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Am
OCT
i
TWO
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£JK
ax
3
SECTIONS
SECTION
ONE
t
Bank &
Quotation Section
Railway & Industrial Section
COPYRIGHTED IN
1921 BY WILLIAM
B.
DANA
COMPANY, NEW YORK.
Issued Weekly
$10.00 Per Year
VOL 113.
Electric
Bankers' Convention
Railway Earnings Section
State and
NEW YORK,
OCTOBER 1, 1921.
Willi
Harris, Forbes & Co
Pine Street, Corner William
INCORPORATED
NEW YORK
32 NASSAU ST., NEW YORK
COMPANY
10 Drapers Gardens, London,
OTHER OFFICES
17
16, 18, 20 and 22 William Street
EAST 45TH
BOSTON
475 Fifth Avenue, at 41st Street
HARRIS,
PHILADELPHIA
OF
TRUST &
deal
and corporations and
Government, munici¬
in
pal, railroad and public utility
PUBLIC UTILITY AND
ESTATES
INDUSTRIAL SECURITIES
SECURITIES
DOMESTIC AND
FOREIGN
BANK
-
fiscal agents for munici¬
as
palities
MUNICIPAL,
BONDS FOR
OF
SAVINGS
CHICAGO
Act
CARE
Inc.
BOSTON
HARRIS
BUFFALO
GOVERNMENT,
E. C.
FORBES & CO.,
ST., NEW YORK
CHICAGO
YORK
MANAGEMENT
NO. 2936.,
Jftontial
HARVEY FISK & SONS
IHE FARMERS' LOAN & TRUST
NEW
City Section
she rs
^financial
1822
Railway Section
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW
YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
financial
CHARTERED
Section
,
List
on
INVESTMENT
Application
.<
„.
s
BANKING
Cable Address SABA. NEW YORK
FOREIGN
OF
American Express company
EXCHANGE
LETTERS
CREDIT
COMMERCIAL
INTERNATIONAL
LETTERS
Established 1810
SECURITIES
ACCEPTANCES
The
Mechanics
LONDON
PARIS
HM FOREIGN EXCHANGE
Metals
and
OF THE CITY OF NEW YOHK
Member Federal Reserve System
and
New
York
Clearing
LETTERS
60
OF
CREDIT
broadway,
Telephone
NEW york
Whitehall 6006
House
Capital, Surplus, Profits
Established
COMMERCIAL
National Bank
1874.
John L. Williams & Sons
527,000,000
-
Deposits, June 30,1921
$196,000,000
Edward B. Smith & Co
Foreign Exchange
Trust
Service
Members New York and
BANKERS
Bond
Philadelphia
Department
Stock
Corner 8th and Main Streets
Exchanges
RICHMOND, VA.
Baltimore Correspondents:
R. LANCASTER WILLIAMS
&
Investment Securities
CO.. Inc.
GARFIELD
The New York
National bank
23rd
STREET,
where
FIFTH
Crosses
Sipttal,
-
A
Trust
AVENUE
Broadway
$1,000,000
Bank
Surplus,
-
Company
The Chase National Bank
of the
$1,000,000
,
Capital, Surplus &
Undivided Profits
The Bank of New York
$10,000,000
CAPITAL.
OFFICERS
A.
as
Trustee for
Domestic
290,959,000
(Sept. 6, 1921)
$26,000,000
National Banking Association
20,578,000
SURPLUS AND PROFITS
DEPOSITS
Act
BROADWAY
57
m
Established 1784
We
City of New York
for the Builders of Business
,
New York
Philadelphia
BARTON HEPBURN
Chairman of the Advisory Board
Foreign and
ALBERT H. WIGGIN. President
Main Office
26 Broad Street
Corporations
Vice-Presidents
Samuel H. Miller
Assistant Vice-Preaidons
Edwin A. Lee
Carl J. Schmidlapp
Gerhard M. Dahl
Our
137
years'
service
of
experience is at
our
depositors
the
FIrst National Bank
of
Philadelphia
Liberty Office
120
Broadway
Fifth Avenue Office
57th St. & Fifth Ave.
William E. Purdy
George H. Saylor
Reeve Schley
Alfred G. Andrews
M. Hadden Howell
Robert I. Barr
Sherril.l Smith
Comptroller
Thomas Ritchie
Cashier
William P. Holly
directors
Carlton
Member Federal Reserve
System and
N, Y. Clearing House Association.
Win.
A.
LAW,
President
Eugene V. R. Thayer
John J. Mitchell
1
JNewoomb
A. Barton Hepburn
Albert H. Wiggin
CHARTER NO.
Henry W. Cannon
Carl J.
Guy E. Tripp
Gerhard M. Dahl
James N.
Daniel C.
Hill
Jackling
Frederick H. Ecker
Schmidlapp
Andrew Fletcher
Wm.
Boyce Thompoo
Schley
Charles M. Schwab
Samuel H. Miller
Reeve
Edward R. Tinker
H.Wendell End''"'01
Edward T. Nichols
William M. Wf'
Tp»
•»«*
*
T-
TVood
[VOL. 113.
THE CHRONICLE
II
of Jfortign Cxtfjange
Snfeeftment ©ousts anb ©ratotrf
I. P. MORGAN & CO.
Wall Street, Corner
Maitland, Coppell & Coc
Corner of Sth and
Chestnut StreeVe
HORGAN, GRENFELL & CO.,
LONDON
all Investment Securities.
agents of. Corporations and negotiate and
Orders executed for
Act as
issue Loans.
BlUa
HAKJES
on
CO., PARIS
&
The
Messrs. Mallet
In all
Commercial and Travellers
Freres & Cie, Paris,
Letters of Credit
and
Commission.
Exchange. Commercial Credits.
Cable Transfers.
NEW YORK
Provincial & Union Bank of
England, Ltd., London,
Securities bought and sold on
Foreign
18 Broad St
BOSTON
National
14 Place Vendome
Circular Letters for Travelers, available
parts of the world.
115 Devonshire St
Transfers,
Me
of Exchange, Tele>
Letters of t'r<
No. 22 Old Broad Street
aOEQAN,
KIDDER, PEiBODY & GO.
NEW YORK
PHILADELPHIA
CO.,
&
$BEXEL
STREET
62 WILLIAM
of Broad
NEW YORK
Principal Places in Mexico.
on
Bank of Australasia.
Agents for the
TRAVELERS' LETTERS OF CREDIT
BARING
BROTHERS & CO, LTD.
LONDON
brown brothers & co.
Bowo#
NEW YORK
^Fauu>mHU
August Belmont & Co.
EXCHANGE PLACE, NEW YORK
43
Correspondents of the
Agents and
Baltimore
ALEX. BROWN A SONS,
Stock Exchange.
Members New York
Messrs.
Securities
Investment
LAZARD FRERES
ROTHSCHILD,
and Vienna
London, Paris
19
LETTERS OF CREDIT
ISSUE
Foreign Exchange
Deposit
Commercial
of the world.
Available in all parts
Telegraphic
Exchange and make
Draw bills of
Accounts
Credits
purchase and sale of
Execute orders for the
11
'BROWN, SHIPLEY & CO.
&HCDOW
Old
Brothers
Equipment Bonds
Securities Bought and
T. Suffern Taller
CAR
Letters
Sold on OommlMloa
of Credit
Company
Freeman &
TAILERi©
Members New York Stock
Exchange
NEW YORK
54 PINE STREET,
Redmond&Co.
10 Pine Street, New York
Philadelphia
New York
Investment Securities
Mayence
INDUSTRIAL
James O. Wallace
ahrenvllle Kane
Ltd., Antwerp
Cie,
&
Foreign Exchange
RAILROAD
TANK
(Espana) Madrid
& Co.,
Frires
Lasard
London
Broad Street
Laxard Brothers & Co.,
asard
Pari.
Ru. Pill.t-Will
LAZARD BROS. & CO., Ltd.,
Bonds and Stocks.
mmmmmammmammmmm■——i■———ma*
■mmmm—mm—mmrnt
t
CIE,
&
FRERES
LAZARD
Transfers
Travelers' Credits
Nassau Street
NEW YORK
for Travelers
Pittsburgh
Lawrence Turnure & Co.
Wilmington
Washington
Baltimore
G4-66 Wall Street,
New York
•
,■
'
Investment Securities
"
Investment securities bought and sold on com¬
Winslow, Lanier & Co.
mission.
out the
United States, Cuba, Puerto Rico, Mexico,
59 CEDAR STREET
Central
Make collections
issue drafts and cable transfers on above
In and
NEW YORK
London
London Joint City &
Bankers:
Midland
Received
on
Subject
and
Draft.
to
Sold
Pittsburgh Stock Exchanges
Co.
Interest
on
Cemmissiea.
•
Philadelphia and
Securities
Deposits,
Bought
New York,
Bank, Limited.
Paris Bankers: Heine &
Allowed
Members
Spain.
countries.
BANKERS.
Dtposits
through¬
available
credits,
Travelers'
America and
graham. parsons & Co
Foreign Exchange, Letters of Credit
30
435 CHESTNUT ST.
P|NE ST.
NEW
PHILADELPHIA
Investment Securities
Deal in
Purchase
and
Issues
mtrwiit
BONDS
New York
30 Pine Street
Foreign Bonds & Investment
Securities,
Commercial Credits, Foreign
of
MUNICIPAL
HUTH & CO.
YORK
Exchange,
BONDS.
AND
Cable Transfers on
NOTES
.ii
.
of
RAILROADS, UTILITIES
Keait, Taylor &> Co.
Neui^rk.
iPihbshurfih.
INDUSTRIAL
AND
CORPORATIONS
FREDK HUTH & CO., London
and
on
the Continent or Europe.
of
ESTABLISHED
Cteble Address
VALUE
"Graco," Philadelphia.
heibelbach, ickelheimer & co.
37 William Street.
John Munroe & Co.
30
PINE
STREET,
NEW
YORK
BOISSEVAIN
& CO.
NEW YORK
the New York Stock Exchange
52 BROADWAY,
Letters of Credit for Travelers
N.
Y.
Execute orders for
STOCK
EXCHANGE.
purchase and sale of
Stocks and Bonds.
Deposit Accounts
Oemmerda) Credits
Members of
MEMBERS
INVESTMENT SECURITIES
Foreign Exchange,
Cable Transfers.
COMMERCIAL
FOREIGN
DEPARTMENT
Foreign Exchange Bought and Sold.
EXCHANGE
Issue Commercial and Travelers' Credits
MUNROE
PARIS
&
MESSRS. PIERSON
CO.,
PAD
& CO.
Amsterdam, Holland.
available in all parts of
the world. *
OCT.
1
1921.]
THE
CHRONICLE
HI
Snbtatmenf an& financial i&ouseB
Goldman, Sachs & Co.
60 Wall Street
Lee, Higginson & Co.
Millett, Roe
YORK
NEW
137 So. La Salle Street
CHICAGO
Investment Bankers
14
BOSTON
SAN FRANCISCO
Boston
INVESTMENT SECURITIES
PHILADELPHIA
411 Olive Street
,v
Hoge Building
SEATTLE, WASH.
LOUIS
Titlei Insurance Building
New York
Chicago
LOS ANGELES,
MEMBERS
CAL.
Members of New York and Chicago
NEW YORK STOCK EXCHANGE
Stock Exchanges
Higginson & Co.
Commercial
80, Lombard St.
Securities
London, E. C.
Paper
bought and sold
,
commission
on
52
Foreign Exchange
Commercial
&
available
Travelers'
in
Hagen
421 Chestnut Street
Montgomery Street
ST.
&
60 Congress Street
all
Letters
of
WILLIAM ST.
NEW YORK
Credit
of the world
parts
Hornblower & Weeks
42
BROADWAY, NEW YORK
RAILWAY
BONDS
EQUIPMENT
Investment Securities
Bonds
Short Term Notes
MEMBERS
NEW
YORK, BOSTON AND
Members New York Stock
Direct wires to
all principal
markets
60
Boston
Acceptances
EVANS, STILLMAN & CO.
CHICAGO STOCK EXCHANGES
Exchange
tain
Office: National City Bank Boldtaa
Uptown Branch: 42nd
BROADWAY
NEW
YORK
St.
&
Madison
Ave
Offices in 60 Cities
Chicago
Detroit
Providence'
Portland
Robinson & Co:
Established 1888
Investment Securities
U. S. Government Bonds
Investment Securities
J. & W.
Seligman & Co,
W. A. Harriman & Co.®
26
Exchange Place
New Yoii
Members New York Stock Exchange
11NCORPO RATED
NS-54 Wall Street
New York
Boston
NEW YORK
Syracuse
Conservative
Investment Securities
Yielding 6%
Underwriters
8%
to
Distributers
Howe, Snow,
EarseyBros. & Co.
BAJNTKERS
Corrigan & Bertles
Investment
GRAND
Bankers
RAPIDS,
MICH.
EST. 1865
MEMBERS PHILADELPHIA STOCK EXCHANG*
866
Securities
PHILADELPHIA
BANKERS'
New York
Buenos
Aires
Sao Paulo
Santos
Marshall Field, Giore, Ward & Co.
ALDRED & CO.
40
Foreign
Exchange
137:SOUTH LA SALLE STREET
CHICAGO
Argentine Pesos
Uruguayan Pesos
Brazilian
Milreis
Argentine Cedulas
WALL
Wall Street
New York
\
•
14
New York
BROKERS
Rio de Janeiro
Montevideo
1
Chicago
v
Madison Ave.,
DAVIS & CO., LTD.
1421 CHESTNUT STREET
.
INC. 1918
10 So. La Salle St.
Investment
STREET
NEW YORK
Bonds
V
Uruguayan Cedulas
Peso
Dollar
Fiscal Agents for
Public Utility and Hydro-Electric
&
Companies
Sterling Issues
PESO
COUPONS
49 Wall St.
PURCHASED
Tel. Hanover 394
RAILROAD, INDUSTRIAL,'
FOREIGN
H.
T.
HOLTZ &
CO.
INVESTMENT
HARPER
&
INVESTMENT
BONDS
GOVERNMENTS
AND
MUNICIPAL BONDS
TURNER
FOR INVESTMENT
BANKERS
STOCK EXCHANGE BUILDING
WALNUT STREET ABOVE BROAD
39
SOUTH LA SALLE STREET
CHICAGO
PHILADELPHIA
Members Philadelphia Stock Exchange.
Parker &
49 Wall
Street,
Company
New Yorh
CHRONICLE
THE
IV
[vOL. 113.
jfinatttM
Jfinaitcial
y(sandal
**""* m»m»»o^^*******^*^***^*^1
HW<Mywv¥Virfww»*irri*ri* —i—i—- — - ^
FINANCE
WE
ESTABROOK & CO
Light Enter¬
prises with records of established
Members New York end Boston
Stock Exchanges
INVESTMENT
and
Power
Electric
chase & company
earnings.
SECURITIES
bonds
WE OFFER
15 State Street,
BOSTON
-
Bankers
NEW YORK
24 Broad Street,
and
Investment
Proven Power and
Dealers
Light Securities
19 CONGRESS ST.
BOSTON
Correspondence Solicited
SPRINGFIELD
GPROVIDENCE
HARTFORD
ELECTRIC BOND & SHARE CO.
SIMON
BORG & CO.,
(Paid-Up Capital and Surplus $24,500,000)
71 BROADWAY,
We Offer
NEW YORK
HIGH-GRADE
iitmoeri of New York Stock Exchanot
MUNICIPAL AND RAILROAD
No. 46 Cedar Street
-
PFD.
RAILROAD
New York
-
BONDS
yield 9
to
cent
For Conservative Investment
HIGH-GRADE
J. S.
INVESTMENT SECURITIES
R. L. Day
ESTABLISHED 1868
35
& Co.
FARLEE &
Ac/HIGW^C,
CO.
EST.1882
66
BROADWAY
NEW YORK
Congress St., Boston
Tel. 9695-9699
8 Nassau
per
STOCK
New York
Bowling Green
Correspondents
REMICK, HODGES & CO.
St., N. Y«
STOCK EXCHANGE
MEMBERS NEW YORK
Deal in
Underlying Railroad Bends
and
Tax-exempt Guaranteed & Preferred
'Railroad & Telegraph Co.
Stocks1
parkinson & burr
Members of the New York and
STOCKS AND BONDS
beught
and
sold
for
carried
cash,
or
conservative terms.
William ftfcmptonfo
Boston Stock Exchanges
on
Inactive and unlisted securities.
53
Inquiries invited.
INVESTMENT BONDS
BOSTON
State Street
14 Wall
f.i nch & tarbell
189
BROADWAY,
Street, New York
Cincinnati
St. Louis
Members New York Stock Exchange.
New
Chicago
Orleans
NEW YORK
BONDS
e$00seuett &
H.MOUNTAGUE VICKERS
Founded 1797
49
Baker, Ayling & Young
Street
Guaranteed Stocks
Bonds
Seasoned
Wall
boston
Investments
PHILADELPHIA
30 Pine Street
Texas Municipal Bonds
High Yield
New York
Short-Term County Notes
j. l. arlitt
BERTRON, GRISCOM & CO. INC.
141
INVESTMENT
46 Wall Street
Title
Land
NEW YORK
Broadway.
Tel
SECURITIES
New York
Rector 4814
Member Texas Banker»'
Acseclatlon
Building
PHILADELPHIA
INVESTMENTS
IR.C.Megargel
A. B. Murray & Co.
&,
Co
14 Wall Street
Phone 10f3 Rector
New York
FOUNDED 1854
Investment Securities
Municipal, Railroad,
Public
FACTORS
27 Pine
Street, NewJYork
Utility
and
/
Industrial Securities
Main Office
225 4th Ave
.
-
New York
WATKINS & CO.
7 Wall
Cable Addrvss
-
Quomakcl
Street
NEW YORK
40 State St.
BOSTON
OCT. 1
v
CHRONICLE
'THE
1921.]
Canadian
BANK OF MONTREAL THE CANADIAN BANK
Canadian
Established
over
HEAD
exceptional oppor¬
tunities for sound investment.
If pur¬
chased now they will yield from
offer
bonds
SIR CHARLES
President.
GORDON, G.B.E., Vico-Pres.
Sir
F.
and
L.
FRANCIS,
FOSTER,
Agent*
J. STEPHENSON,
Buy and Sell Sterling and Continental
Exchange and Cable Transfers.
Collection i.
General Manager.
request.
Branches
made at all points.
Agencies;
Travelers'
Throughout Canada and
Wood, Gundy&Go«
Incorporated
14
WALL
In
Toronto, Winnipeg, Montreal,
of
Banking and Exchange business
description transacted with Canada.
York (64 Wall
LONDON
Street), Chicago, Spokane, San Francisco—
British American Bank (owned and controlled
by the Bank of Montreal).
West
and
Indies, British Guiana
Colonial
Bank
(of
Bank
of
Bank
of
Scotland,
Lloyd's
Bank,
IlcmLzrs Toronto Stock
^
&xchanga
Limited.
THE
ROYAL BANK OF CANADA
United Financial Corporation
&
established W9
Established
1869
(f?<anadi<an
£ Corporation
tyVtvadway
•"
V-
'
19,000,000
650,000,006
Total
'
Assets..
..Montreal
HOLT, President
Head Office
SIR HERBERT S
E. L. PEASE, VIce-Pree & Man. Director
C. E. NEILL, General Manager
TiewYork
Toronto
London
Montreal
Montreal
VictoriaUC
'■
INVESTMENT BANKERS
Securities
uoronto
.:■■■•'
V
$19,000,000
Reserve Funds
<8o\a2m.Tru2nt. Municipal
Capital Paid Up
Limited
j'--
O
England,
The
i
Jt'&'Jlmcs
Street. M.
The
West
owned by the Bank
(in which an interest is
of Montreal).
Lombard
OFFICE—2
of eVetW
BANKERS IN GREAT BRITAIN
London),
Africa—The
Cheques and Letters of Credit lssu§4
available In all parts of the world.
(France).
Montreal
the United States—New
In
London, Eng.
Bank
Paris,
NEW YORK
STREET,
Newfoundland.
England, and at Mexico City.
At London,
Plaos
B.
C.
C.
Williams-Taylor
Frederick
F. Jones.
New York Office, 16 Exchange
Office—MONTREAL
Head
*
on
General Manager, H. V.
Assistant
United States funds
C-21
General Manager, Sir John Alrd.
SIR VINCENT MEREDITH, Bart.,
Principal and interest payable in
Particulars
$15,000,000
President, Sir Edmund Walker. O.V.O., LL.D., DXI.
507,199,946
Total A88ets__
61/2% to 71/2%
FuU
$15,000,000
RESERVE
23,531,927
Rest & Undivided Profits
OFFICE. TORONTO
PAID UP CAPITAL
$22,000,000
Capital Paid Up
Bonds
These
OF COMMERCE
Years
100
Municipal
Government and
Chicago
Affiliated with
New York.
Guaranty Trust Co. of
throughout CANADA and NEW¬
FOUNDLAND,
in
CUBA,
PORTO
RICO,
DOMINICAN
REPUBLIC, HAITI. OOSTA
RICA, COLOMBIA and VENEZUELA, BRIT¬
ISH and FRENCH WEST INDIES, BRITISH
HONDURAS and BRITISH GUIANA.
780 Branches
ARGENTINA—Buenos Aires.
BRAZIL—Rio de Janeiro, Santos, Sao Pauls
URUGUAY—Montevideo.
SPAIN—Barcelona.
LONDON OFFICE—Princes Street, E. O.
NEW YORK AGENCY—68 William St.
RURNETT.
V
PORTEOUS
(J.
Daly
A.
R.
F. T.
Co.
fit
Walker, J. A. Beatson, E. B. Mclnerny
and J. D. Laavitt, Agents.
FRENCH
GOVERNMENT,
•
»
Quatre-Septembre.
MUNICIPAL
AND CORPORATION
OO)
AUXILIARY: The Royal Bank
(France), PARIS, 28 Rue de
Canada
CANADIAN
BONDS
'
IVabenHontiwlStodJLdisftgo
THE DOMINION BANK
Bank of Toronto Building
TORONTO, ONT.
Montreal
IT St. John Street
HEAD OFFICE, TORONTO
Up Capital
$6,000,000
Paid
AND BOND BROKERS
STOCK
Profits
Reserve Funds & Undivided
Canadian
Provin¬
Government,
cial, Municipal
Total
and Corporation
Clarence A. Bogert,
General Manager
Sir Edmund Osier,
Bonds
7,819,000
126,000,000
Assets
President
Bought—Sold—Quoted
GREENSHIELDS & CO.
CANADIAN
New York Agency, 51 Broadway
C. S. Howard, Agent
Montreal Stock Exckang.t.
in
Canadian
Bond
Issues,
Members
SECURITIES
Dealers
17 St.
London Branch, 73
CANADIAN
IMVttTMCNT
BANK£H«
AND
FOREIGN
EXCHANGE
BOUGHT AND SOLD
CANADA
TORONTO
Cornhill
S. L. Jones, Manager
John Street, Montreal
CANADIAN
INVESTMENT SECURITIES
TRAVELERS' AND COMMERCIAL
*
'
J.
CANADIAN
LETTERS
Offerings on Request
,
OF CREDIT
Correspondence Invited
MUNICIPAL AND
GOVERNMENT,
McDonagh, Somers & Co,
CORPORATION BONDS
Correspondence
Dominion Bank
Invited.
Building
HERDMAN & COMPANY
TORONTO, CANADA
lembers
H.R. BRERETON & CO.
Dominion
Bank
Building
Montreal 3tnck Exchange
Bankers
v
TORONTO. CANADA
& Brokers
Dominion Express
CANADIAN BONDS
Building
MONTREAL
Canadian Bonds
f Inquiries solicited—Offerings on request
R. C. Matthews & Co.
MclEODlfcUNGWEIR
LIMITED
trCo.
INVESTMENT
$3-Jordan St.
BOND
BANKERS
Toronto
F. WM. KRAFT, Lawyer
Specializing in Examination & Preparation
of
CANADIAN
DEALERS
Canadian Pacific Railway
TORONTO
Building
Nesbitt, Thomson & Co.
BONDS
\
Limited.
County, Municipal and Corporation
Canadian
Bonds, Warrants and Securities and
Municipal, Public Utility &
Proceedings Authorizing Same.
Industrial bonds
Rooms
517-520, 111 W. Monroe St.,
Harris Trust Building
INVESTMENT BANKERS
ILLINOIS
St., MONTREAL
Toronto
London, Ont.
222 St. James
Hamilton
CHICAGO,
^Emilius Jar vis &
Established
1891
Co
CHRONICLE
THE
VI
[VOL. III.
•
Jfortlgn
Australia
New Zealand
and
LONDON JOINT CITY AND
BANK OF
MIDLAND
NEW SOUTH WALES
BANK
0ESTABLISHED
1817.)
The
17,125,000
Liability of Proprietors.. 24,826,000
Reserve Fund....................
Reserve
LIMITED
CHAIRMAN,
——...—$24,826,000
Pald-Up Capital
Right
Hon.
McKENNA
R.
JOINT MANAGING DIRECTORS:
S.
$66 777 000
Aggregate Assets 31st March, 1921 .$378,462,443
OSCAR LINES,
General Manager.
B.
MURRAY
F.
HYDE
Subscribed Capital
Paid-up Capital
358
BRANCHES and AGENCIES in the
Australian States, New Zealand, Fiji, Papua
E.
-
W.
10,860,565
-
Reserve Fund
(New Guinea) and London.
The Bank transacts
description of Australian Banking Business.
10,860,565
DepOSitS (June SOlh, 1921)"
every
WOOLLEY
£38,116,815
-
371,322,381
-
Wool and other Produce Credits arranged.
Office
London
Office
Head
HEAD
OFFICE:
39, THREADNEEDLE
STREET, E. C. 2
GEORGE STREET
SYDNEY
OVER
THREADNEEDLE
5,
OFFICES
IJi&O
IN
STREET,
ENGLAND
LONDON,
AND
E.C2.
WALES
OVERSEAS BRANCH: 65 & 66, OLD BROAD STREET, LONDON, E.C.2.
Atlantic Offices:
" Aquitania "
THE UNION BANK OF AUSTRALIA, Limited
BELFAST BANKING CO. LTD.
..£9,000,000
£7,500,000
£2,500,000
....
Capital Paid Up
"Mauretania "
AFFILIATED BANKS'
Incorporated 1880.
Established 1837.
Capital Authorized...
Capital Issued
"Berengaria "
-
THE CLYDESDALE BANK LTD.
OVER 160 OFFICES IN SCOTLAND
OVER 110 OFFICES IN IRELAND
......£2,750,000
Reserve Fund
Reserve Liability of
£5,000,000
Proprietors
The
NEW
Bank
has
42
Branches
in
VICTORIA.
38 in
19 in QUEENSLAND, 14
20 in WESTERN AUS¬
TRALIA, 3 in TASMANIA and 46 in NEW ZEA¬
la
SOUTH WALES,
SOUTH
LAND.
AUSTRALIA,
The NATIONAL PROVINCIAL and
Total, 182.
UNION BANK OF ENGLAND,
Head Office: 71, CornhUl, London, E.C.
Manager, W. J. Easame.
Asst. Mgr., W. A. Laing.
Secretary, G. T. Tobitt.
'
Limited,
Established
OFFICE:
HEAD
THE
BISHOPSGATE,
15,
(8 5
Commercial Banking Company
of Sydney
Subscribed
Paid
Established 1834.
Every
Capital
Fund
description
ENGLAND.
-
8217,235,400
-
846,547,080
844,390,205
-
-
of
LONDON,
£1.)
Capital
Up
Reserve
LIMITED
=
.
1833.
Business
Banking
transacted,
Incorporated in 'New South Wales.
Pald-Up
Capital
Reserve Fund
Reserve LiabilUjrof Proprietors
HAS NEARLY ONE
BANK
THE
£9,000,000
9,040,000
9,000,000
together
with
THOUSAND
Agencies
in
OFFICES
ail
parts
IN
ENGLAND
of the
AND
WALES,
World.
£6,040,600
Drafts payable on demand, and Letters at
Credit are teemed by the London Branch on the
Head Office.
Branches and Agencies of the Bank
la Australia and elsewhere.
Bills on Australasia
negotiated
or
collected.
Hong Kong & Shanghai Ifltemitiinal Banking Corporation
CORPORATION
BANKING
Remittances cabled.
60
Hsad Office, Sydney, New South Wales
London Office:
Reserve Fund in Silver (Hongkong Curr.)H$21,500,000
WALL
STREET, NEW YORK CITY.
Paid up Capital (Hongkong Currency)—H$15,000,000
18, Btrchin
Lane.
Lombard
Street,
E.
O.
Reserve Fund in Gold Sterling
GRANT DRAFTS, ISSUE
—
£2,500,000
Capital and Surplus..——
LETTERS OF CREDIT
NEGOTIATE OR COLLECT BILLS PAYABLE IN
....$16,600,886
Profits
Undivided
$4,060,666
Branches
In
STRAITS SET¬
PHILIPPINES,
JAPAN.
TLEMENTS, INDIA.
J.
A.
JEFFREY,
36
Agent,
St.,
Wall
New
York
BOUGHT and SOLD
London
Lyons
San
China
Java
Panama
India
Philippines
Santo Domingo
Japan
CHINA.
foreign money
Straits
Spain
Francisco
I
Settlements
HANDY and HARMAN The Union Discount Co.
Est.
1867
89 CEDAR STREET
of London, Limited
NEW YORK
Telephone 4337-8 John
The Mercantile Bank ef India Ltd
CORNHILL
39
Head
Telegraphic Address, Udlsco: London.
Ionian
Bank, Limited
Incorporated by Royal Charter.
Often every banking facility for transaction
with Greece, where it has been established for
80 yean, and has
Branches throughout the
Country.
Ateo
at
Alegmdrte, Cairo, Ac., in Egypt.
Head Office:
Basilden House,
Moor gate Street,
LONDOfc,
Capital
Paid
Up
5,000,600
—
5,000,000
Reserve Fund
$5=£1
NOTICE
RATES
deposit
on
At
8
to
INTEREST
are a»
7
HEREBY
IS
OF
STERLING
GIVEN
allowed
that
for
the
money
Head Office:
Gracechurch St., London, E. C.
Authorised Capital
0
--£3,000,000 0
1,085,000 0
0
SuhacribedOapital
2.495,525
0
0
Paid-up Capital
1,247,762 10
0
Further Liability of Proprietors. i;247|762 10
0
,P*de frY Telegraphic Transfer.
Bills Negotiated or forwarded for
Collection,
Days'
Notice,
CHRISTOPHER R.
NUQENT, Manager.
National
Discount
Limited
Company,
85 CORNHILL
LONDON, E. C.
4,238,828
Cable Address "Openhym'*
INVESTMENT SECURITIES
FOREIGN EXCHANGE
2,568,000
-
($5=£1 STERLING.)
NOTIOE is hereby given that
INTEREST
as
Bankers to the Government In British East
Africa and Uganda
Subscribed Capital
£4,000,000
Pald-Up
Capital
£2.000,000
Reserve Fund
—-£2,500.000
The Bank conducts every description of banklat
and exchange business.
3 hi %
80-81 Damrsfc
the RATES OF
AMSTERDAM
Oable Address:
per annum at
Achillea-Amsterdam
call.
ROTTERDAM
at 7 and 14 days' notice.
Approved Bank A Mercantile Bills discounted.
Money received on deposit at rates advertised
from time to time; ana for fixed periods upon
specially agreed terms.
Loans granted on ap¬
proved negotiable securities.
PHILIP
ArnoldGillsaen &Ce
allowed for money on Deposit are
follows:
ZH%
GERMANY
NATIONAL BANK 6F INDIA Limited
$21,166,625
—
Reserve Fund
FRANKFORT-o-M.,
India, Burma, Ceylon, Straits Better-
Oable Address—Natdis London.
Paid Up Capital
BANKERS
In
Agency, R. A. Edhmdh. 64 Wall Stres'.
•ranches in
India,
Burma.
Ceylon. Kenya
Colony and at Aden and Z&nxibar.
The
Subscribed Capital
Menny Oppenheimer
York
Head Office: 26, Bishopsgate, London, E. C
-
Lincoln
tew
Per Cent.
Z%
5
banking and Exchange business of every de¬
scription transacted with Australia.
E. M. JANION,
Manager.
Branches
aunts, Federated Malay States, China Mid Mauritim,
follows:
posit at rates advertised from time to time, and
grants loans on approved negotiable securities.
_
Capital Authorised end Subscribed—£1,set,•£«
Capital Paid Up
£756,66#
teserve Liability of Shareholders—.—
£756,6691
ftaserve Fund and Undivided Profits—
£788,79#
Per Cent.
The Company discounts approved bank and
mercantile acceptances,
receives money on de¬
English Scottish and Australian Bank, Ltd,
Street, London
Capital Authorized & Subscribed-810,006,060
At Call, ZH
E. C. 2.
0ffic§
15 Gracechurch
HAROLD
WADE,
Manager
THE HAGUE
Established
1871
BANKERS AND STOCKBROKER!
FOREIGN
EXCHANGE
Oct. 1
TO
CHRONICLE
THE
1921.]
yortigs
Jforeign
■
BANCO DI ROMA
ESTABLISHED 1880
Head
Office:
Rome,
Capital Fully Paid and
Surplus
Resources
Total
Banque Nationale de Credit
Italy
_
$34,000,000
$1,000,00$,000
Capital
92,000,000
Head
September Number of Our
350 Branches In Franoe
American
to
in
Branches
the
Rhenish ProvlnooB
Bankers,
Copy mailed upon request.
Rodolfo Bolla
GENERAL BANKING BUSINESS
Kindly address
Representative
American
New
Wall Street
One
4
business developments in Italy of
is ready for distribution.
containing information of
Office
PARIS
MONTHLY BULLETIN
interest
frs.2,420,000,000
...
Asia and Africa
Branches throughout Europe,
The
500,000,000
frs.
Deposits
(Five Lire—One Dollar)
Over 200
frs.
Surplus
V
York
SWITZERLAND
BANCA COMMERCIALE I TALIAN A
NATIONAL BANK
400,000,000
176,000,000
DEPOSITS
LIT.4,071,847,867
Head Office, Milan, Italy
New York Agency, 62.04 William St., N. Y. C.
London Office, i Old Broad Street, E. C. 2
LIT.
LIT.
CAPITAL
SURPLUS
Constantinople
80 branches in Italy, at all the
INSTITUTIONS
BANCA
COMMERCIALE
ITALIANA
(France)
—Paris, Marseille* and branches
BANCA COMMERCIALE ITALIANA E BULGARA
—Sophia and branches
AFFILIATED
Rio da Janeiro
BANCA DELLA SVIZZERA
and branches
Paulo,
Egyptian
£3,000,000
Capital, fully paid
Reserve
POUR
Aires,
6
AND
7
Apply to
SWISS BANK CORPORATION
BASLE
£2,000,000
Fund
GENEVA
ZURICH
AGENCY
LONDON
KING WILLIAM ST.,
»
ITALIANA—Lugano
ITALIANO—Lima and branches
SOCIETA
ITALIANA DI CREDITO COMMER
CIALE—Vienna, Trieste and branches
BANCO
FRANCES DE CHILE—Santiago, Val¬
BANCO
ROTTERDAMSGHE
BANKVEREEN1GING
COMMERCIAL BANK SF SCOTLAND, LM
Established 1818
paraiso
FRANCES E
BANCO
ITALIANO DE COLOMBIA
—Bogota
Rotterdam
Amsterdam
The Hague
Subscribed
and
oranchea
BOEHMISCHE
UNION
BANK—Prague
CAPITAL AND
SURPLUS
Paid up
of SOUTH AFRICA,
Ltd.
Branches In Africa
Over 600
Heed
Capital and Reserves
exceed
$21,000,000
and bankers its superior
of trade and com¬
country and Africa.
merce
between this
PURCHASE AND SALE OF
American Exchange
Royal Bank of Scotland
BANQUE GUYERZELLER
Paid-up Capital
Rest and Undivided
1727.
£2,000,006
£1,082,278
-
Profits
£82,114,72V
Deposits
SOCIETE ANONYME
Head Offiea
•
Cashier and
Glaegow
Paid up
Every
Capital Frs. 6,000,000
description of banking burinesi
Edinburgh
Offiea
Wright
S Blshopsgate, E.CJI
•
-
-
-
-
Exchange Squaro
Branches Throughout
1T2
Cvery Description of British,
Foreign Banking Business
Scotland.
Colonial and
Transacted.
Oorrsspendenss IntUsi
transacted.
Siege social:
St. Andrew Square,
General Manager: A. K.
London Offloe
Established 1884
Fondee In 1881
National Beak
Incorporated by Royal Charter.
ZURICH
SOCIETE GENERALE AtSACIENNE
DE BANQUE
Lombard Street
113 Buohan&s Street
Sub Offices throughout Scotland
New York Agents
SHARES
Representative for the U. S. of th»
Rotterdamsche Bankvereeniging
J. G. van BREDA KOLFF
14 Wall Street, New York City.
44 Beaver St.
New York Agency
Edinburgh
Magnus Irvine, Secret*rv
Oen'l Manager
283 Branches and
Offers!!*) American banks
facllitie sfor the extension
41,866,0(5
.
.
.
Office, 14 Geerge Street,
Glasgow Office,
FOREIGN EXCHANGE
STOCKS AND
1,788,808
1,008,08
London Office, 62
LETTERS OF CREDIT
BANK
£8,888,806
,
Fund
COLLECTIONS
The NATIONAL
.
....
Deposits (Nov. 1920)
F.iiG.ooe.ew
.
.
.
,
Capital
Alex. Robb,
Paid Up
Capital
Reserve
Brussels
ANVERSOIS—Anrars,
CREDIT
and la London
Bunches ill over Switzerland
ENGLAND.
LONDON, E. C., 4,
and branches
Investment
Law
June, 1898, with the exolusive right *
issue Notes payable at sight to bearer
UNGARO-ITALIANA—Budapest
BANQUE
FRANCAISE
A
ITALIENNE
L'AMERIQUE DU SUD—Paris, Buenos
Sao
under
for
E ROMENA
COMMERCIALE ITALIANA
—Bucarast and branches
BANCA
BANCA
BONDS
Head Office—Cairo
Established
principal point* in the Kingdom
Government, State and Municipal
EGYPT
of
Strasbourg
4, Rue
Joseph AUssol
de francs
Capital. 100 millions
entlareeMnt
verses
88 Agences
KORIG
BROTHERS
&
Ct
notamment a
MULHOUSE
*ETZ
COLOGNE
FRANCPORT
BANK OF JUGOSLAVIA, LM.
HEAD OFFICE,
MAYBNCE
LUDWIGSHAFEN
YORK
188 Pevt Stmt, NEW
SARREBRUCK
New
Commercial
and
Travellers
ZAGREB
York Agency
LOTHAR BERKS,
Agent
Letters of Credit
LEO
SORGER,
Sub-Agent
N. CVETNIC,
Sub-Agent
on
PRAGUE
Head
Office:
CREDIT BANK
Prague,
Branches throughout
Czechoslovakia.
KONIG BROTHERS, LONDON
and
NEDERLANDSCHE HANDEL-MAATSQHAW
ROTTERDAM
Capital..J.K.200,000,000
Reserve..
Czechoslovakia.
Established in 1870.
Capital and Reserves
Subscribed
CcK 128,000,000
25 Broadway,
Cable Address
50,000,000*
New York
"Jugobank'
I
THE
mi
CHRONICLE
JBunkenc anil JBrofeet
[VOL. IIS.
tb(&tn&<s
eto
'
CHICAGO
MILWAUKEE
CHICAGO
Investment Securities
EDGAR, RICKER & CO.
Underwritten
East Water and Mason Streets
&
Distributed
WIS.
MILWAUKEE,
WANTED
Goodrich Transit Co. 1st 8s, 1935
Wisconsin Municipal Issues
A. G. Becker & Co.
Federal Securities
Corporation
COMMERCIAL PAPER
INVESTMENT SECURITIES
38 South Dearborn Street
CHICAGO
Financing of Milwaukee
187
Salle Street
South La
CHICAGO
JAMES
and Wisconsin Industries.
NEW
Investment Securities
SEATTLE
ST. LOUIS
YORK
Lacey Timber Co.
LOS ANGELES
SAN FRANCISCO
TIMBER
based
Bought and Sold.
..."
•
D.
SSS SOUTH MICHIGAN AVE., CHICAGO
First Wisconsin Company
Investment Securities
MILWAUKEE
upon
expert
verification
of underlying assets
*
*
BONDS
always
WISCONSIN
Greenebaum Sons
Investment Company
SCOTT & STITT
INVESTMENT BONDS
Safe Investments Since 1855
111
S. E. Cor. LaSalle and Madison Sts.
W.
Monroe St.
CHICAGO
Safe First
Mortgage
Real Estate Serial Bonds
Suitable
Second Ward Securities Co.
ance
Investments
for
Banks,
Insur¬
Companies, Estates and Individuals
Approved and Recommended by the
Second Ward Savings Bank Bldg.
^
OLDEST
BANKING
HOUSE
IN
CHRISTIAN & PARSONS CO.
CHICAGO
Commercial
MILWAUKEE
Collateral
'
MUNICIPAL BONDS
108 So. La Salle St.
CHICAGO
Investment Securities
First Mortgage
ZN S, U Salt St
Corporation Bonds
Specialists in
Short
Industrial
Wisconsin Municipals
and
Hyney,
High Grade Investments
South
89
Salle
Note
Issues
& Co.
CHICAGO
St
Slaughter & Co.
Members
Exchang*
Chicago Stock Exchange
Chicago Board of Trade
UC
Fletcher American Company
& ray, Inc.
WEST MONROE STREET
CHICAGO
ILL.
Specializing in
I
Industrial and Railroad
INDIANAPOLIS
-
FINNEY, cammack
New York Stock
INDIANAPOLIS
Bonds and
Powell, Garard & Co.
$1,500,000
108 South
INVESTMENT SECURITIES
Specializing In Indiana and Indianap¬
39
South La
olis Corporation and Municipal bonds
«*4 itooks.
Salle
Chicago
Milwaukee
SPRINGFIELD, ILL.
SMAPKER i COMPANY
Investment Securities
Formerly
Matheny, Dixon, Cole & Co.
SPRINGFIELD, ILLINOIS.
SOUTH
LA
SALLE
Dealers
Municipal
and
8HAPKER. WALLER & CO.
m
and
Illinois
in
Corporation
Farm
Bonds
Mortgages
STREET
CHICAGO
Ifidlana Corporation Securities
Street,
St, Louie
ssslt bonds
Municipal Bonds
Salle
Street
INDIANAPOLIS
Detroit
La
Notes
CHICAGO, ILLINOIS
Chicago
Philadelphia
BREED, ELLIOTT & HARRISON
SSmaixinati
CMcafo, UL
Term
Emerson
La
A. O.
Capital
Paper
Loans
MINNEAPOLIS
5=1
NEWTON
John Burnham & Co.
TODD
Local Securities and
Indiana
018 Lemcke Bldg.
INDIANAPOLIS
Stevens-&-@Oe
Investment Securities
Corporation Bonds and Stock*
La
Salle
and
Monroe
CORPORATION BONDS
Chicago
•
tOMMERCJAL
MINNEAPOLIS
SOUTH
BEND,
»Q1Q
ESTABLISHED
^MUNICIPAL RAILROAD
PAPEEL>
STlfiAUtr' '
'
IND.
L.Kaafmann&Co State Bank
Goss-Geyer-Ross Company
FOREIGN
/4-b
GOVERNMENT, MUNICIPAL
&
CORPORATION BONDS
SECURITIES DEPARTMENT
'£&zS/a//e
Foreign
Exchange
Securities
nlon Tract Bldg.
SOUTH BEND, IND.
^Atecupo,
a
and
use and consult
The Financial
Classified
Chronicle
Department
Foreign
Specialty.
(Opposite
Inside
Bask
Cover)
OCT. 1
THE
1921.]
CHKONICLE
IX
JBanfcetg anil JSrofeers ^utattre JJeto gorfe
MICHIGAN
CLEVELAND
MICHIGAN
Member, of
TheGmidling-Jones Company
HUGHES, GORDON, BRASIE & CO.
STOCKS—BONDS—NOTES
High Grade Bonds
CLEVELAND
HANNA BUILDING,
Members Detroit Stook Exchange
Bonds
Acceptances
Chicago
York
Exchange and the Chicago Board
Members of New York, Boston, Cleveland,
and Detroit Stock Exchanges, the New
Cotton
WAILING, LERCHEN & COMPANY
Richard Brand Company
Michigan Municipal Bonds
Specializing Detroit Securities
Local Corporation Bonds
of Trade.
We
Invite
and Stocks
We
Inquiries
CLEVELAND
New York
Oolujmbua
Cincinnati
Youngs town
Colorado Springs
Toledo
Denver
Members
Detroit
Stock
your
inquiriei
Bldg., Detroit
Exchange
WHITTLESEY, McLEAN & CO.
CINCINNATI
THB
Municipal Bonds Corporation Bonds
KLIPFEL-WASHBURN - BERKLEY
CO.
INVESTMENT SECURITIES
CHANNER A SAWYER
DETROIT
Building
OHIO
CINCINNATI,
Bucyrus
Members Detroit Stock Exchange
2054 Penobscot
Union Trust Bldg..
CLEVELAND, O,
Warren
Stocks
INVESTMENT SECURITIES
tod Flaor National City Bldg.
Dayton
invite
1721-3 Dime Bank
DETROIT
Detroit
Akron
Boston
Dayton
SECURITIES
PENOBSCOT BUILDING, DETROIT, MIC
OTIS & COMPANY
Stocks
Stock Exchange
Charles A. Pa reel Is & Co.
INVESTMENT
DETROIT
BANK BLDG.
DIME
Detroit
Ohio Securities—Municipal Bonds
New York Stocks and Bonds
FENTON, DAVIS & BOYLE
Listed
Unlisted
-
Inactive
-
Stocks & Bonds
ALBERT
DEALERS
FOYER
•
•
Bankers
j
Chicago
Detroit
Grand Rapids
IRWIN,BALLMANN & CO.
823-830-838 Walnut
CLEVELAND, O.
Leader News Bldg.
Investment
IN
INVESTMENT SECURITIES
St.
KEANE, HIGBIE & CO,
CINCINNATI, OHIO
MUNICIPAL BONDS
HUNTER GLOVER & CO.
FRIEDLANDER
EDGAR
DEALER
Investment Securities
ERIE BUILDING,
CLEVELAND
Ashtabula
Philadelphia
Cincinnati
431
GRISWOLD ST.
220
BROADWA
IN
Securities
KAY & CO.
Inc.,
OHIC
CINCINNATI
Springfield
New York
Cincinnati
NEW YORK
DETROIT
INVESTMENT BANKER
DETROIT, MlCSft.
Penobscot Bldg.
PITTSBURGH
TOLEDO
GORDON
TUCKER, ROB ISON A CO
A
ierhbers Pittsburgh Slock Exchange
Union Bank Building,
Established 1893
PITTSBURGH, PA.
Phone Court
3264-5
INVESTMENT BANKERS
MBRkifal, Railroad and Corporation Hoods
and
Ohio Securities
TOLEDO, OH11
Gardner Building.
UNION TRUST BLDG.
LYON, SINGER & CO.
INVESTMENT
MUNICIPAL BONDS
Securities of
PITTSBURGH
Bonds
Detroit
Members
Motor Stocks,
A.
OHIO
W. A, HAMLIN & CO.
Pittsburgh District
Pennsylvania Municipal
GARDNER BUILDING
TOLEDO
E. MASTEN
Established
DETROIT,
Members Detroit Stock Exchange
BANKERS
Commonwealth Bldg.,
Graves, Blanchet & Thornburgh
Exchange
GEORGE M. WEST & COMPANY
Successors to
Bankers—Established 1876
Stock
COMPANY
INVESTMENT BANKERS
David Robison Jr. 8c Sons
Toledo
Detroit
Members
Stock Exchange
Public Utilities & Oils
& CO.
1891
1010 Penobscot
Bldg.,
DETROIT, MICH,
New York Stock
Exchange
Exchange
Members Pittsburgh Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Cotton Exchange
Boston Stock
BUFFALO
JOHN T. STEELE
123 Fourth
and
Joel Stockard
INVESTMENT BANKERS
Municipal
Corporation
SPECIALISTS
& Co., Inc.
Pittsburgh, Pa
Branch Office—
Wheeling, W. Va.
BUFFALO, N. Y.
Government,
Ave.,
Municipal, Government &
Corporation Bonds
Bonds
IN
Members Detroit Stock
ALWAYS
Biffali and Western New York Secnritfc
Penobscot Bldg.,
■
Exchange
DETROIT
■
Cherry 11 **4
refer to the Financial Chron¬
icle
IRVING
T.
LESSER
Trading
when you
bonds
or
STOCKS AND BONDS
Square
BUFFALO, N. Y.
wish to buy
unlisted
or
or
sell
inactive
Harris Small & Lawson
I
180
stocks.
79 Ellfcott
Department
CONGRESS ST.. W
DETROIT
CHRONICLE
THE
x
[Vol. 113.
JBanfc ttt an& JBraters <£>utsibe ileto gotfe
PACIFIC
PACIFIC COAST
Howard Throckmorton
COAST
MACON
W. M. DAVIS & COMPANY
Pacific Coast Securities
*
■'
r
■
:
.
;
>.
5.
•
«•
BONDS
Southern Municipal Bonds
of MUNICIPALITIES AND
Guaranteed Stocks
CALIFORNIA SECURITIES
AND
CORPORATIONS
(Government
Municipal
Corporation
and
San
MACON
GEORGIA
baring substantial assets
Francisco
earning power.
ATLANTA
Commercial Building
Alaska
WILLIAM R. STAATS CO.
THE ROBINSON-HUMPHREY CO.
LOS ANGELES
SAN
PASADENA
FRANCISCO
Established
Information Furnished on
Quotations and
MUNICIPAL
Pacific Coast Securities
AND ^CORPORATION
1858
Established
1884.
BONDS
&.CO.
S U T RO
Hunter,DubiN&Ca.
ATLANTA
QBORQIA
BROKERS
INVESTMENT
Members
San Francisco
AUGUSTA
San Francisco Stock
10 Montgomery St.
and Bond Exchange
Private Wire
GOVERNMENT
MUNICIPAL AND
DHMHC
CORPORATION
DENVER
UKjivUu
JOHN W. DICKEY
Augusta, Ga.
Municipal and
Issues
California
Specialty
a
Corporation Bonds
Bsoond Floor U. 8. National Bank Bldg.
San
1885.
Diego
Santa Barbara
Los
Angeles
WM. E. BUSH & CO.
DENVER
PORTLAND.
Securities
Francisco
Oakland
BANKERS
INVESTMENT
■stabllshed
San
Pasadena
COMPANY
H. WADE
WILL
Southern
Augusta, Ga.
>4
SOUTHERN SECURITIES
ORE.
We
specialise In California
Municipal
A
Corporation
COTTON
MILL
STOCKS
BONDS
HALL & COMPANY
NORTH
CAROLINA
DRAKE, RILEY A THOMAS
INVESTMENT BONDS
Van Nuys
Building
Wachovia Bank & Trad Company
LOS ANGELES
Losal and Pacific Coast Soourltlss
LEWIS
BOND DEPARTMENT
PORTLAND. ORIOOt
BUILDING
North Carolina
R. H. MOULTON & COMPANY
DALLAS,
TEXAS
CALIFORNIA
American
Natl Bank
Winston-Salem, N. C.
MUNICIPALS
Title Insurance Building,
LOS ANGELES
San Francisco
Bldg.,
BREG, GARRETT & CO.
Municipal Bonds
W. F. SHAFFNER & CO.
CHAPMAN DE WOLFE CO.
Farm and City Mortgages
Texas and Oklahoma
1801 Praetorian
Winston-Salem, N. C.
Southern Investment
851-888 Montgomery Street,
SAN
FRANCISCO,
CALIF.
Securities
DALLAS, TEXAS
Bldg., ]
Municipal Notes and Bonds.
R. J. Reynolds Tobacco Company Securities
Stocks and Bonds
Information
and
Quotations
on
all Pacific
Coast Securities
Members San Francisco Stock A Bond Exchange
Texas
SFARTANBURO, f.
C.
Municipal Bonds
and
V
Warrants
Distributors
of
Entire
a. M. LAW & CO., Inc.
NASHVILLE
Issues
yielding from 6% to 8%
We
solicit inquiries from dealers,
banks and investors
DEALERS
American
GEO. L. SIMPSON & CO.
National
Stocks
Securities Company
and
IN
Bonds
Southern Textiles
a
Specialty
DALLAS
NASHVILLE, TENN.
SPARTANBURG, S. C.
a
Railroad and
BAN ANTONIO,
TEXAS
Corporation Securities
Tennessee Municipal Bonds
J. E.JARRATT& COMPANY
NORFOLK, VA.
Caldwell & Company
MOTTU
Investment
& CO.
Established 1892
SOUTHERN MUNICIPALS
Bankers
Cumberland Tel.
&
Telep. Co.
5a
Nashville Chattanooga Ac St. Louis By.
Nashville Ac Decatur Ry.
Nashville Railway Ac Light Co. Securities
Municipal Bonds
San Antonio, Texas
NASHVILLE, TENN.
214 Union Street
ST. LOUIS, MO
817 Security
Investment Bankers
NORFOLK. VA.
Correspondents: E. & C. Randolph. New York
Bldg.
ALABAMA
RALTIMORC
CHATTANOOOA
MARX &
COMPANY
LEWIS BURKE & CO.
R. Lancaster Williams & Co., Inc.
LOCAL AND SOUTHERN
INVESTMENT SECURITIES
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN
MUNICIPAL
AND
CORPORATION BONDS
SECURITIES
Equitable Building
James Building
CHATANOOGA
BALTIMORE
MARYLAND
CHRONICLE
THE
OCT. 1 1921.]
gtanktM and Prober*
XI
fitto Pork
3Ph il adelphi tx
Standard Gas &
'Electric
Company
THAYER, BAKER ft CO.
Secured
20-Year
.7y2%
€.Ul.£lark$eo.
Bonds
BANKERS
Yield 8.10%
Limited to the present issue
of
Income
collateral
pledged
from
521
Commercial
these
$160,000 annually thereafter.
$100, $500 and $1,000 Bonds
or on part payments.
For
Bldg.
Members New York and
for cash
Philadelphia
Stock Exchanges
BORDEN & KNOBLAUCH
full particulars
Ask for
Trust
PHILADELPHIA
Sinking Fund retires $300,000
Bonds
annually until
1924;
Monthly
St.y Philadelphia
Established 1837
alone
exceeds Five Times interest requirements
of these Bonds.
of
Chestnut
INVESTMENTS
$3,500,000
Circular CC-18
*
American Gas & Elec. Co. Securities
H. M.
Byllesby & Co.
119
New York
111
Chicago
208 S. LaSalle St.
Broadway
Members
Boles&Westwood
Exohange
Philadelphia Stook
Members Philadelphia Stock Exchange
Boston
Providence
10
STREET
FOURTH
S.
PHILADELPHIA
Incorporated
14 State Street
Weybosset St.
Pennsylvania Tax Free Bonds
Investment
PAUL & CO.
Members Philadelphia Stock
geo.
edwards
b.
1421
Securities
Exchange
Street
Chestnut
PHILADELPHIA
INVESTMENTS
Lud TIUl BlMnt
■
PHILADELPHIA
Telephone Locust 4721
READINQ
FOR
■
NEW YORK, N. T.
TI Trinity Place,
SALE—Timber, Coal, Iron, Ranch anal
other
Confidential
properties.
Investigation*
Negotiation*
urchasea of Propel ty.
Settlements and
Oanart*
West Indie*
United State*
AparrWardt &I0.
Lj /itvesfftte/itSecun
NEW ORLEANS
Second MBankBldg.
We
Reading* Pa.
BONDS
WHITE STAR CEMENT & COAL CO.
SECURITIES
Southern Municipals
fiSPSh,
Offer
W
IT. LOUIS
Herndon
Charlee W. Moore
Smith
William
H.
Short Term Notes
Municipal
Burg
Railroad
SMITH, MOORE & CO.
Preferred Stocks
INVESTMENT
Commercial Paper
OLIVE ST..
BONDS
Public
Utility
ST. LOUIS, MISSOUR
Industrial
Bankers
Acceptances
st. louis service
MARK C. STEINBERG & CO.
Members New York Stock Exchange
Hibernia
Harrison,
Members St. Louis Stock Exchange
Securities Company
N.
300
Broadway
Smith&Co.
INVESTMENT SECURITIES
ST. LOUIS
121 SOUTH 5TH
(Incorporated)
STREET
PROVIDENCE
PHILADELPHIA
New Orleans
BODELL & CO.
LOMBARD 6100
Direct Private
New York Office
10 WEYBOSSET STREET
Wire
44 Pine Street
Service
PROVIDENCE
New
s.
Frederick Peirce
a. trufant
INVESTMENT
718
Member
Boston
York
SECURITIES
Common
The United States Life
Insurance Co.
Street
of New Orleans Stock Exchange
NEW
IN
THE
Organized 1850.
stocks
-
Oil
and
Properties
Lands,
1421 Chestnut Street,
INVEST.
MENT
Philadelphia
CITY OF NEW YORK.
Arkansas
Texas
and
j. edw. crusel &. co.
Phones—Main 4078
NEWMtK^JLJh
CONSERVATIVE
INVESTMENT SECURITIES
JOHN P.
List
MUNN, M. D., PRESIDENT
upon
request
Country
Estate
784 Common Street
Non-Participating Policies only.
Million Dollars Paid to Policy¬
Leases In
and
Plantations
Real
Over Forty-Five
holders.
securities
Louisiana,
& Co.
ORLEANS, LA.
bonds
Timber
&2DS
New Orleans, La.
Long Distance 63
Good
territory
open
for
direct
high
class
contracts
personal
with
the
producer?,
under
Oempany.
Address Hams Office, 105-107 Fifth
Armas. New York Oity.
F. M. CHADBOURNE
FIREMEN'S INSURANCE
NEWARK,
N. J.
& CO.
BUILDIN&
[VOL. 113.
CHRONICLE
THE
XII
■SSVSZiSSSK
TRADING DEPARTMENT
Bonds, Notes and
York
Broadway,
120
New York
Phone
Rector
Ramapo Railroad
Safety Car Heating & Ltg.
Alliance Realty
National
Conservative
7580
Oil
Brooklyn Union Gas 5s, 1945
Railway 5s, 1947
Portland Gas & Coke 1st 5s, 1940
Companies
Texas Electric
Federal Sugar Refining
Central
Preferred Stocks of
Stock Exchange
Members New
Paterson &
Bronson & Co.
L.
Theodore
Aguirre Sugar
Sugar Refining
Bklyn. City & Newtown 5s, 1939
Penn. Public Service 73^8, 1935
Second Ave. RR. Receivers Ctfs.
Chicago Gas Lt. & Coke 5s, 1937
Brooklyn City Railroad
Gulf Oil Corp. 7s, 1933
Humble Oil & Ref. 7s, 1923
S. O. of New York 7s, 1925-1931
Vacuum Oil Co 7s, 1936
all limesjin securities
We have actual markets at
local to New York and. Brooklyn.
Uetftell ISIrntljera
Phones Rector
9980-5
6922-3
Power
Common
&
Stock
Light'Co.
'™
Phones
to
Philadelphia
CARL H. PFORZHEIMER & CO.
Dealers in
Standard
Oil
Securities
and
JJubUr Utility deraritiea
111 Sroabtuay.
Uorfe
9723-7
Adirondack
Private
Phones 4860-1-2-3-4 Broad
25 Broad St.,
Boston
N.Y.
Federal Light & Traction Co.
Common
Stock
^
American
Power &
Common
Light Co.
Kentucky Securities Corp.
Common
Stock
Appalachian Power Co.
Lehigh
Power
Stocky
Carolina Power & Light Co.
Common
Stock
Common
Republic
Co.
American Brass Co.
Stock
Stock
Railway
Common
Stock
Power
Common
Corp.
Corp.
Stock
Northern States Power Co.
Common
Central States Electric
Colorado
Securities
Common
Common
Stock
&
Light
Co.
Stock
Tennessee Ry., Light & Power
Common
Stock
Co,
Colt's Patent Fire Arms
Stock
Mfg. Co.
Stock
Niles-Bement-Pond Co.
Common
do you
Investment
That
Securities
the
in
their
fields
use
and
Financial
fied
Davies,Thomas &Co.
Members
N.
Y.
Stock Exchange
New York
5 Nassau St.
Telephone—Broad 3500
efficient
most
men
respective
the
consult
Chronicle
Classi¬
Spencer Trask & Co.
25 Broad
Department.
Street, New York
BOSTON
ALBANY
Keep
this
Department
sion
use
when
the
CHICAGO
in
Member*
mind for
Stock
know
occa¬
New
York
Stock
Exchange
Member* Chicago Stock Exchange
arises.
Telephone Rector 6020
American
Can
Deb.
1928
5s,
American Tobacco 6s,
1944
Bronx Gas & Elec. 5s, 1960
Chic. T. H. & So. E. Inc. 5s '60
Nevada-Cal.
Electric 6s,
life Will Buy or Sell
1946
Light 5s, 1930
Public Serv. of No. 111. 5s, '56 RAILROAD SECURITIES CO.
Illinois Cent. Stock Coll. 4s
Queens Co. Water 5s, 1940
Pacific Pwr. &
Chic. & West. Ind.
Seaboard Air Line 7s,
Denver
Tacoma Eastern RR. 5s, 1953
7l/2s, 1935
City Tramway 5s, 1933
Dubuque Electric 5s, 1925
K. Cy. C. Co. & St. Joe 5s, 1941
Lehigh Power Securities 6s '27
1923
Trinity Bldg. Corp. 5^3, '39
23rd St. Ry. Ref. 5s, 1962
Two Rector St. Corp. 6s, '35
Hartshorne & Battelle
Members New Yerk Slock Exchange,
TeL Broad 7748
10 Broad St.
JOSEPH
2
Rector
EGBERT
St., N. Y.
NEW
YORK
Tel. Rector 9261
Specialist in all
Aluminum Co.
of Amer.
General
Canadian Securities
Baking Com. & Pfd.
American Brass
Niles-Bement-Pond
Atlas Portland Cement
Mengel Co. Common
Chase Nat'l Bank Rights
Carbon Steel Com. & Pfd.
National Casket
R. J. Reynolds Tobacco
Central Aguirre Sugar
Eastman Kodak Com. & Pfd.
S. H. Kress Pfd.
Equitable Trust
Singer Manufacturing
Ward Baking, Com. & Pfd.
3991
Telephono 3992 Rector
3993
3994
ALFRED F. I NGOLD&COk
74
Y.
GLOVER & MACGREGOR
345
Bought— Sold—Quoted
Broadway, N.
Fourth
Ave., PITTSBURGH, PA.
Amer. Wat. Wks. & Elec. 5s, 1934
02
Stone, Prosser & Doty
William St., New York
'Phone Hanover 7733
Gulf Oil Corporation 7s, 1933
West Penn Power 7s, 1946
Armstrong Cork 7s, 1931
1
Oct.
Foundries 4s, 1923
Co. 6s, 1933
Central Pr. & Light 6s, 1946
Clearfield Bitumin. Coal 41/^s,,32
xm
CHRONICLE
THE
1921.]
Amer. Steel
National Ice & Coal Stocks
Arizona Power
American Brass
Ice Service Co. Pfd.
Bank of Commerce Stock
Lord
Franklin Insurance
Nat.
Hart-Parr Pfd.
Royal Typewriter
Graphophone 8s, 1925
Continental Motors Serial 7s
Consolidated Copper 7s, 1928
Fonda Johns. & Glov. 4^3, 1952
Columbia
Hale & Kilburn 6s, 1939
Magnolia Petroleum 6s, 1937
New Orleans Ry. & Lt. 5s, 1949
Ohio State Telephone 5s, 1944
Pennsylvania Pr. & Lt. 7s, 1951
Peet Bros. Mfg. Co. 7s, 1923
Savannah & Atlanta 6s, 1955
Utah Gas & Coke 5s, 1936
Wabash Valley Elec. 5s,
1936
36 Wall
RICE,
K.
J.
Island Refining 7s, 1929
St., N.
Bing'ton Lt. Ht. & Pr. 5s, '42-'46
Fonda Johnstown & G. 4s, 1950
Light 7s, 1951
Niagara Falls Pr. 5s & 6s
Nickel Plate 2d 6s, 1931
&Cq
42 Broad Street. NewYork
CHICAGO -PHILADELPHIA ST. LOUIS
EnreRn PCT-DETROIT-£L£yELAND-GRMD EAHDS
Private Wires to,
United
Lt. &
Rys.
com.
41/2S, 1930
Chi. Mil. & Puget
Sd. 4s, 1949
City South. 1st 5s, 1950
Atch.-Calif. Arizona 4*/2S, 1962
Goodyear T. & R. com. & pfd.
Lincoln Motors, Class "A"
Packard Motor com. & pfd.
Morton Lachenbruch
5915 to 5919
Lackawanna Steel 1st 5s, 1923
Kansas
Canada
Ford Motor of
CO.
&
4000 to 4010 and
Ches. & Ohio Conv.
Adirondack Power 6s, 1950
Penn. Power &
Taylor Stocks
Liberty Ins.
JR.
Phones John
Y.
&
N. Y. Central Debenture 4s, 1934
Mexican
Issues
Government
& pfd.
Gotham National Bank
MERRILL, LYNCH & CO.
120
NEW YORK
Broadway,
Roetor
Traders' Telephone*
ARTHUR E. FRANK & CO.
Member* of New York
Stock Exchange
Tel. Rector 5300
100 Broadway. N. Y.
OFFERINGS WANTED
Nova Scotia
Denver Gas
Steel & Coal 1st 5s
& Electric 5s, 1949
Long Island Light 5s, 1936
Grand Trunk Pacific 3s, 1962
Private
Wire to Potter
Chicago Milw. & Puget Sd. 4s, '49
Gd. Trunk Pac. 3s&4s,
6% Div. Scrip
PORTLAND, ME.
Bros., New York
ST.,
MIDDLE
N. Y. Air Brake
& SMALL
BEYER
208
1996
Erie Gen. 4s,
all issues
Canada & Atlantic 4s, 1955
Prov. of Brit.
Col., all issues
1927
Prov. of Saskatchewan 6s,
pfd.
& Thurlow Steamship
California Elec. Generating
Crowell
Bought j Sold & Quoted
1929
Cuban Government 6s,
Draper Corporation
preferred
preferred
Emerson Shoe Co. 1st
Fisk Rubber Co. 1st
Co.
Knight Mfg. preferred
Gillette Safety Razor
Graton &
C. C. Kerr & Co.
2 Rector
Phone 6780 Rector
St., N.Y.
MILLER & COMPANY
Members N. Y. and
Phila. Stock Exchanges
Phono 7500 Rector, N.
120 Broadway
Y
Liggett's International pfd.
New England Oil com. & pfd.
Sharp Manufacturing common
WALTER S. PLACE
Private
BOSTON, MASS.
St.,
35 Congress
Telephone New York
"Fort Hill
and Philadelphia
7140."
Railroad
St. L. Mer.
Erie & Jersey
New Orleans
[BONDS
Illinois
Italian
J
South &
HERBERT M. SOLOMON & BRO.
16
Cons. 5s, '45
6s, 1955
Terminal 4s, 1953
Kentucky Central 4s, 1987
French
BROAD STREET,
NEW YORK
Telephone Hanover 6731
Central 4s, 1951
North Alabama 5s, 1936
Chic. & East.
111. (new 5s), 1951
Cotton
Grace SS.
any
6s, 1930-34
Island Ref.
American
Mills 7s,
7s, 1929
Ice 5s,
disposal
that
what
has
for
you
quire, insert an ad
re*
in the
Classified Department
of The Financial
icle
(faces
back cover.)
the
Chron¬
Inside
Niagara Falls Power
6s, 1950
Municipal Bond Dept.
1941
Ogden, Utah, S. D. 5s, 1941
Phoenix, Arizona, 6s, 1946
Evanstown, Wyo., 4^s, 1951
Boxfelder S. D. 5s (Utah), 1940
Dept.
1922
May 1926
Maissonneuve 5s, 1954
Alberta 5s,
LOCATE
firm
City Gas 5s, 1922
City of London 6s, 1928
Greater Wpg. W. Dist. 5s,
Industrial Stock Dept.
the
Kansas
Lehigh Power Securities 6s, 1927
Kansas Gas & Elec. 5s, 1922
Public Service N. J. 7s, 1922
Utah Securities 6s, 1922
Federal Lt. & Traction 5s, 1942
Cleveland Elec. Ilium. 7s, 1941
Louisville Gas & Elec. 7s, 1923 -
Canadian Bond
1922
Merchants Ref. 6s, 1937
TO
Mich. Edison 5s, 1937
Key West 5s,
Industrial Bond Dept.
Mobile
Dept.
Eastern
Bdg. & Term. 5s, 1930
Georgia & Alabama
Mexican
Public Utility
Bond Dept.
Bank Stock
Massachusetts Baking
^General Baking Com. &
All
Pfd.
Guaranteed RR. Stocks
Titusville Iron Works Pfd.
Ind.
& 111.
Coal Com. & Pfd.
Columbia Trust
New York
Philadelphia Phone, Locust 572
Bank
[
y
National Bank
National Park Bank
Gotham
CARRUTHERS, PELL &
15 Broad Street,
Dep*.
Chemical National
American Surety
CO.
Phones 5161 to 5169
Hanover
Bait. Phone, St. Paul 9389
the
XIV
F.
r
J. LISMAN & CO.
Members New York Stock
61
chronicle
Ohio
Valley Water Co. 5s
Phila. & Eastern Certificates
Exchange
BROADWAY, NEW YORK
Belt. RR. & Stk. Yds. of Ind. 1st 4s, 1939
Brunswick & Western 1st 4s, 1938
Butte Anaconda & Pacific 1st 5s, 1944
Central Arkansas & Eastern 1st 5s, 1940
WE DEAL IN
Chic. Terre Haute & So. Eastern 5s, 1960
Freeport (III.) Water Co. 5s
Peoria Water Works 4s & 5s
Birmingham Water Co. 5s, 1939
Clinton, Iowa, Water Co. 5s
Joplin Water Co. 5s
N. Y. Interurban Water Co. 5s
Racine Water Co. 5s
Wichita Water Co. 5s
Cinn. Indianapolis & Western 1st 5s, 1965
Galveston Houston & Henderson 1st 5s, 1933
Kansas City
[VOL. 113.
Memphis & Birmingham 5s, 1934
New
Albany Water Co. 5s
Delaware Water Co. 5s
Queens County Water Co. 5s
St. Joseph Water Co.
5s, 1941
Louisiana & Arkansas 1st 5s, 1927
N. Y. Lake Erie & Western Ext. 7s, 1930
Rio Grande Junction 1st 5s, 1939
H. C. SPILLER & CO
Stephenville No. & So. Texas 1st 5s, 1940
INCORPORATED
17
Wabash Railroad (All Issues)
AND ALL
St.,
Wall
63
Boston 9, Mass.
St.,
New York City
RAILROAD AND STEAMSHIP SECURITIES
Gt. Northern 7s, 1936
Underlying
Chic. Burl. & Quincy Jt. 61/2S> '36
Penna. 6%s, 1936
Railroad
Member* New York Stock
BROADWAY,
American
MacAndrews & Forbes Pfd.
R. J. Reynolds Pfd.
Weyman Bruton Pfd.
Exchange
N.
Cigar Pfd.
Geo. W. Helme Pfd.
Bonds
NEWBORG & CO.
60
Water
Y.
Telephone 4390 Bowling Green
PRIVATE
WIRE
TO
ST
Specialists in All
LOUIS
WOOD, STRUTHERS & CO
Bush Terminal 4s, 1952
Central Pacific 3^8, 1929
15
NFW
Consolidation Coal 5s, 1950
Cleve. Akron & Colum. 4s, 1940
Empire Gas & Fuel 6s, 1926
N. Y. Chic. & St. L. 1st 4s, 1937
McKinley & Morris
Members New York Stock Exchange
Tel.
NEW YORK
Bowling Green 2150
Grand Trunk Western 4s,
N. Y. Chic. & St. Louis 2d
6s, 1931
of
Missouri 1st 4s,
1938
,
Shawinigan Wat. & P. 5a, 53^8, 6s
Wisconsin Cent. Ref'g 4s, 1959
BONDS WORTH
St., N. V.
BUYING
525,000
United N.J. RR. & Canal Co.
First Mtge. Gold 4s due Sept.
1929
Tax free in New Jersey
Guaranteed Principal and Interest
by Pennsylvania RR. Co.
Secured by a first lien on 159-12 miles of the
Penna. System,
including the four track main
line between Jersey
City and Trenton, and
valuable terminal property on the Hudson
River.
The
high
104M.
as
New
ABRAHAM & CO.
17 William
bonds
have sold
in
the past
as
Legal for
Savings Banks in
Jersey, Mass. and Conn
Price on application
York,
New
Raymond M. Smith & Co.
T.l. Broad ITU
43
Incorporated
Investment Securities
CEDAR STREET
NEW
YORK
Telephone 3723 John
HAVE
Chi., Northwest S. F. 5s, &6s,'29
Cuyahoga Telephone Co. 7s, '21
YOU
WANTED
BANK FIXTURES
Great Western Pr. Deb. 6s, 1925
Michigan State Tel. 5s, 1924
Nebraska Power 1st 5s, 1949
FOR SALE ?
Ohio State Tel. Co. 5s & 7s
REYNOLDS
ment
Investment Securities
14 Pine Street
New York City
Classified
(opposite
Eastern
Michigan Ed. 5s, 1931
Galena Signal Oil 7s, 1930
Int'l Gt. Nor. 5s, 1914 & 7s, 1922
Then consult the Financial
Chronicle
'Phone 5691-4
1950
G. T. P. Prairie Mtn. Sec.
4s, 1955
Pac.
Phone- Rector 4594
1955
7% Guar. Stock
Grand Trunk Pacific
3s, 1962
Carolina Pr. & Lt. 1st 5s, 1938
Chicago, Ind. & Louis. 5s, 1947
&
J20 Bftadtfay,
YORK
to 2157
AshevillePr. & Lt. 1st 5s, 1942
Bell Tel. of Canada 5s & 7s, 1925
GILMAN
Bristol ^ Bauer
Chic. St. L. & N. O. Mem.
4s, 1951
Telephone 6s, 1949
New York Telephone
41/£s, 1939
Pennsylvania 4s, 1931
Wheeling Terminal 4s, 1940
Securities
Street
Canada Atlantic 4«,
Cleve. & Pitts.
New York
SIXTY BROADWAY
Nassau
Tobacco
Depart¬
inside
back
cover).
Michigan North. Power 5s, 1941
N. Y. Munic. Ry., Ser. A
5s, 1966
Norf. & Portsmouth Tr. 5s, 1936
Second Ave. RR. Ctfs. 6s, 1919
Second Ave. RR. Consol. 5s, 1948
Wisconsin Edison 6s, 1924
John
HANSON & HANSON
Investment Securities
GARDNER
20BROAD STREET, N. Y.
72
&
CO.
Tel. Rector 7430
N. Y. & Erie 3rd
4%s____1923 South Pacific Coast
Sunbury & Lewis. 1st 4s_X936 U. S. Steel 1st 5s
St. Louis
Bridge 7s
Long Island Con. 4s
Long Island Ref. 4s_
1929
1931
1949
4s__1937
_
1936
1927
Tel.Whitehall 105«
USE AND CONSULT
the
Classified Department of
1951
Chicago & West Ind. 4s._ 1952
So. & No. Ala. 5s._
Ala. Gt. So. 1st 5s
Trinity Place,N.Y.
the
Financial Chronicle
Our Classified
Inside back
Department faces the
eever.
OCT. 1
1927
GRAND TRUNK WESTERN
(Pa.) Water Co. 5s
RAILWAY CO. 1st 4s, 1950
KANSAS CITY SOUTHERN
5a
Birmingham (Ala.) Water Co.
Butler
GAS COMPANY 1st 5s,
CENTRAL UNION
'
Water Co, 6*
Arkansaw
XY
CHRONICLE
THE
1921.]
RAILWAY CO. 1st 3s, 1950
1945
Castle (Pa.) Water Co. 5a LOUISVILLE & JEFFERSONVILLE BRIDGE CO. 4s,
Chattanooga Water Co. 6a
LOUISV. & NASHV.—ST. LOUIS DIVISION 3s, 1980
City of New
Clinton
(la.) Water Co. 5a
Interurban Water Co. 5a
E. St. L. &
NEW YORK &
Joplin (Mo.) Water Co. 5s
Wichita
Muncie
NEW YORK &
COLLATERAL TRUST 4s, 1949
SOUTHERN PACIFIC
(Kan.) Water Co. 5a
(Ind.) Water Co. 5a
QUEENS ELEC. LIGHT & POWER 5s, 1930
NORTHERN RAILWAY COMPANY 1st 5s, 1927
RR. 5s, 1928, & 4s, 1952
ULSTER & DELAWARE
,
Joseph (Mo.) Water Co. 5a
St.
Warren
(Wis.) Water Co. 5s
Indianapolis Water Co. 4^£s and
Huntington (W.
Carnegie Ewen
Wm,
(Pa.) Water Co. 5s
Racine
5a
Va.) Water Co. 5a
53 State St.,
Boaton
Main 400
9,
Mass
BULL & ELDREDGE
Members of the New
Bell
Tel.
4^s, '33 ($100 Bds.)
New
Ft
Wm. C. ORTON & CO.
Bonds
Specialists Reorganization
66
Reynolds
K.L.
CONSTABLE
TEia
Broadway N Y
Tobacco
Rector 727k
B
Tel. Broad 2357-8-9
Lt. 5s, 1931
Securities
Tel. Hanover 9690-2097
Y.
R. J.
CONSTABLE & v r m
FLEMING
FLEMING-UR
MacDonald
Dodge Des M. & So. 5s,
Bonds
54 Wall Street, N.
U/M.
Fort Worth Pr. &
York City Bonds
York State
Federal Farm Loan
V
T.L.
Del. Lack. & Western Coal
Lehigh Valley Coal Sales
Lord & Taylor 1st Pfd., 2d Pfd.& Com
Mercantile Stores Stock & Bonds
Bonds
Foreign Government
New
1930
Western Pac. 10-Year 4s,
Securities
Short Term
Cuyahoga Tel. 7s, 1921
Cumberland Tel. & Tel. 5s, 1937
C. & P. Tel. of Va. 5s, 1943
Houston Home Tel. 5s, 1935
Home T. & T. of Spokane 5s, 1936
Mountain States T. & T. Stock
Broadway, N. Y.
1942
All Issues
Coal & Imp. 6s, 1929
& T. of Texas 1st 5s,
South Western
Specialists In
Stock
Michigan State Tel. Pfd. Stock
Michigan State Tel. 5s, 1924
New York Tel. 4^>s, 1939
New York Tel. 6s, 1949
Pacific Tel. & Tel. 5s, 1937
K.
1st 5s, 1942
Kan. & East.
Mo.
Wich. Falls & N. W. 5s,
of Canada 7s, 1925
Cincinnati Northern RR.
52
Tel. Rector 8450
BUY
Chicago & East. 111. Gen. 5s, 1937
Chicago & East. 111. Rec. 6% Ctfs.
Evansv. & Terre Haute Gen. 5s, 1942
Mo.
York Stock Exchange
St., N. Y.
20 Broad
A. T. & T. Conv.
WILL
WE
HOTCHKIN & CO.
tfalephone
New York
2 Wall Street,
Tel. Rector 3273-4-5-6
BOND BROKERS
Stock
executed
in
Railroad
and other Bonds on commission.
Orders
Bought & Sold
1938
Northern' States Pr. 6s, 1926
Roc hester Ry.
Om
,
DO YOU KNOW
& Light 5s, 1954
Court. Bluff St. Ry. 5s,
Utic^ Gas & Electric
1928
5s, 1957
U. S. Public Service 6s,
1927
men
sified
Louis Levenson
Public
Utility—Industrial Bonds
Short
Term Securities.
the
in
& Coady
MacQuoid
efficient
respective
fields use and consult the
Financial Chronicle Clas¬
That
most
York Stock Exchange
Members New
their
14 Wall St.,
N. Y.
Tel. Rector 9970
Department?
Keep this Department in
mind for use when the oc¬
arises.
casion
•
•
/
Tel. Broad 4931
27 William St., N. Y.
Baltimore
WANTED
Chic. Ind. & Louisville 6s,
OFFERINGS
WANTED
West Penn
West Penn
Railways 1st 5s,
Henderson Bridge 6s,
Works & Elec. 5s, 1934
Traction 1st 5s, 1960
Amer. Water
Dayton Power &
1931
P. L. 6s, 1924
Power Securities Corp. Col. 6s, Inc.
St. Joseph Water 5s, 1941
East St. Louis & Inter. Water 5s, 1942
National Securities Corp.
Superior Calif. Farm
Lands Adj. 6s, 1928
Securities
1947
1931
J. S. Bache & Co.
Light Common
OFFERED
Members New York Stock
New York
5s, 1946
Pittsb. McKees. &Conn. 5s, 1931
Rutland Ry., Lt. & Pow.
BRANCHES and
Albany
Baltimore
OTTO
ST Wall St.,
N. Y.
Boston
BILLO
Phone Hanover 6297
EDWIN BANCKER &,
INVESTMENT
Danville 1st 4sj 1948
Central New England 4s, 1961
Ft. Worth & Rio Grande 4s, 1928
Indianapolis & Louisville 4s, 1956
Providence & Springf. 5s, 1922
Northern Ohio 1st 5s, 1945
Union Terminal of Dallas 5s, 1942
Kanawha & West Virginia 5s, 1955
Chateaugay Ore & Iron 4s, 1942
Florida West Shore 5s, 1934
Mo. Kan. & Texas of Texas 5s, 1942
Cleveland
Rochester
Kansas'City
New Orleans
St. Louis
Syracuse
Philadelphia
Troy
New York City
Rector
&
Chicago
CORRESPONDENTS
Pittsburgh
Cincinnati
SECURITIES
llf Broadway
Atlantic
Buffalo
CO.
Exchange
TeL,6400 Broad
0944-5-6
Consolidation Coal
Manitoba-Montana Ext.
Illinois Central 4s,
4s
1951, Reg'd
Philippine Railway 4s
Florida Cent. & Penin. 5s & 6s
St. Louis-San Fran. p. 1. 5s, "B"
Chicago & Northwest. Deb. 5s,
Evansv. & T. H. Gen. 5s & Ref.
1933
5s
Northwest 5s
Duluth South Shore & Atlantic 5s
New York Chicago & St. Louis 2d 6s
Atchison-East Oklahoma 4s
National Ry. of Mexico 4s, 1977
Wichita Falls &
4)^8 & 5s
5s
Portland Ry., Lt. & Pow. 5s,
Trinity Buildings 5^8
American Can Deb. 5s
Two Rector Street 6s
New York Shipbuilding 5s
St.
Louis Transit
Cuban
Govt.
1942
Internal 5s
Argentine 6s
Gulf States Steel 1st Pfd.
Hudson & Manhattan Com.
Valvoline Oil Pfd.
Central
& Texas Issues
and small denominations.
Missouri Kansas
WOLFF & STANLEY
Telephone Rector
72 Trinity
2920
Place, N. Y.
Mexican
Govt.
<
SAM'L
Phone 5380-1-2-3
Broad
5s, large
GOLDSCHMIDT
25 Broad Street
XVI
THE
CHRONICLE
s^r*uu
(Wants
31 ■» ■ "V -
[VOL. 113.
---
TRADING DEPARTMENT
/
_S®'
TELEPHONE
RECTOR
4061
We
w
STOCKS
E
Brighton Mills
Bucyrus Co. Pfd.
H
A
V
Manhattan Elec. Supply Co
INDUSTRIAL
Holden Evans SS. 7s, 1924
Welch Grape Juice 8s, 1931
Stamping
Waring Hats
R
RAILROAD
Hershey Choc. 7^8, 1930
Mich.
D
GOVERNMENT
Beaver Board 8s, 1933
Consol. Utilities 8s, 1925
Cincinnati Abattoir 8s, 1925
Foundation Co.
E
0
Buy and Sell
BONDS
PUBLIC UTILITY
AND OIL
E
Stocks and Bonds
R
UNLISTED
S
1
DEPT.
RASMUSSEN
N
Members
111
41 Wall Street
New
CHICAGO
Penn
Power 5s,
1946
West
Penn
Power
Established 1884
Chicago Board of Trade
Broadway
West
Melhuish & Co.
& COMPANY
York
Branch Offices and
New York
Correspondents in 30 Cities
SECURITIES
1924
American Power &
6s,
Bought, Sold A Quoted
Light 6s, 2016
BABC0CK, 1USHT0N & CO.
Bonbtri
New
York, Chicago
Stock Exchanges
Central Vermont Rway. 5s, 1930
*fOM« IN8. BLDG.
and
Boston
7 WALL STREET
OHIOAGO
N»W
YORK
Japanese Govt. 4s, 4%s & 5s
Argentine Govt. 4s & 5s
Brazilian Govt. 4s, 4V^s
Aires 6s, 1926
& 5s
Buenos
Goodyear Tire & Rubber Com.
Costa Rica 5s
Goodyear Tire & Rubber Pfd.
Chinese Government 5s
ALL
FOREIGN
/
A. R. Smith &
42
Broadway
NEW
Company
C.
YORK
A.
C.
CHUCKS
Salle
67
Exchange Place, N. Y. Tel. Rector
T
R.A.SOICH&CO.
16-18
Street
Exchange Place
New
York
Telephone: Bowling Green 3230-9.
CHICAGO, ILL.
Chile
MuU1frap\KY-
Guaranteed Stocks
17 Whitehall Street
Write for Quotation
—1 CABLE CODES
• CNSIMOl*
0
AV?
**•"'
COOl-ttOOH
Sheets.
ducer
our
discussed
Market
in
industry
prove
improving
of interest.
L.rflMt Mlllno cod»-u«ed .11
ov.r
..v.. rnor. than 60% ov.r
plain
th.
„
world—
—
.
Members New
81
York Stock Exchange
Now York
Broadway
-
Are
as
Grain
Pittsburgh
Chicago
a
-
Cleveland
Milwaukee
a
BANK OFFICIAL
New York
JOHN
or
have you need for
Then you should
consult
Specialists
the
Chronicle
Company
UNDERWRITERS
partment
HEYWOOD BROOKS & CO.
BROADWAY
seeking
position
Ingen &Co.
United Royalties Co.
149
you
Bonds
Street, New York
Philadelphia
Barnes &
should
E. D. DIER a CO.
42 New
BONDS
Curb Market
of
article
this
copper
fosepft WLnlhex & jlotis
Stocks
6364
pro¬
issue
the
,
«/
»'•«»..
Engll.h cabling.
MUNICIPAL
TEL.
large
current
With
Ask for C-651
CODE"
mr ASK FOR IMPORTANT CODE CIRCULAR NO. 339
BENSINGER—PHONE—BOWL. GR. 6989
46 Cedar St.
this
of
the
Review.
9P£C4AUtr$ 0"tft
"BENTLEY COMPLETE PHRASE
B.J. Van
Copper
Outstanding features
G.e. BENSINGER
,
6700
m
SECURITIES
La
COWEN & CO.
~
CURRENCIES
ROBERTS, HISCOX & COMPANY
South
from Banks and Brokers
BOKiDS
Specialists in
(francs)
Inquiries Invited
M
29
St. Paul 4s
O?
Building
CLEVELAND. OHIO
CHICAGO
Central Pacific 4s (francs)
New Haven 4s (francs)
V
NEW
one
use
?
Financial
Classified
Foreign
and
De¬
Bonds
Inquiries invited from
banks, brokers and dealers
(opposite inside
back cover.)
Jerome B. Sullivan
YORK
FOREIGN
X; /Vk
GOVERNMENT,
MUNICIPAL &
Of U/.
R.R. BONDS
44 BROAD STREET, NEW YORK
Tel.
Government,
Public
Municipal,
Broad
Industrial
A. B. Leach &
Investment
St., New York
S or an ton
5n>34-5
French, Italian & German
Utility
Exchanges
French 4s,
Italian
German
htladelphia
7130-4;
Railroad
Investment Bonds
«2 Cedar
1723-4;
Boston
Hartford
Cleveland!
Co., Inc.
Pittsburgh
Detroit
St. Louis
very
low
6s & 6s, All Issues
6s, All
Issues
Government
&
Municipal
BONDS
Bought,
Securities
105 So. La Salle
are
St., Chicago
DUNHAM
Quoted
& CO.
SPECIALISTS
Minneapolis
Milwaukee
Sold &
43
Exchange Place, New Y
Telephones 8300-16 Hano
er
rk
1
OCT.
XVII
CHRONICLE
THE
1921.]
DEPARTMENT
Chicago & St. L. Eq. 5s, 1931
N. Y.,
Virginian Ry. Co. Equip. 6s, 1928
United
Penna^ RR. Equip. 6s, 1928-1935
Portland Ry. Co. Ref. 5s, 1930
Japanese Govt. 4s, 43^8 & 5s
L. M. PRINCE & CO.
Street
Members New
Philadelphia
of
Members
Aluminum Co. of Amer. 7s, 1933
Philadelphia
York
New
Co.
&
Chestnut St.,
410
Aluminum Co. of Amer. 7s, 1925
Philadelphia
and
Gulf
& Navig. Co.
Pittsb.
Chicago, Pref.
Ft. Wayne &
Co.
Rector 9830
Co.
7s,
H.
J.
Heinz
Pennsylvania Tank Line Equipments
Grand Trunk Pacific 3s, 1962
Grand Trunk RR. 6s, 1936
Govt, of Newfoundland 63^s, 1928-36
Province of Ontario 6s, Sept. 15 1943
Prov. of Saskatchewan 6s, Aug. 1927
City of Montreal 6s, 1922-1923
6s,
Oil
1923
1933
7s, 1930
Vacuum Oil 7s, 1936
Exchanges.
Little Schuylkill RR.
Oil
Gulf
Stock
Tel.
1865
Established
Bioren
York Stock Exchange
Street, New York
20 Broad
Call Canal 8437
York
Private Wire to New
Uruguay 5s, 1919
L. 5s, 1950
St. Louis-San Fran. P.
Biddle & Henry
Mexican Government 4s & 5s
Cons. 4s, 1998
New York Central
Lehigh Valley Coal Co. 1st 5s, 1933
Fifth
4s, 42^8 & 5s
City of Tokio 5s
Midvale Steel 5s, 1936
Shawinigan Wat. & Pr. Co. 5 2^8, 1950
South
Brazilian Govt.
M. 5s, 1936
Lackawanna Steel 5s, 1923
Shawinigan Water & Pr. Co. 6s, 1950
104
1929 & 1937
Argentine Government 4s & 5s
Baltimore & Ohio 1st 4s, 1948
Bethlehem Steel P.
Co. 5s, 1942
Portland Ry. Lt. & Pr.
5%s,
Kingdom
SECURITIES
CANADIAN
Roanoke Traction & Light 5s, 1958
Bought, Sold & Quoted
Consolidated Lt., Ht. & Pow. 5s, 1946
Series "A & B"
Hardart of New York Common
Horn
&
Eisenlohr Bros. Common & Preferred
Association Gas & Electric Preferred
Midland
Valley
FLEMING
Lafayette Building
Philadelphia
Telephone Lombard 6414
Province of Ontario 6s, 1943
Lehigh Valley Transit 4s, 6s, 6s
American Light & Traction 6s, 1925
Lukens Steel 8s, 1940
M-Cown&Co.
Philadelphia
Members
Land
New
Title
61
York and Pittsburgh Stock Exchanges.
New
Union Bank Bldg., Pittsburgh
Broadway New York.
Direct Private
Wire Connection.
Preferred
RR.
GEORGE N.
221
Member
Adj.
RR.
HOLMES & CO.
Adj. 3=6s, 2020
Service Corporation
Valley
H.
J.
Waterloo Cedar Falls & Nor. Ry. 1st 5s, 1940
Indiana
Midland
Stuck Exchange
Bldg., Philadelphia
York Telephone
CANAL 4845
Ala.
Gt.
Southern
& Ohio Ref.
Ches.
5s, 1943
Cons.
& Impt. 5s, 1929
Chic. Milw. & St. Paul Deb. 4s, 1925
Ch. St. P. M. & Omaha Cons. 6s, 1930
Ft. Worth & Denver City 6s,
1921
Mon.
