest. The only other offer was submitted by Harris, BOND SALE.
-An issue of $3,500 6% 10-20 year (opt.) school bonds has
Forbes & Co., who bid 100.55.
been sold to Bosworth, Chanute & Co. of Denver.
-According to news-BOND SALE.
BAKER, Baker County, Ore.
-BOND
CHICO HIGH SCHOOL DISTRICT, Butte County, Calif.
paper reports. the $135.000 natatorium and park impt. and $20,000 street SALE.
-On Nov. 24 the $440,000 5% 1-20 year serial coupon school bonds
impt. 5 10 -year (opt.) bonds offered on Nov. 10-V. 109, p. 1623
-20
-V. 109. p. 2004-were awarded to the Bank of Italy of San Francisco for
have been sold to local banps.
.$446,898 60 equal to 101.567.
BAKERSFIELD HIGH SCHOOL DISTRICT (P. 0. Bakersfield),
-BOND
CLALLAM COUNTY SCHOOL DISTRICT NO. 58, Wash.
-An Issue of $200,000 school SALE.
ELECTION.
Kern County, Calif.
-BOND
-The $3,500 school bonds offered on Sept. 28-V. 109. p. 1291
'rept. bonds will be voted upon at an election to be held Dec. 11, it is stated. have been sold to the State of Washington, at par, for 5 Vie.
-T.G. Dono-BOND OFFERING.
Me.
BANGOR, Penobscot County,
-An issue of
CLAREMONT, Dodge County, Minn.
-BOND SALE.
van. City Treasurer, will receive proposals until 10 a. m. Dec. 1 for $90.000 $10,000 funding bonds has been sold, according to newspaper reports, to
434% coupon tax-free school house bonds. Denom. $1.000. Date Dec. 1 the Minnesota Loan & Trust Co., of Minneapolis.
payable at the Merchants National
1919. Prin. and semi-ann. int.(J. & D.)
CLAY COUNTY (P. 0. Brazil), Ind.
-The $60,000
-BOND SALE.
Bank of Boston. Due $5.000 Dec. 1 1920 & 1921 and yriy. on Dec. 1 as
follows:$5.000, 1923 to 1928,incl.; 310,000, 1929; and 820,000,1930& 1931. 5% coupon bridge bonds recently approved by the State Tax Commis-have been sold. Denom. $500. Prin. and
-V. 109, p. 190S
Bonds engraved under the supervision of and certified as to genuineness sioners
by The First National Bank of Boston; their legality will be approved by semi-ann. int. (J. & D.), payable at the County Treasurer's office. Due
Storey, Thorndike. Palmer & Dodge, whose opinion will be furnished the tech six months beginning Dec. 1 1920.
purchaser. All legal papers incident to this issue will be filed with said
-BONDS NOT SOLD.
CLEARWATER, Pinellas County, Fla.
-No
bank where they may be inspected at any time.
-year street impt. bonds offered on
Bonds will be delivered to the purchaser on or about Dec.3rd,at The First sale was made of the $45.000 5% 30
Nov. 19-V. 109, p. 1719.
National Bank of Boston.
-We are informed
BASIN, Big Horn County, Wyo.-BOND SALE.
that an issue of $50,300 534% bonds has been sold to the Lumberemn'a
Trust Co. at 102.25.
-John W. Tag-BOND OFFERING.
BATH, Steuben County, N. Y.
gart, Village Clerk, will receive proposals until Dec. 10 for the $35,000 5%
coupon or registered electric-plant bonds voted on Nov. 12-V. 109, P.
2003. Denom. $100 or $500. Date Dec. 15 1919. Prin. and semi-ann.
Int. (J. & J.), payable at the office of the Village Tmsurer. Duo $2,000
.4 •.11 .=A
yrly. on July 1 from 1921 to 1937, incl. and $1,000 July 1 1938.
-Recently
-BOND SALE.
BATTLE CREEK,Calhoun County, Mich.
$40.000 4 Y,% paving and sewer bonds were awarded at 101.15 to the
Detroit Trust Co. of Detroit, and W. L. Slayton & Co. of Toledo, each
taking $20,000.
-BOND
BEDFORD (P. 0. Mt. Kisco), Westchester County, N. Y.
-It is reported that proposals will be received until 9 a. m.
OFFERING.
Dec. 5 by Joseph E. Merriam, Town Supervisor, for $39,900 5% road impt.
bonds. int. M. & N. Cert. check for 2% required.
-On Nov. 20
-BOND SALE.
BEDFORD, Cuyahoga County, Ohio.
-11-year serial coupon special assessment street-impte
the 3 issues of 534% 2
-were
bonds dated Nov. 1 1919, aggregating $9,496 02-V. 109, p. 1623
awarded to Otis & Co. of Cleveland at par.
-BOND OFFERING POSTBERTHOUD, Larimer, County, Colo.
PONED.
-An issue of $90,(100 school district bonds offered for sale Nov. 24
will not be sold until a school district consolidation has been completed and
then $105,000 of bonds will be sold.
-BOND
BERKELEY SCHOOL DISTRICT, Alameda County, Calif.
OFFERING.
-The Board of County Supervisors (P. O. Oakland) will
on Dec. 8 sell $815,000 5% bonds, it is stated.
-The $45,000
BEXLEY, Franklin County, Ohio.
-BOND SALE.
-have been purNov. 10-V. 109, p. 1623
the State Industrial Commission of Ohio. Due Oct. 11940.
534% sewer bonds offered on
chased by
-On Oct.
-BOND SALE.
BLANCHESTER, Clinton County, Ohio.
-V.
20 the $7,250 534% 1-15-yr. serial street bonds offered on that date
109, p. 1541-were awarded to Seasongood & Mayer, of Cincinnati. for
$7.388 equal to 101.903.
BLUE CREEK TOWNSHIP RURAL SCHOOL DISTRICT,
County, Ohio.
-Sealed proposals addressed to
-BOND OFFERING.
Peter Mumy, District Clerk, care the County Superintendent of Schools,
Paulding, will be received until 1 p. m. Dec. 29 for $70,000 5% coupon
school building bonds. Auth. Sec. 7625-7627 Gen. Code. Denom. 21,000.
Date Dec. 1 1919. Prin. and semi-ann. int. payable at the Farmers
National Bank, of Haviland. Due yearly on Dec. 1 as follows: $1,000,
1922; $2.000, 1923 to 1926; $3.000, 1927 to 1934, incl.; $4.000, 1935 to
1942, incl.; and $5,000, 1943. Cert. check on some solvent bank in Paulding County for 5% of amount of bonds bid for, payable to the above Clerk,
required. Purchaser to pay accrued interest.
CLEVELAND HEIGHTS,Cuyahoga County,Ohio.
-BOND SALE.
On Nov. 17 the 4 issues of 534% coupon special assesment bonds
-V.109,
-were awarded to Stacy- & Braun, of Toledo, as follows:
p,_ 1719
$7,814 East Monmouth Road improvement bonds at 101.63. Due yearly
, on Oct. 1 as follows: $314 1921. $500 1922 to 1926, inclusive; 31,000
1927 and 1928; $1,500 1929 and 1930.
35,005 Crest Road improvement bonds at 101.56. Due yearly on Oct. 1
as follows: $5 1921; $3.000 1922 to 1926, inclusive; $4,000 1027 and
1928: $6,000 1929 and 1930.
19.404 Noble pl., storm and sanitary sewer bonds at 101.75. Due yearly
on Oct. 1 as follows: $404 1921;$1.000 1922 to 192e, inclusive; 52,000
1926 and 1927; $3,000 1928; $4,000 1929 and 1930.
19,587 Taylor Valedonia Sewer District No.6 bonds at 101.73. Due yrearly
on Oct. 1 as follows: $587 1921; $1,000 1922 to 1925, inclusive;
$2.000 1926 and 1927; $3.000 1928; $4,000 1929 and 1930.
COAL RURAL SCHOOL DISTRICT (P. 0. Coalton), Jackson
-W. P. Darling, Clerk Board of
County, Ohio.
-BOND OFFERING.
% deEducation, will receive proposals until 12 m. Dec. 4 for $16,000
ficiency bonds. Denom. $500. Date Dec. 1 1919. Int. M. & S. Due
51.000 each six months from Mar. 1192! to Sept. 11925, Incl.; and $1,500
Mar. 1 1926 to Sept. 1 1927. incl. Cert. check for $100, payable to the
Clerk, required. Bonds to be delivered and paid for within 10 days from
date a award. Purchaser to pay accrued interest.
-BONDS VOTED.
COCONINO COUNTY (P. 0. Flagstaff), Ariz.
We are informed that $150,000 road bonds have been recently voted.
-BOND OFFERING'
COLUMBIA COUNTY (P. 0. Lake City), Fla.
-Additional information is at hand relative to the offering on Jan.6 of the
-V. 109. p. 200a. Proposals for
$500,000 5% gold coupon road bonds
these bonds will be received until 10 a. m. on that day by J. L. Markham,
Clerk Board of County Commissioners. Denom. $1,000. Date Dec. 1
1917. Prin. and semi-ann. int., payable at the office of the Clerk of the
Circuit Court. Due Dec. 1 1947 optional at 102 at any interest paying
date after 5 years from date thereof, and at 101 at any interest paying date
after 10 years from date thereof, at option of the county. Cert. check
for 2% of the amount of bonds bid for, payable to Board of County Commissioners, required. The bonds will be approved by John C. Thomson of
New York City, N. Y., whose opinion will be furnished to the successful
bidder, without charge.
-Sealed COLUMBUS, Muscogee County, Ga.-BOND OFFERING.
bids will be received until 12 m. Dec. 1, by R. E. Dismukes, Chairman of
Finance Committee, for the following 5% tax-free gold coupon (with privilege of registration) bonds aggregating $166,000, voted on July 29-V. 109,
P, 502:
380.000 street paving bonds. Due yearly on Dec. 1 as follows: $3,0 .
00
1920 to 1339 incl.•, and $2,000, 1940 to 1948. incl.
36,000 hospital boncls. Due $2,000 yearly on Dec. 1 from 1920 to 1937.
incl.
30,000 bridge and wharf bonds. Due $1,000 yearly on Dec. 1 from 1920
to 1949, incl.
20,000 fire station bonds. Due $1,000 yearly for 20 years.
Nov. 29 1919.]
THE CHRONICLE
Date Dec. 1 1919. Prin. and semi-ann. Int. (J. & D.) payable at the
office of the City Treasurer. Cert. check for 5% of the amount of bid,
required. Official advertisement states that the city has never defaulted in
payment of either interest or principal of its bonded debt.
CORDELE, Crisp County, Ga.-BONDS VOTED.
-At an election
Nov. 18 350,000 school bonds were voted.
CORNING, Perry County, Ohio.
-BOND
-J. W.
Donelly, Village Clerk, will receive proposals until 12 OFFERING.
m.
for
6% deficiency bonds. Denom. $500. Date Sept. 1 Dec. 20Int.$4,000
1919.
semiann. Due $500 yearly on Sept. 1 from 1921 to 1928, incl. Cert.
10% of amount of bonds bid for, payable to the Village Treasurer, check for
required.
Bonds to be delivered and paid for within 10 days from
date of award.
Purchaser to pay accrued interest.
CORYELL COUNTY (P. 0. Gatesville), Tex.
-BOND ELECTION
PROPOSED.
-Newspapers report that a $1,000,000 road bond issue
is to
be voted upon soon.
2091
FRANKLIN COUNTY (P.O. Columbus), Ohio.
-BOND OFFERING.
-Ralph W. Smith, Clerk Board of County Commrs., will receive proposals
until 10 a. m. Dec. 15 for $20,000 5% Marion Sewer Dist. No. 1 bonds.
Auth. Sec. 6602-4 Gen. Code. Denom. $1,000. Date Dec. 1 1919.
and semi-ann. int. (J. & D.) payable at the County Treasurer's office. Prin.
Due
$4,000 vr, ly. on Dec. 1 from 1920 to 1924, incl. Cert. check on a solvent
national bank or trust company,for 1% of amount of bonds bid for, payable
to the Board of County Commrs., required. Bonds to be delivered at
Columbus. Purchaser to pay accrued interest.
FRANKLIN COUNTY (P. 0. Mt. Vernon), Tex.
-BONDS REGISTERED.
-On Nov. 22 $4,285 534% and $7,500 5% serial bonds were
registered with the State Comptroller.
FRANKLIN SCHOOL DISTRICT(P.O. Franklin), Warren County,
Ohio.
-BONDS VOTED.
-On Nov. 4, according to newspaper reports. the
$100.000 school bond issue carried by a majority of 155.
FREDERIC, Elko County, Wisc.-BOND SALE.
-The $5,000 6%
coupon water works and impt. bonds offered on Oct. 21-V. 109. p. 1481
have been sold to the Farmers State Bank of Frederic at 103.
CRANSTON (P. 0. Providence), Providence County,
-TEMPORARY LOAN -On Nov. 25 Bond & Goodwin, of Boston, R. I.
were awarded
on a 4.55% discount basis, it is stated, the temporary
loan of $382,000,
GALVESTON COUNTY (P.O. Galveston), Tex.
dated Nov. 28 1919 and maturing May 28 1920.
-BOND OFFERIN
-John M. Murch, County Auditor. will receive bids until 3 p. m., Dec.G.
1.
It is stated, for $100,000 5% causeway bonds mentioned in V. 109. p. 1909.
CRESTLINE, Crawford County, Ohio.
-BOND SALE.
-On Nov. 19
the $5,000 5% land-purchase bonds which were offered on Oct.
20-V.
GOWANDA, Cattaraugus County, N. Y.
-BOND SALE.
p. 1384
-On Oct.
-were awarded to W. L. Slayton & Co., of Toledo, at 100.25109,
and 10 the $5,000 5% 1-5-yr. serial paving bonds noted during July
interest.
-V. 109.
p. 503-were awarded to Sherwood & Merrifield. of New York, at 100.84.
Date Nov. 1 1919.
CUSTER COUNTY (P. 0. Custer), So. Dalk.-BOND
SALE.
-The
$50,000 514% 5
-25-year (opt.) road bonds offered on Nov. 22-V. 109, p.
GRAND ISLAND, Hall County, Neb.-BIDS REJECTED.
1720-have been sold to John F. Sinclair & Co. of Minneapolis
-All bids
at 102.02. received for an issue of $200,000 bonds recently offered have been rejected.
Denom. $1,000. Date Jan. 1 1920. Int. J. & J.
GRANT COUNTY (P. 0. Marion), Ind.
-NO BIDS RECEIVED.
CUYAHOGA FALLS, Summit County, Ohio.
-BOND SALE.
-The No bids were received for
following 534% coupon water works bonds, aggregating $110,000, $66.600. offered on Nov. the 4 issues of 434% road bonds, aggregating
20.-V. 109, p. 1909.
offered on Oct. 21-V. 109. p. 1384
-were awarded to Prudden & Co.,
of Toledo, for $113,100 (101.909) and interest:
GRANTS PASS IRRIGATION DISTRICT (P. 0. Grants Pass),
$45,000 bonds, dated Dec. 26 1918. In. J. & D. Due yearly on Dec.
26 Josephine County, Ore.
-Until Dec. 8 bids will
follows $1,000, 1919 to 1948, incl.; $7,000, 1949 and $8,000. 1950. be received by Geo. A. -BOND OFFERING.
.
55,000 bonds, dated May 1 1919 Int M.& N.. Due yearly on Nov.as bonds. Denom. $1.000.Hamilton, Secretary, for $100,000 6% 10-19 Year
Int. J. & J. payable in New York. Cert. check
follows: $2,000, 1920 to 1945, ind.•, and $3,000, 1946.
for 5%. required.
10,000 bonds. dated Oct. 1 1918. Int. A. & 0. Due $1,000 yearly on
Oct. 1 from 1924 to 1933. incl.
GRANTVILLE, Coweta County, Ga.-BON
-On
Dec. 6 $32,000 water-works and $18,000 sewerage D ELECTION.
-year bonds will
6% 29
DALLAS, Tex.
-BONDS OFFERED BY BANKERS.
-On a preceding be voted upon. Date Jan. 1 1919. Int. J. & J. L. A. Dean is City Clerk.
page of this issue Sherwood & Merrifield and the American Trust Co., both
GREEN BAY, Brown County, Wisc.-BOND
of New York. are offering to investors at a price to yield 4.65% $2,300.000 will be
OFFERING.-Pr000sals
received until 11 a. m. Dec. 8 by the
% bonds.
5% coupon municipal dock bonds. Denoms. 1 City Clerk for the $44,725
for $725 and 44 for $1.000.
Date May 1 1919. Prin. and semi-ann. int.,
DANBURY,Fairfield County, Conn.
-BOND OFFERING.
-Chas. E. council shall designate. Due yearly on May payable at such bank as
1 as follows: $725 1920.
Anthes, City Clerk, will receive proposals until 7 a. m. Dec. 1 for $95,000
434°! 30-year refunding bonds. Denom. $1,000. Date Jan. 11950. Int. $1.000 1921 to 1924. incl., $2,000 1925 to 1929, incl., and $3.000 1930 to
1939, incl. Cert.
semi-ann. Due Jan. 1 1950. Cert. check for 5% payable to "City of Dan- no default have check for $1,000 required. Official circular states that
ever been made in payment of any obligations and that
bury" required.
there has been no litigation and none now pending
or threatened in any
manner affecting this issue of
DAYTON, Montgomery County, Ohio.
-BOND OFFERING.-Augh Total bonded debt (incl. this bonds. Purchaser to furnish blank bonds.
issue). $861,725; floating debt (additional).
E. Wall, City Accountant, will receive proposals until 12 m. Dec. 22 for $85,000;
assessed value 1919, $35,501.705; population
$540,000 5% coupon general fund of 1919 bonds. Denom. $1,000. Date
A like amount of bonds was reported as sold in V. 1910, 25,236.
Dec. 1 1919. Prin. and semi-ann. int. payable in New York. Due
109, p. 1812.
1927. Cert. check on a solvent national bank for 5% of amount ofDec. 1
GREENBRIER COUNTY (P. 0. Lewisburg), W.
bonds
Va.-BONDS DEbid for, payable to the city Accountant, required. Bonds to be delivered FEATED.
-On Nov. 15 an election was held in Anthony's
Creek Magisterial
and paid for at the City Treasurer's office on Dec. 29. Purchaser to pay
accrued interest. The approving opinion of Squires, Sanders & Dempsey, District when a proposition to issue $27,800 road bonds was defeated.
of Cleveland, will be furnished to the purchaser by the city.
GREEN RIVER,gweetwater County, Wyo.-BOND
-An issue
of $30.000 8% 5-15 yr. (opt.) bonds is reported sold to SALE.
the First National
DEPEW, Erie County, N. Y.
-BOND
-John Graney, Bank of Green River at 105.
Village Clerk, will receive proposals until 8 OFFERING.
p. m. Dec. 1 for
$20,560 and $9,920 coupon street impt. bonds. Denom. in $100, $62,400,
GREENVILLE, Washington County, Miss.
multiples
-BOND OFFERING.
and fractions thereof. Date Dec. 1 1919. Prin.
Until 3 p. m. Dec.
(J. & D.), payable at the Bank of Depew, or at anyand semi-ann. int. following bonds: 1, Guy Drew, City Clerk, will receive proposals for the
place in New York
State, which the purchaser and Village Trustees may agree
upon. Due $100,000 street bonds, at not exceeding 554%. Due $5,000 yrly. on Jan. 1
$5,805 (one-sixteenth of each issue) yearly on Dec. 1 from 1920
from 1921 to 1940, incl.
to 1935,
incl. Cert. check on an incorporated bank or trudt company
75,000 sewer bonds, at not exceeding 534%. Due yrly. on
in
State, for 2% of amount of bonds bid for, payable to the Board New York
follows: $3,000, 1921 to 1925, incl.; and $4,000. 1926 to Jan. 1 as
of
1940,incl.
Trustees, required. Bidders must state rate of interest desired. Village
50,000 city hall bonds, at not exceeding 534%. Due $2,500
yrly. on
Jan. 1 from 1921 to 1940. incl.
DODGE CITY, Ford County, Kans.-BOND SALE.
65,000 554% sewer refunding bonds. Denom. $500. Date Jan,
-On July 30
Prescott & Snider of Kansas City were awarded $48,000
1 1920.
Due yrly. on Jan. 1 from 1921 to 1940. incl.
impt. bonds for $49,667 equal to 103.472. Denoms. 5% water-works
Prin. and semi-ann. int. (J. & J.) payable at Bank
$500 and $1,000.
Date July 11919. Int. J. & J. Due July 1
America, N. Y.
Cert. check for 1% of amount of bonds bid for, payable of the
1939.
to
above
required. Total bonded debt (incl. these Issues), $681,000. Water clerk.
DOUGLAS COUNTY HIGH SCHOOL DISTRIC
debt.
T (P. 0.
Rock), Colo.
-BOND SALE.-Benwell, Phillips, Este & Co. and Castle $65,000. Sinking Fund, $17,107.
Sweet,
Causey, Foster & Co., both of Denver, have
GREER SCHOOL DISTRICT (P. 0. Greer), Greenville County,
purchased $120,000 534%
10 to 40
-year optional school bonds.
So. Caro.
-BOND SALE.
-The Security Trust Co. of Spartanburg offering
100.312 and interest was awarded the $25.000 5% -year coupon
EAST ORANGE, Essex County, N. J.
school
-BOND OFFERING -Bids bonds, dated Dec. 1 1919 offered on Nov. 20.-V. 20
will be received until 8 p. m. Dec. 8 by Lincoln
109, p. 1812.
E. Rowley, City Clerk,
for an issue of 434% gold coupon (with
privilege of registration) school
GROVER SCHOOL DISTRICT, Weld County, Colo.
-BOND SALE.
bonds not to exceed $255,000. Denom. $1,000. Prin.
and semi-ann. int. -The Benwell-Phillips-Este Co. of Denver has purchased at par $15,000
F. & A.) payable at the City Treasurer's office.
Due yearly on Aug. 1 as
% school bonds, it is stated.
renews: $8,000, 1920 to 1934, incl.; and $9,000, 1935 to 1949, incl.
Cert.
check on an incorporated bank or trust
HAGERS
bonds bid for, payable to the "City of Eastcompany, for 2% of amount of Nov. 20 the TOWN, Washington County, Md.-BOND SALE.
-On
$270,000 434% 27-40 yr. serial gold coupon tax-free
Orange," required.
sewerage
and disposal-plant bonds, dated Nov. 20 1919-V.
ELGIN SCHOOL DISTRICT (P. 0. Elgin), Wabasha
109. p. 1812
-were
County, awarded to a syndicate composed of the
Minn.
-BOND SALE.
Maryland Surety & Trust Co. of
-The $40,000 school bonds
p. 1812
-will be taken by the State of Minnesota. recently voted-V. 109, Hagerstown, and Townsend Scott & Sons, Nelson Cook & Co., and Baker.
Watts & Co. of Baltimore. at 101.86.
EL PASO COUNTY (P. 0. El Paso), Tex.
-The
voters favored the proposition providing for the -BONDS VOTED.
HALFWAY SCHOOL DISTRICT (P.O. Halfway)
issuanct, of $800,000 road Mich.
, Macomb County,
bonds not exceeding 5% interest by a vote of
-BOND SALE.
-The $65,000 school bldg. bonds voted on Nov.
944 to 40 at the election held V. 109, p.
4Nov. 15-V. 109, p. 1812.
2005
-have been sold.
EMMA SCHOOL DISTRICT (P. 0. Asheville),
Buncombe County,
No. Caro.
-.-BOND SALE.
-On Nov. 18 the $50.000
year school
bonds
-V. 109, p. 1720
-were awarded to C. W. McNe.ar20 Co. of Chi&
cago, it is reported, at 103.26 for bonds bearing
6% interest.
ENTERPRISE IRRIGATION DISTRICT,Klamath
BOND SALE.
-On Oct. 14 the Lumbermens Trust Co. County, Ore.
awarded at 95.125 the $40,000 6% construction bonds of Portland was
-V. 109. p. 1199.
Denom. $500 and $100. Date Nov. 1 1919. Int. J.
& J. Due yearly
from 1925 to 1934, incl.
ESCAMBIA COUNTY (P. 0. Pensacola), Fla.
-WARRANT SALE.
The Hanchett Bond Co., of Chicago recently purchased
an issue of $150.000
% school building warrants. Denom.
$1,000. Date July 1 1919.