Internat. & Gt. North. 1st 7s,
1935
Jt. 4s,'52 M., St. P. & S. Ste. M. Con. 58/38
Minneapolis & St. L. Cons. 5s, 1934
New Orleans Texas & Mexico 6s, 1925
Northern Ry. of
California 5s, 1938
St. Louis Bridge 7s,
Prince & Whitely
1929
United N. J. RR. & Canal 4s, 1944
WE
'22
Virginia Ry. & Power 5s, 1934
Colorado & Southern 4^s,
Georgia RR. & Banking 6s, 1971
Illinois Central Coll. 4s, 1952-1953
Louis. & Nash. So. Ry.
Elkhorn Coal Co. S. F. 6s, 1925
Exchange
Members N. Y. Stock
WILL BUY
Baldwin Locomotive 5s, 1940
Public Sertice, Newark Term. 5s, 1955
Penn. Central Light & Power 6s, 1963
Lehigh Valley Consol. 4Ms & 6s, 1923
N. Y. Chicago & St. Louis 1st 4s, 1937
52
S. P. LARKIN & CO.
RAILROAD
New Haven
New York
BONDS..
Private wires to
New York City
80 Broad St.
173 Orange St.
Broadway
Philadelphia, Baltimore,
Richmond, New Haven
Telephone: Broad 3484
arthur c. richards & co.
DREXEL
BLDG.
PHILADELPHIA
Chase National
Keystone: Main 6711
Bell: Lom. 7056
A BUSINESS EXECUTIVE
and
BONDS
capable head for
of your
Bank of Commerce
any one
Departments
can
M. DILLON
FRANK J.
be
71
Broadway
Tel. 6460
WILL
ad in the Classified Department
Municipal
Corporation
BUY
FINANCIAL CHRONICLE
G.H. WALKER & CO.
inside
pfd.
Pfd.
Tire and
Rubber Stocks
Department faces tha
back
R. B. Hatha way &
cover.
20 Nassau
St., N. Y.
Co.
Tel. John 5020
York Stock Exchange
ST. LOUIS
Broadway and Locust
St. Louis Transit 5s,
Ctfs. of Dep
Rys. of St. L. 4s, Ctfs. of Dep
STIX & CO.
Members St. Louis Stock Exchange
509
SELL
Specialists
Motor Stocks
Our Classified
OR
Willys Corp. 1st pfd. or ctfs.
Maxwell Motors undep. com. & 1st
H. H. Franklin Mfg. Com. and
Carlisle Tire Corp. units
Chalmers Motor 6s, 1922
of the
Railroad
Un.
NEW YORK, N. Y
Bowling Green
obtained by inserting a small
Government
Members New
Bank Rights
First National Bank
OLIVE ST.
ST. LOUIS
Mo. Kan. & Texas 1st 4s,
Union Pacific Conv. 4s, 1927
Telephone
Broad 2068
St. L. San Fr. Ser. B 5s,
Vilas & Hickey
Members
49
Bros.
25 Broad St.,
New
1950 Niagara Falls Power 6s, 1950
Pub. Ser. New. Tml.Ry. 5s,'55
Ore.-Wash.RR.&Nav.lst 4s,'61
1990
Chic. & Erie 5s, 1982
Montgomery
Cons. Gas of Bait. 7s, 1931
Pennsylvania Co. 4s, 1952
Kansas City Southern 5s, '50 Duquesne Light 71/£s, 1936
Illinois Cent. Coll. 4s, 1953
Puget Sd. P. & Lt. 7V2S, 1941
Chic. St. P. M. & Om. 6s, 1930 Toledo Edison 7s, 1941
Ohio Power 7s, 1951
Reading, J. C. Coll. 4s, 1951
York
Railroad Dept. Tel.
of New York Stock Exchange
Wall St., New York
Hanover 8317
Public Utility Dept. Tel. Hanover
193
CHRONICLE
THE
(Wants
)FF[RtM&S
Georgia-Carolina Power Co.
First
Mortgage Sinking Fund Ss, 1952
This company serves a
developed industrial section comprising Augusta,
Ga., suburbs and adjacent territory to Aiken, S. C., with electric light
and power.
Earnings show a steady increase over a period of years.
Price to
yield 7.75%
Descriptive circular
upon
PYNCHON
Members New York
111
request
When
Stock Exchange
Broadway, New York
Find
Telephone Rector 970
to
out
first
if
they
are
fundamentally sound. For
Chicago—Milwaukee—London—Liverpool—Paris
Private Wires
Purchasing
Bonds
&, CO
dollar
principal cities of United States and Canada
the
will send you an up
we
date
to
one
unbiased
security of
any
opinion
on
bond issue.
Investment Registry of America, Inc.
ESTABLISHED
608 Chestnut
Street,
1910
Philadelphia
interesting and valuable nine¬
page booklet which we will
send
any
Security Salesmen in—an
teen
terested in the
Northern Calif. Power 5s, 1948
Yosemite Valley RR. 1st 5s, 1936
Gulf Oil Corporation
Humble
Oil
&
Ref.
Special Babsoim Course
ob
Market St. Ry. 5s, 1924—Scrip
7
Magnolia Petroleum Co.
120
Telephone:
Kirby Lumber Co. Com & Pf,
as
Rector 7350
Texas
save you
time, money
hard knocks — ?. Course which
you
will need to be to make good in
ever increasing competi¬
business. •
the face of the
York Stocl txchange
tion in your
This
WE WILL BUY
Houston,
Course which will
will prevent those "lost sales"—which will
make you a far better Security Salesman,
BROADWAY, NEW YORK
Members of New
—a
and costly
SUTRO BROS. & CO.
Lucey Manfg. Co. "A"
DUNN & CARR
investments altd
Security Selling
Co.
Utica Gas & Electric
booklet and
helpful
bur Course we will send
your
7%s
Simply Ask for Booklet 6QK A
«
Utica Gas & Electric 5s
Babson Institute
Mohawk
an outline of
immediately at
request.
Valley Investment Corp.
w^|^s®"8'
Organized Under New York State Banking Laws
225
Genesee
St.
Utica, N.
Y.
American Brass
B. W.
Scovill Mfg. Co.
Connecticut Bonds and Stocks
SOUTHERN
Strassburger
INVESTMENT
If There Is A Market We Can Find It
We
SECURITIES
hold
sales
and bonds every
M•ntgomery,
THE R.F.GRIGGS CO.
Ala*
of
stocks
Wednesday
charging $1.50 entrance fee
Our weekly
for each item.
Waterbury, Conn.
catalogues and postal card service
every market.
We take
pleasure in furnishing quotations.
reach
CANADIAN wuAWWr BONDS
government
uuiwj
*
BOUGHT AND
A BUSINESS
JamesSt., Montreal, Can.
EXECUTIVE
one
be obtained
CINCINNATI
SECURITIES
Classified
New
York
Stock
Cincinnati
Stock
Chicago
Baltimore
Board
Stock
Exchange
Exchange
of
Trade
4th St.,
PhiladelphiB
of your Departments
the
Members of the
147 S.
and capable head for any
can
Westheimer & Company
& Lofland
Stock Broker. & Auctioneer.
Sterling Bond Corporation, Limited
136 St.
Barnes
SOLD
Financial
(opposite
through
Chronicle
L. A. HUGHES & CO.
Department
HIGH-GRADE BONDS
inside
back
FOR INVESTMENT
cover).
Semi-Monthly Investment
Use and Consult It.
Circular Free
Exchange
on
Request
CINCINNATI, OHIO
BALTIMORE, Md.
\
100
Broadway, New York
/
Oct. 1
THE
1921.]
XIX
CHRONICLE
jfinamfal
jftnancial
Remitting Money
Argentine Government
Abroad
2*5% Loan of 1909
Principal and interest payable at FIXED RATE of exchange
in New York.
Repayable not later than 1945 by operation of
Sinking Fund of 1% per
Part of this issue is listed
change.
The
The small £20 pieces
than the listed.
Affiliations
Branches
At
BRAZIL
on
FRANCE
COLOMBIA
SPAIN
ECUADOR
ARGENTINA
GUATEMALA
income basis of
ASK
We also
SAN
PERU
Ex¬
sell lower than the
SMALL PIECES
be bought
can
7.48%, to yield about 8.45%.
FOR OUR OCTOBER 1ST CIRCULAR.
deal in
Argentina peso internal bonds and Ar¬
VENEZUELA
URUGUAY
Stock
gentina Cedulas, or mortgage bonds.
SALVADOR
CHILE
York
;
to-day's market the
an
the New
unlisted bonds may be had at lower prices
large £100 pieces.
ENGLAND
on
cumulative
a
annum.
NICARAGUA
•
y'-y ".'■■■
:■
■
••
/
„
\..r
•
-
.
-
■
'
\
•
American Express Company
65 BROADWAY— NEW YORK
MEXICO
Holland,
Belgium,
in
Correspondents
Italy,
•
Switzerland,
Germany,
eto.
SECURITIES
TELEPHONE
WHITEHALL
Department
2.000
Telephone Whitehall 700
Anglo-South America
Bank, limited
New York Agency, 49
Broadway
i\tt%
12021.
No.
DEPARTMENT.
COMPTROLLER OF THE
CURRENCY.
TREASURY
OFFICE
OF
Washington, D. C., September 24, 1921.
WHEREAS,
by satisfactory
evidence pre¬
to the undersigned, it has been made to
sented
aP^hethdtMETROPOLITAN
a strong migratory tide set in to Wis¬
consin as a result of the attractive de¬
NATIONAL
CITY OF NEW YORK" in
the CITY of NEW YORK in the County of
NEW YORK and State of NEW YORK has
On The
complied with all the provisions of the Statutes
of the United States, required to be complied
with before an association shall be authorized to
commence the business
of Banking;
NOW THEREFORE I, D. R. CRISSINGER,
Heels Of
BANK
OF
THE
Comptroller of the Currency, do hereby certify
that
"THE
METROPOLITAN
NATIONAL
BANK OF THE CITY OF NEW YORK" in
the CITY of NEW YORK
in the County of
papers.
Black
YORK is
of Banking
scriptions given of the country by Black
Hawk War correspondents to eastern
Hawk
NEW
YORK and State of NEW
authorized to commence the business
Major Henry Dodge, Wisconsin's first
territorial governor, took his oath of
office in 1836 at Mineral Point.
provided in Section Fifty-one hundred and
sixty-nine of the Revised Statutes of the United
as
Madison, the present capital,was platted
in the winter of 1837, and a saw-mill was
States.
"Metropolitan Bank
the Borough of Man¬
hattan, County and State of New York,
and 1 branch in the Borough of Brooklyn,
County of Kings and State of New York.
IN
TESTIMONY WHEREOF witness my
hand and
Seal
of office this TWENTYFOURTH day of SEPTEMBER, 1921.
CONVERSION
of
with 6 branches in
D.
Milwaukee
CRISSINGER,
Comptroller of the Currency.
R.
of
(Currency Bureau.
Seal of the Comptroller
the Currency, Treasury Department.)
hauled by team from Milwaukee to turn
the lumber for the first state house.
out
First Wisconsin
Incorporated
national bank
in 1846
Milwaukee
HEREBY
IS
NOTICE
GIVEN
that
w
the
undersigned,
CONSOLIDATED
TEXTILE
CORPORATION,
has
elected to redeem ail
of its Three Year 7% Sinking Fund Convertible
Debenture Notes, dated April 1 1920, and will
on
October 1, 1921, at the office of Mercantile
Trust
Company, No. 115 Broadway, Borough
of Manhattan. City and State of New York, pay
and redeem all of such
notes then
Illinois Trust & Savings Bank
outstanding at
102H % of the face value thereof and the
accrued
of such notes
appertaining
maturing on
and after said date.
All such
notes are hereby required to be then and there
presented
for
payment
and redemption.
From
and
after
such
redemption date,
to-wit, October 1, 1921, interest on ail of
interest then due, upon the surrender
with
all interest coupons thereto
such notes shall cease to accrue.
The right to convert said notes into the com¬
stock of the Company will continue up to
mon
but thereafter shall cease
provided in the Trust Inden¬
under which the notes are issued.
York, August 29, 1921.
September
and
ture
New
21.
determine,
1921,
as
CONSOLIDATED TEXTILE
By£F.
K.
CORPORATION.
RUPPRECHT.
HENRY
B.
President.
STIMSON, Secretary
Chicago
La Salle at Jackson
$15,000,060
Capital and Snrplos
Pays Interest
on
Time
Deposits, Current and Reserve
Aooounte.
change.
Deals In
Foreign Ex-
Has on band at all times a variety of ex-
cellent securities.
Buys and sells
Government,
Municipal and
Transacts a General Trust Business.
Corporation Bonds.
THE
XX
CHRONICLE
[VOL. 113.
&
Ihbi&enfca
WINSLOW, LANIER &CO
mntRW
59 CEDAR STREET
NEW
YORK
FOLLOWING COUPONS AND
THE
DIVI¬
DENDS ARE PAYABLE AT OUR BANKING
Are Good Reasons
ere
DURING
HOUSE
BER,
THE
MONTH
OF
OCT02
1921:
OCTOBER 1ST,
1921.
Cleveland & Mahoning Valley Ry. Co. Reg'd 5s.
Cleveland & Pittsburgh RR. Co. Gen. Mtge.
npHERE ARE GOOD REASONS
which
started with
was
man
one
twelve years ago, has grown to an
100
expert
business
York's
Marion County, Indiana.
Pittsburgh,
Ft.
Wayne & Chicago
Ry.
Co.
Common and Special Stock l%% dividend.
and an office boy
organization of over
OCTOBER 4TH, 1921.
There are good reasons why our
workers.
requires the entire floor of one
now
4^8and3Hs.
why our business,
largest ^office buildings,
Pittsburgh,
Ft.
Wayne
&
Chicago
Co.
Ry.
Preferred and Original Stock 1 % % dividend.
of New
OCTOBER
and several annexes,
in one small room.
10TH,
1921.
Indianapolis School Building 42£% Bonds.
whereas it started twelve years ago
THE
THERE
ARE
REASONS why our gross in¬
GOOD
year
per annum
has increased from about
of extreme depression is running
1921.
quarterly dividend of ONE (1) PER CENT
day been declared upon the Preferred
A
$40,000 twelve
years ago, to Over $1,000,000 at the present time. There
are
good reasons why our volume of business in this
come
KANSAS CITY SOUTHERN
RAILWAY COMPANY.
No. 25 Broad St., New York, Sept. 20,
this
has
Stock of this Company, from surplus earnings of
the current fiscal year, payable October 15, 1921,
to stockholders of record at 3:00 o'clock P. M..
September 30,
50% ahead of
1921.
payment
Checks in
stockholders
last year.
thereof will be mailed to
the addresses last furnished
at
the
Transfer Agent.
G.
In
a
ons
of announcements to
series
in this
publication,
will be
given.
some
HAND, Secretary,
MINNEAPOLIS ST. PAUL & SAULT
MARIE RAILWAY COMPANY.
appear
of these
C.
reas¬
DIVIDEND
;
Watch for them.
NO.
STE.
37
The Board of Directors have this day declared
of the surplus earnings of the nscal
year
ending December 31, 1920, a semi-annual divi¬
out
dend
of
the
on
dend
Three
and
Preferred
of
Three
one-half per cent
(3>£%)
Stock and a semi-annual divi¬
and
one-half per cent (3H%)
the Common Stock, both payable October 15,
1921, to stockholders of record at 3 P. M.,
September 30, 1921.
on
MOODY'S INVESTORS SERVICE
JOHN MOODY, President
G.
W.
WEBSTER.
Secretary.
Minneapolis, September 20, 1921.
35 Nassau Street, New
York City
NEW
Real Eetate Trust
101 Milk Street
YORK,
CHICAGO
PHILADELPHIA
BOSTON
First National Bank
Bldtf.
ONTARIO
AND
WESTERN
RAILWAY CO.
Grand Central Terminal.
Bldf.
September 27, 1921.
dividend of two per cent. ($2 per share)
the Common Stock of this
Company has been
A
on
declared, payable
Monday, October 17, 1921.
on
to stockholders of record at the close of business
at twelve o'clock, noon, on
Saturday, October 8,
1921.
R. D,
RIOKARD, Secretary.
Garfield National Bank
w
Primarily
a
"Trust Company
STH AVE.
AND 23RD ST.
New York, September 21, 1921.
THE New ^ork specialized for and Trust
Company has Life Insurance
than
more
in the administration of Personal
Trusts.
Along with this business the Com¬
pany has developed banking facilities which
have recently been modernized so as to afford
every convenience, and interest is allowed on
deposits subject to check as well as on time
deposits.
ninety
years
At a meeting of the Board of Directors, held
this day, a quarterly dividend of Three Per Cent,
upon
at close of business
policy of the management is to continue
to specialize in Personal Trusts and to conduct
its banking business
along time tested lines
that will keep it a safe depositary for the funds
of individuals or corporations*
was
declared,
September 27, 1921.
A,
W.
SNOW, Cashier.
Atlantic National Bank
New York, September 20, 1921.
A
quarterly dividend of two and one-half
cent.
(2H%) and
per cent.
the
The
the Capital Stock of this bank
Payable, free of 1921, and stockholders of record
eptember 30, City to State tax, on and after
stock of this
October
at the close of
1,
17
bank
payable
on
on
and
1921, to stockholders of record
business September 30, 1921.
FRANK
LIMA
per
of one-half
(H%), free of tax, has been declared
capital
after
extra dividend
an
E.
ANDRUSS. Cashier.
LOCOMOTIVE
WORKS,
INCORP.
East 42nd Street, New York Citv.
Sept. 29, 1921.
The Board of Directors has this day declared a
dividend of seven
(7%) per cent, upon the
Common Stock of the Company,
payable
installments, as follows:
1%% December
1,
1921
to
stockholders
in
of
record at the close of business Nov. 15 1921.
Nrro
fork Srtfi? Jnsunutrr
®n*Ht (Emttpattg
EDWIN
52 WALL
G.
MERRILL,
mtxJ
President
1H% March 1, 1922 to stockholders of record at
the close of business February 15, 1922.
1M % June 1, 1922 to stockholders of record at
the close of business May 15, 1922.
1H% September 1,
1922, to stockholders of
record at the close of business August 15,
NEW YORK
ST.
L.
A.
Vice-President
LARSEN,
and
Treasurer.
LIMA
17
LOCOMOTIVE WORKS, INC.
East 42nd Street, New York.
September 26, 1921.
The Board of Directors has this day declared a
quarterly dividend of one and three-quarters
(1 H%) per cent, upon the Preferred stock of this
Over
O
f\c/
New York City
NATIONAL
Company for the three months ended September
1921, payable November I, 1921, to stock¬
of record at the close of business on
30,
Of the Banks in
SAFETY
use
holders
New Jersey
October 15,
FOR THEIR CHECKS
Securities
L.
UNIVERSAL
The
George La Monte & Son
Broadway
New York
Transfer books do not closo.
A.
Vice-President
OUTWATER & WELLS
II Exchange Place
Tel.
Montgomery
Jersey City, fi. J.
LEAF
LARSEN,
and
Treasurer.
TOBACCO
CO.,
regular quarterly dividend of 2%
Preferred
61
1921.
PAPER
Company,
Stock
of
Inc.,
has
Universal
been
Oct.
1st,
1921, to Preferred
record at the close of business
D.
C.
Leaf
INC-
on the
Tobacco
declared
payable
Stockholders of
Sept. 22nd, 1921.
PHILLIPS, Secretary-
OCT.
1
XXI
CHIiONICLE
THE
1921.]
©tbtoenbg
EQUITavps^Mli^ij?0M PANTf
"NCOBPQRATtr
175 FIFTH
AVENUE,
The
following
New York
DIVIDEND
and registered interest
.»
NOTICE
The NewYorkTrust Company
The Board of Directors of the
NATIONAL
coupons
payable at the Main Office of
are
EQUITABLE
'
INVESTMENT
has
declared
TWO
CENT,
PER
Stock of the
dividend
quarterly
a
New York
COMPANY
the
on
of
Preferred
Due October
1st, 1921, to stockholders of record at
the close of business
Beadle
24th,
1921,
and
will
October 1st, 1921.
reopen on
Gold 6's
&
...
New London
4j£'s
Power Co.,
Mountain
Black
Light
Railway,
1st
Railway Co., 1st
Checks for the dividend will be mailed
Cameron
EAST, Treasurer.
September 23, 1921.
New
Imp. Dist. No. 3, 6's
Gas
&
Electric Co.,
Mtge. 5's
York
Peekskill
Haute, 1st Mtge. 5's
&
Stamford
1st
Lighting & Railroad Co.,
September 26, 1921.
The Board of Directors have
of
declared
2%
dividend
a
the outstanding capi¬
on
tal stock of the company, pay¬
able October 18, 1921, to
stock¬
Electric
Motor
Radford Water Power Co., 6's
Ref.
1st
S. F. Gold 5's
1st
Light Co., 1st
Mtge. Prior Lien 5's
&
Santa Fe Water
Fonda, Johnstown & Gloversville
Railroad Co., Cons. 6's
Fulton
&
Santa Fe Water
Co.,
Co., 20 Yr.
1st Gold 6's
Secured Gold Notes
Erie
day
Club 5's
Steamship Co. Inc., 8%
Elder Steel
COMPANY
Railway
Mtge. 5's
Pine Bluff Natural Gas
THE ALLIANCE REALTY
Co.,
Co., 1st Mtge. 5's
Co., of Terre
Citizens Gas & Fuel
Columbia University
this
.
& Electric
Mtge."5's
2nd
County, Texas, La Feria
Water
Gas
New London
Mtge. 5's
September 30th, 1921.
EDGAR P.
Monterey Light & Power Co., 1st
Bonds
Birmingham
.
September
County, S. D., Court House
September 24,1921.
Transfer books will be closed at 12 M.
on
1, 1921
Company, payable October
Cons.
Light Co.,
1st
Mtge. 4's
Scranton, Montrose & Binghamton
Light, Heat & Power Co.,
Railway Co., 1st S. F. 6's
Mtge. 5's
Spring Brook Water Supply Co.,
1st Mtge. 5's
Gary Street Railway Co., 20 year
Deb. 5's
Steel Car
Glacier
Relief
Montana,
County,
Equipment Co., 7% Equip¬
Series "A"
Gold Notes,
ment
Bonds
holders of record at the close of
Tomkins Cove Stone Co., 1st Mtge.
Hamptons Hotel Corporation,
business October 8, 1921.
6's
1st
6'S
'
The
Howard W. Smith,
Secretary.
Kansas
1st
City Southern Railway Co.,
Union
Kingsport Utilities, Inc., 3 Yr. 6%
United
Kingsport Utilities, Inc., 1st Mtge.
Telephone Co.
Due
from
Coupons
terms on
of
the
these
October
1,
in
trustee
April
notes,
1921.
the
1st
1925
1,
R.
A.
Mon¬
1st Mtge. 5's
Light & Railways Co., 7%
United
Light & Railways Co., 7%
Series of 1920
Gold Notes,
Mtge. 5's
principal office
of
Due October
Manhattan,
Llano
City of New York, will be paid at the Guaranty
Trust Company of New
-
Secured Gold Notes, Series "B"
.
Light & Power Co.,
Co., Dillon,
payable by their
at the
Borough
20 Yr. Gold 6's
Lincoln Heat,
Five Year 7% Convertible Gold Notes
Coll. Trust 5's
Electric
tana,
Gold Notes
Southwestern Bell
Tri-City Railway & Light Co.,
1st Lien
Mtge. 3's
10, 1921
County, Texas, Bridge 6's & 8's
York at 140 Broadway.
NICKERSON,
Treasurer.
Due October
15, 1921
Village of Long Beach, 6% Sewer Bonds
American
Telephone & Telegraph Co.
Three=Year
Six
Due
Per
Cent
October
1,
Qold
Notes
1922.
Coupons from these Bonds, payable by their
terms on October 1. 1921, at the office or agency
Company in New York or in Boston, will
of the
be paid in New York at the Bankers Trust Com¬
16
pany,
Wall
Street,
in
or
Boston
at
The
Merchants National Bank.
H.
BLAIR
FINANCE
SMITH, Treasurer.
AND
TRADING
CORPORATION
52
Zuid-Amerika
voor
(Banco Holandes de la America del Sud)
(Banco Hollandez da America do Sul)
Broadway
New York, September
Holiandsche Bank
27, 1921.
The Board of Directors has declared a dividend
HAMBURG
AMSTERDAM
at the rate of 7
% per annum upon the Preferred
this corporation for the three months
ending September 30, 1921, payable October 1,
1921, to stockholders of record at the close of
business September 28,
1921.
Transfer books
of
Stock
BUENOS AYRES
RIO DE JANEIRO
SAO PAULO
SANTOS
will not close.
W.
S.
HOOD, Treasurer.
PACIFIC GAS & ELECTRIC CO.
STOCK DIVIDEND NO. 23
COMMON
regular quarterly dividend of SI.25 per
share upon the Common Capital Stock of this
Company, will be paid on October 15, 1921, to
shareholders of record at close of business Sep¬
tember 30, 1921.
The transfer books will not
be closed and checks will be mailed from the
office of the company in time to reach stock¬
holders on the date they are payable.
The
SANTIAGO DE CHILE
Capital Authorized.
Fl.50,080,000
Capital paid
FI.30,080,000
& LIGHT CO.
City, Missouri
DIVIDEND NO
9
Kansas City, Mo., September 21, 1921.
The regular monthly dividend of Sixty-six and
Two-thirds
cents
(66 2-3c.) per share on the
First Preferred Stock of the Kansas City Power
&
Light Company has been declared payable
October 1, 1921, to stockholders of record at the
close of business September 20, 1921.
CHESTER C. SMITH. Secretary.
documentary bills
.
Commercial Information
Mail and
POWER
Kansas
cable transfers
Letters
PREFERRED
on
negotiated and collected
Foreign Exchange
F. HOCKENBEAMER,
Vice-President and Treasurer.
CITY
and Reserves
Bills
A.
KANSAS
up
Advances
San Francisco, California.
FIRST
VALPARAISO
Grants
Facilities
for
of credit
entering
into
business
relations in ARGENTINA, BRAZIL and CHILE.
Correspondents All Over the
World
CHEONIOLE
THE
XX I
[VOL. 113.
jfitiancfa!
DRIVER-HARRIS
COMPANY
HARRISON, N. J.
OF QUARTERLY
NOTICE
DIVIDEND
NO.
Cuba Cane Sugar Corporation
DIVIDEND
STOCK
PREFERRED
36
at a meeting
The Board of Directors,
held
September
on
1921,
16,
declared
quarterly dividend of one and
the regular
the
the
three-quarters per cent (1 %%) on
outstanding
preferred
stock,
for
To the Holders of 7%
of Cuba Cane
Convertible Debentures
quarter ending September 30, 1921, pay¬
able
of
Sugar Corporation
on
will
close
Sugar Corporation has arranged
of bankers to secure at once a loan of
$10,000,000 under an arrangement which requires
the subordination of the debentures to the new
close
1921.
Transfer books
from September 20, 1921, to
1,
1921.
Checks
will
be
20,
mailed.
The Cuba Cane
a
the
at
October
with
1921, to stockholders
of business on
October 1,
record
September
P.
E.
REEVES,
Treasurer.
group
for the period of said loan and of any re¬
newals, substitutions or refundings thereof.
As a
consideration therefpr, the Corporation is offering
to increase the rate of interest on assenting de¬
money
bentures from 7 per cent, to 8 per cent, per annum
MIDDLE
WEST
UTILITIES
COMPANY.
Notice of Dividend on Preferred Stock
The Board of Directors of Middle West Utilities
declared a six months* dividend
Fifty Cents ($1.50) upon each
Preferred capital stock, payable
November 15th,
1921,
to all preferred stock¬
holders of record on the Company's books at the
close of business, at 5.30 o'clock p. m. October 31,
Company has
of One Dollar and
share
of
its
1921.
EUSTACE J.
from
July 1, 1921, to the maturity of the debentures,
provided the plan becomes effective.
KNIGHT, Secretary.
GENERAL MOTORS CORPORATION.
Board
of Directors of General
Motors
The
The
Corporation has addressed
all
to
of
debenture
the
a
circular letter
whose
holders
names
are
known to
it, setting forth its present condition and
the details of the plan.
All holders of debentures
who have not received this letter should communi¬
cate
immediately with the Corporation at its office,
123 Front Street, New York City, or obtain
copies of the letter from Bankers Trust Company,
New York City; Old Colony Trust Company, Bos¬
ton, Massachusetts, or Continental and Commercial
Trust and Savings Bank, Chicago, Illinois.
Corporation has declared a dividend of $1.50 a
share on the Preferred Stock, a dividend of $1.50
a share on the 6% debenture stock, a dividend of
$1.75 a share on the 7% debenture stock, and a
dividend of 25c. a share on the common stock
without par value, payable November 1, 1921, to
holders of record at the close of business October
3, 1921.
M. L. PRENSKY, Treasurer.
September 22, 1921.
No.
DIVIDEND NO.
A
Debenture
holders
are
urgently requested
the plan by depositing
their debentures at the offices of any one of the
three
institutions
the
per
dividend
share)
New
15,
1921,
to
Stock
Exchange.
September
C.
ALLIED
B.
By
SUGAR
W.
E.
payable on Octo¬
20,
1921.
TAYLOR,
Treasuer.
61
Broadway
New York, September 27, 1921.
this day declared
quarterly dividend of $1.00 per share on the
stock of this Company, payable Novem¬
ber 1. 1921, to common stockholders of record at
The Board of Directors has
a
common
on
October 17, 1921.
CLINTON S. LUTKINS, Secretary-Treasurer.
OFFICE
CANE
(two
cent
stock of this
CHEMICAL & DYE CORPORATION
the close of business
By order of the Directors.
CUBA
per
the capital
stockholders of record at the
of business
close
above-named.
York
on
89.
of two
Company has been declared,
to assent to
Temporary nego¬
tiable receipts will be issued therefor, and appli¬
cation will be made at once to list these receipts
on
quarterly
dollars
ber
forthwith
FRUIT COMPANY
UNITED
CORPORATION,
Ogilvie,
President.
OF
CONSOLIDATION COAL COMPANY
New York, N. Y., Sept. 27, 1921.
The Board of Directors has declared a quarterly
dividend of One and a Half DoUars ($1.50) per
THE
on the Capital
Stock, payable Oct. 31st,
1921, to the stockholders of record at the close of
share
September 27, 1921.
"
business Oct. 15th, 1921.
The transfer books will
remain open.
Dividend checks will be mailed.
T. K. STUART, Assistant Treasurer.
WESTERN
POWER CORPORATION
The Board of Directors have declared
terly dividend of one
cent
ber
The Firm of
on
the
a
quar¬
and one-half (1}£%)
Preferred
Stock,
payable
per
Octo¬
15th, 1921, to stockholders of record at the
close of business September 30th,
H.
P.
1921.
WILSON.
Secretary.
Jelke, Hood & Bolles
INTERNATIONAL
Has this
day been dissolved by mutual consent.
PAPER
COMPANY
New York, September 28th, 1921.
The Board of Directors have declared
F. FRAZIER JELKE
CHARLES C. HOOD
September 30, 1921.
a regular
quarterly dividend of one and one-half per cent.
C\W%\ on the preferred capital stock of this
Company, payable October 15th, 1921, to pre¬
ferred stockholders of record at the close of busi¬
ness October 7th, 1921.
OWEN SHEPHERD, Treasurer.
CRUCIBLE STEEL COMPANY OF AMERICA.
DIVIDEND
40 Wall Street,
New York
We beg to announce the formation of the firm of
/
NO. 10.—RESOLVED, That a
per cent (1%) be declared out
profits upon the Common Stock of
this Company, payable October 31,
1921, to
stockholders of record, October 15, 1921.
dividend
of
one
of undivided
W.
R.
Jelke, Hood&Co.
JORALEMON, Secretary.
ifteeting*
(MEMBERS OF THE NEW YORK STOCK EXCHANGE)
HAVERHILL
with offices at the above address, to conduct
a
bond and stock invest¬
ment business.
F. FRAZIER JELKE
CHARLES C. HOOD
ALEXANDER M. MAIN
Ootober 1,
1921.
GAS
LIGHT
CO.
Stone &
Webster, Inc., reports
that, on account of a Special
Meeting of the Stockholders of
Haverhill Gas Light Company,
to be held on October 10, 1921,
the stock transfer books will be
closed from October 1,
1921 to
October 10,1921, both inclusive.
Oct. 1
1921.]
THE
CHRONICLE
xxm
Underlying Bonds
of the
New York
RR.
New York
Railways System
tsleecker
Co., Brooklyn,
street
City
&
Newtown
Broadway
RR.
Central
Brooklyn City Railroad Co.
Railroad
Co.
Columbus
Queens Co.
&
Crosstown
Suburban
&
Ninth
Lexington Ave.
Brooklyn Union Elevated Railroad
South
Coney Island & Brooklyn Railroad
& Pavonia
Ferry
Railroad
Ferry
Company
5s, 1919
34th
4s, 1948
Crosstown
Street
Railway
5s, 1996
Co.
Street
23rd
5s, 1930
Elevated
RR.
5s, 1993
5s, 1950
County
Avenue
5s, 1993
5s, 1941
Brooklyn Road
Railroad
6s, 1922
5s, 1941
Cings
Surface
5s, 1924
5s, 1939
&
rerry
5s, 1943
5s, 1933
Jamaica
Fulton
Broadway & Seventh Avenue R R.
Brooklyn Bath & West End RR.
Bklyn,
&
4s, 1950
5s, 1931-34
Brooklyn
,
City Traction Co.'s
Brooklyn Rapid Transit System
Atlantic Ave.
;
Railway
Company
5s, 1962
Railroad
4s, 1949
Third Avenue Railway System
Nassau Electric Railroad
Dry Dock East B'way &
5s, 1944; 4s, 1951
Battery
5s, 1932
Interborough Rapid Transit System
42nd St. Manhattanv. & St. N. Ave.
5s, 1940
Manhattan Railway Company
1st
Southern
4s, 1990
5s, 1945
Steinway Railway Company
1st 6s,
Union
1922
Railway
Co.,
New
Miscellaneous
Railroad
Electric
1
5s, 1943
Second Avenue Railroad
Yonkers
6% Receiver's Certificates
The facts
Railroad
Company
5s, 1946
affecting the investment standing of the underlying bonds
York City Traction Companies are completely
available only to the specialist
of the New
Inquiries invited
WS Cam&Jie
Ewen
First National Bank Building
2 WALL ST.
York,
5s, 1942
Westchester
Railroad
Boulevard
Tel. Rector 3273-4
NEW YORK
[VOL. 113.
CHRONICLE
THE
XXIV
jftnanrial
Offering
New
The Federal
TAX FREE
n
Farm Loan Act
Instrumentalities of the United States Government"
This
$3,250,000
-
approved by Con¬
Act,
July
gress,
1916,
17,
de¬
was
signed primarily to provide capi¬
tal for
agricultural development
standard forms of
and to create
Joint Stock Land Bank
investment based
farm mort¬
on
gages.
Issued
the
under
Act
The
5)4% Bonds
under
creates
Treasury Department
Farm
Federal Farm Loan Act
Loan
the
Federal
a
under the
Bureau,
general supervision of the Federal
Dated
Nov.
Due Nov. 1, 1951
1921
1,
Farm Loan Board, the latter con¬
sisting of five members, including
Price—101
and Interest
the Secretary of the Treasury and
5%% to Optional Maturity and 5J^% Thereafter
To Yield About
Redeemable at par and accrued interest on any
others
four
President
interest date after ten years from date of issue.
appointed
with
the
by
the
approval of
the Senate.
and interchangeable.
Denomination, SI,000. Interest payable
semi-annually, May 1st and November 1st.
Principal and interest payable at the bank of issue
or through any office of the undersigned.
Bonds fully registerable
Coupon
One of the powers of the Fed¬
eral Farm Loan Bureau is to char¬
Exempt from all
Federal, State, Municipal and Local Taxation
Excepting only Inheritance
AUTHORITY—By
these bonds
talities
by
the
are
security have been approved by the
Federal Farm Loan Board, a Bureau
the
of
Government
United States and
engraved
as
declared instrumen¬
are
the
of
a
Their bonds and the collateral pledged
Congress
of
Act
ter Joint Stock Land Banks with
Taxes
of
prepared and
the
Treasury Department of the
it
can
capital of $250,000
fully paid before
issue bonds.
A Bank may
make farm loans in the State in
which it is located and
ing State
United States Government.
Treasury Depart¬
minimum
which must be
one
adjoin¬
the Government's
on
Amortization
By
a
decision of the Supreme Court
of the United States,
ary
TAX
rendered Febru¬
EXEMPTION—Principal and in¬
terest of these bonds
28, 1921, the constitutionality of
fea¬
taxation,
fully
sus¬
This
of these bonds
were
exempt from
Federal, State, Municipal and local
this Act and the tax exemption
tures
are
tained.
Inheritance
except
Plan,
vides
ment.
payment of loans
ciary and trust funds under the juris¬
farm mortgages or
either
by
bank may
diction
of
the
Federal
and
acceptable
as
Savings and other deposits of Govern¬
debtedness.
mental
Funds, and the banks
may
be
designated by the Secretary of the
These
banks
S UPER VISION—
Treasury
as
operate under
Federal
approved
Loan
of
Loan
Lincoln Joint
Stock Land Bank,
Fremont Joint Stock Land
Des
Moines
Iowa
Joint
Joint Stock
Stock
Land
Kans_i__
Kansas & Missouri
Lincoln, Nebr
..Nebraska & Iowa
Bank, Fremont, Nebr
Land
Bank,
are
by the Federal Farm
The
original act
July 1, 1923, the issuance of
bearing interest at the rate
5V2%.
Territory
Bank, Milwaukee, Wis., Wisconsin & Minnesota
Liberty Joint Stock Land Bank, Salina,
and appraiser's
recently amended permitting,
until
funds.
Banks of Issue and
issued, the orig¬
which such loans
Board.
bonds
Bankers Joint Stock Land
are
the
capital.
based must be submitted to and
financial agents of the
Government and depositaries of public
supervision.
on
Board,
times
paid-in
application
report
was
charter and Government
fifteen
its
Before bonds
security for Postal
ermhent Bonds of Certificates of In¬
GOVERNMENT
of
Government
inal
United States Gov-
forty
isue farm loan bonds
exceed
to
amount
first
in not less
than
more
Under the direction and control
not
double the amount of their stock and
secured
pro¬
years.
A LEGAL INVESTMENT for all fidu¬
collaterally
or
of the Federal Farm Loan
of the issuing
liability
which
taxes.
being
shareholders'
five
than
a
bank,
the
in fixed installments
exemption includes all Federal
Income taxes.
SECURITY— Obligations
for
.Nebraska & Iowa
Des Moines,
Bank, Sioux City, Ia__
Ia_.Iowa & Minnesota
.Iowa & South Dakota
The banks operate under Fed¬
eral charter and Government
su¬
pervision, and
ex¬
are
subject to
amination twice yearly by Gov¬
ernment examiners who
ject
to
the
same
are
sub¬
requirements,
responsibilities and penalties
are
All statements herein
\
are
official,
do not guarantee them, they are
or
based
the, data
on
information which
upon
which
we
Halsey, Stuart & Co.,
Chicago
New York
we
regard
as
reliable, and, while.we
have acted in the purchase of these bonds.
inc.
as
applicable to national bank
examiners.
William R. Compton Co.
New York
Oct.
1
THE
1921.]
CHRONICLE
XXV
financial
New Issue
$50,000,000
GOVERNMENT OF THE ARGENTINE NATION
Two-Year 7%
Dated October 1,
Treasury Gold Notes
1921
Due October 1, 1923
;
Interest
payable April 1 and October 1
Principal and interest payable in United States gold dollars in New York at the offices of
The
Chase National
Bank
and
Blair & Co.
Coupon Notes in denomination of $1,000
Exempt from all present
DIRECT OBLIGATION: These Notes
future
or
Argentine taxes
to be the direct
are
obligation of the Argentine Govern¬
ment and will be issued in accordance with Laws No.
'■
,
8889 and 9468.
'
-.v...,.
the national funded
.
,
NATIONAL
FUNDED
DEBT:
We
are
advised
and internal, on December 31,1920, was
that
'
■
...
V
-■
debt, both external
approximately $533,000,000, equal to about $63
per
capita.
FOREIGN TRADE:
the
Argentine leads all South American countries in the volume of foreign trade;
published statistics show the following approximate comparison expressed in round numbers:
1920
1919
1918
1917
$971,000,000
Exports
$995,000,000
$773,000,000
$531,000,000
Imports
824,000,000
Excess
of
Exports
GOLD
367,000,000
1,256,000,000
898,000,000
147,000,000
362,000,000
290,000,000
164,000,000
are
advised that the present
issue will be utilized to
pay
the Bank of
Argentine Nation for advances made to the Government.
RESERVE: Recent
held
published figures show
against notes in|circulation, representing
currency
PREVIOUS
Notes
at
483,000,000
1,628,000,000
.
PURPOSE OF ISSUE: We
the
633,000,000
1,795,000,000
Total
is
a
a
total of approximately $463,000,000 gold
ratio of about 80% and indicating that Argentine
of the soundest in the world.
one
ISSUES:
bearing not
During the European
over
6% interest
were
war a
total of $73,500,000 Argentine Government
sold in the United States and all
were
promptly paid
maturity.
GENERAL: Area of
Republic is approximately 1,100,000
continental U ni ted States, excl usi ve of Alaska;
PRICE: 99%
When,
as
Notes for
recommend these
We
may
miles, exceeding one-third that of
Investment
AND INTEREST TO YIELD OVER 7.20%
and if issued and received by us,
Delivery
square
national wealth calculated at over $13,800,000,000.
and also subject to approval of counsel.
in the form of temporary notes
be made either
or
interim receipts.
Blair & Co., Inc.
White, Weld & Co.
The New York Trust Company
The
Equitable Trust Company of New York
Spencer Trask & Co.
Kissel, Kinnicutt & Co.
Salomon Bros. & Hutzler
Graham, Parsons & Co.
First National Bank of Boston
The Union Trust
Union Trust
The Cleveland Trust Company
Company, Cleveland
First Trust & Savings Bank, Chicago
Illinois Trust & Savings Bank, Chicago
Continental & Commercial Trust & Savings Bank
The statements
presented above
are
Company, Pittsburgh
Northern Trust Co., Chicago
based on information obtained partly by cable from official and other sources.
we
believe
All statistics relating to money are
them
to
be reliable.
expressed in United States dollars at
par
of exchange.
While not guaranteed,
THE
xxvi
CHRONICLE
[Vol.113.
,
financial
$31,154,000
The
Pennsylvania Railroad Equipment Trust
6% Gold Certificates
Issued under the Philadelphia Plan
DIVIDENDS
PAYABLE JANUARY 15 AND JULY 15
•j
redeemable
Entire issue (hut not any part)
Certificates
The
from
January 15,
January 15, 1935.
to
maturing from January 15, 1921, to January 15,
ary
15,
They are part of a total issue of $58,412,000
1935, of which the Certificates maturing Janu¬
1921, have been paid.
Certificates
These
Trust Agreement
are
Certificates
approximately $3,894,000
offered mature in annual installments of
now
1928,
interest date at 103 per cent, and accrued interest.
each with privilege of registration as to principal.
on any
in denomination of $1,000
•
.
against standard railroad equipment under an Equipment
issued
between the Director-General of Railroads, the
Railroad Company, and the
Guaranty Trust Company of New York, Trustee.
We
are
informed that these
are
the only Certificates which have been issued under
under the Philadelphia Plan.
such agreements
SALE AND
SUBJECT TO PREVIOUS
CHANGE IN PRICE WE OFFER THE ABOVE
CERTIFICATES AT PRICES TO YIELD 5.80% UPON
THE INVESTMENT
IF HELD TO MATURITY AS FOLLOWS:
Certificates maturing January 15, 1928, at
f
"
"
"
15, 1929,
101.04%
101.18%
15, 1930,
"
101.30%
15, 1931,
"
101.42%
15, 1932,
"
101.53%
15, 1933,
"
101.64%
15, 1934,
"
101.74%
15, 1935,
"
101.84%
"
"
:
;
"
"
and accrued interest
"
/
"
of United States
exchangeable for definitive certificates when received
The right is reserved to reject any application and to allot a smaller
Pending the preparation of the definitive certificates temporary receipts
Mortgage & Trust Company, New York,
by them, will be delivered.
amount than
applied for.
Kuhn, Loeb & Co.
The National
Guaranty Company of New York
City Company
Kidder, Peabody & Co.
Dillon, Read & Co.
Brown Brothers & Co.
Pittsburgh
Commercial Trust Co. of Phila.
Girard Trust Co. of Phila.
Continental and Commercial Trust and Savings
Cassatt & Co.
Blair & Co., Inc.
The Union Trust Co. of
All of the above certificates
Lee, Higginson & Co.
Bank, Chicago
having been sold, this advertisement appears as a matter of
*
record only
i
Oct.
1
XXVII
CHRONICLE
THE
1921.]
Jftnancfal
ADDITIONAL NEW ISSUE
$5,000,000
Province of Ontario
6% Gold Bonds
Dated
Due September 15,
September 15, 1921
1943
Principal and semi-annual interest (March 15 and September 15) payable at the option of the holder at the agency of the Bank of
Montreal, New York, in United States gold coin, or at the office of the Treasurer of Ontario, Toronto, or Bank of Montreal,
Montreal, in Canadian gold.
I
Coupon Bonds of $1,000 denomination, registerable as to principal only.
Not Callable Before
Maturity
Legal Investment for Savings Banks in Connecticut, New Hampshire and Vermont
'
FINANCIAL STATEMENT
Assessed Value of Taxable Property 1921
$2,054,212,000
Gross Funded Debt
(Including this issue)
Sinking Funds and revenue-producing debt
Less:
Net Funded Debt
------
_______
|
$185,186,900
118,708,265
-
-
-
66,478,635
-
Contingent Liabilities, fully secured
(Of this amount $7,800,000 represents guarantees of bonds
the Canadian Northern Ontario Ry. now owned and
controlled by the Dominion of Canada.)
$10,099,936
of
____
of
Assets
the
including cash,
Province,
sinking funds,
buildings, crown lands, water powers,
etc.
(October 31, 1920)
Subsidy Receivable Annually from Dominion Government
government
The Bonds
are
a
sq.
miles.
direct and primary obligation of the Province of Ontario and
a
the Consolidated Revenue Fund of the Province. The Province has
found it necessary to exercise its power to levy a direct general tax.
A Sinking
charge
never
Area 407,252
2,820,909
Population
645,983,604
2,396,378
upon
Fund is
provided by statute toward the retirement of all of the Provincial funded
debt.
Financially and commercially Ontario is Canada's leading Province.
is
and mineral products over 45% of
An abundance of water powers,
that of the entire Dominion.
excellent transportation facilities and
supply of raw materials have enabled
commercially.
We
PRICE
a
recommend these Bonds for
■■
V
■
'
.
99 AND INTEREST, TO YIELD APPROXIMATELY
.7;
'
,
'
'
; 7
,
LEE, HIGGINSON & CO.
E. H. ROLLINS & SONS
j
:7
plentiful
Investment.
•777'
6.10%
Temporary Bonds of the Province, exchangeable for definitive
Bonds, when, as and if Issued and received by us, will be ready for delivery
,
a
steady expansion both industrially and
Legality of this issue will be approved by Mr. E. G. Long, of Toronto.
:■
Its population
than one-third and its annual production of agricultural, manufactured
more
'
■
on
Monday, October 3, 1921.
I
BANKERS TRUST COMPANY
SPENCER TRASK & CO.
CLARK, DODGE & CO.
The
abolve statements, while not guaranteed, are based upon information and advice which we belive
accurate and reliable.
THE
XXVIII
CHRONICLE
[VOL. 118.
jftoandal
$15,000,000
State of West
Virginia
Highway 5% Gold Bonds
Dated
July 1, 1921
Due July 1, 1927-1946, inclusive
Principal and semi-annual interest (January 1 and July 1) payable in gold at The National City Bank in New York
at
the
of the
office
State
Treasurer,
West Virginia.
Charleston,
Coupon
bonds
in
the
denomination
or
of
$1,000 each with the privilege of registration as to principal only or both principal and interest.
Exempt from all taxation by the State of West Virginia, or by
any
county, district
or
municipal corporation thereof, and free from all Federal Income Taxes.
Legal investment for Savings Banks in New York State, New Jersey, Pennsylvania,
Ohio,
Hampshire,
New
Connecticut,
Vermont,
and
Rhode
Island.
FINANCIAL STATEMENT
(Officially reported)
>
Assessed valuation for taxation, 1919
Total bonded debt_
Sinking
$1,489,834,833
_
28,500,000
___
Fund
$2,500,000
Net bonded debt (less than 1 %% of assessed valuation)______
26,000,000
Population, 1920 Census, 1,463,610
These Bonds
of the
of
to
an
are
a
v
direct obligation of the State of West Virginia and the Act
Legislature authorizing their issuance provides for the levy and collection
annual State tax
pay
on
all property in the State and other revenue sufficient
interest and principal at maturity.
West
Virginia's great wealth is in coals of various kinds, petroleum and natural
gas.
Extensive manufacturing of iron, steel, lumber, timber, flour, glass, and the tanning, curry-
Jng and finishing of leather is carried
Agriculture and stock raising
facilities for
Baltimore
Western
&
are
in the northwestern section along the Ohio River.
on
also important industries.
West Virginia has excellent
.distributing its products, being traversed by the following railroads: The
Ohio,
Chesapeake &
Ohio, Norfolk & Western,
Maryland, Wheeling & Lake Erie,
numerous
Pennsylvania,
Virginian,
local lines, and also having the Ohio
River for water transportation.
AMOUNTS, MATURITIES AND PRICE
Approx.
Amount.
Maturity.
$750,000
1927
Approx.
Yield.
Approx.
Amount.
Maturity.
Yield.
Amount.
Maturity.
5.41%
$750,000
1934
5.22%
$750,000
1940
5.17%
5.16%
Yield.
750,000
1928
5.36%
750,000
1935
5.20%
750,000
1941
750,000
1929
5.32%
750,000
1936
5.20%
750,000
1942
5.16%
750,000
1930
5.29%
750,000
1937
5.19%
750,000
1943
5.15%
5.15%
750,000
1931
5.27%
750,000
1938
5.18%
750,000
1944
750,000
1932
5.25%
750,000
1939
5.17%
750,000
1945
5.15%
750,000
1933
5.23%
750,000
1946
5.15%
Price 98 and Interest
On
All
~
I
Watkins&Co.
Maturities
~~~
Redmond & Co.
Harris, Forbes & Co.
The National City Company
Bankers Trust Co.
Eastman, Dillon & Co.
relied
in
•
•,
,
above
information
the
is
based
upon
purchase of these Bonds.
Wm.R.ComptonCo.
E. H. Rollins & Sons
i
The
~
official
We
statements and
do
not
guarantee
■
statistics
on
■
which
■
we
have
..
but believe it to be correct.
-
Oct. 1
THE
1921.]
CHRONICLE
XXIX
Jfinancial
$10,000,000
City of Toronto, Ontario
Gold 6% Bonds
Dated
Due
July 1, 1921
serially July 1, 1925 to 1951, inclusive
Principal and semi-annual interest (January 1 and July 1) payable in gold at the agency of the Canadian Bank
of Commerce in New York
City
of $1,000
'
1
^HESE bonds
I payable from
are
a
or
Toronto at the holder's option.
Coupon bonds in denomination
with the privilege of registration as to principal only.
direct
general obligation of the City of Toronto,
taxes against all the taxable properties within the City.
By-Law authorizing
Under the laws of the Province of Ontario, every
the issuance of
debentures must
provide
specific sinking fund to be
a
raised
each year
which
system, if continued, guarantees that no refunding of a single
sufficient to retire the debentures at their maturity,
loan will be necessary,
but that
every one
will be paid in full at maturity.
It is
Toronto, the capital of Ontario since 1794, is the second largest city in Canada.
the financial and railroad center of
natural harbor and is
is
the
an
English Canada, enjoys the advantage of
important distributing point for the Dominion.
headquarter^ of Canada's wealthiest,
most populous and
province in both agriculture and manufacturing.
Its products
a
fine
Toronto
most productive
are
exported to all
parts of the world.
AMOUNTS, MATURITIES AND PRICES
(Accrued interest to be added and payment to be made in U. S. funds)
Approx.
Approx.
Amount
$157,000
Yield
Due
Price
1925
97.00
Amount
Due
Price
Yield
6.93%
$355,000
1939
99.00
6.09%
166,000
1926
97.00
6.76%
376,000
1940
99.00
6.09%
176,000
1927
97.00
6.64%
399,000
1941
99.00
6.09%
187,000
1928
96.50
6.65%
423,000
1942
99.00
6.08%
198,000
1929
96.50
6.59%
448,000
1943
99.00
6.08%
210,000
1930
96.60
6.53%
475,000
1944
99.00
6.08%
223,000
1931
96.50
6.49%
503,000
1945
99.00
6.08%
236,000
1932
97.00
6.39%
534,000
1946
99.00
6.08%
250,000
1933
97.50
566,000
1947
99.00
6.08%
600,000
1948
99.00
6.07%-
6.16%
635,000
1949
99.00
6.07%
1950
99.00
6.07%
1951
99.00
6.07%
6.31%
265,000
1934
98.00
6.23%
281,000
1935
98.00
6.22%
298,000
1936
98.60
316,000
1937
99.00
6.10%
674,000
335,000
1938
99.00
6.10%
714,000
Guaranty Company of New York
The National City Company
Harris, Forbes & Co.
The above information is
relied in the purchase
based upon official statements and statistics on
of these Bonds. We
which we have
do not guarantee but believe it to be correct.
XTT
[vol. 113.
CHRONICLE
THE
financial
We have
purchased from the United States Railroad Administration
$26,112,000
Equipment 6% Gold Notes
Dated January 15, 1920.
Redeemable
on any
Interest January 15th and July 15th.
Guaranty
Trust
of
These
Notes
Company
$1,000
and
the
direct
constitute
interest date at the option of the issuing companies at 103 and interest.
Principal and interest payable in New York at the office of the
York,
of New
Trustee.
privilege
with
$100,
obligations of
Coupon
of registration
Notes in
as
to
denominations
principal.
the issuing companies and
secured
are
by standard
railroad equipment, under the Equipment
Walker
Trust Agreement dated January loth, 1920, between
Hines, Director General of Railroads, the respective railroad companies
the Trustee.
Under that agreement no railroad company secures title to
D.
and
equipment until the
in full.
I
Notes of that
The Notes
which
We offer
are
particular
company
have
been paid
divided into fifteen series, the first of
matured and
paid January 15th, 1921.
was
the following amounts:
these Notes in
$5,176,800
$7,381,600
Illinois Central Railroad
New York Central Railroad
Company
Company
1,319,200
$2,123,200
Delaware & Hudson
Chicago & Northwestern
Railway Company
Company
$631,200
Atlantic Coast Line and Louisville & Nashville
Joint
Lessees
of
the
Railroad
Georgia Railroad Company
$510,400
$1,506,400
Cincinnati, New Orleans &
Pittsburgh, McKeesport &
Texas Pacific
Railway
Youghiogheny Railroad
Company
Company
1,771,200
$692,000
Michigan Central Railroad
Nashville, Chattanooga &
Company
St. Louis Railway Company
These various issues all mature in
approximately equal
annual installments
on
January 15,1928 to 1935, inclusive
Price for all issues and maturities to yield
5.80%
Pending preparation of definitive Notes, delivery icill be made on or about October 14th, 1921, in the form
of receipts of
the Central Union Trust
Company of New York against temporary Notes of the railroad companies deposited with them.
Legal details pertaining to this purchase have been passed
upon
by Messrs. McAdoo, Cotton & Franklin, New York.
White, Weld & Co.
Blair & Co., inc.
Brown Brothers & Co.
Hornblower
&
Weeks
West & Co.
Dominick
cassatt
Lee, Higginson & Co.
& Co.
Edward B. Smith
&
Dominick
f
Redmond & Co.
Kissel, Kinnicutt & Co.
This information and these statistics are
not guaranteed, but have
September 26, 1921.
Graham, Parsons & Co.
& Co.
been obtained from
sources we
believe to be accurate.
Oct. 1
xxxi
THE CHRONICLE
1921.]
^financial
new
^
;;
issue
-y;;/■.■v.,..
'
$9,000,000
Consolidated Gas Electric Light
First Refunding
October
Convertible,
par
as a
for
Convertible
Due October 1, 1931
1921
1,
Redeemable
whole, or in part for sinking
par,
Baltihore
of
Mortgage 7% Sinking Fund Gold Bonds
Series C,
Dated
Power Company
and
fund only, at any time on 60
days' notice, at 102 and accrued interest.
any time prior to and including April 1, 1931, into a new series
Sinking Fund Gold Bonds, Series D, dated October 1, 1921, due October
holder's option, at
at
Thirty-Year First Refunding Mortgage
Interest
payable without deduction for
From the letter of
Mr. Herbert A. Wagner,
BUSINESS: The Company does
of 6J^%
1, 1951.
Federal Income Tax up to 2%.
President, he further summarizes as follows:
the entire gas, electric
light and power business in the
surrounding counties and also supplies all the power for the
operation of the entire street railway system in this area.
The total population
City of Baltimore, and
served is about 775,000.
SECURITY:
,
These $9,000,000 7% Series C
Bonds (equally with $3,500,000
6% Series A
pledged under the Company's 7% Secured Convertible Note issue and $7,750,000
Series B Bonds) are secured by mortgage on all property now owned or hereafter
Bonds
Bonds
acquired.
are
reserved to refund all underlying issues.
EARNINGS:
Net
Earnings
Fixed
Net Earnings
Gross
Times Fixed
Charges
Balance
Earnings
After Taxes
Charges
June 30, 1915
$6,789,401
$3,212,818
$1,640,361
1.96
$1,572,457
1916
7,431,768
3,583,692
1917
8,498,809
4,018,644
2.27,
2.40
2.03
2,003,634
2,346,421
2,132,565
Years Ended
1918
10,619,588
4,203,904
1919
12,813,617
4,800,711
2,283,622
2.10
2,517,089
1920
Dec.
1,580,058
1,672,223
2,071,339
15,433,458
4,981,667
2,428,285
2.05
2,5^3,382
est.) 16,729,417
5,779,094
2,845,642
2.03
2,933,452
31,
1921
Effective
of
17
(4
mos.
July 1, 1921, the Public Service
cents
per
earnings for the year 1921
this increase.
Commission granted the Company an increase
for gas. The above
thousand cubic feet in the net maximum rate
(4 months estimated) include only 6 months' benefit from
gas and electric rates have been and still are con¬
The Company's
siderably lower than those in any
other large city on the Atlantic
seaboard.
Fund of 1% of all First Refunding Mortgage Bonds
time to time outstanding, first payment not later than August 1, 1923, is to be
for purchase or call and retirement of First Refunding Mortgage Bonds.
•'?
SINKING FUND: An annual Sinking
from
used
.
'
■
8% Preferred and $14,608,700 Common capital
stock outstanding.
Continuous cash dividends on the Common stock have been paid
since 1909, at rates averaging nearly 7% per annum for the last 11 years.
The present
rate, 8%, has been paid since April 1, 1917.
DIVIDENDS: The Company has $2,500,000
THE PRIVILEGE
OF CONVERSION during
the 9^
6^% Bonds secured by the same mortgage,
We
price
is
an
years to April 1, 1931, into 30-year
attractive feature of this issue.
recommend these Bonds for Investment
97% and accrued interest, yielding about
These Bonds
are
offered subject to the approval of the
7.35%
Public Service Commission of
Maryland.
ALEX. BROWN & SONS
LEE, HIGGINSON & CO.
BROWN BROTHERS & CO.
JACKSON & CURTIS
SPENCER TRASK & CO.
The statements
contained above, while not
guaranteed, are based upon information and advice
This advertisement appears as a
matter of
which we believe accurate and reliable.
record only, all the above
bonds having been sold.
XXXII
THE
CHKONICLE
[VOL. 113.
JTfnkncfal
ANNOUNCEMENT
The New York Trust
ces
ber
the
opening of its
Broadway
100
1921.
3,
the
two
Company
announ¬
Office
at Num¬
new
on
Monday, October
In this office the activities of
present downtown offices will be
consolidated.
Customers
and
New York Trust
inspect this
themselves
the
with
friends of The
Company
office and
the
invited to
are
to
facilities
acquaint
offered
by
Company.
Main
Office
100
new
other
Broadway
f
,
Fifth Avenue Office
57th St. &
5 th
Ave.
INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
Bank &
VOL. 113.
PUBLISHED
For
Week ending September 24.
Six
Clearings atInc.
WEEKLY
Months
6 00
European Subscription (including postage)
European Subscription six months (including postage)
Canadian Subscription (including postage)
account
of
fluctuations
the
for European subscriptions and
In New York funds.
remittances
In
the
13 50
7 75
11 50
rates
of
exchange
advertisements must be made
and
Terms
of
Advertising
45 cents
_.On request
Chicago Office—19 South La Salle Street, Telephone State 5594.
London Office—Edwards & Smith. 1 Drapers' Gardens. E. c.
.
WILLIAM
Front,
B.
DANA
Pine and
COMPANY,
Streets.
Depeyster
Published every Saturday morning by WILLIAM
Cincinnati
...
Address
575,875,291
—25.8
62,579,577
116,944,156
83,400,000
Indianapolis
Toledo
135,018,724
—38.2
126,014,253
32,835,324
—20.4
92,472,653
—21.2
27,553,943
17,479,000
—13.0
14,435,000
14,097,500
—3.8
12,589,800
11,479,024
Detroit
Milwaukee..
15,215,262
4,701,063
6,413,653
4,295,022
5,487,646
3,006,821
3,308,614
2,122,013
10,519,000
—24.6
12,945,602
9,359,129
—28.7
4,161,164
4,697,096
—18.9
5,194,601
3,938,855
4,876,646
2,082,439
4,342,275
4,651,442
3,827,019
2,700,000
—25.9
3,350,279
Peoria-
Grand
Rapids.
,200,0 0
__
4,328,309
4,421,201
2,349,275
Dayton
Evansvllle
;_
111.
_
3,923,120
1,670,844
Youngstown
Fort Wayne
__'
of all. Office of the
Presi¬
Como'mv.
—18.6
1,518,287
1,650,000
—14.4
1,715,941
—39.5
1,770,418
—26.3
Ohio
1,866,499
1,037,029
1,304,856
Decatur
Lima..
Ann Arbor
747,004
425,000
Danville
week and $9,087,719,868
the corresponding week last year.
$4,079,507,225
547,977,218
410,830,885
280,945,983
—25.7
San
—25.8
Portland
—24.8
Spokane
116,300,000
—19.1
♦130,800,000
143,800,000
158,399,072
—17.4
Salt Lake City
Tacoma
Detroit
70,504,196
100,000,000
—29.5
Oakland
Baltimore
52,308,222
81,724,425
—36.0
Sacramento
44,586,276
68,585,560
—35.0
San Diego
$4,642,295,250
985,463,381
$6,182,833,274
—24.9
Stockton
1,240,299,986
—20.5
San Jose...
Yakima
1,315,046,297
$7,423,133,260
1,664,586,608
—24.2
—21.0
$6,942,804,928
$9,087,719,868
—23.5
_
_
_
New Orleans
Other
cities, 5 days
__
$5,627,758,631
Total all cities, 5 days
*
Estimated.
1,581,184
473,536
647,415
843,014,037 1,115,628,671
—24.4
975,316,302
821,868,936
—12.1
153,474.729
49,311,000
48,562,703
35,902,672
14,727,603
16,786,791
4,963,335
9,282,713
6,152,144
2,044,350
6,305,652
2,846,716
2,491,695
1,324,172
,1709,294
108,731,774
30,828,000
40,202,305
30,419,407
9,282,614
12,742,035
4,766,704
7,353,781
4,618,793
2,614,289
3,034,379
1,998,228
1,073,890
761,795
819,885
650,000
155,000,000
79,939,000
+ 3.9
40,544,834
4),343,765
14,351,099
—20.8
2,981,820
10,285,095
6,188,925
2,380,544
5,034,180
5,151,400
1,803,634
2,757,317
1,465,151
furnish them to-day, clearings being
cannot
Kansas City
Minneapolis
__
Omaha
St. Paul
St.
Week ending September 24.
Joseph
______
Duluth
Clearings at—
——
Dea Moines
Inc. or
Dec.
1920.
1921.
______
Baltimore
Buffalo
Albany
Washington
3,558,981,516 4,494,7.56,875
399,000.000
481,809,094
202,737.981
*167,400.000
93,717,428
62,090,165
37,030,787
47,563,987
4,547,411
3,457,128
15,618,615
15,455,144
10,755,271
7,102,782
5,283,181
4,877,327
4,013,588
3,113,568
2,071,751
2,454,443
»
Rochester
Scranton
Syracuse.
Reading
Wilmington
%
$
$
York
Philadelphia
$
$
—20.8 4,555.653,050 3,336 ,970,691
396 ,358,478
—17.2
449,637,872
—17.4
153,546,427
136 .000,000
—33.8
86,106,315
73 ,804,381
—22.1
36,670,306
24 ,989,588
—24.0
4,723,505
4 .418,846
13 ,070,550
—7.7
14,108,098
8,435,065
5,193,029
—22.4
3,642,568
4
—15.6
2,422,526
2 ,524,534
—1.0
—34.0
6 ,964,463
3 ,897,138
,119,181
2.389,649
3,295,017
—27.5
3,508,737
2,831,024
—26.9
+ 0.6
907,920
1,732,406
825,801
353,677,932
396,582,793
—10.8
357,525,895
260,823,680
161,461,616
72,331,625
38,371,288
32,589,675
17,421,129
9,909,058
10,204.853
7,912,939
233,284,299
103,111,309
58,467,434
47,391,586
24,896,552
—31.2
233,550,361
53,233,759
65,098,743
19,079,256
24,351,163
202,045,706
—34.4
15,387,400
—35.6
13,063,513
11,285,958
8,287,726
15,968,631
4,880,264
—21.9!
15,748,547
7,328,395
15,465,170
22,024,201
8,534,235
—8.9
—25.6
—7.5
2,612,696
3 ,354,159
2 ,296,509
—10.7
925,170
990,943
—22.0
657,512
Fremont
448,981
714,470
—31.6
895,991
Waterloo
1,219,975
2,001,620
—39.1
Helena
4,641,389
Aberdeen
1,279,136
712.965
1,975,512 + 134.9
2,255,477 —43.3!
1.6,
724,784
1,347,697 —49.61
1,795,340
2,319,723
1,994,870
Hastings
Billings
4,596,513
3 ,084,188
New Orleans
1,506,016
1 ,204,013
Louisville
2,801,695
—37.1
2 ,107,391
Houston
—46.6
2,915,293
1,340,422
2,093,822
1,100,000
1 ,071,781
Galveston
—29.9
1,018,000
699,600
Richmond
1,424,548
—29.0
1,552,042
921,467
1 ,740,480
2,630,098
498,853
2 ,393,853
Chester
1,011,442
976,279
913,633
St. Louis
1,149,600
2,615,357
—15.0
2,117,511
Montclair
3 >5,00)
486,978
—33.3
Bethlehem
2,554,717
3,909.805
—34.7
Nashville
Huntington
1,400,118
1,706,276
—17.9
Norfolk
Harrisburg
3,459,636
991,916
3,700,000
—6.5
1,264.513
—21.6
Jamestown
—16.8
—20.4
339,043,8.54
—20.7
8,321.100
_
649 5,392.306,283
268,928,381
Total Middle.
Boston
Providence
11,056,900
—24.7
4,290,97
371,364
Fort
Worth
Atlanta
Memphis
Birmingham
_
Augusta
5,344,926,704 4,026;366,731
310,185,944
9,651,100
267,549,924
7,612.962
10.389,200
556,387,740
1.54,103,209
59,158,350
29,586,155
45,159,042
22,576,420
28,130,435
10,716,057
42,727,192
Savannah
Lancaster
Altoona
386,44.-,241
114,700,000
Total otb. West
—27.0
1,187,000
—
679.966
—26.9
2,023,877
Knoxville
Jacksonville
Chattanooga
Mobile
43,073,866
7,233,161
9,504,461
—23.9
6,106,921
—26.6
5,158,717
—9.8
2,500,000
Springfield
3,172,938
2,550.000
4,735,909
7,443,311
5,224,090
2,331,944
Little
4,484,236
—33.0
3.947,025
3,517,272
Macon
Worcester
2,828,641
4,380,758
—35.4
4,013.084
Austin
Fall River
1,788,487
1,678,428
+ 6.0
2,021,236
3,119,849
2,035,833
Vlcksburg
New Bedford
1,207,608
1,618,082
—25.4
1,006,-534
1,651,838
1,081.099
690.000
875,000
21.1
825,000
800,000
660,619
924,143
—28.6
631,512
519,268
Holyoke
Bangor
Stamford
+ 6.4
3,067,368
1,400,000 Not Included in total
3,262,484
Lynn
Total New Eng.
Estimated
—
on
305,884,189
386,689,191
—20.9
basis cf last officially reported week.
Note.—Canadian bank clearings on page 1440.
Tulsa
Muskogee
Dallas
Shreveport
Total
348,855,065
305,663,628
Southern
25,341,027
4,587,438
1,778,095
5,675,810
3,273,576
31,000, ;oo
4,083,171
49
.,318,014
—34.7|
+ 9.5!
8,129,704
9,803,663
3,877,684
2,651,325
3,189,937
1,742,123
078,351
1,409,472
780,816
709,486
1,403,997
1,753,470
2,073,526
571,721
1,057,370
478,884,754
450,686,656
159,552,691
59,845,490
14,037,5611
152,138,540
53,645,937
20,895,660
23,031,583
8,00 i, 303
52,378,218
8,851,505
726,106
26,041.375,
9,015,053:
65,272,893!
—33.2,
16,265,334
I.5,945,917
—23.9.
69,856,189,
57,795,95
18,350,632
18,278,570
17,141,601
7,737,050
10,680.278
8,743,062
2,215,289
10,767,804
3,700,000
34,180.214
5,200,000
1,300,000
289,645
637,119
12.935,748
5,280,831
40,421,533
4,272.464
650,000
—12.3
1,320,256
988,229
Jackson
1,147,367
Lowell
Oklahoma
—23.7!
—23.7|
10,470,692
24,828,051
—20.9!
—52.4!
17,096,232
23.499,636
9,077,198
20,384,168
3,823,042
3,200,000
345,989
Rock
Charleston
—25.6'
60,940,125
58,486,576
8,000,000
6,011,266
1,500,000
10,393,330
2.000,000
2,300,000
Haven
-30.5
61,955,503
9,785,203
56,525,214
11.361,483
19,662,430
5,412,993
13,144,854
44,480,960
17,908,619
15,350,603
6,398,078
18,416,157
2,856.902
2,700,000
Portland
Hartford
—41.7
2,528,638
1,013,175
Springs
—19.7
1,080,492
832,323
2,551,771
—40.0
—30.1
905,943
1,855,324
Rapids
4,464,153
1,101,948
—22.1
—37.9
10,974,504
10,282,574
13,661,056
5,033,125
3,491,937
3,775,379
772,366
Cedar
Colorado
3,584,655
1,762,440
—29.9
Pueblo
3,913,331
Greensburg
Binghamton
—30.01
—26.6
Wheeling
Erie
—31.2
3,234,005;
2,222,336
Trenton
York
—29.9
3,576,747j
4,977,715
Topeka
Fargo
4 ,011,905
*
—8.4
—19.1
—14.7
+ 2.2
667,621
11,159,098
2,846,860
2,518,004
Lincoln
3,062,374
5,395,164
Wilkes-Barre
New
—12.4
—26.2
Sioux City
1919.
Wichita
Pittsburgh
—3.9
7,061,1.54
2,599,521
6,218,240
6,041,900
2,468,421
3,376,042
Denver
New
—16.2
—23.2
—34.0
2,741,259
1,609,829
850,000
3,304,549
896,421
Santa Barbara..
Pacific.
—15.4
10,700,680
626,681
Total
will be given next Saturday.
made up by the clearing houses
at noon on Saturday, and hence in the above the last day of the week has to be in
all cases estimated, as we go to press Friday night.
Detailed figures for the week ending Sept. 24 follow:
17,395,476
4,516,645
details of the week covered by the above
The full
We
93,169
900,000
114,388
+ 14.0
Long Beach
Total all cities for week
300,000
617,629
—42.8
13,363,545
Pasadena
All cities, 1 day
475,000
—15.5
12,027,540
-
Fresno
Eleven cities, 5 days—
775,000
—10.1
429,939
Reno
Pittsburgh
_
875,760
472,579
201,164
32,121,288
34,117,149
Seattle
—21.3
.
511,560
—58.6
83,030,000
Francisco
—26.6
San Francisco
967,0
1,036,13
1,086,395
993,647
520,570
—15.5
136,300,000
Los Angeles
133,241,925
_
_
+ 1.0
1,601,
—24.7
177,820,981
206,274,260
140,000,000
__
City
St. Louis
+ 13.1
Cent.
100,200,000
Boston._
Kansas
—31.0
792,294
1,301,590
1,274,258
1,929,635
Owensboro-.
TotalMid.West
$3,069,100,000
407,222,296
305,000,000
5.4
828,240
2,200,000
245,559
Lansing
1920.
—
1,827,599
570.525
170,0 .0
Adrian
Per
Philadelphia
1,280,962
4,313,000
—28.1
have
Chicago
1,630,733
1,719,473
4,928,631
South Bend
3,774,113
1,897,060
4,002,650
12,655,000
2,147,148
1,247,367
1,428,386
1,578,203
3,806,787
1,434,553
1,580,057
1,287,584
1,564,308
826,677
1,532,862
Springfield,
64,892,430
29,134,813
14,377,000
9,914,000
—51.6
1,300,000
Canton
89,621,750
—21.3
1,101,900
1,400,000
3,399,868
1,300,000
754,632
293,729
7)0,000
1921.
+ 18.6
1,100,000
Jacksonville, I1I._
Clearings—Returns by Telegraph.
Week ending October
1.
—21.9
5,091,000
2,000,000
Mansfield
CLEARING HOUSE RETURNS.
against $6,675,309,062 last
+ 0.8
—19.4
Rockford
Akron
BIoomlngtOD
B. DANA COMPANY.
508,137,961
53,360,228
100,250,627
25,890,F22
15,210,000
13,545,900
Cleveland
able, made up by elegraph, &c., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
$6,942,804,928,
1918.
$
—23.3
Quincy
The following
been
1919.
637,671,808
73,428,270
Lexington
Publishers,
New York.
dent, Jacob Seibert Jr.; Vice-President, Arnold G. Dana; .Business Manager, William
Riggs; Secretary, Herbert D. Seibert.
%
489,214,515
54,390,749
Chicago
Springfield,
Transient display matter per agate line
Contract ami Card rates
D.
$
Columbus
Subscription includes following Supplements—
Railway & Industrial (semi-annually)
Quotation (monthly)
Railway Eauninos (monthly)
Electric Railway (semi-annually)
Stats and City (semi-annually)
Bankers' Convention (yearly)
Bank
Dec.
Advance
in
§10 00
NOTICE.—On
or
1920.
1921.
Subscription—Payable
Year
One
For
of
NO. 2936
SATURDAY, OCTOBER 1, 1921
'jpxe Cltrauictc
Terms
Railway Sectsca
City Sectiaa
6
+ 4.8
—34.8
—29.5'
10,954,051!
15,352,136;
9,577,338
—25.1
15,802,286;
6,649,205
2,598,655
7,836,890
—31.2
6,596,611
—32.3
—4 5.9
2,144,337
9,084,365
3,720,551i
—25.9
14,657.187,
—11.8
4,000,000
1,292,727
—9.6
—25.3
—15.6
—3.5
+ 36.8
+ 19.3
335,794!
+ 2.0
—38.0
818,7161
10,228,730
4,117,409
—23.3
35.516,629
—56.1
—4.4
4,041,559
9.446.749; —24. ♦
603,562.394
7,777,482
5,600,239
2,509,362
5,629,8
5,613,
1,435,1
5,254,08
3,948,3
II,399,758
2,.568,258
3,658,001
411,332
632,150
7,568,303
2,728.767i
29,000,000
3,190,18 1
534,769,59
Total all
6,67 .,309, <62 8,517,78
-.3911
-21.6 8,109,071,114
6,400,179,2J^
Outside N. Y._
3,116.327.546,4,023,028,5161
-22.5 3.553.418,064
3,063,208,5
CHRONICLE
THE
1390
[Vol. 113.
workers who
THE FINANCIAL SITUATION.
The first
days of President Harding's unemploy¬
ment conference do not indicate that it is
break up as
is it
nor
that of Mr. Wilson's
likely to
miserably did,
so
yet hopeless that the meeting may render
negative service at least by giving great pub¬
some
licity and the indorsement of representative employ¬
to
ers
not
fundamental economic truths which can¬
some
be
prevented from operating
compels,
by the
their nature
as
be refused attention
may
to whom they are for the time displeas¬
many
that
than
the
tors that
tion
subjected to
any
this
none
plan is
in effect
if not
who have not lost self-control.
that
venturing to speak of the proceedings thus far,
must
begin by commending
the President in
and
sound
an
opening address which was fit
As he well said, "liquida¬
throughout.
tion, reorganization, readjustment, re-establishment,
by intention, with the ancient doc¬
employment for the largest
persons
inseparable
be
is
a
corollary,
carefully
bonum,
summum
kept
that
produc¬
in
down,
order
employment be "made" for the largest possible
number.
Another
utterances of
some
the better because it is in line,
possible number of
an
Still further,
reducing influences.
trine of unionism that
should
persons
importance in the whole situa¬
greatly need to be increased instead of
tion
may
plan would tend to diminish, rather
of vast
are
and
be wrought by it must be in
hopes of
In
a
increase, efficiency and production, two fac¬
as
good
proposi¬
a
tapped for the relief of the idle who have none?
and,
some
pushed aside, from
savings deposits of these workers might
Further, such
The purpose of the gathering is excellent, and
ing.
we
though they
even
be
to be
are
tion that the
plan, also said to be from the
same com¬
mittee, would attempt to bring things back to the
solid
ground by a general price-slashing.
summed up
by
It is well
dispatch thus:
one news
taking account of things done and the sober contem¬
plation of things to be done, the finding of firm
ground, and the
these
are a
open,
and onward way—all
sure,
part of the inevitable, and he who thinks
they might have been avoided by this
this
or
policy
is needed for
reason
thing
one
that only hugs
or
and intends to stand
But he said
safe council."
a
which
more,
we
that plan
or
delusion when
a
hope he thoroughly
means
by to the utmost:
"I would have little enthusiasm for
any
proposed
"The bold
policy of restoring business conditions
by slashing prices of all commodities to a
present-day replacement basis, so that would-be pur¬
chasers may regain confidence in the market and
'the buyers' strike' be broken, was taking form to¬
night.
The scheme, in a sense, provides that pro¬
ducers and retailers alike, by taking a loss on goods
acquired at high prices, get back as quickly as pos¬
sible to a more reasonable basis; the way will be
paved then for the necessary reductions in the cost
to normal
of labor."
relief which seeks either palliation or tonic from the
public treasury.
The
that
be
is
source
rather than
but little in
a
to
a
a
of
trouble
of
We should
achieve
source
cure.
remedial way
a
if
we
cause
continued to excite
contributing cause."
timely is this, and it
commended to the persons
in
or
may
be
about Washington
claiming to be both representative and
power¬
quite true that
themselves and others
by
stead of
on,
trying to hang
One is that it
naturally
are
men
very
of them looks like
some
consumer
has
and is
hopeless to seek to stop
by their views of their
permitted to direct it
are
own
interests.
"Excess of
stimulation" from the public treasury, whether in¬
tentional
or
merely
a
consequence,
of trouble" rather than
cause
mental
is
indeed "a
curative, and Govern¬
interventions between
employers
sition to
hang back in
like with the
case
and
convinced of
be
ment stores of this
be strong enough to lead him to
oppose without cease any and every
lief"
by Government dole
The
first
or
scheme for "re¬
intervention.
come
committee, would adopt
in
no
means
ing
on
temporarily, present workers who
even
have established
a
moral
right to preference by stay¬
their jobs and have perhaps increased that
right by accepting the situation in respect to
and
working hours would be
them;
our
nor
shall
future by
we
relieve
using bad
is said that those
now
sacrifice for the sake
a
injustice to
troubles atid
our
means
gross
wages
secure
for good ends.
at work
of others
ought to make
If it
some
unfortunately idle,
is it not true that sacrifices
ering
emergency of a
(unless in the overpow¬
defensive war) should be vol¬
untarily made and not imposed, and does this
sition
differ
greatly in character,
as
propo¬
respects the
about
opportunity
and
slow in the
go
now.
One of the depart¬
city has just paid for
If the store
of
for
push aside,
to do the
as
time of mount¬
a page
announcing its readiness to buy
exact cost.
time.
To
a
a
ad¬
half-
goods, (presumably
sternly-viewed prices) and sell them at retail at
reputation,
to incurable objections.
falling market
million dollars' worth of varied
industry what is dubbed "the split week," using
more workers
by allowing present ones only partBut this is open
a
It is as
greatly retard the dispo¬
The reluctant buyer will not be instantly
vertisement
at
plan proposed, and said to have
from the "manufacturers'"
The
instinctively deemed the rule of
safety.
may
or
look
to
almost
are
ployees (as in the present situation of the railways,
example) aggravates the difficulties. It is to
quackery
and to
the struggle.
up
disposition to buy in
for
such
sacrifice which
ing prices; to rush and jam for the front line in the
latter
former
hoped that the President's lack of enthusiasm for
proposes a
reluctant to make
looking and waiting for low prices.
em¬
and
material mark-down in¬
this plan also has serious
passed out of the "silk-shirt" delirium
ful, who constitute the "blocs" that threaten to im¬
unless they
a
giving
pede
progress
holders of
many
stocks, in both wholesale and retail trade, could help
objections.
Most true, and most
and
Now while it is
of stimulation from
excess
reckoned
these
gets the goods, it will have
proving good faith except by its
or
particular goods from others;
bargain sales
can
a
reputation
be made only by such sales,
and those must become
convincing by time and
tition.
could
Further, how-
really undertaken
than
a
own
of distinguishing, to the customer,,
and
a
carried
repe¬
"buyers' week,"
through,
be
temporary palliative, increasing the
er's intent to continue hand-to-mouth
if
more
consum¬
trading until
the real bottom is reached?
But
cial
as
to
"unemployment," which is the
one spe¬
subject of the conference, it would be illuminat¬
ing to find out,
many are
how
many are
labor
their
so
far
practicable, not merely how
more
important)
in that position because they resist
"liquidation."
own
as
without work but (still
terms
as
Men who refuse work not
to
place,
or
kind,
or
wage,
on
or
1
Oct.
THE
1921.]
working hours and conditions;
rather loaf and
who
men
would
grumble and threaten than accept
what the labor market offers—how do these
in
to the consideration
respect
from the
who
one
justly
with
boom in
a
well in
building in the West, the outlay
a
Political affairs in Ireland have taken
teristic
a
charac¬
At the very moment when the out¬
course.
hunger plea and when fresh bread and butter is
look
brought out to him shrugs his shoulders and says he
for the better.
wants cake and
ply to the latest communication of De Yalera
Let
We
hues
examination,
dispatched
leave the door open
squinting
eyelids.
strictly
every
to the same point:
men
employed, because they refuse employment.
that the
serve
The obstinate who demand
so-called "American" standard of liv¬
a
ing, and will not
temporarily take bread, not
even
only reduce production by the amount their
real and
un¬
For ob¬
thing is progressive and cumulative in
operation and result.
the cake of
are
own
hearty labor might add to it, but prevent
others from
Does not the
working.
mere
statement
of this truth make extended illustrations of it need¬
Scantiness of labor hinders
less?
duction and contributes to
of
ness
materials
raw
which
processes
carry
bor scantiness in
will not
him from
another way
one
prevents the man close behind
fabric
vows
of
industry
and
trading
that it will be the last and slow¬
if
illuminate
they
truths, but
Washington
and
may
be
enonomic
enforce
not likely to evolve any "prescrip¬
are
tions" which
in
now
can
be
any
real revival from the comparative inac¬
tivity in construction work that has characterized
the
is
of events for
course
quite extended period.
a
representatives.
Scotland,
week
a
It
true, of course, that at some points in the Domin¬
Lloyd George's
was
of
In
In
Winston
Spencer
was
believed
position and attitude of the
Government
doing
a
speech in Dundee,
a
to-day,
ago
outlined the
have
British
nature to
a
Earlier in the week such
Churchill, Secretary for the Colonies,
to
re¬
was
conference with the
a new
possibility seemed remote.
the whole Irish
on
situation.
he only emphasized what Premier Lloyd
so
George had asserted and reiterated in his exchange
Eamonn de
with
of notes
leader.
Sinn
Yalera, the
Fein
Secretary Churchill expressed himself in
favor of
personal conference
a
instead of
on
the points at issue,
further exchange of notes.
a
He made it
plain, however, that the British Government could
not
permit the Sinn Fein to send delegates to such a
meeting
"representatives of
as
allow
a
foreign State." He
that "the Government would not
further asserted
pedantry, hair-splitting or quibbling to stand
in the way
of peace," and he declared that "when
its fundamental
well to make it
concession
lonial
on
principles
challenged it was
were
quite clear there could be no further
the
end,
serious than heretofore faced them in
lead to civil war."
the
The Co¬
part of the Government."
Secretary was said to have "warned his hear¬
that if the truce came to an
ers
an
independent Ireland would
He, like Lloyd George, said that
Government
British
a war more
Ireland, while
could
not make
further
concessions, declaring that "we have reached the end
of
"put up" and "taken."
Building operations in Canada have yet to ex¬
perience
for
the establishment of
liquidation process.
Conferences like that
useful
When
(and waits for) coming down by every¬
body else and
est in the
impairs trans¬
all along.
so
this impediment of still sullen labor
runs
that wants
manufacturing
And all through the complicated
moving.
interwoven
and
largely
he
the
those along to the finish; la¬
one or
move
pro¬
high food prices; scanti¬
hinders
portation efficiency; and
man
agricultural
Irish
Thursday, and
on
sudden turn
comes a
Prime Minister
truth, and not try to give it
large proportion out of the whole
a very
appeared gloomiest, there
through
by looking
inevitably brought back, in
are
truthful
idle, to
•
all observe the
us
other
jelly?
was
of 100 million dollars.
excess
differ,
due them,
to the kitchen door with
comes
1391
CHRONICLE
our
tether," and adding that his Government was
"profoundly disappointed by De Valera's rejection
of the offer of Dominion home rule."
Nevertheless,
as
early
as
last Sunday the political correspondent
"Sunday Times," who is credited with
of the London
being particularly well informed on British Gov¬
affairs, was quoted as expressing the opin¬
ernment
conference would be
arranged, and strong¬
ion, both East and West, there has recently been a
ion that
little
more
ly intimated that De Yalera had insisted on a sov¬
been
at
rather
doing than a year earlier, but this has
smaller
towns,
as
a
rule, and has had
a
inappreciable effect on the general result.
to be that the absence of
any men-
tionable recession in the cost of labor and
materials
The fact
serves
seems
check
to
activity,
or
The latest available re¬
plated work in abeyance.
turns
cover
that the
ern
the month of
at least holds contem¬
August 1921, and indicate
projects launched at 28 cities in the East¬
Provinces call for
outlay of only $6,806,303,
an
a
ereign State for Ireland, because he knew that if he
didn't "he
might be deposed from his leadership by
the Dail Eireann."
members
"halted and
turning from
Bridge by
a
a
$2,141,422 and
For the whole of the Dominion, there¬
$2,602,856.
the
British
large patrol of British
"two persons were
runs
ahead of 1919.
Specifically, the dis¬
arranged for under contracts in the 28
cities in the East foots up
$53,739,899, against $55,-
479,901 and $41,753,651, and in the West (17 cities),
$15,548,068, against $24,019,815 and $9,614,240, giv¬
ing in all
an
aggregate of $69,287,967, against $79,-
499,716 and $51,367,891.
In 1913 and 1912, however.
Ac¬
so
The situation
serious that "a proclamation
under the Defense of the Realm
1920, but
police."
killed and 36 wounded in rioting,
during which bombs were thrown."
fore, the aggregate expenditure arranged for is but
bursements
police
Patrick's
dispatch from Belfast the same night,
$9,178,800, against $9,383,117 and $13,490,602.
The
had
roughly treated a party of citizens re¬
a social gathering."
The reports also
in Belfast became
eight months' total is, of course, less than that of
constabulary
stated that "at the same hour a Republican
cording to
$2,372,492 and
of
patrol of five men were accosted on St
dollars in
contrast is between
v
Reports reached London from Cork on Sunday
that
against $7,241,695 in 1920, and close to 11 million
1919, while in the West (17 cities) the
•
regulations, prohib¬
iting the assembling of three or more persons to¬
gether in the riot zone in the Newtownards Road
and
Ballymacarrett
area,
the scene of the fierce
fighting yesterday, was issued to-night [Monday].
The order came into force at 8:30 o'clock."
The
time
monn
understanding
was
that
in
political circles at that
"the British Cabinet's
de Yalera will-
reply to Ea¬
give a clear indication that it
in the
slavia,
of correspondence." The London cor¬
Greece
is the last word the Government has to say
matter
CHRONICLE
THE
1393
by
way
respondent of the New York "Times" said that "it
reiterate the
will
impossibility of recognizing the
Sinn Fein leaders
and
representatives of a sovereign
as
independent State, but that the British position
will not be laid down
as
a
condition which must be
It will set
accepted before the conference is held.
it forth
simply
The London correspondent of the New York
edge."
"Tribune" cabled
from
answers
his
draft,
that
his
colleagues, generally approving
it
and
"Lloyd George has received
be forwarded with little
will
He added that "the reply, it was stated to¬
change."
day,
fact for the Sinn Fein's knowl¬
as a
definite date for
proposes a
conference, ask¬
a
[Vol. 113.
the
on
whether the Council of the
to
Ireland's
separation from the Empire, but not in¬
sisting that Sinn Fein pledge allegiance beforehand
—a
reasonable document which will enable He Ya-
lera, if he really wants
without
trouble."
It
a
conference, to have one
known
became
to
as
of the
as a weapon
or
merely to recommend the date when the blockade
shall be
applied."
The Assembly adopted an inter¬
pretative resolution
which
of
substantially is
the
blockade
follows:
as
defaulting State cannot create
a
a
committee
"The action of
state of
sort to acts of
war, or
of
with the
war
to declare themselves in
Covenant-breaking State.
It
war.
merely entitles other members of the League to
re¬
state
a
It is the
duty of each member of the League to decide for it¬
self whether
declaring it impossible to admit a discussion of
point
League shall fix the date
apply the economic blockade
mitted.
as
Tuesday the
on
the
on
League against nations breaking the Covenant,
ing that the Sinn Fein delegates meet with the Gov¬
It is forecast
At its session
Assembly "reserved decision
ernment in London
early in October.
hand, and between Albania and
one
the other."
on
is
breach of the Covenant has been
a
com¬
Fulfillment of their duties under Article 16
required from members of the League by the ex¬
terms of the Covenant.
They cannot neglect
press
them without
All
breach of their
a
of breach
cases
ferred to the Council of the
Wednesday
League,
at the request of
urgency,
morning that the Dail Cabinet had been called to
treaty obligations.
of the Covenant
should be
as a
re¬
matter of
League."
meet at the Mansion House the next
the note of the British
to be in hand
Cabinet, which
by that time.
At
day to consider
expected
was
According to
a
London
the
member
any
of
the
session Lord Robert Cecil "forced
same
through Assembly Committee No. 3 of the League
resolution
a
calling for preparation before the next
cablegram to the Chicago "Tribune," there was some
meeting of the Assembly of the League of Nations of
doubt
genera] proposals for world
to
as
that time.
don next
whether the
Lloyd George
was
expected back in Lon¬
was
reiterated the
sent to He Yalera
on
Thursday.
undesirability of further correspondence and the
representatives of
as
a
representatives of Ireland they
conference
a
on
Oct. 11.
tional
invited to
were
a
conference, "with
a
ascertaining how the association of Ireland
with the
Empire
sovereign State.
The British Premier said
that he renewed the offer of
view to
con¬
delegates who maintained that they must be
recognized
As
It
position previously taken relative to
inability of the British Government to meet in
ference
community of nations known
may
form of
plan.'"