Prin. and semi-ann. int. payable at the National
$5,000 yearly on July 1 from 1920 to 1949, incl. Park Bank, N. Y. Due
Financial
Total value of property, estimated Statement.
$30,000.000
Assessed valuation for taxation
15,018,538
Total bonded debt
162,000
Population, estimated, 50,000.
ESSEX COUNTY (P. 0. Newark), N. J.
-BOND OFFERING.
-Amos
W. Harrison, Chairman of Finance Committee, will
receive
2 P. m. Dec. 10 for an issue of 45/% registered bonds not to proposals until
exceed $691,000.
Denom. $1,000. Date Nov. 1 1919. Prin. and semi-ann.
payable at the D. S. Mtge. & Trust Co.. of New York. in (M. & N.)
Due yearly on
Nov. 1 as follows: $28,000, 1920 to 1929; $33,000,
1930; and $42,000,
1931 to 1939, incl. Cert. check for 2% of amount of bonds bid
for, payable
to the County Collector, required.
FOWLER UNION HIGH SCHOOL DISTRICT,
Fresno County,
-BOND SALE.
Calif.
-The $150.000 5% school building bonds offered on
Nov. 15-V. 109, p. 1909
-were awarded on that day to the Bank of Italy
for $153,238 (102.158) and interest. Other bidders were:
Blyth, Witter & Co
$152,926 50 Security Trust & Savings
First Nat. Bank, Fowler_ 152,715 00
Bank
$151,937 00
Frank & Lewis
152,715 00 Schwabacher & Co
151,815 00
Lumbermens Trust Co-- 152.715 00 State Board of Control
151,775 75
Strassburger & Co
National City Co
151,665 00
Freeman, Smith &
152,211 00 Girvin & Miller
151,020 00
Camp Co
Citizens Nat. Bank
j
150,935 00
E. II. Rollins & Sons...... 151,950 00
All the above bidders offered accrued interest. •
HAMILTON CITY SCHOOL DISTRICT (P. 0.
Hamilton), Butler
County, Ohl.
-BOND SALE.
-On Nov. 24
serial school site, bldg.. equipment bonds, the $160.000 5% 7-16-yr.
dated Dec. 1 1919-V. 109,
p. 1813
-were awarded to Hayden, Miller & Co.,
and interest. Other bidders, all of Cincinnati of Cleveland, at 101.434
, were:
Brighton Bk & Trust Co_ _$160.7521Fifth-ThirdNat.
$160.656
Bk
Silverman-Huyck Co
160,711 IWm. R. Compton Co- 160,460
Prey. Say. Bk. & Tr. Co.._ 160,6881
HAMILTON COUNTY (P. 0. Noblesville) Ind.-BO
ND OFFERING.
-Isaac B. Austin, County Treasurer, will receive proposals until
11 a. m.
Dec. 6 for $5,000 434% hssig gravel road
bonds. Due each six months
beginning May 15 1921.
HANCOCK COUNTY(P.O. Greenfiel
-BOND OFFERING.
Grover Van Duyn, County Treasurer, willd), Ind.
Dec. 2 for the following 44 cy road bonds:receive proposals until 10 a. m.
„
.
$6,500 M.Milburn et al Brandywine Twp. bonds.
Denom.$325.
6,500 L. 11. Merlau et al Sugar Creek Twp.
bonds. Denom. $325.
13,600 J. E. Allen et al Sugar Creek Twp. bonds.
Denom. $680.
11.000 F. M. Sanford et al Buck Creek Twp.
Date Sept. 15 1919. Int. M.& N. Due bonds. Denom. $550.
each six months from May 15 1921 to Nov. $1.880 (1 bond of each issue)
15 1930, incl.
HANCOCK COUNTY (P. 0. New Cumberla
Va.-BOND
OFFERING.
-Proposals wili.be received until 11 a.nd), W.8
m. Dec. by Hooker
W. Allison, President of the County
Court,
Road District bonds. Denom. $1,000. for $100,000 5% coupon Butler
ann., payable at the office of the County Date June 1 1919. Int. semiClerk or at the Bank of Weirton.
Due yearly on May 1 as follows:
$3,000 1920 to 1929 incl., $4,000 1930
to 1939 incl., and $6,000 1940 to 1944
incl.
payable to Armour S. Cooper, County Sheriff,Cert. check for 2% of bid,
required.
HANFORD GRAMMAR SCHOOL DISTRIC
T (P. 0. Hanford),
Kings County, Calif.
-BONDS VOTED -By a vote of 890 to 62 $115,000
6% 25-year school bonds carried, at an election
held Nov. 4.
HARTFORD SCHOOL DISTRICT NO. 1(P.O.
Hartford), Hartford
County, Conn.
-BOND OFFERING
Co., as Treasurer of the District, will .-The Hartford -Connecticut Trust
receive proposals until 4 p. m. Dec.5
for $15,000 434% 10 -year (opt.) coupon
-40
Date Oct. 1 1919. Prin. and semi-ann. school bonds. Denom.$1,000.
int.
Fiartford-Connecticut Trust Co. of Hartford. (A. & 0.), payable at the
Due Oct. 1 1959; optional
Oct. 1 1929.
2092
THE CHRONICLE
[VoL. 109.
-On Nov. 4
LINCOLN, Lancaster County, Neb.-BONDS VOTED.
$200.000 water bonds were voted. We are further advised that no action
has yet been taken by Council with reference to the date of bonds or date
of sale.
-BOND -SALE.-The
-At the same election $300,000 light bonds were
BONDS DEFEATED.
HERKIMER COUNTY (P.O. Herkimer), N. Y.
$150.000 57 1-30 year serial coupon (with privilege of registration) road defeated.
-V. 108, p. 2651-were
bonds, dated July 11919, offered on June 30 last
-The 3 issues of
LONDON, Madison County, Ohio.
-BOND SALE.
awarded to Sherwood & Merrifield, of New York. at 100.66.
street impt. bonds aggregating 355,500, offered on Nov. 1-V. 109, p.
- 1722
-WARRANT SALE.
-have been awarded as follows:
COUNTY (P. 0. Edinburg), Tex.
HIDALGO
Recently J. L. Arlitt of Austin purchased two issues of6% funding warrants, $2,500 6% 14-year No. Main St. (village's share) bonds to Seasongocd &
Mayer of Cincinnati at 106.04.
aggregating $17,000. Due yearly from 1921 to 1949, incl.; optional after
-11-year serial coupon Center St. (village's share) bonds to
45,500 534% 2
12 years.
R. E. De Weese & Co. of Toledo at 100.95.
HIGHLAND COUNTY (P. 0. Hillsboro), Ohio.
-BOND OFFERING]
7.500 534% 10 -year coupon Center St. (assessment) bonds to R. E.
-12
-J. S. Kerns, County Auditor, will receive proposals until 12 m. Dec. 1
De Weese & Co. at 100.95.
for $7,500 5% road bonds. Denom. $500. Date Dec. 1 1919. Prin.
LOS GATAS HIGH SCHOOL DISTRICT (P. 0. Los Gatos), Santa
and semi-ann, int. (M. & S.), payable at the County Treasurer's office.
Due each six months from Mar. 1 1920 to Sept. 1 1924. Cert. check for Clara County, Calif.
-On Nov. 7 an issue of
-BONDS DEFEATED.
$60,000 5% school building bonds was defeated. The vote was 174 "for"
3% of amount of bonds bid for payable to the County Treasurer, required.
to 274 "against." Due 1949.
HIGHLAND PARK SCHOOL DISTRICT (P.O. Highland Park),
Wayne County, Mich.
-The people on Dec. 1'
-BOND ELECTION.
-Sealed bids will be reLOUISIANA (State of).
-BOND OFFERING.
according to reports, will vote on $180.000 school completion bonds.
ceived until 12 m. Dec. 10 by Rene F. Clerc, Clerk, Board of Port Commissioners(P. 0. New Orleans) for $5,000,000 5% gold tax-free coupon Port
-According to of New Orleans bonds. Bonds may be registerable as to principal, or as to
HOLMESVILLE, Gage County, Neb.-BOND SALE.
principal and interest with the State Treasurer. Denoms. $1,000 and $500.
reports $40.000 school bonds have been sold to J. T. Wachob of Omaha.
Date Jan. 11920. Prin. and semi-ann. int. (J. & J.) payable at the office of
-NO BIDS.
-There were the State Treasurer or at the Fiscal Agency of the State in New York City,
HURON COUNTY (P. 0. Norwalk), Ohio.
bonds, offered on Nov.'17. N. Y. Due yearly on July 1 from 1931 to 1960, incl. Cert. check for
no bidders for an issue of $8,000 5% bridge
Denom. $500. Date Nov. 1 1919. Prin. and semi-ann. int. (A. & 0.) $150,000 payable to the Board of Commissioners of Port of New Orleans,
payable at the County Treasurer's office. Due $1,000 on Apr. 1 and Oct. required. Purchaser will be furnished the opinions of John C. Thomson,
1 in 1921. 1922, 1923 & 1924.
Chester B. Masslich and Arthur McGuirk approving the validity of the
bonds as
obligations of the State of Louisiana. The bonds will be
- delivered bindingoption of the purchaser, at the office of the Trustee, the
INDIANAPOLIS SCHOOL DISTRICT (P. 0. Indianapolis), Ind.
at the
received until 5 p. m. Dec. 23 by Hibernia Bank & Trust Co., New Orleans or at the office of the corre-Proposals will be
BOND OFFERING.
George C. Hitt, Business Director, for $700,000 43 % coupon school spondent of said bank in New York, the Chemical National Bank.
bonds. Denom. $1.000. Date Dec. 15 1919. Prin. and semi-ann. int.
payable at the Bank of Winslow, Lanier & Co. of New York. Due Dec.
-The
-BOND OFFERING.
LUCAS COUNTY (P. 0. Toledo), Ohio.
15 1939. Cert. check on a responsible bank or trust company in Indianapo- County Auditor will receive bids until 10.30 a. m. Dec. 23 for $184,443 45
lis for 3% of amount of bonds bid for, required.
5% Water Supply Line No. 13 bonds, Auth. Sec. 6602-20, Gen. Code.
Denom. 1 for $443 45 and 184 for $1,000. Date Jan. 13 1919. Prin.
INTER-RIVER DRAINAGE DISTRICT, Butler County, Mo.- and semi-ann. int., payable at the County Treasurer's office. Due yearly
-The William R. Compton Co. of St. Louis has purchased on Jan. 13 as follows: $19,443 45 1922. $19,000 1923 to 1925, incl., and
BOND SALE.
and is now offering to investors at a price to yield 5.30% Interest $1,000,000
1931, incl. Cert. check on a Toledo bank for $1,000 re6% serial bench:. Denom. $1,000. Date Nov. 15 1919. Prin. and semi- $18,000 1926 to to be delivered and paki for at Toledo on Jan. 13. Purquired. Bonds
ann. int. (A. & 0.), payable at the First National Bank, St. Louis. Due chaser to pay accrued interest.
yearly on April 1 as follows:
$36.000 1929. $3S,000 1925, *39000 1926, $43,000 1927, $44,000 1928,
-BONDS VOTED.-Tho people
LUFKIN, Angelina County, Tex.
$47,000 1929, $50,000 1920, $53.000 1931, $57,000 1932, $59.000 1933, voted to issue $100,000 street impt. and $50,000 sewer 535% bonds, at the
$63,000 1934, 367.000 1935. $71,000 1936, $75,000 1937. $80,000 1938 election held Nov. 19.-V. 109, p. 1722.
and $178,000 1939.
-According
-BOND SALE.
McALESTER, Pittsburg County, Okla.
IPSWICH INDEPENDENT SCHOOL DISTRICT (P. 0. Ipswich), to reports the American National Bank was awarded on Nov. 18 an issue
-Proposals will be of $125.000 5% water-works bonds at par and interest.
Edmunds County, So. Dak.-BOND OFFERING.
received until 9.30 a. m. Dec. 10 by E. M. Paulu, Clerk Board ef EducaMADISON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Min % school bonds. Denom. $1,000.
tion, for $35,000 5% and $50,000
-Albert
ford R. F. D.), Scioto County, Ohio.
-BOND OFFERING.
Int. J. & J.
Richards, District Clerk-Treasurer, will receive proposals until 12 m. Dee.
- 15 for 339,750 5% coupon high school bldg. bonds. Auth. Sec. 7625-7627
-BOND ELECTION.
JACK COUNTY (P. 0. Jacksboro), Tex.
An election will be held Dec. 6 to vote $600,000 bonds.
Gen. Code. Denom. 1 for $250 and 79 for $500. Date Dec. 15 1919. Int.
J. & D. Due each six months from Dec. 15 1921 to June 15 1942, incl. Cert.
-On check for 5% of amount of bonds bid for, payable to the above Clerk-Treas-BOND SALE.
JAMESTOWN, Chautauqua County, N. Y.
Nov. 20()Mean, Potter & Co., of Buffalo. bidding 100.268 for 4.85s were
urer. required. Purchaser to pay accrued interest.
awarded $10,079.14 registered paving bonds. Denom. 1 for $1,079 14 and
MALDEN, Middlesex County, Mass.
-Curtis & Sanger.
9 for $1,000. Date Dec. 30 1919. Prin. and interest payable at the City
-BOND SALE.
Treasurer's office. Due $1,079 14 Dec. 30 1920 andf1,000 yearly on Dec. of Boston, was awarded at 100.522 and interest, the $163,000 43.6% 1-20
year serial municipal bonds offered on Nov. 25-V. 109, p. 2007. Other
30 from 1921 to 1929, incl.
bidders, all of Boston, were:
-The Estabrook & Co
-BONDS NOT SOLD.
JAY COUNTY (P. 0. Portland), Ind.
100.19
100.43 I Merrill, Oldham & Co
-were Harris, Forbes & Co
$7,000 and $18.000 43'6% roads offered on Nov. 15-. 109, p. 1813
100.19 I
not sold.
MANSFIELD, Bristol County, Mass.
-It is reported
-BOND SALE.
JEANNETTE SCHOOL DISTRICT (P. 0. Jeannette), Westmore- that the *30,000434% 1-20
-year serial street railway bonds offered on Nov.
-Chas. T,. Myers, Jr. Secre- 25-V. 109, p. 2007
-BOND OFFERING.
land County, Pa.
-were awarded to Harris, Forbes & Co. of Boston
'
tary of Board of Directors, will receive proposals until 12 m. Dec. 15 for at 100.17.
,
$250,000 436% tax-free coupon bonds. Denom. $1,000. Date Nov. 1
1919. Due on Nov. 1 as follows: $25,000 in 1922, 1925, 1928 and1931;
MARATHON COUNTY (P. 0. Wausau), Wisc.-BOND ELECTION.
and $30,000 in 1934. 1937, 1940, 1943 and 1946. Cert. check for $2,500, -An election will be held on Dec. 30 for the voters to decide on the propayable to M. 0. Shuster, District Treasurer, required.
posed bond issue for $4,000.000 for the building of good roads, it is stated.
-BOND SALE.
JEFFERSON COUNTY (P. 0. Pine Bluff), Ark.
MARION COUNTY (P. 0. Palmyra), MK.
-BONDS DEFEATED.
-10
On Oct. 10 an issue of $11,000 6% 2 -year serial bonds was awarded to At the election held Nov. 25-V. 109, p. 1813-$1,350,000 road bonds
the Simmons National Bank of Pine Bluff. Denom. $250. Date Nov. were defeated.
11919. Int. J. & J.
MARLIN, Falls County, Tex.
-Proposals will be
-BOND OFFERING.
JEFFERSON DAVIS PARISH SCHOOL DISTRICT NO. 10 (P. 0. received until 9 a. m. Dec. 10 by the City Secretary, for the following 5%
-On Nov. 6 the Calcasieu National Bank coupon 10-40 year (opt.) bonds recently voted.
-BOND SALE.
Jennings), La.
-V.109, p. 1722.
of Lake Charles, offering par and interest, was awarded $125,000 5% 1-25 $14,000 fire station bonds. Cert. check for $500 payable to the Mayor,
.
year serial school bonds, dated Oct. 1 1919-V. 109, p. 1625.
required.
26.000 fire equipment bonds. Cert. check for $1,000 payable to the
-On Nov.
-BOND SALE.
N. Y.
JOHNSON CITY, Broome County,
Mayor, required.
25 The Workers Trust Co., of Johnson City, bidding par for 4.70s, was
Denom. $500. /Date Oct. 11919. Int. A. & 0. payable in Marlin or in
awarded the $18,000 coupon or registered roller,flusher, and housing bonds, New York.
-V. 109, p. 2006. Due $1,000 yearly beginning
offered on that date
5 years from date.
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-BOND SALE.
$16,000 4%% 2-11 yr. serial road bonds, offered unsuccessfully on
-BOND SA=rie The 3-V. 109, p. 1910
JOHNSON COUNTY (P. 0. Franklin), Ind.
-have been sold.
Nov.
-year serial White River Twp. road bonds offered on
$13,200 4%% 1-10
May 8 last
-have been purchased by the Bankers Trust
-V. 109, p. 1848
MARSHFIELD SCHOOL DISTRICT (P. 0. Marshfield), Wood
-year serial County, Wisc.-BOND OFFERING.
Co. of Indianapolis at par. The remaining 3 issues of4%% 1-10
-Bids will be received until Dec. 9
bonds. aggregating $34.700, offered at the same time, have been sold at by P. J. Kraus, District Clerk, it is stated. for $25,000 5% school bonds.
par to the Thompson Bank of Edinburg.
int. semi-ann. Cert. check for 5% required.
•
-The $10,-BOND SALE.
-The $12,000
JUDITH GAP, Wheatland County, Mont.
MEADVILLE, Crawford County, Pa.
-BOND SALE.
000 6% 10-20 year (opt.) coupon water works bonds, dated July 1 1919, 5% tax-free 1-5 yr. (opt.) assessment sewer bonds offered without success on
offered on Oct. 10-V. 109, p. 1079
-have been sold to the Security Bridge July 26-V. 109, p. 505
-have been disposed of privately at par.
Co., of Billings, at par and interest.
-On
MERCER COUNTY (P. 0. Stanton), No, Dak.-BOND SALE.
KENMORE VILLAGE SCHOOL DISTRICT P.0.Kenmore), Summit July 19 an issue of $50,000 534% funding bonds was awarded to the Bankers
County, Ohio.
-BOND OFFERING.
-A. R. Ritzman, Clerk Board of Trust & Savings Bank at par. Denom. $1,000. Int. J. & J. Due July
Education, will receive proposals until 12 m. Dec. 10 for $150,000 4.9% 11929.
school bonds. Denom. $1,000. Date day of sale. Semi-ann. int. (A. &
-On Oct.
-BOND SALE.
MIDDLETOWN, New Castle County, Del.
0.) payable at the office of the Board of Education. Due $30,000 Oct. 1
dated Aug. 1
1917, and $40,000 on Oct. 1 in 1948, 1949 & 1950. Cert. check for 5% of 20 the $30,000 5% coupon 10-20 yr. (opt.) street impt. bonds,Jr., of Dover,
-were sold at par to Thomas C. Fraine,
1919-V. 109. p. 1386
amount of bonds bid for, required. Purchaser to pay accrued interest.
the Peoples National Bank, and the Delaware Trust Co. of Middletown.
-On Nov.
-BONDS VOTED.
KERR COUNTY (P. O.Kerrville), Tex.
MISSISSIPPI COUNTY ROAD IMPROVEMENT DISTRICT NO. 1,
18, it is stated, that an issue of $65,000 road bonds was favorab'y voted.
-Bids will be received 'until Dec. 15 by It. S.
-BOND OFFERING.
Ark.
-On Nov. Rose, District Secretary, for approximately $2,500,000 road bonds.
KINGFISHER, Kingfisher County, Okla.
-BOND SALE.
-were
-year city hall bonds
-V. 109, p. 1813
17 the $75,000 534% 25
-On Nov. 24
MITCHELL, Davison County, So. Dak.-130ND SA LE.
awarded to Geo. W.& J. E. Piersol of Oklahoma City at 100.80 and interest.
the $100,000 auditorium and 525.000 fire station 10-20 year (opt.) bonds,
KIOWA COUNTY SCHOOL DISTRICT NO. 1, Colo.
-BOND SALE. dated Jan. 1 1920-V. 109. p. 1722
-were awarded to the Detroit Trust Co.
-An issue of $30.000 534% 15-30 yr. (opt.) school bonds has been sold to of Detroit at 100.90, it is stated.
Bosworth, Chanute & Co. of Denver.
-An issue of
MONROE, Greene County, Wisc.-BOND SALE.
KIRTLAND TOWNSHIP (P. 0. Willoughby R. F. D. No. 2), Lake
the First Wisconsin Trust Co.
County, Ohio.
-BOND OFFERING.
-I. O. Rice, Clerk of Board of 376.000 5% bonds was recently awarded to
& N. Due
Education, will receive proposals until 12 m. Dec. 8 for $25,000 5% of Milwaukee. Denom. $500. Date Nov. 1 1919. Int. M.
yearly from 1920 to 1939, incl.
coupon school bldg. impt. bonds. Denom. $500. Date Oct. 1 1919.
Prin. and semi-ann. int.(A.& 0.), payable at the Willoughby Branch of the
MORGAN COUNTY (P. 0. Madison), Ga.-BOND OFFERING.
Cleveland Trust Co. Due $500 each six months from April 1 1921 to Oct. Proposals will be received until 12 m. Dec. 4 (date changed from Nov. 271 1945, incl. Cert. check on some bank located in Lake County for $500,
2007) by W. II. Kimbrough, Chairman Board of County ComV. 109, p.
payable to the Beard of Education required.
IPS missioners, for $325.000 5% road bonds. Date July 1 1919. Interest
KLAMATH FALLS IRRIGATION DISTRICT(P.O. Klamath Falls), semi-annually, payable in New York. Due yearly on Jan. 1 from 1929
Klamath County, Ore.
-Newspapers report that to 1948, inclusive. Certified check for 5% required.
-BOND ELECTION.
at an election to be held early in January $175,000 irrigation bonds are to
MORGAN COUNTY (P. 0. Versailles), Mo.-OFFICIAL VOTE:
be voted upon.
The officlal vote polled on Nov. 11 upon the proposition to issue $300,009,
LAKE COUNTY (P. 0. Crown Point), Ind.
-NO BIDS.
-There were 10-20 year (opt.) road and bridge bonds was 1,674 "for" to 658 "against.
no bidders for the 4 issues of 4 ;6. % road bonds, aggregating $124,000, -V. 109, p. 2007.
offered on Nov. 24.-V. 109, p. 2006.
MORGAN SCHOOL TOWNSHIP (I'. 0.Palmyra R. F. D.), Harrison
-Proposals will be received until 2.30
-BOND OFFERING.
LIBERTY SCHOOL TOWNSHIP (P. 0. Tangier), Parke County, County, Ind.
-BOND OFFERING.
Ind.
-I. S. Hunt, School Trustee, will receive pro- p. in. Dec. 13 by Walter E. Diedrich', Township Trustee, for $16,000 5%
until 10 a. m. Dec. 16 for $21.000 51 school refunding bonds. coupon high school bldg. bonds. Denom. $640. Date Oct. 25 1919. Int.
m.
s
) $300. Int. annually. Due $3,000 yrly. in one, two, three, four, semi-ann. Due $640 each six months from Oct. 25 1921 to Oct. 25 1933,
five, six and seven years after date.
incl. Purchaser to pay accrued interest.
-Recently
-BONDS VOTED.
HAYWARD, Alameda County, Calif.
$265,000 water works, town hall and sewage system bonds were favorably
voted, it is stated.
M
Nov. 29 1919.1
THE CHRONICLE •
MORRAL, Marion County, Ohio.
-BOND OFFERING.-Propogals
will he received until 12 m. Dec. 15 by C. C. Cline, Village Clerk, for
42,000 6% street impt. bonds. Denom. $500. Date Sept. 1 1919. Int.
semi-ann. Due $500 yearly on Mar. 1 from 1921 to 1924, incl. Cert.
check on some bank located in Marion County, for $100, required.
MOUNT AIRY, Surry County, No. Caro.
-BOND OFFERING.
Proposals will be received until 12 m. Dec. 3 by F. M. Moore, Town Secretary and Treasurer, for the following $25.000 534% bonds. Due $1,000
in 3, 4, 5. 6, and 7 years; $2,000 in 8, 9, 10, 11. 12, 13, 14, 15, 16 and 17
years. Cert. check for $1,000 required.