Monday.
The note
the
reply would be ready by
best be reconciled with the Irish
na¬
aspirations." According to cable advices from
London last
ple
he
on
disarmament.
only wanted to
should
take
tance of
that the present Assembly
emphasis
was
understandings would
come
working for."
League of Nations submitted
a
decision to
Assembly that "political treaties bearing
international relations
which
the
into
general disarmament Lord Robert
following day the Constitutional Committee
of the
tation.
prove
the impor¬
on
regional understandings for disarmament,
effect before the
the
In his speech Mr. Fisher said
say
He laid much
and said that such
The
Eng¬
England's princi¬
headlong steps which might
no
disastrous.
Cecil
the
The Geneva correspondent of the New York
land to take the floor and declare
evening, De Yalera promptly notified
Lloyd George of his acceptance of the formers' invi¬
be
must
the
are
only
upon
conventions
registered with the Secretariat of
League of Nations."
The
Various questions have been considered this week
in
"Times" said that "he forced H. A. L. Fisher of
the British
as
disarmament
treaty draft 'or other equally definite
a
Geneva
"Times"
correspondent
observed
the
of
yesterday
New
morning
that
York
"the
by the Assembly of the League of Nations in Geneva.
Washington Administration has apparently revised
S. A. L. Fisher, representing the British Govern¬
its ideas about the relation of the United States to
ment, announced at
a
week that he would
session at the beginning of the
shortly introduce
a
resolution
the
League of Nations.
It
writes notes to the
now
League—actual official notes
State Department
on
by the terms of which the League would ask for
paper,
action
whereas its attitude three months ago as
on
at the
forthcoming Washington Conference
Limitation of Armament
private manufacture of
United States to
on
"the question of the
and the failure of the
arms
ratify the St. Germain convention
for the control of the
arms
traffic."
Lord Robert
with the State seal and signed 'Hughes'—
Sir Eric
to
eral, by the American Consul at Geneva,
since the United States had
Now Sir Eric has
convention date."
due
pute between Poland and Lithuania
Assembly decided to leave the
Council.
over
Vilna.
matter to the
The
League
Concessions by both sides were
urged.
public debate Poland was severely criticised for
failing to recall General Zellgouski.
The
Assembly also made another effort
to settle
disputes between Albania and Jugo¬
was
that
relations with the
not
just received not
one
three, but fourteen of them, all in
diplomatic form.
What
has
a
note, not two,
bunch and in
produced
this
change in attitude between June 30, when the Con¬
sul
delivered
his
laconic
message,
when fourteen notes arrived at
one
and this week,
time?"
In
the
"the frontier
no
League it would not answer its communications.
Cecil, representing South Africa, thought that the
Assembly itself should fix an "arms manufacture
Another question that was taken
up was the dis¬
expressed
Drummond, the League Secretary-Gen¬
Word
ment
came
had
from Paris that the French Govern¬
approved the tentative agenda for the
Washington conference, as issued by the American
State
Department, and as presented to the French
Oct. 1
1921.]
CHRONICLE
THE
1393
authorities
by Myron T. Herrick, the American Am¬
of "Prince
bassador.
It
Vice-Admiral
stated, however, that the French
was
Iyesato Tokugawa, President of Peers,
Tomosaburo
Kato, Minister
of
the
"delegation would he instructed to point out that
Navy, and Baron Kijuro Shidehara, Ambassador to
the
the United States."
Treaty of Versailles constituted France's only
protection against German aggression,
France must maintain
adequate forces to insure the
enforcement of the Peace
tee of the
a
that
and
Treaty and
as a guaran¬
payment of reparations by Germany."
In
Washington dispatch to the New York "Herald"
the
statement
States
that, while
"willing to accept
was
number of
made
was
the
United
changes in the
any
delegates to the conference that the
ticipating Powers may desire,"
our
par¬
Government be¬
lieves better results would be obtained if each dele¬
Dispatches from Paris early in the week stated
the
still
was
planning to attend
Washington conference, in spite of reported
position
lished
statements
that he would
to
In
not.
cablegram "Wednesday morning it
he would sail for America
morning it
London
was
stated that
Yesterday
"Sunday Observer," which is said to
Government
opinion, in discussing the im¬
succeed
it should fail.
to
get
"The conference
because, for all the parties to it, it
better that it had
were
Former
opposing his coming at all.
portance of the conference, said:
must
Paris
Oct. 29.
on
stay until the close of the conference.
The
a
reported that he wrould not be able
was
President Poincaire is
reflect
op¬
the part of political enemies and pub¬
on
never
been called than that
And it must succeed if the world is
The discussion in the Assembly, repre¬
on.
It
the
seven
Army."
ent of the New
a
dispatch to his
President
"bring the millennium," and that he be¬
determine
largely
the
fication of the
called
a
"Times"
re¬
resolution expressing the grati¬
a
League that President Harding had
conference in
armament."
The
Washington to consider dis¬
representative of the New York
said, however, that "although this resolu¬
the sincere well wishes of the vast
expresses
majority of the delegates here, it should be pointed
out that very
much
few diplomats gathered at Geneva have
hope in the Washington conference achieving
important disarmament
nothing
an
as
effort by America to
diplomatic situation with regard to Ja¬
They attach great importance to the Washing¬
ton conference
as
a
diplomatic battle
claims, but they do not
ley.
They regard it
progress.
less than
more or
better her
pan.
And
ference—America's recovery
feeble
server" stated
the
';
Assembly of the League of Nations
ported favorably
the
of the initiative iwhich
of
v\.ur r
Wednesday's session "the Disarmament Com¬
mittee of the
tion
Japan will
failure
or
"V
it
see
as a
national
over
disarmament par¬
the delegates of the Assembly are con¬
so
disarmament progress
when Wilson lost power."
success
gathering.
that the world is
let go
Wednesday evening that
paper
Harding does not expect that the confer¬
will
ence
"Evening Post" intimated in
lieves the attitude of Great Britain and
called the armament conference "a second peace con¬
was
delega¬
The Washington correspond¬
York
sistent
The "Observer"
added that "the
eighteen others representing the Min¬
senting fifty nations of the world, at Geneva, shows
waiting for it."
was
istry of Finance, twelve the Ministry of the Navy,
and
At
gation did not exceed four members.
that Premier Briand
tion includes
when, while expressing all good wishes for
at Washington, they hold to
League plans for the reduction of armaments,
as
those
plans are."
But the "Ob¬
flatly that "there must be
an
under¬
The
German
Reichstag
Wednesday,
reopened
standing regarding America and the League of Na¬
Sept. 28.
tions, with which it is clear other nations will
"mostly for memorial exercises for Mathias Erzber-
con¬
duct their business."
Another
armament
the
ger
angle of the British ideas relative to dis¬
presented
was
Tuesday's session of
at
Assembly of the League of Nations.
The corre¬
the most
matter in
session is
as
follows:
"Regional disarmament
regional engagements, instead of by
purely formal,
correspondent of the New York "Trib¬
une" declared that the session
added
part
was
and other members who died during the recess."
The Berlin
spondent of the New York "Herald" reported the
under definite
The first day's session
was
"expected to be
important since the close of the war."
that
"so
far
as
expected to produce two big results: The
reorganization of the German financial and taxa¬
general convention, is Great Britain's solution of
tion
system in the hope of preventing
the disarmament
and
financial crash."
France."
The
problem, and this is indorsed by
London
representative of the New
York "Herald" said that the whole
Allied
war
debts
is
question of inter-
expected to be raised at the
November conference in
Washington.
In
a
cable¬
to his paper the Paris correspondent of the
gram
York
New
toward
"Herald"
outlined
disarmament,
serted that
November
"unless
can
find
the
a
the
French
war,
way
a new
German-
to take the place of the military aid
Britain
and
the
still
United
unapproved
No
matter
how
until
her
ar¬
long the parley lasts,
France will block progress on
ment limitation
by
States, the French
delegates will not discuss the reduction of land
mament.
as¬
to give France the moral
promised at Versailles, but
Great
He
Washington conference in
support of the Allies in the event of
made
attitude
he understood it.
as
this phase of
arma¬
safety is guaranteed by
other nations."
Through
kio
an
Wednesday afternoon the personnel of the Japa¬
nese
delegation became known here.
the
danger of
Wirth
It will consist
an
an
He added that
and financiers have been
speaking for
economic
"politicians
some
time of
economic collapse, and Chancellor
himself has
spite his statement
openly expressed fear of it, de¬
the assumption of the Chan¬
on
cellorship that Germany could meet the Allied rep¬
arations demands if she tried.
tained
that the
new
Active hope
session of
is enter¬
the Reichstag
will
lead to the
Dr.
building (j>f a strong Government, with
Wirth at its head, which will prevail on the
Allies to revise their
reparations
Winston. Churchill, the British
called in his recent
program on
Cabinet
what
Minister,
speech at Dundee, 'a practical
scale.5"
The
was
Reichstag
was
not in session Thursday.
It
expected in political circles in Berlin the day
before
United
that
a
States
document
Associated Press cablegram from To-
He
Germany is concerned, the
Committee
was
on
vote
on
would
the
be
considered
Thursday.,
peace
reached
treaty with
yesterday.
by the Foreign
It adopted
a
the
The
Affairs
resolution,
"recommending that the Reichstag ratify the Peace
Treaty with the United States."
The New York
CHKONICLE
THE
1391:
■"Times" correspondent sent
word that
Wednes¬
on
day the treaty "was laid before the members of the
Reichstag in the form of
the
a
law embodying the text of
treaty in both the English and German versions.
This
accompanied by a Government memoran¬
was
dum,
White Paper, explaining how the treaty
or
dame into being, and
America
bound
was
particularly pointing out that
by the joint peace resolution of
Congress and therefore could not entertain any pro¬
demands
[Vol. 113.
made
were
yesterday at the National Busi¬
Men's Convention in Munich.
ness
Financiers and
manufacturers agreed to raise a loan of
marks
gold
1,500,000,000
on
their credit abroad to meet repara¬
tions demands.
They also made the condition that
the Government leave
everything to private initia¬
tive, only adopting voluntary centralization where
necessary
and avoiding
schemes.
The
Socialist
State
control
adoption of Chancellor Wirth's taxa¬
posals for a departure from that basis; the Wirth
tion scheme
Government, therefore, had the alternatives of ac¬
projects for the confiscation of capital and the Gov
cepting the treaty unconditionally or prolonging ne¬
ernment's
gotiations with America indefinitely, for which lat¬
dropped.
ter
course
the
the Government felt it could not assume
He said also that "the memo¬
responsibility."
randum argues
that the treaty is not so unsatisfac¬
tory as it may look, since far-reaching concessions
obtained
been
have
in
the
of promises of a
way
Ac¬
cording to the correspondent, also, "no opposition is
expected when the treaty law comes up for debate."
Dispatches from Berlin last evening stated that
the tteichstag had adopted the treaty.
In a Wash¬
deal in its interpretation by America."
square
values
that various Socialist
means
participation
in
industry
also
have been postponed
mechanism.
make their
in
German
industry
ligations conditional
being allowed the fullest j
upon
freedom."
\v,
■
peared threatening.
patch from Paris,
In
week
a
an
Associated Press
ago
to-day, it
day morning it was claimed that "Democratic Sena¬
torial leaders admit that
opposition total of twenty,
and other
said that "in
and Senator
York
including Borah
rabian
boundary."
extreme esti¬
an
"Tribune"
correspondent
the
President
Lodge, Chairman of the Foreign Rela¬
"the
between
assured that the German
peace
treaty and the other
The Washington
treaties would be ratified."
advices
yesterday morning stated that probably a
vote would be taken
on
Oct. 14
or
15.
Word
was
received from Washington last evening that a unani¬
mous
agreement had been reached to bring the Ger¬
In
address before the Association of German
an
Industry in Munich on Wednesday, Walter Rathenau,
is
of the
dispute
probable,
as
that
added
Government, however, considers
Poland
physically
Russia
and
impossible,
incapable of carrying
are
Minister of Reconstruction, was quoted
hostili¬
on
Replying to the Polish note, "threatening to break
off
relations
diplomatic
unless the peace treaty
signed in Riga is complied with by Russia, George
Tchitcherin,
Soviet Foreign Minister,
proposes
1 to Oct.
ment
5, it
announced.
was
The Polish Govern¬
replied that it would execute the terms of the
the note."
Later accounts,
all difficulties
Word
as say
came
from
however, indicated that
in the way
were
of being adjusted.
Lemberg Tuesday morning that
Monday flight in that city Gen. Joseph Pilsudski
on
"narrowly escaped death by assassination."
obligations, in order to convince
good-will and sincerity in trying
to fulfill the terms of the Allied ultimatum.
same
time
international
financial
world's
tions
an
problems,
as
At the
readjustment of the
situation, including
the
repai^a
suggested by Winston Churchill,
the British Cabinet
a
delay in the time limit of the ultimatum from Oct.
the
the world of her
war
because
ing that "Germany must continue her efforts to meet
reparations
may
the Bessa-
over
The correspondent
re¬
treaty, and reaffirmed its position, as set forth in
treaty to a vote on the former date.
man
Government
ties."
tions Committee, at the White House, the Executive
was
result
a
French
both
Soviet
thought similar action by Rumania
as
conference between
a
Russian
follow
Republicans, would be
The New
mate."
even
and it is
the
an
One Democratic Senator said that
by Poland of diplomatic rela¬
severance
with
dis¬
claimed
was
garded in high French official circles
to/defeat it.
V-':;
The situation between Poland and Russia has
ap¬
tions
opposition to the ratifica¬
finance
and
co-operation in meeting the national ob¬
that "the
Treaty with Germany will not avail
final effort
a
budget shortage through the old taxa¬
ington dispatch to the New York "Times" Thurs¬
tion of the Peace
been
have
Other methods proposed for taxing real
to meet the
tion
modified
as
Minister, in his address at Dun
shooting took place
bile in
as
he
City Hall Square
was
on
"entering
his
way
an
to
The
automo¬
a
theatre,
after
attending
were
fired, the President escaped without injury,
but Count
was
a
banquet."
Gabowski, who
wounded in the
Although three shots
wras
accompanying him,
leg, but not seriously."
dee, is absolutely necessary if the complete break¬
of
down
the
world's
economic
fabric
is
to
In
a
and
cablegram yesterday morning the Berlin
respondent of the New York "Herald"
reassuring account of the situation.
man
The
be
averted."
party leaders who met at
a
cor¬
gave a more
He said: "Ger¬
dinner given for
finding of
der active discussion in London
It
ington.
was
British
Government
represented should accept the Chancellor's taxation
the
now
Economic Parliament.
pending before the National
The Industrial party made
the condition that the Government must make seri¬
ous
to
efforts to reduce expenses.
superfluous officials who
offices.
such
on
a
It
was
are
This applies notably
packing Government
also demanded that
public services,
railroads and the postal system, be
placed
basis where they will make expenses.
Chan¬
as
cellor Wirth agreed to these economies.
The
same
a
had
Chancellor Wirth last night agreed that the parties
which is
as
as
un¬
in Wash¬
week ago to-day that the
decided to
some
scheme
promoting of trade revival."
Winston
well
definitely reported in cable advices
from the former centre
financial assistance to
program,
to relieve the unemployed,
ways
particularly to give them work, has been
Churchill, in
his
give
"actual
having in view
Colonial Secretary
Dundee
speech,
quoted as saying that "the Government has
was
recog¬
nized that
special national assistance must be given
in
where
areas
acute."
tal it
In
was
a
later
unemployment
exceptionally
said that "Government co-operation with
banks and financial
advances
is
cablegram from the British capi¬
to
agencies, in order to increase
manufacturers, is
which the Cabinet is
one
considering
of the devices
as a means
of
re-
•
1
Oct.
THE
1921.]
The further assertion was
ducing unemployment."
made that "the real reason of
fall of
unemployment is the
exports, and one cause of this fall is the diffi¬
culty which industry finds in these days of high
heavy taxation in getting credit and capi¬
costs and
tal to work
ed
maintained.
Clearings through the London banks
for the week \^ere
the
supplying credit or capital itself.
The
experience of the last few years has made it more
reluctant than ever to
attempt to meddle with pri¬
industry, but it is contended that there is no
vate
why it should not stimulate the bankers to
reason
take risks that otherwise
they would not take.
It is
compares
with
year ago.-
principal items of the Bank of England returns:
BANK OF
ENGLAND'S COMPARATIVE STATEMENT.
1920.
1921.
1919.
1917.
1918.
*
Sept. 28.,
Sept. 29.
; .Oct. 1.
Oct. 2.
Oct. 3.
£££££'
respondent said that "the Government has no in¬
of
This
We, append a tabular statement of comparisons of
plans and intentions of the Government, one cor¬
tention
£585,196,000.
£627,685,000 last week and £694,924,000a
In outlining further the report¬
upon."
1395
CHRONICLE
124,972,000 127,490,935
Circulation..
84.142,440
§2,252,480]
41,828,955
16,139,467
35,862.662
30,525.411
42,512.204
Public deposits
12,231,000
105.420.000 111,027,414 121,220.060 137,127.288 128,744,973
deposits
Other
Govt, securities
33,360,000
21.888,129
70,735.213
57,671,045
58,735.220
Other securities
80.494,000 109,312,765
81,990,018
99,726,902
98,371,795
Reserve notes & coin
21,891,000
14.073,780
22,466,759
28,355,195
32,348,421
bullion...128,414,367 123,114,715
88,159,199
72,157,675
55,727,376
Coin and
*
Proportion ol reserve
to
18.61%
liabilities
i
'
11.07%
14.30%
18.90%
7%
5%
18.89%
5%
5H%
Bank rate
suggested that in much the same way that the Ger¬
t
'
*
,
i
5%
'
•'
.
'
•
man
used
Government
stand
to
behind
German
banks in
financing enterprises that were deemed of
national
importance, so the British Treasury should
undertake
loaning
to
guarantee British
operations
form
that
this
and
increase
assistance
of
The
or
'
.
,
'
,
'
'
\1
continues to report small
The Bank's gold holdings now aggre¬
1,948,367,056 francs
amounts
both 1921 and 1920 and
were
held abroad in
1,978,278,416 francs in 1919.
During the week silver gained 175,000 francs, bills
discounted increased 167,736,000 francs, Treasury
interest on advances made for this
A committee of the Cabinet is now
specific object.
'
,
5,574,184,210 francs the year before; of these
with
will take is still under
undertaking to indemnify bankers for loss
principal
i
•
gate 5,523,095,775 francs, comparing with 5,479,549,698 francs on the corresponding date last year and
consideration, but it is not unlikely that it will
consist in
France
183,000 francs.
banks which are
employment.
of
gains in its gold item, the increase this week being
to approved f|rms wishing to extend
money
their
Bank
The
deposits
examining the possibilities, and the results of theii
deliberations will be laid before Parliament when it
rose
8,077,000 francs and general deposits
Advances
falling off of
meets on Oct. 18.^
22,144,000 francs being recorded.
Note circulation
registered an expansion of 208,485,000 francs, bring¬
Official discount rates at leading European centres
ing the total outstanding up to 37,129,457,000 francs.
continue to be quoted at 5% in Berlin and Belgium;
This contrasts with 39,207,943,550 francs at this
53^% in Paris and London, 6% in Rome, Denmark, time in 1920 and with 36,255,602,530 francs the year
Sweden, Norway and Madrid; 4}^% in Holland, and
previous.
Just prior to the outbreak of war, in 1914,
4% in Switzerland.
In London the private discount the amount was only 6,683,184,785 francs. Com¬
were
was
rate for short
bills is
now
4 3-16% as against 4 1-16@
3-16%
a
about
Three
ago.
item to show
BANK OF FRANCE'S
shown by the Bank of
an
increase in note circulation
there
ever,
of
reserve
of £566,000.
1
Oct. 2 1919.
France.
3.531.182,642
1,948,367,056
Francs.
3.595,905,794
1,978.278.410
5,523.095.775 5.479.549,698
277,328.495
256 305.96 1
2,460,270,298 2,293,176,633
22.144.000
2,188,514.000 2.000.746.551
208,485.000 37.129,457.000 39,207,943,550
5,574,184,210
291.4 57,720
995,906,453
1,281,579.314
36,255,602,530
175,000
Inc.
Inc.
167,736,000
Advances.-Dec.
Note
How¬
circulation..Inc.
Treasury
8,077,000
35,025.000
84,530,000 |2.474,076,000
depcslts.Inc.
General deposita-Inc.
another advance in the proportion
liabilities, bringing it up to 18.61%,
3.574,728.719
1,948.367,056
183,000
Inc.
Total
55,918.055
65,267,291
3.251,403,134 2,753.614,502
was
to
The
highest ratio this year.
the
Sept. 30 1920.
183.000
No change
Bills discounted
Last week it was
17.39% and a year ago 11.07%.
The high record
for 1920 was 23.49% in the week ending March 18.
There were during the week substantial reductions
or
—Stains as of
Francs.
Francs.
Silver
England statement this week, viz., £2,930, while
total reserve was reduced £569,000, in consequence
of
follows:
Sept. 29 1921.
Inc.
In France
Abroad
was
a
COMPARATIVE STATEMENT.
Changes
for IVtek.
Gold Holdings—
3H%; previously ruling.
gold
decrease,
dates in 1920 and 1919 are as
5%, but Switzerlandl quotes 4%, against
A small loss in
a
with the statement of last
Open market discounts in Paris continue
preceding.
at
week
the only
parisons of the various items in this week's return
week and corresponding
months bills are
4J^%. Money on call is also higher, having been
advanced to 4%, in comparison with 2%% the week
4
augmented by 84,530,000... francs.
issued
Imperial Bank of Germany in its
of Sept. 23, showed that gold
as
reduced 2,000
statement
had been
marks, but total coin and bullion in¬
marks. Treasury certificates were
creased 564,000
Public deposits fell £1,729,000 heavily expanded, 1,121,004,000 marks, while notes
of other banks gained 1,929,000 marks and advances
and other deposits £9,783,000.
Loans on Govern¬
Note circulation continues to
ment securities decreased £6,330,000, while loans on 28,666,000 marks.
other securities declined £4,626,000.
Threadneedle increase, the latest addition being 709,250,000 marks,
which brings the total note circulation outstanding to
Street reports gold holdings as £128,414,367.
A year
another new high point of 82J178,365,000 marks, in
ago the total was £123,114,715 and in 1919, £88,159,199.
Total reserve amounts to £21,891,000, comparison with 59,203,001,000 marks last year and
in 1919. Bills discounted
which compares with £14,073,780 in 1920 and £22,- 28,619,040,000 marks
sustained a drastic decline, namely 4,426,267,000
466,759 a year earlier.
Circulation is now £124,972,marks, while deposits were cut 3,751,002,000 marks.
000, as against £127,490,935 last year and £84,142,Other liabilities were increased 260,650,000 marks
440 the year prior to that, with loans at £80,494,000
and other investments 2,160,000 marks,
btocks of
in comparison with £109,312,765 and £81,990,018
gold on hand, which are still declining, have reached
one
and two years ago, respectively.
Notwith¬
a
total of 1,027,705,000 marks.
A year ago they
standing the fact that the reserve ratio has been
stood at 1,091,582,000 marks, and in 1919 1,096,advanced to the highest level of the year,1 predictions
in the
ihat
deposit items.
the Bank's
lowered
were
not
980,000 marks.
minimum discount rate would be
fulfilled and the 5J^%
figure was
I
<■.
1396
THE
The Federal Reserve Bank statement,
ssued at the close of business
further addition to
gold
expanded
were
against $3,001,111,000
as
$26,000,000.
lation
local
with a prompt sale.
In some banking circles
tihe opinion is expressed that1 the
offering of a fair
met
a
hand
on
amount of
Total earning
a year ago.
$14,000,000 while deposits increased
contend that the demand for
Federal Reserve notes in actual circu¬
further
were
reduced
In
$17,000,000.
any
with
$497,032,000 in the
bills
on
is
same
only $274,774,000
595,000
ago.
a year
fell
Total earning assets
was
were
a
higher at 69.0% which
the
question as
they will be brought out, and the
money
gain of
reserve
market.
There have been
reserve
ratio
slightly to 82.4%, against 81.1.
of
depository institutions the present week.
no
Treasury notes
future.
intimations of another
offering
certificates in the immediate
or
The railroads
whole have not yet deter¬
as a
noteworthy features of last week's
state¬
panies, issued
of
reserve
I arge
were
the drawing down
credits at the Federal Reserve Bank, which
turn led to
n
Saturday,
on
a
reduction of
surplus
reserves
contraction in demand deposits.
amounted to
total is
com¬
no
less than
and
so
Government
operations
that the
as
well
rates and earnings
wages,
certain
tious
make
to
about
them
incurring
are
more
new
financing with¬
The questions of
still sufficiently un¬
than
usually
obligations
new
on
a
cau¬
large
scale.
This latter
$68,110,000,
now
represent
four months.
or
a
$3,619,843,000, exclusive of Government
deposits of $222,519,000.
The contraction is said
to
they will do
in the next three
The most
offerings
The Treasury announced
mined to what extent
ment of New York associated banks and trust
fair
a
the withdrawal of only a nominal amount of its funds
in¬
with 68.7%
compares
but the New York Bank's
upon
from local
For the 12 reporting banks the
week ago,
a
.
what extent
volume would determine the effect of such
against $970,-
as
$36,000,000, but deposits showed
$44,000,000.
ratio
to
hand increased $28,000,000, but this leaves
the amount at
creased
Total
week of 1920.
It is believed, however, that there
great extent.
sufficient investors with money to absorb
amount of foreign issues.
It is an open
are
$1,028,478,000, in comparison
now
equipment trust certifi¬
confined
largely to institutions, and that
investors do not put their money into them to
small
the
York, gold gained $10,000,000 and the total of the
reserves
is
cates
institution, the Federal Reserve Bank of New
gold
foreign Government securities might help
the general investment market here rather than
choke
it up still further.
Those who entertain this idea
$1,441,792,000,
to
[Vol. 113.
$50,000,000 offering for the Argentine Government
was
this time $14,000,-
but total bills
$21,000,000,
assets increased
which
Thursday, shows
on
reserves,
000 for the combined system,
CHRONICLE
as
As to detailed money
rates,
loans
on
call ranged
between 5 and
6% during the week, in comparison
with 4Yi@53^% a week earlier.
Quotations were
all but
stationary the greater part of the time.
Monday 5%
On
the only rate qouted, this being
the high, low and ruling
figure.
Tuesday there was
was
corporate financing.
Net time deposits increased
$2,008,000 to $217,252,000.
Loans increased $5,- an advance to
5^%, but the low was still 5% and
302,000.
Cash in own vaults of members of the
renewals again at that level, while on
Wednesday
Federal Reserve Bank gained
$762,000 to $70,004,000 and
Thursday all loans on call were put through at
not counted as
reserve), while reserves in own vaults
5%. Friday preparations for the usual month-end
of State banks and trust
companies expanded $147,- settlements
brought about an advance and for a
000.
An increase was reported in reserves of State
brief period the quotation ruled at
6%. Renewals,
nstitutions and trust
companies kept in other
however, were still negotiated at 5%, which was the
depositories of $743,000.
As shown above, member low.
In the earlier part of the week loans were made
banks reduced their borrowings at the Reserve Bank
outside the Stock Exchange at
4J^%. The above
materially, the net amount being $31,579,000, with
figures apply to mixed collateral and all-industrials
the result that
notwithstanding the cut in deposits, alike. For fixed-date funds the
situation remains
surplus registered a loss of $21,966,310 to
$32,658,930, without essential change. Toward the latter
part
as
against $54,625,240 a week earlier.
In aggregate of the
week a somewhat firmer undertone was
noted,
reserve
the reduction was
still
greater, namely but rates remained at
5H% f°r sixty and ninety
$30,689,000, carrying the total held down to $511,days, and 53^@5%% for four, five and six months,
729,000.
The above figures for surplus are based on
the same as a week ago.
Some money is being
reserves above
legal requirements of 13%, but not
put out for the shorter maturities, but the market
including cash in vault to the amount of $70,004,000
taken as a whole was a dull affair with
only a light
held by these banks on
Saturday of last week. The volume of business
passing.
bank statements will be found in
more
complete
Commercial paper continues to be
quoted at 5%%
detail in a subsequent section of this
issue.
for sixty and ninety days' endorsed bills receivable
and
There have been
no
lpcal money market.
striking developments in the
Most of the call loans
arranged at from 5
to
yesterday afternoon
a
Many observers believe that it 'will
porary.
i
n
of
the general situation
on
mill paper
demand
Banks'
moderate
which to base
expectations
stitutions
money
during the
rest
of this
It is known, of
course, that the offering of
issues has been
very heavy recently,
particularly
equipment trust certificates of the
railroads, but it
was
s
thought that
not
more
up
than
a
week
or
with the demand.
i ndications that several
foreign loans
may
two will be
There
be brought
out in this market within the
next few weeks.
are
The
character, with
as
Some New England
low as 5 3^%.
A good
reported, with country banks furnishing
current.
the
is
and
bankers'
turnover
were
and
acceptances
here
also
the principal buyers.
cams
in for
out-of-town
a
in¬
The undertone
with quotations at the levels previously
For call loans against bankers'
acceptances
steady
new7
required to catch
choice
6%.
is being sold at
was
anything
see
of
names
most of the business.
year.
i
months'
less well known at
only tem¬
prove
They claim that they do not
materially higher
were
5J^%. During the last hour
6% quotation was announced.
six
names
,
posted rate of the American Acceptance Council
4J^%.
The Acceptance Council makes the
still
discount rates
prime bankers' acceptances eligible
purchase by the Federal Reserve Bank 5% bid
and 4%% asked for bills running 120
days; 4%@
on
for
4M% f°r ninety days; 4J^@4% ^or
days and
Oct. 1
1921.]
THE
4%@4%% for thirty days.
tions
Open market quota¬
follows:
are as
CHRONICLE
'
Prime eligible bills.,
Days.
60
DELIVERY
WITHIN
Days.
30 Days.
4J*@4H
4 J*@4J*
FOR
4^@4X
THIRTY
DAYS.
Eligible non-member banks
5H bid
L
There have been
5H bid
changes this week in Federal
no
Reserve Bank rates.
The
following is the schedule
in effect for the various classes of paper
now
at the different Reserve Banks:
DISCOUNT RATES OF THE
IN
EFFECT
SEPTEMBER
Discounted
bills
30
A gricul-
accep¬
Trade
Bankof—
accep¬
live
tances
Liberty
Other¬
bonds
Treasury
wise
for
notes and
sloe
and
secured
member
within
of indebt¬
Victory
and
banks
90 days
edness
notes
unsecured
91
to
New
On
Saturday last
on
5
5
5
easier and demand
was
fractionally to 3 72%@3 73%, cable trans¬
73@3 73% and sixty days to 3 66%@3 67%.
fers to 3
Monday the market
72%@3 72% .for
dull
was
demand,
transfers
and
After
weakness
in
3
and
somewhat
shade lower;
a
3 72%@3 73%
66%@3 67 for
the
early dealings
rates steadied and the range
3
72%,
days
1
.
5
declined
cable
transfers
sixty
for demand
*y
5
3 66@3 67%.
sagged off
On
days.
3 71
was
Wednesday
at
for
Tuesday,
on
3 72%@3 73%
180
days
1
5
however.
for the pur¬
paper
maturing maturing
certificate
Boaton
exchange
tural and
tances
disc'ted
notes) secured by—
Federal Reserve
No definite
t
yet,
promoting foreign
subsequently officially denied by J. P.
were
cable
maturing
Bankers'
as
Morgan & Co., the British fiscal agents in this city.
Referring to quotations in greater detail, sterling
3
1921.
within 90
days (incl. mem¬
ber banks' 15-day collateral
reached
irregular, with quotations again
RESERVE BANKS
FEDERAL
been
of improving sterling and
pose
5H bid
Ineligible bank bills
of rates
have
Reports of large loans to Great Britain
trade
member banks
Eligible
security for all concerned.
conclusions
SPOT DELIVERY.
90
and
terms
1397
and
%@
sixty
price
levels
somewhat freer offerings and lower
on
t
'
York
5
5H
5X
•
Richmond
6
Atlanta
6
6
6
St.
6
6
Minneapolis.-.
6
<*'
6
Chlo&go
Louis
5
5
5
5X
5X
5X
5H
5X
5X
6
6
6
6
6
6
6
6
6
6
6
5H
6
6
6
6H
6
6H
6^
6
6
6
6
6
.
*
6
6
6
6
.6
6
6
6
San
5H
5H
5H
5X
5H
the
quotations from London, though rallying before
demand ranged at 3 70 13-16@3 72%,
close;
cable
3 65
transfers
3 71
1-16@3 67%.
5-16@3 73%
Dulness
and
sixty
still
was
in
days
evidence
6
Kansas City
Dallas
Francisco.-
cable
6
5H *
Cleveland
5X
5X
5
Philadelphia
Thursday, and the undertone
on
6
5H
*
with
prices
down
was
a
trifle easier
3 70%@3 71%
to
for demand,.
71%@3 72% for .cable transfers and 3 65@3 66%
for sixty days.
On Friday the supply of commercial
3
in
business,
sterling
for
Trading
restricted,
the most
exchange
and transactions
again been of minimum
with
continues
the
in
to
be
strictly routine
to
part,
aggregate
have
In keeping
proportions.
this, fluctuations have been relatively unim¬
bills
smaller, consequently rates
was
demand
sold
3 72@3 73%,
to
were
firm and
cable
transfers
72%@3 73% and sixty days to 3 66%@3 67%.
Closing quotations were 3 67 for sixty days, 3 72%'
up
to 3
portant, though after a time irregularity developed
for
and the trend
mercial
was
toward slightly lower
the extremes for the week
and
3
on
levels, with
demand bills 3 73% high
However, the market has been
70% low.
largely nominal and
dull, uninteresting affair, with
a
3
demand and
3
73% for cable transfers.
Com¬
sight bills finished at 3 72%, sixty days at
64%, ninety days 3 62%, documents for payment
(sixty days) 3 66% and seven-day grain bills 3 71%.
Cotton and
large operators still holding aloof to await develop¬
arrivals
ments in the international
grain for payment closed at 3 72%.
Gold
include:
levels
are
extent
by movements
on
Price
political situation.
being controlled to
a
very
considerable
the London market, al¬
continue
$2,517,000
on
the
heavy and the week's shipments
the La Lorraine from France;
on
$1,895,000
Empress of India Indian gold from Bombay; $2,600,-
though toward the close of the week offerings began
000
to make their appearance
Westerdyke from Rotterdam, and approximately $4,250,000.
renewed
predictions
were
here in larger volume and
heard that the long ex¬
on
Belgian gold
tions
pected influx of commercial bills incidental to sea¬
sonal cotton and
grain shipments
When this is actually
was
about to begin.
inaugurated it is expected to
bring about sharp recessions since the
evidently
The
the
banking
real
support.
opinion is widely held that much depends upon
reparation situation, and bankers and financiers
here
are
very
closely.
following the
of events abroad
progress
rise in the Bank of
the
highest level of the
ing.
well
evidenced by
The improvement in foreign
domestic monetary conditions,
as
a
little
receiving
market is
as
England's ratio of
year, was
regarded
as
reserve
as
to
gratify¬
Persistent reports that Germany will be unable
indemnity payments upon the scale re¬
to maintain
quired have led to further discussion as to the steps
the Allies are likely to take toward either modifying
the
plan
present
arrangement.
one
a
upon
or
else entering into
way
on
new
serious
Talk continues in
It is felt that the question is
which much depends.
desultor^
some
a
plans for extending credits to
foreign countries for exports, and the latest sugges¬
tion to arouse some interest is that favoring a huge
syndicate to grant acceptances
foreign shipments.
of
on a
large scale for
The belief is that acceptances
syndicates would in addition to facilitating the
financing of exports, also eliminate largely the numer¬
ous
individual negotiations and
thus
secure
similar
the Cedric from
the Oregonian sent here to complete
on
There
payments.
amounts
follows:
as
Colombia;
3
Liverpool; 11 packages of gold
were
boxes
14
packages
in addition
on
of
gold
a
on
on
the
repara¬
host of minor
the Anna from
the Quillota and 83 packages,
gold and silver bullion and silver bars from South America;
bars
24
of
gold and 4 packages gold
Gorgas from South American ports;
and 42 bars of silver
gold bullion
of
gold
on
the Toloa from Central America;
$7,600 in currency
and $2,100
$610,700
41 silver
ages
on
Curacao.
ments
13
cases
specie
The Spanish steamer
are
on
from
currency
their way
Bayern will bring
a
one
case
cases
42 bars of silver and
4
on
on
two boxes
cases
silver coin,
the Vinton County
the Maracaibo from
Cabo Creux brought $1,978
Additional consign¬
Spain.
here and the steamers Adriatic and
large amount of the precious metal.
Late arrivals included $800,000 on the
and
2
92 bags
gold and silver bullion and two pack¬
the Ebro; 23 bars of gold
States
currency
the Santa Marta from Colombia;
on
cases
from Colombia and
United
the Cacique;
the Orizaba from Mexico;
the Lafayette from France;
bars, 34
gold
on
on
gold dust
on
the Gen. W. C
the Orizaba from Tampico;
on
from Chile
ore
on
4 packages
of gold and
platinum
on
Adriatic, $142,000
the Turrialba from
Colombia.
Another sensational
took place this week
slump in the German mark
and proved the feature of trad¬
Dealings, it is
ing in the Continental exchanges.
true, in this market showed little if any increase and
the
radical
changes in quotations reflected almost
wholly movements at other centres.
transactions Berlin checks ruled
but with the
at
In the initial
about 0.91 centr
receipt of sharply lower cable quotations
THE
1398
CHRONICLE
In the former neutral
abroad, the price here broke to the phenomen¬
from
[Vol. 113.
ally low figure of 0.76 cent for checks, again
otherwise dull week
ing
Swedish
a new
establish¬
low record and comparing with the previous
exchanges the feature of
the
was
exchange, which
an
strength of Dutch and
attributed to the fact
was
This, of course, that Germany is paying off its debt to these coun¬
tries.
In common with other
was
due to a renewal of selling on a large scale.
exchanges, however,
According to what are considered reliable reports, a trading in this market was very quiet and prices not
very far from nominal.
Danish exchange has also
very considerable proportion of the selling was for
low point last
week of 0.88% cent.
account of the German Government
in
and is said to be
preparation for the next reparations payment.
Some
ing
selling
was
conditions
but at Berlin and other German centres
reported
were
almost bordering upon panic at
as
times, German holders seemingly being determined to
convert their marks into some more enduring form of
property at almost any cost.1
short
and
brought
covering
about
In the later dealings
a partial recovery
prices rallied to 0.86% cent.
Little
activity
no
or
French
currencies.
Continental
(
;7
francs
ad¬
were
versely affected by the weakness in marks and lost
ground appreciably, declining to 6.97 for sight bills,
Antwerp
though the high for the week was 7.19.
francs
about steady throughout, ruling at or
were
Lire showed
7.06 for checks.
near
and
yesterday broke for
checks,
a
irregularity
some
short time to 3.92% for
loss of about 20 points, but quickly rallied.
a
The break
not
was
regarded
particularly signifi¬
as
cant, since it was mainly in response to freer
and
lower
the Central European
and
Berlin
with
marks
further
for the
low level of 0.0148,
new
Greek drachma
against 0.02 last week.
Polish
declines,
first part of the
were
main¬
week at 5.00 but
state
that the Bourse had
close
temporarily but that the
the
of insistent
scene
The
dollar
said
was
papers
on
have
for
tion in currency
dentre
as
paper.
132.
The
as
the inactivity of
values.
Sight bills here
7.11%, against 7.12;
7.12%, against 7.13; commercial sight
7.09%, against 7.10; and commercial sixty days at
for
Antwerp francs
against
7.05
and
a
week
were
7.06
ago.
Closing quotations
6.99, cable transfers 7.00%,
week.
last
Reichsmarks
finished the week at 0.84 for checks and 0.85 for
cable
of
transfers, against 0.90% and 0.91%
week.
last
Austrian
which
kronen,
sympathy with German exchange,
also established another
ished at
tances.
ers'
son
new
low of
were
on
Friday
moved
in
heavy and
0.05%, but fin¬
q.05% for checks and 0.06% for cable remit¬
For Italian lire the close
was
3.98 for bank¬
sight bills and 3.99 for cable transfers, in compari¬
with 4.13% and 4.14% the week before.
Czecho¬
slovakia exchange finished at 1.06, against
1.17%;
Bucharest at 0.90% (unchanged), and Poland at
0.0148, against 0.02, and Finland at 1.50, against
1.60.
Greek exchange closed at 4.75 for checks and
4.80 for cable remittances.
5.00, and 5.05
a
a
week earlier.
against 17.80 and 17.85.
an
advance to
Copenhagen
17.83 and cable transfers
Checks
17.87,
Sweden, after
on
22.45, receded and closed
at 22.17, and
22.22, against 21.95 and 22.00
the week previous, white checks on
Norway finished
cable transfers closed at
lower at 12.22 and cable transfers at
12.24,
12.66 and 12.68 a week ago.
Final
against
quotations for
Spanish pesetas
13.01 for checks and 13.03 for
were
cable transfers.
Last week the close
13.03 and
was
13.05.
CABLE
BUYING
RATES
FIXED
BY
FEDERAL
RESERVE
BANK,
Noon Buying Rate for Cable
Transfers in New York.
Value in United States Money.
Country and Monetary Unit.
Sept. 23. Sept. 24. Sept. 26. Sept. 27. Sept. 28. Sept. 29.
EUROPE—
$
Austria, krone.—...
franc......
Bulgaria, lev—
Czecho-Slovakia, krone
$
$
{
$
$
.000868
.000868
.000786
.000657
.000582
.00059
.0711
Belgium,
.0707
.0705
.0704
.0705
.0702
.00716
.00682
.0069
.006933
.0069
.00692
.011679
.011268
.010893
.010204
.010093
.1780
.1775
.1775
.1778
.1785
.1780
3.7452
...
Denmark, krone
England, pound
3.7339
3.7293
3.7312
3.7313
3.7177
Finland, markka.
.015671
France, franc
.010342
.015314
.014929
.015214
.014557
.014467
.0717
.0713
.0717
.0712
.0712
.0710
.009244
.C09158
.008658
.008153
.007989
.0489
.0486
.0484
.0481
.0481
.0478
.3181
.3180
.3194
.3214
.3219
.3179
.001375
.001543
.001521
.001488
.001479
.001496
Italy, lira...
.0416
.0415
.0414
.0413
.0410
.0404
.004533
.00470
.004638
.004517
.004425
.0045
.1267
.1267
.1263
.1260
.1257
.000221
.000211
.000175
.000155
.00015
.000158
.0915
.0956
.0962
.1108
.1025
.009125
.00864
.008188
.008438
.00865
.0179
.01894
.01825
.0183
.017767
.0181
.1304
.1300
.1302
.1303
.1305
.1302
.2194
.2198
.2204
.2244
.2234
.2220
.1727
.1725
.1725
.1727
.1731
.1728
.5410
.5390
.5435
.5500
.5483
.5540
.7575
.7600
.79C0
.7955
.7965
.7990
.5419
.5438
.5556
.5700
relchsmark_...
Germany.
Greece, drachma
Holland, florin
guilder..
krone.
Hungary,
Norway,
or
-
krone
Poland, Polish mark
Portugal, escuda.
Rumania, leu—
Serbia, dinar
....—
...—...
Sweden, krona
Switzerland, franc.
--
1017
.008025
.008175
.1234
ASIA—
Hong Kong, dollar
Shanghai, tael
...
Shanghai, Mexican dollar.
*
..5656
.5738
India, rupee
.2744
.2742
.2748
.2731
.2733
.2725
Japan, yen
.4796
.4789
.4789
.4786
.4786
.4784
.3143
.3100
.3157
.3129
.3172
.3175
.4238
.4267
.4250
.4238
.4250
Manila, peso
Paris closed at
on
against 52.50 last week.
7.03%, against 7.04
at
Java, florin or guilder
cable transfers
at
sight bills and 17.36 for cable transfers,
against 17.24 and 17.26
Spain, peseta
is causing
attempting to stem the deteriora¬
the French centre finished at
on
was
the part of many of the news¬
The official London check rate
52.06,
foreign
brought
against what they regard
the Government in
market
money
demands
to
Sept. 28
again been compelled to
continued drop in marks at that
violent outbursts
for bankers'
Jugoslavia, krone
subsequently dropped 25 points to 4.75 for checks.
Cable advices from Berlin under date of
advance to
31.95, against 31.72; cable transfers
31.84, against 31.77; commercial sixty days at 31.38,
against 31.54 last week.
Swiss francs closed at 17.34
Republics moved in sympathy
suffered
registering another
tained
on
an
32.15 finished at
offerings
Exchange
quotations from abroad.
result of speculative purchases.
as a
Bankers' sight on Amsterdam after
checks finished
'
noted in other leading
was
late, owing mainly
discontinuation of foodstuff imports; also im¬
proved trade balances.
Spanish pesetas were steady,
to the
Trad¬
active and excited, chiefly
noted by private interests.
was
the London market
on
showed marked improvement of
Last week the close
week earlier.
was
■
•
■
,
Singapore, dollar
NORTH AMERICA—
^
_
.
•»
—
-
.4233
.899167
.900313
.901354
.903333
.906875
.908542
.993971
.993971
.994388
.994388
.994592
.9948
Mexico, peso
.489375
.487813
.485417
.485417
.486042
.486719
Newfoundland dollar.....
.896875
.898021
.899271
.900417
.9050
.906042
.6890
.7107
.7383
.7363
.7314
.7221
milreis
.1260
.1267
.1272
.1283
.1277
.1276
Uruguay, peso
.6412
.6524
.6670
.6750
.6806
.6715
Canada, dollar
Cuba, peso
SOUTH
......
AMERICA—
Argentina, peso (gold)
Brazil,
South
American
\
exchange improved,
mainly
announcement£of the flotation of an extensive
loan for Argentina, and the Argentine check
closed at 32.32 and cable transfers at 32.25,
30% and 31% last week.
at 13.00 for
pares
Brazil
was
week
a
rate
against
also firmer,
checks and 13.25 for cables, which
with 13.00 and 13.12%
exchange
was
on
new
ago.
com¬
Chilian
likewise stronger, finishing at 11%,
against 10%, and^Peru finished at 3.39, against 3.22.
The establishment of
had
a
favoring effect
exchanges,
56%,
and Hong
against
a
on
high level for silver
of the Far Eastern
Kong finished at 56% and
53%@54;
against 76@76%;
changed); Manila,
new
some
Shanghai
Yokohama,
48%@49,
at
81%@82,
48%@48%
against
(un¬
49@49%;
Singapore, 44%@44% (unchanged); Bombay, 28%@
28%, against
against 28%.
28%@28% and Calcutta, 29@29%,
Oct.
1
The
1921.]
New
THE
York
CHRONICLE
Clearing House banks, in tlieir
operations with interior banking institutions, have
gained $7,481,240 net in cash
result of the
as a
cur¬
rency
movements for the week ending September 29.
Their
receipts from the interior have aggregated
$8,481,540, while the shipments have reached $1,-
000,300,
RECEIPT.S
AND
SHIPMENTS
BY
NEW
YORK
Into
Banks'Interior movement
Out of
Banks.
Banks.
18,481,540
Gain or Loss
•
to
Gain
§1,000,3 0
Bank3.
Sub-Treasury
eral Reserve Bank
on
show the effect
to
the
Dec.
of
taken
was
6, it is
Bank of New York
serve
ing House each day
as
was
AT
own
But,
employees."
Mr. Rea, the Board's consent for
says
absent
hear¬
election
of
(such as those laid off, f urloughed
leave) shall be permitted to vote on the
spokesmen to represent the
men
"how the
on
of
further, the carrier
FEDERAL RESERVE BANK
upon
shop craft rules by
on
resentatives of those crafts.
But the
carrier
rep¬
now
■
again asks the Board to note its application for
Saturday,
Sept. 24.
Monday,
Sept. 26.
Sept. 27.
Wednesd'y,
Sept. 28.
$
$
S
S
Tuesday.
Thursday,
Friday,
Aggregate
Sept. 29.
Sept. 30.
for Week.
§
§
«
foregoing heavy credits reflect the huge
from
tween the road and
all
parts of the country, in the operation of
the results
with the
sent
of the
Reserve Bank's
side of the account,
one
the Reserve Bank itself
the
bank
and
never
go
right
hold for
operations
They
repre¬
through the
Clearing
House.
The
following table indicates the amount of bul¬
principal European banks:
Sept. 29 1921.
Gold.
Silver.
Total.
Gold.
Silver,
£
£
£
£
The road therefore views much of the
already
128,414,367
France
142,989,149
a__
Germany
51,185,250
.
Aus.-Hun.
Spain
11,080,666
860,750
2,369.000
10,944,000
100,026,000
33,403,000
24,910.000
Netherl'ds.
50,497,000
Nat. Belg_
861,000
1,592,000
Switz'land.
10,663,000
21,788,000
Sweden
15,821,000
Italy
Denmark
Norway
4,420,000
12,642,000
195,000
8,115,000
_
-L—----
..
Total week 586,487,766
Prev. week 586,4.50,476
a
2,974,000
128,414,367 123,114,715
154,069,149 141,247,306
52,046,000 54,578,950
13,313,000 10,944,000
124,936,000 98,101,000
36,377,000 32,229.000
51,358,000 52,028,000
12,255,000 10,660,000
26,208,000 21,613,000
15,821,000 14,614,000
12,837,000 12,643,000
8,115,000
8,120,000
49,261,750635,749,516 579,892,971
49,214,4.50 635,664,926 580,794,228
Gold holdings of the
Bank of France this year are
held abroad.
,
•
"
Total.
j
has refused the carrier's
151,487,306
348,700 54,927,650
2,369,000 13.313,000
23,774,000 121,875,000
2,998,000 35,227,000
1,465,000
1,070,000
3,720,000
"
145",666
53,493,000
11,730,000
25,333,000
14,614,000
12,788,000
8,120,000
46,129,700 626,022,671
46,303,350 627,097,578
exclusive of £77tC3it0S2
RAILROAD
LABOR
but,
shop craftsmen
AND
make such
to
see
a
Board the
Pennsylvania asked for
it
the road makes
ghfes its
reasons
re-states
hearing
upon
by the action of the latter, and
public another letter, in which
for declining to appear at the
hearing set down for last Monday.
President Rea
(and calls attention of the Board to his
re¬
statement) several paragraphs from the request for
a
vacating of the decision of the Board concerning
the election of
on
behalf
of
spokesmen to deal with the
its
employees.
again brought to attention
approximate proportion
who had
the
company
In these paragraphs
was
of the
a
summary
road's
of the
employees
already expressed themselves satisfied with
manner
and result of that
need not be cited
are
by the carrier
in full force and effect,
re¬
finding, and has refused to
"upon the issue of law and fact
pre¬
application," the carrier is compelled
that "there is
nothing for it to present in the
on
the date named," Sept. 26.
Accordingly the carrier declines to
appear
at that
date, but "notes that it is referred by the Board to
its Decision 224
(Docket 426), in which the Board
arrogates to itself the right to ignore the decisions
of the
Supreme Court of the United States deter¬
mining the respective rights of employers and
em¬
ployees, and decides that hitherto unquestioned le¬
gal rights must give way to the Board's views of
just, fair and reasonable
public."
as
between the par¬
The carrier cannot accept such
and "it does not believe the
important issue raised between it¬
self and the Board
now
a
as
the Board
novel, startling, and possibly revolutionary views,
recent communication to the Railroad Labor
the distinct and
a
of oral evidence
THE
PENNSYLVANIA RAILROAD.
In
subject
the contrary, the Board has distinctly
on
fused to
what is
BOARD
as
work, and that
the contracts heretofore entered into
ties and the
THE
hear¬
request that it find in the
to establish rules and conditions of
123,114,715
10,240^666
a
Transportation Act (and admit) the carrier's right
way
£
-
.
adjudicata, and inasmuch
res
sented in its
£
England
and the carrier "again denies
of the Board to set aside and!
the justness and reasonableness thereof.'"
hear the carrier
Sept. 30 1920.
working rules
representatives of approximate¬
men,
or power
upon
and its
lion in the
to
already been entered into be¬
checks drawn
as
presented directly
are
ing
as
naught the said contracts without
collection scheme.
par
Clearing House institutions.
only
upon
to
System's
large credit balances, however, show nothing
to
as
ly 150,000 of its
the
the Federal Reserve
These
and conditions have
mass
of checks which come to the New York Reserve Bank
va¬
cating the Board's decision, and especially to the1
carrier's averment that contracts
44,100,000 49,800,000 37,700,000 40,400,000 55,000,000 87,000,000 Cr.314,000,000
The
*
ascertained" ;•
to be permitted to offer
was
to the action
as
:
(second)
representative capacity of the spokesmen
unorganized employees shall be
evidence
HOUSE.
a
ing limited the carrier to oral testimony upon two
questions: what employees, if any, who are not in
operations
The Federal Re¬
follows:
CLEARING
-;
actual active service
creditor at the Clear¬
DAILY CREDIT BALANCES OF NEW YORK
em- i
can be secured only by close and *
co-operation between the management*
agreements and working conditions, and
Government
i
assur
operation, which
unrestricted
longer possible
no
Clearing House institutions.
renewal of the road's
a
try "to re-establish with its
honest, efficient and economical railroad
§7,481,210
by the Fed¬
over
adds
ployees a contented and harmonious relationship,
based upon
or on
As the
now
of intention to
ance
BANKING
INSTITUTIONS.
Week ending Sept. 29.
but Mr. Rea
and its
the following table:
as per
CURRENCY
1399
election; these figures
again, having already been in print,
deprived,
either
or was
employers
al and
or
legal rights
Court and
Transportation Act has
intended by Congress to deprive,,
employees of their constitution¬
as
established by the Supreme
other courts of the United
has not denied and is not
now
States."
denying the Board's
jurisdiction "to hear and decide such disputes
fall within
the
over
of
right of the Board to invade the
management and to assert jurisdiction
grievances, of whatever kind and character, in
connection with the
the
as
purview of the Transportation Act,
but it denies the
domain
It
employment, the discipline, and
discharge of its employees."
The sections
of Title III of the
Transportation
Act which establish this Board and define its duties
have
already
been
substantially
quoted
in
the
"Chronicle" (Aug. 27, page 893), and therefore need
not be
repeated.
They show that all disputes aris-
THE
1400
CHRONICLE
[Vol. 113.
ing between any carrier and its employees are to
belliousness
first considered
bler
be
by tlie parties; if not so disposed of,
they are to go to certain adjustment boards, which
"may be established by agreement"; then, in certain
specified circumstances, the Labor Board is to take
up and dispose of the case.
But two points should
noticed
be
remembered:
and
disputes to be taken
are
such
might lead to "interruption in the opera¬
as
tion of any
title
carrier,"
that the evident aim of this
so
provide some means for making sure
to
was
that the only
first,
and handled in this manner
up
disputes between carriers and their men should
that
not
trouble to the
cause
public by
interruptioii of
-
again revived,
one
re-awakened
grum¬
infecting others.
Reports in this week
that
are
next Monday the
on
strike vote will be counted and that
majority is expected; that does not
observers know)
affirmative
an
mean
(as close
the immediate calling of a strike;
the head of the trainmen's brotherhood
lately called
the men's attention to
living costs,
a
recent cut in
and the restiveness which outside interferences have
caused
of
continued is indicated
or
officer
another
of
that
anew
by the remark
brotherhood, that "our
past experience has been that 98% of the men will
always vote to strike," thus, of
course,
leaving the
consti¬ vote to serve as a club for the leaders to brandish.
On last Monday Vice-President Atterbury, who is
tuted only as a virtual appellate tribunal, and has
in charge of operation on the
no original jurisdiction whatever.
Pennsylvania, told an
The subject-mat¬
ter which may come before the Board is that of "any
employees' meeting that, while the farmers and the
dispute" of this possibly threatening character, and steelmakers say they have liquidated, two factors
have not been materially touched by liquidation,
nothing else. The wisdom and working feasibility
of this piece of machinery for ostensible pacifica¬
namely coal and transportation, and "both, curi¬
tion (and even its validity as related to fundamental
ously enough, have been touched with the damning
rights) may be open to question; but its definitions touch of Government control." Rates, he said, must
come down, voluntarily or involuntarily.
of power conferred are too clear to permit miscon¬
The em¬
ception. Possibly the members of this Board, quick ployees from the accounting department who were
operations; second, that the Labor Board is
in taking themselves
Title
III,
So Mr. Rea is
that
make
right in contending that what the
attempted is ultra vires; it is so plainly
Board has
such
competent court may be likely to
any
quick disposal of it and recall the Board's
members from their
ficial
importance.
has taken is not
but
exaggerated notion of their of¬
Furthermore, the stand Mr. Rea
only
one
he could not avoid taking,
by which he performs a public service; for
one
the Board's
attempt to assume original jurisdiction
and intervene in
it in
to
over-seriously, failed to read
to make sure that they understood it.
or
the
tional and
a
case
manner
which had not been brought
provided is something of na¬
perhaps far-reaching concern.
Consider what the Board's
and
Welfare
threatens.
}
implies
course
and
growth require increased
present know, he said, that the earnings to-day
"insufficient to
funds and
meet
is done at the sacrifice of the
in the minds of those who
control in
still
further
a
unless
facing
Government
two would
us,
bring
wages
which
should
been
not pass
halting and blocking that progress and
deems
ings in railroad and general service as outside inter¬
That
is
name
and under the
au¬
Look for trouble, and it
always found; advertise for grievances, and be
understood
them
and
promising in advance to straighten
as
(mainly according to the complainants' view)
grievances will rise apd roll forward like the
tide before
enlarging
railroad
a
This is too obvious to need
high wind.
on,
but
observe
how
restiveness
among
employees and their talk of strike are in¬
creased with
it,
the
unauthorized
Board's
having thus operated
against
which went into effect
on
the
even
July 1.
So
action
wage
we
find
attempted Governmental intervention somewhat
posed by another.
in labor
led
deflation
wonder
to
averted
whether
unavoidable
any
necessity
are
the esprit de
more or.
less have
re¬
a
vote
concern
the
one
is that the
on
on
the
approval of what had
;
in the issue raised by the
excepting the packing
Federal
Trade
Commission
impeded by Governmental meddling
universal
nature
business
produce;
tiveness to be
of
transportation.
as
well expect train effec¬
enlarged by setting all brakes
on
and
locking them and by regularly greasing the rails on
grades and curves as that a centralized and outside
control could escape
Take
portation.
the
muddling and weakening trans¬
one
test in passing: notoriously
public safety and the effectiveness of railway
carriage require strict discipline, complete grasp and
control of
and
own
eral
we
working details by the managers, enforced
always remembered individual responsibility;
one
cut at all cannot be
moving towards
which formerly existed
its
in
its
by the old strike threat, and those who had
apparently begun
corps
an
ac¬
meddling has produced the mischiefs it must
do those
Employees who had acquiesced
as
or
inexpressibly wicked, has been so plagued
the
cut
op¬
which
so
has
keeping alive all the misunderstandings and quarrel -
thority of the Government.
public
and beset and
as
vention, especially in the
Incidentally, the
unnoticed:
in this country, not even
nestly 1 wing to reach common ground, and they are
isible progress; but nothing could be so
receivership
Pennsylvania need urging? No interest and no busi¬
business,
v
a
significant in two respects
said, all hands were raised.
ness
making
want
Association, and the other is that,
Does the
nently the Pennsylvania) are intelligently and ear¬
potent in
a
meeting was of 500 members of the road's Mutual
stay together, discussing and disposing of their
promi¬
we
down.
count of this occasion is
only
very
One thing
attempting "group"
ownership," and the former of those
and
(and
in
doing
pleasant thing to contemplate,
cient; "that is not
but it is
had
railroads
are
wage-cutting, the 12% being insuffi¬
Chairman's call for
The
property."
are
who
we are
terbury, and apparently there is not much left but
Beneficial
differences.
you
are
sinking
Congress is rate-lowering, said Gen. At¬
only by industrial peace, and that peace can be
own
charges,
operation know that what
had
employer and employee draw together
fixed
dividends, and those of
touch with
production and lower commodity prices; this can be
as
our
come
about
operations,
by leaving each road to
or
manage
by having some Director-Gen¬
"board" butting in from the outside?
or
Have
really learned nothing from the term of Govern¬
mental "control"?
We
think
we
have
learned
something,
and
we
profess to be trying to relax the deadening Govern¬
mental hand and
are
our
generally return to normalcy; but
professions in this respect substantial and
Octf.
1
1921.]
THE
moving?
If they are, it is good policy and
somewhat
necessary to approve and stand
CHRONICLE
rier also asserts and will exercise
its
with its
the
own
"the
life
manifest
of
individuals
or
of
"drudgery"?
thrust when1
we are
aim be to escape
our
This requires definition.
Can
drudgery than that of the of¬
at his desk, even though he be an execu¬
fice man,
tive?
the funda¬
care
mental
right of employer and employee to deal in
the first instance
directly with each other respecting
wages and working conditions in-which
they alone
are
Shall
us.
there be any greater
organizations
object is the denial
really begins for
all the
car¬
right to deal
employees [its own, observe] without
intervention
whose
tempt it.; Into this environment
even
by Presi¬
dent Rea in his notice to the Board
that
1401
Can
v
of
,
there
be
property,
alone makes the
greater burden than the
any
than
plant
a
the
constant
going
vigil
which
concern ?
If common labor could rise
to the
for work's sake
directly interested."
spirit of work
dignified duty of every man
the
as
he makes the most and best of his
individual op¬
if the skilled laborer and executive
as
portunities;
EDUCATION AND
In
an
opening
Charles A.
ing
edies
address
Union
at
men
differ
may
as
could descend in
spirit to the plane that recognizes
the inherent worth of all work to
College, Dr.
Richmond, President, is quoted
"However
:
WORK—UNIONIZATION.
as
not
say¬
and
ting back to work.
In the four years of the war the
fruits of the work of millions of men
for many
years
has been
destroyed. It is gone, and no amount of
economic
all
cause we are
of ourselves into
more
ment
the
lows:
our
speaker adds
work."
postponing his lifework for four
down
the
stream
of
time
not
sake
years
gether.
not
the
much
by
not
we
"athletics"
course?
as
a
a
throughout
Would not work be
useful
some
the
of skill?
games
hours
tive
already made for
life,
tious.
we
The
work
their
of
cesses
made
us
sons
of rich
ways
life.
live is to
our
Nor
who
men
through
college
such
can
large
a
advent into
soning might imply.
odd
do
not
also
work
hours
field.
a
be
We read that the
now
up
disarmament
cannot
until
it is demanded
by a public sentiment
strong enough to maintain it if and when ordered.
come
In
word
a
enough.
the
On
a
question, then,
is
spirit of peace is not now strong
parallel plane* may we not ask, is the
more
it.
Out of the
the
Every
but
the easiest way
in life?
And do
Do
Are
potency of the feeling that
know,
or
really
measure up
is
as
have,
our
we
we
no
our
all
colleges take
seek
too
much
impressed with the
matter how much
duty lies still in work?
to the truth that
Do
common
we
we
labor
necessary and useful as skilled labor?4 And do
man
a-day
may
world
live without work.
is
the1
ever
And work here must be defined
in spirit of kind
or
as
actual
natural
growth.
and
never
We have not abolished
com¬
will—only the theorists at¬
never
prefig¬
production
station.
Here is the
common
meeting ground for employer and employee.
here in
the
of the
excess
fusing of those differences
and without which
which
natural
conditions
•
a
jm
PART
unavoidable,
inherent
Not
in
change in
a
the
nature
of
change in the spirit which energizes,
V'
TIIE
are
ambition and emulation would
fade into sloth and indifference.
the
And
spirit will be found the
mm
PLAYED
I!
we
I
BY
do and are!
mmrnmmmmmmmmmm
SERVICE
COST
IN
RETAIL PRICES—REMEDY SUGGESTED.
Among the
Congressional
has
numerous
investigations carried
Committees
and
on
Commissions
by
one
recently been made by the "Joint Congressional
tion
labor
can
must
products of life, regardless
we
a
time
a
the presence and not the absence of work.
As
mon
come
environment that
So that the educational ideal
Commission of Agricultural
Inquiry."^
it is
lessens
And this work-
rise above
wage measurements in what we do?
iron environment surrounds us, and
respon¬
invention
we
say—an
through the
realizing
only the fool believes there will
when
infuses and harmonizes all
problems?
as
"drudgery," expands the field of opportunity—
tle
labor
question
a
changing whole—a changing,
civilization!
things, but
our
it is
as
The business environment is,
spirit of work for work's sake strong enough to set¬
sufficient note of this?
to whether
as
successful in business
for the easiest way
in the
ways, means and
League of Nations has given
ready for it—that
a
man
upon
advancing,
ure
consideration of disarmament because the world is
segregation into
subject to change, and is changing all the
unskilled.
rea¬
vital spot
much
desire
a
course,
change.
present every-day affairs.
a
of wealth rather than through the hard work,
The
deeper than this
And it does touch
to
suc¬
"unionization,"
with each other.
time—but it will always
embody work, skilled and
ac¬
have
make
economic
our
comment of the education
goes
not
of
can¬
sympathy for his fellows, whether it in¬
proper
sibility acts
way
must deem the query as somewhat cap¬
always to fit into
our
we
on
This "spirit"
whole is the victim of
a
whatever form it may
take, which
rather
read in
we
so
as
whether the educational
process unfits him for
power
And yet, considering the fact
that the environment in which
extent
in
of
How often
"biographies of great men"—"he worked his
through college"!
a
obtained in
were
as
war
disputes.
society
college-bred
culcates
dignified and produc¬
employment outside
mere
to
educational
our
growing "classes" closer to¬
our
than his less fortunate brother
analyst
people enamored too
tion increased if "needed exercise"
than in
severe
work for work's
bring
while
come
It is not
college
Inspired by these statements
a common recog¬
we
And the spirit would be ripe for the
adjust¬
units that
means."
might ask—are
live,
what is known
by the hard
realities that other
young men of his own age have
to face is not at all our
idea of what a
one
And while each is
necessary to
ment of differences and
boy Is
while he floats
untroubled
would
And
to fit itself into
dignity ahd worth of
nition of the
fol¬
as
think, should hot.
as we
urgent necessities of life is
this environment.
And to this state¬
a
change and,
the wThole plan under which
and to put
coming to college
a
pursuits ready-made and established for
us, as
example. These the individual can¬
of the
If the pros¬
particularization
a
"The idea that in
we
It is
elements of the
it will be be¬
willing to work harder
society; would
basis of settlement?
a
discuss.v We have spoken of a
environment—private ownership of property
fixed
disorders, all men of sense
point, and that is the necessity of get¬
juggling will bring it back.
perity of the world is to be restored
to
nearer
difficult matter to
to specific rem¬
for-the present
agree at one
come
is
arrested
reached,
as
Commission.
Our atten¬
by the publication of conclusions
made
by Chairman Anderson of this
We
publish these conclusions in full
CHRONICLE
THE
1402
[Vol. 113.
ttrssssssz -=
a
on
subsequent
page,
and reprint here the follow¬
ing:
of
general, 37 cents of the consumer's dollar
represents the cost of producing the article, and the
cost of material that went into it; 14 cents repre¬
"In
profits, and 49 cents the cost of service.
"Reduction of service costs can come only through
sents all
understanding of the problem by both mid¬
dleman and the consumer, through better organiza¬
tion of the business of distribution by the middle¬
a
better
and by the organization of his requirements
by the consumer. The science of distribution, of
finding markets, of relating outputs to market, are
all in their infancy.
We know very little of many
factors that influence consumption, such as unem¬
man,
ployment, wages, and the consumer psychology. The
same genius of organization that has been applied to
production must be applied to distribution.
"Some people say there'are too many middlemen.
Probably there are', but they could not exist without
customers, and they could not make either wages or
profits without serving someone's convenience1 in
selling or buying.
"After all, the producer and the consumer are the
largest factors in the problem.
They are the most
numerous, but they are at .the same time the least
selling
the
and
influential, because the products
of the one, and the requirements and the buy¬
ing power of the other, are unorganized. If we find
a
way to organize the products and selling power of
the producer, on the one hand, and the requirements
and buying power of the consumer, I on the other
hand, and if we can apply the same genius of or¬
ganization to distribution that has been applied to
production, we will have taken a long step in the
solution of the problem of distribution."
power
On the
strength of the facts and theories in this
statement, newspaper accounts tell us, the Commis¬
sion is "about to
recommend to
of the world
production, distribution and consumption be
ganized
not know themselves
inquire into the accuracy of these cost proportions,
or
the
pertinency of these conclusions, may
ask in all
to base
seriousness, what is there here
really helpful legislation?
ment, taken as
a
we
upon
not
which
the little that
regular
follows year.
year
Let the
man
does who "tickles the soil" be
as
the "stars in their courses," still human
as
desire must be
"organized" and thus cabined if not
crimped to supply the equation of perfection.
nothing short of
And
organized whole will suffice.
an
Organize agriculture and not manufacture and the
equilibrium
men
are
is broken.
chain
Distribution
bone of contention.
a
ent business
independ¬
organisms, like department stores and
spring into being, there is the
When it
withholding cotton,
comes
of monopoly and
cry
to establishing price by
and wheat from the mar¬
corn
ket, the bread-winners and bread-eaters
the mind of the
are
can
other.
measure
All the
reactions
the
of
demand—
each
upon
the
genius of trade is at work to make
practical machine of trade
all these
not in
argricultural organizers.
Producers and consumers—supply and
who
the
middle¬
and
Rut when
stores, products of the genius of organization,
high prices.
smoothly.
run
Will
generalizations about domestic (or foreign)
trade relations suffice to inform
how to make
The best
when made?
one
possible that
can
be done for "business"
and trade is to let it work out its
it must do in the end.
on
laws, which
"genius" of
give the most of the best for
ever-ascending
an
own
And the whole
mankind is at work to
the least
legislative body
a
law, and could the artificial law con¬
a
travene the natural
though
changing
scale!
GERMAN MILITARISM NOT
ECONOMIC
From
we
many
UNMINDFUL
OF
REQUIREMENTS.
both official and personal,
sources,
learning the influence of the War, in some
are
slight, in
cases
many
controlling,
upon
normal civil
relations.
In
Is not this state¬
whole, tantamount to saying that
if "business" could he
as
good earth produce with unchanging exactitude and
Without stopping to
country."
or¬
definite and always certain plan?) do
on a
ers' tariff has done little to better the condition of
the farmers of the
Con
(and must not the whole world
Congress remedial
legislation, having found that the temporary farm¬
,
know little of the consumers' power.
course we
sumers
so
no
country
was
the dominance of the military
complete and extensive
left with
as
in Germany, and of
definite informa¬
none
were
whole, its parts functioning with clock-like regular¬
tion.
The
ity, then the whole of consumption could not only be
communications
supplied adequately, but costs,
Army and the German Government during the prog¬
one
and prices
wages
could be
accurately predetermined?
ter what
consumption might desire to be, it would
be
For,
no
mat¬
compelled to be what the monster organization
might determine it should be and ought to he.
And,
ress
publication
of the
parties
of
we
so
little
stupendous
organized into
now
between
the
new
General
Staff of
the
War,*" reveals the extent to which both
were
having their
eyes
fundamental economic
in the
at hand, of the official
opened to the working
laws
by their disclosure
conditions created by the
War, particu¬
inevitably, supply and demand would meet in eter¬
larly in dealing with large affairs and with the na¬
nal
tion
equilibrium.
One
might
remark
that
the
"genius" of trade has beeu at work for hundreds of
to make supply and demand equal, but has
years
found demand
ever
changing,
as
well
as
supply. And
as
The
a
whole.
peculiar German condition is disclosed in a
statement of Gen.
Ludendorff, Chief of the General
Staff of the Field
Army, addressed as late as March
it is
only in these latter Utopian days that it has
25 1918 to the
been
deemed
preme
possible
for
political
governments
Secretary of the Treasury.
Command is
through regulatory laws to do what "genius" left
Majesty, and is in
free to work out its
ble to the
own
methods and laws has been
unable to do.
And
now
the aftermath
Congress
to
screws
no way
an
of
world
war
"agricultural bloc"
in the
proposes
of legislation to the "unorganized"
Supreme Command and the sincerity and complete¬
ness
of their
devotion
everywhere manifest,
to
use,
There used to be
a
phrase in
"Herculean Endeavor," that applies.
and it needs
nothing
more,
common
Just, this,
is the belief of those who
'
would
regulate that which cannot be regulated.
Of
to the best
interests of the
country, both for the present and the future, were
genius of trade to equalize supply and demand the
•
constitutionally responsi¬
Reichstag."
world
over.
"The Su¬
purely executive organ1 of His
Nevertheless, the unqualified patriotism of the
in
American
put the
a
need avowal.
so
evident indeed
as
rarely
It stood every tevSt and was not
questioned.
*Thc
dorff.
General Staff and
2 vols.
1921.
Its Problems■ by General Luden¬
E. P.
Dutton & Oo.
Oct.
1
1921.]
THE
Their acceptance of
the
of
CHRONICLE
the decisions and overruling
superior civil authorities is also constant.
They made their demands
argued the
authority.
stated their views and
or
but the decision
case,
with the higher
was
The Secretary of the Treasury and the
would
1403
"expose
our economic constitution to nothing
derangement dangerous to life, would im¬
almost intolerable burden on that confi¬
less than
pose an
dence of the civil
to conquer ;
are
population which
Foreign Office remind thp General Staff at times
frame-work
that
pensable for the reconstruction of
financial
theirs to deal
matters
and
"The
ward their
are
with, and the Imperial Chancellor, in
January 1918, feels called
Marshal:
political relations
to say to the Field
upon
military authorities
requirements lat
warnings."
or
on
which
will
indis¬
be
economic life
our
peace."
labor in
bring for¬
have
own
And the matter
was
so
settled.
The
we
general, he early proposes the
erection by the Government of a Labor Bureau to
initiative, but only in the form of suggestion, advice,
objections
to
need if
their
may
time
any
(already frail)
after the conclusion of
As
we
and would completely destroy the
general authority except over the troops, to
guard against unnecessary work and the unneces¬
movement of labor, to review wages, and to
sary
establish instruction for the
Auxiliary Service Act, which the War Minis¬
The morale
of labor.
improved effectiveness
of the
working class is
es¬
try had secured from the Reichstag in 1916 at Gen.
pecially to be guarded, and the spirit of the civil
Hindenburg's suggestion, he cfid not hesitate
population
later to desire
work
repealed when it
satisfactorily.
He had been compelled to say
at the time of its enactment
"made
great impression
a
long step toward
a year
found not to
was
success,
the
enemy
and
was a
but the discussion which
preceded it greatly reduced that impression."
On
another
occasion,
re¬
ply to
demand from the Chief of the General Staff,
a
late
as
as
the Government declines to
result of
the
objections, and
possible."
ed
June 1918, when in
"The
act, he comments:
opposition of the War Minister
that all the other
Departments
thus
was
im¬
Although General Hindenburg support¬
Tirpitz's demand for the final and fatal
stricted
was
forward with
came
positive result
any
submarine
until after long
influences
operation, it
discussion and
not adopted
was
very
unre¬
strenuous
oppo¬
sition.
and
naturally,
output.
them
to
high
pay
Workmen discovered that their
for their fellows.
responsible if
When
we
come
the
to
questions that
are
purely
wages,
continu¬
General
would
(as to food)
protection of
secure
full
and
do not do everything possible to
we
situation
relieve the
at home."
He
willing to work,
men
recognition of all workmen outside the
powerful trade unions.
more
In the military emer¬
Withdraw his
of 1918 he would
shortage of munitions
urgent appeal
lesser evil
as a
having the Government yield to the inordinate
demands of the strikers.
General Ludendorff
wrong
-
wqre
Hindenburg declares in 1917 "We should be held
absolute, and need not be regarded
permanent.
as
people
ally under discussion by the Army Chiefs.
than
other great nation is, the control has
The questions of
strikes and the situation of the
generations dominated by mili¬
no means
pay
in order to provide work with
slackness
has been for several
as no
came on
in munitions to diminish
even
enough to permit frequent absences, and it led
to relieve the
by
found
arose.
which
the
therefore, that while Germany
been
steadfastness is in
propaganda which early
was
appear,
tarism,
and
was
gency
It would
loyalty
The excessive advance of wages,
by the Reichstag that it
on
in its
to be protected against disintegrating
way
every
in
warns
the Government of the
of disregard of the faithful and right-minded
favor
"kickers."
of
He
the creation of
urges
civil, those especially that are economic and social
joint committees of employeis and employees and
and
free discussion of the
pertain equally to conditions after the war, the
attitude of the
General
the need of
Army Chiefs is interesting.
Hindenburg admits that "it is not his
business to go
into social and financial matters in
detail;" but he is keenly alive to them.
His
stant concern,
adequate
of course, is to secure
an
con¬
supply of munitions and guns and eventually to ob¬
tain every
are
to
available
man
be dealt with
for the army, but even these!
in their civil relations.
The
Auxiliary Service Act, for example, was sought as
an
act
of
justice;
large part of the nation was
a
dition, especially
keenly felt
sees
the
even
and
girls
were
engaged in useless callings.
wholly idle
or
In view of the
shortage of munitions compulsion would be neces¬
sary,
but for
would
war;
be
women
needed
it would be
as
wives
special material help
be theirs.
female
a
and
mistake.
mothers
Women
after
the
eral
of
competition
which
has
evil
influence
on
army.
At the
to
applied to
was
It has tended
demoralization
the
which
same
is
time he
employ
secure
of
of
to illicit
the
force.
increased
trading and gen¬
people.
The good will
people has constant attention.
extradited
such terms
men
and
war
Even with
prisoners
volunteer
sought rather than compulsion; and
"industrial settlements" used instead
as
Bonuses to all soldiers at the front, as
"camps."
proposed by some to meet financial inequalities, are
strongly disapproved as sure to do more harm than
good.
Conditions
and privileges should
Strong resistance must be made to "that
in the
agricultural production, he recognizes as no longer
suitable.
service must be
women
He presses
it has arisen in connection witli
danger of any attempt
other
Thousands of
as
Compulsion, which
the
wrere
wages.
wide-spread "profiteering," the effect of
showing the highest sense of self sacrifice, but an¬
part did nothing but work for their own profit.
question of
remedy for disparity of wages and con-/
to
as
they will be at the close of the war
always in mind.
are
their
All must be helped to get back
original employment and to normal life.
family life," and Government effort must be limited
Land
to "the
against; house-building must be encouraged; fuel
employment of
fitted to their
where 24 hour
should
have
women
in such
ways as are
at
speculative prices must be guarded
capacity and position in life." Even
for
days' work is urgently required they
vided ; free use
eight hour shifts.
Replying
to
the
Chancellor, General Hindenburg agrees that com¬
pulsion applied
from their
held
to
women
in
withdrawing them
special industries for definite war work
brick-making and lime-burning
and
surplus
must
be
pro¬
must be made of barrack material
army
supplies; and the influx of un¬
employed and homeless men into large towns must
be
prevented
so
far as can be done by legislation.
Serious attention
must
be
given to the extensive
CHRONICLE
THE
1404
began in 1913 in working circles
movement which
in disinclination and
hostility to child-bearing,
even
It arose in part from
resulting in a "birth-strike."
the
example of the
the
difficulties of
of
mothers
classes, and in part from
upper
housing and public derision of
families.
large
It
already
was
a
important fact is that the Army Chiefs, men
in middle life
charged with the direction of the great
felt it incumbent
war,
them to give close atten¬
upon
tion to all that concerned the economic and
life of the
people, and
of the nation.
They
the financial situation
even
that up to 1917 Ger¬
were aware
raised between 85 and 90% of her war ex¬
many
by long-time loans, and that up to 1918 for
penses
decades the
some
domestic
tunes
from 13 to
was
taxes
yearly increase of her private for¬
Heavy
in the future.
'■
;
mastery of war; they could foresee no form
supreme
of peace
treaty which would not contain the seeds
of future
strife; they strove to win the war by every
in their power,
means
to the
the
well-being,
because they held it essential
land
was a
greatest possible number of efficient, in¬
dependent, settled, home-loving citizens."
True to the traditions of the
cient
her
past, for it
well
as
an¬
as
of
great literature, they kept this in their minds
and
their hearts.
on
Now that the
lias ended
war
reason
to believe that the
greatest and best of their
military chiefs, at least, will join the leaders of the
people who are trying to bring Germany to
hearted
is
acceptance of the
peace
a
whole¬
unpopular,
like
its next of kin,
wiped
or
stands
OF
tracts
eminent domain.
about
with
and
the
other
the
My friend, Mr. H. W. Henry of
your
It is not
when
it
what
in contact
comes
therein
entitled,
"Conflicting
city, has sent
me
a
Sovereignties—The
Rule of Reason," which,I have read with much interest.
If you
will permit me, I would like to affirm, for what
affirmation
such
be worth,
may
your
thought, as
to
the
necessity at this time, of the application of the rule of
to constitutional
son,
the
State
and
knowledge
rea¬
questions, affecting the relations of
Federal
I
Governments.
wish
also
to
friendly reference to the writer's paper
your
ac¬
on
"Legislative Sovereignty."
;
in your editorial?
The balance between
eral sovereignty
iveness in
balance
dependent
or
upon
powers is
(mostly
no
doubt honest)
and materialistic ideas that
balance
between
the
system, seem to have come to
lice
power
a
affords the line of
with
the
the
health,
people, almost
any
made
come
can
be
McKenna
to
says,
dual
our
•
resistance to
the
As the police power is
and every experiment in government
within
it extends
"to
men
their
particular class should
its
scope.
As
Mr.
everything under
Justice
the
sun."
righteousness, and
good all at once—by law; those who believe that
have
help of the Government;
a
con¬
discrimina¬
the
to affirm
once was
a
other
war
legal rights is
power,
some¬
and doubtless the
its potency.
upon
thing; but
or country
sets
so
far as its effect¬
wide direction is concerned;
importance
the two
part of the Fed¬
as a
of
in
the
with
connection
The 18th
sovereignties.
of its adoption is in point in
an
absolutely necessary power of gov¬
operation
is
it
beautiful
a
beneficent
and
but it also needs to have applied to it, especially in
times, the rule of reason, to the end that the "general
welfare" may not be confused with, or deemed synonymous
with, what may be thought to be expedient at the time; and
also
in effect
it
where
that
safeguards
should not be
ignored
tion is by way
these
tween
substantially
as
contracts
to
and
The border-lands be¬
be the territory of reason,
should
status
determination of which must be made as
be under the circumstances to what is fair.
can
as
the doctrine
when a
there is and can be no exact stated rule
to which
as
into play
which comes
approximation,
in
subject to
which neither should have superiority, but all be
of
property
>
passed over because the transac¬
or
of the police power.
powers
confiscates spe¬
it should compensate; that is, the
cific rights and property,
This suggests
the question—who shall do the reasoning, as
So far as Federal questions of con¬
concerned, it is of course, the business of the
are
discharged, but
The larger part of the
of increasing difficulty.
seems one
people, I believe, would not want the Court to be deprived
of its powers to
declare invalid, legislation in conflict with
but witness the remarkable statement in
the
Constitution;
the
dissenting opinion of four-ninths of the members of the
Court, in the recent housing cases, involving a
is
function
made
practically,
thereby,
super power
and
conflict be¬
police power and the contract clause,
the
tween
that this
moribund.
This
has been and is a great and wonderful check
safeguard,
but
of affairs,
increasing complexity
the
involves the likelihood
and danger, almost perforce, of im¬
and cul de sacs.
In the last analv sis it imposes the
of ascertaining and de¬
fearful responsibility, on nine men,
claring the concensus of the electors of a hundred
As
million
sometimes wonder if they would not prefer to
I
responsibility spread a little more.
is to do
who
to
reasoning
the
(that is to decide)
in
whether a reserved power of the
where the question is,
cases
passed over the Federal Government, for reasons already
the
special
protection,
and those who believe
forth
set
in
Article
the
on
referred to, it seems to me
settle
to
chosen,
(ratification)
this
Legislative
by
their
is
delegates
specially
legislative bodies as it is now.
This would require a constitutional
fore
Sovereignty above
the better way is for the people
assembled in State conventions, rather than leave
it to the control of
morals and general welfare of
make
or
make to disturb
consciousness that the po¬
the least
Those who would mechanically expedite
favor
of the various
sovereignties of
accomplishment of their objectives.
concerned
over
States, say a part of the police power, shall or shall not be
police power.
alter the
it
It
to
comes
(particularly as to local rule) and abstractly and
normal
its
power,
The most
comprehensive and potent part of these reserved
hvmanitarian
with
one
tremendous
It is undoubtedly
ernment
have the
advocates
it
The ruthlessness of this power
Amendment and the facility
sovereignties of the States, is of
of the reserved powers of the latter.
be absorbed
this connection.
the
The
when
is quite another thk
between
people.
the
line
encouraged claim
general
a
its
hence
sovereignty of the Federal side of the Government, and
course
may
The police power distributed over forty-eight States, as a
the
the status
is
example of recent war legislation and rulings, in operation,
has stimulated and
passes
May I as well call your attention to certain phases of the
matters discussed
the
as easy as
analogous to that of
it
of the "Chronicle" of July 23, 1921, marking the edi¬
torial
Rights
Supreme Court, a duty that has been nobly
of the Financial Chronicle:
it
least
at
Nor is it costly, like
unless perhaps when
property,
obligation of contracts.
struction
Philadelphia, Aug. 3 1921.
copy
of
head
regards these matters?
THE STATE.
It is
It is not
rights, and takes precedence
tion is very gross.
REASON
AS APPLIED TO THE POLICE POWER OF
the Editor
theoretically
to
need of
without the necessity of compensation.
out,
at
conflict
near
To
for
always in the interest of the public.
arises
SOVEREIGNTIES—RULE
economical mode.
an
taxation,
road
no
utilize the police power.
can
convenient but
a
of justice and the
CONFLICTING
without
legal
and
that rule of reason which is nothing more than
for which the world
earnestly striving.
so
straight
a
you
only
constitutional
differently from what they expected, there is good
so
power
upsetting things, if
these
Germany of the
back to Tacitus,
goes
governmental
Generally speaking, there is
in
with "the
acquired
their desideratum.
At
the life, of their country.
even
time their vision of the future
same
though
public use, if it is of general utility, can all find in this
great
sovereignty of each, is
training had taught them to believe in the
owned,
law, and competitively dealt with, should be charged with
a
escaped, and the looked-for indemnities
were
Their
marks.
milliard
45
privately
property,
public help, and though vested and held under sanction of
not
national evil.
The
that
[Vol. 113.
not
the
time
amendment.
ripe or approaching,
There¬
when Article Y
might well be so amended, and perhaps an amendment also
added, giving
power,
(roughly speaking)
the Supreme Court the
if it so elect, to refer to the people constitutional
questions which they deem momentoust
or
take the sense
not
a
recall.
of the country.
That is, to consult
It would be
a
reference,
Somewhat analogous to the power of a chan-
Oct. 1
1921.]
cellor to have
THE
jury give its views
a
cise.
to the facts?
The
judge of the necessity of the
Court would be the sole
exer¬
as
It would not affect the tripartite idea of
our
govern¬
It would give elasticity where there is now
danger of
ment.
strain,
and
vision
such
likely avoid
which
a
from
people.
avoid
"concurrent"
all,
tendencies
be dangerous
would
power
the
After
would
the rule of
toward
to
situation
a
feature
of
must
reason
like
the
be
general
a
that
18th
rent,
resulting
satisfactory
to
of the people, may not the steady inclination towards
sense
centralization eventually result in complete alteration of the
original idea of
sion that
and
will
in
con
our dual
system?
denude the
that
Or else result in
Federal
remarkable
revul¬
a
side?
The opinions pro
Block
v.
case,
Hirsh
sig¬
are
nificant in both of these connections.
the
centralizing
a
continues,
process
divided sovereignty
id
the
old idea
that
given State, sup¬
a
posed to have been exploded, at any rate, in our system,
may through the operation of the processes of
attrition,
have
be affirmed.
to
/
Merchandising
mission recently
is the hope
you,
to
above
referred
dual
our
to
sovereign¬
Yours truly,
to
of
involved in the
of the State with
pxtension of the
clarity of
reason¬
We
in everything the writer
concur
except his suggestion that questions of consti¬
says,
tutional construction and
people, either in all
Court may
in
a
would
validity be referred to the
cases or
whenever the Supreme
wish to shift responsibility. Such
view, would take
our
step,
a
from bad to worse, and
us
seriously if not irretrievably lessen stability.
The fewer instances of referendum the better.
perience has
not
any
It
simplicity of language that would be hard
a
proven
that questions
seriously treated,
attention from
than
to the
Such
an
small,
a
Ex¬
referred
so
do they so much
nor
more
terested, and sometimes
the electorate.
a
are
attract
as
selfishly-in¬
"tipped-off," fraction of
a
appeal would be
appeal
an
populace, and quite in line with the conten¬
tion, made
every
and making him pay for it.
and then, that a legislative
now
us
people)
think of
that the wisest
alone,
feasibly remedy.
no
though in
even
is
It
work.
to
seems
material
that went into
can
only through
come
"'V*
better understanding
a
unemployment,
as
etc.
The
and
wages
genius
same
psychology, convenience, satis¬
consumer
of
organization
production must be applied to distribution.
that
has
been
applied
to
Some people say there are too
middlemen;
After
convenience
problem.
least
and
If
They
be desired.
to
but
to
be
selling
the. most
are
influential;
the
we
in
because
buying.
or
all, the producer and the
find
a
the
are
largest factors in the
but they are at the
numerous,
the products
requirements and the buying
can
'}"■-■. v.--
consumer
and
the
time the
same
power
the other
of
power
selling
are
of the one,
unorganized.
to organize the products and selling power of the
hand, and the requirements and buying power of the
consumer on the
other hand, and if we can
apply the same genius of or¬
ganization to distribution that has been applied to production, we will
have taken a long step in the solution of the
problems of distribution.
producer
the
on
way
one
Production,
both in the sense of production of agricultural and manu¬
products, has been the business of individuals and of corporations.
factured
Distribution has been
everybody's business, and consequently nobody's busi¬
been busy in developing
tonnage, long hauls, voltraffic, and have not concerned themselves very much with finding
the shortest route or the cheapest
route, or of developing facilities with a
The railroads have
ness.
um*
of
view
the
of
tribution
The
and
most
efficient
distribution.
Distribution
facilities,
and
producer have been
satisfied
with
production, and have largely turned their products
distribution.
market,
like
dis¬
itself, have "just growed."
manufacturer
The
distributer
without definite
saving money
for
has
sold
of
purpose
himself
his
or
relating
customers,
manufacturing
over
others for
to
wherever he could
goods
output
by
to
find
market,
distributing
goods
or
the
of
in the
territory in which they could be distributed the most cheaply.
The large industries of the
country have attained a certain
degree of
efficiency through integrating production, and have saved billions by bring¬
ing materials and labor and facilities together at the point of economic
manufacture.
Production has been standardized
made possible
large production at low cost.
the benefits of
the increased
quantity production.
of
distribution
on
The
a
quantity basis, which
has
consumer
shared
in
efficiency resulting from both integration and
Some industries Wave endeavored to promote efficiency
by integrating distribution with output.
main, however,
production
Figures
available
on
currently.
goes
forward without any definite
re¬
relatively complete
are
production
are
Figures of
and
however, are ex¬
tremely difficult to obtain, and usually cannot be obtained at all, except
the form of
statistics, available too late to be useful currently with!
consumption,
in
market
transactions.
,
'
'
!
;
enough
the present instance "well
alternative
no
own
will be to let well
course
enough" leaves much
there
ought to be the sole and
judge of the constitutionality of its
can
A witness before the Com¬
bution, of finding markets, of relating outputs to market, are all in their
infancy.
We know very little of many factors that influence consumption,
lation to market.
We
wants
problem by both the middleman and the consumer, through better
organization of the business of distribution by the middleman, and by the
organization of his requirements by the consumer,
The sciences of distri¬
frequently
final
he
27 cents of the consumer's dollar represents the
service costs
of
and
the
"
;
what
consumer
the
body (which must be assumed to directly represent
for
selling the
put the elements of merchandising in the following order:
or the exact type of goods desired, or that will ulti¬
In general,
Reduction
of
In the
act
of
Con¬
; •
<,
producing the article, and the cost of the
someone's
foregoing is worthy of careful reading.
surpass.
largely
;
■
it; 14 cents represents all profits, and 49 cents the cost of service.
W. S. WALLACE.
ing and
it," said Chairman Anderson.
probably there are, but they could not exist without
customers, and they could not make either wages or profits without
serving
ties.
powers
middleman
by offering
the price.
cost
many
police
the
fairly typical of merchandising to-day.
Goods are sold,
a price, as by offering service, convenience, de¬
pendability, reputation credit.
The consumer pays for all of this, as well
as for what everybody does not know about
running his own business.
It is
like the invisible tax, easy to pay because it is not
apparent, camouflaged
much
so
faction,
menace
but
This viewpoint is
not
such
that
of the relation of the police power
states the
etc.,
consumer what the consumer
mately satisfy; second, a pleasing environment, and a pleasing, dependable
quality of service; third, quality of merchandise, and last, price.
that you may be moved sometime, to deal with some of these
The
delivery,
First, the exact article
questions
particularly
wants
consists
when he wants it,
packing, trans¬
as
.
My object in addressing this letter to
editorially,
service, such
tinuing, Mr. Anderson said:
in
If
there cannot be
when he
Agri¬
insurance, selling, advertising, display,
overhead,
wages,
of
consumer blames the middleman for
that he is only giving the
wants
the
expedient to get at the
some
"The
the extent and cost of this
says
Amendment.
of the Joint Congressional Commission
portation, grading,
re¬
;;;;;y• ;ir;^v.;;;.J•'■::
■
Otherwise, unless there is
Chairman
1405
cultural Inquiry.
Some
the least.
say
I
CHRONICLE
THE NEW CAPITAL FLOTATIONS FOR AUGUST AND
THE EIGHT MONTHS.
Apparently
with
contented
pointing out and reiterating the danger, and ut¬
Continuing the practice begun in
kept
up
our
issue of Mar. 26, and
regularly since then, of presenting monthly compila¬
tering warnings against it, trusting to education to
tions showing the new capital flotations in the United States,
do the rest.
wejgive to-day, in tables further below, the figures for the
on
our
In the last
analysis, reliance must be
judges and the legal fraternity—the judges
of the State courts in the first instance and of
Federal
must
Supreme Court in the final instance.
ever
doctrine
sttetched
be
of
on
the
the alert
police
of the States being
such needs.
to
give
a
emergency
must not be
It would be well for
mistaken
our
for
law schools
place to the matter in their curriculum.
The
ANDERSON
OF
JOINT
AGRICULTURAL INQUIRY
COMMISSION
dollar the consumer pays for goods
as
corporate,
are
intended to
municipal and
represented by
foreign
the| new stock and
financing during August, while not
$250,280,528,
was
of
so
heavy
yet of large proportions, aggregating
which
This compares with
$33,437,000
was
for
refunding.
only $194,373,837 in August last
year
(of which $18,470,666 for refunding), but with no less than
$346,670,307 in August 1919.
The size of this year's total,
however, is due entirely to the continued outpour of
of
State and
municipal obligations
these municipal bonds disposed of
the
That 49 cents of every
new
OF
ON SERVICE COSTS.
of
brought out each month.
during July,
issues
CHAIRMAN
summary
bond issues
Kesort
pressing
a
Government financing
only in response to genuine needs; and
by
August and the eight months ending with August.
previously explained, these compilations
furnish
as
momentary popular passions excited
temporary
They
against permitting the
power
beyond its legitimate boundaries.
to it must be
our
month of
As
present
year,
against
new
(the amount of
having been $109,277,528
$59,684,048
and
$59,188,857,
represent the cost of service, is brought out in the statement
respectively, in August 1920 and 1919) and to the floating of
issued
$32,500,000 bonds
om
Sept
19
by
Representative
Sydney
Anderson,
on
behalf of foreign Governments, namely
1406
THE
CHRONICLE
[Vol. 113.
$25,000,000 U. S. of Brazil external 8s, due in 1941, offered
1919.
at
pre-existing obligations of
98K, and therefore yielding 8.15% if held to maturity,
and
offerings
issues
H and yielding 8.20.
quite moderate.
were
For
by corporations will reach
of the
sales of
numerous
the Director-General of
total of
The
September
been,
kind
or
up
another, the amount
already stated, of exceptional
as
of the bringing out in April of the
reason
Convertible bonds, which
merely
was
a
6^%
refunding operation,
its purpose
being to provide for the taking up of the $215,227,000 4% Chicago Burlington & Quincy collateral trust
reason
bonds, maturing July 1 1921.
Railroads, but during August the
more
one
$230,000,000 Northern Pacific-Great Northern Joint
new
Equipment Trust certificates by
issues by corporations was no
new
the
large aggregate by
a
proportions by
corporate
new
independent of the issues put out to take
of which in 1921 has
$7,500,000 Republic of Uruguay sinking fund 8s of 1946,
also offered at 98
This is
SUMMARY
than $97,-
OF CORPORATE,
FOREIGN GOVERNMENT AND MUNICI¬
PAL
FINANCING.
911,000 (as against $124,674,789 in August 1920 and $267,481,450 in August 1919), of which only $1,500,000
the
of
account
consists of
two
railroads.
The
bulk
this
of
New Captal.
was on
$97,911,000
Corpora te
large issues, namely $25,000,000 Swift & Co.
000
maturing 6s), and $15,000,000 Western Union Telegraph
Co.
15-year 6>2% gold bonds, placed at 99 and yielding
a
of securities issued for
refunding
extent
do
security issues.
the eight months of 1921 foots up
$2,531,031,984 in
only
Eliminating that portion of the
sented the retirement in
one
security issues, the strictly
markets for the
eight
of
do
demands
new
eight months of 1921
found to have been
$2,090,266,678, against $2,563,787,013 for the eight months
of 1920 and
the
case
of corporate
of this for the
very
marked, the amount
eight months of 1921 having been only $1,170,-
343,501, against
less than $1,996,991,807 in the eight
no
months of 1920 and $1,406,043,754 in the
COMPARATIVE
OF
3".46V,666
69,684,648
10,015,000
...
10,015,000
175,903,171
18,470,666
1,996,991,807
125,000,000
...
190,413,286 2.187,405,093
125,000,000
Federal Farm Loan issues
War Finance
Corporation issue
r_.
'
Municipal.
do
437,78t)"(2(j6
"7.575", 249
Total.
10,015,000
439,355,455
10,015,000
2,563,787,013
United States Possessions..
197,988,635 2,761,775,548
1919.
AUGUST—
Corporate
250,371,150
15,000,000
5,000,000
War Finance
""747", 503
59,188,857
17,857,803
346,670,307
15,000,000
6,000,000
United States Possessions..
Total
328,812,504
i
EIGHT MONTHS END. AUG. 31-
Corporate
1,406.043,754
Foreign government
80,000.000
Federal Farm Loan Issues
War Finance
Corporation Issue
Municipal
do
United States Possessions..
Total.
1921.
THE UNITED
103,179,000
5,000,000
200,000,000
437.906,657
10,200,000
2,139,150,411
IN
277,779.110 1,683,822,864
10,923,463
s
s
10,200,000
STATES.
1919.
$
Bonds—
Railroads
Public
utilities
1,500,000
2,411,000
2,250,000
2"8",i56"666
...
Iron, steel, coal, copper, Ac
New Capital.
Refunding.
Total.
1,500.000
10.000.000
30,561,000
10,120.000
15,000.000
Refunding.
%
25,000,000
225,000
8,000,000
Equipment manufacturers
New Capital.
S
10,120.000
225,000
Tsob'ooo
5,750,000
448,830,120
391,881.573 2.531,031,984
1920.
Total,
183,179,000
5,000,000
200,000,000
AUGUST.
Refunding.
267,481,450
Corporation Issue
Municipaldo
17,110,300
"58",447,354
Foreign government
Federal Farm Loan Issues
NEW CAPITAL FLOTATIONS
New Capital.
194,373,837
EIGHT MONTHS END. AUG. 31-
Corporate
eight months of
STATEMENT
124,674,789
56,282*382
Foreign government
financing, the falling off in
capital demands has been
new
15,069,000
Corporation issue
Total
$2,139,150,411 in the corresponding period of
In the
1919.
109,605,789
....
United States Possessions
outstanding
the investment
upon
are
500.066,930 2,690,333,608
.
repre¬
another of
or
25.022,000
2,090,266,678
Municipal
1919.
financing which
new
form
months
25,022.000
!.
War Finance
$2,590,333,608, against
the
664,96l"o27
Federal Farm Loan Issues
$2,761,775,548 in the eight months of 1920, but comparing
with
""5,659.850
1920.
financing for
new
40,000,000
...
AUGUST—
outstanding aggregate of
Including refunding, the
445.007,080 1,615.350,581
50,000.000
245.000,000
United States Possessions...
Corporate
Foreign government
and involving to
purposes
the
to
250,280,528
10.592,000
659,901.:177
of last
much larger proportion than usual
addition
no
Corporation issue
Total
On the other hand, it must be borne in mind that
the 1921 total includes
that
1,170,343,501
195,000,000
40,000,000
Municipal
pretty close to the
unprecedented total for the corresponding period
33,437,000
EIGHT MONTHS END. AUG. 31—
period from Jan. 1 the grand aggregate of the
run
109,277",528
216,843,528
—
Corporate
War Finance
beginning to
"""247.666
10,592,000
Foreign government
6.60%.
year.
United States Possessions.-.
Federal Farm Loan issues
is
97,911,000
82.600,000
109,036,528
-
Total..
capital flotations
S
33,196,000
32,500,000
Federal Farm Loan Issues
Municipal.do
new
Total.
War Finance Corporation Issue
put out entirely for refunding (being issued to retire $25,000,-
For the
S
64,715,000
—
Foreign government
7% 10-year notes (offered at 973^ and yielding about 7%%)
over
Refunding.
S
1921.
AUGUST—
Total.
%
1,000,000
1,000,000
500,000
"l,500",000
500,000
2,500,000
2,500,000
2,800,000
"
Motors and accessories
"4_,856".666
Land, buildings, Ac
Rubber
"~4.85*o"666
1,800.000
10.300,000
1,800,000
"2",866766
10.300.000
6,000,000
6,000.000
2,000,000
Other Industrial and manufacturing cos
Oil
3,050,000
2,000,000
125,000
125,000
...
3,050,000
1
1
1
1
1
1
1
1
1
Shipping
1
1
f
i
1
1
1
"
2",266*660
Miscellaneous
"~2",~256~666
7.750,000
37,520,000
6,161,000
59,461.000
"4","55*0*666
"1,366:660
~5",856"666
Notes—
""756",060
52,520,000
9,609,000
3,300,000
2,000,000
12,500,000
"l9,83l"566
~~7~,5ob"666
2,000,000
63,300,000
7,750.000
2,000,000
12.500,000
Total bonds
15,000,000
""756:666
1,000,000
10,600,000
400,000
""206",000
19,831,500
600,000
"7,lioo'.ooo
22,666*666
"io",5~o6".666
327566",000
2,000,000
3,300,000
Railroads.
Public
utilities.
Iron, steel, coal, copper, Ac
Equipment manufacturers
Motors and accessories
Other Industrial and manufacturing cos
""""765", 000
Oil
Land, buildings, Ac
1
1
i
1
1
1
Rubber.
i
i
«
1
#
t
1
I
I
t
<
t
"""735", 000
1
"lsoo'.ooo
3,300,000
3,300,000
i
1,050,000
-—
1,050,000
1
Shipping
1
1
t
1
»
I
1
1
1
Total
I I til
25"666"666
notes
t
1
1
l
1
1
t
%
1
4
t
1
1
«
1
1
l
1
1
1
Miscellaneous
"25*,666~.666
15,000.000
15,000,000
27,035,000
32,350,000
42,300,000
42,300,000
46,581,500
2,500,000
5,315,000
Stocks—
1
288,800
288,800
"3",Vso'.ooo
10,700,000
57,281,500
i
Railroads
Public utilities
2,500,000
Iron, steel, coal, copper, Ac
Other industrial and manufacturing cos
Oil
Rubber
1,400,000
4.800 600
"
"3",666",000
Land, buildings, Ac
I
"3",660",006
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
69,000
9,000,000
Total-
3"5,266",666
Motors and accessories.
Other industrial and manufacturing cos
Oil.
5,750,000
"5,61*5*,000
1,500,000
3,711,000
2,250,000
Rubber
Shipping
Miscellaneous
Total corporate securities.
""975", 000
44,648,150
110,016,800
1,600,000
4,520,000
4,520,000
13,046.489
"19,754,766
"4,435~f366
24.196:666
29,785,789
69,000
29,854,789
194,189,650
5,410,300
199,599,950
1.500,000
38,911,000
10,000,000
13,708,800
15,000,000
1,000,000
24,081,500
2,225,000
12,500,000
25,000,000
13,708,800
2,225,000
12,500,000
1,000.000
8,000,000
24,681,500
10,900,000
200,000
"2,875*666
"67356",000
2,900,000
14,100,500
14,169.500
68,473,150
13,900,000
2,000,000
735~66o
13,900,000
2,000,000
Ac
43,673,150
110,016,800
1,250,000
13,046.489
Iron, steel, coal, copper, Ac
Equipment manufacturers
4,869,500
9,000,000
6,100,000
6,100,000
Public utilities
"2",875",000
1
Miscellaneous
Railroads
"*2,875*,000
1,600,000
1,250.000
Total stocks
8,000,000
1,400.000
1
1
1
1
Shipping
Land, buildings,
"37756",666
8,000,000
Equipment manufacturers
Motors and accessories
17,000,000
125,000
17,000,000
2,650,000
69,000
*11,475:666
4,520,000
2,250,666
~2"5~.666",666
~7,25O"666
~27",256"666
35.796.489
64,715,000
33,196.000
97,911,000
109,605,789
79,948,150
116,366,800
2,650,000
4,520,000
"7,250"666
35,796,489
11,100,000
"2,8*75*,000
116,366,800
125,000
2.900,000
"
15,069,000
124,674.7891
207504:766
"4,435:366
"24",946:666
250,371,150
17,110,300
267,481,450
Oct.
1
1921.]
THE
CHRONICLE
1921.
EIGHT MONTHS ENDED
1920.
Refundingr
Bonds—
Total.
S
Railroads
112,089,420
202,122,000
22.690,000
utilities
Iron, steel, coal, copper, Ac___
Equipment manufacturers.
Motors and accessories.
Other industrial and manufacturing cos
290,018,580
402,108,000
241,760,000
33,227,000
6,420,000
39,638.000
10,537,000
12,900,000
105,015,600
139.150,000
Land, buildings, Ac
600,000
118,535,000
"2",950"666
162,150,000
24,305,000
57,500,000
5,435,000
8,489,000
92.075,000
389,401,980 1,157,015,000
57,500,000
_____
2,485,000
83,586.000
_________
Total bonds._,______...___
Notes—
Railroads
Public utilities.
767,613,020
____
Iron, steel, coal, copper, Ac_____
Equipment manufacturers
Total notes
_X Z______
.
4,125,000
94,465,000
20,119,755
22,245.000
~
2,000
43,100,000
2,025,000
""~9l"9~d66
5,300,000
3,614,760
29,020,000
41,850,000
28,638,000
10,211,000
~4,066,o66
54,031,000
8,834,000
63,465,000
44,498,300
1,204,500
45,702,800
470,403,800
100,000
~
"
~4~,055~666
98,703,003'
586,129,000
354,608,550
115,795,250
84,153,500
12,210,000
20,066,000
7,100,000
^,689,100
32,250,000
73,504,600
11,800,000
2,260,000
14,060,000
33,686,700
62,459.000
27,000,000
53,700,000
100,000
159,168,000
129,327,500
12,210,000
20,066,000
7,100,000
65,459,000
126,487,000
2,530,000
50,400,000
56,706,000
40,669,000
40,000,000
7,107,000
45,174,000
7,500,000
82,480,000
48,600,000
1,000,000
1,125,000
25,400,000
37,317.166
.54,829,500
230,953,866
608,416,300
102,986",990
3,000,000
1,250,000
89,000,000
30,237,290
43,839,650
10,000,000
176,124,J
_
2,625.000
98,501,000
172.1
63,657.000
11.917,166
_
4,627,000
67,23 ',00
1,283,000
125,000
_
13.
38,196,000
38,473,000
2.025,000
4,381,000
25,405,250
41,850,00(
28,638,000
152,061,000
100,000
~ 2. z zi
Miscellaneous
60,365,000
104,918,000
40,535,000
487,425,997
10,000,000
~
154,364,500
130,330,500
12,394,000
125,237,000
2,530,000
50,400,000
3,200,000
Land, buildings, &c.____
shipping
Total.
Refunding.
1,135,000
32,551,700
46,200,000
Rubber
Capital.
10,656,000
2,000,000
17,794,500
~3,7obZ66o
Oil
New
24,000,000
32,072,248
100,0(10
"
_.___
Total.
10,211,000
"
Motors and accessories
Other In dustilal and manufacturing cos
Refunding.
3,760",000
8,656,000
22,874,500
40,000,000
__
_____^
___________
130,364,500
98,264^252
28,141,000
2,625,000
4,125,000
74,345,245
22,245,000
62,374,000
13,500,000
13,519,400
23,000,000
6.50,000
23,655,000
Rubber..
New Capital.
$
6,420,000
Oil
Shipping
Miscellaneous.
1919.
AUG, 31.
New Capital.
Public
1407
Stocks—
8,410,000
3,650,000
55,480,000
48,600,000
2,250,000
1,000,000
88,956,000.132,193,700
8,410,000
3,650,000
2,250,000
1,000,000
3,200.000
89,000,000
~36,857"oOO
"45b",660
~37,307"666
56,531,000
664,947,500
283,442,100
135,464,600
418,906,700
5,394,250
35,631,540
29,846,200
61,066,500
13,570,650
12,678,883
50,000
43,839,650
600,000
117,470,245
350,200,699
231,108,927
Railroads
Public
utiJitios_ZIIIZIIIZIZIZI
102,986,990
Itod, steel, coal, copper, &c__________
Equipment manufacturers.
,
_
Motors and accessoiies
Other industrial and
2_
8,078,225
"
2,582^000
2",582*,666
21,661,400
81,300,000
1,510,000
co6
"_ZZ"I
525,600
shipping
_____._ZZZZZZZZZZZZZZ'Z
Miscellaneous
ZZZZZZZZZZZ
22,187,000
337,521,816
231,058,927
1,510,000
7,887,500
Total stocks
103,899,595
811,300,000
Rubber
Z
600,000
"
...
manulacturing
Land, buildings, Ac
8,678,225
'
11,116,047
49,163,600
15,853,500
77,858,885
~"8,1373506
250,000
29,846,200
61,066,500
88,b9O;O06
~8d,"o"9b"666
5,000.000
171,490,175
264,710,663
4,550,000
6,561,800
178,051,975
7,872,160
272,582,823
4,550,000
49,238,600
42,466,800
~TlO~666
42,876,800
15,853,500
81,269,385
101,772,766
6",675", 300
108,448,066
11,116,047
3,410,500
12,000,000
12,000,000
226,606,115
775,600
227,381,715
901,149,310
35,179,283
936,328,593
767,993,104
26,519,260
794,512,364{
292,018,580
70,446,000
82,640,498
1.2,394,000
295,295,540
187,517,000
334,191,900
~13,67b",650
128,695,245
117,071,000
193,453,300
111,339,500
10,435,000
88,121,000
159,228,700
282,425,500
212,655,042
84,190,650
23,291,000
115,124,595
474,326.061
378,540,927
76,020,047
99,663,600
29,264,500
221,489,885
313,532,500
Other industrial and
manufacturing cos
412,764,000
385,415,990
81,905,225
6,420,000
19,782,000
174,408.700
297,150,000
25,915,000
67,500,000
6,560,000
137,529,666
31,107,000
Motors and accessories
120,745,420
327,983,490
71,368,225
6,420,000
19,182,000
35,798,638
510,124,699
379,840,927
252,375,425
355,160,663
77,303,047
233,734,385
35,438,000
43,466,800
16,055,000
183,128,066
445,007,080 1,615,350,581
1,996,991,807
190,413,286 2,187,405,093
1,406,043,754
?
Total—*
Railroads
.
Public utilities
lX
_
__
Z
_
"ZZZZZZZZZZZZ
Iron, steel, coal, copper, Ac
Equipment manufacturers
266,650,000
Land, buildings, &c_.
Miscellaneous
-
_
_
_
_
_
•'
i
'
;
"goo/joo
15,180,000
30,500,000
3,950,000
,34,139,000
103,390,660
_
Total corporate securities
650,000
2,610,000
—-Z___"_IZ_ZI"Z"
IZZIZ ZZI11ZI11
_
*X '
25,265,000
67,500,000
Rubber
Shipping
57,432,-500
10,537,000
-.
1,170,343,501
OF NEW
SUMMARY
1,300,000
1,283,000
75,000
99,738,600
29,264,500
12,244,500
140,738,600
6,887,000
118,226,500
10,435,000
"
"5",919",000
94,040,000
289.551,975
37,176,550
7,872,160
363,032,823
""""410",000
35,438,000
43,876,800
"8",329",800
16,055,000
191,457,866
277,779,110 1,683,822,864
CAPITAL FLOTATIONS DURING AUGUST 1921.
AUGUST
Z.Z'X
Z Z-.:'ZZ Z
96,584,650
23,291,000
VX;//
1921.
BONDS
Amount.
Company and Issue, and by
Whom Offered.
Railroads—
1,500,000 Refunding
Georgia RR. & Banking Co. Ref. 6s, 1951.
& Co., Augusta, Ga.
Offered by Spencer Trask & Co. and Wm. E. Bush
Public Utilities—
500,000 Capital expenditures
96
6,000,000 Additions and extensions.
8.00
IOOJ'2
95
250,000 Extensions, additions, Ac
250,000 Additions, extensions, Ae
7.33
82lA
-
560,000 Refunding
7.50
7.90
88
7.07
Pacific Power & Light Co. 1st Lien & Gen. M. 8s, 1930.
Offered by Union Nat. Bank, Seattle.,
Portland (Ore.) Gas & Coke Co. 1st Lien A Gen. M. 7s, 1940.
Offered by Harris, Forbes A Co.,
Wblte, Weld & Co.
Southern California Edison Co. Gen. & Ref. M. Gs, 1944.
Offered by Harris, Forbes A Co.,
E. Hi RcJiins A Sons, National City Co., Coffin A Burr,
Inc., Hants Trust A Savings Bank.
Springfield (Mo.) City Water Co. Debenture 7s, 1926.
Oileied by H. B. McDaniel, Springiield,.
Mo.; Beyer & Small, Portland, Ore.; Geo. A. Femald A Co., Boston.
100,000 Relunding
2,000,000 Extensions and additions.-.-
98)£
;_99h
1,401,000 Refunding
Great
Western Power Co. of Calif. 1st A Ref. M. S. F. 7s, "B," 1950.
Offered by E. H. Rollins
& Sons, Cyrus Peiice A Co. and
Bonbright & Co., Inc.
Lexington Utilities Co. 1st Lien & Ref. 6s, "B," 1936.
Offered by Chandler A Co., Inc., R. E.
Wilsey A Co., Chicago.
7H
-
15,000,000 Extensions, additions, impts., Ac.
3,000,000 Additions and extensions
8.06
United Fuel Gas Co. Secured 7Ms, 1931.
Utah Light & Traction 1st M. Coll. Tr.
Garrett A Sons, Brooke, Stokes & Co.
Western Union Telegraph Co.
Offered by A. B. Leach A Co.
8s, 1934.
Oifercd by Tucker, Anthony
6.60
7.15
6%B, 1936.
Offered by Kuhn, loeb & Cc.
West Penn Power Co. 1st M. 7s, "D" of 1916, 1946.
Offered by Ilalsey, Stuart
98
7.80
Wisconsin Traction, Light, Heat & Power Co. 1st M. 5s (paying
714%), 1931.
Leach & Co.
1,500,000 Plant expenditures; refunding.
■
•./
Offered by First
• X ZXX-
Wisconsin Co., Milwaukee; Rutter, Lindsay & Co., Inc., Chicago.
9812
Keystone Steel & Wire Co. 1st M. 8. F. 8s, 1941.
Oifeied by
Otis Steel Co. 1st M. S. F. 8S. 1941.
Offered by Blair A Co.
8.15
99
8.10
A Co., A. B.
v;-
30,561,000
Iron, Steel, Coal, Copper, &c.
3,000,000 Refunding; additional work, capital
5,000,000 Retire current debt; work, capital.
A Co., Robt.
■
99
98H
Dillon, Read A Co.
,1
8,000,000
Other Industrial & Mfg.—
3,350,000 Reduce indebtedness; work, capital
1,500,000 Fund
current
8.05
Glidden & Cm. 1st M. S. F. 8s, 1G30.
8.00
99 K
debt; equipment.100
New Jersey Worsted
8.10
Empire Tank Line Co. Equip. Tr. 8s, 1931.
Offered by Haisey, Stuart & Co., Paine, Webber
Co., Eastman, Dillon & Co.
Louisiana Oil & Refining Corp. Equip. Tr. 8s, 1922-27.
Oflered by Freeman & Co., New York.
Tidal Osage Oil Co. Guar. S. F. 7s, 1931.
Oifered by Dillon, Read & Co. /
4
United Oil Producers Corp. 1st Lien Participating 8s, 1931.
Offered by company to stockholders
Offered by Hayden, Miller A Co., Union Trust Co., Cleve
land; Hallgarten A Co., Ames, Emeiicli & Co.
Spinning Co. 1st M. 8. F. 8s, 1936.
Offered by Central Trust Co. of Illinois,
•Alston, AJlyn A Co., Chicago; Pistell, Trub e & Co., Buffalo; A. D. Converse & Co., New York.*:
4,850,000
Oil-
2,500.000 Finance equipment leases,.
_._!
99^
>.
,
300,000 Development-_
3,500,000 Retire current debt; work, capital.
4,000,000 Acquire producing properties.
_____
To yield 8-8.20
98 H
7.25
100
8.00
of Middle States Oil Corp.
and Imperial Oil Corp. and their subsidiaries; underwritten.
10,300,000
■
Land, Buildings, Ac.—
v
1,000,000 Finance construction of building..
1,000,000 Finance construction of building.
100
7.00
100
7.00
X'
:
•'
\
•••.■■
-
X;
■
Embassy Apt. Hotel, Chicago, 1st M. R. E. 7s, 1923-31. Offered by American Bond & Mtge. Co..
Melbourne Apt. Bldg., St. Louis, 1st M. R. E. 7s, 1924-33.
Oflered by S. W. Straus & Co.
.
2,000,000
Miscellaneous—
7.50,000 General corporate purposes...
1,500,000,'Acquire
rights of Pathe Cinema
100
Co.;
8.00
97 M
Dangberg Land & Live Stock Co. 1st M. 8s, 1922 36.
Offered by E. H. Rollins & Sons, Wm. R.,
Staats Co., Cyrus Peirce & Co.
■» 4
Inc., 8. F. 8s, 1931.
Oifcred by Merrill, Lynch A Co., Hemphill, Noyes A.Co.,]
Federal Securities Corp., Chicago.
Pathe Exchange,
8%
2,250,000'
NOTES
$
Public Utilities—
1,750,000 Construction
1,600,000 Capital
work,
%
92.?4
expenditures
1,500,000 Refunding; development
500,000 Refunding
7.20
97
Ac.
7%
Bridgeport Hydraulic Co. 5s, 1925.
Offered by Lee, Higginson A Co.; Estabrook A Co.; Hincks
Bros. A Co.; T. L. Watson A Co.; Putnam A Co.; Chas. W. Scranton Co.
Havana Electric Ry., Light & Power Co. Secured Conv. 7s, 1926.
Offered by Speyer A Co.;.
Hemphill, Noyes A Co.
- ■
\
Middle West Utilities Co. Secured 8s, "C," 1941.
Offered by Halsoy, Stuart A Co.; A. B. LeachACo.
95 h
7.05
Portland (Me.) Gas Light Co. Secured 7s, 1931.
Offered by Maynard 8. Bird A Co.; C. H. Gilman
A Co.; H. M. Payson A Co.; Beyer A Small; Merrill, Oldham A Co.
90
600,000 Additions..
8H
99 H
8.30
Western States Gas & Electric Co.
■
\
1
5,850,000
Other Industrial & Mfg.—
'
Offered by Blyth, Witter A Co.
0s, 1927.
'
1
'
'X/V '
'
|
1.500,000 Capital expenditures; refunding, Ac. t
99
97
international
8.25
7H
Cement Co.
Conv.
8s, 1926.
■
;
'
:
Offered by Hayden, Stone A Co.
Miscellaneous—•
25,000,000
Swift & Co. 7s, 1931. I Offered by Illinois Trust A Sav. Bank; First Trust A Sav.
Bank; Merchants
Loan A Trust Co.; Harris Trust A Sav. Bank; and Cont, A Comm. Trust A
Sav..Bank, ail cl1
I
Chicago; and Guaranty Co. of New York.
,
[Vol. 113.
CHRONICLE
THE
1405
STOCK
Par
No
or
■per
About
Share.
2,500,000
■"
.
' "
•
.
.
■
.
3,600,000
Consolidated Gas, Electric Light & Power Co. of Baltimore 8% Cum. Pfd.,
Offered by Spencer TrasJk A Co.; Chase A Co., Boston.
1
8.00
100
9
2.500.000 Retire current liabilities.-..-
'
I
%
$
Public Utilities—
$
'•
' '
Whom Offered.
Company and Issue, and by
'
Involved.
Purpose of Issue.
To Yield
Price
a Amount
.
of Shares.
"A."
Oil-
♦400,000 Acquisitions, development, Ac
Andes
foreign
Offered by Robt. P. Marshall A Co.; R. C. Megargel A Co.
Corp. Capital Stock.
government loans
To Yield
About
Price.
Issue.
Amount.
'•
'■
It
Offered by
.
■
%
,
%
National City Co.
8.20
8.15
98 H
7,600,000 Republic of Uruguay 8. F. 8s, '46
26,000,000 U. S. of Brazil External 8s, 1941
98 H
Union Trust Co. of
A Sav.
Dillon. Read A Co.; Lee, Higginson A Co.; Blair A Co., Inc.; White, Weld A Co.;
Pittsburgh; Cont. A Comm. Trust A Sav. Bank; Hal3ey, Stuart A Co., Inc.; Illinois Trust
Bank; Union Trust Co. ol Cleveland.
a
stocks the amount Is based on the ottering price.
Preferred stocks are taken at par, while In the case ol common
* Shares of no par value.
Republic,
This, it
the initial financing done in this market by
two-year 7% Treasury gold notes of the Argentine
and Qistussians
(frmcxmt gtucnls
the notes
is
REMOVAL
GREAT
RESTRICTIONS STILL IN EFFECT.
BRITAIN—RENT
IN
RESTRICTIONS
TRADE
OF
Press advices from London
control, the last
automatic lapse of the
Government's grant of £10,000,000 for the coal mining industry.
The
Agricultural Wages Board, which fixed the minimum to be paid farm
workers, recently disappeared.
The system of subsidizing industries is
considered abolished, with the exception of the grant of £9,000,000, which
has been allocated to the carrying out of housing schemes by the Ministry
vestige of supervision passing yesterday with the
of Health.
Complete freedom from restrictions to individual liberty,
imposed
which were
of the
wartime necessities, has been restored with the exception
as
Rents Restriction Act, which expires
in 1923.
at
99%
and
day at 1
p. m., a
The notes
Interest is
interest
special cablegram
Commerce"
The
UP
SI'EEI)
TO
SETTLEMENT.
MORATORIUM
A
MOVES
EXCHANGE
London
from
Co.
Sept. 29 said:
for
This investigation is
lists of stocks open on pre-war speculative account.
designed to accelerate settlement of the moratorium account, which must
finally be closed by the end of the current month.
sents very
The account, when
It is believed that this total has been
opened in 1914, was £80,000,000.
reduced to approximately
over
of the
managers
the loan
were
£5,000,000, but it is understood that this repre¬
weak accounts.
notes
are
On
7.20%.
syndicate,
closed
on
that
full subscription having been assured.
are
./■
due Oct. 1 1923.
payable April 1 and Oct. 1, and principal and
are
payable in United States gold dollars in New
The notes
the
issued in coupon form in the denomina¬
are
and
are
exempt from all present or future
The notes
are
to be the direct obligation
Argentine Government, and it is announced
they will be utilized to
advances
made
to
that
the Bank of the Argentine Nation
pay
the
Government.
circular
The
announcing the offering also contains the following:
National Funded Debt.—We are advised that the National
Exchange Committee has circularized members calling
Stock
The
1916.
yield
dated Oct. 1 1921 and
are
tion of $1,000,
for
the "Journal of
to
to
Sept. 28.
on
York at the offices of the Chase National Bank and Blair &
of
STOCK
Inc.,
announced that the books of
Argentine taxes.
LONDON
since
interest
Blair & Co.,
29,
public
Government
Argentine
offered
Sept.
yesterday (Sept. 30) said.
Trade in Great Britain has been freed from Government
stated, is
the
offered to the
were
funded debt,
approximately $533,000,-
both external and internal, on Dec. 31 1920, was
000, equal to about $63 per capita.
Gold Roserve.—-Recent
published figures show a total of approximately
$463,000,000 gold held against notes in circulation,
about
representing a ratio of
80% and indicating that Argentine currency is one of the soundest
in the world.
Previous Issues.—During the European War a
total of $73,500,000 Ar¬
gentine Government notes bearing not over 6% interest were sold in the
United States and all were promptly
FRANCE
FLOAT
TO
It is stated in press
FRANC
3,000,000,000
advices from Paris Sept. 26, that a
loan of 3,000,000,000 francs for the purpose of
reconstruction of
be floated by the
ing to
an
aiding in the
regions devastated during the
will
war
Credit National, beginning Oct. 24, accord¬
announcement in
that
added
LOAN.
"Journal Officiel."
the
It is
six million bonds of 500 francs each, bearing
interest at 6%, will be
issued at 498 francs, 50 centimes..
General.—Area
TIONS
GUARANTEES
GOVERNMENT
MERCHANTS
BETWEEN
TRANSAC¬
AND
FOREIGN
COUNTRIES.
The Western European
Washington makes public the
following in "Western European Press Review," Sept: 19:
A
recent
between
bill
of
Belgian
the
Belgian
Government
and
merchants
guarantees
manufacturers
and
all
Is given to industrial groups,
securities,
bond deposit,
bond,
or
transactions
foreign
limiting its guaranty, however, to 250,000,000 francs for five
erence
countries,
Prefer-
years.
in return the Government demands
other endorsement of the foreign
pur¬
The
syndicate offering the bonds is composed of Blair &
White, Weld & Co.;
Co., Inc.;
The
The New York Trust Co.;
Equitable Trust Co. of New York;' Spencer Trask &
Kissel, Kinnicutt & Co.;
Co.;
Salomon Bros. & Hutzler;
Graham, Parsons & Co., the First National Bank of Boston;
The Union Trust Com-
Union Trust Company, Pittsburgh;
First Trust & Savings Bank, Chicago;
Illinois Trust & Savings Bank, Chicago;
Continental &
Commercial Trust & Savings Bank, and the Northern Trust
Cleveland;
In
announcing the purchase of the notes
Argentina prospered
of foreign trade
LAM0NTS
VISIT
TO
MEXICO
TO
DISCUSS
1920.
greatly during the past ten
very
Announcement
Lamont of J.
national
made
was
P.
the volume
This is shown by the abil¬
ity of the nation to pay promptly at maturit y a total of $73,500,000 Govern¬
ment notes
placed in this market during the European war and also by the
on
Sept. 28 that Thomas W.
of
Bankers
on
Mexico
^0) for Mexico City.
issue of Sept.
17
As
in behalf of the
leave
reported in
(page 1198) Mr. Lamont will visit
Mexico at the invitation of the Mexican
external
would
we
show that
Argentina has
the soundest in the
Morgan Acting Chairman of the Inter¬
Committee
yesterday (Sept.
a
gold
reserve
Press
of $463,000,000,
Committee, the status of the outstanding
of that country.
Mr. Lamont is
obligations
Argentine
the
York
was
confirmed by the Government organ, "La Epoea,"
The newspaper says
that the Government contracted the loan because
authorize the internal loan for which President
Irigoyen requested authority several years ago.
The
groups
Argentine Government had received propositions from two different
of bankers offering the loan under the same terms, but accepted the
offer of the
syndicate headed by Blair & Co., the Chase Securities Corpo¬
penses
William Ewing
theibond department of the Morgan firm; Ira H. Patehin,
Secretary of the Committee, and Walter F. Voorhies 6f the
National
City Bank, who recently represented that institu¬
tion in Spain.
Mr. Voorhies will act
as
interpreter.
'
is one of
added:
to the Far East with Mr. Lamont
year ago,
ratio of about
currency
dispatches from Buenos Aires Sept. 27 in stating
consummation of the $50,000,000 loan in New
that
ration and White, Weld & Co. on these bankers
a
or a
world.
of the refusal of Congress to
officials, to discuss
Brit¬
Figures recently published
accompanied by Jeremiah Smith, Jr., of Boston, who went
of
years,
By reason of its favorable balance of trade for a series of years past
Argentina has materially improved its position*
80% against its circulation, showing that the
LATTER'S EXTERNAL OBLIGATIONS
our
the 27th inst.
growing from $979,272,000 in 1913 to $1,790,000,000 in
ish and French Governments during the war.
W.
on
Blair & Co. stated:
credit of $200,000,000 which the Argentine Government granted to the
chaser.
T.
1,100,000 square miles,
Co., Chicago.
Bureau of the Bureau of Foreign
and Domestic Commerce at
paid at maturity.
Republic is approximately
National wealth calculated at over $13,800,000,000.
ipany,
BELGIAN
of
exceeding one-third that of continental United States, exclusive of Alaska;
of the loan operation.
sador in Washington, will sign the
On
the
same
date
a
agreeing to bear all the
ex¬
Tom as A. Le Breton, the Argentine Ambas¬
loan contract In New York.
press
dispatch, also from Buenos
Aires, published in the New York
"Evening Post," said
in part:
Dispatches from New York telling of the successful
negotiation of an
Argentine loan there were hailed with great relief by the financial and com¬
OFFERING IN
U.
S.
OF
$50,000,000
ARGENTINE
mercial community hero to-day.
the
TREASURY GOLD
NOTES.
Following the conclusion of negotiations by
a
headed by Blair & Co., Inc., the Chase Securities
syndicate
Corpora¬
tion and White, Weld & Co. for the purchase of $50,000,000
Business
men
have been suffering from
demoralizing fluctuations of the exchange rate during the course of the
negotiations for the loan, and there were many conflicting reports as to the
progress
being made in New York.
It Is understood that in
pay
addition to applying the proceeds of the loan to
off the Government's debt of 85 000,000 pesos, paper, to the Argentine
National Bank about $5,000,000 is intended to be applied to the State
OCT. 1
Sharp fluctuations of the
Answering
American dollar featured yesterday's session of
as low as 130 and closing at
This activity in the market seemed a prelude, to the publication of
135.
isolation.
and
v-V
:
(Paris issue) is being offered by Rutter & Co., of 14 Wall
dated July
1895 and
1
The
are
of
July 1 1921, 171,600,000 francs (£6,082,775).
on
The bonds
are
with par
value in other currencies expressed on each bond.
They
redeemable at
are
par
secured by
are
a
first charge
on
has the
The income from this source in
($67,200,000), or
twenty times the annual interest and sinking fund
have
strengthen.
in
as
cannot
Because
tailers
go
in
they
of
DEALERS
AMERICA
OF
following ruling
The
of 1920
issued
was
on
on
OF
FOREIGN
in
do.
down
not
The
of
V;
of
contrasted
as
Austrian
duced
at
which
OF AUSTRIAN
those
have
whole.
and
wage-earningAclasses
as
a
workers
week in
a
..
The
of
labor
but
value of the crown has decreased 25%
consequence unrest among
"The
OF DEPRECIATED
to the New York "Herald"
currencies
mark, in
other
unemployment.
other
of
countries
to suffer as a result
are
under
so
far as purchasing power
"The
much
worst
cheaper
cents a
we
feature
the
par,
is
while
that the first
fact
the basis of
on
non-
far
purchasing
the
as
of
power
large
a
purchasing
of manufactured
exportation
prevailing in
of
power
it le
goods,
other countries cannot
pro¬
be sold
taken
accepted
their
losses
by
have been
them
the long run wages
the
on
severe
new
cuts.
wage
skilled
many
crafts
basis will have
a
contrast
however, with labor
unfavorably,
distant
far
when
not only
that uncertain
as
a
group
will have
fanners
wage
by
the
wage
wages
its
force
to
a
that labor
realization
are
out
of
goods produced
to
come
ultimately measured, not in money, but in
only measures the estimated worth to other con¬
which
earner.
When
any
class of
wages
line with other
and the
workers,
who, in
last analysis, must suffer
as
others gain.
trend of both wages and
a
for
a
the fanners, the makers of shoes
prices,
all those classes which supply the necessaries of life to
time
at
disproportionate
must give
least
share
of
the
up
food
in the form
or
other
of unduly high
which
goods
they
that
Germany can
manufacture
lower, averaging 60
A tariff wall will not help America, because if
it
&c.
offering :of $3,250,000 Joint Stock Land Bank 5^%
was
an¬
nounced
on
Stuart &
Co., Inc. of 49 Wall Street, and William R. Comp-
Monday of this week
Bankers Joint
Stock Land
(Sept. 26) by Hals(ey,
The banks of issue
ton Co. of 14 Wall Street.
are:
Bank, Milwaukee, Wis.
Liberty Joint Stock Land Bank, Salina, Kans.
the dollar remains at
than America, because wages here are
day in gold.
the
bonds, issued under the Federal Farm Loan Act,
Lincoln Joint Stock Land Bank, Lincoln, Nebr.
disparity between the dollar and the
is concerned, than there is in some
situation
money
the
other
men
An
of the fact that the
the largest producers of raw tnaterials.
of
from
the
so
MILWAUKEE,
here.
Freemonfc
Des
.
are
not
and
York, has
Before the
war Germany bought about a third of our exports of
copper and a quarter
of our cotton exports.
Then the mark had twenty times the purchasing
power it has to-day, as it is now worth less than a cent.
"For eighteen months after the blockade Germany was almost bare of
necessities, but. the mark then had greater buying power than it has to-day.
too,
never
are
(copy¬
currencies.
"Then,
prosperity,
general public" but those sections of it consisting of other
garments and
prices
•
.
Of course there is a greater
parity.
artificial,
$3,250,000 BONDS OF JOINT STOCK LAND BANK OF
banking house of Speyer & Co. of New
is bound
a
produce in return for transportation, coal and other goods.
Berlin investigating financial conditions
States
United
on
special labor groups refuse to accept reductions in keeping with the
general
purchasing power of foreign countries, and
especially of the German mark, is an important and serious problem for the
United States," Mr. Speyer said to the New York "Herald" correspondent
here to-day.
"I do not believe that the full effect of this depreciation has
yet been felt, and America does not realize the unfavorable consequences in
with
be
to
materials in the international market
In
-
have
have
is
wages,
attempts
of
If
the laborers and
prices and the reduced
connection
own
sumers
right) Horn Berlin Sept. 22, said:
"Low
condi¬
Approximate price stabilization is
Hence,
the
on
labor
of
time
of
goods.
purchased
MARK.
passed
conditions
equivalent to that when wages were higher.
classes
The
its
these
Speyer of- the
re¬
price level, that group endeavors primarily to take advantage not of capital
JAMES SPEYER ON SERIOUSNESS
James
Domestic
international
the international market, since American goods
that in
seen
power
"the
pays
is manifesting itself.
cablegram
buy,
wholesalers
already made.
are
with
rdw
market.
labor
of
as
and
special
will
many
The adoption, at any
sort is operation
any
more
those
which
classes
general effort to get rid of crowns.
a
that
known
ON STOCK EXCHANGE.
It is estimated that the purchasing
within three days,
while'
speculation.
above
classes
Among
2,500 of them and the pound sterling 10,000.
A wild stampede of buying
res
lted on the Stock Exchange, where everything on the lists was selling
madly in
They must be
and
can
Labor in Relation to the Problem of Readjustment.
r »
y.-
Secretary.
fell to-day to a point where the dollar
indi¬
Retail
policy directed toward generally
a
inevitably
follows
depends
costs
Large
by cablegram from Vienna, Sept. 27, said:
crown
so
clear.
abroad.
Certain
CROWN—STAMPEDE
in
labor
purchasihg
Press advices
done
is
likewise
The country is yet struggling to recover from the ill
likewise determined by
By order of the Board of Governors.
PURCHASING POWER
IN
consumer
progress
There
other single country.
American
Board of Governors of the
Association of F oreign Security Dealers of America, which in effect provided
that until further aetice the Kingdom of Belgium 5% Premium Loan of
1920 bonds, constituted good delivery 11 temporary form without coupons
attached, is hereby rescinded, inasmuch as these bonds are now readily
available in this country in definitive form with proper coupons attached.
Special ruling issued on May 18 1921 by the
DECREASE
conclusion
wage
have
»
States sells
materials
raw
Security Dealers of America:
KECK,
operator
only farsighted policy is the expansion of sales
This
excessive
any
mine
have accepted
part of the American consuming public is directly determined by prices of
by| the Association of Foreign
ARTHUR C.
real,
This
will not only curtail buying, but will result
govern.
genuine,
The United
than
of
by rapidly rising prices.
prerequisite.
effects
the Belgium 5% premium loan
Sept. 20
New
materials.
raw
consumer,
consumer
speculative profits.
BONDS.
The
what the
to
as
the gratifying
entirely
characterized
metal
large classes of labor have
in line with
margin of profit.
Periods
the
to
labor which
of
ordering with great caution,
are
reckoned with.
narrow
farmer
refraining from placing advance orders.'
are
slowing
tions
the
unemployment.
are
higher prices to the
SECURITY
BELGIUM
ON
in
are
discussion of current
a
without promptly curtailing buying.
uncertainty
generally
turn
of
up
stage from manufacturer to
their
ASSOCIATION
OF
BUSINESS.
Commerce
changed economic situation
while other
result
a
reduced until
'
RULING
of
September 21, in which it also
classes
principle of sound business of
A
,,
BETTER
Bank
bank in
from
Those
keeping with the
losses,
rectly
1921, 228,400,000 francs had been so
1
materials
raw
prices
redeemed, or
over 57% of the original issue.
All outstanding bonds are to be retired as
indicated by July 31 1931. making the average life of the loan only five
years.
' - •'. ■
■<
Both principal and interest may be collected in New York when due in
the dollar equivalent of whatever exchange collected.
Coupons and drawn
bonds not presented within ten years of maturity will be prescribed.
At present prices and at prevailing exchange rates the yield varies from
32% if redeemed in 1922, to over 9% if held to maturity—1931.. These
yields would, of course, increase materially as exchange rates tend to
The
,
say:
their losses.'
their
taken
For that purpose 1.288688% of the par amount
As of July
of
taken
reductions
Co. also state in their
of the
issue is applied annuaUy, together with the interest of the drawn
bonds.
I
/
justification for any world-wide rise in prices at this time
no
Producers
Redemption is accomplished by means of an annual drawing by lot, now
effective in Paris each April, the bonds drawn being redeemed at par
July 1 following.
is made by the
following to
is
There
totaled approximately £16,800,000
Rutter
TOWARD
National
the
to
market conditions, given out
offering:
.
'
.
statement
Imperial Maritime Customs, and have priority over all
also by the
requirements of the loan.
r
the steamship Olympic, sailing
aboard
passenger
a
and there is steady progress toward better business."
deposit of custom bonds.
■
two persoa®
saw
said.
York, "gains thus far made in industrial activity
The
the entire revenue of
other loans secured under these revenues, and
original
will be
Speyer
According
Holland, Belgium, Switzerland, Germany or Russia.
about
in Berlin and said he
saw
STEADY PROGRESS
option of the holder in fixed amounts in England, France,
1920
beggars he
war
in the street.
NATIONAL BANK OF COMMERCE IN NEW YORK SEES
and accrued interest by annual
Principal and interest are payable at the
drawings by lot.
the
He was shocked at the number*
October 5.
on
to millions of persons'
depreciated mark brings hardships
will be glad to return to America," he
Mr.
in
both capital and la¬
concerns
States."
form in denomination of 2,500 francs and 500 francs,
coupon
f bonds
the
that
cripples and
"I
payable Jan. 1 and July 1.
This question
raise the-
stabilize and
is how to
however,
of the mark.
power
through the increased cost of living here.
faint
Interest is
credits might help tide over the critical pe¬
problem,
Speyer refused to discuss the political situation in Germany, but de¬
Mr.
clared
The bonds
due July 1 1931.
OL the
original issue of 400,000,000 francs (£15,820,000) there were
outstanding
difficult
in the United
bor
alone are respon¬
cannot be met under
that they
agree
conditions.
purchasing
Gold Loan of 1895
Street, and 37 Lewis Street, Hartford, Conn.
are
in value.
decreased
the reparation payments
economists
foreign
,
Some of the Chinese Government 4%
Speyer said:
The Germans
the situation, Mr.
to remedy
mark has
"Long term and good-sized
riod.
1895.
•:
the
do not believe
I
although
existing
OFFERING OF CHINESE GOVERNMENT GOLD LOAN OF
v/.
why
of Germany
a
sible,
—v
ha
the sway
lose
would
manufacturers
it is impossible for an impoverished country to pay what is demanded
before it has time to recover from a period of ruinous warfare
say
deal had been closed between the
Argentine. Government and New York bankers for a loan of $50,000,000
reports in late evening papers that
question of how
a
discover
"First
here, the dollar dropping
the Stock Exchange
American
many
foreign markets which they have already established."
negotiations to this end are now pending.
and
established
were
The purchase of locomotives in the United States is planned,
railways.
1409
CHRONICLE
THE
1921.]
-
Joint
Moines
Stock
Joint
Land Bank, Freemont, Nebr.
Stock Land
Bank,
Iowa Joint Stock Land Bank, Sioux
The bonds
are
Des Moines, Iowa.
City, Iowa.
offered at 101 and interest, to yield about
ozA% to optional maturity and 5lA% thereafter.
are
dated Nov. 1 1921,
and
are
redeemable at par
and accrued interest
date after ten years from
form,
fully
registerable
are
due Nov. 1 1951.
date of issue.
on any
They
are
They
The bonds
in
and interchangeable and
interest
coupon
are
hi
•
1410
denomination of $1,000.
the bank of issue
through
or
any
office of the
are
bonds
are
the stock owned by them.
The Federal Farm Loan Act
provides that bonds issued under its author¬
ity shall be exempt from Federal, State, Municipal and local taxation.
collaterally secured either by First Farm Mortgages,
created under Governmental
This
supervision, in selected agricultural territory,
by United States bonds or Certificates of Indebtedness.
or
As in the case of national
banks, the liability of the stockholders of this bank is twice the par value of
making
The latter state:
offering.
exemption
the First
as
a general obligation of the issuing bank, in which the stock¬
arb liable for double the amount of their stock.
Their circular also says:
LAND
Government of the United States and are
instrumentalities of the
prepared and engraved by the
I
An
decision of the Supreme Court of the United States, rendered Feb.
28 1921, the Constitutionality of this act and the tax exemption features
interest at the rate of 5H%.
101 and interest
thereafter.
United States Government bonds or certificates of indebtedness.
Government
Supervision.
est
I
Exemption,
t
investment for all Fiduciary and Trust funds under the jurisdiction of the Federal Government and acceptable as security for postal
I
savings and other deposits of Governmental funds, and the banks may be
I
I
designated by the Secretary of Treasury as financial agents of the Govern-
It is
*
of
banks should be in readiness for
time, exchangeable for definitive bonds
week's
one
:
about Nov. 11921,
*
we
also
the issuing
delivery in approximately
the date of issue.
on
or
In another item to-day
the offering of farm loan bonds of the
announce
Southern Minnesota Joint
Stock Land Bank of Redwood
issue of Sept.
17,
page
1204,
we
These bonds
are
direct obligations of the Southern Minnesota Joint Stock
insured
Valuations are established by the
improvements thereon.
appraisers of the Southern Minnesota Joint Stock Land Bank, and bonds
are
issued
which
only when the original application and appraiser's report on
such
Federal
loans
Farm
are
Loan
based
have been
Board
in
submitted
Washington.
and
In
our
bank examiners who shall examine and report
The
Southern
Minnesota
Joint
Stock
Land Bank is authorized by its
although its actual operations have been restricted to Southwestern Minne¬
agriculturally and
and
Southeastern
of diversified
South
Dakota.
This territory is well established
is constantly undergoing development along the lines
It is part of the well-known Corn Belt, which is
farming.
regarded by the leading insurance companies who make a practice of loaning
BANK OF
improved farms,
and
farm
as
the source of their most desirable loans.
engaged in the banking
mortgage business in this territory for over 25 years,
This bank
thoroughly familiar with the field.
New York,
Milwaukee and
offering of First Joint
an
<Stock Land Bank of Minneapolis 5H% bonds, issued
undeq
having
of
due Nov. 1 1951, and
are
are
redeemable
and interest at any time after Nov. 1 1931.
Prin. and
interest (May 1 and Nov. 1) is payable at the bank of issue.
at par
In coupon
and registered form, the bonds
In $1,000
denomination.
are
an
discount will be allowed at the rate of
the
principal
The bonds
Treasury
as
are
Discount will be allowed at the rate of 5
sum
The circular of Ames,
issued under the Federal Farm Loan Act by the First
Minneapolis, and are secured by the pledge of a
Joint Stock Land Bank of
like amount of farm loan mortgages or United States Government bonds
deposited with the Registrar of the Farm Loan Bureau
Department.
All details of the issue
are
Federal Farm Loan Board, and under the Federal Act
bank are restricted to
the land
and 20%
Improved farms and in
LIMITATION
NO
CORPORATION
amount to
of the
ready for delivery.
AMOUNT
ADVANCE
WAR
TO
FINANCE
NATIONAL
BANKS.
Finance Corporation issued
a
state¬
saying:
ment,
Inquiries received by the War Finance Corporation indicate that some
national bankers are of the opinion that Section 5202 of the Revised Statutes
prohibits them from receiving advances from the War Finance Corporation
if their outstanding
money,
bills payable or other obligations representing borrowed
equal the capital stock of the national bank.
Corporation
by
This is erroneous.
advance to national banks, the matter being controlled
WAR
FINANCE
CORPORATION
NOT
DISTRIBUTING
of this
FUNDS PRO RATA AMONG FARMERS.
of the value of the appraised permanent Insured im¬
restricted to the States of Minneo6ta and Iowa,
appraised not only by the Bank's experts, but by a
appraised by the Government appraiser,
may
the terms and conditions of the War Finance Corporation Act and
sound business judgment.
50% of th,e value of
United States Government appraiser, and all loans must be approved
by the
Farm Loan Board.
The Bank officially reports that the
average of all
loans made by it does not exceed 44% of the total value of the
property
as
about which
'
United
regulated by the
the loans
The farm mortgages are
mortgaged
TO
AS
MAY
On Sept. 27 the War
In
seeking to correct the impression that it is distributing
provements thereon.
and all loans made are
on or
Under the law, there is no limitation to the amount which the War Finance
Emerich also states:
States Treasury
Nov. 1 1921
ready for delivery.
Interim certificates it is added, are now
security for Government deposits, including
postal savings funds; legal investment for all fiduciary and
trust funds under jurisdiction of the United States Govern¬
These bonds are
acceptable at 100 as
H % per annum on the principal
of the bonds from date of payment to
date permanent bonds will be
per annum on
acceptable by the United States
ment, and of many of the States.
fiduciary and trust funds under
the jurisdiction of the Federal Government, and are
Nov. 1 1921, from
the bonds.
compared with
security for postal savings and other deposits of government funds.
of the bonds from the date of payment to
which latter date interest will accrue on
sum
as
appraised value of $760,612 10, against which $329,100 has been loaned.
per¬
bonds, Interim Certificates will be delivered and
manent
Ownership of 5,908 acres of this land
hands, the total selling price being $772,043
These bonds are legal investments for all
interchangeable
Pending the delivery of the
appraised value of 86,402,298 80, the loams being at the rate
41.35% of the appraised value.
has changed
the direction and control of the Federal Farm Loan Bond.
offered at 101 and accrued interest; they
an
and are
chartered on June 25
52,707 acres of land,
^vas
1919, and since that date has loaned $2,732,750 on
dated Nov. 1 1921, are
Loan
Farm
appoint land
the conditions of every joint
stock land bank at least twice each year.
sota
MINNEAPOLIS BONDS
are
approved by the
Federal
The
Board also exercises supervisory powers over the bank and
The officers of this bank have been successfully
The bonds
exceed 50%
conservative valuation of the land, and 20% of the value of the perma¬
a
nent
Chicago and the Cal-
OFFERING OF FIRST JOINT STOCK LAND
Chicago, announced this week
or
Field, Glore, Ward & Co.
Farm Bureau of first mortgages on improved farms at not to
of
on
Emerich & Co. of
Principal and
charter to make farm loans in the Statse of Minnesota and South Dakota,
fornia Joint Stock Land Bank.
Ames,
from date of
following:
the offerings of bonds
note
of the First Joint Stock Land Bank of
years
Land Bank, and are secured by deposit with the United States Government
Falls, Minn.,and likewise the offering of farm loan bonds of
the Fir3t Joint Stock Land Bank of Minneapolis.
due
in $1,000 denomination and
the circular of Marshall
take the
we
J
I
depositaries of public funds.
announced that interim certificates
ment and
after 10
on or
in coupon form
are
are
through the Merchants Loan and Trust Co. in Chicago
From
includes all Federal Income taxes.
A legal
interest date
any
1921 and
1
redeemable at 100 and accrued inter¬
through the National Bank of Commerce in New York.
This exemption
"Municipal and Local Taxation, except inheritance tax.
t
are
interest (May and Nov. 1) are payable at the bank of issue,
or
Principal and interest of these bonds are exempt from Federal, State,
They
fully registerable and interchangeable.
are
proved by the Federal Farm Loan Board, a bureau of the Treasury Depart¬
Government.
ment of the United States
Tax
on
issue and
Their bonds and the collateral pledged as security have been ap¬
vision.
53^% Farm Loan
yielding about 5.37% to 1931, and 5.50%
The bonds bear date Nov.
Nov. 11951.
Federal Charter and Government super¬
operate under
Join*
Minnesota
Company of Chicago, the Northern Trust Company of
Chicago and the Minnesota Loan & Trust Company of
Minneapolis.
The price at which the bonds are offered is
;
Security.
banks
BONDS.
Southern
Trust
Obligations of the issuing bank, shareholders liability being double the
amount of their stock and collaterally secured by either first Farm Mort¬
These
BANK
$1,000,000
of
was announced the current week
by Marshall Field,
Glore, Ward & Co. of New York, the Merchants Loan &
bearing
Congress which permits until July 1 1923, of the issuance of bonds
gages or
funds
"on
some
pro
rata basis among farmers and banks
financing farmers," the War Finance Corporation issued
on
Sept 27 the following statement explaining the purposes for
which it is authorized to make
and amounts to
loans:
Much confusion has been created by misleading published reports indi¬
only 37% of the value as appraised by two local disinterested appraisers.
All the loans securing these bonds are made under the amortization
plan,
some
by which a part of the principal is paid semi-annually and the entire loan
result, the Corporation is receiving applications from some banks and indi¬
paid in 33 years.
viduals requesting their "share of the
The First Joint Stock Land Bank of
the Federal Farm Loan Board Jan.
Minneapolis received its
14 1919.
It
was
Federal Farm Loan Act to do business in Minnesota and Iowa, and all its
are
paid in capital of the Bank is $250,000.
the Sec¬
Its officers and directors
prominent business men of Minneapolis and St. Paul.
cating that the War Finance Corporation has a fund for distribution on
charter from
organized under the
operations are subject to the supervision of the Board, of which
retary of the United States Treasury is ex-officio Chairman.
The
in
completely tax exempt
bonds
of
An amendment to the original act of
sustained.
creating the Federal Farm Loan System has been passed by
Congress
offering
Stock Land Bank of Redwood Falls, Minn.
Treasury Department.
these bonds were fully
as
OFFERING OF SOUTHERN MINNESOTA JOINT STOCK
By Act of Congress these Ixmds are declared
a
States Supreme Court
Thus these bonds are
Liberty Loan 3 ^ % bonds.
Authority.
By
confirmed by the United
was
its decision of Feb. 28 1921.
Furthermore,
the bonds are
holders
by interests which have been prominent In the
farm mortgage business for the
past 60 years.
payable at
concerns
[Vol. 113.
stock of the Bank is owned
Interest is payable semi-annually,
May 1 and Nov. 1 and principal and interest
These
CHBONICLE
THE
A majority of the
pro
The
rata basis among farmers and banks financing farmers.
As
a
billion dollar agricultural credit."
Corporation is authorized under Sections 21 and 22 to make advances
and under Section 24 to make advances to banks. bankers,
companies, or to co-operative associations of producers which have
for export purposes,
or
trust
made loans for agricultural or live stock purposes.
be made upon the terms
These advances
are to
and conditions stipulated in the law, and their
aggregate remaining unpaid at no time
exceed one billion dollars.
The
Corporation, of course, has not made any allocation of funds among sections
Oct.
1
THE
1921.]
institutions and it has
or
sidered
on
Finance
"a share" of the
serve no
as
amended.
Each application is con¬
so.
For those
Corporation's funds, based
useful purpose
reasons
FEDERAL
upon some
Corporation
The
has
announced
the
channels
through which applications should be made and provided forms which are
Applicants should
familiarize themselves with the Corporatioh's circulars,
which have been
The
sued
from the War Finance
September
Copies also
obtainable
are
by
Trust
REGARDING
RULING
number
Exchange
the
of
the
National
"Exchange
Bank
and
Company of Tulsa, Okla., had the following to say
The new
predicated
on
settled production of known
a
quick assets just as are the stocks of other merchants and dealers, in
addition to notes backed by storage oil, is one of great
SOTA
details
further
the
AND
Finance
War
Corporation announced
regarding
the
loan
of
$3.50 per barrel, oil banks found little necesity in using the rediscount
Sept.
on
24
which
SI5,000,000
Optimism is felt of the good results that will
made in
issue of Satur¬
our
come
from the decision of the
says:
association is
equal standing with other commercial
paper an
We learn from W. P.
Co-operative Exchange,
a
paper.
G. Harding of the Federal Reserve
Board that the latter has made
the Equity
no
ruling regarding oil
new
co-operative
oo-operative basis, grain produced by its members.
The loan will be secured
industry, in that it will increase the possibilities of ready discount and
permit oil
In its statement of the 24th inst.
1306.
page
Corporation
a
imperative that oil banks ber permitted to rediscount heavily.
loans, but because it will give added safety to both the banks and the oil
was
a
corporation with gross assets of approximately $4,000,000, which markets,
•
service of the Federal Reserve System, but when the drop came it became
Federal Reserve Board, not because it will permit banks to further expand
day last,
on
With oil at
grain dealers in Minnesota and South and North
of
The
.
paper.
We
,
recently with
"
by registered terminal warehouse receipts repre¬
of
ernor
advised that the Board "had conferences
are
Oklahoma
some
Federal
the
bankers and with the Gov¬
Bank
Reserve
of
Kansas
City,
senting the grain to be marketed, and will be in an amount up to 60%
of the value of the
until the loan is
The Exchange will agree to maintain this margin
grain.
repaid.
The funds advanced by the
War Finance Corporation to the Exchange
After
corresponding advances to its members.
the grain is marketed by the
towards repayment
Exchange, the proceeds will be devoted, first
The money
grain supplied by them.
Exchange
The funds will be made available to the
FEDERAL
as
soon
as
certain
executed and approved.
TO
COMMITTEES NAMED
RECEIVE APPLICATIONS
an
which seemed
to
be satis¬
BANK
EXTRA
OF NEW
Agricultural Loan Agencies previously
In addition to the
Federal
The
To the
Reserve
Bank
of New York issued
committees, it
made known Sept. 26, have been appoint¬
receive applications from banks in
their respective
districts for loans under the recently enacted Section 24 of
Finance
Corporation Act, and to make
recom¬
mendations as-to these loans to the War Finance Corporation:
Headquarters at Montgomery.
Hobble, Cbmn., Montgomery,
K.
F.
Headquarters at Milwaukee.
McPherson, Cbmn., Milwaukee,
Wis.
Ala.
H. A.
E. O. Melvin, Selma,
Moeblempah, Milwaukee, Wis.
H. L. Russell, Madison, Wis.
J. R. Wbeeler, Columbu®, Wis.
Frank M. Moody,
Ernest Perry, Fond du Lac, Wis.
Bartlett, Montgomery, Ala.
A. M. Baldwin, Montgomery,
Ala.
Ala.
Tuscaloosa, Ala.
following
The establishment of the
(Sept. 30)
up
agency was
fol¬
the
:
Employees-.
on
June 30 you were
to that time
justified
a
compensation
was
informed that the decrease in the cost of living
substantial reduction in the rates of extra
informed that "in view of the present trend of prices,
extra
War Finance Corporation, the following
was
YORK DISCON¬
COMPENSATION.
com¬
pensation for the second quarter of this year.
While you were then ad¬
vised that the rate would, at that time, be reduced only 50%, you were
announced by the
H. T.
of
result of these conferences
It will be irecalled that when the payment of extra
UNDER AGRICULTURAL CREDITS ACT.
Henry M
RESERVE
TINUES
made
War
a
the
lowing notice to employees yesterday
formal documents have been
the
As
and
interpretation
understanding was arrived at,
and will be discounted at the rate
6M% P©r annum.
to
involving
all advances will mature not later than ninety
days from the date of the advance,
ed
points
factory to all parties concerned."
will be advanced from time to time as the grain reaches
warehouses and
terminal
certain
of the War Finance Corporation's loan, the balance
being pro-rated among the farmer-members of the Exchange in proportion
to the amount of
discussed
rulings already made.
will be used by it in making
of
oil loans
on
acceptable at the Kansas City Federal Reserve Bank.
was
co-operative associa¬
Dakota—reference to which
the
importance to oil
producers and bankers throughout the Mid-Continent oilfields.
Previous to this time only about 30% of the collateral based
DAKOTA.
NORTH
Corporation has agreed to make to
tion
FINANCE
WAR
TO GRAIN GROWERS IN MINNE¬
CORPORATION
The
BY
paper:
ruling of the Federal Reserve Board in regard to the acceptance
for rediscount of oil paper
as
LOAN
Exchange
quality and quantity, that warehouse materials and stocks be considered
Corporation at Washington.
REGARDING
DETAILS
is¬
Review,"
the
regarding the acceptance for rediscount of oil
farming organizations and banks and trust companies in the agri¬
cultural and live stock sections of the country.
BOARD'S
OIL PAPER FOR REDISCOUNT.
supposed allotment,
designed to make the procedure as simple as possible.
sent to
RESERVE
applications for
and only tend needlessly to increase the Corpora¬
correspondence.
tion's
authority to do
no
its merits in accordance with the powers conferred by the War
Corporation Act
1411
CHRONICLE
compensation for the next quarter will be
reduced
it is likely that the
even more
substantially
entirely eliminated."
or
The officers and directors of the bank have
given
careful consldera-
very
tion to the relation between general business and living conditions and the
welfare of our staff, and it appears that a
of extra
compensation is
continuance of quarterly payments
longer justified.
You are advised, therefore,
payments are now discontinued and that no payment for that
that such
will be made for the quarter ending Sept. 30 1921.
purpose
The
no
action
announced
above is the inevitable consequence of general
which all of the
economic developments during the past months, with
This policy, however, indicates no lack of appre¬
by the directors and officers of the bank of the splendid services
employees are familiar.
ciation
which have been performed by all the members of the
organization.
Very truly yours,
announced
BF1NJ. STRONG, Governor.
.
by the Corporation on Sept. 28:
Headquarters at Atlanta, Ga.
Atlanta, Ga.
Ga.
John K. Ottley, Chmn.,
L. R. Adams, Atlanta,
C. W. Skinner,
Augustus E. Young, Cedartown, Ga.
W. F. Coachman, Jacksonville, Fla.
D. M. Lowry,
NATIONAL CITY BANK CUBAN CORRESPONDENT OF
Tallahassee, Fla.
FEDERAL
Waynesborougb, Ga.
Ga.
Mills B. Lane, Savannah,
In
tion
Sept. 26 said:
on
quarters to represent Oklahoma on
James J. Pagan
qua
the committee and to fill the vacancy.
head-
of San Francisco has been added to San Francisco
In
YORK.
of New York announced
the approval of
it had appointed
on
Federal Reserve
the
the National City Bank of New
The appoint¬
ment is made under the terms of Section 14
of the Federal
Its
Act.
Nev., has been added to San Francisco head¬
Nevada on the committee and to fill the vacancy.
the c se of banks located in districts where Agricultural Loan agencies
not been established, applications should be addressed directly to the
Corporation at Washin ton for the present.
STATE
INSTITUTIONS
FEDERAL
following institutions were admitted to the Federal
Reserve system
in the week ending Sept. 23:
Tota
Capital.
Surplus.
Resources.
$100,000
$50,000
$150,000
San Francisco, Cal._ 500,000
28,000
7,387,089
District No. 2—
1304.
TO
ADMITTED
RESERVE SYSTEM.
The
Agencies and committees previously announced were indi¬
cated in our issues of Sept. 17, page 1201, and Sept. 24,
page
with
that,
Bank
correspondent and agent in Cuba.
York
Reserve
ters to fill vacancy.
J. Sheehan of Winnemucca,
quarters to represent
have
29
Sept.
Board,
Okla., has been added to the Kansas City head¬
Reserve
Federal
The
addition, the statement from the War Finance Corpora¬
R. P. Brewer of Tulsa,
RESERVE BANK OF NEW
T. L. Wilson, Bartow, Fla.
Boonton Trust Co.,
Boonton, N. J
District JSfo* J2"*—
ADVANCES APPROVED
BY WAR FINANCE
Mission Savings Bank,
CORPORATION.
The War Finance
the
Corporation announced
on
Sept. 23 that
INSTITUTIONS AUTHORIZED BY FEDERAL
BOARD
following applications had been approved:
$2,000,000 to an exporter for the purpose of
assisting in financing the ex¬
portation of cotton.
The
Federal
TO EXERCISE TRUST
Reserve
Board
has
RESERVE
POWERS.
granted permission
to
following institutions to exercise trust powers:
The Suffolk County National Bank of Riverhead, New York.
Seaboard National Bank of Seattle, Seattle, Washington.
the
$1 ,C00,000 to a So ifchern bank for
the purpose of assisting in carrying cotton
can
be e ported in an orderly
$1,000,000 to a Southern bank for the purpose
of assisting in the exporta¬
in domestic warehouses until
it
maimer.
tion
$150,000 to
.
of cotton.
an
PRIOR
exporter for the
tobacco.
purpose
of assisting in exportation of
..
REDEMPTION
CATES
OF
Secretary of the Treasury
ADVANCE
BY
WAR
FINANCE
SOUTH CAROLINA
The War Finance
it
CORPORATION
BANK.
advances
up
to $500,000 to a South
Southern exporter,
Carolina bank against obligations of a
TO
Corporation announced on Sept. 27 that
had agreed to make
secured by cotton
U. S.
TREASURY CERTIFI¬
MATURING OCT. 15.
,
stored in warehouses awaiting export.
Reserve
banks
on
Mellon authorized the Federal
notice,
Sept. 27 1921, and until further
to redeem in cash before
Oct. 15 1921, at the holder's
option,
the date of such optional re¬
demption, Treasury Certificates of Indebtedness of Series
F—1921, dated January 15 1921, and Series H—1921, dated
April 15 1921, both maturing Oct. 15 1921.
at par
and accrued interest to
THE
1412
CHKONICLE
In
PRESIDENT HARDING PROCLAIMS OCT. 10 AS FIRE
PREVENTION DAY.
A
proclamation designating Oct.
the
Chicago fire,
President
Harding
;;
,
Fire Prevention
as
Sept. 27,
on
the anniversary
10,
of
issued
ny
Day,
was
follows:
as
Whereas,
the
loss of
and
United
life
children;
States
estimated
at
by fire
destruction
through
an
losses
increased
other created
and
during
wealth
1920
to
Ordinarily I should have felt it
the
during
$500,000,000—and
over
to
1920
further
needlessly wiped out of existence;
reduced
$85,000,000,
over
hitherto
most
be
may
of
and
Therefore,
October 10
with
prevented
due
are
by
Warren
G.
and
President
Harding,
the
on
States,
United
the
of
effects
do
set apart
Fire-Prevention Day,
as
objects in view, to-wit:
educational
calamitous
of
ignorance
education
and
care
1921, anniversary of the Chicago fire,
through pulpit, through
and
carelessness
to
increased
request the citizens of their States
tive
total of
a
1
these principal
To
by
56,000,000 acres
over
the Governors of the various States to designate and
upon
urge
I,
aridity
resources
and
losses
fire
our
easily
part of citizens;
with
threatening
productive woodland;
Whereas,
and
also
diminishing timber
our
and
to
plan for that day and period,
forum and through the schools, such instruc¬
open
exercises
shall
as
threatened
impress
economic
the public
disaster
mind with
such
of
the
unnecessary
fire waste;
To
urge,
efforts
in
To
duty
everyday
an
of
citizenship,
individual
country's natural and created
our
observance
of
the
orderliness
an
and
community that
we
may
is
Done
of
year
in
the
District
Lord
our
never
of
Columbia
thousand nine
one
behalf of the Committee
to be my
duty to make
consideration of the tax revision
It is
this
27th
day of September, in
twenty-one, and of
WARREN
*
White House,
September 27.
G.
Finance.
on
motion to proceed
bill this morning.
I
recognize,
in
now
|the hands of the Public Printer for
That could not be done until the consideration of the
bill
the Committee
Finance
Finance.
on
was
completed by
A subcommittee of the Committee
on
Finance
appointed who directed the form in which the bill should be
reprinted.
That has been done solely in the interest of an easier
reading and under¬
standing of the measure, which is complicated enough at best.
was
I
think that this explanation is due to the
Senate and to the public to
an apparent
delay of one or two days in moving the considera¬
account for
tion of the bill, which is unavoidable because the
form of the printing could
not be determined until the bill was
completed.
The bill, however, will be
ready on Monday; and I now desire to give notice that I shall then move
to
proceed to the consideration of the
far
and shall endeavor in
every way.
measure
be consistent, to keep it before the Senate until it shall have
been disposed of.
as
may
Tntil Monday, therefore, I will
The bill
not ask the Senate to consider the bill.
recommitted
was
Monday,
on
reported
on
the
ments.
The
mittee
the
last,
the Senate Committee
to
Sept.
26,
and
on
subsequently
day by Senator Penrose with amend¬
same
reading of the bill
brought under
was
and with the
,
After the
on
and of the taxpayers
reprint of the bill should be made, presenting in different
type the bill as it passed the other House, the original law, the amendments
proposed by the Committee on Finance, and other phases of the measure.
the
HARDING.
final print.
a
of the country a
this
hundred and forty-sixth.
one
a
consideration of the bill had been completed by the Committee
it was suggested that for the convenience of the Senate
Finance
hundred and
on
measure will not be available until
The bill has been completed in all its details
by the com¬
mittee and cannot be changed unless amended on the floor of
the Senate.
fires
sleeps.
independence of the United States the
The
on
September 21;
on
statement to the Senate said:
a
*
danger that
a
con¬
from
us
the
last week
however, that the final print of that
so
overcome
lurking peril.
Fire
and
schools,
our
ordinary precautions that safeguard
home
in
collective
and
resources,
promote systematic instruction in fire prevention in
stant
and
as
conserving
these columns
amended by the Committee
as
Monday next.
Whereas, in addition to the above, forest fires during the five years ended
with
statement
a
our
$1.410,875,000—buildings, foodstuffs
over
in
announced
was
desire to make
I
previous five-year period totaled
As
Sept. 23 Senator Penrose in
and
Whereas, in the face of the world's dire need for American products
fire
The time for
passed, and the time to repeal the tax has
formally presented to the Senate
an¬
human beings, most of them women
so
Committee to recommend its repeal.
your
discussion is
was
suffers
15,000
led
profits tax the report
excess
thoroughly discussed that
length the reasons which have
it is unnecessary to state at
(page 1315), the House bill
By the President of the United States:
nual
noting the repeal of the
states that this tax "has been
arrived."
A PROCLAMATION.
.
[Vol. 113.
amended by the Com¬
as
in the Senate
way
completion of its reading
the 26th,
on
the 28th, considera-
on
tionof the contested features
FORMER
POSTMASTER-GENERAL
TO
FIND
Former
MARKET ABROAD
Postmaster-General
the United States
ing here
for
abroad.
Mr.
steamer
visited
France,
mania,
Burleson, in
Czecho-Slovakia,
Holland,
Belgium,
Poland
to sell cotton in
large centres and
COTTON.
Lafayette, reach¬
to find
market
a
four months'
a
and
England,
trip,
and,
in all.
same
to
Ru¬
it
His
the
is
mittee, as
and
INTERNAL
is the present fluctuation, European cotton
manufacturers will not buy ahead, and so far as I could
learn there is no
concerted
movement
on
though it
foot to
better these conditions.
With
their money
low in value, there undoubtedly would be more
confidence, but so long as present conditions last they are at too
great a
disadvantage to get themsolves out of the hole.
even
was
"The same conditions
hamper manufacturers in most other lines.
They
cannot export considerable quantities of
any kind of goods until
they know
what costs they are
paying and
in
fixed
they
money
receiving actually
are
terms."
mean
The Committee
BILL
IN
MAJORITY
The
24
SEN ATE—REPORT OF
was
COMMITTEE.
thereon
on
In
his
report,
Finance
on
Senator
Sept.
Penrose
existing business depression and the uncertainty
attaching
to the yield of the income and
profits taxes."
The
report
changes from the
House bill, and
we are
present
law and from
giving it in full further below.
tor Penrose states therein that "Your
committee
recommends
a
the
Sena¬
deliberately
tax program
which, while providing revenue
substantially sufficient to meet ordinary expenditures on
present
having had the
with
certain
same
under
amendments,
consideration,
and
scale,
that
assumes
a
Expenditures and Revenues.
The
bill
revenue
which
Committee recommends
your
is
measure
most
your
committee
of
by the Victory Liberty Loan Act.
margin of safety,
The bill is intended to
provide some
but not to create any current surplus
over
are:
The
repeal of the excess-profits tax which would
reduce the
revenue
$400,000,000 annually; the repeal of the surtaxes
In excess of
32%
Involving an immediate loss of $80,000,000 to $90,000,000 a
year; the
repeal
of the capital-stock
tax, involving an annual loss of about
1922,
during the calendar
year
involving
1922 and
an
a
Jan.
reduction
eventual
year;
and the adoption of an additional income
5%, which would Increase the revenue
$75,000,000;
on
loss of
1
1922,
the
and their
of
$131,000,000
$262,000,000 per
tax upon
necessary
expenditures.
Fiscal
Year
1922.
The Secretary of the Treasury estimates that the
expenditures for the
fiscal year ending June 30 1922 will
aggregate $4,034,000,000. an amount,
it will be noted, in excess of the appropriations for the
same
of
expenditures
continuing
or
that
made
appropriations.
expenditures must
receipts
be
must
from
come
and
customs
The
from
non-tax
receipts
$3,272,000,000
amended
exceeds
as
the
will
to
your
yield,
be
it
raised
is
by
required
miscellaneous
estimated,
internal
from
fiscal year be¬
balances from
receipts
with
from internal taxes; but there
Committee proposes,
amount
available
principal
salvage, Panama Canal receipts, and the like.
this
sub¬
such
sources,
Customs and miscellaneous
$762,000,000,
taxes.
will
non-tax
which
are
The
yield
new
thus
leaving
revenue
bill,
$3,326,600,000, which
source
by only $54,600.000—a
none too large for the fiscal year 1922 in view of the
existing
depression and the uncertainty attaching to the yield of the income
profits taxes.
The estimates and figures in detail will be found In the
margin of safety
business
and
tables printed on pages 2,6, and 7.
Fiscal
It is not
possible to make
the fiscal year
1923. but
your
an
Year
1923.
accurate
forecast of the expenditures for
Committee has acted
on
the
assumption that—
with the exception of the special railroad
expenditures (transportation Act
and Federal control) which will be nearly if not
wholly completed In the
fiscal year 1922—the aggregate expenditure for the fiscal
year 1923 will be
substantially as large
as in the fiscal year 1922.
The special railroad
expenditures included in the 1922 estimates amount, in round
figures, to
and the'receipts from customs and miscellaneous
sources
$500,000,000;
for
the fiscal
year 1923 are estimated at $700,000,000.
Deducting both
($1,200,000,000) from the total estimated expenditures for
1922
($4,034,000,000) leaves in round figures $2,835,000,000 to be
supplied by
internal
.
important
about
reduction of the transportation taxes
by one-half
final repeal as of Dec. 31
designed to
amounts
reasonable
retrenchment and reduction will be
accomplished.
"From the standpoint of revenue the
changes recommended by
amended
as
produce enough revenue to meet without borrowing all
ordinary expendi¬
tures, including $265,754,865 for the cumulative
sinking fund authorized
as
submitted to the Senate
by Senator Penrose.
the
1921.
recommend that the bill do pass.
to meet these
states that the new revenue
bill, as amended by the Com¬
mittee, "will yield S3,326,600,000, which exceeds the amount
required from this source by only S54,600,000—a
margin
of safety none too
large for the fiscal year 1922 in view of the
the
favorably
report
stantial
majority report of the Senate Committee
the tax revision bill
indicates
BILL OF
on
of 1918, and for other purposes,
prior
on
REVENUE
-
REVISION
by
Finance, to whom was referred the bill (H. R.
8245)
equalize taxation, to amend and simplify the Revenue
Act
to reduce and
cause
TAX
The
the bill presented
on
REPORT—[To accompany H. R. 8245.1
money
So long as there
altered by the committee/
were not
not
stabilized.
fixed,
dues, which
com¬
admissions
on
Senator Penrose:
only impossible to place large orders for cotton anywhere in
Europe, but there is little hope that conditions will be better until
is
with estate taxes and levies
as
following is the majority report
is
principal cotton manufacturers,
levies, and other levies changed by the
well
object
according to the "Journal of Commerce" of Sept. 24, which
quotes him as saying:
"It
corporation;
and soft drink
large quantities, and he visited all the
saw
was
begun on Sept. 29. These
dealing with income taxes, individual
profits taxes, transportation levies, excise
include the sections
and
Germany, Austria,
stated, found conditions about the
was
FAILS
who. returned
Sept. 23, failed in his mission
on
cotton
FOR
Burleson,
the French
on
BURLESON
corporations of
about.$260,000,000 annually.
raxes
for the fiscal year
1923.
The revenue bill
as
recommended
by your Committee will raise during 1923. it is estimated,
$2,740,400,000.
The difference or deficit of $100,000,000 can and
should be avoided
by
savings and economies.
Your Committee deliberately recommends
a
program
ordinary
measure
which,
while providing
expenditures
on
the
of retrenchment and
revenue
present
fixed
debt
charges,
year
will
The above program
amount
to
assumes
that
a
same
assumes
approximately
to
tax
meet
reasonable
The total
1921, including sinking ftmd and
amounted
fiscal year 1922 the expenditures on the
000.000.
scale,
reduction will be accomplished.
ordinary expenditures for the fiscal
miscellaneous
substantially sufficient
that
to
$5,528,688,050.
basis
for
are
the fiscal
$3,400,000,000,
assumption in the light of our present knowledge.
an
For
the
estimated at $4,034,year
entirely
1923 they
reasonable
Oct. 1
TABLE I.—Revenue collected during the fiscal year ended June
estimated revenue collections under existing law and H. R.
30 1921, and
8245 during the
fiscal years 1922 and 1923 (revised as of Sept. 19 1921).
Customs
Internal
1922,
1923,
Collections.
5308,564,391
of Tax—
Estimated.
S275,000,000
5350,000,000
850,000,000
750,000,000
430,000.000
540.000,000
Corporation...
]
1
>3,225,790,653<
600,000,000
150,000.000
Profile
j
230,000,000
300,000,000
.
tax
Back taxes, income & personal
1,216,600,000
1,369,210,112
1,000,400,000
1,500.000
Miscellaneous
1,500.000
Sale ol public land
100,000,000
14,500,000.
15,000,000
150.000.000
$4,088,600,000
$3,441,900,000
upon
the revenue collections of the proposed amend¬
compared both with the present law and the House bill is shown in
III and IV following.
is
tax
due
1922
(as shown in Table II)
The reduction in
principally to
the present law would
the individual income
personal exemptions from
the increase in the
000 and the proposed increase in the exemption for
There
to
over
$300,000 fell from 1,296 in 1916
$314,984,884.
net
a
no
was
income of
(principally
from
having
taxpayers
incomes
$5,000)
about
TABLE
the fiscal
Number of
Net
returns.
income.
Incomes
Income from
Incomes
For the fiscal year 1923 the present law
would yield $3,340,000,000, the
exemptions described above and to the proposed reduction of
maximum of
32%
upon
The House bill limits the surtaxes to a
1 1922.
incomes exceeding $66,000, but otherwise retains
In the bill as reported to the Senate
the present schedule of surtax rates.
the
$2,740,-
The reduction in the individual income tax is due to the increase
of personal
A1
o:>e
A'l
over
classes.
$300,000.
classes.
$300,000.
437,036
1,015
627
1919- 5,332,760
$6,298,577,620 $992,972,986 $3,217,348,030 $706,945,738
13,652,383,207 731,372,153 3,785,557,955 616,119,892
15,924,639,355 401,107,868 3,872,234,935 344,111,461
19,859,491,448 440,011,589 3,954,553,925 314,984,884
1,296
3,472,890
679
TABLE II—Estimated revenue collections during the fiscal year ending June 30
existing law and under H.R. 8245 as it passed the House and as reported to the Senate.
during
1922.
the
Source of revenue.
fiscal
Bill
Present
House
bill.
the Senate.
$
Income tax:
Individual
Profits tax
taxes
Miscellaneous
In both the House bill and the Senate draft the excess
For
fiscal
the
year
reduction
1923
in
the miscellaneous internal
the
bill
revenue taxes.—
1,369,210,112 1,300,000,000 1,130,000,000 1,216,000,000
4,595,000,765 3,460,000,000 3,240,000,000 3,326,600,000
Revenue collections during
the. fiscal year 1923.
Bill
taxes have been
law, $359,670,000.
about $400,000,000 annually; the repeal of the surtaxes
involving
$
Income tax:
the reduction of
Corporation
.
5%, which would increase the revenue
necessary
to $90,000,000 a year;
corporations of
about $260,000,000 annually.
to state at length the reasons which have led your
committee
The time for discussion is past; and the time
repeal the tax has arrived.
It
may
be mentioned, however, that further
investigation has only accentuated the conviction that the inequalities
of
Whatever may be its theoretical
this tax make necessary its early repeal.
merits,
overcapitalized corporation, falls more
in practice it exempts the
heavily upon corporations of small or moderate size than upon the larger
corporations, penalizes business conservatism and places upon the Bureau
of Internal
the
excess
Revenue tasks which are beyond its
all
strength.
The fact that
profits tax bears less severely upon large than upon small cor¬
porations is well illustrated
latest
in Table A.
This table is based upon the
Treasury statistics which have been analyzed in detail and covers
which made full returns of invested
the corporations of the country
capital in the year 1919.
The weakness of the excess profits tax revealed
the fiscal years
1922 and 1923 and for the calendar year 1923.
Estimated Collections.
Collections,
Fiscal Year
Source of Revenue.
1921.
income taxes upon cor¬
porations of different size.
f 850,000,000
3,225,790,653 { 430,000,000
Individual-
Back
No.
Average
of
Per cent of net income to
corpo-
invested capital.
rations.
I
Invested
invested
capital.
capital,
10,689 $14,104 248,246 $1,319,511
728,229
15,925, 632,944
395,111
8,962, 689,034
15%
21,869
22,684
15 to 20%
17,388
20 to 25%
11,987
25 to 30%
7,743
30 to 40%
9,050
50 to 75%
—
100% and over.
Total
4,807
4,911
1,734
2,194
5,482, 627,463
3,251, 948,260
3,785, 581,785
2,421, 285,621
1,232, 173,122
784, 2.54,745
205, 744,478
133, 853,470
115,056 $56,290,039,168
—
Calendar Year
taxes..--------
730,000,000
150,000,000
—
300,000,000
I 230,000,000
1,369,210,112 1,216,600,000 1,000,400,000
690,000,000
320",bbb'ooo
945,900.000
4,595,000,765 3,326,600,000 2,740,400,000 2,655,900,000
Total.
Per cent of in<k profits
come
tax to net income
10.99
11.93
21.60
315,311
33.99
271,290
41.51
488,904
267,545
51.22
2.56,329
57.58
159,693
118,653
64.24
61,009
67.40
$489,240
53.38
62.30
Freight,
37.
150,000,000
150,000,000
245,985,989
170,000,000
60,000,000
27,083,809
28,442,275
18,992,094
25,000,000
25,000,000
27,000,000
27,000,000
27,000,000
75,000,000
"75",boo",665
75,000,000
16,000,000
18,000,000
20,000,000
58,673,192
24,000,000
250,000,000
14,000,000
2,000,000
250,000,000
90,000,000
14,000,000
2,000,000
250,000,000
110,000,000
12,000,000
110,000,000
2,000,000
1,090,000
2,000,000
1,000,000
800,000
passengers,
berths,
seats,
state¬
rooms
—
Express and oil by pipe
lines
Telegraph and telephoneInsurance
-----
Alcoholic spirits, &c
Non-alcoholic beverages—
Cereal
beverages,
drinks,
fruit
fountain
syrups,
25,000,000
10,000,000
soft
juices,
table
waters, &c
—
1,000,000
Carbonic acid gas._
Tobacco
95,882,345
9„ ,000,000
115,545,760
110,000,000
11,567,931
12,090,000
4,283,872
1,332,177
3.000,000
90,000,000
trucks,
parts, &c
Sporting goods, &c
Chewing gum——
—
Photographic films, &c_—
Candy.-.
—-
Firearms, knives, &c
Electric fans
-
849,940
7,053.538
20,436,478
3,738,942
297,583
1,000,000
800,000
6,000.000
18,000,000
3,500,000
300,000
800,000
12,000,000
6,000,000
19,000,000
3,500,000
300,000
6,500,000
20,000,000
3,500,000
300,000
Thermos bottles, cigar or
cigarette
olders, pipes,
&c., automatic slot vend¬
ing machines, liveries,
&c., hunting and shoot¬
ing garments
Art works
-
-
Luxuries
&c
Perfumes, cosmetics
Proprietary medicines
Corporation capital stock.
Stamp taxes:
reduction of the maximum surtax from
stocks, bonds, &c
Capital stock transfers.
Sale, produce, exchange
9,000,000
500,000,000
24,000,000
5,800,768
4,500,000
1,500,000
75,000,000
r6,000,000
800,000
9,000,000
500,000,000
2,000.000
800,000
4,000,000
25,000,000
6,000,000
55,000,000
8,000,000
55,000,000
6,000,000
55,000,000
6,000,000
7,500,000
7,500,000
20,200.000
20,200.000
7,500,000
20.200,000
1,369,179,122 1,216,600,000 1,000,400,000
945,900,0$)
553,202
2,223,774
1,116,337
81,514,345
2,000.000
800,000
3,000,000
24.000,000
Issues and conveyances,
by
stimulating sales and profit taking, and by making possible transactions
now blocked by excessive surtax rates, not only facilitate needed business
800,000
9,000,090
500,000,000
2,000,000
1,000.000
10,000,000
24,303.906
Toilet soaps, <fcc
800,000
20,374,591
Yachts and motor boats._
761,618
9,081,239
-
Fur articles.-
Jewelry,
Reduction of Surtaxes.
150,000,000
82,622,316
—
154,039,903
253,990,017
Estate tax
Transportation:
Cameras, &c. (901-906)
75 to 100%
750,000,000
540,000,090
600,000,000
—
Corporation
Profits tax
Musical instruments, &c_
Average size of corporations (measured by invested capital) earning different rates
of profit; corporation returns made in 1919 "
40 to 50 %
Fiscal Year.
Income tax:
Automobiles,
Less than 5%..
5 to 10%
1923.
Fiscal Year
1922.
Admissions and dues
in this table is alone sufficient to condemn it.