$75,000 sewer bonds.
.Date Oct. 1 1919. Due yearly on Oct. 1 as follow: $2,000. 1922 to 1940, incl.; $3.000. 1941 to 1943. incl.; $4,000. 1944,
and $5,000, 1946 to 1949, incl. cert. check for $2,000 required. Denom.
17,000. Int. semi-ann.
MURRAY, Salt Lake County, Utah.
-BOND DESCRIPTION.
-The
$125,000 5% coupon water-works bonds recently sold to the Harris Trust
& Savings Bank of Chicago at par
-V. 109, p. 1543
-are in denom. $1,000
and are dated Oct. 11919. Prin. and semi-ann. int.(A.& 0. payable at the
above bank. Due Oct. 11939.
Financial Statement.
Assessed valuation for taxation
$5,023,152
Total debt(this issue included)
278,000
Less water debt
$145,000
Net debt
133,000
Populatiob, estimated, 5,000; 1910 census, 4,720.
MURRAY COUNTY (P. 0. Slayton), Minn.
-BOND SALE.
-On
Nov. 18 the Minnesota Loan & Trust &o. and other associates were awarded
$286.500 bonds.
-BOND ELECTION.
MURPHYSBORO. Jackson County, 111.
-On
Dec. 22, it is reported, the voters will be given an opportunity to vote on
$114,000 20
-year city hall and auditorium bonds.
NASHVILLE VILLAGE SCHOOL DISTRICT (P. 0. Nashville),
%
Holmes County, Ohio.
-BOND SALE.
-On Nov. 14 the $7,700
2-8 year serial coupon school bonds, offered on that date
-V. 109, p..1723
-were awarded to Tucker, Robison & Co.. Of Toledo, for $7,711 (100.142)
and interest. W. L. Slayton & Co. offered $7,719.25, less $140 for furnishing bonds.
-BOND SALE.
-On Nov. 20
NEW BRIGHTON, Beaver County, Pa.
the $50,000
% 14-23 year serial tax-free coupon bonds, dated June 20
1919-V. 109. D. 1911-were awarded to Glover & McGregor,of Pittsburgh,
at 101.65 and interest. Other bidders were:
Mellon Nat. Bk,Pitts_ _ _ _$50,750 65!Frazier & Co., Phila
$50,504 00
!Lyon, Singer & Co.. Pitts_ 50,375 00
Holmes Bulkley & Ward50.527 001C. M.Barr & Co., Phila.. _ 50,010 00
rop, Phila
,Phil. 50,501 501
Harris, Forbes & Co.
-BONDS AUTHORIZED.
NEW BRITAIN, Hartford County, Conn.
-The Common Council on Nov. 25 adopted a resolution authorizing the city
to issue $80,000 434% coupon school bonds. Denom.$1,000. Date Aug. 1
1919. Prin. and semi-ann. int. (F. & A.) payable at the New Britain
• National Bank, of New Britain. Due $20,000 yearly on Aug. 1 from 1922 to
1925, incl.
NEWELL. Butte County. So. Dak.-BOND SALE.
-The $35.000 5%
-year water-works bonds offered on June 20-V. 108, p. 2358
-have been
20
awarded to the Wells-Dickey Co.
-BOND OFFERING.
NEWPORT, Newport County, R. I.
-John M.
Taylor. City Treasurer. will receive proposals until 5 p. m. Dec. 11 for
$40.000 5% road bonds. Denom. $1,000. Date Dec. 15 1919. Prin.
and semi-ann. int. (.7. & D.). payable at City Treasurer's office. Date
Dec. 15 1919. Due $4.000 yearly from 1920 to 1929, inclusive.
,Trumbull County, Ohio.
NEWTON FALLS.
-BOND OFFERING.Proposals will be received until 12 m. Dec. 18 by H.G. Allen, Village Clerk,
for the following bonds:
$4,000 6% water works extension bonds. Denom. $500. Date Apr. 15
1919. Int. semi-ann. Due $500 each six months from Apr. 15 1922
to Oct. 15 1924, incl.
9,000 53-4% refunding bonds. Denom. $1,000. Date Oct. 11919. Int.
annually. Due from 3 to 12 years after date.
Auth. Sec. 3939 Gen. Code. Cert. check for $500 payable to the Village
Treasurer, is required with each issue bid upon. Bonds to be delivered and
paid for within 10 days from date of award. Purchaser to pay accrued int.
NORTON, Wise County, Va.-BOND SALE.
-Newspaper reports say
that on Nov. 24 $60.000 5%25
-year gold coupon street impt. bonds, dated
Dec. 10 1919-V. 109, p. 1911-were awarded to John Nuveen & Co. of
Chicago.
NOWATA, Nowata County, Okla.
-BOND ELECTION.
-On Dec. 2
the people will vote on the question of issuing $148,340 electric light and
power plant and $51,000 water works impt.6% 10-25 year (opt.) bonds.
OAKLAND, Douglas County, Ore.
-BOND SALE.
-An issue of $37,000 6%5-20 year funding bonds was recently sold to Morris
Inc. of
Portland at 96.50. Denom.$1,000. Date Nov. 1 1919. Int.Bros..
M.&N.
OAKLAND SCHOOL DISTRICT, Alameda County, Calif.
-BOND
OFFERING -Proposals will be received until 10 a. m. Dec. 8 by Geo. E.
Gross, County Clerk (P. 0. Oakland) for $445,000 5% school bonds.
Denom. $1.000. Date Nov. 11919. Int. M.& N. Due yearly on Nov. 1
as follows: $63.000, 1920 & 1921; $8.000, 1922 to 1944, incl.; $9.000. 1945
to 1959. incl. Cert. check for 2% of amount of bonds bid for, required.
0kKLAND HIGH SCHOOL DISTRICT, Alameda County, Calif.
BOND OFFERING.
-Cleo. E. Gross, County Clerk (P. 0. Oakland) will
receive propo4als until 10 a. m. Dec. 8 for $370,000 5% school bonds.
Denom. $1.000. Date Nov. 11919. int. M.& N. Due yearly on Nov. 1
as follows: $61,000, 1920 & 1921: $6,000. 1922 to 1939. incl.; and $7,000,
1940 to 1959, incl. Cert. check for 2% of amount of bonds bid for, required.
OAKWOOD, Paulding County, Ohio.
-BONDS VOTED.
-By a vote
of 244 to 26 a proposition to issue $45,000 water system purchasing bonds
carried, it is reported, at the Nov. 4 election.
OLEAN, Cattaraugus County, N. Y.
-BOND OFFERING.
-H. W.
Stone, Clerk of Board of Water Commrs., will receive proposals until 7 p. m.
Dec. 2 for $60,000 454% 2-16 yr. serial water works bonds. Int. J. & D.
Cert. check for 2% required.
ONTARIO, San Bernardino County, Calif.
-BOND ELECTION
-At an election to be held in the near future $35,000 fire dept,
PROPOSED.
$56,000 water impt. and $25,000 city park bonds will be voted upon, it is
stated.
ORD, Valley County, Neb.-BONDS NOT YET SOLD.
-No sale has
yet been made of the $15,000 534% 10-20 year (opt.) water extension bonds
recently voted-V. 109, p. 1101. Denom. $500. Date Nov. 11919. Int.
M.& N.
OSAWATOMIE, Miami County, Kan.
-BOND SALE.
-It is reported
-year memorial hall bonds was recently
that an issue of $20,000 5% 20
awarded to Stern Bros. & Co., of Kansas City, at 101.81.
OTTAWA. Franklin County, Kans.-BOND SALE.
-On Nov. 5
the Guaranty Trust Co. of Kansas City offering $12,125 (101.041) was
awarded $12,000 5% serial water dam construction bonds. Denom.
Int. M. & N.
$1,000. Date Nov. 11919.
OTTAWA COUNTY (P. 0. Miami), Okla.
-BOND OFFERING.Bids will be received until Dec. 2 by the County Clerk for the $90,000 5%,
-year serial bridge bonds authorized by a vote of 1629 to 542 at the elec25
tion hold Nov. 18-V. 109, p. 1814.
• OTTUMWA SCHOOL DISTRICT (P. 0. Ottumwa) Wapello
-BOND ELECTION.
County, Iowa.
-The Board of Education has set
Dec. 16 as the date voters of this district will decide whether bonds shall
be issued to erect a new $700,000 high school, it is stated.
OWENSBORO, Daviess County, Ky.-BOND OFFERING.-Prols will be received until Dec. 8 by Jno. C. Calhoun. Mayor, for $28,5-10 year (opt.) tax-free bonds. Denom. $500. Date Nov. 1
00
1910. Int. M. & N. Bonded debt (including this issue) about $312,500.
Sinking fund $38,294 12. Assessed value 1919 (66 2-3% Oct.) $11,560.688. Population (1910 census), 16,011; 1919 (est.) 22,000.
PENN TOWNSHIP (P. 0. Greensburg), Westmoreland County,
Pa.
-BOND SALE.
-On Nov. 22 the $50.000 5% road bonds offered on
-V. 109, p. 1814
-were awarded to Mullin, Briggs & Co.. of
that date
Philadelphia, at 101.55.
2093
PERRY TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Sta. B.
R. D. No. 1 Columbus), Franklin County, Ohio.
-BOND OFFERING.
-Proposals will be received unti. 12 m. Dec. 4 by W.J. Fleming, District
Clerk, for $150900 5% coupon school bldg. and equipemtn bonds. Auth.
Sec. 7625 Gen. Code. Denom. $500. Date Oct. 24 1919. Prin. and
semi-ann. int., payable at the Worthington Savings Bank of Worthington.
Due $500 each six months from Apr. 24 1921 to Oct. 24 1935, incl. Cert.
check for 5% of amount of bonds bid for, required. Purchasser to pay
accrued interest.
PHILADELPHIA, Pa.
-LOAN ORDINANCE PASSES.
-The Common Council has passed the loan ordinance rpoviding for the authorization of a loan of $15,000,000-V. 109, P. 1907. This loan is to bear interest at a rate not exceeding 434%, payable semi-annually In January
and July at the office of the city's fiscal agency, and will be issued in the
denominations of $100 and mutiples thereof.
PHILLIPS COUNTY (P. 0. Malta), Mont.
-BOND SALE.
-On Nov
15 the Wells-Dickey Co. was awarded the $17,500
-20
10 -year (opt-)
jail bonds, dated Nov. 15 1919-V. 109, p. 1627 6%$18.205 (104.028)
-for
and interest. Bids were also received from Kalman., Matteson az Wood,
Sweet, Causey, Foster & Co., Ferris & Hardgrove.
PIMA COUNTY (P. 0. Tucson), Ariz.
-BOND OFFERING.
-Proposals will be received until 10.30 a. m. Dec. 16 by H. R. Batterton, Clerk
Board of County Supervisors, for $1,500,000 53-4% road bonds. Int.
semi-ann. Date Oct. 15 1919. Due yearly on Oct. 15 as follows: $25,000
1925 to 1929, incl.; $50,000 1930 to 1934, incl.; $75,000 1935 to 1939, incl.,
and $150,000 1940 to 1944, incl. Cert. check on some bank doing business
in the City of Tucson for 5% of bid, payable to the Board of Supervisors
required.
PITTSBURGH SCHOOL DISTRICT (P. 0. Pittsburgh), Crawford
County, Kans.-BOND SALE.
-It is reported that the Guaranty Title &
Trust Co., of Wichita, has been awarded the $275,000 44%
3
highschool
bonds voted last summer (V. 109, p. 307).
PLEASANT TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Marion) Marion County, Ohio.
-BOND OFFERING -H. S. Young,
Prosecuting Attorney, will receive proposals until 12 m. Dec. 3 for $20,000
534% coupon deficiency bonds. Denom. $500. Date Oct. 11919. Due
$2,000 each six months from Mar. 1 1921 to Sept. 1 1925, incl. Cert.
check for $200, payable to Harry Hoch. Clerk of Board of Education, required.
POLK COUNTY (P. 0. Bolivar), Mo.-BOND ELECTION.
-On Dec.
16 the citizens will vote on the question of issuing $716,657
63 road bondS,
it is stated.
POPLAR BLUFF, Butler County, Mo.-BOND SALE.
that an issue of $4,000 water works bonds has been sold to -Reports say
J. D. Gerlach
at 102.375.
PORTLAND Cumberland County, Me.
-NOTE SALE.