TABLE A—Table showing average rate of excess profits and
10 to
965,330,000 1,000,400,000
Profits Tax Repeal.
profits tax has been so thoroughly discussed that it is un¬
recommend its repeal.
to
to
150.000,000
300,000,000
750,000,000
540,000,000
1.50,000,000
300,000,000
3,340,000,000 2,660,330,000 2,740,400,000
Total
Mlscel. internal revenue—
Excess
excess
480,000,000
300,000,000
1,325,000,000
the revenue
and the adoption of an additional income tax upon
The
$
765,000,000
460,000,000
Profits tax
Miscellaneous internal revenue taxes
in excess of 32%,
during the calendar year 1922 and an eventual loss of $262,000,000 per
year;
$
840,000,000
415,000,000
Individual
repeal of the capital stock tax, involving an annual loss of about
their final repeal
the Senate.
1918 and estimated revenue collections under H. R. 8245 as reported to the Senate for
the
$75,000,000;
the transportation taxes by one-half on Jan. 1 1922, and
as of Dec. 31 1922, involving a reduction of $131,000,000
immediate loss of $80,000,000
an
reported to
bill.
committee are;
repeal of the excess profits tax, which would reduce
The
House
law.
TABLE III.—Revenue collections during the fiscal year 1921 under the Revenue Act of
III.
standpoint of revenue the most important changes recom¬
the
mended by your
as
Present
reported to the Senate amounts to
as
The details of these reductions are given in Table
$324,600,000.
,000,000
Total.
Back taxes.-..
reduced in the House bill, as contrasted with the present
From
fiscal
'
The similar
230 ,000,000
interna!
1923 the corporation income tax shows a gain,
1921 will continue to be made in the first half of the
1923.
600
230,000,000
850,000,000
Source of revenue.-
effective Jan. 1 1922.
year
850 ,000,000
430 ,000,000
600,000,000
of approximately
profits tax is repealed as of Jan. 1 1922, but collections based upon income
for the year
430,000,000
230,000,000
3,225,790,653
—
900,000,000
430,000,000
600,000.000
—
Corporation
Back
,
reported to
law.
due
to the proposed increase of rate from 10% to 12^ % in the House bill and
from 10% to 15% in the bill as reported to the Senate, the change to be
For the fiscal year
as
year
year.
a
Revenue collections during
the fiscal year.
Revenue
collected
have been moderately reduced, resulting in a re¬
duction of revenue, as contrasted with the House bill,
$15,000,000
1921
under the Revenue Act of 1918 and during the fiscal years 1922 and 1923 under the
is retained, but the surtaxes applicable to
maximum rate of 32%
same
incomes under $66,000
Incomes
ore'
$300,000.
1921.
House bill $2,660,330,000, and the bill as reported to the Senate
the surtaxes effective Jan.
dividends,
interest and investments.
A'l
shown in detail in Table III.
400,000.
not
classes.
The reductions in the miscellaneous taxes are
1922.
year
income
of
represents
B—Table showing decline of incomes over $393,030.
$70,000,000 annually, but only part of this reduction will affect the revenue
for
shrinkage
$300,000
reduction of taxable income.
dependents from $200
below
This
over
such decline in actual income, but principally a
This increase in the personal exemptions will reduce the collec¬
$400.
tions
the
not true of the wealthier classes.
was
$2,000 to $2,500 for heads of families having an income not in excess of $5,-
to
from
shrinkage of actual income, but the result of excessive
or
1918— 4.425,114
The reductions in the miscel¬
given in detail in Table III.
$3,326,000,000.
Senate,
having
200,000,000
yield $3,460,000,000; the House bill, $3,240,000,000; and the bill as reported
the
taxpayers
surtaxes.
Existing taxes have been reduced in the bill recommended by your com¬
For the fiscal year
1976
from
30.000.000
mittee, and every class of taxpayers will share in the benefits if the bill is
to
$300,000
interest and investment fell during the same
$706,945,738
period
30.000.000
$5,623,506,745
are
taxpayers from dividends,
declining prosperity
156,000,000
detail in Tables II,
But this
30,000,000
Changes from the Present Law and from the House Bill.
laneous taxes
over
1919; the net income reported by these taxpayers fell from $992,-
25.000,000
Canal receipts
Total
ments as
clearly brought out in Table B
incomes
During this period the number of taxpayers
The number of returns of incomes
to 679 in
25,000 000
719,941,589
Other miscellaneous
The effect
greatly increased.
60,000,000
foreign obligations.
Repayment cf foreign obllgat'ns
Sale of surplus war supplies...
adopted.
1916 to the year 1919.
among
Federal Reserve Bank
Panama
year
972,986 in 1916 to $440,011,589 in 1919; and the taxable income of these
(
J
Miscellaneous:
on
which shows the decline in
following,
and the amount of net income returned by the general body of taxpayers
!
Personal
Interest
through the device of gifts, division of their income, refraining from profit¬
able sales, and placing their money in investments which promise well for
Estimated.
revenue:
Income tax
capital in tax-free securities and in encouraging taxpayers to avoid the tax
the future but yield no immediate return, is
Fiscal Year
-Revenue Collections Dwing the
1921, Actual
Source
1413
CHRONICLE
THE
1921.]
Your committee recommends
a
65% to 32% in the belief that in the near future the lower surtax will,
readjustments but actually increase the revenue.
In the long run. in the
opinion of your committee, the 32% rate will yield more revenue than the
65% rate.
The effect of excessive surtaxes in forcing the investment of
Miscellaneous taxes
53,551,491
8,790,905
7,521,675
22,767,110
Total
taxes.
miscellaneous
r—
1414
THE
TABLE
IV.—Income tax
revenue
CHRONICLE
[Vol. 113.
specified incomes under existing law and under II. R. 8245,
upon
[Tax computed
the
on
basts of the net income
of
married
a
passed by the House and
as
without
man
Present Law.
House Bill
Income
reported to the Senate.
8245.
As Reported to the Senate.
Total.
Surtax.
Normal.
Surtax.
Total.
Normal.
Surtax.
Total.
—
$20
$20
♦2,500
20
—
40
4,000-
80
♦4,000-—
i—
♦5,000
6,000.
20
20
80
80
60
60
60
120
120
120
100
100
120
120
""""
160
8,000
100
-
-
$10
170
$10
170
320
50
370
320
370
110
590
110
590
100
320
480
80
160
50
480
—
10,000
12,000
40
20
80
60
120
r
120
——
$20
40
80
,
120
—
$20
40
20
,
80
-
80
5,000
$20
40
40
40
———
$20
20
40
3,000
*3,000
H. R.
As Passed by Home.
Normal.
$2,000
2,500-
as
dependents.]
480
160
160
$20
340
60
540
640
190
830
640
190
830
800
800
120
290
760
1.090
410
1,090
1,370
640
290
960
800
960
200
410
1,000
18,000
1,120
550
960
300
710
1,120
1,280
1,680
2,080
2,880
3,680
1,370
1,670
1,280
1,080
1,670
1,990
550
20,000
1,120
420
710
1,260
1,540
1,990
1,280
560
1,840
1,680
2,080
1,100
1,760
3,840
2,880
3.400
14,000
-
16,000
-
25,000-
30,000
2,080
1,810
2,880
3,890
—
2,880
3,410
6,290
—
50,000
75,000
3,680
5,680
—
—
100,000
150,000—
200,000
300,000
1,200
—
:
40,000
12.950
-
9,190
18,630
23.510
31,190
5.510
7,680
11.680
15,680
1,200
2,880
1,810
3,410
3,890
6,290
9.190
5.510
12.790
5,680
61,190
7,680
11,680
20,790
49.510
77.510
93,190
15,680
3,680
52.790
12.780
7,680
20 780
48,4 0
68.470
36,790
6,280
9,180
18,460
5.500
5.680
18,470
28,470
2,780
11,680
36,780
15.680
52.780
23,680
137.510
161,190
23,680
84,790
500,000
108.470
39.680
263.510
39,680
23,680
303,190
79,680
159,680
628.790
2,123,190
239,680
948.790
399,680
3,183,510
3,583,190
399,680
1,588,790
68,460
108.460
148.780
1,393,190
39,680
79,680
239,680
583,510
1,233.510
1,883.510
663.190
148,790
308.790
188,470
79,680
28 460
48,460
84.780
1,000.000
-
2,000,000
159.680
—
3,000,000
5,000,000
•
Net Income not In
excess
The Bill.
titles,
as
Basis for
follows:
the
Income tax.
Title III.
Estate tax.
Tax
Title VI.
Title VII.
on
Tax
Title VIII.
Title IX.
Title X.
transportation and other facilities.
on
Tax
Tax
admissions and dues.
Excise taxes.
loss
Stamp taxes.
Title XII.
Tax
on
1
of
employment of child labor.
Title XIII.
General administrative
Title XIV.
General provisions.
TITLE
provisions.
following
domestic, foreign. United States, Secretary, commissioner, collector, tax¬
military or naval forces of the United States, and Government con¬
tract.
This title provides that this Act
may be cited as the "Revenue Act
are
defined in the
same
under the Revenue Act of 1918.
accruing before March
or
respectively,
partnership) and
a
a
citizen
corporation,
resident of the United States
or
more than
80% of whose gross income
period ending with the close of the taxable year (or for
part of such period as may be applicable) was derived from sources
for the three-year
such
without the United States and which derive
50% or more of their gross in¬
come for such period from the active
conduct of a trade or business
without
the United States.
These amendments constitute
part of a general plan
(more fully described in Section 217) to tax American
business concerns
whose business 4s practically all conducted in
foreign countries only on
their income derived from sources within the
United States.
A domestic
corporation or citizen who derives 80% of his Income from
foreign invest¬
ments will not be entitled to treatment as a
foreign trader, since the plan is confined
foreign trade corporation
be classed as
the other conditions will
his
or
transacted
its entire income,
without the
even
or domstlc
corporation is taxed
though all of it is derived from business
United States.
places American business
1913, however, being excluded for purposes
or
price
or
value
as
concerns at
This
a
results in
serious
of that date
over
such basis but not less than such fair
market
is recognized.
the amount realized there¬
more
than its fair market
price or value as or
than such basis but not
March 1
price
or
1913,
value,
less than
or
gain
no
or
loss
above
are
inventory, and property acquired by bequest, devise,
in substance preserved.
case
double taxation,
disadvantage In
the
com¬
petitive struggle for foreign trade, encourages American
corporations doing
in foreign countries to surrender
their American
business
charters and
Incorporate under the laws of foreign countries,
results in serious adminis¬
trative difficulties with
respect to the collection of taxes due from
individuals
resident in foreign countries, and
encourages American citizens to
expatriate
themselves.
In order to remedy this
situation foreign traders and
foreign
trade corporations, as above
defined, will be taxed under this Act
substan¬
tially as nonresidents—1. e., only on income derived
from sources within
the United States.
*
inheritance
or
An essential change, however. Is made In the
of property acquired by
gift.
statute for
determining gain
but the Treasury
or
No explicit rule is found in the present
loss resulting from the sale of such property,
Department has
held that the prosper basis for such de-
terminination Is the fair market
price
of its acquisition by the donee.
value of such property at the time
or
This rule has been the
source
of serious
abuse.
Taxpayers who have property the value of which has increased,
give such property to wives or relatives, by whom it may be sold without
taxation of the increase in value which took
place while the property was
The proposed bill, in
owned by the donor.
paragraph (2) of subdivision (a),
provides a new and just rule, namely, that in the case of
property acquired
by gift after Dec. 31 1920, the basis for
computing gain or loss is the same
that which it would have in the hands of the
donor
as
owner
by whom it
was not
acquired by gift.
erty cost the donor $50, and at the time it
worth $100, for which amount it is sold
donee would be $50 Instead of
foreign traders.
Under existing law an American citizen
upon
of
loss.
as
or
to business
concerns, but salaried
living and working abroad complying with
men
1
for; and (3) if the amount realized therefor is
more
corporation"—
a
case
or
such fair market price or
value; (2) If Its fair market price or value as of
March 1 1913, Is lower than such
basis, the deductible loss Is the excess of
In the
Section 200 adds to the definitions contained in the
Revenue Act of 1918
two
new
terms—"foreign trader" and "foreign trade
(or
for determining gain
provision states only the general rule.
The special rules
embodied in existing law with
respect to property which should be included
TAX.
Definitions.
defined to mean,
value
the fair market
The
II.—INCOME
disposition of property)
over
The
payer,
TITLE
other
disposed of after that date (1) If its fair market
of March 1 1913, is In excess of such
basis, the gain to be
included in the gross Income is the excess of the
amount realized therefor
I.—GENERAL DEFINITIONS.
All the other terms specified in this title
or
Mftrch 1 1913, and sold
1921, person, corporation,
manner as
Loss.
or
computing the net income subject to tax.
The proposed Act provides that in the
case of property acquired before
price
This title contains definitions applicable to the entire bill.
terms are defined in this title:
Revenue Act of
of 1921."
Determining Gain
Heretofore property held on March 1
1913, has
capital as of its value on that date.
The concession of the
Solicitor General In the above
cases, adopted by the court, is to the effect
that gain or loss In
every case is determined upon the basis of cost or ac¬
quisition value and not by the March 1 value of the
property, the gain or
Special taxes.
Title XI.
sale
been considered
cigars, tobacco, and manufactures thereof.
on
1,588,780
prior to March 1 1913.
soft drinks and constituent
parts thereof.
on
399,680
Because of the decisions of the
Supreme Court in the case of Goodrich v.
Edwards and Walsh v. Brewster (decided
Mar. 28 1921), it is necessary to
state explicitly In the statute the
method of treating gain or loss accrued
War-profits and excess-profits tax for 1921.
Title IV.
Title V.
239,680
628.780
948.780
Section 202 provides in detailed form for the
basis (used in the
General definitions.
Title II.
188,460
388,460
788,460
1,188.460
1,988,46 0
308.780
159,680
of $5,000.
The bill is divided into 14
Title I.
388,470
788,470
1,188,470
1,988,470
nothing,
facts necessary to determine the cost
This
was
the last preceding
present law.
unknown to the
Com¬
any
was
acquired by such donor
other
or
last
This paragraph does not apply to gifts made In contem¬
gifts made to take effect in possession and enjoyment
owner.
plation of death
at or after
or
if it is found impossible to obtain such facts, to
appraise the
value of such property as of the time it
preceding
was
If the
donee, the
missioner is empowered to obtain the facts from the
donor
person, or,
if the prop¬
given to the donee it
by the donee, the income of the
as under the
are
or
means that
or to
death, but such testamentary gifts
are to be treated as
bequests
or
devises.
Subdivision
(c) of this Section of the House bill, which provided that,
tn ascertaining gain or loss from the sale or other
disposition of property,
proper adjustments should be made for capital
expenditures or for loss,
depreciation, etc., was stricken out by your Committee on the ground
that it specified a self-evident rule and
was
thus superflous.
Dividends.
Section 201 clarifies the definition of dividends as
contained in the Reve¬
Act of 1918 by omitting or
exempting stock dividends as required
by the
decision of the Supreme Court in Eisner vs.
Macomber (252 U. S.,
189)
and provides a general rule for distributions
in liquidation and all
distribu¬
tions otherwise than out of
earnings accumulated since Feb. 28
1913.
The rule Is that such distributions shall
be treated as a
partial or full return
of cost to the distributee of his
stock or shares, and if the
stockholder
receives more than the cost
price of his stock, he is taxable under
Section
202 with respect to the excess in the
same manner as
Exchanges of Property for Property.
Section 202
nue
had
been
sold.
Section
stock before March 1
though
202
protects
the
stockholder
obscurities in 'the present law have
been
conclusively certain provisions which heretofore
cash
or
It is further provided that
other
the
property Is sold
or
the taxable income.
Minor
included In the
acquired his
1913, by providing that gains accrued
between
11913, shall not when the
date of acquisition and March
liquidated, be included in
sumptions.
who
such stock
taxable
gross income of the distributees
clarified
by
as
a
provides
new
rules
for
those exchanges or
technical "gain" may be realized under the
present law, the taxpayer actually realizes
Under
no
cash profit.
existing law "when property is exchanged for other property, the
property received in exchange shall, for the purpose of
determining gain or
loss, be treated as the equivalent of cash to the amount of its fair
market
value, if any
.
Probably
.
been
productive of
with
necessary
so
no
part of the present income tax law has
much uncertainty or has
business readjustments.
more
seriously interfered
The
existing law makes a pre¬
The proposed Act modifies that
presump¬
that in the case of an exchange of property for
sumption in favor of taxation.
tion by
no
providing
property
gain or loss shall be recognized unless the property received in
exchange
a
readily realizable market value, and specifies in addition certain
stating
classes of exchanges on which
as
erty received in exchange has
pre¬
distribution shall
be
of the date when the
is unqualifiedly made subject to
their demands
which is In accord with the
decisions of the courts and is well
established
In departmental practice.
property
although
has
have been stated
a
(subdivision c)
"trades" in which,
classes
trade
comprise the
no
a
cases where
gain
or loss is
recognized
even if the prop¬
readily realizable market value.
These
productive property (other than stock in
property held primarily for sale) used in a trade or business is
exchanged for property of a like kind or use; where in any
corporate reor¬
ganization or readjustment stock or securities are exchanged for stock or
or
securities of
a
corporation which is
a
party to or results from such
re-
OCT.
1
1921.]
THE
organization; and where
an
individual
or
individuals transfer property to
Gross Income Defined.
a
corporation and after such transfer are in control of such corporation.
The
uncertainty and by eliminating
grave
are
preceding amendments, if adopted, will, by removing
many technical
Section 213 defines gross income in the same manner as gross Income is
a source
of
constructions which
economically unsound, not only permit business to go forward with the
readjustments required
increase the
by existing conditions
but
also will
considerably
by preventing taxpayers from taking colorable losses
revenue
Proper safeguards are found in subdivision (d) which provides that where
property is exchanged for other property or where property is involuntarily
uied
are
to replace
the property converted, or where a wash sale is not recognized, the property
received in exchange shall be treated as
■V,v'.i
■
Losses.
204: Under existing law a
be earned in succeeding years.
'j,
business operated at
loss for any
a
The Revenue Act of 1918 authorized
deduction for net losses beginning after Oct. 31 1918, and ending prior to
1
husband
wife in
and
are
to
1920, but its provisions did not extend past the latter date.
The
providing that if for
that
any
taxable year beginning after Dec. 31
any
net loss,
a
the amount thereof shall be
and if such net loss is in
excess of
the net income for such succeeding
taxable year, the amount of such excess shall be allowed
as a
deduction in
Taxpayers haying
fiscal year beginning in 1920 and ending in 1921 will
a
year, which the
proportion of
same
any net
loss sustained in such
portion of such fiscal year falling within the calendar year
income
of the
spouse
Interest
making returns
service, and amounts roceived
war
a
the fsical year basis.
Under the present law
many
series of years
a
of eliminating double taxation, Paragraph 8 of Subdivision
income consists of earnings derived from the operation of
under the present law
permit such transactions to take place without fear of
pro¬
of the net gain derived
disposition of capital assets shall be taken into account
in determining the net income upon
which the income tax is imposed.
This
automatically reduces the rate of taxes applicable to such income by 60%.
The maximum rate (normal and surtax) upon
ordinary income after Jan. 1
1922, will be 40% and the maximum rate applicable to capital net gain
The House Bill placed
gains and losses, but this limitation
Senate
in
classes
of taxpayers
similar limitation
a
was
both capital'
upon
not applicable to corporations nor to
having net income less than $29,000.
provision would permit
The
taxpayer to deduct the entire loss sustained
a
capital transaction and Is applicable to all classes of taxpayers.
a
In
Great Britain capital gain or loss is ignored or eliminated in computing the
income.
net
Section
extreme views
lftWS
206
takes
intermediate
an
position
between
the
embodied, respectively, in the present American and British
equivalent exemption to citizens of the United States or to domestic
an
taxation
from
corporations,
sions:
as
authorized under existing law, but adds the following provi¬
are
The deduction for business expenses Is extended to Include all
(1)
traveling expenses incurred while away from home in the pursuit of
or
residents of the United States
The interest deduction is amended
Victory notes.
accrued
medium of wash sales, it is
evasion through the
that such interest
provided
that
no
deduction
thirty days after such sale the taxpayer purchases identical
(4) losses occurring in one year are frequently not determined
until
sustained
clearing
another
or
the
To permit more elastic treatment of such
commissioner they should be accounted for
opinion of the
The
provided under Section 216, and 8 %
upon
the remainder
a
(decided March 28 1921) gives ground for
In order to remove all doubt in the future it is here pro¬
prior to March 1 1913, the
the case of property acquired
that in
vided
depreciation deduction shall be computed upon the basis of the fair market
price or value of the property as of that date; (6) in order to make it certain
that the depletion
deduction when based upon discovery value shall not
permitted to offset or cancel profits derived by the taxpayer from a
be
separate and distinct line of business, it is
provided that the depletion
allowance based on discovery value shall not
exceed the net income,
without
puted
the
allowance for depletion, from the property
upon
com¬
which
discovery is made, except where such net income so computed is less
that the depletion allowance
March
1913; and (7)
1
provides that when
result
of fire,
based on cost or the fair market value as of
additional subdivision has been added which
an
property
is Involuntarily converted into cash as a
shipwreck, condemnation, or related causes the taxpayer
deduct the gains involuntarily realized
may
(or a proper part thereof)
when he
proceeds forthwith in good faith to invest the proceeds (or a part
thereof)
of such conversion in the
acquisition of similar property or in
the establishment of a replacement fund therefor.
Deductible,
tance
a
life or other
the expected
inheri¬
frequently capitalize
interest in property
terminable
set up the value of this expectation as corpus
future income
and thereafter claim a deduction for exhaustion of this so-called
principal
principal
deductible in computing
Under existing law persons receiving by gift bequest or
on
the ground that with the passage of time the "principal" or
is gradually shrinking or wasting.
to this section
Surtax.
of
under existing law the depreciation deduction should be
1913.
March 1
corpus
of the taxpayer's net ineome.
as
(5) the doctrine enunciated in the cases of Goodrich vs.
computed on the basis of cost in the case of property acquired prior to,
net income.
Tax.
that imposed under existing law.
as
depending upon court decision
year,
of uncertainty.
up
the belief that
or
of the credits
so
paid after Jan. 1 1922, shall not be deducted; (3) to prevent
or
Items Not
imposed under existing law is 4% upon the first $4,000 of net income in
excess
trade
a
business; (2) under existing law a taxpayer is permitted to deduct interest
Section 216 specifies certain items that are not
Section 210 imposes the same normal tax upon the net income of citizens
tax
Allowed Individuals.
Section 214 allows substantially the same deductions in computing net
income
II.—INDIVIDUALS.
Normal
or
such shipping earnings.
upon
Deductions
*
•
FART
a
ship or ships documented under the laws of a foreign country which grants
Edwards and Walsh vs. Brewster
sales of farms, mineral
are
hibitive tax, Section 206 provides that only 40%
certain
In order to encourage
affecting shipping companies,
(a) of this section exempts foreign shipping companies more than 95% of
whose gross
the
lump sum and the amount of surtax excessively exhanced thereby.
will be 16%.
compensation for allowances under
losses shall not be deducted as of the taxable year in which sustained, if in
properties, and other capital assets have been prevented by the fact that
In order to
as
losses, in the interests of justice to the taxpayer, it is provided that certain
Capital Cain and Capital Loss.
from the sale or other
com¬
spouse.
clerical nature to make the provision
Section 206 limits the rate of taxation upon gain derived from the sale
as a
of the
the income of such
exempted from taxation by this section.
are
different period;
taxed
as
provisions of the war risk insurance and the vocational rehabilitation
acts
or
apply to returns for the fiscal years 1921 and 1922.
assets.
this
to
providing that
The only
upon
changes made in existing law are of
gains and profits earned over
by
postal savings certificates of deposit, United States pensions
on
securities;
Fiscal Year Method of Computing Income Tax.
Section 205 retains the present method of computing income taxes in the
of taxpayers
and the
An amendment is added
having the management and control
and shall be taxed
munity property,
that within
of capital
unit to the husband is divided between
a
having community property laws,
shall be allowed for losses sustained in the sale of securities where it appears
1921 is of the entire fiscal year.
case
Income
paid upon money borrowed to purchase or csfrry tax-free Liberty bonds or
computing the net income for the next succeeding taxable year.
be entitled to deduct the
opinion
an
1920, it
deducted from the net income of the taxpayer for the succeeding taxable
year;
Under
community property
income received by any marital community shall be included in the gross
the presentation of evidence satisafctory to the Commissioner
taxpayer has sustained
a
uniformity of treatment,
restore
present Act proposes to revive the net loss allowance in modified form by
appears upon
States
correspondingly reduced.
designed
section
for the purpose
year can take no credit or deduction for that loss against any profit which
Jan.
having
the international adoption of uniform tax laws
Net
a
which in other States is taxed as
the
existing law.
may
existing law with important amendments.
law enjoyed marked advantage over the residents of other States.
for
Inventories.
Section 203, relating to inventories is the same as the inventory Section
Section
in
of the Attorney-General, residents of States
taking the place of the original
property.
of
defined
surtaxes
in wash sales and other fictitious exchanges.
conVerted into cash and the proceeds of such conversion
1415
CHRONICLE
A new subdivision has been added
explicitly providing that no such deduction shall be recog¬
nized.
Section 211.
The following table shows the surtaxes levied under existing
law and under the
proposed bill
it passed the House and
as
as
reported to
the Senate:
Credits Allowed Individuals.
Under existing law single persoas receive an exemption of $1 000
head of a family $2 000
with an additional allowance of $200
only.'
<s
and each
Surtax
Surtax rates under
rates under
Proposed
Proposed
Bill,
Bill.
Income.
Income.
Exist¬
ing
law.
it
As
\As re¬
ing As it ported
law. pass¬ to the
ported
pass¬ to
the
for
each
dependent.
the
Under
dependent is raised to $400;
proposed
In excess of $5 000
of married persons living
is only $2 000.
Under existing law non-resident alien individuals are allowed the same
personal exemptions as citizens or residents if the country in which the
non-resident alien resides allows the same credit to citizens of the United
sonal
exemption of $2 500 unless the net income is
in which case the personal exemption
together)
ed
Sen-
ed
Sen¬
House
%
ale.
House
ate,
%
%
%
%
%
*58.000 to *60,000
28
28
28
very
*60,000 to *62,000
29
29
29
non-resident aliens only a single personal
*5,000 to $6,000
1
1
*6,000 to $8,000
2
2
1
3
3
2
*62,000 to *64,000
*10,000 to *12,000
4
4
3
*64,000 to *66,000
31
31
31
*12,000 to *14.000
5
5
4
*66,000 to *68,000
32
32
32
*14,000 to *16,000
6
6
5
*68 000 to *70,000
33
32
32
*8,000 to *10.000
,
30
30
30
32
32
32
32
32
32
*16.000 to *18.000
7
6
*70.000 to *72.000
34
*18,000 to *20,000
8
8
7
*72,000 to *74.000
35
*20.000 to *22.000
9
9
10
*74.000 to *76.000
36
*22,000 to 824,000
10
10
11
*76.000 to *78.000
37
32
32
*24,000 to *26.000
11
11
12
*78.000 to 880.000
38
32
32
7
'
*26,000 to *28,000
*28,000 to *30.000
12
12
13
*80.000 to *82.000
39
32
32
13
13
14
*82.000 to *84,000
40
32
32
*30,000 to *32.000
14
14
15
*84.000 to *86.000
41
32
32
*32,000 to *34.000
*34,000 to *36,000..._
15
15
16
*86.000 to *88.000
42
32
32
16
16
16
*88,000 to *90,000
43
32
32
*36,000 to *38,000
17
17
17
*90,000 to *92,000
44
32
*38,000 to 840.000....
18
18
18
*92.000 to *94,000
45
32
32
*40.000 to *42.000
19
19
19
*94,000 to *96.000
46
32
32
*42,000 to *44.000
20
20
20
*96.000 to *98,000
47
32
32
*44,000 to 346.000._-_
21
21
21
*98.000 to *100.000...
48
32
32
*46,000 to *48.000
22
22
22
$100,000 to *150.000..
52
32
32
*48.000 to *50,000
23
23
23
*150.000 to *200.000..
56
32
32
The
32
present exemption for
Net
Income
of
Non-Resident Alien Individuals and foreign Traders.
rules—applicable principally to non resident
Section 217 states explicit
aliens
and
sources
foreign traders—for computing the net
within the
tionment.
Partnerships and
24
24
*200.000 to *300,000..
25
25
25
*300.000 to *500.000..
63
32
32
*54.000 to *56.000
26
26
26
*500,000 to *1,000.000
64
32
32
except that proper
32
the tax
*1,000,000 and over..
65
32
Net
Income
on
the gross income as
Section 213 less the deductions allowed by Section 214.
the same
as
the like section of the Revenue Act of 1918.'
as
of Tan. 1 1922 of
personal-service corporation with respect
in such corporation and the taxation of such cor¬
profits
other corporations are taxed.
Estates and Trusts,
defined in
This section is
corresponding provision in existing law
provision is made for the repeal
the stockholders of a
poration in the same manner as
Defined.
mean
Personal-Service Corporations.
Section 218 is the same as the
to undistributed
Section 212 defines net income to
income derived from
obscure and
The present law is both
inasmuch as the Attorney General
manufactured or produced in the
*52.000 to *54,000
27
,
has held that
United States and sold
abroad
no part of the profit is derived from a source within the United
States.
This section explicitly allocates certain important sources of in¬
come to the United States or to foreign countries
as the case may be and
with respect to the remaining income (particularly that derived partly
from sources within and partly from sources without the United States)
authorizes the commissioner with the approval of the Secretary to deter¬
mine the income derived from sources within the United States either by
rules of separate allocation or by processes or formulas of general appor¬
where goods are
*50.000 to *52,000
27
United States.
economically unsound
60
27
non-resident aliens has been found
amendment is proposed allowing
exemption of $1 000.
difficult of administration and an
32
32
States.
24
*56.000 to *58.000
bill the allowance for each
and each head of a family will receive a per¬
(aggregate income of husband and wife in case
Exist¬
As re¬
credits allowed in computing the normal tax
Section 216 specifies the
Section 219 is amended slightly
and mniHnp the
for the purpose of
clarifying its provisions
and certain. A new
interpretation thereof more definite
1416
subdivision (f) is added providing that an
employer
CHRONICLE
THE
irrevocable trust created by
an
part of a stock bonus or profit-sharing plan shall not be taxable
as a
but that the amounts actually distributed to any em¬
under this section
to the extent that
ployee shall befaxable to the employee when distributed
[Vol.113.
foreign corporation
a
50%
of the
that granted as a credit to individuals for the
purposes of
Evasion of Surtaxes by Incorporation.
Items Not Deductible by a
Section 220 of the existing law provides that if any corporation is
formed
availed of for the purpose of evading the surtax upon its stockholders
Section 235 is the
partners.;
By
Section
existing law
scribed
they
(Eisner
case
so
bill
of 1918.
de¬
Payment of Corporation Income Tax at Source.
Section 237 is the
corporation in the
same manner as
members of
to be in lieu of all income taxes upon
a
the corooration.
Section
238
United States
V, iV;
for Taxes in Case of Individuals.
lax
The income
law allows
any
possession of the United States, with certain modifications in the
income or.profits taxes paid to any foreign country or to
Of alien residents of the United States.
case
profits
Where foreign income or
imposed at rates higher than those carried by the similar taxes
In this country, this credit may wipe out part of our tax properly
income derived from
to
within the United States.
sources
abuse, section 222 provides that in
exceed the
same
proportion of
To prevent
this
shall the amount of this credit
case
no
attributable
which the taxpayer's net income from
without the United States bears to his entire net income.
This
sources
our tax
make
to
income-tax return.
an
and
every
to make
though
a
net income
living
person
to
sioner of Internal Revenue.
Section 224 is re-enacted in the
same
Under
corporations when
the
or
his net in-
organized
and the addition of
a now
period of less than
a
Accounting Period Changes.
subdivision (c;
as
annual basis
as
case of returns
income shall be placed
on
an
part of a tax computed on such
the number of month in such
Time and Place for Filing Individual,
t
same
Partnership, and
Fiduciary Returns.
with
same
as
242-246
on
provide
Tax
applicable
on
plan for the taxation of life insurance
The provisions of the present law
adopted by the Senate.
companies are imperfect
to life insurance
and
productive of
The proposed plan would tax life insurance companies
litigation.
the basis of their investment income from interest,
ment income.
The
new tax
excess-profits taxes for the
dividends, and rents,
would take the place of the present income and
1921, and life insurance companies would
year
share with other insurance
yield
companies in the repeal in the
year 1922 of the
The new tax will
larger revenue than the taxes which it is proposed to replace.
a
PART
IV.—ADMINISTRATIVE
PROVISIONS.
year
The rate
The proposed increase to 15% is imposed
annual
1 1922.
revenue
The
reduction of
$400,000,000, and the repeal of the capital stock tax an annual reduction
of $75,000,000.
The additional tax of 5% upon corporations will increase
$260,000,000 per year,
specifies the classes of corporations which are exempt.
It
In existing law: (1) Domestic building and
associations will, under the proposed law,
be exempt only in
case
substantially all of their business is confined to making loans to members;
chests,
funds
or
foundations,
organized
exclusively for religious, charitable, scientific, literary,
and
operated
orjeducaticnal
pur¬
for the prevention of cruelty to children or animals, are included
within the terms of the exemption applicable to
of additional assessments made with¬
corporations,
an
adverse
payment of the back taxes found to be due
undue hardship, and to prevent the evasion of taxes by
taxpayers who depart from the
United States without making
proper pro¬
vision with respect to the payment thereof.
Under
existing law, when it is found by the Bureau of Internal Revenue
that the amount of taxes
the taxpayer
paid has not been
is given notice that
an
as
much
should have been paid,
as
additional assessment has been made
against him and that he will be required to pay the amount of such
ment within 10
assess¬
days after notice and demand is made therefor by the col¬
lector.
proposed (in subdivision d of Section 250) that before
any
addi¬
tional assessment is made the taxpayer shall be notified thereof and given a
makes the following changes
community
would result in
It is now
Conditional and Other Exemptions of Corporations.
Section 281
case
who have been assessed additional taxes after
court decision when immediate
as
substitute for the excess-profits tax, which is repealed as of Jan. 1 1922,
and for the capital stock tax, which is repealed as of July
an
in the
complete knowledge of all the facts in the case, to prevent harassment
those taxpayers
Corporations.
(repeal of the excess-profits tax involves
none of the
earnings of which inure to the benefit of any private stockholder
(3) the exemption granted to fanners' fruit-growers',
individual;
Life Insurance Companies.
a new
with suitable deductions for expenses fairly chargeable against such invest¬
out
of the corporate net income and that for the calendar
under existing law is 10%.
net
the corresponding
by legal actions more than five years after the filing of a return, to protect
1922 and each year therafter the rate shall be increased to 15%.
poses, or
as
companies, substantially similar to the plan embodied in the Revenue Act
of 1918 as first
afford relief to the taxpayer
found in the Revenue Act of 1918.
PART III.—CORPORATIONS.
(2)
unimportant change
Payment of Taxes.
Section 230 provides that the corporation tax for the calendar year 1921
loan
Filing Corporation Returns.
one
This amendment
Understatement in Returns.
.
revenue
distribution
Section 250 has been amended in certain important respects in order to
1
the
or
capital stock tax and the taxes imposed by Section 503.
period is of 12 months.
filing of returns by non-resident alien indi viduals.
Section 228 is re-enacted
a
a correct
shifting of profits
is designed to encourage non-resident aliens to file accurate returns.
shall be 10%
A new
controlled
businesses, particularly in the case of subsidiary corporations
Taxes
Section 227 is amended by extending from three to six months the time
for the
capital,
or
foreign trade corporations.
Time and Place for
on
providing that in the
one year, the net
businesses owned
the related trades
Section 241 is the
constant
annual basts, and the tax shall be the
or
This is necessary to prevent the arbitrary
amon::, related
Sections
Section 226 of the present law is re-enacted with unimportant changes,
for
The consolidated
among
it exists in the Revenue Act
as
filing of individual returns.
Returns When
loss.
section in the Revenue Act of 1918.
correspond to the provisions of Section 223 relating
may
a
by the same interests, for the purpose only of making
businesses.
form
are
corporations affected would
sustain
trades
or
income of $5,000
a gross
Section 225 is amended in order that the provisions relating to the filing
fiduciary returns
whether
(commencing
to prevent evasion under the excess-profits tax, but this
solidate the accounts of related
Fiduciary Returns.
to
as to
Owing to the complexity of the
one or more of them
of 1918.
of
return
existing law affiliated corporations
certain instances, the
gains, profits, income, deductions,
Partnership Returns.
,
option
prefer not to make such consolidated return, although it benefits affiliated
both have incomes large enough to be subject to surtaxes.
.
an
separate
a
required to make consolidated returns.
consolidated return in
committee proposes an additional
Your
or
although such corporations would be required to adhere
the election, once made, unless authorized to change by the Commis¬
,
of
income-tax return regardless of the amount of
one or
corporations
consolidated return
a
1922
It also is made clear that husband and wife may make a joint return
Come.
even
an
file
1
required
provision requiring every individual having
more
having
married
wife having a net income of $2,000, or over, is
or
they shall
with Jan.
subdivision is added to this section giving the commissi oner power to con¬
Under existing law every single person
for the taxable year of 81,000, or over,
With husband
240 would give affiliated
necessity will disappear when the excess-profits tax Is repealed.
Individual Returns.
;
Section
return is necessary
credit is not allowed to foreign traders.
Section 223:
corresponding section in the Revenue Act
Consolidated Returns.
credit, dollar for dollar, against
a
tax for any
are
the
same as
—
our
taxes
Section 239 is the
.
of 1918.
Credit
Section 222:
credits for
.same
possessions of the
or
Corporation Returns.
in part of non-resident aliens shall be withheld at the
or
source.
countries
granted to individuals by Section 222.
are
Section 221 is amended to provide that the income of partnerships com¬
posed in whole
1922.
to corporations substantially the
grants
as
I
increase of the corporation
in Case of Corporations.
income and profits taxes paid to foreign
Payment of Individual's Tax at Source.
;
■
corresponding section of the Revenue Act
Credit for Taxes
such taxes
partnership
the
same as
of 1918, with proper changes for the proposed
income tax rate to 15% on and after Jan. 1
if the stockholders agree
but
25%;
Credits Allowed Corporations.
Section 236 is substantially the same as the corresponding section in the
Revenue Act of 1918.
be taxed upon their distributive shares in the net income of the
may
Corporation.
corresponding section in the Revenue Act
v.;'-
of existing law
to impose upon corporations of the character above
as
as
Section 220 of the
to amend
computing normal
considerable
189)
of this provision
therefore proposes
flat additional income tax of
a
252 U. S.
Macomber
vs.
the constitutionality
to
as
of the
220
manner
same
of the recent decision of the Supreme Court in the
reason
stock-dividend
doubt exists
the stockholders shall be taxed in the
the
same as
through the medium of permitting its gain and profits to accumulate instead
of being divided
than
more
derived from
was
This dividend deduction is similar to
tax in Section 216.
they exceed the contributions made by such employee.
or
deductible only when it is shown that
are
income of such foreign corporation
gross
within the United States.
sources
or
or
period of not less than 30 days In which to file an appeal and show cause
such
why
contemplated assessment should
for hearing shall be given and
a
not be
made.
Opportunity
final decision thereof shall be made
as
Claims in abatement of assessments will not be
quickly as practicable.
entertained if the taxpayer has, had proper hearing and a final decision has
rendered.
been
These provisions
are
designed to
notice of contemplated increase in the assessment,
every
taxpayer
and to secure promptly a departmental decision in
audit ad examination,
which all questions shall be
The laws relating to
like
give
to hasten the work of
settled at the
same
time.
the time within which assessments may be made,
of taxes, refunds
credits for taxes filed,
associations organized and operated as sales agents for the purpose of mar¬
suits brought for the collection
keting products, is extended to like associations acting as purchasing agents
and court actions instituted for the recovery of taxes illegally or erroneously
for the,purpose
collected have in the past been uncertain and annoying to taxpayers.
and
turning
cost,
plus
of purchasing supplies and equipment for the use of members
over
By Section 1322 of this bill the time for
such supplies and equipment to such members at actual
excise taxes under the Act of Aug. 5
Net Income of Corporations
Bisection
Defined.
after the tax became
232 is the same as the corresponding section in the Revenue Act
of 1918.
Corporations Defined.
provide for the determination
income of foreign traders and foreign-trade corporations and to
exclude life insurance
are
made
companies, for the taxation of which special provisions
in Sections 242 to 246. inclusive.
Deductions Allowed Corporations.
taxes
banks
applicable only
are
to
of their shareholders or members;
hold
a
(1) Corporations
corporations:
permitted to deduct certain taxes paid by them for
(2) where
an
tax under a tax-free covenant bond, the
or^exclude such tax from his gross income;
(particularly
or on behalf
obligor is required to with¬
obligee is authorized to omit
(3) and dividends received from
any
suit
or
proceeding
in any court for the collection of internal-revenue
after the expiration of five years from the time such tax was due,
Government
except in the case of fraud.
Heretofore, except in the case of income,
excess-profits, and war-profits taxes under the Revenue Act of 1918, there
no
limit upon the time in which the Government could bring suit for
collection of taxes.
th
accorded individuals by the terms of Section 214, with the following pro¬
visions
and under prior Acts to five years.
revents the bringing of
by the
was
Section 234 authorizes corporations to take deductions similar to those
years
In Section 250 ( ) the time for assessing income,
Section 1320 of this bill
Section 233 is slightly amended in order to
of the gross
due.
1909, has been limited to four
excess-profits, and war-profits taxes under this bill has been limited to four
years,
Gross Income of
the making of an assessment in¬
of taxes other than income, excess-profits, war-profits, or corporation
crease
expense.
necessary
or
with
respect to
Subdivision (d) of Section 250 contains limitations
income and profits taxes similar to those contained in
Section 1320.
Section 3226 of the Revised Statutes has
of this bill to provide
any
filed
a
been amended by Section 1318
that the taxpayer may bring suit to recover taxes at
time within five years after he has
claim for the refund thereof
of such claim, in case the
paid his tax, provided that he has
and has waited six months after the filing
commissioner has not rejected the claim prior to
Oct. 1
1417
CHRONICLE
THE
1921.]
\
This provision removes
such time.
Section 3227 of the Revised
the ambiguity and doubts surrounding
tatutes.
such
Receipts for Taxes.
Section 251 is the same as the
a
corresponding section of existing law.
(regardless of
invested capital of the taxpayer is decreased
is due to the
failed to take adequate depreciation or other de¬
by the Commissioner of Internal Revenue and such decrease
the
that
fact
taxpayer
The refund is for the excess taxes paid in such
ductions in previous years.
prior
years.
the payment of
that claims for refund may be filed within four years after
the tax, instead of within two years, as
under existing law.
-Penalties,
Section 253 is the same
of
prior
of Payments of Dividends.
Returns
section of the Revenue Act
1918.
contracted "in line of duty."
made in this Section are designed to
Such other changes as have been
obscurities in the existing law by adopting the construction
present Act.
commissioner
the
to
construction which has been given this Section by the Bureau of
burden
on
section to auth¬
It is believed that such a provision
the various payors and that the re¬
It is
quirements of existing law are all that can be reasonably required.
recommended
therefore
without
change.
that
the
of existing law
provisions
be retained
;
,
:
:
.
M Returns to be Public Records.
Section 257
without change the corresponding
re-enacts
section of the
his death, is not to be included in determining
United States at the time of
estate of such decedent for the purposes of the tax
imposed by Title II of the Revenue Act of 1916.
This opinion
(31 Op. Atty. Gen., 287).
is regarded as applicable also to Title IV of the present law,
the deduction of "unpaid mortgages."
The proposed
amends the Section as to exclude the right, if any, to
so
corresponding section of the
258 re-enacts without change the
Revenue Act of 1918.
Collection of Foreign Items.
259 re-enacts without change the
corresponding section of the
Revenue Act of 1918.
Section 250 re-enacts the provisions
of the corresponding section of the
Paragraph 2 of subdivisions (a) and (b)
(a) (2) and (b) (2).
Section 403
the deduction of
received by the decedent as a
share in the estate of any person whose death occurred within five years
prior to that of the decedent, or which can be identified as having been
acquired in exchange for property so received, if an estate tax under the
Revenue Acts of 1917 or 1918 was collected from such estate, and if such
of the
correspondg section of the present Act provides for
equal to the value of any property
amount
an
decedent's gross estate.
property is included in the
property so received
"under this or
paragraph are
designed to prevent a double deduction, in whole or in part, of the value of
the property so received or acquired, and to remedy defects and omissions
proposed bill extends the right of deduction to
a
prior decedent whose estate has paid
such a tax
The other amendments of this
prior Act of Congress."
any
found to exist in the present law.
403
Section
or
(b)
(3) and
(a)
lifetime
his
educational,
United States Possessions.
resident
decedent which is located
during
Citizens of the
deduct mort¬
indebtedness with respect to, the property of a
outside the United States.
gages upon, or any
from
Publication of Statistics.
Section
authorizes
The
Revenue Act of 1918.
Section
Internal
'
(1) . It has been held by the Attorney General that real
located outside the United States, belonging to a resident of the
estate
information, relative to the payments
require
made at the rate of SI,000 per year.
would impose too great a
provisions of existing law rela¬
The House bill changed this
source.
relating to
and conforms to the
held jointly or as tenants in the entirety,
bill
Information at Source.
tive to information at
placed
Section of the
by the Bureau of Internal Revenue upon the corresponding
which
Section 256 re-enacts without change the
disease
confining the exemption to cases where the injuries were received or
the value of the gross
of Brokers.
corresponding section of the Revenue Act
Section 255 is the same as the
The limitation consists in
United States.
the entrance therein of the
to
Section 403 (a)
of 1918.
orize
while
Revenue.
1918.
Returns
disease con¬
associated with the United States in the prosecution of such war, or
interests
the corresponding section in the Revenue Act
a s
in extending the exemption to the estates of
enlargement consists
tracted while serving in the military or naval forces of any country
Section 402 (d) removes the uncertainties in the existing law
.p;.
f
Section 254 is the same as the corresponding
of
limitation
remove
it is provided in Section 1316 of this bill
With respect to all other taxes
In the proposed bill there is both an enlargement
citizens of the United States dying from injuries received or
Section 252 is extended to authorize a refund in any case
In
collected upon
and
of the exemption, the refunding provision remaining unchanged.
and provides for the refundment of any tax
transfer.
a
The
Refunds.
time limitations) in which the
from injuries received or disease contracted while
in the present war or
such service,"
-
(3) makes it clear that gifts by decedent
religious, charitable, scientific, literary,
deductible where the
public,
for
other benevolent purposes are not
property given is not
value of the
in this
Act shall be construed to amend the provisions of the Act approved July 12
1921, relating to the imposition of income taxes in the Virgin Islands of the
United
pany,
required under the law to be included in
his gross estate.
Revenue Act of 1918 and adds a
paragraph providing that nothing
States.
Porto Rico and
Section 261 simplifies the form
nue
of the corresponding Section of the Reve¬
Rico and the Philippine
relating to the imposition of income taxes in Porto
the life of
a
(3).
United States. This has been found to
companies at a disadvantage in competing with
foreign companies, and, in order to remedy this situation, the proposed bill
expressly states that such insurance shall not be regarded as property situ¬
ated in the United States.
A like provision is made respecting moneys de¬
is deemed property within the
place American insurance
Philippine Islands.
materially alter the substance of existing law
Act of 1918, but does not
Under existing law the proceeds of insurance upon
non-resident decedent, where the insurer is a domestic com¬
Section 403 (b)
Islands.
posited with any person carrying on a
resident decedent who is not
Retroactive exemption
of Income From Sources
of the
Section
262 is
income from
persons
new
a
United
States.
who could qualify during the years
foreign traders,
or
It
a
Act of 1918 in excess of the
of
United States for those
1918 to 1921, inclusive, as
foreign trade corporations in possessions of
It also authorizes
States.
the United
refund for any taxes paid under the Revenue
retroactive tax determined under or
wltr the
Your Committee recommends the repeal of
profits tax
cause
of its
manner
as
of Jan. 1 1922.
TAX FOR 1921.
the war-profits and excess-
The repeal of this tax is
recommended be¬
of the
inequalities and difficulty of administration and because
in which it discriminates against
capital.
Its
repeal
was
corporations with small invested
recommended by Secretary Glass in his
report for the fiscal year ending June 30
in his annual report
annual
1919, and by Secretary Houston
for the fiscal year ending June 30 1920.
contradistinction
to
a
in favor of taxes of this nature.
theoretical end at which it aims.
financed
The tax does not attain in practice the
It discriminates against conservatively
corporations and in favor of those whose
capitalization is exagger¬
unduly small
ated; indeed, many overcapitalized corporations escape with
contributions.
It is exceedingly complex in its application
and difficult
despite the fact that it is limited to one class of business
concerns—corporations.
Moreover, it is rapidly losing its productivity.
The invested capital of the average corporation, earning profits high enough
to subject it to the excess-profits tax, is now estimated to be increasing at
the approximate rate of 12% a year, while the income of the average
corporation is almost certainly declining at as great a rate.
Both move¬
ments cut into the producivity of the tax.
If the present changes in capital
and income continue for some time in the future, as now seems probable,
of administration,
large reduction may be expected in the yield
(Secretary Houston, Annual Report for 1920, pp.
of the excess-profits tax.
38, 39.)
1921, to the Chairman of the
Committee on Ways and Means, takes the same position.
The excess-profits tax is complex and difficult of administration, and is
losing its productivity.
It is estimated that for the taxable year 1921 it will
yield about S450.000.000 [$400,000,000], as against $2,500,000,000 in
profits taxes for the t axable year 1918. $1,320,000,000 for the taxable year
1919, and $750,000 000 for the taxable year 1920.
In fairness to other
taxpayers and in order to protect the revenues, however, the excess-profits
tax must be replaced not merely repealed, and should be replaced by some
other tax upon corporate profits.
A flat additional tax on corporate income
would avoid determination ef invested capital
would be simple of admin¬
istration, and would be roughly adjusted to ability to pay.
Secretary Mellon in his letter of April 30
The changes made in this title, Sections
300 to 338, inclusive, represent
merely the elimination #f rates applicable to
TITLE IV.—ESTATE
The
corresponding Section of the present law exempts
the estate tax "the transfer of the net estate of any
OTjma^^dievhilejservingJhjthemilitar^jjjrj^
Section 404:
from
roferrable to
and (3) of
section.
section of the present Act requires the
days after qualifying as
notice with the collector within 60
possession of any property of the
such, or after coming into
instances
executors have made the mistake of
decedent.
In
regarding the 60-
months, and have in consequence incurred a
delinquency in filing the required notice.
The
months' period, and in other parts
day period as meaning two
penalty by
reason
of a
change here made is to substitute a two
proposed bill to change to months the
times expressed in days in
the
present law.
The date from which the
period begins to run also is
by specifying the date of the decedent's
made more certain
death or that on which the
executor
qualifies.
Sections 406 and 407 remove any
uncertainty as to the date upon
payable by expressly stating
the tax becomes
shall be due "and
payable" one year after the
law with respect to
which
in Section 406 that the tax
decedent's death.
Section 406 and those made in
Other changes made in
designed to remove the difficulties and
Section 407 are
uncertainties found in the present
the question whether the tax can, or "can not be de¬
They also simplify the administration
termined" when the return is filed.
of the law, and
A new
for
written
should be more readily
paragraph has been added to
those
cases
wherein
understood by taxpayers.
Section 407 which makes provision
complete return and makes
the executor files a
application to the commissioner for a
determination of the tax and
In such cases the commissioner,
possible and in any event within one year after receipt of such
application," is required to notify the executor of the amount of tax, and,
upon payment thereof, the executor is to be relieved from personal liability
for any additional tax thereafter found to be due.
Provision also is made that such discharge shall not operate to release
discharge from further personal liability.
"as
soon
as
the gross estate from the
gross estate remains
mand for any
lien of any additional tax
such tax
shall bo subject to such
These added
for value."
the criticism and
that the existence of the lien,
prevented
a
past that delay in the deter¬
embarrassment, and
potential, has hindered, delayed;
worked hardship and
actual or
estate.
uncertainties of the corresponding
sale of assets of the
Section 408 removes the
present law by expressly
tax
for the future
provisions are designed to remove
complaint often made in the
mination of the tax liability has
or
"while the title to such *
distributees thereof; but no
lien or to any claim or de¬
if the title thereto has passed to a bona fide purchaser
in the heirs, devisees, or
part of such gross estate
section of the
proceed to collect the
the commissioner," if it be not paid "on or
authorizing the collector to
"upon instruction from
before the due date thereof."
Section
411:
Section
This section is new
252 of the income tax
claims for refund may bo
decedent who has died
made of any excess payment
The corresponding
executor to file a
numerous
of the
redetermination
authorized under paragraphs (2)
subdivisions (a) or (b) of the same
to
TAX.
of deductions
allowance
arise from an intention on the part
permanently remain in such service.
paragraph of this section provides for a
of the tax where refund is to be
prior years and other provi¬
sions which have already expired.
Section 400:
The concluding
the
the benefit of the $50,000 specific exemption
of all resident decedents, where the only reason
denying the exemption would
for
of the
the excess-profits tax even as a war expedient
war-profits tax) have been repeatedly voiced
before the committees of the Congress.
Still more objectionable is the
operation of the excess-profits tax in peace times.
It encourages wasteful
expenditure, puts a premium on overcapitalization and a penalty on brains,
energy, and enterprise, discourages new ventures, and confirms old ven¬
tures in their monopolies.
In many instances it acts as a consumption
tax, is added to the cost of production upon which profits are figured in
determining prices, and has been, and will, so long as it is maintained upon
the statute books, continue to be, a material factor in the increased cost of
living.
(Secretary Glass, Annual Report, 1919, p. 23-24.)
The reasons for the repeal of the excess-profits tax should- be convincing
even to those who, on grounds of theory or general political philosophy, are
The Treasury's objections to
(in
which extends to the estates
deceased missionary to
|of American missionaries, dying in
estates
accords to the
also
foreign missionary service,
the
benefit of this Section.
TITLE III.—WAR PROFITS AND EXCESS PROFITS
banking business, by or for a non¬
United States at
engaged in business in the
the time of his death.
provision authorizing a retroactive exemption
within the possessions of the
sources
Within Possessions
an excess
similar
within which
and incorporates a provision
law, but limits the time
filed to a period of
three years after the payment of
amount of tax.
Section 412 clarifies and
codifies existing law by including
visions of this Act the rule as to the
within the pro¬
American
taxation of property of an
|
1418
[Vol. 113.
citizen in China, as stated In the Act entitled "An Act making
appropriation
for the Diplomatic and Consular Service for the fiscal year ending
manufacturers who are able to sell
entirely at wholesale.
Your Com¬
mittee recommends the retention
of the present method of computing the
tax in the case of retail sales.
June 30
1921," approved June 4 1920.
TITLE V.—TAX ON TRANSPORTATION AND OTHER FACILITIES.
Section 500 provides for the reduction of the taxes imposed by the
1
of Jan.
as
1922, and such taxes
entirely repealed
are
By Section 503 of the Revenue Act of 1918 taxes
issuance of life insurance policies
policies.
Section
upon
of Jan. 1 1922.
The House bill repeals all
amount
Jan. 1 1923.
and bronzes.
imposed upon the
were
and upon the premiums paid on other
This provision is eliminated from Title V of this Act, and by
as
Section 902 of the Revenue Act of 1918
imposed a tax of 10% upon the
paid upon each sale of sculpture, painting, statuary, art porcelains,
one-half
1400 the provisions of the Revenue Actiof 1918 in this regard are
repealed
Works of Art.
Revenue
Act of 1918 upon freight, passenger, and Pullman transportation by
transportation taxes
and the taxes upon issuance of life insurance
policies and the
other policies as of Jan 1 1922.
The provision exempted,
however, sales by the
sales to educational
institutions and public art
artists and
The House bill
museums.
reduced the rate upon the sale of such articles
to 5%.
Your committee
recommends the retention of the
10% imposed under existing law.
But
it recommends that this
provision
be modified
that
so
apply to sales between dealers.
will not
the tax
-
premiums of
Luxury Taxes Upon Articles Selling Above
.
TITLE VI.—TAX ON SOFT DRINKS AND CONSTITUENT PARTS
THEREOF.
Fixed Price.
a
Section 904 of the Revenue Act of 1918
imposed a tax of 10% upon the
selling price of specified articles selling above a fixed price.
This section
has
Section 600 imjjoses manufacturers' sales taxes
gallon upon cereal beverages;
juices
intended
"still"
or
for
consumption
beverages;
as
noncarbonated soft drinks;
artificial mineral
7
waters;
or
House
bill
upon
finished
on
foutain sirups to
or
cereal
on
still drinks is 3 cents per gallon,
fountain sirups is 10 cents per gallon.
or
the rate on finished
by
|
•
imposes similar taxes, except that the rate
beverages is 4 cents per gallon,
upon
natural or
finished or fountain
and 5 cents per pound
mixing soft drinks;
upon carbonic-acid gas.
The
unfermented fruit
cents per gallon
2
10 cents per gallon upon
cents per gallon upon
sirups usod In manufacturing
Two cents per
follows:
as
2 cents per gallon upon
7H cents
and
The reduction in
reconmmeded
per gallon is
Committee in
order to equalize the difference in tax bettwen
carbonated and noncarbonated beverages which would result if the higher
your
rate were
imposed.
By Section 628 of the Revenue Act of 1918
upon
of
tax
a
been very difficult of administration, and has
placed a burden upon
retailers disproportionate to the revenue collected.
The taxes imposed by
this section are regarded as nuisance
taxes, and your committee recom¬
mends their
tax be
repeal
Imposed
of Jan. 1 1922.
each;
valises, traveling bags,
excess
of $20 each;
The taxes
imposed by this section
rate of 2 cents per
imitations thereof.
gallon if sold at
10 cents per gallon.
over
thereof of the amount paid
tax of 1 cent for each 10
a
to persons conducting soda
fountains, ice-cream parlors, etc., for soft drinks. Ice
etc., la imposed.
Ice cream soda,
cream,
of Jan.
1
Section 600,
1922.
above described, Is designed to cover this field of taxation
by imposing a
flat gallon tax, instead of a tax based
upon the sale
sold by the manufacturer and
imposing
a
price, upon beverages
flat gallon tax
elements of beverages or soft drinks which
are
upon
compounded
constituten
thereof.
The
House
bill
committee as
a
or
of 5% upon all
a tax
fitted with precious metals or
provision was to impose a tax upon
fitted with precious metals or imitations
or
Tax
Upon Hotel Charges.
Section 907 of this bill introduces
to any
hotel by
a
transient for the
tax of
a new
use
of
10% of the amount paid
costing
a room
Suitable provisions are made for suites of
furnished
on
the American
and for
rooms
$5 per
more than
day for one person or more than $8 per day for more than
one
person.
accommodations
plan.
Perfumery, Cosmetics and Medicines.
Section 907 of the Revenue Act of 1918 imposes a retail sales tax upon
TITLE
VII.—TAX ON CIGARS, TOBACCO AND
MANUFACTURERS THEREOF.
perfumery,
This title reenacts without substantial
change the provisions of Sections
700, 701, 703. and 704 of the Revenue Act of 1918.
Section 702 of that
Sections 703 and 704 of the Revenue Act of 1918
therefore become Sections 702 and 703,
respectively, of the present bill.
TITLE VIII.—TAX ON ADMISSIONS AND DUES.
Section
This paragraph provides that proprietors
of theaters and similar places of amusement shall collect
tax from persons
a
public
cosmetics,
remedies
as
or
medicines held
and
specifics for
out
or
disease.
any
recommended
this section, the repeal to be effective upon the passage of the Act.
that with respect to
mends that
medicines
no
the
to
The House bill repealed
committee recommends that this section be repealed as of Jan. 1
substitute tax be adopted.
Your
1922, and
But it recom¬
manufacturer's sales tax of 4% be imposed upon the articles
a
taxable under paragraph
Section 800 (a) omits or repeals paragraph 2 of subdivision
(a) of
800 of the Revenue Act of 1918.
your
eyeglasses and spectacles from this
section, and your committee recommends that this exception be approved.
soda-fountain proprietors and the like.
Act is not reonacted.
proposed by
excepted
mixed by
or
in
The effect of this
spectacles and eyeglasses mounted
Your Committee recommends the repeal of both Sections
as
are
ornamented, mounted
or
This tax has proved very difficult ot administer and is
widely evaded.
628 and 630 of the Revenue Act of 1918
cases
Eyeglasses and Spectacles.
articles made of
fration
boxes, and fitted
Section 905 of the Revenue Act of 1918 imposed
the manufacturer's selling price of all other soft
drinks except natural mineral or table waters, which are taxable at the
or
hat
cases,
substitute for the manufacturers' taxes
proposed by Section 808 of the House
bill on similar articles.
upon
By Section 630 of the Revenue Act of 1918
suit
pocketbooks, shopping and hand bags in excess
portable lighting fixtures, including lamps of all kinds and lamp
shades, in excess of $10 each; fans in excess of $1 each.
purses,
and $5 each;
15% is Imposed
of
It is recommended, however, that a
the manufacturer equivalent to 5% of so much of the
paid for any of the following articles as is in excess of the price
hereinafter specified as to each such article:
Carpets in excess of $4 per
square yard; rugs in excess of $6 per square yard; trunks in excess of $35
the manufacturer'6 selling price on cereal beverages, and a like tax
10% is imposed
cents
as
upon
amount
Act of 1918.
(1) of subdivision (a) cf Section 907 of the Revenue
This paragraph Includes perfumes, essences, extracts, toilet
waters, cosmetics, petroleum
restoratives, hair dyes
jellies, hair oils, pomades, hair dressings, hair
tooth and mouthwashes, dentifrices, tooth pastes,
admitted free or at reduced rates upon the basis of the
price charged to
other persons for the same or similar accommodations furnished to
other
aromatic cachous, toilet powders (other than soap powders), or other similar substance, article, or preparation intended to be used for toilet pur¬
persons
poses.
making full payment for admission.
Section will be to abolish the tax in the
case
of admissions at
amount
a
The effect of the repeal of this
case
reduced rate to
of free
admissions, and in the
impose the tax
paid.
In the Senate bill this tax is included
division (a) of Section 900.
the basis of the
on
TITLE
,
Section 800 (b) amends subdivision
(d) of Section 800 of the Revenue
Act of 1918 to extend the exemption from tax to amounts
paid for admission,
all tho proceeds of whicn inure
or
persons who have served in the
naval forces of the United States and
extends the exemption,
exhibits,
Section 1000 provides for the repeal of the
in the
entertainments,
or
are
in need.
military or
This subdivision also
of admissions to agricultural fairs, to
case
other
pay
features
conducted
by
the
fair
association as part of such fairs, if the proceeds are used
exclusively for the
maintenance and operation of such agricultural fairs.
tax
included
the
as
Following the past policy of the United States in exempting
export, your committee recommends an amendment,
for
salas
the last paragraph
special tax
upon
rates of certain of the
items, and in
one
instance Increases the rate.
important changes made in Section 900 by the proposed bill
The reduction of the tax
imposed by subdivision 5
products shall not be Included.
Tax Upon the Use of Yachts and
upon
are as
The
over
the
TITLE
sporting goods
6 upon chewing
gum from
photographic apparatus and accessories
in subdivision 8.
on
candy sold for not
A tax of 10% is imposed
than 40 cents per pound.
imposition of
a now
mahogany, rosewood,
or
in
the
than 40 cents per
more
candy selling for
on
more
amendment
recommended
2, contains
a
proviso imposing
insurance.
being to impose
The
House bill struck out this
documentary tax of 50 cents
a
which would in many cases result in an increase
premium.
by
your
Subdivision
Committee
4
on
of schedule
Transfer of No Par Value Stock.
A
of Title
share of no par value stock, but
XI
of the
kis, toboggans, baseball bats, gloves, masks, protectors, shoes and
uniforms,
footbal helmets, harness and goals, basket-ball
goals and uniforms, base¬
value of such no par value stock
of law is hard to administer owing to the
|
The repeal of the 5% tax upon portable electric fans.
and toilet-soap powders.
Revenue
In
the
exceeds $100
per
of simplification your
of
or
1918
market
share, the tax shall be
This provision
difficulty of checking the valuation
which in many cases is not sold regularly
interests
Act
agreement' to sell each
2 cents on each $100 of actual value or fraction thereof.
of such stock,
The reduction of the tax upon articles made of fur from
10 to 5%.
The reduction of the tax
imposed upon yachts and motor boats from
10 to 5%.
or
provides that where the actual
balls, and footballs.
soaps
effect
the
each such policy,
the tax measured by
Your committee recommends that the House amendment
Stamp Tax
to Section 900 which
sporting-goods tax of 5% of skates, snowshoes,
3% tax upon toilet
proviso,
upon
over
be not agreed to.
imposes a tax of 2 cents on the transfer or sale
The repeal of the
contin¬
or
of indemnity and surety bonds, including policies of guaranty and
(except oak).
folknvs:
The exomption from the
tax of 1%
a
the premium charged for the issuance, execution, renewal,
uance
the
tax of 5% upon office furniture and
fittings of
other imported cabinet woods
& The important changes proposed by the House bill
are as
XI.—STAMP TAXES.
Schedule A, in subdivision
fidelity
The reduction of the tax
pound from 5 to 3%.
included
recom¬
that the amendment
providing that the exemption shall become effective after June 30 1922.
upon
The imposition of a 5% tax upon
not
boats of not
Your committee
to;
Policies of Guaranty and Fidelity Insurance.
The reduction of tho tax imposed by subdivision
are
32 feet in length.
exemption proposed be agreed
follows:
3 to 2%.
The
Motor\ Boats.
The House bill excepted from special tax upon the use of
5 net tons and not over
mends that
from 10 to 5%.
,
of Section 1001, to provide that In computing
manufacturers of tobacco products export sales of such
yachts and motor boats on and after Jan. 1 1922, yachts and
Section 900 repoals Section 900 of the Revenue Act of
1918 as of Jan. 1
It retains all of the taxable items of Section 900, but reduces the
1922.
imposed by
tax
Computation of Tobacco Manufacturers' Special Tax.
Section 1001:
from
Section 1002:
TITLE IX.—EXCISE TAXES.
capital-stock
Section 1000 of the Revenue Act of 1918 after June 30 1922.
exclusively to organizations conducted for
improving any city, town, village, or other municipality,
exclusively to the benefit of
X.—SPECIAL TAXES.
Repeal of Capital-Stock Tax.
Extension of Exemption From Admission Tax.
the purpose of
paragraph (22) of sub¬
as
on
the market.
Committee recommends that
tax shall in every such case be 2 cents per
the
share irrespective of the actual
value of the stock.
In order to avoid double or
multiple taxation, it is also provided in
para¬
graph 4 that the stamp tax on the transfer of certificates of stock shall not
Manufacturers Doing
Under
existing law
a
a
Wholesale and Retal Business.
apply "upon mere loans of stock nor upon the return of stock
doing a wholesale and retail business
is permitted to compute the tax
upon his retail sales upon the basis of his
wholesale selling prices.
The House bill eliminated this provision.
The
effect of the amendment proposed in the House bill would
be to make each
manufacturer compute the tax in the case of retail
sales upon the
amount
by
the
manufacturer
from
such
sale,
and
would
place
manu¬
facturers who have to engage in the retail business in
order to place their
articles upon the market at a great
loaned."
manufacturer of any of the articles taxable
under
Section 900 of the Revenue Act of 1918
received
so
disadvantage when competing with
TITLE
XIII.
( ENERAL
Method
ADMINISTRATIVE
of Collecting
Section 1301 takes the plaC3
PROVISIONS.
Tax.
of Section 1307 of the Revenue Act of 1918,
and extends the authority of the Commissioner in the
case
of all taxes other
than income, excess profits, war profits, and estate, to collect the
stamp,
coupon,
or
serial-number ticket.
The
prior laws
the manner was not
provided by law.
same
permitted
Commissioner to prescribe the manner of collection only in the
case
by
the
where
.
Oct. 1
THE
1921.]
Unnecessary Examinations.
,
subjected to
are
and unnecessarily frequent examinations and in¬
onerous
shall
be
only
one
each
This Section provides that no taxpayer
subjected
to
examinations
unnecessary
or
investigations,
and
inspection of the taxpayer's books of account shall be made for
taxable
year,
unless the taxpayer requests otherwise
or
unless the
Commissioner, after investigation, notifies the taxpayer, in writing, that
an
Section
1317
Determination
authorizes
the
Section 1331 provides for the validation of the consolidated return regu¬
lations under the Revenue Act of 1917.
of
of the excess-profits tax.
purposes
Commissioner of Internal
the
concerning the legality of this
pro¬
In order to set all doubts at rest, it is deemed advisable to validate
cedure.
practice of the Treasury Department under the Revenue Act of 1917.
is particularly necessary,
upon
Alternative Tax
with
Revenue,
Owing to the equivocal language in the
Revenue Act of 1917 some doubt exists
corporations is determined
Taxes.
For the year 1917 affiliated cor¬
porations were permitted or required to make consolidated returns for the
Such validation
additional inspection is necessary.
Final
I
Consolidated Returns for Year 1917.
•
8ection 1309 is designed to meet the complaint of taxpayers that they
vestigations by revenue agents.
1419
CHRONICLE
the taxation of the largest
as
the basis of the consolidated return.
Personal-Service Corporations.
on
Section 1332 provides that in case the present method of taxing personal-
the approval of the Secretary of the Treasury and with the consent of the
corporations (i. e.,
the same basis
taxpayer, to reach a final settlement in tax cases which shall not be re¬
service
opened
unconstitutional such corporations shall be taxed for the years 1918 to 1921,
modified by any officer, employee,
or
and which shall not be annulled
Under the present
of the United States,
set aside by any court
or
y.■
States.
or agent
■
of the United
■■.'
by the
method of procedure
Department.
Treasury
taxpayer never knows when he
a
It is believed that this provision
will tend to promote expedition in the handling of tax cases and
in tax adjustment.
Your Committee, therefore, recommends its adoption.
Interpretative Regulations
Section 1314 of the
Treasury Decisions Not to be Retroactive.
or
proposed bill authorizes the Commissioner, with the
approval of the Secretary, to provide in making
decision which
reverses
a
prior regulation
immediately occasioned by
the
that
regulation
new
certainty
retroactive effect.
decision of
a
Treasury
or
regulation
a
or
Treasury
Treasury decision (if it is not
or
court of competent jurisdiction)
a
decision
may
be
applied
provide that
four
taxpayer must present
a
(instead of two
years
years)
imitations
Section 1318 amends
a
the
payment
of
internal-revenue
any
years
tax
may
be
begun
from the date of the payment of sue
of Section
after the
i
after the expiration of five
At present the provisions
tax.
3227, which state that suit must be brought within two years
of action accrued, do not
cause
the limitations depend upon the
filing of
definite time and make
claim for refund rather than on
provide
a
a
3227 of the Revised Statutes because of the
Section 1319 repeals Section
1320
prevents the
bringing of any suit or proceeding by the
the expirat'on of five years from the
of fraud
case
time such tax
was
due, except in the
willful attempt to defeat or evade tax.
or a
after
of misdemeanors
internal-revenue
in
es
limitations
cases
stockholder
no
and that if claims for refund are filed within six months repre¬
making such claims
the constitutionality of the provisions of the Revenue Act
personal-service corporations substantially
treat
1
TITLE
partnerships.
as
XIV.—GENERAL PROVISIONS*,
Increase in Note
Authorization.
authorizes the Treasury Department to have outstanding
Section 1401
time $7,500,000,000 of notes (as distinguished from certificate
long-time bonds) in place of $7,000,000,000 of such notes in the aggregate
authorized by existing law.
$7,000,000,000
The authorized amount is thus increased from
$7,500,000,000
to
and
the
Treasury
would,
under the
suggested provision, be permitted to have the larger amount outstanding
This change in the law is not for the purpose of covering
time.
at any one
by borrowing any deficiency in the total tax revenue raised by this
bill.
authorized, $7,500,000,000, is approximately the amount of
The amount
short-time debt
outstanding which/according to the plans already
now
the Treasury, is to
by
be distributed into more convenient
maturities.
to the
authority conferred by the bill is similar to that already committed
Secretary of the Treasury as to certificates of indebtedness
maturing
less.
The Secretary is, under existing law, authorized to
issue and have outstanding at any one time an aggregate of $10,000,000,000
in
one
year or
in short-time certificates of indebtedness, of which at the present time about
upon prosecu¬
maturing in from one to five years is necessary to enable it to transfer, before
This increase in authorization as to notes
$2,750,000,000 are outstanding.
Section 1321 amends the Act which prescri
that if
period of six months the taxes paid in the past
(See Sec. 250,
Title II.)
tions
a
This section is deemed advisable because the stock-dividend decision has
reasoning above.
Section
written agreement, be
bears to the total number of shares outstanding.
The
Government in any court for the collection of internal-revenue taxes
a
which the number of shares owned by the shareholders
announced
the payment of the tax.
under
Provision is made that
imposed by this section shall be reduced to that proportion thereof
the tax
or
Revised Statutes in order to
may,
The shareholders
their distributive shares
upon
senting less than 30% of the outstanding stock or shares in the corporation
at any one
Upon Suits and Prosecutions.
taxes
by the shareholders shall be deemed to be in lieu of the tax imposed by
this section;
(See
of the tax.
forth under Section 250, Title II, that no suit for the recovery
as set
claim for refund within
a
claim for the refund of taxes within
after
Section 3226 of the
provide
files
Revised Statutes in order to
discussion under Sec. 250, Title (II.)
paid
credited against the taxes due from the corporation;
which
amends section 3228 of the
have
paid by the shareholders
such taxes
cast doubt upon
Refunds.
Section 1316
during such years
would be entitled to refunds for the taxes so paid.
without
;
.
partnerships) is declared
as
inclusive, upon the same basis as other corporations.
who
is through, as a tax case may be opened at any time because of a change in
ruling
on
and extends the
period
May 20 1(923, as much of its short-time debt now
into notes of maturity of not more than
from two to three years.
outstanding
as
possible
five years.
■'Assessments.
Section 132
extends the period in which internal taxes (other than income
and profits taxes)
may
be ass ssed to four years.
Interest
Section 1324 makes
an
on
a
year as
of taxes at the rate of 6%
follows:
time when
not paid under protest but pur¬
(1) If such amount was paid under a specific protest, from the
the tax
was
paid, or (2) if such amount was
suant to an additional assessment,
was
paid,
to an
or
(3) if
from the time such additional assessment
and
ways
in
met
This provision is
Washington
divided
Inserted for the purpose of expediting the refund
in the event that such refund is
industries—transportation, construction, mining, shipping,
&c.
The conference resumed its work on Sept 30.
pay
interest at the ordinary rate.
Two sessions
Tax
Simplification Board.
exist
on
Dec. 31 1924.
1328
smoothness
provides for the simplification of the Liberty bond tax
The
exemptions
from
fill out.
This section proposes to grant taxpayers an
exemption for graduated additional income taxes and excess profits and
taxpayer is required to
war-profits taxes until the expiration of two years after the date of the
termination of the war between the United States and the German Govern¬
ment,
as
fixed by proclamation by the President, on Si25.000 aggregate
principal amount and for three years more on $50,000 aggregate
amount bf the 4% and 4 H % Liberty bonds.
*
The Secretary
of the Treasury, at page 99 of his annual report for the
fiscal year ending
the
principa1
June 30 1919. made the following statement relative to
provision included In this section:
The only objection to these simplified arrangements which occurs to the
Treasury is that they may confer upon holders of bonds who did not sub¬
or hold bonds or notes as required by the Acts of
Congress, certain
exemptions from taxation which were conferred upon original subscribers.
On the other had, they take away no right which
any holder has, and in
so far as they confer rights upon those not now holders they will in the end
benefit original subscribers who are still holders by improving the market
value of their bonds or notes.
It is impossible to present any accurate cal¬
culation of the consequences to the Treasury of the amendments of the law
of
a
the
was
I do not hesitate, however, to express my confident judgment
revenue will be relatively slight and that the gain to the
Treasury which will result from the increased attractiveness of the taxable
issues of the Liberty loans and the consequent benefit to the Government's
credit, as well as the simplicity of administration, will amply compensate
the Treasury for that slight loss.
Report of Entry of Petition in Bankruptcy.
Statutes to
amended
Attorney
Section 3466 of the Revised
require the clerk of the district court to give the
of Internal Revenue notice of entry of all
Commissioner
petitions in bankruptcy.
The
General is of the opinion that this provision places an undue
amount of work upon
the clerks of the district courts, who are already over¬
burdened with work, and therefore your committee recommends that
provision be not agreed to.
this
Under the leadership
correspondent of one
said the conference moved with the
Scarcely 40 minutes
well-oiled machine.
He added:
delegate was heard to remark that it was a
reassurance" as well as a conference on unemployment.
liberations, and
of
ence
one
In his address
to
"confer¬
opening the conference in the Department of
Interior, President Harding pointed out that,
far
place in the de¬
subject of comment that pessimism had no
"owing to the
swing from intensive endeavor and the effort to get down
solid foundations, coupled with the difficulty of readjust¬
expenditure—public,
ing
abnormal to normal—the
with
difficult
most
added
"there
are
will#not
corporate and individual, from
problem of unemployment is the
which
no
we
solve."
for any
Indicating
life
people which \ve> cannot and
strong
opposition to public
enthusiasm
palliation or tonic
of stimulation from
"I would have little
public treasury.
The excess
is to be reckoned a cause of trouble rather than
source
a .source
way
But, he
confronted."
proposed relief which seeks either
from the
that
are
problems affecting our National
doles, the President said:
of
cure.
that the loss in
Section 1016 of the House bill
the 26th.
and the welfare of the American
scribe
proposed.
on
according to this correspondent, was taken up by the morn¬
It
income surtaxes authorized by the
several Liberty bond acts are highly complex and responsible for perhaps
the most intricate schedule of the income-tax return which the individual
exemptions.
held
of the New York papers
ing session.
Liberty Bond Tax Exemptions.
Section
were
Secretary Hoover, a Washington
of
establishment of a tax simplification board
to investigate the procedure of and the forms used by the Internal Revenue
Bureau and to make recommendations in respect to the simplification there¬
of.
The members of the board are to serve without compensation and the
cease to
various
12 sub-committees to deal with
into
up
phases of the unemployment problem as it affects different
Section 1327 provides for the
board will
Monday, Sept. 26, as scheduled.
on
addresses by the President and Secretary of
Commerce (Hoover,
the conference was organized and
made and the tax was not paid pursuant
from six months after the date of filing of such
of taxes and compelling the Government,
unnecessarily delayed, to
consider
of relieving the unemployment situation
means
After hearing
no protest was
additional assessment,
claim.
called by President Harding to
The conference
Refunds.
that interest shall be paid on the overpyament
UNEM¬
PLOYMENT MEETS.
claim for refund.
important change from existing law in providing
ON
CONFERENCE
HARDING'S
PRESIDENT
This corresponds to the
extension of time given to the taxpayer in which to file
if
we
Secretary
We should achieve but
little in
continued to excite a contributing
Hoover,
the only other speaker,
a
remedial
cause."
emphasized
the up-grade
but economic progress could not, under any expectation*
come with sufficient rapidity to itself handle the situation.
In other countries that have been primarily affected by the
war, he added, solution has been had by direct doles to in¬
dividuals by their governments.
We have so far escaped
this most vicious of solutions and I am hopeful, and I believe
the
same
point.
The country, he said, was on
1420
CHRONICLE
will be, that it is within the intelligence and initiative
you
of
THE
people that
our
and bitterness
that do' not—except
within the range of
come
in exceptional
organization
on
sub-committees.
the approval
But there
will try again to-morrow.
headed
by
H.
permanent
a
Robinson,
N.
Mr. Hoover announced that with
of the Organization Committee Secretary of
Labor Davis and himself would be ex-officio members of all
to normal—the
we are
problem of unemployment is
confronted.
are no
problems affecting our national life and the welfare of the
American people which we cannot and will not solve.
If we fail to-day, we
cases—
President of the Los Angeles Trust Co., which was instructed
to select
individual, from abnormal
the most difficult with which
charity.
Following his address Mr. Hoover selected
committee
and
find remedies against hardship
we may
[Vol. 113.
will be again.
commit
all
America
committed
There has been vast
unemployment before, and
There will be depression after inflation, just
tides ebb and flow, but
to
a
we can
to
mitigate,
relief.
common
And
we can shorten
all
America
If out
cause.
has
of your
as
surely
duration,
never
failed
there
councils
the
as
we can
when
comes
a
remedy which all America helpfully may apply
to-day, it may be helpfully
employed some time again when similar conditions are encountered.
It is fair to say that
you are not asked
to solve the
long controverted
problems of
our social
system.
We have builded the America of to-day
the fundamentals of
economic, industrial and political life which made us
what we are, and the
temple requires no remaking now.
We are incon-
on
committees,
and
that
every
the Government
of
resource
for
obtaining information would be at the disposal of the
special
committees.
The
conference
brought
together
representatives of
dependent
on
the committees.
another.
Samuel
committee, that
one
turers, but it
on
appointed to only
was
by manufac¬
measures
principally interested in its work.
issued
was
Sept. 26,
on
efforts of the conference are being directed
of the
unemployment situation.
concerning unemployment.
as to
with
the extent
geographical distribution and industrial distribution, is imperative before
relief measures
can
be
runs
put into effect.
To accomplish the immediate meeting of the
emergency in the shortest
possible time, the conference has been organized into twelve small commit¬
We
are
merely depressed
speediest and dependable
everybody in America, capital and
captains of industry and the privates in
in the advance drive of peace.
Frankly,
have
we
reached
that
before the upward course
begins, but here
of the forces which make for all
we are or
ever
bedrock
to
which
representatives
are
be and your
can
soundings
ought to be reliable.
tonic
or
from that
from
the
contributing
a
proposed relief which seeks either
public treasury.
is to be reckoned
source
a cause
We should achieve but little in
cure..
Estimates of the number of unemployed vary
from 3,000,000 to 5,500,000, and it is felt that reliable data
constitutionally strong.
employer and employee,
reaction
to meeting the
Simultaneously
are
the trenches will
go over the top
it is difficult to know whether
palliation
after
exhaustive study will be made in order to bring out the exact facts
an
labor,
excite
needs
emergency
We
after the fever, and we want to know the
way to
When we know the way,
I would have little enthusiasm for
any
day's sessions, in behalf of Secretary Hoover:
The initial
this
Gompers
emergency
following statement
the first
are
Labor is represented on all of
said to be the thought of this committee
was
that the workers will be
The
industries and activities which
many
one
testably sound.
convalescence.
a
The
of stimulation
excess
of trouble rather than
a source
of
remedial way if we continued to
cause.
It is not my thought to
suggest your lines of conference.
the
Mr. Hoover,
Secretary of Commerce, to whom has been committed the
arrangements
important meeting, will present the agenda.
I have wished to say
for this
to you that the people of the United States
are
very
deeply interested, not
alone the
unemployed, but all who are concerned for our common weal,
and the world is looking on to find
helpfulness in our American example.
Fundamentally sound, financially strong, industrially unimpaired, com¬
mercially consistent and politically unafraid, there ought to be work for
everybody in the United States who chooses to work, and our condition at
tees.
Each committee is particularly equipped to handle the subject
assigned to it, is small enough to operate with speed.
Each of these com¬
home and
mittees will originate, study and recommend
practical measures for meeting
the emergency.
and
our place in the world
depend on everybody going to work and
pursuing it with that patriotism and devotion which makes for a fortunate
After the emergency measures and the collection of statistics are
completed
the conference will be
regrouped into committees whose function will be to
recommend permanent measures
at
by which unemployment
can
held
be
at
minimum.
a
Public hearings will be held every day for the next week at the same time
that the work of the small,
specialized committees is progressing.
hearings will undoubtedly result in
situation
as
it exists.
10 o'clock
estimates.
the
on
witnesses
will
be
examined.
A
number
of witnesses
have
wired
the picture of unemployment as it affects the ex-service
President
It is
men.
Harding's opening address to the conference
follows:
a
pleasure to express to
in advance of
you
much to say a service for the world.
a
your
distinguished
Not
so very
foreigner, and in the
labors, the gratitude
Perhaps it is not too
long since I
was
deeply interested in the American
on
unemployment because
our
relief in the United States will be
and
us
other peoples who
Tha,t remark of
6e
If it
true
that
a
citizen
You
to
like depressed."
is
responsibility.
our
one
his
among
everlastingly true, then nations, great and
influencing others in all they do.
are
invited together to consider
are
The in
a
condition which is in nowise pe¬
ustria
depression which
feeling
we are
war inheritance
throughout the world.
We saw humanity stressed in
that production which is impelled
by nations desperate in self-preservat'on
We saw the industrial call to arms which marshalled the
a
family
the
acchstomed
bread-winners,
and
we
saw
the
spiritual,
as we
mental
see
and
physical might of the people cast in the scales measuring the
might of the
Republic.
From such a test there is inevitable reaction.
To such heights
there is necessary ascent and
inescapable descent.
With the world involved,
there is no escape for
any of the world from the valleys of depression.
Though
we suffered less than many
and less than
any of those
that
we
of those with whom
ainst whom
a
we
e
could become normal
we were
contended, it
should experience the fever's aftermath and
sion before
come
was
things done and the sober
c
depres¬
again.
We need first
a
the open, sure and onward way—all these are
part of the inevitable, and he who thinks they
might have been avoided
or
or
that,
that, only hugs
or
a
this policy or that,
delusion when
more
it
were
or
reason
Even though the world's storehouses
finances
this international relationship
is
were
nee
ed for
a
depleted at the
unbalanced and
same
time the
ff>r
none was ready to store a war
crop
the
deliberate consumption of peace, momentarily there was
elation, but
not the glow of abiding health.
We mistook elation for restoration.
we
are
mot
in realization.
You have been summoned to counsel
as
will in the
recurrence.
determination of the volume and distribution of
unemploy¬
determination of what emergency measures should be
a
cation.
We need
consideration and
a
a
statement of what measures must be taken
employment to normal,
or to put it in another
what obstacles need to be removed to promote business recovery—the
only real and lasting remedy for unemployment is employment.
way,
The remedies for these matters must,
in the latest degree, lie outside of
the range of legislation.
The Administration has felt that a large degree
expected through the mobilization of the fine co-opera¬
of solution could be
tive action of
manufacturers and
our
employers, of
our
public bodies and
local authorities, and that if solution could be found in these directions
would
have
we
accomplished
even more than the care of our unemployed:
again demonstrated that independence and ability of
will have
we
action among our own people that saves our Government from that ultimate
paternalism that will undermine
What
our
our
whole political system.
people wish is the opportunity to
earn
their daily bread, and
surely in a country with its warehouses bursting with surpluses of food, of
clothing, with its mines capable of indefinite production of fuel, with suffi¬
cient housing for comfort and health,
solution.
Without it
our
we
possess the
intelligence to
find
whole system is open to serious charges of failure.
It is my belief that in the
we
intelligence and influence which
you
command
shall be able to lay out a program by which, in great measure, these
things
can
Federal
be accomplished.
It is neither the desire
Government to enforce such
This crisis in
some
a
nor
in the power of the
program.
respects is fraught with hardships quite as grave
those which confronted the country during the
as
period of its participation
in the Great War.
In accordance with
Mr.
a
resolution
passed by the conferees
Hoover named the following permanent committee to
the conference
program,
select
committees,
and
assign to them various phases of the unemployment problem:
James Gouzens, Mayor of Detroit; Ida M. Tarbell, New York; Thomas V.
O'Connor,
President of the Longshoremen's Union, Buffalo; Charles M.
New York; C.
Schwab,
Central
safe council.
was
To-day
a
We need
ment.
savings and must be subjects
undertaken to provide employment and to mitigate the
suffering that may
arise during the next winter, and the method of organization for their
appli¬
prepare
ac¬
ntemplation of things to be done, the
com¬
It is the duty of this conference to
be able to outline for public consideration such plans
you may
finding of firm ground and
by this plan
public.
inevitable
to know
sense
remedy for this emergency and I hope also that
long view tend to mitigate its
associated,
Liquidation, reorganization, readjustment, re-establishment,
talcing
count of
find definite and organized
that
without example to some
problem that not only
cannot, under any expectation, come with sufficient rapidity to prevent
unemployment over the forthcoming winter.
Great numbers will have exhausted their
be
culiar to the United States.
is
con¬
your own, and your
hope from America to
distinguished foreigner emphasized
no
fellows, which I believe
small,
are
problem is akin to
added signal of
an
a
much
receiving
course of our conversation
and said:
he alluded to the conference which is met this
morning,
"Mr. President, our people are
ference
ress
to restore our commerce and
of the Government for
your service to the nation.
the call of
people for the solution of
upgrade, but economic prog¬
the
to
department urging that they be heard.
Among them is Harry D. Jacobs,
President of the ex-Service Men's Employment Bureau, who will
present
was as
our
mands our sympathies, but is of primary
necessity to public welfare.
There can be no question that we are on the
of great concern to the entire
hearing will be held Tuesday (to-morrow) morning at
statistics of unemployment.
F. I. Jones of the Employ¬
Service, Ethelbert Stuart of the Bureau of Labor Statistics and other
ment
In calling this conference the President has
hoped to mobilize the
of service in
It may throw an interesting light on the accuracy
of previously accepted
The first public
These
clear sizing up of the unemployment
a
happy people.
Secretary Hoover, following the President, said in part:
RR.;
Federation
Matthew
of Labor;
Social Legislation,
Clarence Mott
Harry
Markham, Chicago, President of the Illinois
Samuel
Chicago,
Vice-President
McCune Lindsay.
of
the
New York,
American
Professor of
Columbia University; Julius H. Barnes, Duluth, Minn.;
IWoolley,
Robinson,
S.
H.
Woll,
Detroit, President of the American Radiator Co.;
Los Angeles,
former
member of the
United
States
Shipping Board.
all
America, to apply your knowledge and your experience in
relieving a
condition which concerns all America.
Specifically, you are to deal with
unemployment, to suggest the waji of repairing the arterial circulation which
is the very life-blood of
the Republic.
There is always
unemployment.
told, there
are a
million and
a
are not at
am
work.
The figures
are astounding
only because we are a hundred million and this
parasite percentage is always with us.
But there is excessive
unemployment to-day, and we are concerned not
alone about its
diminution, but we are frankly anxious under the involved
conditions, lest it grow worse, with hardships of the winter season soon
to
be
met.
sub-committees
were
as
by
Mr.
Robinson
>
I do not venture to
quote the statisticians, whether the maximum
figures
accurate or the minimum more
dependable.
Owing to the far swing
from intensive endeavor and the effort to
get down to solid
C.
R.
foundations,
coupled with the difficulty of readjusting expenditure—public,
corporate
on
Markham, Henry N. Robinson, Miss Mary Van Kleeck,
Couzens,
Matthew
Woll, Clarence Mott Woolley, W. L. Burdick, Carroll W. Doten, Allen A.
Young, Walter F. Wilcox, Leo Wolman, Allyn A. Young; Executive Secre¬
tary, T. W. Mitchell.
Unemployment Agencies and Reg'stration.—Julius H. Barnes, Elizabeth
Christman, Bird S. Coler, Joseph II. De Frees,
Mortimer FleLschhacker,
Clarence J. Hicks, Jackson Johnson, William M. Leiserson, M. F. Tighe,
Henry S. Dennison, George E. Barnett, Bailey B. Burritt, Sam A. Lewisohn,
Henry R. Seager.
are
announced
follows:
Unemployment Statistics.—James A.Campbell, Mayor James
Under most fortunate conditions, I
half in the United States who
The
Sept. 26
Emergency State
1
^
and* Municipal Measures and Public Works.—Charles
M. Babcock, Bird S. Coler,
Mayor James Couzens, Bascom Little, Mayor
Andrew J. Peters, Ida M. Tarbell, Matthew Woll, Colonel Arthur Woods,
Oct. 1
Woolen,
Evans
Edward
R.
THE
1921.]
Henry
Edwin F. Gay,
Dennison,
S.
Seligman; Executive
A.
Emergency Measures by
Secretary.
Otto T. Mallory,
Mrs.
Manufacturers—William M. Butler, James A.
Sarah
Stackhouse, J. A. Pen ton, R. M.
Charles M. Schwab, W. H.
Dennison, Sanford E. Thompson, William S.
Bradford; Executive Secretary, Gordon Lee.
S.
Henry
Dickerson,
Rossiter, E. S.
C. H.
Gibson, Thomas V. O'Con¬
Charles M. Schwab, Carroll W. Doten; Executive Secretaries, E. S.