-On Nov. 25
thel35,000 sewer notes, dated Dec. 1 1919, and maturing Aug. 1 1920V. 109, p. 2008-were awarded to S. N. Bond & Co., of Boston.
on a 5%
discount basis.
PRAGUE, Saunders County, Neb.-BONDS VOTED.
voted $12,000 5% 5 -year (opt.) bonds at an election held -This village
, -20
Nov. 10.
vote was 51 "for to 0 "against." We are advised that the above The
bonds
will be sold on or before Dec. 20 1919.
PUKAWANA, Brule County, So. Dak.-BOND SALE.
-The $12,000
5% electric light bonds offered without success on June 15-V. 108,
p.
-have been taken by the county.
2655
RACINE, Racine County, Wisc.-BOND SALE.
-On Nov. 6 the
$430,000 1-20-yr. serial school house construction bonds, dated Nov. 11
1919-V. 109, p. 1723
-were awarded to E. H. Rollins & Sons of Chicago
for $431,611 equal to 100.374 for 4 Us.
RANDOLPH COUNTY (P. 0. Winchester), Ind.
-BOND SALE.
The three issues of 454% 1-10
-year serial road bonds. aggregating $95,800,
offered unsuccessfully on May 3 last (V. 108, p. 1959), have been sold,
it is stated, at par.
RANKIN COUNTY (P. 0. Brandon), Miss.
-BOND OFFERING.
Until Dec. 1 bids will be received for $70,000 6% 20
-year road bonds,
recently authorized by a vote of 198 to 26.
RAY COUNTY (P. 0. Richmond), Mo.-BOND ELECTION.
-An
election will be held Dec. 9 to vote on the question of issuing $1,300,900
road bonds, it is stated.
• RIVERTON, Crow Wing County, Minn.
-BOND SALE.
-An
of $6,000 village bonds offered on Oct. 15 has been sold at par for 6s. issue
ROANOKE, Randolph County, Ala.
-BONDS NOT YET SOLD.
made of an issue of $50.000 bonds offered on Oct. 15.
ST. FRANCIS COUNTY (P. 0. Forrest City), Ark.
-BOND ELECTION.
-The County Court has ordered an election to be held on Feb. 1
to vote on a proposition to issue $25,000 bonds. it is reported.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFERING.
-Proposals will be received until 11.30 a. m. Dec. 10 by Edward F.
Keller, County Treasurer, for $33.000
% Jerry Donovan et al Portage
Twp. road bonds. Denom. $550. Date Nov. 15 1919. Int. M. & N.
Due $1,650 each six months from May 15 1921 to Nov. 15 1930, incl.
ST. MARY'S CONSOLIDATED HIGH SCHOOL DISTRICT (P. 0.
Howard), Miner County, So. Dak.-BOND SALE.
-The $.50,000 bonds
recently voted-V. 109, p. 1724
-have been awarded to the Wells-Dickey
Co. of Minneapolis.
SALEM TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Upper
Sandusky R. F. D. No. 8), Wyandot County, Ohio.
-BOND OFFERING.
-Otto F. Gottfried, Clerk Board of Education, will receive proposals until 1
m. Dec. 9 for $70,000 53(i % coupon school bonds. Auth.
p*
Sec. 7625-7628 Gen. Code. Denom. 40 for $750 and SO for $500. Date
Nov. 1 1919. Prin. and semi-ann. int., payable at the First National Bank
of Upper Sandusky. Due $1,750 each six months from May 1 1921 to
Nov. 1 1940, incl. Cert. check on a solvent bank in Ohio, for 5% of
amount of bonds bid for, payable to the above clerk, required. Purchaser
to pay accrued interest.
SAN JACINTO COUNTY ROAD DISTRICT NO. 4, Tex.
-BONDS
REGISTERED.
-This district registered $200,000 534% serial road bonds
with the State Comptroller on Nov. 19.
SIDNEY SCHOOL DISTRICT (P. 0. Sidney), Cheyenne County,
Neb.-BOND ELECTION.
-On Nov. 29 the question of issuing 175,000
school building bonds will be submitted to the voters.
SILVERTON, Hamilton County, Ohio.
-BOND SALE.
-On Nov.
17 W. L. Slayton & Co., of Toledo, were awarded the $4,645 87 6% 1-10yr. serial special assessment road bonds, dated July 27 1919-V. 109, P.
1724
-for 54.716 95 equal to 101.527. Other bidders were:
Tucker, Robison & Co.,
First Nat'l B-'k, Nrowood34,646 87
Toledo
$4,696 87
Commercial Say. B'k, Norwood
4,648 13
SIMPSON COUNTY (P. 0. Mendenhall), Miss.
-BOND OFFERING.
-Clerk Board of County Supervisors, will receive bids until Dec. 3 It is
stated, for $35,000 road bonds.
SISSETON SCHOOL DISTRICT (P. 0. Sisseton), Roberts County,
So. Dak.-BOND SALE.
-The State of South Dakota has been awarded
the $55.000 5% school bonds voted during March.
-V. 108, p. 1090.
SLIPPERY ROCK TOWNSHIP, Butler County, Pa.
-BONDS
-An issue qc $30,000 bonds offered on Oct. 22 was not sold.
NOT SOLD.
SORENTO, Bond County, 111.
-BONDS VOTED.
-The voters recently authorized $5.000 municipal electric light plant bonds by a vote of
177 "for" to 63 "against."
SOUTHAMPTON (P. 0. Bridgehampton), Suffolk County, N. Y.
BONDS DEFEATED.
-On Nov. 4 4 bond issues, amounting to $151,000,
lost by a vote of 598 "against" to 493 "for."
STAMFORD, Jones County, Tex.
-BONDS REGISTERED.
-An issue
of $20.000 5% 40
-year street bonds was registered on Nov. 17 with the
State Comptroller.
STEVENS COUNTY SCHOOL DISTRICT NO. 45, Wash.
-BONDS
NOT SOLD.
-An issue of $1,600 school bonds offered on Nov. 1 was not
sold.
[VOL. 109.
THE CHRONICLE
2094
-On
-BONDS VOTED.
STEWART COUNTY (P. 0. Dover), Tenn.
Nov.20 $200.000 (not $100,000 as reported in V. 109, P. 1912) 5% 1-40
year bonds were authorized. Date of sale not yet determined.
STRATFORD, Marathon County, Wisc.-BOND SALE.-Tho Minnesota Loan & Trust Co.. bidding 100.75 and interest was awarded the
$40.000 5% 1-20 year serial water and sewerage bonds, dated Feb. 1 1920
offered on Nov. 4.-V. 109. p. 1628. Other bidders were:
*$40.575 00 Bolger,Mosser&Willaman$40,000 00
Wells-Dickey Co
40,000 00
40,131 25 John Nrveen & Co
J. W.Dunegan
40,000 00
First Wisconsin Trust Co_ 40,016 00 Powell, Garard & Co
40.000 00
40.010 00 Stratford State Bank
Pame Webber & Co
Amer. Exchange Bank__ _ 40.000 00
* Although this bid appears to be higher than that of the purchaser, it
Is so officially, reported to us by T. J. Curtin, Village Clerk.
SWEETWATER COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Green
6
,
River), Wyo.-BOND SALE.
--The $49,000 5; % school bonds offered
on Nov. 20-V. 109, p. 2008
-have been sold to Sweet Causey, Foster &
Co. and Benwell, Phillips, Este & Co., both of Denver, jointly for $49.200
equal to 100.408. Dated Jan. 15 1920 annual payment. Optional in
1934 duo in 1943. Denom. $1,000. Assessed valuation approximately
$2.500.000. This the only debt. Over bids were Keeler Bros. premium
of $150 and Bosworth, Chanute & Co., of Denver a cover of par.
-Sealed bids will be received
TACOMA, Wash.
-BOND OFFERING.
until 2 p. m. Dec. 29 by F.Thormaher, City Treasurer. for $880,000 taxfree gold coupon refunding bonds at not exceeding 5% interest. Denom.
$1,000. Date Feb. 15 1920. Int. F. & A., payable at the fiscal agency
of the State of Washington in New York City, N. Y., or at the office of the
City Treasurer. Due yearly from 1921 to 1940, inclusive. Certified check
for $10,000, payable to the above Treasurer, required. General bonded
Sinking fund, $832,debt (including this issue) Dec. 11919, $5,846,000
600. Assessed value 1919, $59,503,630.
-BOND SALE.
-Subject to
TAHLEQUAH, Cherokee County, Okla.
being approved by the State Attorney General, an issue of $100,000 electric
light plant bonds was sold on Nov. 13.
TAUNTON, Bristol County, Mass.
-BOND SALE.
-Merrill, Oldham
& Co., of Boston, bidding 100.569 and interest, were awarded the $30,000
43. % 1-20 year serial street railway bonds offered on Nov. 25-V. 109,
p. 2009. Date Nov. 15 1919. Other bidders both of Boston, were:
Harris. Forbes & Co
100.53
100.551Blodget & Co
-On Nov. 25 the temporary loan of $50.000,
TEMPORARY LOAN.
dated Nov. 25 1919 and maturing Apr. 7 1920-V. 109, p. 2009
-was
awarded to the Commonwealth Trust Co. of Boston on a 4.25% discount
basis.
-BOND OFFERING.
TETON COUNTY (P. 0. Chouteau), Mont.
Proposals will be received until 2 p. m. Nov. 7 by County Clerk, for the
$150,000 53.4% 15-20 year (opt.) road bonds, the offering of which, was
recently postponed. Date Jan, 1 1919. Prin. and semi-ann. int. (J. & J.)
payable at the Minnesota Loan & Trust Co., Minneapolis. Cert. check
on some reliable bank for $15,000 payable to the County Treasurer, required.
Bonds will be prepared and delivered and paid for at time of sale at a bank
designated by the purchaser.
-BOND SALE.
-We are
TETON COUNTY (P. 0. Chouteau), Mont.
informed that the $100,000
% 15-30 year (opt.) county high school
-have been sold to Wellsbonds, offered on Nov. 7-V. 109, p. 1628
Dickey Co., at 102.17.
-BONDS REGISTERED.
TEXAS (State of).
-The following 57 bonds
have been registered with the State Comptroller:
Place and Purpose of Bonds.
Due.
Date Reg.
Amt.
$1.500 Burleson County Corn. S. D. No. 3_ _ _
Nov. 20
5-20 years
3,000 Oakalla Independent School District__
5-20 years
Nov. 20
3,000 Olney Independent School District__ _ _
Nov. 18
5-20 years
1,500 Trinity Co. Corn. S. D. No.6
Nov. 17
5-20 years
1,300 Trinity Co. Corn. S. D. No.6
Nov. 17
5-20 years
800 Trinity Co. Corn. S. D. No. 23
Nov.17
5-20 years
Nov. 20
2,000 Upshur Co. Corn. S. D. No. 25
20 years
-The
-BOND SALE.
THREE RIVERS, St. Joseph County, Mich.
Harris Trust & Savings Bank. of Chicago, purchased for $35,000 equal to
102.724, $30.000 paving and $4,500 bridge 5% bonds.
-BOND
TOOLE COUNTY SCHOOL DISTRICT NO. 14, Mont.
-Sealed bids will be received until 7'30 p. m. Dec. 18 IV
OFFERING.
J. H. MacFarlane. Clerk (P. 0. Shelby), for $25.000 6% coupon schoolbuilding and equipment bonds. Denom. 51.000, Date Dec. 1 1919.
Int. J. & D., payable at the Merchants' Loan & Trust Co., Chicago. Due
Dec. 11939, optional $2.000 yearly from 1927 to 1937. inclusive, and $3,000
1938. Certified check for $1,500, payable to the above Clerk, required.
Bonded debt (including this issue) Nov. 22 1919. $60,300. Floating debt
(additional), $8,338. Sinking fund, $1,437. Assessed value 1919, $1.001,429.
TOULON TOWNSHIP HIGH SCHOOL DISTRICT (P. 0. Toulon),
-It is reported that $100,000 high
Stark County, 111.
-BONDS VOTED.
school building were voted at an election held Nov. 15.
-Chas. F. Rannels,
TROY,Miami County, Ohio.
-BOND OFFERING.
City Auditor, will receive proposals until 12 m. Dec. 6 for $74,000 5%
electric light plant bonds. Auth. Sec. 3939 Gen. Code. Denom. $1,000.