Emergency Measures in Shipping—James F.
Public
lute whether
Executive Secretary, John B.
McCune Lindsay;
Hearings—S.
Andrews.
not
or
find
the
be
the acts forbidden if, after hearing, he shall
Testimony taken at the hearing
packer is guilty of such acts.
arbitration
The
of
WAGE
PRINTERS'
the
wage
DEMANDS.
demands of printers was
Committee of the
agreed to on Sept. 28 by the Conference
offi¬
cers of the International Typographical Union, and the lat¬
ter will advise the local, Typographical Union No. 6, to this
York
New
Printers'
Employing
effect at the meeting of the
of
Under
2).
(Oct.
$50
a
Association and the
"Big Six" to be held to-morrow
the present wage basis
agreement
the
The
for this scale expired Oct. 1; the print¬
week will be continued in effect
agreement providing
$5
have demanded an increase of
ers
a
until Dec. 1.
week, while the Em¬
reduction
award of the arbitrators will be made
ploying Printers' Association has insisted upon a
of
$10
a
effective
of Dec.
as
1.
National Publishers'
The
Associa¬
arbitration of the wage
recently made known its intention to declare for the
shop unless such arbitration was agreed to by Oct. 1.
which has insisted upon the
tion,
scale,
open
Its
The
week.
If he does file such
modify the Secretary's order.
or
retary must file
then may,
ers' Association and Typographical Union
the New York Employing Print¬
No. 6, establishing a wage scale,
expires Oct. 1 1921; and
Whereas,
and
order additional testimony taken by the Secretary if that
and may affirm, modify or set aside the Secretary's order.
is necessary,
the Court affirms the
If
order, its decree operates an an injunction against the
Either the packer or the Secretary may carry the case to the
Supreme Court of the United States.
The bid safeguards the packer against criminal prosecution until he has
hearing, has been given an opportunity to be heard, has been
he may
ordered to discontinue the illegal act, and
In other words, the offense for which the
criminally punished is that of failing to comply with the
been
then appeal to the courts.
packer may be
Secretary's order after he has exhausted his rights of appeal and has
denied
relief.
t
required to keep such accounts, records and memoranda as
Packers are
correctly disclose all transactions in their business, including
will fully and
the
If it is found
ownership of such business by .stockholding or otherwise.
fully and correctly disclose such transactions,
that these accounts do not
is authorized to prescribe the manner and form
the Secretary
Failure to keep such accounts as prescribed subjects the
be kept.
may
in which they
both.
of the organization, business,
packer to fine or imprisonment, or
The
of investigation
powers
conduct,
practices and management conferred upon the Federal Trade Commission
are conferred upon the Secretary of Agriculture with respect to packers,
and all of the duties and
who
may
be under investigation by the Secretary of
after the Federal Trade
which may have
the bill, will
do
obligations imposed by that Act upon any corpo¬
investigated by the Commission are imposed upon a packer
ration being
Agriculture.
Here¬
Commission, except with respect to any complaint
of
asked to
been filed by the Commission prior to the enactment
exercise none of these investigational powers unless
by the Secretary.
so
construed to prevent or interfere with the
or with any investigation pending at
or with the power of jurisdiction of the
Inter-State Commerce Commission which it may have under existing law.
The Secretary of Agriculture is vested with the power to make such
rules, regulations and orders as may be necessary to carry out the provisions
Nothing in the bill shall be
enforcement of the anti-trust laws,
effective,
of the bill.
6 has failed to accept the offer of
Employing Printers' Association to arbitrate the wage scale,
by its attitude of procrastination is repudiating
for which it has always contended; and
the very principle of
arbitration
expressed in its resolutions
adopted July 27, remains unchanged; now, therefore, be it
Resolved, that we earnestly request the New York Employing Printers'
Association (1) to carry out, in letter and spirit, contracts now in existence
with the printing crafts employed; (2) to notify Typographical Union No.
6 that unless they consent to arbitration of the wage scale effective Oct.
1 1921, the New York Employing Printers' Association will on that date
declare for the open shop in their composing rooms; and be it further
Resolved, that in the event of the declaration of the open shop, we, the
members of the National Publishers' Association, pledge our loyal and un¬
Whereas, the attitude of this association, as
qualified support
The Court
restraining the packer from violating the order until the case is determined.
to the New York Employing Printers'
Association.
it relates to the packers.
This is the essence of the bill, so far as
Typographical Union No.
the New York
petition, the Sec¬
a
in the Court a full transcript of the record.
application of the Secretary, issue a temporary injunction
on
the time the bill becomes
resolution, adopted Sept. 20, says:
Whereas, the existing contract between
The
down and filed in the Department of Agriculture.
taken
packer may within thirty days petition the Circuit Court of Appeals in the
circuit in which the packer has his principal place of business to set aside
been cited to a
OF
Secretary of Agriculture to order the
duty is imposed upon the
packer to discontinue any of
found to be guilty, and has been
ARBITRATION
aiding
the pro¬
restrain commerce.
or
packer.
Gregg and R. A. Lundquist.
Apparently,
apportionment of territory, purchases or sales is abso¬
it might create or have a tendency to create a monopoly
hibition against the
The Court may
David L. Wing.
nor,
abetting the doing of any of the foregoing acts.
or
must
Charles P. Neill.
Construction—Winslow B. Ayer, John Donlin,
John H. Kirby, Bascom Little, Richard C. Marshall, Jr., Ernest T. Trigg,
Sanford E. Thompson; Executive Secretary, John M. Gries.
Emergency Measures in Mining—John T. Connery, W. K. Field, John L.
Lewis, J. Moore, James B. Neal. E. M. Posten, John D. Ryan , Miss Mary
Van ICleeck, John P. White, Samuel A. Lewisohn; Executive Secretary,
Emergency Measures in
conspiring
apportion ter¬
ritory or purchases or sales or to manipulate or control prices, or from
The
Transportation—W. S. Carter, Edgar E. Clark,
Markham, Raymond A. Pearson, Davis R. Dewey, Clyde L. King,
Emergency Measures in
J. H. Parmelee; Executive Secretary,
selling or dealing in any article, or restraining commerce; or from
combining, agreeing or arranging with any other person to
Otto T. Mallory.
Conboy, John E. Edgerton, Samuel Gompers,
Clarence J. Hicks, A. L. Humphrey, Jackson Johnson, W. C. Procter,
Campbell,
1421
CHRONICLE
It ap¬
commission merchants.
The stockyard is defined as any place, establishment or facility com¬
monly known as stockyards, conducted or operated for compensation or
profit as a public market, but stockyards of less than 20,000 square feet,
plies also to stockyards and
exclusive of
runs,
A stockyard
conducting
alleys and
operating
or
A market agency
passageways, are
business of
stockyard.
a
in the business of buying
commission basis, and a person
is defined as a person engaged
selling live stock at a stockyard on a
or
excluded.
is defined as a person engaged in the
owner
furnishing such yard privileges.
A dealer is defined as a person,
of
the definition
of buying or selling
the employee or
not comprehended within
who is engaged in the business
market agency,
a
live stock at
stockyard, either on his own account or as
a
agent of the seller or buyer.
The bill includes not only
transactions with respect to services
interstate commerce, but any
rendered in
transaction having in prospect the ultimate
transportation in inter-State commerce.
SECRETARY WALLACE ON
FOREIGN
The bill
PURPOSES OF BILL REGU¬
INDUSTRY—EXTENSION OF
PACKING
LATING
MARKETS.
regulating the packing industry, and what the
intended to accomplish was dealt with
in an address by Henry C. Wallace, Secretary of Agriculture,
in an address before the Convention of the Institute of
American Meat Packers at Chicago on Aug. 9.
The bill,
new
as
legislation
was
reported in
we
our
issue of Aug. 20, page 814, became a
approval by President Harding on Aug. 15.
law with its
apparently
"be brought into much closer relation with the marketing,
packing and distributing end of the industry and charged
with much larger responsibilities than heretofore," Secre¬
Stating that his Department would very soon
tary Wallace
The
stockyards, the commission merchants,
the Department of
Agriculture passed the 8enate last week and is expected to pass the House at
an
packers under Government supervision through
This bill, so far as
it relates to the packing industry, covers the
of live stock in inter-State or
of edible products of
buying
foreign commerce for slaughter, manufacture
such live stock for sale or shipment
in inter-State
from live stock,
and marketing of both edible and inedible products of 1 i ve stock. as well as
dairy products, poultry, poultry products and eggs, but does not apply to
the latter unless the handling of such dairy and poultry products is asso¬
ciated with the business of buying and slaughtering live stock.
The bill
includes not only the actual shipment in inter-State commerce, but also any
transaction having in prospect the ultimate shipment in inter-State or
or
foreign commerce, or manufacture of inedible products
prohibited from any unfair,
unjustly discriminatory or de¬
unreasonable
preference or advantage to any person or locality; or from apportioning the
supply of any article between them, where the tendency or effect of such
apportionment would restrain commerce or create a monopoly: ,or from
dealing with any person for the purpose, or with the effect, of manipulating
ceptive practive or device;
or
from making or giving undue or
or
controlling prices or of creating a monopoly or of
or
from engaging in any course of
of
bill.
services at just, reasonable and non¬
and print and keep open
to public inspection schedules of their rates and charges and any rule or
regulation which in any manner may affect or determine any part of the
aggregate of such rates or charges.
They are forbidden to charge, demand
or collect a greater or less rate or charge than is specified in the schedules
filed and in effect at the time the services are rendered, and must not
regulations and practices, and furnish
discriminatory rates, and file with the Secretary
extend to any person any
services except those specified in
Cooperative associations of producers, however, may
bers,
patronage
on a
actions.
basis, their excess earnings on their live-stock trans¬
made in the rates or charges except upon
vision of the Secretary
Failure to comply
are
subject to
the public, and then only
a
manipulating
or
restraining commerce;
business for the purpose, or with the effect,
controlling prices or of creating a monopoly in
buying,
under the super¬
after hearing.
with the requirements and
regulations or orders of the
and in addition
civil and criminal penalties
proceeding for damages by the person
injured thereby.
requirements applicable to
them are subject
Dealers who violate any of the
to similar
the schedules.
return to their mem¬
changes can be
No
notice to the Secretary and to
Such proceedings are enforced either
by suit in any district court, and any
proceedings for damages.
award made by the
Secretary in such
proceedings is made the
basis of a suit
in court.
the Secretary is of the opinion that
practice of a stockyard owner, commission
person furnishing stockyard services is or will be unjust, un¬
reasonable or discriminatory, he may determine and prescribe just and
reasonable rates or charges and make appropriate orders to enforce them»
Whenever the Secretary, upon his own initiative or upon complaint of
If, after hearing or independently,
any rate,
merchant
charge, regulation or
or
or
person
live stock commission merchant,
after hearing finds that any rate,
undue or unreasonable advantage,
including a stockyard owner,
any person,
furnishing stockyard services,
charge, regulation or practice causes any
foreign commerce.
Packers are
of the
by complaint to the Secretary or
early date.
stockyards under
Commission merchants, persons furnishing
stockyard services, and dealers at yards coming within the Act must register
with the Secretary their names, addresses and character of business, and
must establish, observe and enforce just, reasonable, and non-discriminatory
provisions
Secretary subject the offender to
continued:
bill designed to bring the
and the
give public notice of the bringing of
The Secretary must
the
wholly within the State and
undue, unjust or unreason¬
inter-State or foreign commerce, he is required
to prescribe the rate, charge, regulation or practice thereafter to be observed,
to the end that such advantage, preference or discrimination be removed,
any law, decision or order of any State or State authority to the contrary
prejudice
or
inter-State
preference between commerce
or
foreign commerce, or causes any
able discrimination against
notwithstanding.
,
stock commission merchants and others are for¬
unfair, unjustly discriminatory or deceptive prac-
Stockyard owners, live
bidden to engage in any
1422
tice
or
THE
[Vol. 113.
device In connection with the receiving, marketing, buying or selling
commission basis
on a
CHRONICLE
shipping, weighing
(Public—No.
otherwise, feeding, watering, holding, delivering,
or
handling live stock, and the Secretary is authorized,
or
after hearing, to order the discontinuance of any such practice or
AN
device.
and obedience to the orders shall also be enforced by injunction or
mandatory
of
process
of equity.
a court
other
This
will disclose all of their transactions,
(1)
If such accounts do not fully
The powers of investigation heretofore exercised by the Federal
with
respect
others mentioned
stockyard
to
conferred
are
owners,
upon
which led
Congress to enact this law.
(6)
tory,
plated, it would nevertheless be
with
private business.
He
an
hension
concerning the
The power
is
agency
noyance
very
and
the law.
the time
their very natural appre¬
in which it will be admin¬
manner
placed in the hands of the supervising
great and could be used to
all the
was
contem¬
was
unwarranted interference
more
much
come
an¬
under
conscious of this because for
being he happened to be the
with this responsibility.
cause
those who
unnecessary expense to
He
control
thought he could understand
their feelings in the matter and
istered.
nor
one
He then went
on
who is charged
industry derived in whole
possession,
the
within any
(b)
Territory
Therefore I wish to make it perfectly clear that without
prejudice of any
kind my whole effort will be to administer this law in a constructive way
and with the purpose of promoting the live stock and meat industry and
safeguarding the legitimate interests of every one connected with it.
There
will be no arbitrary or offensive exercise of
power.
There will be no inter¬
ference with the free operation of
legitimate business nor imposition of
going definition)
a transaction in
stock;
and
place outside
any
State, Territory,
possession,
or
place outside thereof;
any
the District of Columbia.
or
or
•
wise limiting the fore¬
any
respect to any article shall be considered
to be in commerce if such article is
part of that current of commerce usual
in the live-stock and
meat food
meat-packing industries, whereby live stock, meats
products, live-stock products, dairy products, poulty products,
sent from
or eggs, are
State with
one
the expectation that
they will end their
transit, after purchase, in another, including in addition to cases within
the above general
description!
shipment to another State,
the
and
all cases where purchase or sale is either for
for slaughter of livestock within the State
or
shipment outside the
slaughter.
Articles
State
device intended to
remove
visions of this Act.
includes
of the
in such
normally
products resulting from such
of
current
through
resort
transactions in
shall
commerce
being had to
not
be
any means or
thereto frrom the pro¬
respect
For the purpose of this
paragraph the word "State"
Territory,
the
District
of
Columbia,
possession
of the
United
States, and foregoing nation.
TITLE
Sec. 201.
buying live stock in
facturing
from practices which may be forbidden.
commerce, or (c)
The
term
"packer"
means
any
engaged in the business
person
for purposes of slaughter,
commerce
preparing meats
or
or meat food
of manufacturing
shipment in commerce,
or
II.—Packers.
When used in this Act—
with that it will be the intention of
every one to observe the law and refrain
I shall expect to counsel freely
live
between any State, Terri¬
Columbia, and
same
For the purpose of this Act (but not in
burdensome and unnecessary rules and regulations.
Discretionary powers
will be used fairly and with due regard to all concerned.
I assume to start
with all interested parties in
setting up the administrative machinery and
of
but through
possession,
or
from
part
commerce
between points within the
or
District of Columbia,
in
or
means
the District
or
considered out of such current
follows:
as
cattle, sheep, swine, horses, mules, or
means all products and by-products
products) of the slaughtering and meat¬
meat food
The term "commerce"
or
thereof;
or
means
The term "live-stock products"
packing
He knew that most
government ownership, operation
1921."
dead;
or
(other than meats and
the reasons
packers had not favored it and felt that, while neither
of the
The term "live stock"
(4)
goats—whether live
(5)
need to speak of
was no
Stockyards Act,
.;;■/■
-V;-:.;...
; f: j
The term "Secretary" means the
Secretary of Agriculture;
The term "meat food products" means all
products and by-products
of the slaughtering and
meat-packing industry—if edible;
gational powers except upon the request of the Secretary.
Mr. Wallace said there
"Packers and
(a) When used in this Act—
The term "person" Includes
individuals, partnerships, corporations,
(3)
of these investi¬
none
I.—Definitions.
the
as
(2)
Trade
merchants
commission
be cited
may
and associations:
the Secretary of Agriculture.
Hereafter the Federal Trade Commission will exercise
Act
Sec. 2.
disclose such transactions, the Secretary is authorized to prescribe the man¬
ner and form in which they will be
kept.
Commission
eggs,
bu the Senate and House of Representatives
of the United States
of America in Congress assembled,
commission merchants and others
Including the ownership of such business.
and
stock,
Be it enacted
TITLE
as
live
The orders of the Secretary are
As with the packers, stockyard owners,
required to keep such accounts
in
commerce
dairy products, poultry, poultry products, and
subject to judicial review.
are
Congress.]
and for other purposes.
of $500 for each offense,
recovery
to
live-stock products,
Persons who knowingly fail to obey the orders of the Secretary are sub¬
ject to suit by the United States for the
ACT
51—67th
(II. R. 63201
regulate Interstate and foreign
(a)
of
manu¬
shipment in
or
preparing live-stock products for sale
or
(d) of marketing meats,
or
(b) of
or
products for sale
meat food
products,
making the necessary rules.
live-stock products, dairy products,
poultry, poultry products, or eggs, in
you
commerce;
I shall approach you with the feeling that
will act in openness of mind and good faith in the whole business, and
shall hope that you will grant to me what I so
freely yield to you.
No
matter who may be Secretary of Agriculture, I
hope and believe that the
relations between him and the
people who are in the live stock and meat
industry will be of the helpful, co-operative sort.
That there may be dif¬
ference of opinion at times is to be
expected, but when the heart is right
such differences
can
be adjusted without that
which Impairs public confidence and is
bickering and recrimination
distressing to the right-thinking
so
man.
sidered
(1)
Among the appropriations made available July 1
$50,000 to be used in foreign market work.
arranged to send to Europe
a man who has
in charge of the export branch of
panies, and who has had
more
one
than two
was one
for not less than
as
is also engaged in
person
business referred
any
in
to
clause
or unless
Such person owns
or
controls, directly or indirectly, through stock
ownership
or control or otherwise, by himself or through his agents, servants,
employers, any Interest in any business referred to in clause (a) or (b)
or
or unless
(3)
Any interest in such business of manufacturing or preparing live¬
products, or in such marketing business is owned or controlled,
directly or indirectly, through stock ownership or control or otherwise,
by himself
or
engaged in
any
(4)
The department has recently
already had considerable experi¬
of the independent packing com¬
years' actual residence
packer unless—
a
Such
(a) or (b) above,
(2)
person
stock
foreign markets for meat
Secretary Wallace said:
and meat products,
ence
making
no
engaged in such business of manufacturing or
preparing live-stock products or in such marketing business shall be con¬
above,
With reference to plans the department is now
with the hope of extending our
but
its selling
through his agents, servants, or employees by
business referred to in clause (a) or (b) above,
Any person
or
persons
jointly
through stock ownership or control
servants,
their agents,
per
or
or
employees,
or
severally,
directly
any
person
or unless
indirectly,
or
otherwise, by themselves
or
through
own
or
control
in the aggregate 20
centum or more of the voting power
or
control
in
such
business of
agent in northern Europe.
manufacturing
dairy products.
business and also 20 per centum or more of such
power or control in any
business referred to in clause (a) or (b) above.
His mission will be to make a thorough investi¬
gation of present and prospective foreign markets for American meat and
He will inquire into European production, stocks, Imports,
Sec. 202.
exports, demand and the factors affecting or influencing trade in American
meat and dairy products.
He will be expected to arrange for the prompt
and regular flow of information from the
principal market centres of Europe
department in Washington, from which it will be transmitted to
interested parties.
His headquarters will be in London, but from time to
(a)
(b)
or
live-stock
products,
or
use any
device in
Make
or
unfair, unjustly discriminatory,
or
advantage to any particular
or
subject, in
Europe, personally interviewing men informed as to the meat trade and
arranging for trustworthy reports from local representatives.
In this work
unreasonable prejudice or disadvantage in
the department will
wise receive from
hope for the hearty co-operation of all meat packers
who have foreign connections and will strive to serve
ail who have or wish
make such connections.
to
In addition to this special
agent for meat and dairy products, the de¬
partment has retained Professor George F. Warren of Cornell
University,
who is giving special study to the extension of our
foreign trade in all agri¬
cultural products.
Dr. Warren will visit the principal countries of
Europe
during the fall and winter months, making a study of sources of information
and of market conditions.
Squire while abroad will be to form personal
contacts with the
be complete co-operation.
products, the department realizes the special importance of
extending our
export trade in meat and dairy products, because these products afford the
best outlet for marketing our
surplus grain and forage, and a free outlet
for our surplus will make it much easier to
maintain our live stock
a
sound
for any other
or
(d)
or
or
deceptive
any
respect whatsoever,
locality to any undue or
respect whatsoever;
any
packer,
apportioning the supply in
any
article for the purpose or with
commerce
between any such pack¬
effect of restraining com¬
or
of creating a monopoly in commerce; or
Sell
or
otherwise transfer to
other
or
for any other person, or buy or other¬
person, any
article for the purpose or with
the effect of manipulating or controlling prices in commerce, or of creating
a
monopoly in the acquisition of, buying, selling, or dealing in, any aritcle
(e) Engage in any course of business or do any act for the purpose or with
the effect of manipulating or controlling prices in commerce, or of creating
a
monopoly in the acquisition of. buying, selling,
in commerce, or of restraining commerce;
(f) Conspire, combine,
agree,
industry
or
on
or
dealing in,
any
article
other person
(l)rto
or
arrange
with
business in
any
commerce,
or
(2) to appor¬
tion purchases or sales of any article in commerce, or (3) to manipulate or
control prices in commerce; or
(g) Conspire, combine, agree or arrange with
aid
any
other person to do, or
abet- the doing of, any act made unlawful by subdivision
or
(a), (b),
(c), (d), or (e).
basis.
Sec. 203.
(a) Whenever the Secretary has
reason
to
believe that any
packer has violated or is violating any provision of this title, he shall
tz&t of
the
meat
7 packers and
Tiie
packers
a
bill—known
as
stockyards act of 1921.
law with the President's
approval
Aug. 15 and the title of which, as expressed in the Act
a
on
itself,
is the "Packers and
Stockyards Act 1921."
immediately preceding is given
as
furnished by the
Secretary
Wallace:
.
an
of
in that respect, and
of such
Agriculture,
measure
Henry C.
upon
duced
requiring the packer to attend and testify at
a
hearing
place designated therein, at least thirty days after the seryice
and at such time and place there shall be afforded the
complaint;
as
to the evidence intro¬
(including the right of cross-examinatioh), and to be
by counsel and through witnesses, under such regulations
against him
heard in person or
the
cause
the packer, stating his charges
packer a reasonable opportunity to be informed
as
In the article
analysis of the
complaint in writing to be served
at a time and
following is the full text of the Meat Packers Control
Bill which became
or
for any other packer, or buy or other¬
if such apportionment has the tendency
merce
or
unreasonably preference
or
locality in
person or
particular person
apportion territory for carrying
While doing everything possible to extend
foreign markets for all farm
on
or
wise receive from or for any
commercial attaches and with all American
agencies to the end that there
may
commerce, any
otherwise transfer to
or
the effect of
ers,
marketing
in commerce, or of restraining commerce; or
In this foreign market work the
department has the assurance of complete
co-operation from the Department of Commerce both in
collecting informa¬
tion and for special investigations.
One of the duties of both Dr. Warren
and Mr.
Sell
such
commerce; or
give, in commerce, any undue
time he will visit the important
trading centres of northern and central
(c)
in
or
It shall be unlawful for any packer to:
Engage in
practice
to the
preparing
or
Secretary may prescribe.
Any
person for good cause shown
may on
application be allowed by the Secretary to intervene in such proceeding,
and appear
in person or by counsel.
At any time prior to the close of the
hearing the Secretary may amend the complaint;
ment adding new charges
...
be
adjourned for
a
the hearing shall,
on
but in
case of any
amend-
the request of the.packer,
period not exceeding fifteen days.
Oct.
1
1921.]
THE
CHRONICLE
is violating any provisions of this title covered by the charges, he shall
make
report in writing in which be shall state his findings as to the facts,
a
and shall issue and cause to be served on the packer an order
packer to cease and desist from continuing such violation.
requiring such
The testimony
taken at the hearing shall be reduced to writing and filed in the records of
of Agriculture.
the Department
(c) Until a transcript of the record in such hearing has been filed in
cuit court of appeals of
Secretary at
time,
any
the United States,
provided in section 204, the
as
such notice and in such
upon
he deems
manner as
but only after reasonable opportunity to the packer to be heard,
proper,
amend or set aside the report or order, in whole
may
cir¬
a
or
303.
Sec.
(b) If, after such hearing, the Secretary finds that the packer has violated
or
1433
After
the expiration
given public notice that
of thirty days after the Secretary has
stockyard is within the definition of Section
any
302, by posting copies of such notice in the stockyard, no person shall
carry on the business of a market agency or dealer at such stockyard uniesshe has registered with the Secretary under such rules and
regulations as
the Secretary may prescribe, his name and address, the character of business
in which he is engaged and the kinds of stockyard
services, if any, which he
Whoever violates the provisions of this section
furnishes at such stockyard.
shall be liable to
not
penalty of not
a
more
than $500 for each such offense and
than $25 for each day it continues, which shall
more
United States and may be recovered in
a
,v.
.
304.
Sec.
(d) Complaints, orders, and other processes of the Secretary under this
the
to
accrue
civil action brought by the United
States.
in part.
'
■■■
It shall be the duty of every stockyard owner and market
to furnish upon reasonable request, without discrimination, reason¬
section may be served in the same manner as provided in section 5 of the
agency
Act entitled "An Act to create
able stockyard services at such stockyard.
Federal Trade Commission, to define its
a
Sec. 305.
and duties, and for other purposes," approved Sept. 26 1914.
powers
Sec. 204.
(a) An order made under section 203 shall be final and
clusive unless within
con¬
thirty days after service the packer appeals to the
circuit court of appeals for the circuit in which be has his principal place of
at
the
Secretary's order be set aside
petition, together with
modified in the manner stated in
or
bond in such sum
a
as
the court may determine,
conditioned that such packer will pay the costs of the proceedings if the court
directs.
so
(b) The clerk of the court shall immediately cause a copy of the petition
Secretary, and the Secretary shall forthwith prepare,
certify, and file in the court
full and accurate transcript of the record in
a
such proceedings, including the complaint, the evidence, and the report
order,
or
in whole or in part,
petition within such time
and
the petitioner
amend the
may
the court may determine, on notice to the Secre¬
as
tary.
'
i
filed the court,
(c) At any time after such transcript is
deems
on
application
of
the packer and his officers, directors, agents, and em¬
proper,
ployees, from violating any of the provisions of the order pending the final
notice that
said
as a
in the
so
afore¬
as
part of the record, shall be considered by the court as the evidence
Tbe
case.
shall be made
a
proceedings in such cases in the.circuit court of appeals
(f) If the court determines that the just and proper disposition of the case
requires the taking of additional evidence, the court shall order the hearing
market agency at
rates and
modify his findings
the additional evidence
the court may deem proper.
as
The Secretary
as
to the facts, or make new findings, by reason of
so
taken, and he shall file such modified or new
stockyard services
any
(g) If the circuit court of appeals affirms or modifies the order of the
as an
injunction to restrain the packer,
directors, agents, and employees from violating the pro¬
visions of such order or such order
as
furnished.
are
i
the Secretary may require, and shall also state any rules or regula¬
as
tions which in any manner
The
furnished.
change, affect,
Secretary
or
or
determine
determine and prescribe the form
may
expedient.
'-v
and
arranged, and posted,
and may from time to time make such changes in respect
found
part or the
any
the value of the stockyard services
in which such schedules shall be prepared,
manner
thereto
be
as may
■
or
charges
so
filed and published,
except after ten days' notice to-the Secretary and to the public filed and
published
aforesaid, which shall plainly state the changes proposed to be
as
made and the time such
the requirements of
changes will go into effect; but the Secretary
may,
modify, such orders of the Secretary, and the
this section in respect to publishing, posting, and filing
particular instances or by a general order applicable
of schedules, either in
to
special or peculiar circumstances
or
conditions.
The Secretary may reject and refuse to file
(d)
any
schedule tendered
for filing which does not provide and give lawful notice of its effective date,
and any schedule so
rejected by the Secretary shall be void and its
use
shall
be unlawful.
Whenever there is filed with the Secretary
(e)
rate or
change, the Secretary may either
initiative without complaint,
own
answer
upon
or
other formal
at
upon a
regulation,
or
any
upon
schedule, stating
complaint
or upon
a
his
and if he so orders without
oncq,
pleading by the
reasonable notice, enter
such rate, charge,
modified.
(h) The circuit court of appeals shall have exclusive jurisdiction to review,
and to affirm, set aside, or
person at
(b) Such schedules shall plainly state all such rates and charges in such
detail
new
aside of his order, with the return of such additional evidence.
and his officers,
charges for the stockyard services furnished by such
If a market agency commences business at the stockyard
expiration of such sixty days such schedules must be filed before
after the
findings and his recommendations, if any, for the modification or setting
Secretary, its decree shall operate
and every
owner
such stockyard shall file with the Secretary, and print
public inspection at the stockyard, schedules showing all
such stockyard.
reopened for the taking of such evidence, in such manner and upon
such terms and conditions
may
stockyard is within the definition of Section 302, by posting
a
for good cause shown, allow changes on less than ten days' notice, or modify
preferred cause and shall be expedited in every way.
(e) The court may affirm, modify, or set aside the order of the Secretary.
to be
discrimina¬
or
Within sixty days after the Secretary has given public
(a)
(c) No changes shall be made in the rates
taken or admitted, duly certified and filed
shall be just, reason¬
unjust, unreasonable,
any
copies of such notice in the stockyard,.the stockyard
determination of the appeal.
(d) The evidence
stockyard services furnished
any
owner or market agency
aggregate of such rates or charges,
...a
the Secretary, may Issue a temporary injunction restraining, to the extent
it
306.
Sec.
If before such transcript is filed the Secretary amends or sets aside
order.
his report
charges made for
tory rate or charge is prohibited and declared to be unlawful.
and keep open to
to be delivered to the
or
stockyard
a
able, and non-discriminatory, and
business, by filing with the clerk of such court a written petition praying
that the
All rates
stockyard by
a
person
filing such schedule, but
hearing concerning the lawfulness of
practice, and pending such hearing and
decision thereon the Secretary, upon filing with such schedule and delivering
to the person
filing it
a
statement in writing of his reasons for such suspen¬
review
sion, may suspend the operation of such schedule and defer the use of such
by the Supreme Court of the United States upon certiorari, as provided in
rate, charge, regulation/or practice, but not for a longer period than thirty
decree of such court shall be final except that it shall be subject to
240 of the Judicial
section
Code, if such writ is duly applied for within
sixty days after entry of the decree.
ate
as
a
hearing, whether completed before or after the rate, charge, regulation, or
such
practice goes into effect, the Secretary may make such order with reference
stay of the decree of the circuit court of appeals, in so far as
decree operates as an injunction, unless so ordered by the Supreme Court.
(i) For the purposes of this title the term "circuit court of appeals,"
in
case
place of business of the packer ?s in the District of
the principal
Columbia,
the Court of Appeals of the D:strict of
means
days beyond the time when it would otherwise go into effect; and after full
The issue of such writ shall not oper¬
thereto
as
would be proper in a proceeding initiated after it had
effective.
If any such hearing cannot bo concluded within the
suspension the Secretary
may
period not exceeding thirty days, and if the proceeding has not been con¬
Columbia.
order made at the expiration of such thirty days, the
(Sec. 205-) Any packer, or any officer, director, agent, or employee of
a
cluded and
packer, who fa Is to obey any order of the Secretary issued under the
change of rate, charge, regulation or practice
provis'ons of sect
on
203, or such order as modified—
such petition
such order
or
as
modified, has been sustained
by the Circuit Court of Appeals and no such writ has been applied for within
such time; or
the courts
less
than
as
such order
modified, has been sustained by
as
provided in Section 204: shall on conviction be fined not
$500
six months
or
nor
nor
than
more
more
$10,000,
than five
years,
such failure continues shall be deemed
or
or
a
imprisoned for not less than
both.
at
The
(a)
Each day during which
any
person
engaged in the
a
stockyard in connection with the receiving, buying or selling on a com¬
or
of
buying
(1)
or
or
in the business of
on
his
selling in commerce live stock at a stockyard on a
buying
own
or
any
used
establishment,
place,
conducted
When
(a)
or
operated
or
in
a
stockyard,
agent of the vendor or
this title the term
facility commonly
for compensation
"stockyard"
known
profit
or
as
a
as
means
stockyards,
public market,
consisting of pens, or other inclosurcs, and their appurtenances, in which
live cattle,
sheep, swine, horses,
kept for sale
or
mules,
shipment in commerce.
or
goats are received, held, or
This title shall not apply to a
stockyard of which the area normally available for handling live stock,
exclusive of runs,
square
alleys, or passage ways, is less than twenty
feet.
thousand
he deems necessary,
as
the stockyards which
or
remit in
for such
schedules filed and in
portion of the
any manner any
(but this shall not prohibit
a
co-operative
boua fide returning to its members, on a
its excess earnings on their live stock, subject to
may
prescribe);
stockyard services
any
nor
such
extend to any person at
except such
as
are
specified in
Whoever fails to comply with the provisions of this section or
(h)
of
which shall accrue to the United States
civil action brought by the United States.
Whoever willfully fails to comply with the provisions of this
section
regulation or order of the Secretary made thereunder shall on
conviction be fined not more than $1,000, or imprisoned not more than
of any
one
year, or both.
307.
to
agency
be the duty
It shall
market
and non-dis¬
of every stockyard owner and
observe, and enforce just, reasonable,
establish,
stock¬
regulation
criminatory regulations and practices in respect to the furnishing of
yard services, and every unjust, unreasonable, or discriminatory
or
practice is prohibited and declared to be unlawful.
any
308.
If
(a)
any
stockyard owner, market agency, or dealer,
violates
306, or 307, or of any order
liable to tho person or
injured thereby for tlio full amount of damages sustained in conse¬
of the provisions of sections 304, 305,
of the
Secretary made under this title, he shall be
persons
quence of such
violation.
'
(b)
as
Sucb liability may be
enforced cither (1) by complaint to the Secretary
provided in section 309, or (2) by suit In any district court of
the United
but this section shall not in any way abridge
existing at common law or by statute, but the
States of competent jurisdiction;
or
alter the remedies now
come
within the foregoing
Sec.
309.
(a) Any person complaining of
remedies.
anything done or omitted to
stockyard owner, market agency, or dealer (hereinafter
section referred to as the "defendant") in violation of the provisions
be done by any
in this
of sections 304,
be may determine.
such notice to the stockyard owner and to the
notice in the stock¬
After the giving of
public, the stockyard shall
remain subject to the provisions of this title until like notice is given by
the
305, 306, or 307, or of an
under this title, may,
at any
the facts, whereupon
by petition wh^ch shall briefly stat
the complaint thus made shall be forwarded by the
Secretary to tho defendant, who shall be
nition.
plaint,
or to answer
order of the Secretary made
time within ninety days after tbe cause of
action accrues, apply to the Secretary
Secretary that such stockyard no longer comes within the foregoing defi¬
charge,
nor
penalty of not more than $500 for each such offense, and not more
definition, and shall give notice thereof to the stockyard owners concerned,
manner as
specified
so
the Secretary
and give public notice thereof by posting copies of such
yard, and in sucb other
thereunder;
provisions of this Act are in addition to such
.,
(b) The Secretary shall from time to time ascertain, after such inquiry
as
made
Secretary
regulation or order of the Secretary made thereunder shall bo liable
a
Sec.
302.
refund
and may be recovered in a
purchaser.
Sec.
charges
stockyard
Sec.
selling in commerce live stock at
account or as the employee or
the
of
greater or less or different compensation
a
than $25 for each day it continues,
(2) furnishing stockyard services; and
(d) The term "dealer" means any person, not a market agency, engaged
either
any
or
(c) The term "market agency" means any person engaged in the busi¬
ness
or
patronage basis,
otherwise, marketing, feeding, watering, holding, delivery,
shipment, weighing, or handling, in commerce, of live stock;
commission basis
orders
association of producers from
to
(b) The term "stockyard services" means sendees or facilities furnished
mission basis
the
collect
such schedules.
business of conducting or operating a stockyard;
at
or
effect at the time; nor
rates
(g)
means
and
regulations
separate offense.
III.—Stockyards.
"stockyard owner"
term
stockyard owner or market
a
filed and published in accordance with this
the stockyard have been
demand,
such
TITLE
the business of
on
unless the rates and charges for the stockyard services furnished
section
When used in this Act—
Sec. 301.
shall carry
person
services than the rates and charges specified in tbe
I
-
(3) After such order,
no
agency
or
(2) After the expiration of the time allowed for applying for a writ of
if such order,
proposed
effect at the
shall go into
After the expiration of tbe sixty days referred to in subdivision (a)
(f)
(1) After the exp ration of the time allowed for filing a petition in the
certiorari,
an
end of such period.
circuit court of appeals to set aside or modify such order, if no
has been filed within such time;
become
period of
extend the time of suspension for a further
it in
writing,
within
called upon to satisfy the com¬
reasonable,time to be specified
a
CHRONICLE
THE
uu
If the defendant within the time specified makes repara¬
done he shall be relieved of liability to the
by the Secretary.
tion for the injury alleged to be
complainant Only for the particular violation thus complained of.
If the
defendant does not satisfy the complaint within the time specified, or there
ground for investigating the complaint, it
investigate the matters complained of
to be any reasonable
appears
shall be the duty of the Secretary to
live-stock commissioner, Board
of Agriculture, or other agency of a State or territory, having jurisdiction
over stockyards in such State or territory, shall investigate any complaint
forwarded by such agency in like manner and with the same authority and
powers as in the case of,a complaint made under subdivision (a).
(c) The Secretary may at any time institute an inquiry on his own
motion, in any case and as to any matter or thing concerning which a
complaint is authorized to be made to or before the Secretary, by any
provision of this title, or concerning which any question may arise under
any of the provisions of this title, or relating to the enforcement of any
of the provisions of this title.
The Secretary shall have the same power
and authority to proceed with any inquiry instituted upon his own motion
as though he had been appealed to by petition, including the power to
make and enforce any order or orders in the case or relating to the matter
or thing concerning which the inquiry is had, except orders for the payment
(b) The Secretary, at the request of the
is in effect, the Secretary, or any party injured thereby, or the
same
States by its Attorney
General,
district in which such person
enforcement of such order.
order
was
(United
apply to the district court for the
may
has his principal place of business for the
If after hearing the court determines
that the
lawfully made and duly served and that such person is in dis¬
obedience of the same, the court shall enforce obedience to such order by a
writ
and by such means as he deems proper.
in such manner
[Vol. 113.
of
injunction
restrain
other
or
such person,
proper
or
to
mandatory
process,
his officers, agents,
disobedience of such order
enjoin
or
him
upon
otherwise,
or
to
representatives from further
them obedience to the
or
same.
Sec. 316.
to the
of,
For the purposes of this title, the
suspending
restraining the enforcement, operation,
or
the setting aside in whole
or
Commission,
merce
provisions of all laws relating
are
or
execution
or
in part the orders of the Inter-State Com¬
made applicable to the jurisdiction, powers/and
duties of the Secretary in enforcing the provisions of this title, and to any
subject to the provisions of this title.
person
TITLE
Sec. 401.
shall
IV.—General Provisions.
Every packer, stockyard owner,
and dealer
market agency,
keep such accounts, records, and memoranda
fully and correctly
as
disclose all transactions involved in his business, including the true owner¬
ship of such business by stockholding
otherwise.
or
Whenever the Secre¬
tary finds that the accounts, records, and memoranda of any such person
of money.
(d) No complaint shall at any time be dismissed because of the
complainant.
absence
do not fully and correctly disclose all transactions involved in his business,
the Secretary may
of direct damage to the
prescribe the
and form in which such accounts,
manner
determines that the
complainant is entitled to an award of damages, the Secretary shall make
an order directing the defendant to pay to the complainant the sum to
records, and memoranda shall be kept, and thereafter any such person who
which he is entitled on or before a day named.
fined not
If after hearing on a complaint the Secretary
(e)
*
If the defendant does not comply with an order for the
(f)
payment of
within the time limit in such order, the complainant, or any person
for whose benefit such order was made, may within one year of the date
fails to keep such accounts,
form
district court of the United States for the district
in which is located the principal place of business of
in which he resides or
defendant
the
parties,
in
or
general jurisdiction of the
State court having
any
petition setting forth briefly the causes for which he claims
a
Such suit in the
damages and the order of the Secretary in the premises,
district court shall proceed in all respects like other
civil suits for damages
findings and orders of the Secretary shall be prima facie
of the facts therein stated, and the petitioner shall not be liable
except that the
evidence
for costs in the district court nor for costs at any
records, and memoranda in the
imprisoned not
1 ;■
■
or
■
Sec. 402.
more
than three years, or
'
For the efficient execution of the provisions
of this Act, and
in order <to provide information for the use of Congress, the
provisions (in¬
cluding penalties) of sections 6, 8, 9, and 10 of the Act entitled "An Act to
Federal Trade Commission, to define its powers and duties,
create a
for other
purposes," approved Sept. 26 1914,
jurisdiction,
or not a
and duties of the Secretary in enforcing the provisions
powers,
corporation.
designate,
The Secretary, in
Act in any part of the
Sec. 403.
person or
by such agents
When
as
United States.
construing and enforcing
the
prevails, he shall be allowed a
or
as
a
or
owner,
acting for
market agency, or dealer,
within the scope of his employment or office, shall in every case also
part of the costs of the suit.
Whenever after full hearing upon a complaint made as
309,
section
in
employed by any packer, stockyard
Act.
of this
provisions
proceedings unless they accrue upon his appeal.
Sec. 310.
he may
duties under this
prosecute any inquiry necessary to his
may
the act, omission, or failure of any agent, officer, or other person
collected
and
applicable to the
are made
of this Act and to any person subject to the provisions of this Act, whether
subsequent stage of the
If the petitioner finally
reasonable attorney's fee to be taxed and
and
manner
approved by the Secretary shall upon conviction be
or
than $5,000,
more
both.
money
of the order file in the
prescribed
provided
order for investigation and
after full hearing under an
extension of
pending complaint or without any complaint whatever, the Secretary
of the opinion that any rate, charge, regulation, or practice of a stockyard
be
deemed the act, omission, or failure of such packer, stockyard owner, mar¬
ket agency, or
Sec. 404.
hearing made by the Secretary on his own initiative, either in
dealer,
The
as
well
that of such agent, officer, or other person.
as
Secretary may
report
any
violation of this Act to the
any
Attorney General of the United States, who shall cause appropriate pro¬
is
ceedings
market agency, for or in connection with the furnishing of stock¬
owner or
Sec. 405.
(a) May determine and prescribe what will be the just and reasonable rate
charge,
rates or charges, to be thereafter observed in such case, or the
or
maximum
minimum,
or
what regulation or
inatory
maximum and minimum,
or
practice is
or
to bo charged,
and
will be just, reasonable, and nondiscrim¬
be thereafter followed;
to
desist from such violation to the extent to which the Secretary finds that
rate
will exist;
or
serve
so
prescribed,
prescribed,
so
or
in excess of the maximum or less than the min¬
the
as
be;
case may
and (3) shall conform to and ob¬
the regulation or practice so prescribed.
Whenever in
Sec. 311.
title,
(2) shall not thereafter publish, demand, or collect any
charge for the furnishing of stockyard services other than the rate
or
charge
or
imum
or
Nothing contained in this Act,
charge, regulation,
or
monopolies, and for other purposes," approved Oct. 15
as
amended, the Act entitled "An Act
or
sections 73
purposes,"
amended by the Act entitled "An Act to amend sections
as
seventy-three and seventy-six of the Act of Aug.
or
preference as between persons
localities in intra-State
or
not
unreasonable advantage,
in
pre¬
12 1913, or
(c) To prevent or interfere with any investigation, proceeding, or prose¬
cution begun and pending at the time this Act becomes effective.
Sec. 406.
(a) Nothing in this Act shall affect the power or jurisdiction
stock
on
the other hand,
or any
undue, unjust,
unreasonable discrim¬
or
jurisdiction
nor
confer upon the Secretary
matter within the power or juris¬
over any
diction of such Commission.
(b) On and after the enactment of this Act, and
commerce
in live stock on the one hand and inter-State or foreign commerce in live
the Federal Trade Commission shall have
effect,
far
so
relating to
as
so
long as it remains in
no power or
jurisdiction of the Secretary, except in cases in which,
by forbidden and declared to be unlawful,
ment
the Secretary shall prescribe
manner
in his judgment,
as,
discrimination,
Such
will
such advantage, preference,
remove
charges,
rates,
be observed, in such
regulations,
or
practices
of this
Act,
or
and duties, and for other
tion
11
a
Federal Trade Commission, to define its power
purposes," approved Sept. 26 1914, or under Sec¬
of the Act entitled
"An Act to supplement existing laws
observed while in effect by the stockyard owners or market agencies parties
unlawful
to such
Oct. 15 1914, and except when
or
proceeding affected thereby, the law of
or
the decision
order of any State authority to the contrary notwithstanding.
Sec. 312.
agoncy,
or
State
any
(a) It
shall
dealer to
or
engage
deceptive practice
buying
selling
or
be
on
unlawful
in
for
any
stockyard
unfair, unjustly discriminatory,
or use any
or
handling, in
feeding, watering,
commerce at a stock¬
any person, or when¬
cease
and
will exist.
as
all
orders of the
money, shall
take effect within such reasonable time, not less than five days, as is pre¬
scribed in the order, and shall continue in force until his further order, or
specified period of time, according
such order is suspended or
pended
or set
Sec. 314.
aside by
311,
or
a
a
modified
312 shall
any
as
is prescribed in the order, unless
or set
aside by the Secretary
owner,
market
or
the
is
sus¬
agency, or
and shall have the power to appoint, remove, and fix
compensation
of such
officers
and
employees,
in conflict with
not
existing law, and make such expenditures for rent outside the District of
books of reference,
Columbia, printing, telegrams, telephones, law books,
periodicals,
stationery,
furniture,
supplies and expenses
as
office
travel,
equipment,
and
other
shall be necessary to the administration of this
as may
be appropriated
for by
Congress, and there is hereby authorized to be appropriated, out
of any
money
may
in the Treasury not otherwise appropriated, such sum as
be necessary for
Sec. 408.
person or
such purpose.
If any provision of this Act or the application thereof to any
circumstances is held invalid, the validity of the remainder of the
Act and of the
application of such provision to other persons and circum¬
stances shall not be
dealer who know¬
Territory,
possession, or department, agency or political subdivision there¬
affected thereby.
Approved, Aug. 15 1921.
order made under the provisions of sections 310,
forfeit to
the United
Each distinct violation shall be
States the
a
be recoverable in
a
sum
of $500
for each
separate offense, and in
continuing violation each day shall be deemed
forfeiture shall
or
court of competent jurisdiction.
(a) Any stockyard
ingly fails to obey
offense.
District,
Act in the District of Columbia and elsewhere, and
otherwise provided in this Act,
Secretary under this title, other than orders for the payment of
a
and orders as
be necessary to carry out the provisions of this Act and may co-operate
of, or any person;
after notice and full hearing may make an order that he shall
for
any case.
with any department or agency of the Government, any State,
otherwise,
desist from continuing such violation to the extent that the Secretary finds
Except
the said Federal Trade Commission
The Secretary may make such rules, regulations
may
or
dealer is violating the provisioas of subdivision (a), the Secretary
Sec. 313.
Sec. 407.
device in connection with the receiving, marketing,
the Secretary has reason to believe, that any stockyard owner, market
or
the Secretary of Agriculture, in the exercise
investigations and report in
commission basis
(b) Whenever complaint is made to the Secretary by
that it does
that it make
against
approved
and for other-purposes,"
a
yard, of live stock.
ever
monopolies,
or
holding, delivery, shipment, weighing
agency, or
and
restraints
of his duties hereunder, shall request of
market
owner,
before the enact¬
complaint has been served under section 5 of the Act
entitled "An Act to create
be
shall
jurisdiction
which by this Act is made subject to the
any matter
ination against inter-State or foreign commerce in live stock, which is here¬
the rate, charge, regulation, or practice thereafter to
entitled 'An
1894,
(b) To alter, modify, or repeal such Acts or any part or parts thereof, or
concurrent power or
or
27
to provide revenue for the Government, and for
reduce taxation,
other purposes,' " approved Feb.
ing, feeding, holding, delivery, shipment, weighing, or handling,
undue
and for
reduce taxation, to provide revehue for the Government,
Act to
other
1918,
77, inclusive, of the Act of Aug. 27 1894, entitled "An
to
of the Inter-State Commerce Commission,
causes any
and
approved July 2
promote export trade, and for other purposes," approved April 10
the buying or selling on a commission basis or otherwise, receiving, market¬
of life stock,
protect trade
against unlawful restraints and monopolies,"
1914, the Inter-State Commerce Act
practice of any stockyard owner or market agency, for or in connection with
judice,
provided
the procedure
to
hereby authorized to be filed,
the Secretary after full hearing finds that any rate,
or
1890, the Act entitled "An Act to supplement existing laws against unlaw¬
in any investigation instituted by petition of the stockyard owner
commerce,
except as otherwise
the provisions of the Act entitled "An Act to
under,
commerce
Act to
investigation under the provisions of this
any
market agency concerned, which petition is
or
in the proper courts of the
(a) To prevent or interfere with the enforcement of,
ful restraints and
and
(b) May make an order that such owner or operator (1) shall cease and
it does
prosecuted
herein, shall be construed—
Secretary—
or
and
United States without delay.
unreasonable, or discriminatory, the
yard services, is or will be unjust,
be commenced
to
a
separate offense.
civil suit in the
name
of the
case
GENERAL PERSUING
of
ON LABOR'S PART IN
THE
WAR—SAMUEL GOMPERS'S REPLY.
Such
United
That
the
policies
of the United
States
are
not
"deter¬
States.
(b) It shall be the duty of the various district attorneys, under the direc¬
mined by labor
tion of the Attorney General, to prosecute for the recovery of forfeitures.
the
The costs and expense of such prosecution shall be
at
paid out of the
appro¬
unions or by any other organizations,"
was
emphatic statement made by General «folin J. Pershing,
a
dinner
given
by
the
Lafayette-Marne
Committee of
priation for the expenses of the courts of the United States.
Sec. 315.
If any stockyard owner, market agency, or dealer fails to
obey
•any'order of the
Secretary other than for the payment of
money
while the
Washington,
on
Sept. 6,
in the national capital.
Pershing's remarks followed
an
address by
General
Samuel Gom-
1
OCT.
influenced by various factors which included the number of
President of the American Federation of Labor, and
pers,
interpreted in Some quarters as
was
and
unions
their
with
claims
rebuke to the labor
a
regard
agencies
the
to
re¬
Mr. Gompers had
while
he
claim
direct
no
had
labor
that
been
exclusively instrumental in winning the war, he did tell of
the record of the American Federation of Labor
in decidedly
war
during the
Gen. Pershing,
extravagant terms.
how¬
apparently regarded Mr. Gompers's remarks as a claim
ever,
March
On
only
made it
who
ones
Here is what Mr. Gompers said
America declared war on Ger¬
few weeks before
a
The American laboring
matter which way America went.
no
in great majority, were in favor of fighting the military autocracy of
men,
Germany.
to
during the
I may
be permitted to
through from the first with the cause of the Allies.
of America's workers ran
On March
to
War.
That
was
political
in favor of the Allies.
form of autocracy, no matter what it
any
First of
that it isn't
is
It
question of whether
a
to
It
who
the
came
the
possible to win the
citizens who
in the
across
The
their
as
well
as
I
patriotism from their forefathers
those who have adopted American
as
not determined by labor unions
are
conscensus
It
ciated builders.
be governed
which
of opinion of
by
or
its patriotic
to rise up
one
and
that America
say
and ruled by American citizens and not by organizations
have their
selfish purposes to serve.
own
nationale that made the
Mr.
some
Allied
It
not the third inter-
was
Gompers, to correct what he regarded
Pershing is quoted in the
as a
labor that
wasn't
the
won
It
war.
that it wasn't this association
say
to
seems
misappre¬
having said, "It
as
it's time
me
that which
or
won
for
the
Allied
was
I made
course
saying
whom
there
so,
we
With
was
for
labor
had made the claim that labor
such statement and much
I regret
war.
he
did not say
now
brave
and
a
all
owe
the
war.
necessity for
It
was
a
I
have been proud
that labor
generalship
after-dinner
does, his
struck.
other country.
any
won
the
v-"y.
circumstances.
Any
further
lack of tact,
neces¬
I
am
proud that this
rehearing
the
hearing
under
the
arbitration
agreement
on
Sept. 22, Judge Landis heard arguments
the
on
say.
and
I regret,
no
as
excuse
perhaps
petition for
a
partial
a
It
was
arguments) that many of
Landis,
Judge
therefore,
granted
rehearing
a
as
noted further above.
The
;
employers in the building trades notified the workers
who went
strike that if they
on
jobs under the
new wage
refused to return to their
scale they would establish
"open
an
shop."
'The Economist" of
This is
the
an
arbitration
Judge Landis
Chicago, and
we
was
given in
reproduce it below:
of wage differences between employers
and
em¬
The agreement was entered into between
Building Construction Employers' Association, the Associated Builders,
and the
to be
Chicago Building Trades Council, after several weeks of idleness
industry, and authorized the undersigned,
It
as
umpire, to fix the wages
paid in the several trades represented, the award to become effective
when made and remain in force until
was
also
agreed that
mine the rates to
trade
there
May 31 1922.
before Feb*. 1 1922 the umpire shall deter¬
on or
control from May 31
was
1922 for the period of
one year.
provision that the principles and conditions of all
a
agreements shall be made as nearly
uniform
as
possible,
and the
parties stipulated that should any trade arbitration board be unable to
agree upon any
decision.
provisions of their agreement involving conditions, working
such dispute should be submitted to the umpire for his final
rules, &c.,
This latter provision was most important, for it put it in tho
detrimental working rules and
free
trade from all
any
conditions by the simple process of with¬
holding assent to such provisions.
Building in "Bad Repute."
It is the violation of
no
confidence to say that
gotten into bad repute in this community.
to
keep away from it
as a
building construction had
There
thing diseased.
was a
general disposition
Capital avoided it.
preferred almost any other form of activity or
no
The wis©
And
activity.
this applied to the whole range of building construction, from the cottage
to the
his impropriety.
pay
/
of
awards referred to above.
wage
who struck against the award had again returned to
men
work.
dollar
no reason
General Pershing
him the tribute of saying that
the battlefield is much better than his generalship as an
speaker.
com¬
i
:
...
from the union leaders in support
of the record of
That I repeat and shall
I offered
war.
application
on
entirely justified and you will disregard my telegram of Sept. 10 in these
magnificent record, unsurpassed by labor
splendid soldier and I
on
my¬
opportune or necessary.
seems
10 directing rehearing
hands of either the employer or the employee to
great debt.
a
remarks for what General Pershing had to
himself
is
his
we
should have been made by American labor.
repeat whenever it
in my
won
I regret the
exceedingly that he should have made it
anywhere, unequaled by labor in
I
as
ground for the rather testy remarks of the leader
no
to make this statement.
me
during the
record
Day banquet concluded that in my
everything else contained in General Pershing's speech I found
self in full accord.
sary
no
admire and to whom
all
success
that those who read the extract from General Per¬
address, which preceded, I
Judge Landis by the Asso¬
information that the trades involved in the arbitration agreement had
no
Further,
shing's speech at the Lafayette-Marne
Of
I wired you on Sept.
When
the
cause."
is to be presumed
It
to
one
some
the war—it
loyalty of all the straightforward American citizens which brought
to
men are on
municated by the Secretary of the Chicago Building Trades Council, I had
in the
to-day
newspapers
rehearing while
telegram to Thomas Kearney:
ployees in building construction.
victory possible.
hension, issued this statement Sept. 7:
General
a
The latter subsequently sent the following
The full text of the decision of
to be about time for
seems
strike, refusing to abide by
are now on
We protest against granting
A similar message was sent to
citizens of whatever affiliations.
shall
award.
own.
policies of this republic
Iron workers, pipe trades, marble setters, pipe
laborers and other trades
strike.
Mayflower and helped to decide upon and determine
other organizations, but by the
any
Contractors and owners here paid for three months the high rate of wages
pending your decision.
coverers,
war.
inherited their
independence of America,
institutions
loyal citizens of the United States.
we are
was
Craig, Secretary of the
asserted during the course of these
here that the members of the labor unions weren't the only
say
was
is just an ordinary citizen, and
or
The following telegram
Judge Landis by E. M.
to
Subsequently
true American is a patriot, whether
every
question of whether we belong to some association or not.
a
who made it
ones
that
say
labor organization
question of labor unions, it isn't a question of any organiza¬
a
tion, it isn't
want
some
a
When,
Building Construction Employers' Association:
Pershing said in his speech:
all, I want to
belongs to
them
grant
acceded to.
would be perfectly futile.
■
General
Landis
Certainly if such trades have gone out, the protest of the employers is
unwilling to accept as a substitute
be.
may
he
our
on
of Labor went
of Labor is
Federation
military autocracy
or
stand
our
three weeks before the American nation had declared
some
The American
for
declare
to
me
The American Federation
itself.
Federation of
position in the World
12, 1917, I asked my associates in the American
authorize
Labor
and after the war I took second position
war
due relation between man and man and nation
say that the heart and spirit and soul
justice should proceed in
and nation.
Judge
was at onee
ther hearings would be futile.
advocating that the struggle of democracy and fairness and
in
man
no
that
strike, he informed the President of the Building Trades
your
Before the war,
demanded
latter
rehearing, and this demand
sent
the American Federation of Labor had stated its stand ; that it was
America,
for
1917,
12,
thereby, stood out in contrast to the attitude of the unions.
The
Council in Chicago that, under the circumstances, any fur¬
the
part in his speech:
many,
general approval with which Judge Landis's award
received among employers and among business men, by
reason
of the loweiing of building costs made possible
was
on
possible to win the war."
in
was
weren't
unions
labor
skill
year,
"I want to say here that the members
The General said:
the
during the
however, Judge Landis heard that the workers had gone out
that labor had won the war.
of
trade enjoyed
employed in the work and the extent to which the public
The
spoken during the after-dinner program,
made
days each
working
protected by the agreement.
sponsible for the winning of the war.
and
1425
CHRONICLE
THE
1921.]
skyscraper.
.
The attitude of the
dustrial
public, added to the profound commercial and in¬
depression generally existent resulted in
a
virtual famine in housing
accommodations and brought about the idleness of many thousands of men
willing to work.
>
It
in view of these conditions that the umpire conceived it to be his
was
duty to aid these parties to rehabilitate the industry in the esteem of the
WAGES IN
BY
CHICAGO BUILDING
AWARD
OF
JUDGE
TRADES REDUCED
IN PROTEST.
Reduction of wages in the
ordered in
a
Judge Landis,
as
on
Wages. Not Alone to Blame.
This loss of the public faith was not due entirely to the wage
was
Sept. 7 by Federal
arbiter and has been the subject of much
controversy by the labor unions since then.
The mere
a
result of
mere
was
ill-received by certain of the unions
hastily called strikes in protest
take
or
involved, and they
advised their members to
"vacations," thus avoiding technical violation of the
award.
Among these
were
the marble setters, pipe
coverers,
hoisting engineers, plumbers, steam-fitters, plasterers and
laborers,
a
20% reduction in wages,
7% reduction
monopoly and in rules designed to produce waste for the
sake of waste, all combining to
bring about an Insufferable situation,
not the least burdensome element of which was the
between trade members of the same parent
It is not possible that all has been
that
no errors
that the
more
jurisdictional dispute
organization.
done that might have been done,
have been made in these agreements,
numerous
but it is
my
than forty trade agreements,
a
if carried out in good faith, will produce
20% wage reduction, other factors and conditions remaining the same
Terms
Some
of
the
trades, such
for "Aloof" Trades.
as
the carpenters, plasterers and painters,
Judge Landis's decision only one trade, that of stone
carving, was left at $1 25 an hour, while some classes of
have
seen
wage
scale to the new conditions of the trades that are here, I do
unskilled labor
the distinct
In
were
reduced from SI
an
hour to 47
cents.
giving his decision Judge Landis said that he had been
nor
judgment
corrective provisions that have been included in the
savings and economies to the public far greater than would have resulted
from
-
In
a
r' ' ■
malady lurked in a maze of conditions artifically created to give
the parties
estimated, 40,000 workers,
question.
award would not have placed the industry on
building cost.
The real
protests by these labor unions, Judge Landis is
now taking
hearings granted by him.
a wage
Reliable testimony showed that
other conditions remaining the same, would produce but a 6 or
in
As
making of
solid ground.
further evidence in, the new
The award, which affects, it is
the consequences of the award would fall.
r
building trades of Chicago
decision handed down
public, the great unrepresented party to this arbitration, but nevertheless
the one upon whom
LANDIS—STRIKES
fit to hold aloof from this arbitration.
Therefore in applying a
understanding that those trades that have refused to
and revise their agreements along ju6t and reasonable
have done, will not receive your support of
lines
so
with
come
as most
in
of you
their wasteful and subversive
CHRONICLE
THE
1426
work
practices, for this would be to permit them to capitalize your good
their advantage and to your detriment.
and adhere to this
tion
adopt
highest dictates of both morality and interest require that you
refer you
I
To illustrate what 1 had in mind in this connec¬
policy.
controlled in
to the window glass Industry, said to be
Chicago by six firms.
Defines Uniform Agreement.
representative of the Pittsburgh Plate Glass Co. and the President
The
his trade and insisted upon a
of the Glazers' Union appeared bere in behalf
working agreement containing a provision that no glazing should be per¬
mitted to be done in the
shop; that it should all be done on the building or
public
This attitude of these two interests was plainly hostile to the
job.
particularly the owners of small homes.
Certainly that trade
has no call on you to support it in this unconscionable practice.
You have made what is called the "uniform agreement," applicable to
welfare,
expressly adopts this uniform
Each separate trade agreement
all trades.
advice of the umpire
respecting
it requires an employing
plasterer to register with the union semi-annually
and union men may work for no contractor
not thus registered.
The effect
of the foregoing is to subject the
public to union rules apparently to exchange
for the power of the unions in
forcing "all plastering regardless of the nature
of the structure" into the
employers' hands.
The
foreman
is
required
In carrying out the declared purpose
and delays
certain as
possible, consistent with fair wages, this uniform agreement provides for
the peaceful adjustment of disputes by arbitration, subject to appeal to
the national board of jurisdictional awards, with whose decisions all parties
agree to comply; that you will not stop work individually or collectively
and for the purpose
of making building costs as low, stable and
under
penalties prescribed, except only when an owner attempts to con¬
struct
a
building with non-union men while putting up another building
which you are employed, and when the employer fails to pay
on
help non-union men may work
for work done; that in case of scarcity of
with union men until such time as union men may be
Journeyman
may use
in his "work the tools of
tasks of not over thirty
trade may be
employees
minutes' duration In
any
obtained; that any
other trade; that small
day belonging to any
any one
performed by any other trade at the discretion of the em¬
ployer; that overtime work during two and one-half hours beyond the regu¬
lar working day
shall be compensated at one and one-half times the regular
overtime work beyond
that
wage;
this,
and
work
Saturday
performed
afternoons, Sundays and holidays shall be paid at double the regular rate;
that shift work will be
paid at the regular day rate; that contractors not affili¬
ated with these associations may avail themselves of all
agreements by either joining the association
and fees that members pay; that the
or
benefits of these
paying the regular dues
union will provide men to any con¬
tractor, whether a party to any agreement or not, under the
the
rules and at
to the amount of work a man may
as
methods
materia] except
soever
or
appliances,
prison made.
of the union
do,
nor
against
nor
against the
any
raw
Employers may employ
they please,
or
use
of ma¬
manufactured
discharge whom¬
or
and employees may work for whomsoever
they see fit, and the foreman, if any, Is to be exclusively the agent of the
employer.
'V..
Each of that group
.•
■
of trades that have entered into agreements with the
Associated Builders and sixteen of those that have signed up
of the
with members
Building Construction Employers' Association agree that nothing
shall prohibit an employer or one member of a firm of contractors from
working
his
on
or
their
jobs.
own
Employers and employees of
due for work.
monejr from wages
rate, or $2 50
an
operation of this provision, and three trades require work to bo done
men that laborers or helpers might do.
Therefore, in fixing
by skilled
the wage in these trades
occasioned.
me
of their
I have been obliged to consider the waste thus
If at any time before Nov.
1 next any of these unions notify
willingness to change their attitude in this respect, I will advance
their wages accordingly as the rule is
hour, and the agreement provides that continuous overtime
apparently shift time
shall be given to those not regularly
employed.
Employers Barred from Work.
The agreement limits to union
any
employer from
Trades'
Stand.
deep gratification that all trades have eliminated
jurisdictional matters by providing that "all work undertaken by the parties
of the first part (the employer) shall be done by the parties of the second
(the employers) subject to the decisions of the national
part
board
for
jurisdictional awards" thus making the employer responsible for the kind
of work he may contract to do and placing on him che initiative for
disputes between unions
to the
as to
settling
the kind of labor they shall perform according
provisions of the uniform agreement and reference to the national
board for jurisdictional awards.
The wagos
for skilled
In force at the time work stopped in May
men
the right to use tools, thus
and SI per hour for common labor.
were
$1 25 per hour
These rates had ob¬
tained In Chicago during 1920 and apparently had been
originally fixed in
total disregard of skill, hazard, length of apprenticeship and
necessary
loss of time due to weather and seasonal demand.
Therefore in
employing plain plasterers under penalty; that
or
any part
work
thereof for which he may have
such
on
contract; that
a
Chicago
they have since and do
no
plasterer will
job for any one except the original contractor, &c., &c.
Should these parties eliminate these vicious
provisions and make a clean
agreement—and I'll add: "To keep out of jail"—in line with the uniform
a
suggestions and principles announced,
fair wage would be $1 10 per hour.
a
The sheet metal trade is not in this arbitration.
An agreement appears
to have been tendered the union
by the contractors based on the uniform
agreement and refused by the union, which in turn
appears to have tendered
an
agreement to the contractors.
This latter document does
not
adopt
the uniform agreement and is in conflict with it.
written
as a
The "work covered" is
definition of jurisdiction and therefore is
pregnant with contro¬
Double pay is required for overtime; shop rules and
regulations are
They have no place in agreements covering building trades.
versy.
Included.
Should
this
agreement be rewritten in
uniform
ment,
suggestions,
and
harmony with the uniform
principles,
fair
a
wage
agree¬
would
rate
be
95 cents per hour.
section
provides
for
expressly
pressly authorizes the union to call
may appear
sympathetic
a
strike
a
strike;
shop for
en any
another
ex¬
that
any reason
just to the union.
It is further provided that all sash,
frames, and screens must be primed,
painted,
and
handle
to
glazed
tools,
on
the
job.
scaffolding,
or
The
is
contractor
material,
with
restriction does not apply to contractors who
the
are
The union is authorized to cancel the
agreement at any
violation.
expressly forbidden
exception
this
that
members of the union.
time for
any
alleged
Overtime is paid for at double the
regular rate, or $2 50 per hour.
Should these vices be eliminated and
an
agreement covering this trade be
prepared in accordance with the uniform agreement, uniform suggestions,
and principles, a fair wage rate would be 95 cents an hour.
The
glaziers and fixture hangers
were in the
arbitration, but because of
Impossible conditions insisted upon by both employers and em¬
ployees, obviously with the sole purpose of effecting a monopoly and neces¬
sarily occasioning waste, the umpire refused to fix a wage.
Should these
agreements be rewritten In accordance with the uniform agreement, uniform
suggestions and principles, and not in violation of public law,
a
fair award
would be to the glaziers 95 cents per hour and to the fixture
hangers $1
per
hour.
Control of
conclusion
word
Prices of Building Material.
about
the building material situation.
This is
Intimately and directly involved in the question with which we have been
The testimony before the Dailey Committee disclosed that a
a
struggling.
very
large proportion of all building material Is subject to artificial control.
In utter contempt of State and Federal penal codes, firms and
corporations
controlling the various lines have associated
and maintain prices.
themselves together to fix
Business is divided up among the members of these
associations and adherence to the allotments is enforced
by penalties, reim¬
bursements and other devices denounced by the criminal law.
This
atrocious
situation
is
beyond
the
reach
of
the
umpire,
but
the
activities of grand juries and prosecuting officers give me faith that real
is being waged against this species of
war
criminality.
The scale
as
established
with the wages
are
as
by Judge Landis in comparison
paid in the building trades during the
war
follows:
and elsewhere these considerations had influenced and controlled the matter
as
prohibiting
plasterers will not work on the building where the ornamental
plastering
is let to another contractor; that the
original contractor must finish the job
In
Pleased at
men
doing patch work
even
on his own job. ' It is required
that all cast work except in limited amount must
be done at the building by
members of a sister union.
It is also required that ornamental
plastering
shall be contracted for by the
applied in the present award to other
trades.
It is a matter of very
good
by with¬
Overtime is fixed at double the
certain
trades acting in co-operation have
some
refused to the public the benefit of the economy that would result from
the
employees are in
holding
One
chinery,
whether
^
Employers' Rights Set Forth.
It is further expressly agreed and stipulated that there shall be no restric¬
tion
ascertain
to collect fines and dues for the union
Painters Also Excluded.
provided by these agreements.
wage
to
standing in the union, and
work
of preventing strikes and
lockouts and other waste and avoidable expense, annoyances
That document has few
safeguards of the uniform agreement.
In it are many provisions
designed to produce waste, increase cost, and monopolize the business.
The foreman is made subject to union
rules; rules are laid down to be
obeyed by property owners contracting with
plastering contractors; it
assumes to extend the
plasterers' jurisdiction beyond the fair limits of this;
agreement and provides that it shall control as against any conflicting
ing rule.
legal questions.
of the
to
The
[Vol. 113.
Per
now in other localities.
Hour
New
Terms Theory Erroneous.
Manifestly this theory
the principles
fundamentally
was
erroneous and in violation of
heretofore announced in this proceeding.
Having in mind
these principles the rates of the highest skilled trades such
have been reduced approximately 12M%
wages
existing scale
was
as
limited
days work
The
While it
may
be
impress persons
may
high when compared with wages paid in
other industries it must be remembered that in the
are
bricklayers
fixed living costs have been reduced
approximately 20% and that the rates here announced
unfamiliar with these trades
the
below the rate of 1920 and the
for all other trades have been scaled accordingly.
true that since the
as
by weather conditions and other
building trades workers
causes
to from
150 to
200
constructors,
pasterers,
sheet
metal
workers,
Carpenters, elevator
painters,
glaziers,
fixture
hangers.
Early in the arbitration
a tentative
carpenters' agreement
That document is at variance with the
It
$1.25
1.25
__
Boilermakers
1.00
Steamfitters
provides
new
was
submitted.
uniform agreement in several
double time for all overtime;
it
requires eight
1.25
1.25
Hoisting engineers [for operation of high
pressure boilers
and engines, cable ways, derricks, pile drivers, cranes.
and cable hoists
1.25
Hoisting engineers [all others]
Tile layers
[fire proofers]
.85
1.12H
%.
_
Cement finishers
.85
97 H
-
Cement workers, laborers [Local No. 76]
Stone
Drain
particulars.
Wage.
Plumbers
Bricklayers
Composition floor finishers
per year.
following trades are not in this arbitration:
Old.
Wage.
Trade—
.72^
derrickmen
1.25
1.25
1.25
1.00
.90
Electricians
__
_
1.25
.82^
.
layers
1.25
1.25
.
Gasfitters
Ornamental
1.25
.95
1.25
.95
1.25
1.05
-
ironworkers
1.25
1
hours' pay for seven hours' work shift time; the work covered
by the agree¬
ment harbors perilous jurisdictional
disputes with other
Common laborers
.72 X
1.00
that should any other trade under control of the party of the first
part do
Caisson men [windlass and niggerhead men]
.85
1.00
Caisson men [diggers and laggers]
.97^
1.00
Laborers
.78^
1.00
trades; it provides
any
work claimed by the carpenters then that work shall stop until the
matter is taken up
by the joint arbitration board.
Structural ironworkers
[plasterers!
Should this agreement be rewritten according to the uniform
agreement,
uniform suggestions and principles, the
wage would be fixed on the same
♦Excavating labor [wall
scale
Composition floor laborers
as
others at $1 per hour.
If an agreement had been i submitted by the elevator
constructors in
harmony with the uniform agreement, uniform suggestions and principles,
an
a
document expressing the agreement of the parties was
presented for the
Local No. 225]
.75
.55
.75
0.72H
Lathers
1.00
1.25
__
Machinery movers and riggers
.85
1.25
.87M
1.25
Marble setters'
Plasterers' Agreement.
Early in the proceeding
men,
.47^
Marble setters
award would have been made of 95 cents
per hour.
The plasterers are not in this arbitration.
♦Excavating labor [Local 225]
_
helpers
_
1.00
[* Rates fixed in accordance with express agreement between employers
and
employees.]
OCT. 1
THE
1921.]
Per
CHRONICLE
Hour
made in the working force of 1,966 employees.
New
Old
Wage.
Wage.
Lasker
man
Trade—.
A/.
' ,,'•> -.,AAA
^
Marble rubbers and polishers
.70
1.00
-
1.02^
1.25
the first six weeks trying to find out where we stood.
1.25
is
-
A
,
Terrazo mechanics' assistants..
.82^
1.25
A
...
mechanics.
.95
1.25
Terrazo helpers.
A;
.80
.
1.00
.70
1.25
Sprinkler fitters.......
.........
.....
Sprinkler fitters' helpers
-
:'
■;
.
-92H
'
.,
'
A'•
1.25
.70
-
......
1.00
Week
Per
.
New
Composition roofers' teamsters
$45.00
elevator constructors, plasterers sheet
metal workers, painters, glaziers and fixture hangers —were
carpenters,
,
The
signatories to the arbitration agreement.
Judge Landis if at
Nov. 1 1922 these unions wish to enter the agreement
A'< <;:':-:"'A ■ .AAA A-
'• A. A A ■■' A ■y- ■ -A;, A AAA A- A
A"'A'.
Hour
Old
Wage.
$1.25
1.10
1.25
..A .95
1.25
._
Elevator constructors
Sheet metal workers
hangers
discussed
the
editorially
Wages of Building
Judge Landis's decision
upon
telegraphed accounts indicated.
tion
have
been
have
Judge Landis said,
as
dismissal
a
demand."
It
was
ridiculous
to
pay
a
into nearly fifty schedules
for
on
was more
drastic
Chicago construc¬
These
"in total disregard of skill,
ridiculous to pay
no
Judge Landis's award
different trades.
many
as
pick-and-
a
more
was
than
a
divided
Only one trade
received $1 25 an hour, only eight more than $1 an hour; he gave plumbers,
steamfitters,
iron
ornamental,
and gasfitters only 95 cents
workers,
as
wasteful labor practices.
workmen.
an
Landis's
It has been the inflexible rule that
trade from
one
ruled that it is allowable for
which
rule
no
upon
We
forbade
Some union
laborers
common
to
permitted.
carry
reasons,
a
He has
following
the
due
waste
bad
to
as
pipes,
bad
new
who is
Sheedy
and
designs,
it
is
day for
a
expected to bear upon wage settlements.
Powell's
a
as
it
of
the situation.
recommendation,
payroll of
Joseph
and
do.
Mr.
that
This morning the Board
Sheedy
will
Mr. Sheedy is an
sail
soon.
experienced
can
be managed
employees only, and part of Mr. Sheedy's task will be to
the work.
40% WAGE INCREASE.
recently sent out by the anthracite coal opera¬
with headquarters
Pennsylvania,
incidentally
public,
touching upon the
miners in
which
wages
The bulletin
have formulated.
in
Philadelphia,
miners'
200
modeling
demands
for
in¬
the Wilkes-Barre district
points out that
one
of the
in Pennsylvania is
coal-producing companies
leading
houses at Wanamie,
Pa.,
into
re¬
six-
homes, with bath rooms, porches and electric lights,
room
to rent from
$7 to $10
a
month.
With respect to the wage
question, the bulletin says:
Of interest to
the
consumers
and producers of anthracite coal and to the
public generally, is the recent action of the Convention of District No.
1
(Wilkes-Barre Region), United Mine WorkerB of America, in formulating a
set of demands which call for a
40% increase in the present wage rate.
particular significance in view of the fact that it is the
This action is of
Chicago, following decisions or agreements for reductions in other parts
shows that in a number of trades they are too high.
-In
working agreement expires on March 31, next, when it was
The present
crease
in cost of
schedule of
new
living and the trend of wages in all other industries.
wages,
7-hour day,
.
to be paid for opening gangways,
$15.00
$2.00 to be paid for each prop
Time
and
The
demands includes:
40% increase in
In Greater
readjustment downward have thus far failed.
expression of the attitude of the United Mine Workers in rela¬
confidently expected the wages would be reduced to correspond to the de¬
Judge
It Is certain that the rates are too nearly uniform, and the wage decision in
of the country,
up
possible that the foreign affairs of the Board
American
creased
and
placed.
one-half time for all over-time, with
double time for Sundays
holidays.
The
check-off
closed
and
shop.
(By check-off is meant the collection of union dues by the employers.)
The agreement fixing them is good
majority of ether trades.
a
the reorganization work, suggested
He was formerly with the Ocean Steamship Company and
shipbuilding concerns in Seattle.
seems
tors
New York wages are now $10 a day for bricklayers and plasterers and $9
a
charge of
gives facts about the industry of interest to the consuming
regulations are worth more to the public than a
until Dec. 31. and efforts at
a
reor¬
ANTHRACITE MINERS IN WILKES-BARRE DISTRICT
Judge handed down his decision in the presence of labor leaders and
where
re¬
Board,
new
man.
with
It
accidents
employers from St. Louis, Cleveland, Kansas City, and a score of other
cities
the
offices 589 employees, with
he recommends the board will
shipping
also
in
abroad and clear
go
Mr.
Whatever
20% wage cut.
The
by
tion to the future level of wages.
contractors* carelessness, and bad methods of production.
Landis thinks that his
employed
We
The total
We will cut off approximately 500 of these employees.
Powell,
radiators,
"absolutely wrong," just
management,
payroll of $12,952,690.
persons
Fleet
$15,893,790.
;
first official
but the American Engineering Council in Its recent report on the
condemned
compara¬
Emergency
employees represented by salaries totaling $2,■
A
He questioned
regulations which seem arbitrary are based on sound
building industry condemned many rules
1,966
have in the' European
now
accepted
plumbing supplies Into position, reserving this work for highly paid plum¬
bers.
a
ganize generally.
workman to do an odd job of thirty minuets
a
of the
upward, men we have employed to work out the reductions and
year
non-union
scarcity of union
using the tools of any other trade.
craft not his own, which was not formerly
a
a
attack
Judge Landis also condemned certain rules which prevented
workman of
the
Judge
was
might even temporarily be brought on a job in
man
in
in wages
the cuts
far has been
so
Many of the new employees are men whose salaries range from $8,000
hour; and one branch of unskilled labor was cut to 47 H cents.
important
with
TO ASK
whose work is seasonal,
plasterer,
layer employed at all seasons.
personnel
941,106.
A bulletin
spade laborer almose the wage received by the highly skilled stone carver;
As
of
select Americans for
hazard, length of time of apprenticeship, and necessary loss of time due
to weather and seasonal
The reduction in personnel
included 382
which
net,
ductions,
show
1.25
getting $1 25 an hour and unskilled workers $1.
obtained,
the
6,358 employees,
have
now
Workers.
Skilled workers
as
we are
1.25
building wages in Chicago
than
but
.
was
follows
as
do it,
can
and
1.25
"Evening Post" in its issue of Sept. 10
matter
we
Board
with
...
The New York
drain
here
came
we
.95
Glaziers
predictions concerning the
,
.95
.
busy during
were
The reduction process
piynclipally in the Washington office, although a few employees,
have been removed from branch offices.
1.25
Painters
we
tively speaking,
J. H.
$1.00
Plasterers
any
for
yy,\ A
A-'. A -A. r \
step will be the reorganization of the European offices and the
Our next
W.
Wage.
'
-
Carpenters
work,
We do not know that
branches throughout America.
$980,463.
New
weeks'
I do not want to make
have in the last three.
trying.
under
specifications laid down in the award text:
-—Per
only six
represents
going on.
future, but we hope to reduce almost as much in the next three months
we
following
time before
any
really
still
Corporation numbered 8,343, and the annual payroll
Wage.
$30.00
tentative awards made by
This
When
Old
Wage.
on
Sept. 16 Mr. Lasker said:
1.00
1.00
.
pointers
$12,-
In his statement
1.25
1.25
Stone planer men__
rates
organization at home and abroad.
1.25
Stone carvers
Fixture
the
.95
.92K
.
.
a
em¬
present
time the number of employees is 6,358 and the payroll
Slate and tile roofers
.
8,324
the
952,690, and further reduction in personnel is to be made ii
.
Stone cutters
At
1.00
A
Composition roofers
certain
$15,893,706.
was
When Chair¬
were
.75
.
Pipe and boiler coverers
not
and the payroll
ployees,
June 15 there
on
$1.00
.
Mosaic and tile helpers
The
charge
1.25
Scagliola rubbers and polishers
Tuck
took
$.75
Mosaic and tile workers
Terrazo
1427
The
last
increase
in
raised the level of wages in anthracite mines
1920
138.6% above the pre-war scale, and 17% above the scale then in effect.
This 1920 increase followed three other increases granted in| 1917 and 1918
to
during the
period of Government control.
Westchester Councy, under Mr. Untermyer's decision, a reduction of $1 a
day became effective Sept. 1.
will
costs
have to
Further cut® in both labor costs and materials
Labor will
come.
gain by agreeing to reductions,
for
ORGANIZED LABOR TO RESIST WAGE CUTS IN TEX¬
they will be followed by greater building activity and steadier employment—
TILE
INDUSTRY—SAMUEL
Chicago architects estimate that $30,000,000 in contracts was waiting on
Leaders of
Judge Landis's decision.
GOMPERS'S
VIEWS.
organized labor from various Southern States,
meeting at Atlanta, Ga., Sept. 16, decided to resist reduc¬
U.
SHIPPING
8.
BOARD
FORGE—POLICY
"World
the
OF
known
concern
in
the
losing money except
in
a
statement
of the Board.
"The
on
the large passenger
TJ. S. Shipping Board de¬
Sept. 17, discussing the finances
Shipping Board," he said, "is getting in
sight of the time when the need of draining great sums for
operations from the country will end.
of
$100,000,000
as
our
We have set the sum
and ask for $50,000,000 to
before Congress next
operate the Government's
ships for the fiscal year ending June 30 1923."
The pre¬
ceding day, Sept 16, Chairman Lasker had issued a state¬
ment
over
of
the
Shipping
Board
a
net reduction had been
more
in the textile industry.
than 200
The meeting, attend¬
labor men, and which was presided
by Samuel Gompers, President of the
American Feder¬
adopted this resolution:
We, the representatives of labor of North Carolina, Alabama, Georgia,
South Carolina, Tennessee and the city of Atlanta, assembled in confer¬
ence in the Labor Temple of this city, pledge ourselves and those we have
the honor to represent, to a renewed vigorous and permanent effort to or¬
ganize the unorganized workers of the South, and all over the country, to
resist any and all attempts to lower the standard of life and labor of the
masses
of
workers of
our
Republic.
that it is better to have resisted and
Previously,
21st
annual
America
cussed
on
We are determined,
in our opinion,
lost than not to have resisted at all.
Sept. 12, Mr. Gompers, in addressing the
of the United Textile Workers of
convention
(affiliated with the A. F.
the matter of
of L.), in New York, dis¬
He
organization in the textile field.
remarked:
pointing out that since he had undertaken adminis¬
tration
by
ation of Labor,
budget for the present fiscal year,
and this will be cut in two when we go
year
tions in wages
ed
DEFLATION.
history of sea trade, with every
lines," Chairman Lasker of the
clared
EMPLOYMENT
shipping in July, August and September was at
lowest
private
REDUCING
One of
a
the
with the textile industry is that there are
outside who prefer to be big toads in a little
greatest troubles
great many workers on the
CHRONICLE
THE
1428
puddle rather than to take their place in the great sea of organization for
the good of
in
It is high time we realize that we must be united
the industry.
of
that
forces
accomplish anything.
outside I know you can
now
are
employment, want the opportunity to sell to the rest of the
we can
manufacture.
Now, that is the problem all
spirit and in fact or we
cannot^ expect the greedy profiteers and "open
shoppers" to give us the least consideration.
There is a hard fight ahead
in the South, but through organized effort arid the banding together of the
out of
men
world what
[Vol. 113.
over
the world.
There is only one solution
for it, and that is liquidation.
The farmers say they have liquidated; they
selling their wheat for $1 a bushel.
The industries say they have
liquidated; they are selling steel at what they were selling it for in pre-war
are
times.
He added:
I
with
am
T.
W.
limit, and the American Federation of
the
to
give all the assistance possible in your organization campaign,
will
Labor
which
should
States
where
include
there
not
is
the
alone
South
but
of the United
part
every
We wish to go
doing
We aim to
our
and
men
women
accomplish
may
There is going to be something
not be tepid in driving back the
results day by day, not by a cataclysm of revo¬
our
lution, but by orderly rational
But
progress.
do not
we
to go down
propose
again into the abyss of misery where labor first dredged for a pittance in
which he could buy food
the form of food, and then later for something for
and shelter
About
hardly sufficient to keep
up
his physical
powers
of work.
year
ago
reduction of
a
of 22*£% was offered to
wages
textile workers, and because of the
Then
tried
have driven the manhood and womanhood of the textile industry to
tion
and
unless
their hands
on
they treat with the representatives of this organization, recognizing
right of the
tives
despera¬
fight.
the textile industry will have a fight
their
of
men
and
who labor to speak through representa¬
women
choosing—collective bargaining.
own
united;
the industries of this country are
the railroads:
say to
"Get your rates down or we'll
Perhaps you have noticed in the papers some¬
thing about the "group control" in Congress.
That is one thing that is
in their minds.
Now, what does
reduction in rates
a
us?
mean to
Those of you who are
in the accounting
department know what we are earning to-day is insufficient
to meet our fixed
charges, our sinking funds and our dividends, and those
of you who are in touch with the
operations know that what
is being done at the sacrifice of the
property.
There has already been a reduction in
body in the service participated.
of 12% in
Those of you who
operation know better than I whether there
in the cost of and
but
still
a
of material.
use
further
reduction
contemplate; it isn't
a
in
be
can
are
a
we are
doing
which every¬
in close touch with
still further reduction
Now apparently there isn't much left
That isn't
wages.
a
pleasant
thing to
pleasant thing for me to suggest, nor for you to hear.
It Is facing us unless we want
The management of
the
The farmers of this
country are
get them down for you."
wages
the
condition of your industry your accepted.
the employers saw that it was quite easy to reduce the wages and they
it again.
And they tried it again and again and again until they
a
outstanding factors in liquidation, however, that have not
materially touched.
One is coal, and the other is transportation.
Both, curiously enough, have been touched with the damning effect of
Government control.
cuts and driving forward the advance guard of the labor movement.
wage
two
solidly united, and they
But, if there is to be talk of battle, we will not
peace.
from the battle imposed on us.
that
so
in
are
yet been
We will delegate five or¬
single textile worker.
a
ganizers to this work.
turn away
'
There
U.
the
a
receivership
Government ownership.
or
Is it in the mind of anybody in this room that the
employees of the
Pennsylvania Railroad want to put themselves on a par with the letter
carrier, the clerical forces in Washington or the army?
It is notorious that
all of the Government employees are underpaid; not
underpaid for what they
do, but underpaid by the standards with which we judge.
If receivership should come to the railroads of the country there would be
nothing left for them to do but to reduce
SALE
ADDITIONAL
OF
TRUSTS
RAILROAD
STATES GOVERNMENT.
UNITED
BY
EQUIPMENT
duty to perform
Rates must
On Saturday,
to press,
of
the sale
Sept. 24, after the "Chronicle" had
announced of
was
gone
6% Equipment Trust obligations by the United States
If
of our
individual
own
we
have got
I think we have
country.
selfish
a
desires.
don't do it voluntarily it will be forced on us
we
through legislation.
I wish the Mutual Beneficial Association would
additional $31,154,000
an
entirely outside
down.
come
Now I think
wages.
to look at this situation as citizens of a
great
tees, scatter all
over our
territory.
themselves with the facts
appoint strong commit¬
I wish those committees would acquaint
I have endeavored to give them to you; then
as
Government, raising the total amount of its sales of such
go
obligations to about $97,266,000.
system to the other what it is that is facing the officers and the employees.
The issue in this latter
consisted of
case
Pennsylvania RR.
Equipment trust certificates, the purchasers being
cate headed
offered
at
by
by Kuhn Loeb & Co.
The issue
was
a
syndi¬
promptly
of thirteen bankers and trust companies
a group
prices to yield 5.80% and like the other issues, it
appears
for record
The bankers
was
An advertisement announcing the sale
quickly marketed.
another
on
page
A better
can
opportunity never offered itself to
citizens.
A
inevitable
an
end of our
association of good Ameri¬
an
unpopular course could not be suggested, and yet it is
more
If this has to be done,
one.
one
let
us
do it with intelligence.
I'll promise you that when the smoke of the liquidation that is bound to
come to
road,
this country blows away the employees of the Pennsylvania
if they
assist
and cooperate with
Rail¬
their officers in bringing about
their share of the liquidation, will come out with better standards of living
and of wages than those of any other railroad company
in this country.
of to-day's "Chronicle."
informed that these certificates
are
back and tell the membership of the association from
POSSIBILITY OF TRAINMEN'S STRIKE.
the
are
With the
only equipment trust obligation of those taken by the Govern¬
counting begun in Chicago
on
Sept. 26, of the
ment, which have been issued under the Philadelphia plan.
trainmen's ballots
on
In all other cases,
the 12% wage cut
made July 1 by the U. S. Railroad Labor
been
direct
whose
it
the equipment notes sold have
seems
obligations
the
of
companies
purchases of rolling stock they
were
on
of
account
It should be noted, though not so reported by the Government at the
time, that Brown Brothers and Lee Higginson & Co.
particated
last week
with White Weld & Co. and Blair & Co. in the purchase as well as the sale
of nine blocks of
gating
equipment 6% notes (all direct obligation) together aggre
Compare offering on page XXIV of last week's
$26,112,000.
"Chronicle."
The
same
firms also
participated in the flotation of Penn¬
sylvania equipment certificates above mentioned.
Freeman
&
Company, who have long been specializing in equipment
Issues, have prepared a circular regarding the nature of the equipment
trust agreements that grew out of the Government control of railroads.
ceeds derived
by the Government from the sale of its holdings
are being applied,we have the
equipment obligations
following from the United States Railroad Administration
under
date
of
more
than
those
as
remaining carriers file their claims
on
the
Administration,
-
Sept. 1 1921, has settled $314,341,paid in settlement being $99,286,225 00.
up to
775 00 of these claims, the amount
In
a
circular letter
Lee, pointed oui five
accept
Lee
OR
ELSE
RECEIVERSHIP OR
GOVERNMENT OWNERSHIP.
viz.,
.
.
and
coal
are
transportation,
materially touched,"
W. Atterbury, Vice-
W.
President, in charge of the operation of the Pennsylvania
RR. declared on Sept. 26 that a further reduction in
railroad
wages must
ownership
made
in
be had, otherwise receivership
must
result.
addressing
Beneficial Association
delphia.
Mr.
the
some
wage
meeting of
the
was
Mutual
Pennsylvania RR. in Phila¬
We quote what he had to
by ourselves
suffering
as
one
say
against the rest of the world.
United States
herewith:
manufacture, and
The
a
strike would
might expect to
men
reasons
cited by Mr.
the result of a world war, such as never before known.
we,
with
we
unquestioned, yet
have ever* held.
our
six million
indicate that
Government reports now
we
are
The world
or seven
million
more
than 5,000,000 men are out
oPemployment in the United States.
Nearly all classes of labor have been forced by mediation, arbitration,
strikes
or
lockouts to accept reduced rates of pay
United
States
during the last
Railroad Administration based in part
increased rates given railroad employees on the
year.
at least the
increased cost of living
as
the result of war conditions.
indicate
a
reduction of
more
than 16% in the cost
living since the decision to cut your wages.
With reference to the
split which has developed between
officials of the trainmen's organization and the other three
on a
A
general strike the
railroad brotherhoods in voting
same paper
said.
special circular issuea to local Chairman of all lodges of the Trainmen
Brotherhood indicate that the big reason for the split was that leaders of
the Brotherhood of
Firemen
Locomotive Engineers, the Brotherhood of Locomotive
and Enginemen
refused to place
and the Switchmen's Union of North America
their cards face
up on
Lee Against
These
the table.
Strike.
organizations, it is charged, attempted to cloud the issue of the
strike vote by hinting at vague catastrophes to the Brotherhoods.
Presi¬
dent, Lee, it is said, insisted on a plain statement of what the men in the
various organizations were up against, and when this was disapproved by
leaders of the other three
The industrial and financial
at this time are
of the greatest panics that
wants what we
why the
reduction.
Government
Atterbury's statement
annual
the
of
or
We, In the railroad business, cannot segregate ourselves
apart from the
rest of the community any more than we in the United
States can stand
supremacy of the
to
according to the Chicago "Evening Post" of Sept. 28
members of the "Big Four"
two outstanding factors in liqui¬
that have not yet been
.
12 addressed
Sept.
are:
of
W. W. ATTERBURY SAYS THERE MUST BE FURTHER
dation
on
why he thought
reasons
be unwise at this time and
Government reports
Declaring that "there
Engineers, Order of Rail¬
Chicago to count the strike votes of their 259,000
members.
same
already filed, the total claims will aggregate about $1,100
REDUCTION
On Monday next, Oct. 3, officials
Enginemen and Switchmen's Union of North America will
The
WAGE
the result would be overwhelming¬
men
Conductors, Brotherhood of Locomotive Firemen and
meet in
000,000 00.
The Railroad
the
strike.
a
of the Brotherhood of Locomotive
way
This represents
70% of the mileage of all the roads under Federal control.
It is estimated that if the
basis
ly in favor of
Wages and working conditions of all classes established since 1918 were
Up to Sept. 1 1921, there had been filed with the Railroad Administra¬
little
rejecting
said to have declared that, judging from the
are
known temper of
Sept. 22:
tion by the carriers claims aggregating $808,408,810 00.
a
or
members of the Brotherhood of Railroad Trainmen W. G.
As to the amount Of the claims of the railroad
companies
against the Government to the settlement of which the pro¬
of
question of accepting
Board, the General Chairmen of the Brotherhood of Railway
Trainmen
issued.
the
for his
brotherhoods, ordered the separate strike ballot
organization.
Obviously, from the circular sent out under his name, President Lee is
against a strike.
On Sept.
29 President Lee was reported
the strike vote cast by
as
statmg that if
90% of the 186,000 members of the
Oct.
1
1921.]
THE
CHRONICLE
Brotherhood of Railroad Trainmen in the recent referendum
the wage reduction, should be supported by
on
the Grievance
Committee,
a tentative strike order would be issued, ef¬
only when and if the other unions should strike.
fective
The
Associated
Press
dispatches from
Chicago
Sept.
29
also said:
With this parting
declaration, President W. G. Lee, to-night dispatched
fifty-seven General Chairmen of the unions
to their homes, with written
instructions to call their Grievance Committees, get their
approval or dis¬
approval of the strike vote, and report back here next week.
Grievance
Committee
will
the
approve
strike
was
That
predicted
the
union
at
headquarters.
Lee expects to act on the committee instructions before the Brotherhoods
of
Engineers, Conductors, Enginemen and Trainmen and the Switchmen's
Union of North America have completed the count of their 259.000 strike
ballots, which will start here Monday.
The strike call, however, he
indicated to-day will provide for a walkout of the trainmen when and if the
other unions strike.
A walkout of
That the strike, even if ordered, will never actually take
the prevailing impression
be
in union circles
promised to call the walkout if the committees
his
men
in
place, continued
to-day.
While Lee has
direct, he bluntly told
so
general letter on Sept. 12 that he would be remiss in his duty
a
if he failed to point out to them that wages and
working conditions estab¬
lished
since
1918
the result
were
of
a
World
War
such
before
never
as
known that Government reports indicate 5,000,000 men out of work, that
nearly all classes of labor have been forced to accept some wage reductions,
that the pay increases granted them last year by the United "States Labor
Board was based on the increased cost of living, and that Government
reports show a reduction of more than 16 % in such living costs.
Tabulation of the vote had not been completed to-night, but the ballots
already counted showed that from 90
to
95% of the
men on every
railroad
system in the country voted to quit work rather than accept the pay reduc¬
tion.
No system failed to return less than nine out of ten votes for the
strike.
.
,
' '
Lee's
determination
brotherhoods
to
The most important
points submitted by the
Company in its statement follows:
That the Board has
refused to grant a
hearing at which the Company
proposed to give concrete evidence of the fact that the
great majority of its
employees are satisfied with the manner of
selecting employee representa¬
tives and with the rules and
working conditions now in effect.
That the Board, on the
contrary, has restricted to-morrow's hearing to
matters over which the
Company maintains the Board has no jursidiction
and has declined to hear
any other evidence.
That the real issue in this
That
announce
his
union's
stand
before
the
of
Railway
Conductors,
the
It does,
disputes
Brotherhood
of
Locomotive
invade the
decision,
decisions of the
Supreme Court of the United States
deter¬
mining the respective rights of employers and employees, and
decides that "hitherto unquestioned
legal rights" must give
way to thb Board's view of what is just, fair and reaonsable
between
as
the
the
parties and the public.
In reply
to this
Company said:
The
carrier
cannot
accept these views of the Board, novel and even
startling though they may be, and if followed to their logical conclusion
revolutionary in effect.
It does not believe that the Transportation Act
intended by Congress to deprive, either employers or
employees of their constitutional and legal rights as established by the
has
deprived,
or was
Supreme Court and other courts of the United States.
It is reported that the Board
expects to take immediate
action and reiterate its contention that the
in
Reference
eiTor.
made in
was
GUARANTY
RELIEF
the
to
our
Pennsylvania is
rehearing announced
by the
issue of Saturday last, page 1325.
TRUST CO.
IS
TO
AND
and
The
The affiliated shop crafts, by a vote of 325,000 to 48,000 already have
strike, but have postponed action pending the
on
to
right to ignore the
SAYS
DELAY
TO
DELAY
ECONOMIC
rules
and
working conditions which questions are before it.
PROLONG
RAILROAD
RECOVERY
the Order
Firemen
decision of the other unions and action of the labor board
fall within the purview of the Transporta¬
as
however, deny the right of the Board
The Board referred the
company to its recent
in which the Board arrogates to itself the
Engineers, and the Switchmen's Union of North America.
gone on record in favor of a
Act.
domain of Management.
other
complete their ballot count shifts the entire responsibility
joint vote—the Brotherhood of Locomotive Engineers,
a
right of employer and
does not question the jurisdiction of the Board to
company
hear and decide such
tion
for the next move in the threatened general strike to the four unions which
took
the
the Others.
on
is the fundamental
case
employees to deal directly with each other.
Board
,
Responsibility
evidence."
union, unsupported by the others,
one
will not be undertaken.
to
1429
.
UNEMPLOYMENT.
hope is expressed in "The Guaranty Survey" that the
by the President to discuss the unemploy¬
conference called
ment
problem, and to seek
for at least
means
As the situation stands to-night if the engineers, conductors, enginemen
a
a
solution for it, will result in
partial remedying of the situation.
and switchmen walk out, the trainmen and shopmen will join them, but the
"Survey," which contains
first four will have to
The
and financial
James
assume
Railroad Trainmen
of
Sept. 28,
move.
of
men are
so
far
as
we
have
almost unanimously opposed
continuing work at the reduced
given effect July 1,
wages
authorization of the United States Railroad Labor
upon
Board."
Mr.
The "Tribune" also said in part:
It would be unreasonable to expect the conferees to offer a panacea for
unemployment in this country, the
but
We cannot
"It will be up to the grievance committees of the various railway systems,'
"These committees may or may not sanction
Murdock
said
the
officers,
the
not
strike."
a
grievance committees, have
pledged themselves not to interfere with the expressed will of the
is conceivable," be said.
course,
the
and
Perhaps the
The
probability of such
a
depression
elsewhere.
one most
immediately effective
The
best
measure, however,
existing indebtedness of the railroad companies
the
at
much
so
way
to
which the
account of capital
on
were under its control.
That would place
disposal of the roads $500,000,000 and would materially improve
their financial position and hasten the time when they could make much
needed expenditures for maintenance, improvements, and expansion.
Some relief is being provided through the recent sale by the Government
of railroad
equipment trust certificates, but the amount involved is
as
yet
comparatively small, and this does not obviate the necessity for the funding
"In that event the committee
acting for the Illinois Central, for instance, would be empowered to call
its lines.
industrial
prosperity of each country is to restore the prosperity of all
a
of the indebtedness.
To delay that action is to retard our economic recov¬
ery and prolong, if not increase,
strike while the Pennsylvania system committee could refuse to authorize
one on
in all history.
Government could take to ameliorate the situation would be the funding
men.
May Be Disagreement.
"That, of
war
expenditures while the roads
Strike Up to Committees,
Mr.
which are not merely domestic
hope to have normal employment here when there is
unemployment
restore
of the
favor it.
he said.
causes of
chiefly in universal economic reactions that have in¬
countries.
strike will be authorized if the vote shows the workers
a
to be found
are
evitably followed the most destructive and exhausting
Murdock, repudiating a newspaper statement attributed to him,
denied he had said
review of world-wide business
conditions, and is published monthly by the
Guaranty Trust Company of New York, says in part:
reported in the Chicago "Tribune"
was
stating that "The vote,
as
checked, indicates the
to
responsibility for the
Vice-President of the Brotherhood
Murdock,
a
unemployment.
Why Condition of Railroads Is Better.
complication is another question.'•
The fact that the net operating income of the
railroads has steadily in¬
creased during the last few months does not warrant the conclusion that the
MEETING IN CHICAGO OCT.
14 OF ASSOCIATION OF
EXECUTIVES—F.
RAILWAY
total
meeting of the Association of Railway Executives will
Chicago Oct. 14 for the
purpose
of discussing "the
general railroad situation, according to P. D. Underwood,
President of the Erie Railroad, who is
Under the present rates, the
carriers
are not
No
no rate
horizontal
operating
rate
a
reduction
will be justified, however,
reduced.
Proceed¬
are
railroads
will
unless railroad
rehearing
seem to
as
and
appearance
in
be ill-timed.
a
year, as
compared with
be forgotten that,
despite the
possible means their net operating
considerable margin the 5A% return
contemplated by the Transportation Act on the Inter-State Commerce
Commission's tentative
valuation of their
properties,
namely
$18,900,-
000,000.
The best construction that
can
reasonably be placed on the improvement
LABOR BOARD'S
the
Shop
was
of the
on
Craft's
Union,
scheduled for
called-off by the Board with the
carrier.
the 26th
A reply by the railroad
stating the position of the
Company declared that the Board had restricted the hearing
over
which the company
jurisdiction,
warrant
maintains the Board
and has declined to hear
any
other
a
RAILROAD
MANAGEMENT.
with the Pennsyl¬
It does not by any means remove the urgent necessity for
funding their indebtedness to the Government, and most assuredly does
horizontal reduction
in railroad
BY
THE
rates.
PLAN
CONSOLIDATION
TENTATIVELY
PRESENTED
INTER-STATE
COMMERCE COMMISSION.
to certain phases of the U. S. Railroad
filed with the Board
no
And it should not
income, they are not earning by
as
not
COMPANY
IN
Monday last, Sept. 26,
"to matters
half of 1920.
comparatively favorable showing under adverse conditions is a
Labor Board's order.in the controversy
has
The
than 1,020,000,000
Fewer passengers, also, were
by the roads in the first half of the current
hopeful sign.
AUTHORITY
non
during the corresponding period of last year.
more
lately been effected in the financial position of the carriers is
this time
RR.
contrasted with
as
which has
PENNSYLVANIA RR. DISPUTES U. S.
vania
only about 780,000,000 tons,
that their
Discussion of general downward revisions of railroad rates and wages
The
and structures to ap¬
another
not make
conditions warrant it.
the press at
It is estimated that the
ways
general reduction in the wages of railroad employees until
are
The
to
efforts of the railroads to increase by every
Act.
on
freight carried by the roads during the first six months of this year amounted
return on
traffic, the executives
The betterment in
drastic economies in operat¬
equipment to around $175,000,000.,
earning the blA%
revisions which iron out inequalities of that character.
expenses
application for
on
the first
is proved that schedules are so high as to hamper
opposed to
maintenance item amounts
stating:
the maxim that rates should be readjusted in specific cases, where it
on
deferred
as
their property investment called for by the Transportation
ing
profitable basis, for they are not.
proximately $500,000,000 and
carried
reported
a
postponement of repair and maintenance work.
ILL-TIMED.
be held in
on
ing costs, chiefly effected by the reduction of their working forces, and to
SAYS DISCUSSION OF RATE REVISIONS IS
A
are
their financial condition has been due
largely to
UNDERWOOD
D.
railroads
The
Inter-State
Commerce
Commission
on
Sept.
28
acting in obedience to Sec. 5, Par. 4, of the Transportation
Act of
1920, made public a tentative plan dated Aug. 3
(document No. 12964) for the consolidation of the leading
railway properties of the United States.
unite the
properties into 19 systems.
plan is given below.
Hearings
on
early day probably within a month.
They propose to
The full text of this
the plan will begin at
an
The Commission
has based its plan with slight
report and plan prepared for it by Prof. William Z. Ripley o:~
Harvard University.
Published as an appendix to the plan
Commission, Prof. Ripley's documents as
of the
William Z. Ripley, of Harvard University,
has
In some respects our
recommendations, but
presents alternatives thereto for like consideration. We indicate the main
differences.
We have sought to minimize dismemberment of existing lines
prepared a report to us, which is the appendix.
does not follow his IProf. Ripley's]
systems.
This tentative plan
which
rest, and without prejudgment of
to be ultimately
indicated.
unless otherwise
Pittsburgh & Lake Erie,
Lake Erie & Pittsburgh.
Rutland.
Central Indiana.
Michigan Central.
Pitts.,
Chicago, Kalamazoo & Saginaw.
Monongaheia.
Cleve., Cinn., Chicago & St. Louis.
Boston & Maine.
Maine Central.
Bangor & Aroostook.
And all railway
stock
ownership,
Lake Erie &
Youghiogheny.
&
Cbartiers
properties controlled by the above carriers through lease,
otherwise, except:
or
Western
and
Toledo
and
Ohio
Central.
(Both now con¬
trolled by New York Central.)
Zanesville & Western and Kanawha & Michigan.
(Both now controlled
V.:-v''•
by Toledo & Ohio Central.)
Indiana
is put forward in order to elicit a full record upon
adopted can
any matters which may be presented upon that record.
Whenever we refer to a property, the properties controlled thereby under
lease, stock ownorship. or otherwise should be understood asinlcuded
the plan
i
Fonda. Johnstown & Gloversville.
Western Maryland.
tentative plan
or
Central.
York
1—New
New York Central.
Cincinnati Northern.
aforesaic
aggregate 194 octavo pages and include 27 maps.
The Commission in its introductory remarks says:
Under our direction Prof.
System No.
modifica¬
19 systems instead of 20, on the voluminous
tion, for instance
[Vol. 113.
CHRONICLE
THE
1430
Harbor
Belt
controlled
(now
Michigan Central,
30%;
waukee & St. Paul,
by
30%;
Central)
York
New
Mil¬
20%.
Chicago &
20%; Chicago,
Northwestern,
Maryland
He makes no specific
[Note.—Prof. Ripley recommends the inclusion of the Western
in
System
No.
5,
Nickel
Plate-Lehigh
Valley.
assignment of the Fonda, Johnstown & Gloversville.
I
in the Transxiortation Act of 1920 to
There is nothing
them to
accept this or any other plan that the Commission may
present.
Apparently for this reason, and because they have
a premonition that their recommendations may not meet a
generally favorable response from the railroads under exist¬
ing upset conditions, the Commission has issued substantially
the following warning as reported by the New York "Sun"
compel the railroads of the United States or any of
of
'f;\V
Sept. 29:
unless the railroads agree
report issued by
the Interstate Commerce Commission asserted
to-day.
Government ownership is constantly pressing itself on
The issue of
attention of Congress
Unless consolidation is put
into effect, a positive bar to the attainment of uniform reasonable rates,
under which ali the carriers alike may thrive, will continue to exist.
opinions of railway officials so far as expressed concern¬
Some favor it as a step in
officials of the Erie,
Lehigh Valley, New York Central and the Pennsylvania
who have expressed themselves as being fairly well satisfied
with the proposed unifications.
Other roads upon which the
plan would saddle weaker lines are strongly opposed to the
idea.
President Underwood of the Erie would prefer six
ing the plan are rather
the
guarded.
right direction as for instance,
rather than 19 systems.
Robert S. Lovett,
is
quoted
Our
railroad
Chairman of the Union Pacific System
England
with wrecks of strong companies
overloading with unprofitable consolidations and extensions.
Strong lines and weak lines do not always lie end to end where they may be
united into a continuous system.
More often they are side by side and
service and facilities.
The owners of the successful lines certainly will object to taking on the
burden of the failures except at their actual value, and the owners of the
unsuccessful lines, finding support in the policy of the Government to
ell their lines, will be stimulated in the price they ask.
Instead of having the Commission evolve a plan for forcing all the rail¬
roads of the United States into arbitrarily formed groups, it would be far
better for the law to provide for voluntary consolidations from time to
so
that they compete In
subject in each case to approval by the
time,
Commission after
a
Then the carriers could enter into negotiations with better
prospects of agreeing upon terms, unembarrassed by a prior finding of the
Commission that they must consolidate.
I have never faltered in the belief that competition in service and facilities
is the best railroad policy for the public, and therefore I am not in favor
of the consolidation of large
competing systems.
The Commission says
that this tentative plan is x>repared
(5) of the Transportation Act of 1920 ("Chronicle"
727) which read as follows:
and
of Feb. 21 1920, p.
The
plan
practicable prepare and adopt a
the consolidation of the railway properties of the continental
The Commission shall as soon as
for
United States into a limited number of systems.
In the division of such
under such plan, competition shall be preserved
fully as possible and wherever practicable the existing routes and channels
trade and commerce shall be maintained.
railways into such systems
as
of
the several systems shall be so
arranged that the cost of transportation as between competitive systems
and as related to the values of the properties through which the service is
"Subject to the foregoing requirements,
rendered shall be the same, so
employ uniform rates
far as practicable, so that these systems can
in the movement of competitive traffic and under
substantially the same rate of return upon the
efficient management earn
value of their
"(5)
'
respective railway properties.
tentative plan, it shall
reasonable notice, including notice
When the Commission has agreed upon a
give the same due publicity and upon
to the Governor of
each State, shall hear all persons who may file or present
objections thereto.
for such hearings
The Commission is authorized to
and to fix
a
prescribe
Michigan
as
in Its judgment will promote the public interest.
consolidations herein provided for shall be in harmony
TENTATIVE
PLAN
FOR
RAILROAD
RECOMMENDED BY I.
The
with such plan.
Ohio
&
tentative plan that the railway properties
United States
imay be consolidated under the statute
Into the following systems:
be included in System No. 5,
Nickel
Central,
Zanesville & Western
and
Kanawha &
be included in System No. 9, Norfolk & Western.
may
connection with
terminal situations.
System No. 2—Pennsylvania.
Pennsylvania.
Cincinnati Lebanon & Northern.
West Jersey & Seashore.
Ohio River & Western.
Louisville Bridge & Terminal.
Baltimore Chesapeake &
Wheeling Terminal.
Atlantic.
Cumberland Valley.
Toledo Peoria & Western.
Maryland Delaware & Virginia.
Lorain Ashland & Southern*
York
Philadelphia & Norfolk.
Pittsburgh Cine. Chic. & St. Louis.
Lake Erie & Pittsburgh,
Central Inoiana.
Chartiers
Waynesburg & Washington.
Pittsb.
Grand Rapids & Indiana.
&
Youghiogheny.
Monongaheia.
And all other railway
and
properties controlled by any of the above carriers
ownership,
under lease, stock
or
otherwise, except the Norfolk & Western
In System
railway properties controlled by it, which may be included
No. 9, Norfolk & Western.
No. 4,
Pennsylvania owning the other
half.
The Lake Erie & Pittsburgh, Central Indiana, Pittsburgh Chartiers
& Youghiogheny and Monongaheia may be included in System No. 1, New
York Central, which controls one-half the stock, the Pennsylvania con¬
[Note.—The Lorain Ashland & Southern may be included In System
Erie, which owns one-half the stock, the
trolling the other half.]
Indianapolis & Western.
Baltimore & Ohio.
Cincinnati
Sandy Valley & Elphorn.
Chicago Indianapolis & Louisville.
comprising
System,
Reading
Philadelphia
Reading,
&
the
Central
Hartford.
New Haven &
New York
Rapid Transit.
Staten Island
New England.
Central
Lehigh & New England.
Lehigh & Hudson.
RR. of N. J. and various others.
[Note.—The Baltimore & Ohio Chicago terminal is reserved for
considera¬
tion in connection with terminal situations.
Lehigh
in System No. 7.
System No. 7A, New England-Great Lakes.]
The New York New Haven &
& New
Hartford, Central New England,
England and Lehigh & Hudson may be included
New England, or
System No. 4—Erie.
(
|
Erie.
Bessemer &
Chicago & Erie.
Buffalo &
New Jersey &
Delaware &
Lake Erie.
Susquehanna.
Pittsburgh &
New York.
Susquehanna & Western.
New York
Shawmut.
Pittsburgh Shawmut & Northern.
Lorain Ashland & Southern.
Hudson.
Wabash
Lines
east of the
River.
Ulster & Delaware.
Missouri
i
Lehigh Valley in this
main stem
The Delaware & Hudson,
[Note.—Professor Ripley recommends including the
system; but
for
System
in this tentative plan that carrier is proposed as a
5,
Nickel-Plate-Lehigh
Valley.
Delaware Lackawanna & Western, Ulster &
New
Delaware, Pittsburgh & Shaw
Pittsburgh Shawmut & Northern may be included in System
7A.
England-Great Lakes.
The Bessemer & Lake
Erie
may
be included in System 5, Nickel Plate-
The Lorain Ashland &
Lehigh
Valley.
System
Southern may be included
in
2, Pennsylvania.]
System No. 5—Nickel Plate Lehigh
Valley.
Lake Erie & Western
Lehigh Valley
New York, Chicago &
St. Louis
Wheeling & Lake Erie
Toledo, St. Louis & Western
Pittsburgh & West Virginia
Detroit & Toledo Shore Line
Bessemer & Lake Erie
Lackawanna as main stem in
by the
Lehigh Valley, and made available for either System 7A, New EnglandGreat Lakes, or System 4, Erie.
He also Includes the Buffalo, Rochester &
Pittsburgh and Wheeling & Lake Erie in this System.
The Bessemer &
[Note.—Professor Ripley recommends the
this system.
In this tentative plan it is replaced for that purpose
Lake Erie may be
included in System No. 4, Erie.]
System No. 6—Pere Marquette.
Detroit Toledo & Ironton.
Pere Marquette.
Boyne City Gaylord & Alpena.
Detroit & Mackinac.
Ann Arbor.
[Note.—The last named road is a Class II
by Professor
road not specifically covered
Ripley's report.]
System No. 7—New England.
CONSOLIDATIONS
S. C. COMMISSION.
We find for the purposes of this
of the continental
this alternative with a view to developing
Western may
The Indiana Harbor Belt is reserved for consideration in
a procedure
shall adopt a plan for
such consolidation and publish the same; but it may at any time thereafter,
upon its own motion or upon application, reopen the subject for such changes
modifications
we present
hearing.
Plate-Lehigh Valley,
time for bringing them to a close.
SI "After the hearings are at an end, the Commission
or
but
Erie &
Lake
mut, and
"(4)
roads,
the situation upon
Delaware Lackawanna & Western.
the railroad companies under paragraph (4)
on
England-
Ripley rejects the trunk line treatment of the New
full
public hearing.
and served
Prof.
System No. 3—Baltimore & Ohio.
history is well strewn
through
interlaced
Lakes.
follows:
as
Aroostook may b©
included in system No. 7, New England, or System No. 7A, New
Great
Central
Pennsylvania.
The Boston & Maine, Maine Central, and Bangor &
New
The
be incorporated in either system
roads, which are controlled jointly in the interest of the New York
and the
Long Island.
consolidation Is "the way out."
may
Prof. Ripley makes no specific assignment of these four
and the people,
Government ownership will be afforded.
Volunatary
1 or No. 2.
the
g Should the policy of voluntary consolidation nojb prevail, after due
encouragement by Government authority, it seems clear that an added
incentive to
Youghiogheny, and Monongaheia
No.
The Toledo
ownership of rail lines will be afforded
to voluntary consolidation into a few main systems
Added incentive for Government
a
The Lake Erie and Pittsburgh, Central Indiana, Pittsburgh, Chartiers
&
New York New
New York
Haven & Hartford.
Ontario & Western.
Central New England.
Boston &
Maine.
Maine Central.
Bangor & Aroostook.
Lehigh & Hudson River.
Lehigh & New England.
OCT. 1
THE
1921.]
CHRONICLE
[Note.—Professor Ripley recommends inclusion of the New York Ontario
& Western in
The Lehigh & Hudson River is not included
System 4; Erie.
in any system under Professor
Ripley's report, but is left
as a
"bridge line."]
[Note.—Professor Ripley recommends inclusion of the Colorado & South¬
and the Fort
ern
Worth &
Professor
Ripley
retain its present status.
System 7 with addition of the following, which otherwise with
Same as
the
exception of the Buffalo Rochester & Pittsburgh
Delaware & Hudson
Southern Pacific-Rock Island.]
Nevada Northern.
Chicago Rock Island & Pacific.
Chicago Rock Island & Gulf.
Pittsburgh, Shawmut & Northern
Arizona & New Mexico.
El Paso & Southwestern.
San Antonio & Aransas Pass.
Trinity & Brazos Valley.
Midland Valley.
Vicksburg Shreveport & Pacific.
8—Chesapeake &
Chesapeake & Ohio
Chicago Peoria & St. Louis.
Ohio.
j Virginian
Norfolk & Western,
would
apparently
Toledo & Ohio Centra 1 and
Western outlet for coal
a
involve
upgrade
specifically included in
Kanawha & Michigan
originating
eastbound
vicinity of Roanoke unless there be
Bridge, W. Va.
The Arizona & New Mexico and
Fe.
>j:. v/;vv';^
[Note.—Professor Ripley recommends consolidation of the Virginian with
in order to afford
new
the Virginian.
on
haul
construction
Brazos
Valley
near
Toledo & Ohio Central
Kanawha & West
&
Ry.
re¬
in this system.]
Trinity & Brazos Valley.
Navigation
San Antonio, Uvalde & Gulf.
Co.
[The Trinity & Brazos Valley
Virginia
be included in System No. 17, South¬
may
Pacific-Rock
Island.
Professor Ripley recommends inclusion of the
Antonio, Uvalde & Gulf iiji either System No. 17, Southern PacificRock Island, or in a Southwestern-Gulf System.
Professor Ripley recom¬
ern
Western
San
[Arote.—-From the Norfolk & Western is excepted the branch from Roanoke
which
may
be included in
System No.
Atlantic
11.
mends redistribution of
Coast Line, Louisville & Nashville and the branch from Lynchburg to Dur¬
in system No. 12, Illinois Central-Seaboard J
ham which may be included
Cincinnati, New Orl. & Texas Pacific
Georgia Southern & Florida
New Orleans Great Northern
Mobile & Ohio
Alabama & Vicksburg
Fort Smith & Western.
Kansas
City Southern
Louisiana & Arkansas.
City, Mexico & Orient.
[Note.—Professo
[Note.—Professor Ripley recommends inclusion of the Georgia Southern
Fla.,
in
Seaboard
the
Ripley recommends redistribution
Certain lines, such as the
been
System No. 11—Atlantic Coast Line Louisville & Nashville.
Atlanta, Birmingham & Atlantic
Atlanta & West Point
Winston-Salem, southbound
Charleston & Western Carolina
Roanoke to Winston-Salem Branch of
&
of portions of the
system.]
Minneapolis, St. Paul & Sault Ste. Marie
which
and
controlled by Canadian carriers, have not
are
specifically; included in this tentative plan because these lines form
parts of through trans-continental Canadian systems in active competition
with systems above set forth.
Atlantic Coast Line
Norfolk
International & Great Northern.
carriers included by us in this
the Central Vermont,
system. I
Louisville 8c Nashville
Gulf Coast Lines.
Kansas, Oklahoma & Gulf.
Southern Railway in Mississippi
Palatka,
Texas & Pacific.
Kansas
Alabama Great Southern
to
in this system.]
Missouri Pacific
Northern Alabama
Valdosta
us
Chicago Missouri Pacific.
Chicago & Eastern Illinois.
Systems No. 10—Southern.
from
portions of the carriers included by
System No. 19
Southern
branch
us
Chicago & Alton
Kanawha & Michigan
Florida
Professor Ripley recommends
Missouri Kansas & Texas.
St. Louis Southwestern.
Norfolk & Western
&
not
are
The Trinity &
System No. 18—Frisco Katy Cotton Belt.
St. Louis & San Francisco.
Louisiana
Winston-Salem
by Professor Ripley.
distribution of portions of the carriers included by
Gauley
The Virginian's present outlet to the West is via Deep-
System No. 9—Norfolk & Western.
to
Ripley.
be included in System No. 18, Frisco-Katy Cotton Belt.
may
So recommended
Chicago Peoria & St. Louis
system by Professor
any
west-bound
of
Va.t and the Chesapeake & Ohio.]
Zanesville &
.
[Note.—The Nevada Northern may be included in System No. 16, Santa
'
Hocking Valley
water, W.
Pacific
Northwestern
System No. 17—Southern Pacific Rock Island.
Ripley, j
coal to the
the
Pittsburgh & Shawmut
Delaware
System No.
This
that
The Nevada Northern Is not specifically included
It may be included in System No. 17,
Southern Pacific Co.
[Note.—The addition of these lines has not been recommended by Pro¬
the
part of the Gulf Coast Lines in the above
Buffalo, Rochester & Pittsburgh
Delaware, Lackawanna 8c Western
fessor
a
recommends
In any system by Professor Ripley.
*
Lehigh Valley.
Ulster &
be included in
may
That carrier may be included in System 5, Nickel-Plate-
System 4, Erie.
Denver City in the' Missouri Pacific System.
He also recommends inclusion of
system.
System No. 7A—New England Great Lake3.
1431
The carriers included in this tentative plan comprise most of the Class I.
Western
railroads, but very few of those in Class II. and Class III.
steam
not
Included,
so
whether industrial
common
carriers,
Those
terminal carriers,
Nashville, Chattanooga & St. Louis.
Florida East Coast
interurban electric railways operated as a part of general steam railroad
Louisville, Henderson & St. Louis
Carolina, Clinchfield & Ohio
systems
Western
of transportation,
Georgia & Florida
freight, "short lines,"
Richmond Fredericksb'g & Potomac
Gulf, Mobile & Northern
hereafter
Norfolk Southern
Mississippi Central
Railway of Alabama
v
[Note.—Professor Ripley recommends that the Richmond, Fredericksburg
Potomac
and
in
any
East
Florida
system.
inclusion
cluded in System
The Carolina, Clinchfield & Ohio
12, Illinois Central-Seaboard.
mends inclusion in
and Mississippi
Coast retain their present status
System 10,
may
be in¬
Professor Ripley recom¬
been included.
PLAN FOR READJUSTMENT AND MERGER OF STREET
Seaboard.
'
•
Carolina, Clinchfield & Ohio
[Note.—Professor Ripley recommends that a separate system be built
around the Seaboard Air Line.
The Gulf & Ship Island is not included in
The Carolina, Clinchfield & Ohio may
11, Atlantic Coast Line-Louisville & Nashville.]
be included In System
Pacific
•Union
System No. 13
■f.
Northwestern.
Los Angeles
Union Pacific.
Oregon-Washington
RR.
Navi"
&
of the Transit Law of 1921 and
duty of finding
14—Burlington Northern Pacific.
problems made public
Thursday
on
a
detailed statement
as
outline of the plan which they have
prepared
an
be
Minneapolis & St. Louis.
or
statutory
held.
The plan
which is given substantially in full below
all essential
lines, surface, elevated and subway, with the
low
some
purchase
money
the
of
and Fort Worth <& Denver City, which may be included in
Southern
Ripley recommends that they be included
19, Chicago-Missouri Pacific.
Professor Ripley recommends
System 16, Santa Fe, Professor
in
System
extension of this system to the
Pacific Coast by including the Denver &
Rio Grande and the Western Pacific.
of
He also recommends redistribution
interest
bonds of
actual
a
value
underlying securities, for
consolidated
the
of
company
several
portions of the Minneapolis & St. Louis and
The
Spokane Portland & Seattle may be included
Great
Chicago Great Western.
in System 15, Milwaukee-
Northern.]
operating purposes," all "water" of
be eliminated
Joint
fare for
on
System No. 15—Milwaukee
Great Northern.
Chicago Milwaukee fc St. Paul.
Duluth & Iron
Duluth Missabe & Northern.
Green Bay & Western.
Spokane Portland & Seattle.
Butte Anaconda & Pacific.
year,
and
(d)
(e) Bus lines
Range.
The
[Note.—The Green Bay & Western and Butte Anaconda & Pacific are
not included
Portland &
Pacific.
in-any system under Professor Ripley's report.
Seattle may be included in System
14;
Professor Ripley recommends that the eastern
8c Eastern Illinois be included
The Spokane
Burlington-Northern
half of the Chicago
in this system.]
company
agencies under
System No.
16—Santa Fe.
as
fluctuating fare thereafter depending
as
facilities
transfer
feeders.
Commission
soon
as
possible of
between
and
Ft. Worth & Denver
Western Pacific.
that
an
expenditure
of
about
a
further $25,000,000 for
improvements and additions
thereto while at least $50,000,000 annually, or $250,000,000
in all of
new
the
subway work
five
next
possible without
Denver & Rio Grande.
says
subways,
■
a
should be put under contract
This th^y say will not be
reorganization such as they propose.
years.
Gulf Colorado & Santa Fe.
Colorado & Southern.
a
$11,000,000 is needed for rehabilitation of existing properties,
within
Atchison Topeka & Santa Fe.
to
Continuation of the 5-cent
(c)
Reestablishment
with
transfers
a
by
same
Control,
of
earnings,
free
description
Great Northern
Chicago Terre Haute & Southeast.
one
"for
city, and in the meantime and subsequently
operation of the
Board
every
the
on
properties
(b) Eventual municipal ownership of all lines
of value in the
unified
pro¬
(a) The exchange of existing securities of
[Note.—From the Chicago Burlington & Quincy are excepted the Colorado
&
plan that will
brought out following the public hearings shortly to be
basis
Spokane Portland & Seattle.
they view it after several months
basis for the final
as a
exception of
Northern Pacific.
Chicago Great Western.
charged by that Act with the
solution for New York City's transit
a
vides in brief for
Professor Ripley.]
System No.
OWNERSHIP.
York
City Transit Commission consisting of
McAneny, Chairman; LeRoy T. Harkness and
George
The Lake Superior & Ishpeming Is not specifically included
Chicago Burlington & Quincy.
OF
Major Gen. John F. O'Ryan, appointed under the provisions
[Nate.—Professor Ripley recommends inclusion of the Central Pacific
in any system by
LINES
WITH EVENTUAL
investigation and
Lake Superior & Ishpeming.
! Wabash Lines west of Missouri River
gation Co.
in this system.
TRANSIT
YORK
CITY
New
.
Chicago St. Paul Minn. & Omaha.
Oregon Short Line.
RAPID
regarding the matter
& Salt Lake.
Chicago & North Western
Grand Island.
St. Joseph &
AND
GREATER NEW
The
Tennessee Central
system by Professor Ripley.
Whero these carriers
carriers by rail they will be considered as being in¬
in the systems in which the controlling rail carrier has
branch of Norfolk & Western
Air Line
Seaboard
specifically mentioned water-carriers.
controlled by
cluded tentatively
Gulf & Ship Island
Central of Georgia
any
We have not
are now
Lynchburg, Va., to Durham, N. C.,
Mississippi Valley
transportation of
so
RAILWAYS
12—Illinois Central
Illinois Central
in the general
The Gulf, Mobile & Northern
Southern.
Central are not specifically included in any system under
Svstem No.
engaged
or
others, will be considered at the hearings to be
that in the plan to be ultimately adopted provision
be made for their inclusion in the systems.
can
Ripley's report.]
Professor
Yazoo &
without
assigned
or
•Utah
Raflway.
Nevada Northern.
Official
City.
Northwestern Pacific.
(a)
(b)
Summary
of
Plan
of Readjustment.
Municipal ownership of all railway lines li} the City of New York.
The surrender by the companies of all existing francises, including
perpetual franccses.
THE
1432
of all existing agencies as factors
The elimination
(c)
[Vol. 113.
CHEONIOLE
in the transit
current cash funds.
The unification of the entire transit system with a Board of Control,
three members to be appointed by the Mayor, three by the investors and a
Arrears of taxes
Chairman to be selected by the two groups.
Unpaid interest
Operation to be carried on by three operating corporate
(e)
agencies to be
Genuine homo rule by the city in the
administration of its transit
i.'-:
affairs.
'
elimination of stock.
the
v'
Payment for such property to be
(i)
onstrates its
with
traction
their
unnecessary
policies and independent purchases;
(a)
The
(b)
debt-incurring capacity so as to permit new
The increase of the city's
subway construction.
service to the~public.
(t) The rehabilitation of required lines, and the elimination
well as new security holders
surplus profits resulting from efficient management and operation.
(v) Useless or broken-down lines not needed in the public service, not to
Participation by operating personnel, as
the full establishment; of
situation and the steps which the
finds necessary in order to eradicate them and
transit facilities.
This
prepared after conference with company
representatives of security holders and tort creditors, but it has
officials and
not been submitted to any
of the companies.
none of
past three years, except the Manhattan
ties
2,000,000,000 passengers.
than
less
operated for the accommodation
mileage had risen only to 344,I
multiple fares and the withdrawal of
franchises, the net return per
for each passenger on the surface lines has been increased in Manhattan
the Bronx from 3.674 cts. in 1918 to 4.342 cts. in 1921 and in Brooklyn
(4) Fares.—Owing to the resulting
ride
and
except whore required by law or
3.341
from
And
Of the 2,365 free transfer
points maintained three years ago on the surface
227 of those conti nued, the 2-cent
and sinking fund on the city's investment
$230,000,000 in rapid transit lines is still paid from taxation.
These
$9,500,000 and in 1922 will be still greater.
charges in 1921 exceeded
(6) Company
Deficits.—Statements
their operations for the
deficits of all lines after
covering
ended June 30 1921, show the aggregate
operating expense, as follows:
allowance for fixed charges and
Total Deficits After
For year
three years,
Against this
For year
if this expense can be spread
5,000,000
would add not less than
of $41,000,000 there may be counted
sum
reduction of
a
$5,000,000 to be secured through the wage adjustments of a month ago.
This
will
indicated
bring the net additional
need
the present basis
on
Relief Plan.—It will appear that if the only method of relief was
(11)
prospect
the basis of present organization and financial structure, the
for maintaining the five cent fare
But it is the opinion of the
would not be hopeful.
Commission that if the reorganization plan it
presents be adopted, the indicated
deficiencies
following
measures
(a)
may
be substantially over¬
beyond the year of trial provided the
and the five cent fare continued
be taken.
The rearrangement and
This Plan Looked to for Relief.
effective coordination of the transit
more
system.
Commission
The reduction of rentals and interest charges that the
(b)
has in view.
The elimination of taxes and other public charges, from
(c)
which the
municipalized lines naturally would be free.
reductions
The
of
effected
cost
consolidation
through
of power
plants and of other facilities used in common,,
(e) The material savings that will occur in the reduction of
While naturally every
beyond the first
overhead and
endeavor will be made to continue the 5-cent fare
the question finally can be determined only
year
demonstration of the results of operation of the
as
by a
consolidated system such
the plan proposes.
The
plan is officially outlined substantially as follows:
THE
DATED
PLAN,
SEPT.
29
1921.
to Be Included.
and municipal owner¬
ship of all transportation facilities deemed by the Transit Commission tobe useful and essential.
Such facilities are to be acquired without cost to
The
ended June 30 1921
The greater
General
The
plan provides for the valuation, consolidation
Scope and Object—Only Essential Lines
city by amortizing out of earnings the valuations fixed
the
by the Transit
Commission.
All
existing corporations and
their franchises, intei'leases and
securities
underlying liens
the commission deems it advisable not to
gradually to be eliminted or extinguished, except such
carrying
a
low rate of interest as
disturb.
.
- -—.
\
with such exceptions, are to be replaced by an issue
consolidated company representing a fair and honest valua¬
of
ing
fund
which
charge
by
purchase
a
11,423,936
17,122,798
deficit for the fiscal
attributable to the advance
1920, which, in turn, will be offset largely
during the current year by the wage reduction of
10% agreed upon a month
sink¬
period,
Payment of these bonds, with interest, and a
sufficient
retire
to
them
within
a
reasonable
the term of the present subway leases, is
be less than
will
cured
a
the properties.
of
money
to be se¬
mortgage and assured by a rate of fare
barometer
based
contingent reserve
cost, automatically determined by the condition of a
or
part of the increase of $5,698,862 in the
just ended, over that of the year before, is
schedules of August,
bonds
of
tion
L —:-..$8,572,558
ended Juno 30 1920.
For year
wage
repair work and
of neglected
cost
9,000,000
-
______
of the
on
Allowing for Fixed Charges.
ended June 30 1919-.
year
10,000,000
each year
Existing securities,
(5) City's Burden.—Interest
in
than
one-third
over
charged.
three years
total to be
-
incidental rehabilitation,
are
to 4.415 cts.
lines, 1,783 have been discontinued, and at
rate is
$17,000,000
_
the surface lines will be for
upon
increased 25% but the facili¬
During the year just past, with
000,000.
transfers
_
(Slightly Abridged.)
2,500,000,000 passengers carried, the car
of
!
only 5%.
In 1918 there were 328,000,000 car miles
of
heretofore cited,
The deficits,
1922 to approximately $10,000,000—the
not less
(d)
receivership.
(3) Traffic.—Traffic in the past 3 years has
the
operating charges.
companies are suffering seriously from
the companies have paid dididends
Railway (under the terms of
its lease to the Interborough) most of the street railway lines are in receivers'
hands while the Interborough Rapid Transit Co. has been perilously near
a
for
in round numbers $133,-
was
therefore
transfers
(2) Present Status.—The transit
existing state of affairs,
companies
operating
the
The cost of eliminating double fares and of restoring free
(d)
(1) Plan.—The plan has boon
in the
of
ending June 30 1921,
will be_
accompanying the plan goes quite fully
into the evils of the present
the
$41,000,000 That Would Have to be Overcome on Said Basis.
revenue
Measures in Addition to
give New York the "best possible"
statement further reports (in brief):
and obsolete equip¬
aggregate $41,000,000viz:
$150,000,000.
the plan.
Commission
otherwise and
provided from revenue for the city's account, therefore
come
be included in the system.
statement
Commission declines to consider—
The deficits in the interest and sinking fund account of the
upon
Abolition of the Transit Commission upon
accepted
were
and the costs of operation, taxes, rentals and
in
of obsolete
facilities.
The
situation
present
approximately to $36,000,000.
Proper and adequate
(w)
the
city which in 1921 amounted to $9,560,000 will advance
permit
condition of the new system will
in
14,449,921
Charge.—If
interest,
The assurance of a fair return on
The re-establishment of free
(u)
gross
year
securities of the new system,
transfers as rapidly as the financial
(p)
(q)
14,557,975
—
000,000,
interests.
(s)
Adverse
Annual Deficit of
(c)
facilities.
(0) The elimination of preferential payments to existing companies and
the placing of the city's rights on the same footing with those of other
(r)
_
the annual deficit to be overcome would
ment
Consolidation and unification of power
(n)
—
bills payable
the basis of fare fixing— a solution the
of overhead, separate
duplication
____$13,370,972
36,083,595
State and City____
underlying bonds, etC----_-.__-__
without allowance for profits of any nature, preferential or
are
and automatically determined
by the amount of a contingent reserve or "barometer" fund.
(m) Substantial economies in operation of the unified systems through
consolidation and the elimination of the numerous leasing and operating
companies,
and
Total
necessity.
Rates of fare to be based on actual cost
(1)
i
without allowance also for restoring full train service
properties to be taken over by the city .
made on the basis of such valuation
irrespective of present capitalization and book values.
(j) Municipal ownership to be acquired without outlay by the city, by
retiring the purchase bonds, out of revenues of operation.
(k) No increase of fare unless operation under the new conditions dem¬
An honest valuation of all
(h)
due,
on
overdue-
(10)
as
speculation in transit facilities, by
of stock
The elimination
(g)
Rentals
Accounts
created for the purpose.
date the aggregate of current liabilities,
same
Important Items Included in the $111,044,653 of Current Liabilities.
(d)
(f)
Upon the
pressing nature, was $111,044,653.
many of them of a
situation.
fund.
Independent
Valuations according
Valuation
to
Establish Real
Values.
to existing security issues and present
capitalization
structure of the consolidated
company will be based upon a new valuation, which, under the rapid tran¬
sit legislation of this year, is being rapidly completed.
By this means the
"water" in present financing and capitalization will be eliminated and the
new valuation will represent the real values in the transportation properties.
disregarded and the entire financial
be
will
ago.
its subway division,
makes a better
its subway operation,
showed an operating profit applicable to the carrying of its elevated deficit
of $2,630,953 for the year ended June 30 1920 and of only $1,129,5(48 for
the fiscal year just ended, a decrease of $1,501,405.
Interborough
The
.
Company
in
Municipal Ownership with Operation by Company Agencies Under
On the other hand, during the same
of the New York
Railways Company, as constituted before their receiver¬
ship, while still showing a deficit of
over
period, the Manhattan surface lines
$3,151,654, showed a gain of $937,149
their record of the year before.
still accruing accumulation
unearned
preferential allowances due the companies under the dual
contract and
payable fr®m surplus earnings before any payments of interest
or
sinking fund charges may be made to the
investment aggregated on June
city on its share of the dual
30 2911 $41,681,458, viz;
Preferentials of $41,681,458 accum. Due June 30
Interborough
Company
(subway
account)
Interborough Company (Manhattan elevated
account)
Brooklyn Rapid Transit Company
Preferential
allowances
held
to
be
$6,061,143
23,646,548
11,973,767
fair and necessary when the dual
contracts were negotiated ten years ago are
not fair under the conditions of
to-day.
(8)
"Water."—In readjusting securities on the basis of honest value, the
elimination of "water"
Commission has in view and will insist upon, the
of every
description and the frank recognition of a depreciation that in¬
vestors have long
(9)
assets
since discounted.
June 30 1921, the aggregate of current
of all the companies was $55,908,893, of which $9,248,552 was in
Current
large investment of the city in and its ownership of the
under
effective public control
unified system can best be secured
by company agencies to be created for the
|
purpose.
the plan,
„
ownership will be acquired by the city without financial
Existing companies will turn into the consolidated
company, and through it to the city, all properties and rights in return for
new
leases which will provide for amortization out of the earnings of the
outlay
on
its
part.
valuation fixed by the commission.
consolidated system of
If
for
the city
Deferred
Municipal
Ownership,
if City Authorities Object.
authorities shall oppose immediate municipal ownership of the
opportunity to reform completely the exist¬
commission is prepared to consider the alternative course
of vesting title to all properties not now owned by the city, including the
subway leases, in the consolidated company, with provision for deferred
ownership by the city.
Such a course will permit the general features of
the plan to be carried out, but will add to the difficulties and tend to im¬
pose a higher fare.
transit
system, with its present
ing situation, the
Consolidation With
The
Liabilities.—On
the
through the immediate municipal ownership of all transportation facilities
deemed useful and essential in a comprehensive system, and their operation,
Plan
1921 Under Dual Contract.
of
existing subway lines, the benefits of a
Under
(7) Heavy Preferential Accumulations.—The
of
view
In
Effective
Control.
Public
showing than any of the others, nevertheless, upon
new
Three Operating Groups—Bus Lines as Feeders.
existing, separate systems to be consolidated at the start into three-
operating groups to be made up as follows:
Oct.
1
1921.]
city and the
Interborough Rapid Transit Co. and leased by it from the
Manhattan Railway
Under
Bronx.
The
railroads
surface
be allocated to Group
No. 2
lines necessary
Bus
in Queens and
desirable,
in part, to
feeders to the foregoing group.
as
Where
necessary
be transformed
may
into
lines.
bus
similar
existing
facilities
power
be
to
and
consolidated
operated
for
the
benefit of the entire system.
common
lines
the
manner
now
Transit System, surface,
Rapid
"A"
formerly comprising the Brooklyn
or
subway and elevated
said
of
tion
the
"C"
to
lease
properties,
shall be by
|equal in amount to the valua¬
company
the city
in
similar
the
Bronx,
now
of
them
shall
as
be
deemed
»
by
Transit Commission to be useful and essential, shall be transferred to
Organization
To
and
to
"B,"
for the eventual, complete consolidation into one system
the
benefits
secure
will
Commission
Transit
and
"C"
of
operation under
private
be
to
cause
organized
companies—each with
"D"
public
control,
the
corporations—"A,"
four
number of capital
nominal
a
said
properties
shall be by
"D"
"A"
("B,» "C" and «D").
"A" Company vested in the city in return for
"C"
and
panies will be owned by "A"
"B"
issued by
and "D" companies, which will be
"C"
whose shares in turn will be held
company,
by whatever body may succeed it.
or
will operate under lease the properties embraced in Group
company
the properties embraced in
company
Group No.
2, and
"D"
Capital of "A" Company to Be Raised on Short-Term Securities.
New
Company shall raise by the issue of notes, or other form of
"A"
Will Act Also
Which
Board of Control
Directorate of
as
Cofnpany "A."
financial
General
lodged in
working capital during the early period of its develop¬
Such funds shall be utilized, among other things, for the establish¬
viding
necessary
ment.
will be
by
in the event of their inability to agree, then by
"D," three by the Mayor of the city, and the seventh member
the other six,
or,
Transit Commission
or
of
Board
The
entire system
the
of
by the boards of directors of the three operating companies, "B,"
and
of
supervision
It will consist of seven members, to be chosen as follows:
by whatever body may succeed it.
Control
supervision and
direction as may properly be conferred upon it by the contracts to be en¬
tered into.
It will be responsible for the distribution and management of
all the surplus revenues of the operating companies after payment of their
own operating expenses,
will have sole charge of the issuing of all securi¬
ties, will make all payments for interest, and have the custody and man¬
together
indicated,
such
with
other
of
powers
agement of the amortization, contingent reserve and other funds.
The functions of the Transit Commission in respect to construction should
be
vested
the
in
Board
of
and
Control,
remaining functions
all the
warrants,
time,
from time to
succeed, should be vested in the Board of Control, permit¬
Commission will
ting the abolition of the Transit Commission.
be recommended
Directors
Legislation to this end will
Companies "B," "C" and "D" to Be Elected by
vested
their
in
board
The
leases.
holders
the
of
respective
of
bonds
boards
of
directors
in
issued
constituting Group No.
1.
"C" and
and properties
for the securities
exchange
Similarly, the directors of "C" and "D" com¬
panies will be elected by the holders of the bonds issued in exchange for
the
securities
and
2 and Group No. 3,
properties constituting Group No.
Management will thus represent investment instead of specu¬
respectively.
of
and
new
lation.
subway
present
for
return
a
new
Interborough and Manhattan Elevated Lines to Be Taken with
Consent,
The reformed
with the
or
Otherwise,
Basis of
on
Stockholders'
Valuation.
subway leases, comprising the Interborough system,
lines constituting
together
the Manhattan Elevated Railroad system, to be
failing that,
by means of foreclosure sale, to "A" company in exchange for "A" com¬
pany bonds, equal in amount to the valuation of the properties of the Inter¬
borough and Manhattan companies, made by the Transit Commission pur¬
assigned and transferred, with the consent of stockholders, or,
These
bonds to be exchanged
contract,
reached if possible
for outstanding securities issued against the
by agreement between
plan and
Consolidated
the
the
to
terms
of
final
the
statutory
plan
and
contract,
"A"
in the city all of
in return for
a
lease
of the properties transferred, comprising Group No.
1, to "B"
Company for operation, under the general terms hereinafter stated.
Company will forthwith, by appropriate instrument, vest
right, title and interest in and to the properties acquired,
New
During each year of operation under the
operation and
the bonds and other current obligations of
upon
including provision for the maintenance of the
System,
V
Which Subsequent Rate of Fare
Manner in
<
Shall Be Automatically
Determined.
This barometer fund will
After
is insured by the valuation
which
of
fixed charges (the fairness of
of the properties by the
of operating expenses and
payment
amounts
the
operate as follows:
Transit Commission and the control over
expenditures by the Board of Con¬
contingent reserve or barom¬
this fund above a specified maxi¬
trol) the surplus moneys are to be paid into a
If the available surplus keeps
fund.
eter
fare is to be automatically lowered;
the
minimum,
is
reserve
the
fare
is
to
if the fund falls below a
be automatically
increased until the
restored.
exkmple:
amount of the barometer fund
that the normal
Assume
is to be de¬
increased.
In short, the purpose of this is, after fixing the basis of proper valuation
and determining the operating expenses and fixed charges, to make the de¬
at
is fixed
cision
the
If it rises to $35,000,000, the fare
$25,000,000.
if it falls to $15,000,000, the fare is to be
creased ;
the
to
as
of
rate
fare as
basis the public can
new
automatic
as
is humanly possible.
Upon
be assured that all money expended is properly
will reflect the
abtual and necessary cost of the transportation that the public gets, unin¬
fluenced by any opportunity of private gain based upon stock ownership.
expended for necessary costs, and the rate of fare, therefore,
all of the lines of each of the
on
three operating systems will be
points as rapidly as financial conditions will
at proper
permit.
Application of Proceeds of Operation.
operating expense and retain
authorized by the terms
of its lease, and turn over all surplus funds to "A" Company.
"A" Com¬
pany will pool the moneys so received and distribute same as follows:
(a) It shall pay to the holders of its securities the fixed return pre¬
scribed, and to the city the interest upon its rapid transit investment.
(b) It shall pay into an amortization fund the specified rate for the
amortization of its bonds, and to the Controller of the City of New York
a
specified rate for the amortization of the corporate stock of the city
Each
its
operating company will pay its own
issued
for
(c)
rapid transit construction.
year
deficit in the cost of operation in any pre¬
sustained by any one of the
three operating companies.
maintain the above mentioned
It shall out of the remaining surplus
contingent
order
Efficient
for
—Bonus
to
barometer
or
reserve
Incentives
In
depreciation reserve as
It shall make good any
ceding
As
and
maintenance
own
Also
to
provide
fund.
Service a Bonus for the Operating Personnel
of Bonds of Consolidated Company.
Holders
an
incentive for efficient and economical manage¬
by the Board of Control out of the
ment there shall be set aside each year
Pursuant
its
increase is
contingent reserve or barometer fund.
the Transit Commis¬
sion.
year's
the rate of fare will be determined automatically by the
"barometer" fund, and shall be put into
and sinking fund
interest
protective committees
security holders, but otherwise to be determined by
of
an
plan the rate of fare shall be adequate to provide for cost of
(d)
properties transferred on terms to be fixed in the final statutory
one
of the contingent reserve or
Chapters 134 and 325 of the Laws of 1921.
suant to
after
Then and at the conclusion of each succeed¬
by the Board of Control.
leases to be reformed or superseded by
lease.
fare unless,
five-cent
opportunities for substantial economies,
effect
established
of Transfer of Properties to the City.
agreement,
so
as to abolish
all preferential payments and place company and city in¬
vestments on a parity.
Ownership of all subway equipment not already
owned by the city to be vested in the city without outlay by the city in
The
the
operation of the Consolidated System, with
the results of
many
Transfers
Manner
in
increase
no
demonstrated to be necessary.
For
"D" companies shall be
of directors under the terms of their
"B" company shall be elected by the
"B,"
management of
operating
demonstration
specified
Holders of Bonds Issued in Exchange.
The
be
its
of Fare—No Increase for First Year.
Rate
/
.
shall
There
mum,
by the commission.
Operating
of
experience
the Public Service
involving exercise of the police power, to which
those
as
the Transit Commission, except
of
shall be raised by the sale of
"A" Company, as may be determined upon by
to be issued by
bonds
the Board of Control.
ing fiscal year
of the Board of Control are to be those of a financial nature,
powers
above
as
be needed for transit construction or equip¬
as may
status
Handle Finances, Etc.
to
capital
ment, other than that furnished by the city,
new
hereinafter provided for.
the contingent reserve or barometer fund
of
Board of Control, which will also constitute the directorate of
a
company.
One each
the
and
control
short-
for financing the unified system and pro¬
sufficient funds
securities,
term
Such additional
Constitution of
but the city shall have the right to extin¬
payment of the then unamortized portion of the bonds.
upon
ment
the properties embraced in Group No. 3.
company
vote
lease thereof to
"A" Company, the city's title to all the transit lines will
clear of such liens,
free and
be
The shares of stock of the operating com¬
by the Transit Commission,
1.
"C"
a
Companies.
guish the bonds underlying any line or lines at any time after ten years,
will be the controlling and financial company, and general
company
supervisor of the affairs of "B," "C"
exclusively operating companies.
trust
(Company "A") and Three Oper¬
and Financial Company
ating Companies
"A"
in amount to the valuation of
determined by the Transit Commission, which properties
as
Upon the completion of the amortization period of the purchase money
bonds
One Controlling
No.
the
"A"
operating company, upon terms similar to those provided in the case
"B"
of
shares.
in
in exchange for its bonds equal
Company
Unified System.
of a
way
the
pave
a
comprising the various surface lines in
such
or
for
terms similar to those provided in
upon
'
the lines
manner
and
Manhattan
which
return
of "B" Company.
case
a
it is finally
determined by the Transit Commission,
as
"A" Company vested in
operating
if
(and
Richmond), will be transferred
Company in exchange for its bonds,
properties
In
All
1%% of interest.
deemed best, the surface lines in Queens and
to
be determined.
as may
of the existing surface lines
some
or
for the logical development of the unified system to
be created and allocated
or
Group No. 3,
or
in whole
Richmond,
incentive to
stated, in order to provide an
management, it will be possible for the bonds to
Similar Treatment for Brooklyn Rapid Transit Lines.
In
3—The surface railroads of the Boroughs of Manhattan and
Group No.
the
hereinafter
economical
additional
an
elevated and surface railroads now or for¬
merly in the Brooklyn Rapid Transit system.
I
conditions
efficient and
earn
Co.
2—The subway,
No.
Group
1433
CHRONICLE
railroads now operated by the
1—The subway and elevated
No.
Group
THE
.
5% Bonds to Be Secured by Purchase Mortgage, with 1%
Fund—Additional
The
ferred
money
bonds of
it
to
"A"
and
a
of
\Vz%
shall be a specific lien upon the properties trans¬
general lien upon all the property of "A" Company,
bonds
additional 1%
Commission.
Incentive for Economy.
by it vested in the city, shall be secured by a purchase
its interest in the leases to the operating
These
as
shall bear
interest
at
the
companies.
rate of 5%
annum,
including
with
an
fixed by the Transit
bonds will be further secured by provision in the final
set aside to amortize the valuation
The
per
tions
or
earnings of
tem
as
of a rate of fare automati¬
cally determined to meet at all times cost of operation, bond interest, and
the
within
fund
of
system, after the payment of all obliga¬
to be distributed
the barometer fund, a sum
joint benefit of the operaitng personnel of
the holders of the Consolidated Company's bonds.
for
and
this
pose
the unified
the maintenance of
and
used
When the
the
limits of the available
surplus, shall, for the pur¬
allotments
benefit of the operating per¬
one-half for the payment of additional
interest upon the outstanding purchase money bonds, but subject to the
condition that, with any increase or decrease of fare above or below the
rate of 5 cents, such fund shall be decreased or increased, as the case.may
be, on the basis of 1% interest on the bonds with each cent of fare
trol,
it
sonnel,
shall
as
be
allocated, one-half for the
hereinafter indicated, and
variation.
Contract
and
Tort
statutory plan and contract for the maintenance
1% of amortization.
the unified sys¬
prescribed, equal 3% interest on the pur¬
bonds issued by the Consolidated Company.
amount so available has been determined by the Board of Con¬
computing
chase money
Company, issued in exchange for the properties trans¬
mortgage which
ferred and
Interest
Amortization
surplus
There will be included in the contracts
to the
Consolidated
Creditors.
for the transfer of the several lines
Company provision for
obligations to contract and tort
of
holders
and to
creditors
CHRONICLE
THE
1434
Both
employ¬
certificates of indebtedness,
receivers'
ing for this purpose, so far as can be agreed upon, the bonds and shortterm securities of the Consolidated Company, due allowance therefor being
relatively
Other
the
Terms
of the leases
The term
the valuation
the
end
of
valuation
be
to
ten
for
long
so
is necessary to amortize
as
properties.
their
city will be adequately represented,
and conserva¬
proper
sinking funds, which have generally been managed through buying securi¬
the fund
ties for
that at
amount
offers
and
to
secure
final
of
inducement
immediate
some
statutory
plan
clean-cut method of
is
somewhat
believes
buying
aid
on
operation
year a
the
otherwise,
or
part of the outstanding
definite part of the
a
basis, the commission
the compound interest
debt
should sufficiently be reduced to ease greatly the cost of meeting fixed
charges and thereby pave the way for bettered service or possibly decreased
possesses
advantages.
many
4.
After
some
the
years
INCREASED
EARNINGS,
MAINTENANCE AND
Ad
of
EXECUTIVES
DUE
SHOWS
shows
with
the
business
net
revive
to
earnings,
toward
cially noteworthy in May and June.
the Association, 45%
says
in
reduction
from
operating
So far this
was
55%
both
of
($54,256,089)
right-of-way
and
in other words, owing to light
year,
business, fewer trains have been run, less coal
fewer
men
wage
rates.
employed
without,
however,
used, and
the amount
reduction
any
The Association adds that
large reduction in
there
of material
and engines were put in condition.
cars
pointed out that
sarily follows
tion in
also
was
used,
such
of
a
maintenance
1. The
number
period
any
merely
be made
must
of
postponement of expendi¬
a
later if the
roads
so
railway employees in March, 1921,
since
the
fiscal
smaller than
first
quarter
of
Because
this
of
their
radical
payroll
reduction
reduction of 302,053,
was a
in
force,
the railways
for the quarter by $38,290,974,
or
were
15.2%.
or
able
to
Labor
Railroad
Board
in
July,
which
1920,
increased
4.8%, and this in
about
rates
wage
21%.
March
April
Traffic in
its
was
The
under the
even
depression
became
height in January and February.
freight during the first
revenue
less than
totals
the fall of 1920,
business
during the
same
rates, made
in
December.
The total number of
six months of
loaded
Revenue
passenger
miles showed
June
Six
as
1921—
4.0%
9.9%
Decrease 13.5%
March
revenues
followed traffic.
even
1921
Decrease
but
it
had
been
be
must
riods in
remembered
increased
1920
and
more
1921
in
than
as
are
in
Notwithstanding
reduced
Decrease
March
%
5.1%
Decrease
each
Increase 13.4%
Passenger
but this
was
revenue
a
more
January
February
Decrease 13.2%
Decrease
20.6%
Six
Decrease
7.9%
months
that the
indicate
cutting of
carriers
piling
are
the
to
case
reductions
of the
of
the
expenditures,
of
rate
railways, by months, has been
return
follows,
as
basis:
annual
an
1921—
1921—
March
-Deficit
Deficit
2.3%
2.2%
-
April--
May
June
Six
months,—
1.8%
During these six months, railways of Class I should have earned $477,256,000 in net operating income to attain to a 6% basis.
They actually
earned
$128,912,000,
the
for
months
six
shortage of $348,344,000,
a
subject
are
73%.
or
change, but
to slight
(These figures
virtually
are
com¬
plete.)
The
comparative
six months
first
was
of
maintenance
1921
and
expenditure
the
of
railways
the
for
1920, expressed in round millions of dollars,
follows:
as
Maintenance of Way.
Increase of
Month—
1921.
Maintenance of Way.
Increase or
1920.
Decrease.
Millions.
Month—
1920.
1921.
Decrease.
Millions.
January
February
61
53
57
I
3
May
65
88
D
23
64
D
10
June
69
95
D
25
March
62
67
D
5
—59
74
D
14
months_370
448
April
Six
Maintenance of Equipment.
fnerpn<it> of
1921.
1920.
Decrease.
Millions.
Month—
117
I
6
118
107
117
April
101
111
D
D
D
10
March
Comparing the month
operating
income
decrease
in
gether, it
the
two
months,
to
the
the
decrease
reduction
in
in
55% of the total,
D
15
99
127
D
28
707
D
65
the
a
same
and
a
Decrease-
the face
in
this
was
these
the net
1920,
two
of a
figures
to¬
net saving of nearly $100,000,000 be¬
further
scrutiny
in
was
that
figures shows
45%,
about
or
is chargeable
while $54,256,689,
expenses,
due to reduction
of the
expenses.
$44,748,799,
transportation
month of
Add
$33,240,500.
was
expenses,
was
116
months_642
Six
with
virtually the whole of this saving
Of
101
June.l—
$66,209,911,
and
1920.
May-j
9
of
revenues
that there
n
Increase or
1921.
9
of June
increased
total
appears
Equipm
Millions.
124
-108
January
February
77
Maintenance of
in maintenance
about
or
(way plus equip¬
ment).
no
should
It
relief to
in
be borne in mind that the first six months of 1921
the railroads from any
and
rules
reduction in basic
Beginning July
working conditions.
approximately 12% went into effect, and
toward
working
second
conditions
six
conducive
months of
wages,
1921
to
nor
1,
a
wage
re¬
is being
some progress
greater
showed
from any
and
efficiency
should therefore show
an
im¬
the first six months.
OF
JUDGES
COURT
OF
OF
decline
in
a
traffic
is
the
increased
suffi¬
whole, to offset the reduction
about held its
August,
1920.
own
that
with
than
INTERNA¬
BASSETT
1920,
freight rates
Increase
six months
as
a
ago
STATES.
of the Permanent International Court of
of Nations
on
of the eleven judges
Justice, the League
Sept. 14 sent cablegrams to the newly chosen
in
The respective pe¬
Decrease
Decrease
months—
during the
UNITED
Following the election two wreeks
requesting
0.3%
5.4%
that
they
not later than the 18th
ances
advices
Press
ciated
from
send
inst.
Geneva
their
It
was
formal
accept¬
stated in
Asso¬
Sept. 15 that when the
acceptances were received the Secretariat of the League of
Nations would call
May
Six
PERMANENT
JUSTICE—.JOHN
y0
in October.
a
meeting of the judges for
some
time
Up to the 17th inst. nine of the jurists had sig¬
nified their acceptance, the two then
remaining to be heard
0.6%
whole,
20% increase in rates (Pullman
surcharge included) last August:
1921—
!
June
Decrease 14.2%
June
increased slightly
in the face of
6.1%
1
May
particularly
January
February
TIONAL
1.2%
April
April
in
ELECTION
1921—
4.3
returns
the tentative valuation
on
The
compared below:
1921Increase
Decrease
months
deferred maintenance which must be made good in the future.
5.
over
Decrease 20.3
Decrease 21.6
—
noting the comparisons,
January
February
March
June
expenses.
up
provement
factor that has made the decline
revenue
30%
9.
the greatest of the whole six-month
Again the months of May and June show the result of hard
members,
freight
Six
6.2%
economy.
traffic.
For the first six months,
--.Decrease 19.
4.8%
made
the considerable increase in rates has not been
cient, taking the first half of
June
MOORE REPRESENTS
The only
relatively smaller than the
level, but
expenses.
Decrease
follows:
April
May
Five months
Revenues
Transportation
May
declined during the period, as follows:
Decrease
Decrease 22.3%
1921Decrease
Decrease
be offered:
1921—
1921—
duction of
—,
9.2%
large part of the train
a
may
Period
was
expenses
Increase
Decrease 25.5%
Decrease 26.4 %
months-
Dec.
6 months.Dec. 17.3%
constantly increasing rate of decrease
a
during the first five months of 1921,
January
February
Total operating
change
:
1921—
May
of Way.
Dec. 13.1%
Dec. 22.1%
This is because
Decrease
7.
following percentage reductions during the first
Decrease 14.7%
Decrease 24.4%
Decrease 29.1 %
Decrease 10.5%
March
rate
cars
months of 1921 ended July 31,
period of 1920 by 2,600,844, or 10.4%.
The
Maintenance
ofWau.
-Dec. 26.9%
Dec. 27.3%
June
6.6%
7.4%
came
1921, compared with the corresponding months of 1920
April
in
It
seven
1921—
January.February
3.
high
new
ex¬
follows:
as
Maintenance
1921—
1921-
24,889,058 in 1920 and 22,288,214 in 1921.
were
Net ton-miles showed the
„
new
marked
maintenance
have also been heavily reduced, although not to
January
February
tween
records.
results
Period
Transportation
Expenses.
--Increase 5.7%
Decrease 6.2%
Decrease 4.0%
Decrease 1.9%
January
February
re¬
spite of the fact that they were paying the scale of wages ordered by the
show
maintained, whatever traffic
1921—
Month—
was
During the
1915.
year
This
corresponding quarter of 1920.
with
Dec.
Dec.
especially
May
8.6%
8.4%
8.7%
the traffic.
as
must be
Period
The analysis says in part:
1921, the average number was 1,691,471, compared with 1,993,524 in the
2.
accounts
Dec.
expenses
great an extent
schedules
be ade¬
to
are
reduced,
cut.
was
Transportation
In the analysis it
reduction in transportation costs neces¬
a
quately maintained.
to
2.4%
been
months
showing for May, and particularly for June, indicates how severely
as
falling volume of business, but that reduc¬
a
maintenance is
tures that
duce
Decrease
The two maintenance
The
ties, rails, other track material, etc., and fewer bad order
for
6.7%
Six
of Equip.
Inc.
5.6%
6.
is
2.8%
have
expenses
__
if
espe¬
in June from
arose
and
expenses
resumed
be
This
Of these economics,
($44,748,799)
deferring of maintenance,
equipment.
to
normal.
de¬
were
marked
was
Decrease
1921
of Way.
January
Inc.
5.9%
February-Dec. 16.9%
March
Dec.
8.1%
April
Dec. 19.6%
compared
as
due largely to a
were
such as would have
expenses
were
increased
the
period of 1920,
same
in
crease
that
1920
Decrease
Maintenance
analysis of railroad operation for the first six months
1921, just completed by the Bureau of Railway Econom¬
ics,
which in
May
April
OTHER ECONOMIES.
fall below
to
operating revenues
June
March
DEFERRED
TO
total
1921—
Operating
period.
RAILWAY
relatively
a
6.1%
Here, again, the June reduction
OF
the
(the month
Maintenance
fares.
ASSOCIATION
decline at
to
that the month of June was
so
4.4%
0.2%
7.7%
Increase
penses.
more
indicated by accounting studies,
as
that
was
except April
March
fund so as
adoption of the
the
This will wipe out
and, although its cost,
it
for
require
calling in each
or
month,
result
large debt oustanding
a
manipulate the sinking
financial
them.
greater than
that
to
and contract will
securities and cancelling
debt each year,
given period will be equal to the par value
a
outstanding, which method keeps
constant
a
the compounding of interest, providing an
through
the end
the securities
of
and
advanced,
Decrease
Decrease
Decrease
Period
objections to the past management of
the
to meet
each
The
January
February
Control, on
in the city's interest will be assured.
however,
order,
levels.
April
amortization funds will be managed by the Board of
the
tended
revenue
1921
1921—
the city at
payment of the then unamortized part of the
upon
passenger
than any of the preceding f've months.
revenues
exhibited an almost unrelieved tendency
by the Switchmen's Strike), than in 1920:
by the Transit Commission.
leased
tive management
In
be
shall
and
the year
as
worse
1920
lower
subject to extinguishment or recapture by
years
the
of
As the
which
fixed
as
leases
All
of Leases, Amortization, Etc.
freight
greater rate
price at which the respective properties are to be taken over.
made in the
[Vol. 113.
from
The
being those named to represent Japan and Denmark.
following
bly of
are
the eleven judges elected by the Assem¬
the League of Nations on the 14th inst. and
con¬
1921—
—Increase 14.6%
Increase 7.2%
Increase
5.1%
—Decrease 2.4%
May
June
Six
months
Decrease
Decrease
5.4%
7.1%
Increase
1.5%
firmed by the
with
the
States;
Council of the League, meeting simultaneously
Assembly:
John Bassett Moore,
Viscount Robert B.
of
the
United
Finlay, of Great Britain;
Dr.
OCT. 1
1921.]
THE
Yorozu Oda, of Japan; Dr. Charles Andre Weiss, of
Commendatore
Dionisio
Anzilotti, of Italy;
CHKONICLE
France;
Dr. Ruy
NOTE ON MANDATES SENT TO ALLIED POWERS BY
Bar-
UNITED STATES.
bosa, of Brazil; Dr. B. C. J. Loder, of Holland; Dr. Antonio
S. de Bustamente, of Cuba;
Didrik G. G. Nykolm, of Den¬
mark; Dr. Max Huber, of Switzerland, and Dr. Rafael Altamira y
Crevea, of Spain.
With regard to the balloting, the
Associated Press accounts from
Geneva, in stating that Mr.
Moore of the United States had been elected
the second
on
1435
A
note
Washington
with
the
position
respect
to
dates allocated under the
sent
been
of
the
Allied Powers.
of
man¬
American
The
in previous 'communications,
Island of
at
Government
the
administration
Treaty of Versailles has recently
the principal
to
Government,
the
ballot, said:
reiterating
with
respect to
Yap and the oil fields in Mesopotamia, has
contended for the open door and equality of opportunity to
Dr.
Rafael Altamira
count Robert
Antonio S.
Bustamente of Cuba,
Oda of Japan,
Anzilloti
The
of
Crevea of Spain, Dr. Ruy Barbosa of Brazil, Vis¬
y
Finlay of Great Britain, Dr. Alejandro Alvarez of Chile, Dr.
de
B.
Dr.
Italy
Council
T. 0. Loder of Holland and Commendatore Dionisio
elected by the Assembly
were
of the
Mr.
Moore,
voting of the Assembly
was
Finlay,
Dr.
Weiss,
roll call by States.
twenty two ballots thus being necessary for election.
Viscount
38, Dr. Loder 24, Dr.
Oda
Dr.
and
Forty-two voted,
The first ballot gave
Finlay 29 votes, Dr. Weiss 30, Signor Anzilloti
Barbosa
Dr.
Alvarez 24,
Dr.
Oda 29,
24, Dr.
de Bustamente 26, Dr. *
Crevea 23, John Bassett Moore 12, Dr. Roscoe Pound 6, Elihu Root 2, Prof.
James
Scott
Brown
Borden
Canada
of
Max Huber of Switzerland
Dr.
2,
Sweden
markjold of
Judge D.
9,
Dr.
12,
Nyholm of
Franz
Klein
of
Austria
H. L.
14, J.
Denmark
9,
Ham-
Sir Robert L.
11,
Auguste
Soares
of
Portugal 7.
the
After
first
ballot
Raoul
Fernandes
the greatest
number of votes
President
<
the
protested against
eligible
on
demand
of
all
that
all
After
Fernandes
long
a
that
debate
all
the Assembly
candidates be
the
Inasmuch
Mr.
Moore
received
declared
were
this
21
votes
the
on
of Roumania 16.
void.
Hence
second
Moore
Mr.
ballot,
Huber 12,
Dr.
and
The 42 States voted, but two ballots
the
was
only nominee elected
the
third
the
remainder
The
M. Negulesco received
19 votes and Dr.
election
by
Assembly of
the
four
been
thought possible and only two had generally been
caused
on
the
had
The
the
the material
which
League officials
the
only two
are
actually
cases
the
sub¬
mit many cases, so the court will open with considerable business before it.
The two
opens
Bureau
the
from
are
calls
One
filed with the League for transmission to the court when it
cases
for
Labor
International
interpretation of
an
the
Bureau
clause
created
the
of
by
the
League.
International
giving the eight principal industrial nations the right to sit
nently
on
of
employers'
the
the
board of the bureau.
group
mixed commission
What
may
grows
out
of
a
solution
perma¬
the refusal
over
bring about
selected
Judge F.
asked
those
for
look
means
claim
is
aside
its
from
America
for
the
of
in
to be
right
the fact that the
regarded
the controversy
upon
that there is
adjustment
addressed to
was
the
of
all
as
recognition
a
to believe that
reason
whole
It is stated
settled.
as
no
will
situation
the principal
in
the subject of Yap, it deals
ago
on
the
identic note
which include former
mandates,
The
not
be
a
Allied Powers in prac¬
general way the fundamental
to the
dispatched
Powers
some
specifically with Class A
more
German colonies
only because of the lack of
In
forms.
order
these
have
to
necessary
because the note itself is
repleted with references to
being
to
specific
the
understand
mandate
forms
in
in
passages
it
note
hand
the A
and B
therefore
the
that
to
techni¬
would
so
as
very
be
references
might be checked.
points of the note relate to the question of discrimination in
several
ment
certain
to
of members of
the
that these
assumes,
the
the mandates.
refer
instances
ployed upon the
of
of
administration
the
For
League of Nations only.
the
are
its
contention
that
tunity for the nationals
tionals
the United
of
result
note
of
the
accrue
on
member
a
fundamental
the
out
its views
to
door,
open
all countries,
to be
was
carefully points
as
to
are
While this Govern¬
merely of locution em¬
assumption that the United States
principles laid down by this Government
reiterates
the mandate forms in
example,
rights and benefits which
references
the American
League,
mandates and
principle of equal oppor¬
or
should
be
The
recognized.
na¬
States, the note insists, must be protected from dis¬
crimination.
The American
note
repeated.
President of the Court of
from the Powers addressed
assurance
the matter, but also
their wishes in
island
The committee
in Africa.
Department is hesitant about giving out the text of this latest note,
the
N. Beichmann of Norway,
views
While it reiterates in
and
reconciliation of the divergent views.
a
V.
Government,
opportunity
the
down
the
judge of the International Court of Justice was reached late to-day by the
special joint committee named by the Assembly and the Council in an ef¬
fort to
have
satisfactory
the choice of the fourth deputy
of the deadlock reached between
well
as
position, notwithstanding the fact that State Department
in
covers
a
general
in the identic notes sent to the Powers
Assembly and the Council of the League
this
of
upon
months
in the bureau to nominate representatives for the
be
to
prove
The other
Labor
disarmament.
on
the
was
question of Class A
equality of
based
principles laid
to nations
on
and
been
authority, however,
note
new
The main
judges will want at their preliminary session.
docket of the court, a number of nations have indicated that they will
no
contention
door
has
tically identic form.
Sept. 14, said:
The Secretariat is already busy assembling
that while there
say
by
mandate
judges will adopt their rules and make all other arrangements for
inauguaration of the court.
the
on
disposition of the mandate territories,
Powers
perfectly
The
cal,
conceded.
Regarding the forthcoming meeting of the World Court,
the Associated Press in its Geneva advices
because the communication
success
reached.
15,
at the most
The election of three
great surprise.
the
the highest
not
Spanish-speaking judges
ballot
it is admitted
mandates, among which are included Mesopotamia and Palestine, and Class
Huber
being scattered.
first
chief
open
American
the
B
ballot,
in
on
ballot
On
the
territory,
consulted
of
the
as
for
demand
mandated
ballot.
Demetriu Negulesco
although
that Secretary Hughes must
means
B mandates.
Class
as
the second
on
diplomatic
a
the American Government
attitude of
were
approved
eligible
withheld,
was
communication
a
result of a request from the principal Allied Powers for a statement of the
on
nominees
such
with
credited
be
communication
fully the whole difficult and involved subject of mandates.
The sending of
not enough for
the
the
of
text
that it covers
a
ballots.
Senhor
contended
Sept. 6, and Washington
following to say with respect to the matter:
officials
the first ballot, although
on
Karnebeek
Van
That Secretary Hughes had sent another note
the subject became known on
on
interested
Brazil
of
ruling that the second ballot be restricted to candidates who had received
election.
reaffirmed.
dispatches of that date to the New York "Times" had the
definitely elected to the Court.
were
on
nations in the mandated territory, and this position is
all
The
Viscount
Signor Anzilloti, who consequently
The
the first ballot.
on
League, which met at the Secretariat simultaneously
the Assembly in Reformation Hall, confirmed the As¬
with the meeting of
sembly's choice of
Dr. Andre Weiss of France, Dr. Yorozu
of
Yap, and
Class B
and
the subject of the mandate over
statements made in
the
|
its demand for
mandates upon
that note
confirmed
are
'
,
This Government bases
A
the ground already covered
way
on
a
voice in the disposition of
exactly the
ground
same
in the
as
Class
case
of
Yap, namely, the participation of the United States in the World War and
contribution
its
Appeals at Drontheim, to this last remaining of the deputy judgeships.
This choice, however, must be ratified by the Assembly and the Council.
original
Palestine
and
that
Allied
common
victory which made the mandates
possible.
The
the
to
The
the
of
Council
Baron
Dr. Alejandro Alvarez of
was
Chile,
to
efforts
to
settle
the
application will
arrives
Vilna
not
furnish
to
Hyman's report, which
dispute before acting
come
all
is expected
again until
up
the
on
Lithuania.
on
Sept.
Monday,
Hungary's
Count Apponyi
when
23,
from
States,
Turkey
German
the
not
former
have been
Turkish
that the note offers
Turkish
former
nationals
Turkey,
beaten,
possessions
those
in
possessions
no
Bassett
Moore,
when asked
York City on the 14th inst.
fuse the
made
ported
time."
"I
stating:
as
honor, but I
esteem
Bassett
graduated
was
ceeding
years
1901.
Moore,
The
lawyer,
from
the
awarded
was
professor
versity.
In
secretary
of
1888 he
and
sign
Secretary of
Permanent
American
tant
became
Court of
being
and
has
is
/
is
State.
The
international
taken
one
the
In
a
of
of
Virginia
in
law
the
diplomacy
Dec.
1880
1860.
3,
and
in
Columbia
at
suc¬
Uni¬
he
also
In 1915 he
State,
became
was
a
was
Commission.
Peace
Department of
1913
in
many
is
He
the
aspect.
was
author
with
.
upon
case
the
of the
the former German
colonies in
areas.
oil is not specifically discused in the note, but oil would
member
a
of
to
the
delegate to the Pan-
societies and clubs,
He
of
some
has been active
many
COMMISSION
equal opportunity in
upon
ON ARMAMENTS
the
of
in science
serving
works, mostly
on
on
so¬
and
impor¬
law
and
"Political Science Quarterly."
OF
LEAGUE
THE
OF
NATIONS MAKES ITS REPORT ON DISARMAMENT.
In
of
view of
the
on
the limitation
armaments, called by President Harding,
the report of
Commission
the
ed
significance.
as
a
approaching conference
on
Armaments
of
the
League of Nations,
Switzerland, Sept. 10, takes on add¬
The cable dispatches speak of the
voluminous
report
document, embracing the activities of the
Commission's three sub-committees, and say it touches upon
the
problem
forthcoming
of naval
armaments
only
in
conference.
Washington
relation
This
it
to
the
"welcomes
with
great satisfaction," and the Commission ranks Presi¬
dent
Harding's plan as
In
power
the editor of the works of James Buchanan,
the editors of the
of
and
strong interest in Red Cross work,
He
in the
the right of equal opportunity for Ameri¬
upon
made public at Geneva,
Del.,
degrees, including the LL.D. by Yale in
Spanish-American
of
Hague.
member
a
committees.
now
at Smyrna,
Congress.
international matters.
and
activities, the "Journal
Secretary of State in 1886, resigning in 1891 to
for
insist
and
as
the development of natural resources.
great
very
said in part:
born
University
many
counselor
Financial
Moore
cieties
art
a
re¬
appointed Assistant Secretary of State, and
was
counsel
he
as
was
international
1913-14
Mr.
selection
my
also
was
University of Chile followed suit in 1910 and Brown in 1914.
He became Third Assistant
become
He
nothing further than this at the present
can say
of Commerce" of the 15th inst.
He
reply.
With regard to Mr. Moore's
John
New
statement could only be
a
his official
to
in
the
whether he would accept or re¬
office, replied that such
subsequent
his home
at
which
with
objection to the existing alloca¬
or
naturally be included in the general insistence
John
Mesopotamia and
over
Power
a
but points out that without the aid of the
war,
Africa, but merely insists
can
of
territory.
It is understood
of
defeat
might
rights within the
same
tion
the
hot at
was
The question of
information to the commission.
necessary
recognizes the fact that the mandates
accrued
States
United
The applications of Lithuania and Hungary were put over, the committee
deciding to await M.
note
former
the admission of Latvia and Esthonia.
approve
The
United
Deschamps of Belgium.
membership of the League will be increased to 50 if the Assembly
the recommendation of the political committee, which to-day de¬
adopts
cided
choice of the Assembly
disarmament
of
second in importance only
Germany
under
the
"The limitation of naval armaments,"
"which
will
Versailles
the report observes,
presumably be one of the chief problems dis¬
cussed at the conference at
Washington,
tively
agreement
It is
to the
Treaty.
secured
by
common
can
be most effec-
among
the
Powers.
earnestly to be hoped that this conference will be fruit¬
ful and that reduction of land armaments on the Continent
,
relat¬
will be supplemented by an understanding
of Europe
Meanwhile
mili¬
that economic re¬
position of the European States demands reduction in
indeed, it is not too much to say
tary expenditure and,
Three
actually and the others potentially of
outside the League.
So long as the
great Powers, one of them
immense
military
stand
importance,
difficulties confront
tematic
and
adoption by its members of a plan for sys¬
common
for full, frank and
and
military information.
progressive reduction
unreserved communications
great
do not participate in our society,
United States, Russia and Germany
of
armaments
of
Question of the private manufacturer of arms and enu¬
the
the
merates
following
said
charges
made
been
have
to
the
First—That
and in
scares
persuading their
active
been
have
firms
armament
fomenting
in
countries ao adopt warlike policies and
own
Second—That
attempted to bribe Government
armament firms have
the
labor, and the delay in legislation to relieve the finan¬
railways
both
at home
Third—That
the
abroad.
and
disseminated
have
firms
armament
are
terials
stimulate
to influence public opin¬
have sought
the armament firms
Fourth—That
through the control of newspapers in their own and foreign countries.
Fifth—That
armament
firms
have
organized
international armament
ion
rings through which the armament race has been accentuated by playing
off
the armament
have organized
firms
international armament
the price of armament sold to
hand
between
manufactured
and
ful
are
effects
Yet
for
return
a
the
of
goods
inevitable
mankind
toward
conclusion
this
at
which,
is
time
however,
be
to
legislation
still
all
too
the
from
removed
far
present report is that
the
from
ideal
of
1
that,
the
for
raising
Delays and difficulties, cruel and anxious, arise from the fact that while
the
Nations aims above
League of
war
still
are
smouldering in
all
too
the fires of
at maintaining peace,
all
quarters of the globe.
many
Never¬
theless, the Commission feels justified in that its labors will not be without
value in
furthering the realization of this splendid ideal.
The
be
League of Nations after two
brief
of
years
and
1920,
expected to have solved all the problems which have perplexed the world
for
centuries, but
many
pride
lead
itself
them
to
in this vital question of disarmament it
even
having opened
on
realization
a
to
up
of
less
a
of good-will
men
tax system
with
recently,
very
may
primitive ideal than that which has
advice given
the
urged the repeal of the
the
that extends
measure
House
of
Representatives,
profits tax
excess
the tax another
This
is
is
not
question that
The bankers
classes.
for party
matter
a
economic
an
the
of
politics
GOVERNMENT ON ADMIT¬
I
asked
RUSSIAN REPRESENTATIVES
for
is
duty
It
in
however,
banks,
that
of
the
absence
of
single
any
recognized
Government, Secretary of State Hughes announced
19.
The protection
moral
a
as
be
admitted
which
As
the
upon
statement in full follows
The American
whole
conference.
the
so-called
world,
formal
no
Far
the
of
on
agent of the
an
limitation of armament, at
reply
American Minister at
the Far
Eastern
Republic has
States,
has
been
nor
by
made
been
not
the other
this
to
communication,
Peking has been instructed to
convey
the
but the
to the agent of
Republic informal observations in the following sense:
a single, recognized Russian1 Government the protection
In the absence of
of
legitimate Russian interests must devolve
the whole conference.
It is
beyond the control of the
as
a
moral trusteeship upon
regrettable that the conference, for
participating Powers,
reasons
quite
is to be deprived of the
advantage of Russian co-operation in its deliberations, but it is not to be
conceived
Russian
is the
that
the
interests
conference will
or
take
decisions prejudicial to
legitimate
which would in any manner violate Russian rights.
It
hope and expectation of the Government of the United States that the
conference
will
establish
general
principles
of
will deserve and have the support of the people
all Russia
by
reason
of
he
upon
tell
the
of
B.
A.
PROFITS
that
will be
the Senators
strength of
is
disastrous
to
alb of
protest, I
tax.
The
it
They
ditions
of
the
an
sound
and
ferred to in
for
excuse
of
the
To
essential to
3.
excess
pofits tax is
ture and every
a
tax that
element in it.
It is
uncertain terms
no
political
sure,
am
responsible
of the
public
opinion
ex¬
will
form
a
principal objections to
could be justified except
never
made
measure
necessary
profits tax is actually not
excess
By
working capital.
impairing
the
of
excess
the ground
on
by the
unusual
a
tax
con¬
profits, but
on
working capital
the
reasonable and
of
a
the
equitable prices and full employment of labor.
By contiuning the tax Congress is supporting
ating to keep
that
of
farm
a measure
thai
the cost of production of manufactured goods.
up
ficial maintenance of the
higher cost of finished products,
products and
raw
materials,
as
is
oper¬
This arti¬
compared with
is preventing the restoration of
equitable and harmonious prive level.
an
4.
The
effect
the
restrict
too
these
of
purchasing
are
of
inequitable prices is apparent.
and all
of farmers
power
They reduce and
other producers of
is
It
raw
can
buy finished products only at prices relatively
inescapable corollary that if the farmers and the
an
materials
therefore,
their
sell
cannot
the buying
producers
products they cannot buy manufactured
power
of
manufacturers
ployees, in addition to that of the farmers and producers of
is
raw
forced to sell at prices relatively too low, and with the
high.
5.
and
their
raw
materials,
em¬
reduced.
6.
Further,
tured
restricts; the
and
the
profits
excess
goods beyond the reach
sold,
serving
tax,
prices
keep
to
of farmers and producers of
volume of finished goods
and that is another
that
can
manufac¬
materials,
profitably be manufactured
why it is
reason
of
raw
potent
of
un¬
the other bankers of
the
a
very
cause
employment.
Unless
protest
your
added
is
to
those
of all
Country the strength and influence of our banking system cannot be made
100%
I
effective.
therefore
statement,
for
with
you
urge
mediately to the
all
Senators from
reiteration
would
words—against
own
Very truly
FIRM
excess
the earnestness
I
State—not
your
possess
in
to
protest
the language of
im¬
this
rob
our
any
continuation of this unsound, vicious
objections of their effectiveness,
profits tax.
yours,
S.
DRUM,
President.
a
message sent
coun¬
The protest lodged with
Mr. Drum
was
re¬
In his present
says:
Francisco, CalAug.
distresses
ACCOUNTANTS
OF
OPPOSES
REPEAL
OF
CAPITAL STOCK TAX ON CORPORATIONS.
our
A
plea against the proposal of Secretary of Treasury Mel¬
lon to eliminate the
now
27
1921.
whole economic struc¬
working against the interests of the
capital stock tax from the
new
tax bill
before Congress was voiced in a letter sent this week
Seidman, tax expert, of Seidman & Seidman,
by Frank E.
certified public accountants, to
Secretary Mellon and
bers of the Senate Finance Committee.
this task, Mr.
mem¬
The elimination of
Seidman argued, would permit a majority of
corporations to escape from paying any taxes whatsoever
to
the
Federal
tion
does)
Government.
He
suggested
that corpora¬
interstate trade (and practically every corpora¬
tions doing
the Banker Addressed:
The
in
I
country it prevents that full development of productive enterprise which is
OF EXCESS
issue of Aug. 20, page 817.