$1.000. Date Dec. 1 1919. Prin. and semi-ann. int. (M. & S.) payable
at the office of the Sinking Fund Trustees. Due $2,000 each six months
from Mar. 1 1923 to Mar. 1 1941, incl. Cert. cheek for $1,000 payable
to the City Treasurer, required.
-By a vote
-BONDS VOTED.
TURLOCK, Stanislaus County, Calif.
of 31 to 1 the citizens favored the issuance of $60,000 sewer-system bonds,
It is reported, at a recent election.
-An issue
-BOND SALE.
UINATA COUNTY (P. 0. Bernal), Utah.
of $140,000 5% bonds has been purchased by the International Trust Co.,
of Denver. Denom. $1,000. Date May 15 1919. l'rincipal and semiannual interest (M. & N.) payable at the National Bank of Commerce,
New York. Due $14,000 yearly on May 15 from 1930 to 1939, inclusive.
Financial Statement.
$24,000,000
Real value, estimated
8,424,900
Assessed valuation 1919, as pqualized
156,000
Total indebtedness (including this issue)
Population, officially estimated, 14,000.
Cambria County,
UPPER YODER TOWNSHIP (P. 0. Johnstown),
-BOND SALE.
Pa.
-The $24,000 5% school bonds, offered unsuccessfully
-have been awarded to Lyon, Singer & Co. of
last summer-V. 109, p. 508
Pittsburgh, for $24,534.40, equal to 102.251. Denom. $1,000. Due 1939.
-The "Desert News" states under
-BOND SALE.
UTAH (State of).
issue of Nov. 20 that $500,000 State bonds have been sold to the Palmer
Bond & Mortgage Co., of Salt Lake City.
-BOND SALE.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-On Nov. 26 the $4,400 454% 2
-6-year serial bonds (V. 109, p. 2009)
were awarded to John Friday at par and interest.
VENANGO, Perkins County, Neb.-BONDS VOTED.-Wo arc informed that $26,000 water plant bonds have been recently voted by 90
"for" to 6 "against."
-On Nov.
-BOND SALE.
VENTNOR CITY, Atlantic County, N. J.
24 the issue of 5% 30-year school bonds, dated Oct. 1 1919 -V. 109. 11.•
-was awarded it is stated, to the Security Trust Co., of Camden, for
1912
$67.750. equal to 100.407. for $67.500 bonds.
-NO BIDS RECEIVED
WALTHAM, Middlesex County, Mass.
BONDS TO BE RECEIVED.
-No bids were received for the 3 issues of 434%
coupon tax-free bonds, aggregating $393,000, offered on Nov. 25-V. 109.
p. 2009. These bonds will hero-offered as 434s.
-BONDS NOT SOLD.
WASHINGTON COUNTY (P. 0. Salem), Ind.
-The 2 issues of 434% road bonds, aggregating $7,720 offered on Nov.20V. 109, p. 1912
-were not sold.
-BOND SALE.
WASHINGTON COUNTY (P.O. Stillwater), Minn.
An issue of $35,000 5% 5-14 year serial refunding bonds has been awarded
to the Wells-Dickey Co., of Minneapolis, for $35,621.50 equal to 101.775.
BOND CALL
NEW LOANS
Town of Douglas, Wyoming
BOND CALL
We offer
"BONDS OF THE TOWN OF DOUGLAS,
WYOMING, FOR THE EXTENSION, ENLARGEMENT AND PERFECTING OF TIIE
SYSTEM OF WATERWORKS,SERIES NO.2."
Notice is hereby given that the above bonds,
numbering from One (I) to Ten (10), inclusive,
will be redeemed at the banking house of Kountze
Bros., in the City of New York, State of New
York, on January 1st, 1920, and that the interest
on the above bonds, Nos. 1 to 10. inclusive, shall
cease sixty days after the first publication of this
notice.
Witness, my band and official seal of the Town
of Douglas, Wyoming, this 19th day of November, A. D. 1919.
E. R. ROUSE,
Town Clerk of the Town of Douglas, Wyoming.
City of Pittsburgh
Pennsylvania
Improvement Cis
Price: To Net 4.20%
Biddle & Henry
104 South Fifth Street
Philadelphia
Private wire to New York-Call John 5089.
$150,000.00
City of Orange Tex.5% Warf& Dock Bonds
$10,288,703 00
Assessed valuation 1919
702,000 00
Total bond debt
Population, 15,000
Price and descriptive circular on request
HAROLD G. WISE & CO.
Government and Municipal Bonds
519-21 First Nat'l Bank Bldg., Houston, Tex.
PHILADELPHIA DISTRICT TAX FREE MUNICIPALS
Upper Darby Township School 5s,
to net 4.30%
Borough of Eddystone School 5s,
to net 4.40%
Township of Tinicum School 58,
to net 4.50%
Suite No. 1500
72 West Adams St.
GEORGE W. MYER, JR.
1949
Certified Public Accountant
1948
Philadelphia
421 Chestnut Street
Telephone, Lombard 710
CITY OF NEW ORLEANS
BOND CALL
Department of Public Finance,
Accounting Division,
City of New Orleans,
New Orleans, La., Nov. 18th, 1919.
Public Notice is hereby given that under the
provisions of Act No. 23 of 1914, as amended by
Act No. 69 of 1916 of the General Assembly of
the State of Louisiana, paving certificates of the
issue of 1915 due January 1st, 1921 and January
1st. 1922, are hereby called by the City of New
Orleans for payment and will be paid on January
1st, 1920, after which date all interest thereon
will cease.
A. G. RICKS,
Commissioner of Public Finance.
CITY OF NEW ORLEANS
BOND CALL
Department of Public Finance,
Accounting Division,
City of Now Orleans.
New Orleans, La. Nov. 18th, 1919.
Public Notice is hereby given that under the
provisions of Act No. 23 of 1914. as amended by
Act No. 69 of 1916. of the General Assembly of
the State of Louisiana, paving certificates of the
Issue of 1917 due January 1st, 1921 and January
1st, 1922, are hereby called by the City of New
Orleans for payment and will be paid on January
lst, 1920, after which date all interest thereon
will cease.
A. G. RICKS,
Commissioner of Public Finance.
CHICAGO,ILLINOIS
1949
M. M. FREEMAN & CO.
Public Utilities in
growing communities operated and
financed.
411 Their securities
offered to investors.
Middle West
Utilities Co.
BOND CALL
FEDDE & PASLEY
2 RECTOR ST., NEW YORK
Audits, Investigations,
Estate Accounting,
Income Tax Returns.
Telephone Rector 6441
Certifieb Public Ottoun1antf1
55 Liberty St.,
New York
Nov. 29 1919.]
THE CHRONICLE
WASHINGTON TOWNSHIP (P. 0. Nashville), Brown County, Ind.
-According to reports the $1,415 warrants offered
-WARRANT SALE.
-were on that day awarded to the Nashville
on Nov. 23-V. 109, p. 1815
State Bank at par for 6s.
WATERTOWN SCHOOL DISTRICT(P.O. Watertown), Codington
County, So. Dak.-BOND OFFERING POSTPONED.
-The offering of the
$300.000 school bonds mentioned in V. 108, P. 1433 has been postponed
indefinitely.
WESTFIELD SCHOOL DISTRICT (P.O. Westfield), Union County,
-Mark A. Webster, District Clerk, will receive
-BOND OFFERING.
N. J.
proposals until 8 p. m. Dec. 9 for an issue of 5% coupon or registered high
school bldg. bonds, not to exceed $16,000. Denom. $500. Date Dec. 15
1919. Prin. and semi-ann. int. (J. & D.) payable at the Westfield Trust
Co., in New York Exchange. Due $500 yearly on Dec. 15 from 1921 to
1952, incl. Cert. check for 2%. payable to H. J. Gilmore, Custodian of
School Monies.
WHITTIER, Los Angeles County, Calif.
-BOND OFFERING.
Proposals will be received until 7.30 p. m. Dec. 15 by Clarence 0. Trueblood
(P. 0. 124 S. Comstock Ave., Whittier) for $362,614 5% bonds. Denoms.
363 for $1,000 and 1 for $614. Int. semi-ann. Principal payable at the
office of the City Treasurer or at the Chase National Bank, N. Y. at option
of holder. Due yearly on Dec. 1 as follows: $10,614. 1920: $10,000, 1921:
and $9,000, 1922 to 1959, incl. Cert. check for not less than 5% of the
amount bid, required.
WINTERS GRAMMAR SCHOOL DISTRICT (P. 0. Winters), Yolo
County, Calif.
-BONDS VOTED.
-Newspaper reports state that by a vote
of 172 to 5 the citizens favored the issuance of $37,000 school building bonds
at the election held Nov. 15.-V. 109, p. 1815.
WINTON GRADED SCHOOL DISTRICT (P.O. Winton), Hertford
County, No. Caro.
-Bids will be received 2 p. m.
-BOND OFFERING.
Dec. 26 by J. D. Beale. Secretary, for $25,000 30
-year coupon school bonds.
Denom. $500. Cert. check for not lcss than 2% of bid, required.
WOODBRIDGE TOWNSHIP SCHOOL DISTRICT (P. 0. Woodbridge), Middlesex County, N. J.
-BOND SALE.
-On Nov. 24 the 2
issues of 5% bonds-V. 109, p. 1816-were awarded to B. J. Van Ingen &
Co. of New York, as follows:
$35,000 school-bldg. bonds at 100.58. Due $1,000 yearly on Jan. 15 from
1922 to 1956, incl.
15.000 school-Improvement bonds at 100.18. Due $1,000 yearly on Jan.
15 from 1922 to 1936, incl.
There were no other bidders.
WORCESTER, Worcester County, Mass.
-BOND SALE.
-On Nov.
26 the following water bonds were awarded, it is stated, to Estabrook & Co..
of Boston, at 100.19:
$100.000 4% bonds. Duo $20,000 yearly on Oct. 1 from 1920 to 1924, incl.
% bonds. Duo $20,000 yearly on Oct. 1 from 1925 to 1929,
100,000
incl.
-BOND OFFERING.
YORK COUNTY (P.O. York), Pa.
-M.H. Seitz
Clerk of County Commrs., will receive proposals until 10 a. m. Dec. 5 for
$43,000 4%% road bonds. Denom. $500. Date Dec. 10 1919. Int. J. &
D. Duo Doc. 10 1948. Cert. chock for 10% of the amount bid required.
-BONDS VOTED.
YUMA COUNTY (P. O. Yuma), Ariz.
-An issue
of $1,600,000 road bonds has been recently voted.
CANADA, its Provinces and Municipalities.
BRANTFORD, Ont.-DEBENTURE ELECTION.
-A by-law to issue
$50,000 grand stand debentures will be voted upon in January.
-A by-law to issue $10,000
CAYUGA, Ont.-DEBENTURES VOTED.
road debentures carried, it is stated, by a majority of 91 at an election held
Nov. 17.
NIAGARA FALLS, Ont.-DEBENTURE ELECTION.
-On Jan. 5 the
people will vote on the Question of issuing $50.000 20
-year hospital and
4t 14.000 10-year Hydro-Electric Commission Office Building 5% debentures.
$7,500
Block No. -5-Rural, 15 yrs.-Great West S. D. No.486
4,000
Block No. 6
-Rural, 15 yrs.-Silver Beach S. D. No. 3798
2,200
Block No. 7
-Rural, 15 yrs.-Cloverdale S. D. No. 1850
2.600
Block No. 8
-Rural, 15 yrs.-Golden Spike S. D. No. 1319
3,000
Block No. 9
-Rural, 12 yrs.-Berg S. D. No.3675
1.200
Block No. 10
-Rural, 10 yrs.-Kirby S. D. No. 3801
3,000
Block No. 11-Rural, 15 yrs.-Corners S. D. No. 2579
1,200
Block No. 12
-Rural,10 yrs.-Buczacz S. D. No.2580
1,000
Block No. 13
-Rural,10 yrs.-Franklin S. D. No. 1690
500
Block No. 14-Rural, 10 yrs.-White Mud S. D. No. 293
1,500
Block No. 15
-Rural,15 yrs.-Cliffdale S. D.No.3687
2.000
Block No. 16-Rural,15 yes.
2.500
-Old Chief S. D. No.3831
Block No. 17
-Rural,10 yrs.-Badger Flat S. D. No. 1471
2,000
Block No. 18
2,000
-Rural, 10 yrs.-Emerald S. D. No. 2670
Block No. 19
1,000
-Rural. 15 yes.
-Lola May S. D. No. 3393
Block No. 20
2,000
-Rural, 10 yrs.-Rosebud Heights S. D. No.3778
Block No. 21-Rural, 4 yrs.-Westdene S. D. No. 1874
400
OAKVILLE,Ont.-DEBENTURES AUTHORIZED.
-A by-law to Issue
debentures to the amount of $30,000 for waterworks has been passed by the
town council according to reports.
PENTICTON, B. C.
-DEBENTURE ELECTION.-ln January the
voters will pass on a by-law to issue $35,000 reservoir and water works debentures, it is stated.
PORTAGE LA PRAIRIE, Man.
-The
-DEBENTURE ELECTION.
people on.Dec. 16 will pass on by-laws to issue $100,000 city hall, $12,000
water works, and $16,000 electric debentures.
RENFREW, Ont.-DEBENTURE OFFERING.
-J. A. Devenny, Town
Clerk-Treasurer, will receive proposals until 5 p. m. Dec. 8 (time extended
from Nov. 24-V. 109. p. 2010) for $25,000 5%% 30
-year fire-hall and
$17.500 6% 20-year water-works installment debentures.
SASKATOON, Sask.-DEBENTURE ELECTION.
-On Dec. 8. it Is
stated, the voters will have submitted to them a by-law to issue the following debentures: $5,000 grading, $7,000 pumping equipment. $60,000 turbogenerator, $270,000 hospital, $350.000 school and $35,000 plumbing debentures.
TORONTO,Ont.-DEBENTURE SALE.
-On Nov.27 the eleven issues
of 5 3-6 % gold coupon (with privilege of registration) debentures, aggregating
$2,632,000 (V. 109. p. 2010), were awarded, it is reported, to a syndicate
composed of Harris, Forbes & Co., National City Co. and the United
Financial Corporation at 96.201.
VERDUN, Que.-DEBENTURE OFFERING.
-Proposals will be receiveci until 5 p. m. Dec. 1 for the $225,000 5%% coupon gold general impt.
and deficiency debentures, which were offered but not sold on Sept. 12V. 109, p. 1005. Denom. $500. Date May 1 1919. Prin. and semi-ann.
int. M & N.) payable in Montreal or New York. Due May 1 1939.
(.
WHITBY, Ont.-DEBENTURES VOTED.
-On Nov. 17, it is stated,
the $60,000 school bldg. debentures
-were voted by 201
-V. 109, p. 1914
to 151.
FINANCIAL
High Grade
Investment Bonds
2095
ALBERTA SCHOOL DISTRICTS, Alta.
-DEBENTURE OFFERING.
-Sealed tenders will be received by J. T. Ross, Deputy Minister. until
4 p. m. Dec. 10, on the following School Debentures issued on the serial
plan at the rate of 6M %. (Tenders in each case should include accrued
interest from the date of the debenture until date of payment.) All issues
except the first which is dated Aug. 15th 1919 are dated Dec. 1st 1919.
Block No. 1-Consolidated, 10 yrs.-Foremost Con. S. D. No. 2- _- _$7,000
Block No. 2
-Village, 15 yrs.-Big Valley S. D. No.2545
5,000
Block No. 3
-Village for assessment purposes, 10 yrs.-Nacmine
S. D. No. 3771
8,000
Block No. 4-Rurals, 15 Yrs.
Lucan S. D. No. 3845
2,500
Roder S. D. No. 3539
2,500
Dilo S. D. No. 3438
2,500
FINANCIAL
We take pleasure in
announcing that
MR. CARROLL DUNHAM, 3rd,
Municipal and Corporation
Issues Underwritten
We specialize in securities of
the Mississippi Valley and the
South
formerly a partner in the firm of
Hodges, Dunham & Co., has been
admitted to general partnership in
our firm.
MR. ROBERT D. WHITE
BOND DEPARTMENT
Mississippi Valley Trust Co.
ST. LOUIS
AMERICAN MFG. CO
COR DAG E
MANILA. SISAL, JUTE
recently with Blake Bros. & Co., is
now associated with us as head of
our municipal bond department.
Our new offices are located at
14 WALL STREET
Telephone Number as formerly.
Rector 470
RUTTER 8L, CO.
December 1, 1919
Noble & West Streets. Brooklyn N. Y. City
JAMES TALCOTT Inc
Founded 1854
225 Fourth Ave., NEW YORK
Textile Factors and
Commission Merchants
Foreign Accounts Solicited.
Cable Address-Quomakel
F. WM. KRAFT, Lawyer
Specializing in Examination & Preparation of
County, Municipal and Corporation
Bonds, Warrants and Securities and
Proceedings Authorizing Same,
Rooms 517-520, 111 W. Monroe St.,
Harris Trust Building
CHICAGO, ILLINOIS
JOHN BOYLE JR.
Attorney-at-Law
PATENTS
OURAY BLDG.
WASHINGTON, D. C.
16 years in the examining corps of
the United States Patent Office.
2096
[Vol,. 109.
THE CHRONICLE
engineers
itiantial
Atlantic Mutual Insurance Company
STONE &WEBSTER
FINANCE industrial and public
utility properties and conduct an
investment banking business.
DESIGN steam power stations,
hydro-electric developments,
transmission lines, city and interurban railways, gas and chemical
plants, industrial plants, warehouses and buildings.
CONSTRUCT either from their
own designs Or from designs of
other engineers or architects.
MANAGE public utility and industrial companies.
REPORT on going concerns,
proposed extensions and new
projects.
NEW YORK BOSTON CHICAGO
YOUNGSTOWN
SAN FRANCISCO
PITTSBURGH
SEATTLE
DETROIT
PARIS
THE
J. G. WHITE COMPANIES
Engineerst
A.
C
Financiers
iva;
4
*
•
Contractors
Operators
•
of Public Utility and Industrial
Properties
,
REPORTS—VALUATIONS—ESTIMATE
37 WALL STREET
NEW YORK
LONDON. ENG.
Vide, Blackwell & Buck
ENGINEERS
Designs and Construction
Hydroeleotrio and steam
Power Plants
Transmission Systems
Industrial Plants
Reports — Appraisals
49 Wall Street
New York
THOMAS T. GRAY
Consulting Petroleum Engineer
Investigations, Appraisals & Reports
on Oil Propositions
280 North Broad Street,
NEW JERSEY
ELIZABETH
Telephone Elizabeth 2766
laming
New York, January 24th, 1919.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on the
3151 of December, 1918.
Premiums on Marine and Inland Transportation Insurance from the 1st January, 1918, to
the 31st December. 1918
$6.684.891.55
Premiums on Policies not ternainatei 1st January, 1918
1,072,550.96
Total Premiums
S7.757,442.51
Premiums marked off as ter:ninatel from 1st January, 1915, to 31st December, 1918
-- 6.756.508 18
$
Interest on the investments of the Company received during the year $413,106.66
Interest on Deposits in Banks, Trust Companies, etc
120,010.84
Rent received less Taxes and Expenses
97.634.51 $ 635 732.01
Losses paid during the year
$4,105,973.64
Less: Salvages
$239,186.51
Re
-insurances
1,947,733.0882.186,919.59
81,919,054.03
-insurance Premiums and Returns of Premiums
Re
$1,756,937.or
—
Expenses, including compensation of officers and clerks, taxes, stationery,
advertisements, etc.__
3 996,019 94
A dividend of Interest of Six per cent, on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the fourth of February next.
The outstanding certificates of the issue of 1)17 will be redeemed and paid to the holders thereof, or
their legal representatives, on and after Tuesday the fourth of February next, from which date all interest
thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty-five per cent. is declared on the earned premiums of the Company for the year
ending 31st December, 1913, which are entitled to participate in dividend, for which, upon application,
certificates will be issued on and after Tuesday the sixth of May next.
By order of the Board,
G. STANTON! FLOYD-JONES. Secretary.
TRUSTEES.
EDMUND L. BAYLIES.
PHILIP A. S. FRANKLIN.
DALLAS B. PRATT.
JOHN N. BEACH,
HERBERT L. GRIGGS
JOHN J. HIKER,
NICHOLAS BIDDLE,
SAMUEL T. HUBBARD,
JUSTUS RUPERT I
JAMES BROWN,
WILLIAM H. LEFFERTS,
WILLIAM JAY W.MIEFFELIN.
JOHN CLAFLIN,
CHARLES D. LEVERICH.
SAMUEL SLOAN,
GEORGE C. CLARK,
HENRY FORBES McCREERY, WILLIAM SLORNE,
J. WILLIAM CLARK,
NICHOLAS F. PALMER,
LOUIS STERN,
FREDERIC A. DALLETT,
WALTER WOOD PARSONS. WILLIAM A. STREET.
CLEVELAND H. DODGE,
CHARLES A. PEABODY.
GEORGE E. TURNURE,
CORNELIUS ELDERT,
WILLIAM R. PETERS
GEORGE C. VAN TUYL, Jr.
G.STANTON FLOYD-JONES. JAMES H. POST,
RICHARD H. WILLIAMS
CHARLES M.PRATT.
CORNELIUS ELDERT, President.
W ALTER WOOD PARSONS, Vice-President.
CHARLES E. FAY. 2 1 Vice-President.
,
WILLIAM D. WINTER. 3rd Vice-President
A &SETS
LI.4BILlTIES.
United States and State of New York
Estimated Losses and LOS3CA UnsetBonds
$ 4,557,029.01Y
tled In process of AdJustment
S 3,463,000.00
Stock of the City of New York and
Premiums on UnterrninateI Risks__ _ 1,000,934.33
Stocks of Trust Companies & Banks 1,385,500.00 Certificates of Profits and Interest
Stocks and Bonds of Railroads
316,702.75
3,069,879.85
Unpaid
Other Securities
129,017.66
285,410.00 Return Premiums Unpaid
Special Deposits in Banks and Trust
400,000.00
Taxes Unpaid
Companies
1,000,000.00 Re-insurance Premiums on TermiReal Estate car. Wall Street, William
288,508.92
nated Risks
Street and Exchange Place
3,900,000.00 Claims not Settled, Including ComReal Estate on Staten Island (held
139,296.10
pensation, etc
under provisions of Chapter 481,
Certificates of Profits Ordered ReLaws of 1887)
75,000.00
deemed. Withheld for Unpaid PrePremium Notes
663,439.52
MillM9
22,592 54
Bills Receivable
716.783.36 Income Tax Withheld at the Source
3,739.93
Cash in hands of European Bankers
Certificates of Profits Outstanding...6,140,100.00
to pay losses under policies payable
In foreign countries
286,904.00 Balance
3.825,570.11
Cash in Bank and in Office
1,972.809.61
Statutory Deposit with the State of
Queenslan I. AuAralia
4,765.00
$16,823,491.34
$16,823,491.34
Balance brought down
$3,825,570.11
Accrued Interest on the 31st day of December, 1918. amounted to
95.890.45
Rents due and accrued on the 31st day of December, 1918, amounted to
23.106,40
-Insurance due or accrued, in companies authorized in New York, on the 31st day of
Re
December, 1918, amounted to
462,184.31
Note: The Insurance Department has estimated the value of tne Real Estate on Staten Island
in excess of the Bonk Value given above, at
63,700.00
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds the
Company's valuation by
2,411,384.11
On the basis of these increased valuations the belance would be
_56,881,835.38
Selected Investment Securities
Located in Pittsburgh, the greatest industrial centre
In the world, we are intimately in touch with developments in this district.
We own and offer for sale a number of bonda, which
have been selected by us because of their investment
possibilities.
Write for information and late lists
M'ELLON NATIONAL BANK
PITTSBURGH, PA.
engtinters
H. M. CHANCE & CO.
!lining Engineers and Geologists
COAL AND MINERAL PROPERTIE!
Ssamined, Managed, Appraised
Wawa: nide
PHILADELPHI r
STOCKS AND BONDS
RUDOLPH GUENTHER—RUSSELL LAW,Inc.
Financial Advertising in All
as Branches
ortignr
and sold for cash, or carried at,
conservative terms.
inactive and unlisted securities.
Inquiries invited.
FINCH & TARBELL
Members New York Stock Exchange
NEW YOR/0
lis ttROAr‘WAY. .
25 Broad Street
New York
Telephone
Broad 3732
@FedFRASER