San
of
URGES PROTEST BY
behalf of the Association by Mr. Drum
our
thousands
tax.
universally disastrous
Fordney and Senator Penrose
communication to the bankers,
banking system,
our
among
not with the idea of preparing
some
emergency
in your
similar protest to the Senators from their State
on
we
and the restoration of peace has destroyed both the reason
war,
The so-called
TAX.
against the retention of the tax.
as
these:
are
but
sociation, Mr. Drum has urged that the bankers of the
Congress
strongly
as
us.
profits tax
excess
was
and
by John S. Drum, President of the American Bankers' As¬
a
dis¬
only method by which
State
Then,
tax.
and
giving here
am
of Eastern Siberia and of
profits tax until 1922, contained in
try enter
is the
his
from
profits
disregarded,
Merely for convenience,
Supplementing the protest against the continuation of the
to Congressman
commun¬
individual action by each of these
all the others,
excess
international action which
BANKERS AGAINST CONTINUANCE
lust month
Senators
our
JOHN
OF A.
every
unqualified
undoubtedly control, and that tax will be cast out for just what it is—a tax
of their justice and efficacy in the settlement of out¬
PRESIDENT DRUM
their
distributed
units,
States, and
standing difficulties.
excess
terms
be expressed.
may
must
us
thinks
goods1, and,
recognized by the
Governments of
in the Economic
the immediate repeal of the tax.
The full
in 30,000
United
the
strength
pediency
request that representatives thereof should
a
Eastern
United
in
proceeds of their sales
questions affecting the Far East will also be discussed.
Government
represented
materials; they
Legation at Peking received recently from
Republic
His
:
the approaching conference
to
Sept.
It
welfare of all
I know they do, be¬
us.
to the tax
from virtually
strongest
bankers to impress
as
normal conditions.
in co-operation with
Each
statement to the press, must devolve
a
trusteeship
so-called Far Eastern
on
of legitimate Russian interests, Secre¬
tary Hughes said in
as
is
full
2.
Russian
in
law.
great injury the excess profits tax does by obstructing artificially
communities
limitation of armaments, to be held in Washington,
view
our
the
can
expressed
a
for political expediency.
realize the widespread harm that the
country
They all demanded
it.
diversion
Russia cannot be represented at the international confer¬
sources
1921.
has already passed
year
to the very roots of the
goes
expression of opinion
an
country
approval of
TO
DISARMAMENT CONFERENCE.
ence on
the
in
and
TING
the
of
of Jan. 1
as
likely to become
very
nor
profits tax has done and is doing to all of
excess
1.
OF AMERICAN
Secretary
know, and unless the Senate is im¬
you
as
opinion is strongly opposed to it the bill is
that
ATTITUDE
by the
entirely familiar with the Government's financial needs and its
profits
guided them since the dawn of history.
bpen committed
at all times since the election of
pressed with the fact that the overwhelming weight of enlightened public
road which will
a
of
■
that the Administration has
revision of the
has
revenue,
That
what
existence could scarcely
amount
Treasury after thorough consideration with experts in his Department who
It would be cruel
it with not having yet completed its inquiry.
injustice to reproach
small
relatively
a
continuing the tax unnecessarily to Janu¬
1922.
the return of
object it is, must lead it.
supreme
whose harm¬
one
to remedy the situation, is considering
sake, of
This is in spite of the fact
to fundamental
peace,
efforts and the League of Nations, whose
our
are
headway.
make proper
can
power
would aggravate it by
revenue,
ity
drawn
These
widespread.
Survey that I made last April, and bankers
The
other—that
the
on
prosperity.
common
profits tax is undoubtedly the
excess
most
are
Congress, holding the
Governments.
In conclusion the report says:
products and raw ma¬
of farm
prices
is
the
keeping alive the feeling of uncertainty and pessimism and
one
necessary
before hard work and effort
sary
cause
trusts which have increased
balance
preventing the restoration of the confidence and optimism that are neces¬
country against another.
one
Sixth-—That
the
on
things that
con¬
expenditure.
all
influences that more than
three
the
are
preventing the restoration of the stable and equitable price level
absolutely
of
reports
false
cerning the military and naval programs of countries in order to
armament
the
of
harmonious
are
officials,
distress
others
war
increase their armaments.
profits tax, the delay in the adjustment of
excess
the compensation of
cial
ary
against private arms manufacturers:
the cotton grower, the lumber man,
man,
producer, the miner, the manufacturer, the merchant—all of us.
Of these three
'Commission, the cable accounts say, goes fully into
The
oil
—the
largely depends upon such reductions being effected.
vival
the
The continuation of the
Nations.
field of useful work remains open to the League of
a
farmer, the laborer, the livestock
It adds:
ing to the reduction of naval armaments.
The financial
[Vol. 113.
CHRONICLE
THE
1436
which
Government
do not contribute to the
through
made to pay a
payment
of income
special franchise tax.
support of the
taxes should
Mr. Seidman
be
was re-
Oct. 1
cently
summoned
in
and
THE
1921.]
his
before
testimony
Senate
the
it
gave
Finance
Committee,
in his opinion what
as
was
elimination but the perfection of the
necessary was not the
capital stock tax law.
the
The
Mr.
Seidman's
letter
to
in
that
note
and has
gestion
noted
also
been
We
stock
tax
from
12%% to 15%.
We
Since
call your attention to the
production for the first
of
as
capital assets,
almost
all
such
that
Government
franchise
bear
your
sug¬
It
is
that this increased tax
decreased tax to be
of
corporations
conduct
that
do
It
that
is
obvious. that
must
or
tax
no
through
the
of
while
so-called
little above the average for July in the five preceding
a
though somewhat less than at the end of June.
years,
The
production of clinker (unground cement) during the
amounted to
contribute to
the
is
only
the support of the
increasing the
and
it
pay
reasonable
a
rates
tax
concurrently
those
on
relieving the
income producing corporations
temporary
non-income-bearing
July stocks of clinker
Production,
Shipments,
and
limited
corporation
liability,
and
although
permits
they
transferability
of
reported
certain
corporations
the privileges
enjoy
ownership,
to
than
as more
Months of
Cement
Firs
in
1921.
Stocks at
Production.
Month—
January._
Shipments,
(Barrels)
end of month
(Barrels)
4,098,000
—
(Barrels)
2,539,000
10,300.000
February—
4,379,000
3,331,000
11,400,000
March
6,763.000
6,221,000
12,000,000
April
8,651,000
7,919.000
12,600,000
May
9,281,000
9,488,000
12,450,000
June...
9.296,000
10,577.000
11,150,000
July
9,568,000
10,301,000
10,414,000
52,036,000
50,376,000
es¬
perpetuity,
of
through
etc.,
of Finished. Portland
Stocks
Seven
change produced, therefore, in effect shifts the burden of taxation to
income-producing
entirely,
are
corporation.
the
taxation
months
seven
than 53,000,000 barrels, and the July production ex¬
more
ceeded 9,000,000 barrels.
in¬
or
The
cape
than
are more
end of July were over 1,470.000 barrels larger than on
1920, and
having
appreciation
business,
interstate
taxes
corporations mentioned above,
tax
current in¬
on
which,
companies
an
by
Dec. 31
timber companies, hatcher¬
as
years
not
income
pay
than 97%
more
shipments
4,300,000 barrels.
not subject to the current income tax laws.
are
corporations
tax.
the
period
a
months of 1921 is
seven
quantity manufactured in the corresponding months of 1920 and
than 52% of the total production in 1920; the
96% of those for the corresponding period of 1920 and more than 52% of
corporations has
on
through the payment of income taxes should
corporations
of
manufacturing
numerous
throughout
An official
years.
says:
effect that this change will pro¬
referring to corporations, such
are
accrued
class
upon
corporations.
on
assume
by the Department
those for the whole year 1920.
acted
in part to offset the
was
more
Stocks at the
has
concurrently the proposed income tax
to
well
as
income
crement
fair
capital
members
and
follows:
as
Committee
Many corporations have been paying little
come.
ies,
Mellon
taxes.
corporations by the elimination of the capital stock tax.
on
We desire
duce.
the
corporation income
on
levied
Finance
eliminated
that
increased
rate
Senate
the
of
assessment
Secretary
of the Senate Committee reads
We
the
in the last five
for July
average
statement issued
This he believed would help lessen
existing iniquity
present
Both production and shipments in July exceeded
Survey.
of the
the
1437
CHRONICLE
corporate
These statistics
cement and are
similar bulletin
based mainly upon reports from
are
producers of Portland
It is hoped to issue monthly
subject to slight revision.
a
the industry.
on
form.
We
to
minimum
a
tax
report
about
by
by
including
the
be
to
with
consistent
tax
desirable.
annual
good
govern¬
income
sales,
etc.,
For instance,
It will
in
the
be
must
tax
(which
report
the Stock
provisions
which
have
by
to
all
tax
current
corporations
report
to
when
and
the
work
to because of past administrative
hardship
a
remedies
capital stock tax administration
writer
time
some
matter
ago;
recently at
a
was
and he had
the
cover
under
certain
discussed in
in
connection
circum¬
with
discussed
as
the
in
it
his views
this
on
It
is
our
article,
copy
of
the
and
the
tax
which
is
resulting
higher tax to income producing corporations is unjustified.
PORTLAND
Details
CEMENT
the
of
of finished
IN
THE
approximate
FIRST
HALF OF
production
and
1921.
shipments
during the
published by the U. S.
Geological Survey of the Department of the Interior.
total
abouj 94% of the quantity made
corresponding period of 1920 and
production in 1920; the shipments
those of the first half of 1920, and
the whole year 1920.
than
The
production for the six months ending June 30 1921,
the
over
are
42% of the
about 98% of
nearly 42% of those for
The stocks, which amounted to
11,000,000 barrels,
are
slightly above normal,
1920.
on
National Bank was approved.
ratify the
considerably less than production, but month by month both pro¬
duction and shipments of finished cement increased at a rapid rate,
ship¬
ments exceeding production in May and June.
Production in June was
month
during the last five
a
little above the average for that
The shipments in June of
years.
more
merger
issue of Sept. 17 we
reported to
43,500,000 barrels, more than 9,000,000 barrels of which were
be
This is also
more
a new
high record.
than 4,600,000 barrels,
a
Stocks of clinker
quantity slightly
the
of
latter
tion,
politan
would
Bank
excessive,
are
ample to supply any reasonable demand.
These statistics,
Burchard
are
which
were
prepared under the direction of Ernest F.
based largely upon reports
cement and to a small extent upon
vision.
It
Bank.
understood
was
from manufacturers of Portland
estimated data, and are subject to re¬
It is hoped to issue similar statistics of the portland cement
in¬
dustry each month in the future.
stated
was
that
made
merged in the Chase
be
at
ultimately the
that
Metro¬
National.
following notice regarding the merger has been issued
and
by the Chase National Bank
Chase
the
Securities
Corporation:
New
Sept. 29
1921.
Securities Corporation:
Enclosed herewith is notice of
the Chase
York,
of Bankers Trust Co. Receipts for Shares of The Chase National
To the Holders
Bank
National
and
Securities
of Chase
a
special meeting of the shareholders of
of
notice
special meeting of the share¬
a
Corporation.
special meeting of the bank is called to consider and act upon an
agreement for the consolidation of the
city with the Chase National
latter, entered into by
institutions.
a
Bank,
Metropolitan National Bank of this
under the name and charter of the
majority of the board of directors of each of
said
that, after the equaliza¬
banks by the payment by the Metro¬
The agreement provides in substance
tion of the book values of the two
as
shall be necessary for that purpose,
shareholders of the Metropolitan will be
for each of their shares either
a
the
entitled, at their option, to receive
hundred dollars
share of the Chase or three
The agreement also provides for the
stock of the Chase from 815,000,000 to
shares not required for exchange
increase of the capital
820,000,000 and that the additional
for Metropolitan stock will be
present shareholders of the Chase at $200 per
offered the
share.
in addition to its
will have the right to
located in the Borough of
Through the acquisition of the Metropolitan Bank,
greater activity than many of the other large mineral industries during the
first half of 1921, and that stocks of finished cement and clinker, while not
we
the Chase National Bank which con¬
Metropolitan
(8300) in cash.
industry has enjoyed relatively
May 21 last
proposed offer to purchase the minority shares
subsidiary of
the
time that it
The
approved by the
was
ago as
Metropolitan Bank by the Chase Securities Corpora¬
a
trols
As long
Sept. 24.
mention of the
of the
The application
(Currency.
on
are
above
normal.
These figures indicate that the cement
Metropolitan Bank into the Metro¬
the
convert
to
In
referred to the fact that an applica¬
politan Bank of such dividend
Clinker (unground cement) produced during the first six months amounted
produced in June.
plans, while the stockholders of the Metro¬
than
10,500,000 barrels were larger than those of any preceiing June.
to more than
sub¬
politan National will also take action the same day.
The
moderate rate and ship¬
ments
slightly greater than in June 1920, and also
Meetings of the stockholders of
sidiary of the Chase National) will be held on Nov. 1 to
June 30 1920,
The Department's
a
Sept. 29, the proposition
the Chase National Bank and the Chase Securities (a
holders
1921 began with mills producing at
on
MetropolitanNational Bank with the Chase
more
compar¬
announcement also states:
The year
at $89,000.
Sept. 28, and of the directors of the Metro¬
on
Bank and Chase
ing with approximately 9,000,000 barrels
and 8,941,046 barrels on Dec. 31
was
politan National Bank had been made to the Comptroller
portland cement in the United States, by months,
first half of 1921 have recently been
in
city
politan National Bank of this city
our
and the stocks at mills at the end of each month,
it is announced represents
reported
meeting of the directors of the Chase National Bank
a
of this
tion
total
The last previous sale
$90,000.
as
exists should be modified
now
writer's
but that the elimination of
the
article written by the
an
to present
hearing of the Senate Finance Committee.
defects
enclosed,
suggested
occasion
opinion that the capital stock tax law
herewith
was
Exchange membership
assess
to consolidate the
shortcomings
made at
posted for transfer this week, the consideration being stated
informa¬
properly
stances.
The
&c.
were
stocks
at auction this week.
or
A New York Stock
required
now
little additional
very
income
objected
tended
trust company
or
Exchange
COMPANIES,
TRUST
BANKS,
corporations for
are
At
tax,, and has only been
ABOUT
No sales of bank
experience has been that the capital stock tax has been considered
fair
to
ITEMS
brought
the balance sheets,
submitted
require but
current
be
can
the information required for capi¬
great extent the same that
a
purposes.
included
corporation
must file)
however,
This,
capital stock tax.
Our
a
to
are
filing income reports.
tion
should be required
individuals)
as
reports
In fact, the figures required from
purposes.
income,
tax
very
the
in
purposes
capital stock
annual
is
corporation
every
stock tax
(as well
of
From this viewpoint the elimination of this extra tax
corporations
income tax
for
number
policy.
practically
tal
that corporations
agree
file
mental
resources
and
continue its
valuable good will, the Chase
very
seven
Manhattan and
branches, six of which are now
in Brooklyn.
one
In order that the
parity of ownership in the shares
Bank and of Chase Securities Corporation may
of the Chase National
be maintained, the special
Corporation is called for the
200,000 the number of non-par value shares which
meeting of the stockholders of the Securities
purpose of increasing to
it will be entitled to issue.
Because all of the holders of Metropolitan
PORTLAND
CEMENT
IN
More cement
than in
duced,
of
PRODUCTION
INCREASES
of
a
few shares, have
arrangements
JULY.
June, and
produced in the United States in July
more
cement
was
shipped than
was pro¬
new
share of the Securities
Burchard
of
the
United
States
Geological
of Bankers
share
the bank and one
registerel in their respective names upon the
as depositary at 3 o'clock p. m. on the 4th
Trust Co.
day of Nov. 1921, at
one
therefor,
whereby holders of Bankers Trust Co.
Corporation for each three shares thereof covered
by the receipt or receipts
books
F.
made
been
have
receipts will be entitled to subscribe for one new share of
was
according to the figures prepared under the direction
Ernest
Bank stock, with the exception
elected in advan je to accept the cash payment
of stock
a
cost of $225 for one
of the
share of stock of the bank and
$200 of which will be
Securities Corporation,
1438
CHRONICLE
THE
received by the bank
Assignable
and $25 by the Securities Corporation.
covering subscriptions to the stock of both corporations will be
-warrants
mailed in due course after the stockholders' meetings.
The amount to be
derived from the sale of the additional stock of the Securities
Is to be used to increase its stated capital to $10,000,000
Corporation
and the surplus
[Vol. 113.
Mr. Symonds was a director of the Utica Investment Co.
since the time of its incorporation in 1918 and closely
fied with
identi¬
large number of Utica's most successful enter¬
a
prises.
■
•
balance Is to be placed in reserve account.
_—,
There is also enclosed herewith
a
and power of attorney authorizing
proxy
those therein named to act at the stockholders' meetings
ing with the Bankers Trust Co. the new shares to which those executing
the same, or their assigns, shall become entitled,
be held under
the agreement of March 21
the shares of the Chase Bank and of the
held
and
authorizing
for
subscriber
and proxy any
and
return
its
agreeing that they may
1917 pursuant to which all
Securities
the depositary to
shares
new
issue
receipt or
and
receipts
of
Corporation are now
deliver
such
each
to
which
therefor,
in
the
for ths purpose.
stamped
and
addressed
envelope
enclosed
'
THE
CHASE
NATIONAL
By A.
H.
National
has
a
Metropolitan
National
has
a
amount of
same
Bank of Suffield of
Suffield, Conn, of which his father
of the founders.
was one
1913 when he
He remained in this
position until
resigned to become connected with the Con¬
River
his
of
President
$2,500,000—the
of
al
Banking
death
Company
Mr.
Spencer
At
President.
as
capital which the Metropolitan Bank had.
the
of
Hartford.
He
the Travelers
Hartford
Travelers
Bank
the
and
Vice-President
was
director of the First National Bank of Suffield and
capital of $15,000,000; the
capital
in 1898 when he became President of the First Nation¬
career
time
By E. R. TINKER. President.
Chase
Banking Company of Hartford, Conn., died on Sept. 21.
Mr. Spencer was 61 years
qf age.
He began his banking
necticut
BANK,
WIGGIN, President.
CHASE SECURITIES CORPORTION,
The
Spencer, President of the Connecticut River
power
shareholder not intending to attend the meetings should sign
promptly
Charles L.
and also in deposit¬
&
Trust
Vice-
a
Company
director of the Travelers Insurance
was a
of
Co.,
Indemnity Co., the Aetna Insurance Co., the
County Mutual Insurance Co. of Hartford, and
Trustee of the
a
Society for Savings of Hartford.
The Mercantile Bank of the Americas of this city announces
that
notification
Spanish
ha3
been
Governments
Barcelona and Madrid will be
law in those countries
dissolution of
Paris,
closed, in accordance with the
requiring
bank.
a
The
a
At
by it to the French and
sent
stating that its branches in
three months' notice before
closing of these branches is in
step with the Mercantile's plan of retrenchment, the bank
meeting of the board of directors of the First National
a
Bank, of Paterson, N. J.,
Sept. 26, Whitfield W. Smith
on
elected President to succeed the late Edward T. Bell.
was
Frederick D. Bogert, Assistant Cashier, was appointed
Cashier, and John B. Brown and John T. Deighton, Assistant
Cashiers.
having already sold its branch in Buenos Aires.
The growth of
The Liberty Industrial Corporation announced Sept. 29
the election of James F. McClelland
Douglas Parmentier
A. II.
as
as
and
Vice-President
Secretary and Treasurer, succeeding
Smith, who has resigned to become Vice-President of
the Madison and Kedzie State Bank of
Chicago.
of the National Bank of South
Africa, Ltd., Pretoria, Trans¬
vaal, by the New York agency of the bank,
the Hon.
announces
that
Hugh Crawford, Chairman of the Board of Direc¬
tors, has decided to relinquish his seat at the end of Decem¬
ber next.
and
The post thus
accepted by J. R. Leisk, C.M.G., who will
chairmanship
of
ager
The board of directors also
service, expressed
acceded
vacancy
the
announces
Reynolds, Managing Director and General Man¬
of the bank, having completed
board
assume
Jan. 1, and will combine with it the office
on
managing director.
that E. C.
of
falling vacant has been offered to
desire to retire
a
his
to
than thft-ty
more
on a
tographs
effective
request,
years
Sept.
30.
The
thus created in the office of General Manager will
be filled
by the
published
of
those
who
have
Repro¬
also
contains
factors
been
etching of
an
in
of
savings
having
bank
been
brochures
regarded
(we
a
when savings banks came into
which is
develop¬
building in Ruthwell
some
quote from
place
the
as
the
the illustrations in the booklet,
Village, Scotland, in 1810, this according to
and
a
booklet)
and
where
time
The cottage
practical being.
pictured is still standing as
compilers
the
memorial to its foun¬
der, Henry Duncan, called "The Founder of Savings Banks.".
Incidentally, the booklet states, "the continent has a claim
to the
birthplace of the savings bank, and Brunswick, Ger¬
many,
is named as the place and 1725 the date."
To quote
from the booklet:
The
pension, and the
booklet
ductions of engravings of landmarks of the town and pho¬
ment of the bank are among
dispatch received this week from the head office
a
bank in commemoration of its fiftieth anniversary.
which
A cable
Bloomfield, N. J., and the Bloomfield Sav¬
ings Institution is depicted in
Philadelphia in
Jersey
Savings
Jersey
New
the close of
Not until
an
same year.
Bank
of
one
New
The first New York
incorporated in New
Brunswick
the Civil War did the movement to
by the appointment of W. Dunlop, Deputy General
Manager, effective Oct. 1.
The National Bank of South
savings
Africa, Ltd., is
Its first in¬
unincorporated being.
in Boston in that
was
chartered in 1819, and the first
was
the
was
it had
when
1816,
corporated existence
savings bank
-
bank had its first introduction to the American people in
savings
in
1822.
organize mutual
promotion of the savings bank idea.
dollars,
and
of the big South African banks.
one
paid-up capital and
reserves
maintains
of
more
nearly
It has
branches
distributed
throughout the principal towns in the Union of South Africa,
West Protectorate, Rhodesia, Nyasaland,
Portu¬
guese East Africa, Kenya Colony and Tanganyika Territory.
South
tution,
1871
In
died
suddenly of heart disease at his home in Utica
on
Sept.
21.
in
Mr. Symonds, who was eighty years of
age, had been
failing health for several months.
He was born in Water-
town, N. Y., and educated in the public schools of that city,
Jefferson County Institute and Charles Bartlett's
High School
in
Poughkeepsie.
law office
After
a
short period spent
in Watertown, Mr.
man's Bank in
that
where he secured
York.
he
In
a
found
a
a
position in the
1858 he went to
Utica,
clerkship in the Bank of Central New
a
Two years later upon the
hands of
clerk in
Symonds entered the Sher¬
city and later took
Watertown Bank & Loan Co.
as a
receiver, Mr. Symonds
employment
as
a
institution going into the
came
to New York, where
bookkeeper in the
notion house of William R. Sliter
on
Cortland St.
A year
(1861) he returned to Utica, where he entered the then
Utica City Bank as a teller.
In 1868 Mr. Symonds was
institution became
he
was
a
same year
in which the
national bank under its present
title,
elected President of the
held at the time of his deaths
institution, the position he
On Feb. 7 of this year Mr.
Symonds celebrated the 60th anniversary of his connection
with the bank, on which occasion he was
presented with a
large silver
vase
and
a
profusion of flowers by the employees.
headway.
During
It
was
is
ten-year
reconstruction
Bloomfield Savings Insti¬
in
this
Savings Institution
year
had its birth in
of 1921 has rounded out
a
a
healthy
half century of
existence.
of fifteen savings banks chartered by the
one
of
three of
the
one
the
witnessed the greatest activity ever known in the
Bloomfield
and
successful
storms
that group which are
of
all
the
Legislature in 1871,
doing business to-day, having
financial depression that
periods of
have
occurred.
Tracing the history of Bloomfield, the booklet states that
"in
a
general
embraced
at
sense,
the early history of Bloomfield, which
time
one
Belleville,
Nutley,
Woodslde,
Glen
Ridge and Montclair, is co-ordinate with the history of New¬
ark, and is . the story of the natural spreading out of the
descendants of the colonists from the Connecticut
towns of
Branford and Milford, who founded Newark in 1666, and
the
from
of
who came in to the northern end of the town
Dutch,
County."
Bergen
.The
mediums
of
transportation,
industrial changes, the part played by Bloomfield dur¬
the
ing the world war, etc., form some of the features which the
treats
booklet
the bank itself.
wholesale
later
promoted to Cashier, and in 1885 the
the
and
weathered
Stanley Symonds, President of the Utica City
National Bank of Utica, N. Y., and dean of local
bankers,
much
was
take the following from the booklet:
we
environment
active
and
Charles
gain
As to the establishment of the
than twenty-one million
500
banks
1865-1875,
period,
tents is a
of,
various
besides
matters
pertaining
to
Not the least interesting of the book's con¬
paragraph on "the vindication of the mutual sav¬
ings bank," which says:
principle embodied in the Mutual Savings Bank idea Is exceedingly
The
interesting and
shareholders
are
vested
in
should be better known.
In the absence of capital stock,
boards of directors, the management and responsibility
and
a
self-perpetuating board of trustees or managers, who have
personal pecuniary interest in the profits of the business, for the profits
inure wholly to the benefits of depositors in dividends or in a reserve
no
fund
for
States
are
tions;
bank
their greater
are
more
at
security.
.
.
.
Mutual savings banks in the United
million depositors, and there
this time patronized by eleven
than five and one-half billion dollars of deposits in these institu¬
facts
idea.
which testify forcibly in justification of the mutual savings
'
Oct. 1
1921.]
THE
CHRONICLE
Their
economic value and right to existence is not
dependent solely
the proof furnished by their wide popularity, for the courts of New
upon
Jersey
have
mutual
savings
Act
an
be
vindicated
and
definitely established
the
legal
status
of
banks.
The Legislature, in its session of 1902, adopted
method by which savings banks might, if
advisable,
and shortly afterward the managers of several of the smaller
providing
dissolved;
a
savings banks in this State,
consideration
including the
at
one
Bloomfield, took under
the
advisability of dissolving as mutual organizations,
continuing business as trust companies with capital stock.
of
While
the
this
positors and
but
grave
>:
locally,
State
and
national
application
viewed
were
as
matters
of
behalf of
on
the
Court
the gravity of the situation, Mr. Halsey M. Barrett, of
prominent member of the New Jersey Bar, interested himself
the depositors, and, as a
public-spirited act, brought suit in
sustained the contentions of Mr.
the dissolution
of the bank.
Barrett, and
decree
a
entered
was
Upon appeal, the decree
was
firmed
enjoining
unanimously af¬
by the Court of Errors and Appeals. The opinion of Vice-Chancellor
Pitney, rendered in 1903, so thoroughly defined and established the
rights
of depositors, the duties of
managers and the legal status of mutual sav¬
ings banks that the questions involved
were
settled
for
the
future
beyond
dispute.
The figures of the growth of the bank
by ten-year mile¬
Jan.
presented
are
1
.
"y.. ■
Announcement has
(been made of the acquisition
by the
First Securities Co. of Los
Angeles, a subsidiary of the First
Angeles and the Los Angeles Trust
National Bank of Los
&
Savings Bank, of the business and personnel of BaerCo., local investment bankers, operating
principally in Los Angeles and Pasadena.
An
official
announcement
1921
there
in
were
the
booklet, this showing that on
6,157 depositors, with deposits of
$2,329,570,
as compared with 3,745 depositors on Dec. 31
1911, with deposits of $1,185,089, and (to show the record
twenty years ago), 2,325 depositors on Dec. 31 1901, when
deposits were but $755,438.
undei} date of Oct. 22
The Baer-Brown-Parsons Co.
of
Chancery to prevent the dissolution of the Bloomfield Sav¬
ings institution.
The case was argued before Vice-Chancellor
Pitney, who
stones
V
Brown-Parsons
Recognizing
a
Krause.
v
concern.
Bloomfield,
J. Krause, Fred W.
Georgs and Paul Drzymalski,
Vice-Presidents; M. Johnson, Cashier; Robert A. Sehiewe,
George Sigmund, S. Malinowski and M. O. Bernhardt,
Assistant Cashiers; Chairman board of
directors, J. Henry
procedure *
the
their
in
John
but
was authorized,
"if advisable," the rights of de¬
community to have maintained for them a quasi-eleemo¬
synary institution could not be ignored in
considering the element of ad¬
visability.
These rights presented an important significance even
v..
1439
has been
ment securities business for the past year
a
most of the better known issues underwrittn
be merged into the
now
says:
actively engaged in the invest¬
and
half, and has participated in
during that period.
First Securities Co.
It will
The members of the firm,
Francis S. Baer, A. H .Brown, and R. H. Parsons, will become
associated
with the Bond Department of the First Securities Co.,
and will aid ma¬
terially to present distribution facilities.
Coincident with this announcement, it was stated that on or before
Oct. 1 the securities business heretofore conducted
by the Bond Department
of the First National Bank of Los Angeles and the Los
Angeles Trust &
Savings Bank will be taken over by the First Securities Co., but the business
will continue to be operated, as before, by the First Securities Co. in the
main banking rooms of the First National
Los Angeles Trust & Savings Bank,
the latter
as
Bank of Los
well
Angeles and the
in the various branches of
as
organization.
The present personnel of the existing bond
departments will be retained,
although augmented by the organization of Baer-Brown-Parsons Co.
The stock of the First Securities Co. is entirely owned by the stockholders
of the First National
Bank of Los Angeles and the Los
Angeles Trust &
The officers of the company are: Henry M. Robinson,
President; Charles F. Storn, Vice-President; John E. Barber. Vice-Presi¬
Savings Bank.
dent; A. B. Jones, Secretary and Treasurer.
The
Southwark
the
nounces
Title
&
Co.
Trust
of
Philadelphia an¬
purchase of the entire banking business of the
Public Bank & Trust Co. located at the southeast
of Seventh
of
and Morris streets.
The former has
$125,000
THE
corner
capital
officers are
a
and surplus of $125,000., Its
Foulkrod, Jr., President; Walter J. Steinman,
Vice-Presidet, and Frank W. Crew, Secretary and Treasurer
William W.
ENGLISH GOLD AND
SILVER MARKETS.
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 15 1921:
'v-v^'V ■-vvvv ■ ^vv^vv''•
;y
GOLD.
v.-
■
V'-V: ,,.y;■
-
-
■-
•'
'V,
•
v..
•
.-s.
The Bank of England gold reserve against its note issue is
£126,691,545,
as
The
amalgamation of the Northern National Bank of
Cleveland and its affiliated institution, the Northern
Savings
Trust Co. of that city, with the Cleveland Trust Co.
&
consummated
was
on
July 22 1921.
In accordance with
the plan outlined in these columns in
July 9 issue, the
our
Northern National Bank and the Northern
Co.
were
merged
Savings & Trust
July 20. and the resulting institution,
the Northern National Bank,
Savings & Trust Co., taken
over by the Cleveland Trust Co.
The Northern National
on
Bank, Savings & Trust Co. (capital $750,000) was placed
in voluntary liquidation, effective
Aug. 1.
The statement
of condition of the Cleveland Trust Co.
as
of
Sept. 6 1921
compared with
on
offer and
purchases
of
$5,070,965, deposits of $106,062,410 and total
$126,762,719.
Feighan, Henry Kiefer, E. L. Mason, W. E. Ward,
White, Vice-Presidents; H. D. King, Secretary;
and P. T.
J. W.
York, with the exception of
of India.
Woodburn, Treasurer, and R. R. Alexander, Trust
Officer.
Imports.
J.
Belgium...
_
_
.
5.950
Rhodesia
177,054
......
British India—
Other
...
coun
-
16,964
......
tries
—
1,513,785
—
..
—
3,323,438
....
Settlements.,..
1,001,995
4,630
£6,164,968
£©,346,920
...
Total
SILVER.
India has again been the chief buyer, both for cash and future
and
there
have
been
both
sales
and
purchases
meeting of the directors of the
National Bank of Evansville,
was
Old
State
Ind., William H. McCurdy
elected President of the bank to succeed the late
Henry
Reis, whose death
Mr.
also
was announced in our issue of Aug. 6.
McCurdy is President of the Hercules Corporation and is
associated
with
other
industries
of
Evansville.
The
have
occurred
39 %d. and
during the
week.
On
the
Inst,
13th
the
prices reached
39Hd for cash and forward delivery, respectively—the highest
The market closes with
27th ult.
we
were
steady tone.
a
informed
Under advice from Bombay dated
that, owing to low prices, the up-country de¬
mand for silver had increased to 40 bars
was
day, and that
a
expected in the August settlement, then proceeding.
up-country demand,
soon
the
as
monsoon
was
even
during the
"Financial America" stated
of the Mint
on
total amount
ounces.
that
on
over.
good offtake
a
This improve¬
monsoon,
indicated that,
good inquiry
correspondent
Washington
of
day amounted to 1,000.000
ounces.
This made the
purchased under the Pittman Act up to that date 70,204,430
The
authority states further that
same
amount of silver coined under the
Sept. 2 the total
to
up
terms of this Act was
$33,993,000.
INDIAN CURRENCY RETURNS.
In Lacs of Rupees—
Aug. 22.
Buggy
Silver coin and bullion in India
Aug. 31.
Sept. 7>
.17521
Notes in circulation
the Hercules Gas Engine
The
Aug. 30 that silver purchased by the Director
Hercules Corporation is the amalgamation of the Hercules
Co.,
The
quotation touched for spot since Jan. 27 and for forward since Jan. 25 last.
as
recent
delivery
China account.
on
market has not been well supplied and further advances in the quotations
ment in the
a
--
6,332,090
„.
Central America and West Indies
Transvaal
Straits
£10,200
125,137 V
.
United States of America
Exports.
£645
....
West Africa..........
in the event of a»rise in the
exchange, there was a likelihood of a
At
came
small
one or two
The Transvaal gold output for August 1921
resources
Co.; A. G. Tame, E. B. Greene, I. F. Freiberger,
F. H. Hobson, A. L. Assmus, Edwin
Baxter, F. H. Hough¬
ton, A. A. McCaslin, William Rapprich, Leonard P. Ayres,
fair amount of gold
amounted to 711,526 fine ounces, as compared with 689,555 fine ounces for
F. II. Goff is President of the Cleveland
Trust
John T.
taken for New
was
on account
A
July 1921 and 702,085 fine ounces for August 1920.
The following are the
figures relative to the United Kingdom imports and exports of gold during
the month of August 1921:
showed capital of $4,500,000,
surplus and undivided profits
of
£126.589,255 last week.
17602
Co.
and. the
Hercules
the
Hercules
17588
Body Manufacturing Co.
7559
7640
7627
2435
2435
2434
Securities (Indian Government)
Wheel
Co.,
6692
6692
6692
Securities (British Government)
835
835
835
j...
Silver coin and bullion out of India
Gold coin and bullion in India..
Gold coin and bullion out of India
Arrangements
have
been
made
for
the
consolidation
(effective to-day, Oct. 1) of the Krause State Savings Bank
at 1341 Milwaukee Avenue, Chicago, with the Home
Rank
&
Trust
that
Co.
at
North Ashland
and
Milwaukee Avenues,
city, under the title of the latter institution.
enlarged Home Bank & Trust Co. will have
a
$800,000 with surplus of $200,000 and total deposits of
proximately $10,000,000.
the
Krause
State
J.
The
capital of
ap¬
Henry Krause, President of
Savings Bank, will be Chairman of the
No coinage of rupees is reported during the
The stock In Shanghai on the
ounces
week ending 7th inst.
10th inst. consisted of about 27.600,000
in sycee, $26,500,000. and 2,400 silver bars, as
27,900,000
ounces
—-
•
in sycee, $26,000,000,
compared with about
and 1.380 silver bars on the 3d inst.
The Shanghai exchange is quoted at 3s. 9d. the tael.
Bar
Quotations—
Silver per
Oz.
Std.
Cash.
38*Ad.
39d.
S8Hd.
September 12
39d.
38 Hd.
September
Bar Gold
Two Months,
38%d.
September
9
September 10
-
------
per
Oz. Fine.
110s.
Id.
110s.
2d.
.
13
395^d.
39^d.
Evans,
September 14
39^d.
39Kd.
110s.
4d.
President of the Home Bank & Trust Co., will be President
September 15
39Hd.
39d.
Ills.
6d.
Average
39.229d.
38.854d.
110s. 5.6d.
board of directors of the enlarged bank and Peter L.
of
the
new
bank.
The
complete
Peter L. Evans, President; L. H.
list
of
officers
follows:
Prybylski, J. Henry Krause,
The silver
110s. 3d.
.
quotations to-day for cash and forward delivery are respec-
tlvely %d. and Kd. above those fixed a week ago.
'
[Vol. 113.
CHRONICLE
THE
1440
ORGANIZE APPROVED.
APPLIC AT ION S TO
MARKET—PER CABLE.
ENGLISH FINANCIAL
London,
follows the past week:
closing quotations for securities, &e., at
The daily
reported by cable, have been as
as
Sept.28. Sept.29. Sept.ZO.
Sept.2i. Sept:26. Sept.27.
London,
_d.
Silver, peroz
Mon.
41%
43%
Correspondent. M. C. Kerr,
1
TO
APPLICATIONS
RECEIVED.
CONVERT
Sept. 19—The Merchants National Bank of Cavalier, No. Dak. __ .$25,000
Conversion of the Merchants & Farmers Bank of Cavalier,
Dak.
No.
Correspondent. Merchants & Farmers Bank of Cavalier.
Sept. 23—The Security National Bank of Norman, Okla__
$50,000
Conversion of the Security State Bank of Norman.
Correspondent, C. H. Bessent, Norman, Okla.
-----
48%
$100,000
Sept. 24—The Citizens National Bank of Clarksdale, Miss
Correspondent, J. S. Love, Greenwood, Miss.
42%
43%
43%
1102 .lid. llOs.lld. llOs.lld. llls.4d.
110s.9d
Gold, per fine ounce—
Fri.
Thurs.
Wed.
Tues.
41%
Sat.
Week ending Sept. 30—
$50,000
Cal
Quincy, Cal.
Sept. 21—The First National Bank of Quincy,
48%
88%
Consols, 2% per cents...
48%
48
48%
49
British, 5 per cents..
88%
88%
88%
88%
88%
British, 4% per cents
81%
81%
81%
81%
81%
81%
56.25
56.25
56.20
56.20
56.15
81.45
81.45
81.45
81.45
81.45
''
French Rentes (in Paris), fr.
French War Loan(inParis) ,fr.
«M»r«
price of silver in New York on the same
The
Foreign
day has been:
Correspondent, N. Giles Carter, Harriman, Tenn.
CHARTERS ISSUED.
99%
......
99%
99%
99%
68%
71%
71%
99)4
70%
99lA
68%
-
71%
Sept. 23—12019—The Peoples National Bank of Belleville, N. J._$100,000
President, James T. Boylar; Cashier, Clinton Braine.
Sept. 23—12020—The First National Bank of Fort Lauderdale,Fla.$50,000
President, D. T. Hart; Cashier, J. S. Hinton.
Conversion of the Security State Bank of Fort Lauderdale.
Sept. 24—12021—The Metropolitan National Bank of the City of
©nraractxial andlHts cellaneoits iletLi
A
New York..
—
City BanKs and Trust Companies.
190
210
Ask
York
New
1-3
168
Y
Business.
Sept. 19 1941
Until Close of
Bid
Trust Co/8
Irving Nat of
N
RE-EXTENDED.
VOLUNTARY LIQUIDATION.
Ask
Bid
Banks
175
233
Bid
Exch..
Amer
Ask
170
227
Banks—N Y
America*
EXISTENCE
2575—The Citizens National Bank of Xenia, Ohio..
prices dollars per share.
h All
$2,500,000
__w
of Metropolitan Bank with 7 branches.
President, Henry Ollesheimer; Cashier, Frank W. Frazee.
Conversion
ft<VWWWVW^VWWV^VWV«M^M<' >»•-'
CORPORATE
New York
.$100,000
Harri¬
Manufacturers Bank,
Tenn.
(c s ):
Domestic.
APPROVED.
CONVERT
Conversion of the First &
man,
Silver in N. Y., per oz.
TO
APPLICATIONS
Sept. 19—First National Bank, in Harriman, Tenn
American
.
—
mm
m
299
190
191
j
Bankers Trust
29,
Battery Park.
140
ISO
Mech A Met.
293
298
! Central Union
328
3, 6
Bowery*
425
450
Mutual*.
510
525
! Columbia
2<
5
283
Nat American
150
160
Commercial
Sept. 24—6571—The Boyd National Bank Boyd, Minn.
Capital $25,000
Effective Sept. 19 1921.
Liquidating agents; The Boyd
State Bank, Boyd. Minn.
Aborbed by The Boyd State
Bank, Boyd, Minn.
Atlantic
Broadway Cen
120
mm
Manhattan *-
mm
....
135
....
—
*.
80
90
Nat
City....
307
312
Empire..
;
300
310
Bronx Nat...
150
160
New
Neth*—
130
150
Equitable Tr.
247
254
Park*
145
155
New
York
Co
130
140
Farm
L A Tr.
355
400
415
Bor
Bronx
Bryant
Butch A Drov
130
140
Cent Mercan.
175
quo
Chase
300
310
Chat A Phen.
240
"
New
York
198
206
235
250
3,8
385
Guaranty Tr.
193
Park
.....
Hudson
170
_
•
•
2*5
Public
75
10
Seaboard
23
>
245
48.1
Chemical
490
Second
460
480
Coal A Iron—
215
Coloniai*
350
Columbia*
155
225
m
«
Standard*
—-
-
228
232
23d Ward*...
Union
Exch..
mm
190
225
165
1
320
330
Wash
-m
1
326
Cosmop'tan*.
90
100
Yorkvllle*
130
East River
170
Fifth Avenue*
900
Fifth..*.
m
m
mm
*
m
;
mm
Il'ta*..
I
.
925
m
m
i Mercantile Tr
20
310
Mutual
mm
m
Y
N
125
560
580
Toronto
0
297
Winnipeg..
313
329
Vancouver.'
2
Y Trust...
Title Gu A Tr
260
268
875
900
Quebec...
150
165
Coney Island*
145
155
First
8f.O
860
First
215
231)
Brooklyn
215
225
Greenpoint...
175
185
415
Gotham
190
200
Homestead*..
80
100
Brooklyn Tr.
Kings County
660
670
Greenwich*
245
85
95
Manufacturer
205
215
m'+.mm
People's.....
270
280
255
Mechanics' *..
Hanover
775
785
Montauk*...
125
Harriman
350
360
Nassau
220
.
.
'
'
Hamilton..
495
505
North Side*..
195
205
Industrial*...
155
160
People's
150
...
—22.1
2 595,377
5 ,722,176
2 .926,684
6 ,855,740
_
London
.
.
... _
...
Victoria.
—26.6
9,398,139
5,594,468
4,987,674
6,139.826
—10.2
3,366,029
—22.8
8,269.756
—19.8
3,040,060
—11.3
2,025,031
4,653,949
4,733,248
—51.7
5 ,338,565
Reglna.....
|
........ ...
5,002,405
+ 6.7
4 ,467,529
4,535,644
705,373
—1.5
566,115
Brandon.
t New stock, x
Ex-divldend. i/Ex-rlghts.
Saskatoon
5,581,855
2,222,094
7,496,685
2.386.661
1.931.662
3,529,945
3,679,779
523,557
762,570
—19.7
695,263
987,106
—29.6
2,442,351
1,927,199
1,482,508
—12.6
2,13 ',532
—15.9
1,148,054
1,737,875
1,492,274
760,146
,134,367
i
Lethbridge
Banks marked with (*) are State banks.
7,391,939
5,270,318
7,799,376
3,259,129
8,876,8.50
3,621,745
Calgary.
160
—
12,974,467
5 ,761,606
mm-
Imp A Trad..
•
59,006,143
—5.2
St. John
425
Edmonton.
.
—7.6
—15.7
7,997,962
60 ,429,123
2 ,545,697
Halifax
Garfield
65,400,883
18,634,050
2 ,905,773
.....
89,786,462
2 ,303,526
U S Mtg A Tr
—15.9
15 .703,614
—
91,798,313
61,872,214
36,885,049
11,986,045
5,742,623
4,323,368
3,778,178
—24.3 110.389,743
7 ,582,447
United
States
104 ,293,949 137,747,897
85 ,717,609 101,865,985
Ottawa
:
Brooklyn
...
$
%
$
Montreal.,...
Ins
1918.
1919.
Dec.
1920.
1921.
Canada—
105
...
Life
Trust...
A
N
m m
Inc. or
(West
Chester
mm
September 22.
Week ending
Clearings at—
160
•300
8
m
m
109
150
275
350
420
18.0%.
m
Trust
175
8
United States*
Corn Exch*..
m
104
Tit A Tr
; Lincoln
225
200
21 h
.
Law
,
235
Com'n wealth*
Inter
Metropolitan.
20)
State*
Tradesmen's *
-»
165
Commerce
Continental.
Fidelity
Fulton....
•
*238
Chelsea Exch*
Canadian Bank Clearings.—The clearings for the week
ending Sept. 22 at Canadian citiesj in comparison with the
same week
in 1920 show a decrease in the aggregate of
197
248
300
Pacific*
....
2,145,139
1,337,867
1,016,705
548,853
480,358
756,111
......
,620,039
,046,735
814,994
989,954
—18.7
Westminster......
418,949
697.870
—40.0
Medicine Hat
420,871
738,111
—42.7
Peterborough
800,511
1,005,776
—20.4
945,298
1,351,744
1,049,452
4,189,212
—11.7
916,554
,851,463
—31.9
2,250,720
478,121
507,183
695,972
759,668
638,106
981,574
,067,894
847,487
+ 26.0
-18.0 338,334,567
253,762,962
Jaw
Moose
......
Brantford....
Fort William
New York City
New
Realty and Surety Companies.
All
prices dollars
share.
per
Sherbrooke
—
926,589
Kitchener..
Rid
Ask
Bid
Ask
Assoc
Bid
Ask
Windsor....
(Brooklyn).
93
103
Moncton
TJ S Casualty.
145
160
Kingston.....:
U S Till Guar
85
—29.4
878,265
707,842
853,017
—30.0
95
Realty
...
'
72
Alllan R'lty..
78
65 1
62
Amer Surety.
4
50
65
Preferred
70
Mtge
219
City Investing
.80
Bond A M G.
2
115
Lawyers Mtg'
Nat
Y
N
=m
mm
Bond..
75
84
Surety..
178
m
185
Title
West A
A
Mortgage..
112
Bronx
145
Title A M G
....
TRADE
NEW
OF
326,863,126 398,408,703
155
Auction
FOREIGN
total.
768,608 Not Incl, in
Total Canada........
YORK—MONTHLY
STATEMENT.
not
at
Sales.—Among other securities, the
Customs Receipts
Price.
$50 per sh.
90 Ry. Stor. Battery Car, pf— $50 lot
50 Stand. Wat. Systems of Del $35 lot
Month.
Imports.
1921.
1921.
1920.
1921.
Del Norte Co
89 The
Exports.
1920.
Stocks.
Shares.
at New York.
1920.
$100
$
$
S
8
February
,
March
April
May
108,651, 387 280,997, 659 356,457 600257,101,089
103,427 293 260,144, 811237,794 460 301,626,954
123,996 959 292,275, 856 167,836 ,305 396,929,064
,265,070
,284,852
,154,349;
,615,006
,429,000
124,926 117 270,147 137132,460 ,324 302,495,893
110,004 ,302 224,033 ,443108,502 .231343,323,392
_.
,838,089
999,683
323,958
,221,670;
,397,034
971,669
June
July
,443,167;
,468,214
,237,808'
,392,047
100,048 ,763 315,350 911 107,506 523 254,306,435
104,6 8 ,783 323,427 ,245.112,583 284 200,319.661
August... 111,371 ,583 265,399 ,334105,218 ,873;160,316,294
Total
Movement of gold and silver for the 8 months:
Silver—New York.
\
Month.
Imports.
1921.
$
January
__
February
.
March
Exports.
1920.
$
31,328,278
18,439,803
81,335,005
April
74,173,373
May i
29,701,157
June
July
37,152,786
57.338,204
August...
78,990,700
1921.
,
$
•
183.085
1,458.285
1,708,182
55,186,705
1,682,127
6,023,355
"sob" 000
10,945,005
2,943,013
Imports.
Exports.
1921.
j
1921.
S
$
124,300
17.790.299
234,300
24,814,399
1,595,573
841,850
2,800,154
2,137.837
100,000
35,247,500
874,225
1,329,649
34.820.300
2,649,762
1,114,930
1,042,557
246,300
858,684
4,376,916
1,013,620
1,060,799
4,212,285
4,830,670
1,071,362
12,454,509
1,436,853
407,459,306
89,641,253
3,701,613121,217,698
Stocks.
Shares.
239,657
622,262
15,452,3371 10,358,408
Banks.—The following information regarding
Comptroller of the
Currency, Treasury Department:
Mills...
2 Warwick
$ per sh.
92%
.......
Corporation
126%
6 Rights Maiden Electric
12%
58 Quincy Mkt. C. S. & W., com.145 1
200 Am. Hawaiian SS., $10 ea.y
ex-dividend...
23%
2 Draper
96 Rights
Fitcliburg Gas& El._80c.-83c.
By Messrs. Wise, Hobbs &
Stocks.
"
38 Laconia Car, com
Confectionery
190 Marine
Associates..
100 Laconia Car, pref
$10,000 Haytlan Amer. Corp.
notes 1923,
$65 lot
Jan. 1921 coup, on
$65 lot
ctfs. ol deposit..
$10,000 Haytian Amer. Coip. 7%
ctfs. ol deposit......
—
$80 lot
19
14
36
2
24
50 Collateral
$50 each.. 20%
ex-divl50%
10 Highland
94%-95%
Loan.
Trust, Somervilie._.120
10 American Glue, com
3 Mass. Real Estate..
2 Boston
Invest.
Co..
Stocks.
Bediord
Gas, com
515
T. I. A T—. —.345%
25 Contlnental-Equit.
T. A T.,
10 Real Estate
G.
A
Edison
ex-divldend
3 W. L. Douglas Shoo, pref
£ Right
—103
Shares.
10
10
10
75c
$ per sh.
Stocks.
5 Ansley H. Fox, com—
$2 lot
50 New Era Ore Reduc...
31%
10
50 American Pulley
Trust...
200
Peoples Trust, $50 each
47
Victory Insurance, $50 each—105
East Pennsylvania RR
54
Seott-Powell Dairies, 1st pf
90
Ansley H. Fcx, pref
$2 lot
45
1 H. K. Mulford. $50 par
5 Conways
Theatre Ticket Office,
40
350
Inc
70 Johnstown
Trust
73-73%
11 North Pa. RR
Per cent.
Bonds.
$5,000 St. Lawrence Pulp & Lumber
1st s. i. 68, 1933
65
$1,000 Waterloo C.F.&Nor. RR. 5s 55
$5,000 Haytlan Am. Corp. 7s, '23,
$5,500 Gary
$25 000
S per sh'
Lt.,
150-150%
84%
Fitcbburg Gas A Elec..
Ctls. of dep
3
108
38%
35
Lofland, Philadelphia.
100 American
Y__$5o!o00
,
Arnold, Boston:
10N.
National Bank
each.
$ per sh.
Slocks.
5 Boston Belting, pf.,
3 N. Bradford G. & E. Lt.,
Shares.
$ per sh.
331
Johnson A Johmon, pref..
125
Johnson A Johnson, com
163
Girard Life Insurance.5%
Camden Fire Ids. Association. 11%
Interstate Rys., pref
——
5
Mt. Holly Nat. Bank, N.J
35
WiJkesbarre A Haz. RR., pref.S2 lot
Mutual Trust, $50 each
35
4 Penn
Shares.
10 Germantown
RECEIVED.
Sept. 19—The Germantown National Bank, Germantown, N.
Correspondent, Robert R. Livingston, Germantown.
Sept. 21- -The First National Bank of Lawton, Mich.:
Correspondent, Carl Bartlett, Lawton, Mich.
7%
'22, Jan. '21 coup, or ctfs.
12
ORGANIZE
.^$250 lot
deposit
$10,000 Haytlan Amer. Corp. 7%
8-8%
200
.$250 lot
34
Stocks.
Shares.
$50
APPLICATIONS TO
Ry.
of
$ per sh.
By Messrs. Barnes &
5
National
—
By Messrs. R. L. Day & Co., Boston:
10
national banks is from the office of the
70%
2-yr. 7% notes...
10
Total
.
notes 1924, Jan. 1921 coup, on
$67,500 Seaboard Finance A Inv.
6 N. E.
$
sh.
9,828 Memphis Gas A Electric. .$185 lot
420 Pathe Freres, com, $10 ea.SlOO lot
227 Seaboard Fin. & Inv. CorpSlSO lot
Bonds.
Per cent.
Shares.
1920.
1st 5s, tr. rects...
434,058
887,075,1872231776396 1328359600i2216418784 137,172,193 162,303,481
Gold Movement at New York.
per
Price.
Stocks.
Shares.
$10,000 Ga. Coest & Piedmont
notes
43 F. R. Wood, W. H. Dolson
Co....
January
sold
York:
By Messrs. Adrian H. Muller & Sons, New
Merchandise Movement at New York.
following,
usually dealt in at the Stock Exchange, were recently
auction in New York, Boston and Philadelphia:
„.„.$100 lot
Connecting
Rys.
5s, certificates of deposit
$5,000 City of Phila. 4s, 1941
1st
$12 lot
88%
88%
88
$2,000 City of Phila. 4s, 1940-....
$8,000 City of Phila. 4s, 1945
Oct. 1
1921.]
THE
CHRONICLE
1441
DIVIDENDS.
Dividends
Per
grouped in two separate tables.
In the
first we bring together all the dividends announced the cur¬
rent week.
Then we follow with a second table, in which
we
show the dividends previously announced, but which
have not yet been paid.
Name of Company.
are now
The dividends announced this week
are:
Miscellaneous
Cent
New
(quar.)
._
When
Payable.
Books
Closed.
Days Inclusive.
England Fuel Oil
(quar.).
New Jersey Power & Light, pref. (quar.)
New Jersey Zinc (quar.)
Northern States Power, pref. (quar.)..
Nova Scotia Steel & Coal, pref. (quar.).
Ohio Brass, pref. (quar.)
New
London
(quar.)
—
J
$1.50 Oct.
1
.
Oct.
2K
__
Oct.
Norfolk & Western, adj. prel.(quar.)
Northern RR. ol N.H
(quar.)
*1
Pittsburgh & West Va„ pref. (quar.)
*VA
and
2
Oct.
to
Holders of
Oct.
8
rec.
Oct.
31
Holders of
rec.
Sept. 12a
♦Holders of
Nov.
rec.
Nov. 11
Electric
Railways.
Capital Tract., Washington, D. C, (qu.)
Chicago City Ry. (quar.)...
^
Cin. Newport & Cov. L. & Tr., eom.(qu.)
Prelei red
(quar.).._
Conestoga Traction, common
_
_
_.
_
IK
IX
Sept.
1K
Oct.
Oct.
1
to
Oct.
16
IX
Oct.
Oct.
1
to
Oct.
16
l
_________
_
Oct.
Sept.
Sept.
Sept. 21
Sept. 21
to
Sept. 30
Sept. 30
Preferred
(quar.).
Creen& CoatesSt.Pass. Ry.,Phila. (qu.)
Edison Elec. Co., Lancaster, Pa. (quar.)
Harri&burg Lt. & Power, pref. (quar.)..
66 2-3 0; Oct
,__
Lancaster Co. Ry.& Lt., com. (quar.)
Preferred
(quar.)
2K
Sept. 21
Holder
rec.
Sept. 22
Sept. 30
to
of
rec.
Sept. 20a
4
........
jSept.
Holders of rec. Sept. 20a
Holders of rec. Sept. 22a
IK
..
Lancaster Gas Lt. & Fuel (quar.)......
Manhattan Bdge. Thiee-Cent Line (qu.)
;Sept.
ISept.
Sept. 21
2
N'port N.& Hampt. Ry., G.&E.,pf.(qu)
Rutland Ry., Light & Pow., pref. (qu.).
Springfield & Xenia Ry
pref. (quar.)
Youngstcwn & Ohio River ,com. (quar.)
Preferred (quar.)
Sept. 22a
Sept. 30
Sept. 21a
rec.
Holders of
rec.
Oct.
Sept. 21
Sept.
Sept.
Sept.
1
.
rec.
to
Holders of
Oct.
IK
__
Holders of
Sept.
IK
IK
IK
IK
,
to
♦Holders of
Sept.
Sept.
IK
Sept. 30
to
Sept. 29
IX
♦S1.30 Oct
Kansas City Power & Lt., pref. (mthly.)
Sept.15
Holders of rec. Sept. 20a
Sept. 20a
Sept. 30
to
Holders of rec. Sept. 20a
Holders of rec. Sept. 20a
—
10
...
Oct.
1
Holders of
rec.
2X
Alliance Realty (quar.).
Allied Chemical & Dye Corp., com. (qu.)
American Bank Note, com. (quar.).....
1
Holders of rec.
Oct.
1
Sept.21
Oct.
18
to
•
American Glue, common..
American Hardware Corp. (quar.)......
Rogers Milk Product, pref. (quar.).
Sayers & ScovilJe Co., com. & pf. (qu.)
"Holders of rec. Oct.
15
Oct.
1
Oct.
1
Oct.
25
Holders of
Oct.
7
Oct.
25
Holders of rec. Oct.
7
American Piano, common (quar.)......
Preferred
(quar.)
IK
Oct.
1
^ept.29
to
Oct.
2
IK
IK
Oct.
1
o
Oc
2
Oct.
1
Sept. 29
Sept. 16
Extra
rec.
to
.
Sept. 30
Oct.
14
Oct.
*10c. Nov. 30
.......
14
*$1
Oct.
1
♦15C.
Oct.
Sept. 29
Sept. 29
Sept,
Sept.
Sept.
♦Holders of
rec.
Oct.
1
Holders of
rec.
1
Holders of rec.
Sept. 15a
Oct.
1
Holders of
Sept. 15a
Oct.
1
Sept. 16
to
4
to
1
rec.
Oct.
7
Oct.
IK
Oct.
1
Holders of
rec.
2
Sept.30
Holders of
rec.
IK
Oct.
1
Holders of rec.
IK
Oct.
1
Holders of rec.
Sept. 25
2
Cement Securities (quar.)....
Central Maine Power 6% pref. (quar.)..
Seven per cent preferred (quar.)
Chalmers Oil & Gas, pref. (quar.)__—_
Oct.
1
Oct.
1
Ho ders of rec.
3
Oct.
1
3
Oct.
3
Sept. 25
Sept. 27
2
Champion Coated Paper, pref. (quar.)..
Cincinnati Union Stock Yards (quar.)...
Cleveland & Buffalo Transit..
IK
$1.50
.
Oct.
15
Holders of
to
Sept.
Oct.
30
Below
and
we
not
Delaware Lack. & West. Coal
Detroit Motor Bus.
£_;
Sept. 30
Sept. 20a
Railroads
Oct.
3
Boston & ttovlUence
la
Oct.
Canadian Pacific, com.
Oct.
9
to
Oct.
16
15
Oct.
6
to
Oct.
14
Juliet
Oct.
15
Oct.
6
to
Oct.
14
Kansas City Southern, pref.
Oct.
1
Sept. 21
Sept. 16
to
.30
Sept.
IK
Oct.
Driver-Harris Co., preferred (quar.)....
IK
Oct.
1
Oct.
15
25c. Oct.
1
la
Sept..30
Holders cf rec. Sept..30
Holders of rec. Sept..20a
Sept. 21
to
Sept..30
Oct.
to
14
6
Oct.
1
Holders of rec.
Oct.
1
Sept.21
to
Sept. 20a
Sept .30
IK
Oct.
1-
Sept. 21
to
Sept .30
IK
Oct.
1
Holders of
♦$2
French Bros. Bauer Co., prei. (quar.)...
General Fireprooiing, common
Oct.
Oct.
rec.
.
Sept
.
20a
11 ♦Holders of rec. Oct.
4
1
Holders oi rec. Sept .20a
1
.30
Sept. 21
to
IK
Oct.
1
Oct.
IK
Oct.
1
Sept. 21
6234c. Oct.
Oct.
IK
Oct.
IK
1
Holders of rec. Sept .20a
Holders of rec. Sept 20a
(quar.)..
(quar.)
Cibson Art, common (quar.)
Preferred
(quar.)
.....
Glidden Co.. pre erred (quar.)
Globe-Wernicke Co., pref. (quar.)
Sept
1
to
Sept .30
.
Holders of
rec.
Oct.
15
Holders of
rec.
IK
Preferred
1
■IK
Oct.
1
Holders of
rec.
$1.25 Oct.
...
1
Hoidera of rec.
Sept 23a
Sept 30a
Sept 26a
Sept ,28a
Holders of
Sept
(quar.).
IK
IK
1
Holders of rec. Sept
Oct.
1
IK
Oct.
1
Holders of rec. Sept
Holders o rec. Sept
2
Hodgman Rubber, preferred (quar.).
Oct.
IK
Hill Manufacturing (quar.)
Oct.
1
Oct.
1
*2
rec.
Nov
3K
Oct.
1
Holders of rec.
IK
Oct.
1
Holders of rec.
*IK
Nov
1
10c. Oct.
Preferred
15
Holders of rec.
20c. Oct.
.
15
Sept .26
Sept .28
20
22
Oct.
Sept. 27
Holders of rec.
Holders of rec.
Oct.
1
Sept. 27
Oct.
1
1 ♦Holders of rec.
Oct.
20
1
Sept 20a
Sept .30
Preferred (quar.)
........
...
Louisville Gas & EJec., pref.
(quar.)...
1
slK !Dee.
1
IK {Nov
IK Oct. 15
Holders of
Holders of
rec.
rec.
Nov
15
Holders of rec.
Oct.
15 a
Holders of rec. Oct.
la
2K
Oct,
1
Holders of rec. Sept
30a
IK
Oct.
1
Sept. 21
30
40c
Common iextra)..
Preferred
(quar.).
Middle West Utilities, pref.
Midway Gas,
Preferred
com.
(quar.).
(quar.)
1
25c
t
Oct.
Oct.
1
25c
Oct.
1
IK Oct.
43%c {Oct.
1 34
50c
$1.40
1
to
1
Holders of
rec.
Oct,
1
Holders of
rec.
Sept. 22a
1
Holders of
rec.
Oct.
1
Oct.-
Holders of
rec. Sept. 30a
Holders of rec. Sept. 20a
Sept. 21
to
Sept. 30
15
Oct.
to
Oct.
Holders of
1
rec.
5
Sept. 30
15 ♦Holders of rec. Sept. 30
1
Sept. 24
to
Oct.
1
Oct.
10
Holders of rec. Sept. 30a
1
1
Holders of rec. Sept. 28a
Holders of rec. Sept. 24a
Sept
When
Payable.
Books
Dec.
Oct.
1
1
1
Holders of rec. Oct. 2Qa
Holders of rec. Sept. 15
Oct.
1
Holders of rec. Sept.
Oct.
1
IK
Oct.
20
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
to
Sept. 24
Oct. ,13
IK
Nov.
Oct.
3
1
Oct.
15
1
$1.25 Oct.
1
1
la
Holders pfrec. Sept, 20a
Holders of rec. Sept. 30a
Holders of rec. Sept. 17a
Holders of
rec.
Sept. 17a
3K
Oct.
15
2
Oct.
1
Holders of
rec.
Sept. 20a
New York Central RR.
IK
1
Holders of
(quar.)
N Y. Lackawanna & Western tquar.) —
Northern Pacific (quar.)
—_.
Philadelphia & Trenton (quar.)
Nov.
rec.
Sept. 30a
1
oct.
1
Holders of rec.
Sept. 14a
IK
Nov.
1
2K
.
Oct.
Holders of rec. Oct.
3a
Oct.
I
to
Oct. 11
Holders of rec. Sept. 16
Holders of rec. Sept. 10a
Pitta. Bessemer & Lake Erie, common—
IK
IK
10
75c. Oct.
Pitts. Ft. Wayne & Chic., com. (quar.)
Preferred (quar.)
Reading Company, common (quar.)——
Second preferred (quar.)
St
Holders of rec. Sept. 30a
$1
1
Oct.
1
Oct.
4
Nov. 10
50c. Oct.
13
Holders of rec. Sept. 10a
Hoidera of rec. Oct. 18a
Holders of rec. Sept. 27a
Louis-San Francisco—
K. C. Ft. S. & M., pf. tr. ctfs. (qu.)
Southern Pacific (quar.)--Southern Ky.—
1
—
Sept. 25
1
Holders of
rec.
Aug. 31a
rec.
Sept, 15a
to
Oct,
1
United N. J. RR. A Canal Cos. (quar.)
Western Pacific RR. Corp., pref. (qu.)
Holders of
1
Oct.
1
Holders of rec. Sept.
Holders of rec. Sept.
2 K
Oct.
10
Sept. 21
to
Sept. 30
IK
—
L
Oct.
2
...—
Oct.
2K
Union Pacific, common (quar.)
Preferred
1
Oct.
2
Mobile & Ohio stock tr. ctfs......
Oct.
IK
—
—
Oct.
17
Holders of
rec.
Oct.
Street
and
Electric
la
la
8a
Railways.
—
$ L37 K
Oct.
1
Oct.
1
Holders of rec. Sept. 17
Holders of rec. Sept. 20
Oct.
1
Holders of
Oct.
1
Holders of
Oct.
1
Cleveland Railway
IK
Oct.
1
Hoiders of rec. 8ept. 15a
IK
Nov
1
Holders of rec. Oct.
2
Oct.
1
$4.50 Oct.
1
Holders of rec. Sept. 21a
Holders of rec. Sept.
la
Hoiders of rec. Sept. 15
(quar.)
Duquesne Light, preferred (quar.)—
Eastern Texas Electric Co., com. (quar.)
Valley
Puget Sound Pow. A Lt., pref. (quar.)
—
Oct.
15
Holders of
Oct.
15
1
IK
1
1
$2
Holders of rec. Sept.30«
1
Oct.
1
Holders of rec. Sept. 15a
Holders of rec. 8ept. 15
Holders of rec. Oct.
la
Holders of rec. Oct.
la
Oct
1
62Kc Oct.
15
2
Oct.
1
J2 5
Oct.
1
Oct.
1
IK
Oct.
15
1
Holders of
rec.
Sept. 10a
Holders of rec. Sept. 30a
Holders of rec. Sept. 24
Holders of rec. Sept. 24
Holders of rec. Sept. 15
Holders of rec. Oct.
la
Secuud A Third Sts.i-'ass.Ry.,Emi« utu.>
i3
Holders of rec. Sept
Holders of rec. Sept
Springfield Ry. A Light, pref. (quar.)
f>!
Sept. 30a
8
Sept. 16
15a
rec.
1
Holders of rec. Sept. 19a
Holders of rec. Sept. 27
Oct.
75o. Oct. 31
1
$1.50 Nov.
•
1
Holders of rec. Oct.
Oct.
1
—_
Sept. 30
Oct.
2K
3734c. Oct.
—
-
to
IK
Co
Philadelphia Co., common (quar.)
Six per cent cumulative pref.
(quar.).
Philadelphia Traction
Philadelphia & Western Ry., pref. (qu.)
Portland Ry., Light A Power, 1st pref—_
First pref. (payable in first pref. stock)
Porto Rico Railways, Ltd. (quar.)
1
Sept. 17
IK
IK
Monongahela Power A Ry., pref. (quar.)
Northern Ohio Trac. & Lt., pref. (qu.)
Ottawa Traction (quar.)
Oct.
1
2
Manchester Tr., L. & Power (quar.)
Manila Elec. RR. A Ltg. Corp. (quar.).
Mohawk
Oct.
rec
Sept. 15
Holders of rec. Sept. 17
Oct.
15a
Sept. 17
IK
IK
IK
—
$3
.
rec.
Brazilian Trac., Light A Pow., pref. (qu )
Carolina Power A Light, pref. (quar.)
Cincinnati Street Ry. (quar.)
Ridge Ave. Pass. Ry., Phiia. (quar.)..
to
Oct.
Oct.
1
Holders of rec. Sept.
IK
Oct.
1
Holders of
rec.
i '4
1
Oct.
1
Holders of
rec.
Sept
30a
Oct.
10
Nov
15
Holders of
rec.
Oct.
31a
Twin City Rap. Transit, pref. (quar.)
IK
Oct.
1
Oct.
15
Hoiders of
rec.
Holde,-8 of
rec.
134
\K
1
15
United Light & Rys., 1st pref. (quar.)—_
Utah Power <fe Light, preferred (quar
)mm
Oct.
Oct.
Sept .30
Sept 30
Oct.
1
.
Closed.
Days Inclusive.
Holdeis of rec. Sept .24a
Holders of rec. Sept 15a
Holde .a of rec.
6
15
15
city r,v. A Light, pref. (quar.)
Trinidad Electric Co., Ltd. (quar.)
15
10
Holders of rec. Nov.
1
Holders of rec. Sept. 22a
Holders of rec. Sept. 30a
15
IK
1
Holders of rec.
15
15
8
15
Oct.
IK
1
15
Oct
Oct.
Bangor Ry. A Elec., pref. (quar.)
Boston Elevated Ry„ com. (quar.)
1
jOct.
to
Oct.
Anheville Power A Light, pref. (auar.)„
Oct.
1
l
Sept.30
27
Oct.
IK Oct.
Oct.
2
Kentucky Securities Corp., pref. (quar.)
♦1K Nov
to
Oct.
Oct.
(quar.)..
7a
to
6
15
Nov. 15
20a
IK Oct.
...
Preferred
2
2
Oct.
Oct.
Minn. St. Paul & S. S. Marie, com. A pf.
Leased lines stock-.___--._-————
20a
Sept 24
Sept .24
Sept .30
Sept 30a
Sept .30a
to
Sept. 30
Holders of rec. Oct.
10
87 KC' Oct.
Sept.18
2
15 ♦Holders of rec.
15
Oct.
IK
Lehigh Valley, common (quar.)
1
Holders of rec.
20
Sept. 21
Sept. 21
IK Oct.
Frankford & Southwark Pass. Ry. (qu.)_
Illinoi8 Traction, preferred
(quar.)
Sept, 30
Holders of rec. Sept. 25a
to
Sept. 30
to
Sept. 30 :
Holders of rec. Oct. 10
1 H
Oct.
rec.
1
Oct.
-
.K
Holders of rec. Oct.
to
1
*1K Oct.
Oct.
IK
(quar.).—
Holders of
Holders of
1
IK Oct.
134 Oct.
.....
Chicago tquar.)
Holders of rec.
IK Sept. 30
Oct.
Oct.
IK
i'i
-
15
2
Sept. 22a
Sept. 22a
2 K
-
15
rec.
rec.
IK Oct.
pref. (qu.).
15
2
Laurentide Power (quar.)
Louis,
Oct.
1
Interprovincial Clay Prod., Ltd. (quar.).
Johnson Ir. Wks., D.D.&Ship.
pf. (qu.;
Kelley Isld. LimeA Transp. (quar.)...;
Kelsey Wheel, prei. (quar.)
Kirsfabaum (A. B.) Co., pref.
(quar.)..
cc
1
~
~
Nov
IK
rec.
Holders of
28a
26
♦Holders of rec. Oct.
~
Sept .30
Sept 30
$2
Holders of
1
...
IK Oct.
(quar.).
International Silver, pref. (quar.)
Interprovincial Brick of Canada,pi.(qu.;
.
.
Holders of rec. Sept
♦Holders of rec. Oct.
1
Preferred
Clev. Cin. Chic. & St.
1
Oct.
Holders of rec. Oct.
2
IK
Preferred
20
Sept. 22a
1
Oct.
Cent.
Great Northern (quar.)
Oct.
rec.
Sept. 30
rec.
50c. Nov.
(quar.)
15
to
Sept. 30
to
Holders of
50c
(quar.)....
Oct.
1
to
Sept. 21
50C.
to
15a
15 ♦Holders of
Sept. 22
1
(Steam).
10
15
1
87Kc
Beech Creek (quar
Oct.
Oct.
24a
30 '
Sept. 20a
15
Oct.
50c. Oct.
Atchison Topeka & Santa Fe. com. (qu.)
2
Holders oi
Oct.
rec.
23
Oct.
10
Company.
15 ♦Holders of rec. Oct.
Dome Mines, Ltd. (quar.).....
Dow Drug, preferred (quar.)
(quar.)
(quar.)..
Finance & Trading Coip., pref. (quar.)..
Fisher Body Ohio Co., pref. (quar.)
1
Per
Name of
31
$1.25 Oct.
Preferred
rec.
Oct.
Holders of
Holders of
announced this week.
Oct.
*1K
Falcon Steel, common
3
7
Sept. 27
Sept. 15a
Sept. 10a
Sept. 10a
Oct.
IK
Oct.
20
give the dividends announced in previous weeks
paid.
This list does not include dividends
1K
IK
(quar.).
—__
rec.
yet
IK
„
rec.
Holders of
15
IK Oct.
1
(quar.j.
Preferred
rec.
Holders of
15
15
Sept.
Sept.
Sept.
Sept.
Sept.
26
Oct.
rec.
Sept. 21a
Sept. 30
Holders of
Mfg., pref. (quar.)
to
rec.
rec.
1
2
White Eagle Oil & Ref. (quar.)...
IK
*$1
(quar.)...
rec.
Holders of
rec.
Western Grocers, Ltd. (Canada)pf. (qu.)
IK
common
Consolidation Coal (quar.)....
Holders of
1 ♦Holders of rec, Oct.
1 ♦Holders of rec. Oct.
Holders of
75c
Ventura Cons. Oil Fields (quar.)..__.__
Vermont Hydro-EIec. Corp., pref. (qu.)_
Sept. 23a
Oct.
Sept. 30
1
3
U. S. Smelt., Ref. & Min., pref. (quar.).
Van Dorn Iron Works, pref. (quar.)....
Woods
IK
(quar.)
Canada Bread, Ltd., pref. (quar.)
Canada Tea, Ltd., pref. (quar.)
Canadian Woollens, Ltd., prel. (quar.)..
1
15
1
rec.
3
Wurlitzer (Rudolph) Co., 7% pf. (qu.).
IK
Prelerred
Holders of
IK
26
IK
7a
1
2
(quar.)
IT. S. Playing Card (quar.)
26
2K
_.
Boston Sand & Gravel, pref. (quar.)
Burt (F. N.) Co., com. (quar.)
Oct.
*1K Oct.
IK Oct.
Wheeling Mold & Fdy., pref. (quar.)...
to
rec.
IK
Preferred
Sept. 16
Sept. 16
to
Holders of
IK Oct.
(quar.)
Superior Steel Corp., 1st & 2d pf. (qu.)_
United Gas & Elec. Engineering (quar.).
U. S. Can, common (quar.)...
15
1
25
20
IK Oct.
Oct.
1
7a
Oct.
1
IK Oct.
IK Sept. 30
Western Power Corp., pref. (quar.)
Western States Gas & Elec., pref. (qu.).
1
Oct.
Sept. 30
5
Holders of rec.
Oct.
rec,
2
Holders ol rec. Sept. 20
Holders of rec. Oct.
la
Oct.
Holders of
Oct.
(quar.)
1
Oct.
25
to
.
2
1
IK
Oct.
Oct.
Sept 25
8 ♦Holders of rec. Oct.
(quar.)
Oct.
*55c.
Sept. 30
rec.
1
2 X Oct.
Oct.
IK
IK
rec.
Oct.
♦Holders oi
Oct.
common.:
50c.
Sept. 28
Holders of rec. Sept. 30a
♦Holders of
1
IK Oct.
Inc.,
$2
Beech-Nut Packing, pref. B (quar.)
Bingbamton Lt., Ht. & Pow., pf. (qu.)_.
Preferred Class B (quar.)
to
*15c. Oct.' 31
Arundel Corporation, com. (quar.).....
Barr Shipbuilding Corp., pref. (quar.)
Six per cent preferred (quar.).»
Bliss (E. W.) Co., com. (quar.)
Preferred (quar.)
Sept. 22
Sept. 15a
Sept. 29
Sept. 30
Nov.
IK Oct.
_
1
Sept. 30a
to
2
Nov.
1
IK
Congoleum Co.,
Williams,
rec.
to
2
Sayre Electric, preferred (quar.)
Sandusky Gas & Elec., pref. (quar.)
Scott &
Holders of
Sept. 21
Sept. 21
Sept. 30a
Sept. 30a
Sept.20a
♦SI
Sullivan Machinery
8
17
IK
Arkansas Light & Pow., pref. (quar.)—_
Art Metal Construction (quar.)........
1
_
Holders of
Oct.
2
........
15
Oct.
rec.
IK
IK
Reynolds Spring, pref. A. (quar.)
Richardson Co., pref. (quar.)
Shredded Wheat Co., com.
Preferred
(quar.)..
American Ice, com. (quar.)......
Preferred
(quar.)..................
...
Oct.
*5
*1K Nov.
Oct.
*4
...
1
$1.25
(quar.)
Sept. 30
Holders of ree. Oct.
1
Sept. 30
Oct.
Second prelerred (quar.).
Scovill Manufacturing
'
$1.75
rec.
Public Utilities Corp., pref. (quar.)....
Renfrew Mfg., pref. (quar.)
______
Sept. 30a
Sept, 23a
"Holders of rec. Nov.
rec.
rec.
Holders of
Holders of
.
1
rec.
Holders of
1
*1K
IK
IK
IK
Holders of rec. Sept. 30a
Holders of
15
IK Oct.
_
1
1
15
*$3
Plymouth Cordage (quar.)
t;
Port Arthur Shipbuilding, pref. (quar.).
1
IK Oct.
Public Service Co. of Quebec (quar.)...
ik Oct.
Public Service of No. Ills., com. (quar,).
*1K Nov
Preferred
31
Oct.
SI
Pittsb. Term. Transf. & Whse. (quar.).
Pittsfield Lime& Stone, pref. (quar.K.¬
_
Oct.
Oct.
$2
(quar.)
Pittsburgh Coal, com. (quar.)
Preferred
(quar.)
_
4
Sept. 30
20 ♦Holders of rec. Sept. 30
15
Oct.
1
to ' Oct. 15
15
Holders of rec. Sept. 30a
Oct.
IK Oct.
Philmont Worsted, pref.
_
rec.
Oct.
Sept. 24a
r50c Oct.
—
Philadelphia & Camden Ferry (quar.).
Phillips-Jones Corp., pref. (quar.)
rec.
to
Nov. 10 ♦Holders of
IK
62^c
Smith(Howard) Paper M., om.&pf.(qu.)
Southern Canada Power, pref. (quar.).
Spanish River Power, com. & pf. (quar.)
Standard Underground Cable (quar.)..
Nov.
Nov. 15
IK
Sept. 21
_
Oct.
2
$1
*$1
American Discount Cosp., pref. (quar.).
Participating preferred (quar.)_....._
Oct.
IK
■
Miscellaneous.
Alabama Fuel & Iron (quar.)..
1
2
....
Preferred
National-(quar.)
First National (Brooklyn) (quar.).
Oct.
*1K Oct.
Co., pref. (quar.)
Parke, Davis & Co. (quar.)
Pennsylvania Edison, preferred (quar.).
Pennsylvania Salt Mfg. (quar.)
Banks.
First
Holders of
Pacific-Burt
rec.
of
♦Holder
Oct.
IK
______
Street
Sept. 16
Nov.
1
*2
-
8a
8
Oct.
rec.
Holders of rec. Sept.
Oct.
2
_
New York Ontario & Western
Holders of
to
Oct.
1K
Ohio Fuel Supply (quar.)...
Com. (special) pay in Victory bonds..
Osborn Mills (quar.)—
(Steam)
of rec. Sept. 30
25c
_______
Railroads
Delaware Lackawanna & West. (quar.)
Lackawanna RR. ol N. J. (quar.)__
Closed.
Inclusive.
1
IK Oct.
*1K Oct. 20 ♦Holders
IK
Sept. 30
Sept, 2
....
-
Per
Cent.
Name of Company.
Books
Davs
(Con-ludca)
Moon Motor Car, pref. (quar.)
Mountain States Power, pref. (quar.)..
National Casket
When
Payable.
Oct.
1
to
2
la
Sept. 15a
Sept. 20a
Oct. 11
Holders of reo. Sept. 17a
Holders of rec. Sept. 17«
Holders of rec. Sept.15
THE
1442
CHKONICLE
Per
When
Books Closed.
Cent.
Name of Company.
Payable.
Days Inclusive.
Per
Miscellaneous
17a
Washington Water Power, Spokane (qu.)
West End Street Ry., Boston, common.
50c.
Oct.
1
Holders of rec. Sept.
75c.
(guar.)
Oct.
1
Holders of rec. Sept. 17a
Oct.
14
$1.75 Oct.
16
1
Holders of rec. Sept.
Sept. 16
2
Oct.
to
23
Sept. 30
o<*t.
1
West Penn Power, preferred (guar.)
14
Nov.
1
Holders of rec. Oct.
15
Winnipeg Electric Ry., pref. (guar
Yadkin River Power, pref. (guar.)
i K
Oct.
1
Holders of rec. Sept.
15
14
Oct.
1
Holders of rec. Sept. 17
Oct.
31
Oct.
1
Holders of rec. Sept. 21a
24
Oct.
1
Holders of rec. Sept.
4
Oct.
1
Holders of rec.
Holders of rec.
i 4
West India Electric Co. (guar.)
62 )*C.
York Rye., pref. (guar.)...,......,.
Sept. 24
to
21a
Holders of rec. Oct.
Banks.
/:3
America. Bank of (guar.)
Atlantic National
(guar.)..
Extra
30a
Sept. 30a
Sept. 23a
Chase National (guar.)
4
Oct.
1
Chase Securities (guar.)
$1
Oct.
1
Holdeis of rec. Sept.
4
Oct.
1
Sept. 18
3
Oct.
1
Chatham A Phenix National (quar.)_.
Coal A Hon National (guar.)
1
1
Holdets of rec. Sept.
Oct.
1
Holders of rec. Sept,
2 4
3
Oct.
1
Oct.
1
Sept. 27
Sept. 25
Fifth National (quar.)
Gotham National (guar.).........
Greenwich (quar.)
Oct.
1
Sept. 21
Nov.
1
Holders of
rec.
Oct.
14
14
Oct.
1
Holders of
rec.
Sept. 26a
Oct.
1
Holders of
rec.
Sept. 20
Brumwick-Balke-Oollemler, preE (gu.).
Bucyrus Co., preferred (guar.)..
Sept. 21
to
16a
3da
14
14
Oct.
Oct.
1
Holders of
rec.
Oct.
1
Holders of
rec.
$1
Oct.
1
Holders of
rec.
Sept. 15a
Canada Cement, Ltd., common
14
Oct.
16
Holders of
rec.
(quar.).
Canada Steamship Lines, prel. (quar.)..
Canadian Cottons, Ltd., common (qu.).
Preferred (guar.)
Canadian Explosives, common (guar.)..
Preferred (guar.)
..
^.
.
.
.......
^
rec.
rec.
Westlnghouse, Ltd., (quar.)..
2
Oct.
1
14
14
Oct.
Canfield Oil, coin, (guar.)
Preferred
(guar.)..
Manhattan Co., Bank of the.(quar.)...
Mechanics Bank (Biooklyn; (guar.)....
$3
Oct.
1
Holders of rec. Sept.
22a
Celluloid Co., preferred (guar.)
2
oct.
1
Holders of rec. Sept.
5
Oct.
1
Holders of rec. Sept.
17a
24a
Central Aguirre Sugar
Mechanics & Metals National (quar.).
Metropolitan (quar.)
Mutual (quar.)
24
Oct.
1
Holders of rec. Sept.
23a
5
Oct.
1
Holders of rec. Sept. 24a
Nassau National
3
>c
t.
1
Holders of rec.
Preferred
(quar.)
Central Illinois Public Serv., pref. (qui).
Central Petroleum, pref
Oct.
1
Holders of rec. Sept.
Homers ol rec. Sept. 2» a
1
Holders of rec. Sept.
1
New York, Bank of, N.B.A. (quar.)
New York County National (guar.)._..
Park. Nailonj.l 'guar.)
5
Oct.
1
Sept. 30
sept, 25
to
Holders of rec. Sept. 20 a
1
Holders
6
Oct.
1
Holders of rec. Sept. 23a
Seaboard National
3
Oct.
1
Holders of rec. Sept.
3
Oct.
1
Hoiuers of rec.
(quar.)
Second National (guar.)..—
14
3
oct.
of
rec.
20a
Sept. 26
23a
Sept. 30a
1
Sept. 21
1
Sept,. 21
84c. Oct.
X
1
Holders of rec. Sept. 22 a
Holders of rec. Sept. 22a
1
Sept. 22
10c.
14
Oct.
Oct.
to
Oct.
4
to
1
Oct.
4
Oct.
to
14
Oct.
1
Holders of
rec.
14
Oct.
1
Holders of
rec.
Nov. 15
2
Holders of
2
....
Cos. (ouar.)....
Central Coal & Coke. com. (guar.)
Sept. 15
Sept. 20
Oct.
...
Holders of rec.
1
1
Holders of rec. Sept. 20
Holders of rec. Sept. 20a
Holders of rec.
Hit.
Oct.
Holders of
Sept. 22
kvCt.
2
Holders of rec. Sept. 30a
Holders of rec. Sept. 15
Holders of
1
Oct.
15
1
1
1
Sept. 30a
Oct.
1
1
2
rec.
14
1
Carbo-Oxygen, pref. (quar.)
Carey (Philip) Mfg., pref. (quar.).
Case (J. I.) Thresh. Machj. pref. (quar.)
Casey-Hedges Co., pref. (quar.)
2
Holders of
Oct.
Oct.
.....i'-.'.......
Sept. 23a
30
Oct.
Oct.
...
rec.
Oct.
Holders of roc.
Oct.
Oct.
Extia
rec.
Holders of
14
3
■
Holders of
4
2
Sept. 30
Sept. 20a
Sept. 30
Sept. 23a
National City Co. (quar.)
1
4
Oct.
34
to
New AetbedttO'l (guar,)....,...-.....
Oct.
Oct.
com. (guar.)
(guar.)..................
Carbo-Hydrogen of America, pf. (qu.)_
20a
Sept. 20a
Sept. 30a
Sept. 15a
Sept. 23a
14
Locomotive,
Preferred
8
4
Sept-. 15a
14
Preferred
3
(Brooklyn) (guar.)....
Holders of rec. Sept. 20
14
Canadian General Elec., com. (quar.)..
Hanover National (guar.)......,..
Irvine National (guar.)....
National City (quar.)
1
2
..
Sept. 30
Sept, 20a
15 1
14
to
to
Oct.? r2 1
to
Cattornfa Elec. Generating, pref. (qu.).
California Petroleum Corp., pref. (quar.)
Cambria Iron
Canadian
Oct.
Oct.
6
guar.)
(Continued)
14
14
Sept. 30
3
3
(guar.)
Days Inclusive.
Browning Co., prelerred (guar.)
Canadian
Commerce. National Bank of (guar.)...
Books Closed.
Payable.
Brier Hill Steel, preferred (guar.)
British Empire Steel, 1st pref. Ser. B___
Sept. 30
to
Holders of rec. Sept. 14
Fi tli Avenue
Colonial
23a
When
Cent.
Name of Company.
Street and Electric Rya. (Concluded)
Wash. Bait. A Aun. Elec. RR..com.(qu.)
Preferred
[Vol. 113.
$1.50 Oct.
1
14
Oct.
15
14
Oct.
15
1 4
>ct.
15
Sept. 12a
Sept. 25a
rec. Oct.
31a
Holders of rec. Sept. 21a
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
Holders of rec. Sept. 30a
$2.50 Oct.
1
Holders of rec. Sept. 24
14
Oct.
1
14
14
Oct.
1
Holders of rec. Sept. 10
Holders of rec. Sept. 20a
Oct.
1
Holders of
1 u
Oct.
1
$1.50 Oct.
1
Holders of rec. Sept. 21a
Holders of rec. Sept. 20a
Central States Elec. Corp., pref. (quar.)
Certain-teed Products Corp., lstpf.(qu.)
Second preferred (quar.)
Ohaee Couon Mills. Corn, (quar.)
Chandler Motor Car (quar.)
rec.
Sept. 20a
1
Oct.
1
Sept. 21
14
Oct.
1
Holders of rec. Sept. 14a
2
Cincinnati Gas & Electric (quar.)
Cincinnati A Sub. Bell Telep. (quar.)
Oct.
2
Chicago Pneumatic Tool (guar.)
Chicago Railway Equipment (guar.)...
Oct.
1
Sept. 21
25
Holders of rec. Oct.
15a
Oct.
to
to
2
Sept. 30a
....
...............
oct.
l
Holders of rec. Sept. 30a
Holders of rec. Sept. 28
Common (monthly payable In scrip)._s
o
4
Oct.
1
Oct.
1
Holders of rec. Sept.
Common (payable In scrip)
014
Oct.
1
Holders of rec
Sept. 15a
Pref. A pref. B (mthly.) (pay. in scrip)
Extra
United States, Bank of (quar.)
Washington Heights, Bank of (quar.)
o
4
Oct.
1
Holders of
Sept. 15a
24
...
3
30a
Trust Companies.
i
.....
Nov.
1
Holders of
rec.
Oct.
15a
Oct.
1
Holders of rec
Sept. 23a
Common (monthly, payable In scrip).
Common (payable In scrip)
(74
6
fl4
Nov.
1
Holders of
rec.
Oct.
15a
Oct.
1
Holders of
Sept. 24a
Pref. A pref. B (m'thly) (pay. In scrip)
a 4
Nov.
1
Holders of rec,
Oct.
15q
oct.
1
Holders of rec
14 Oct.
1
Holders of
14
.....
Lawyers Title A Trust (quar.)
Manufacturers (Brooklyn) (quar.)
Oct.
1
Sept. 16
UCt.
1
Holders of rec.
Sept. 26
Sept. 20a
3
rec,
—
Sept. 22a
Oct.
2
to
Oct.
1
Oct.
1
Holders of rec,
Oct.
1
City Investing, prei. (quar.)
Holders of rec
,
Cleveland Automatic Mach., pref. (qu.)
Cleveland Union Stock Yards (guar.)...
2
Oct.
1
8ept. 15a
Sept. 29a
Cluett, Peabody A Co., Inc., pf. (qu.)..
Co., prelerred
14
Oct.
1
Holders of
reo
Sept. 20a
Coca-Cola
34
Oct.
1
Holders of
rec.
Sept. 15a
7oc. UCt.
1
Hoiitera of rec.
Sept. 15a
Oct.
16
Holders of rec,
8 pet. 30
Common (extia)...
75c. Oct.
$1
Oct.
Computing-Tabulating-Recordlug (qu.).
Connor (John T.) Co., com. (quar.).... ♦25c.
Oct.
15
Holders of
reo.
Sept. 30
11)
Holders of
rec
Sept. 26a
Colt's Patent Fire Arms Mfg, (guar.)...
Insurance.
Commonwealth Finance Corp.,com.(qu.)
Hanover Fire (guar.)..
♦$1.25 Oct.
1
♦
♦Sept. 25
Oct.
to
2
Miscellaneous.
14
$1
14
Oct.
1
Sept. 20
Oct.
l
Holders of
rec.
Sept. 20a
Consumers Co., preferred.....
24
Oct.
1
Holders of
rec.
1
Oct.
1
Holders of
rec.
Sept. 20a
Sept. 25
2
Oct.
1
Holders of rec. Sept. 25
Consumers Elec. L. & P. (New Orl.)—
Seven per cent preferred (guar.)
Consumers Gas, Toronto (guar.)
14
Oct.
1
2
Oct.
1
Sept. 21
Sept. 21
Oct.
1
Holders of
oct.
10
14
Oct.
14
Oct.
Acceptance A Finance Corp., pref. (qu.).
Acme Road Machinery, common (qu.)..
Preferred (guar.)
——.
Adirondack Pow. & L. Corp. 6% pf. (qu.)
Eight per cent preferred (guar.)
Advance Rumely Co., pref. (quar.)
4
$i
(guar.).-----
Alabama Power, preferred
All America Cables
(quar.)
(quar.)
rec.
to
Oct.
2
to
Oct.
2
rec.
Sept. 15a
Common (extra)
Holders of rec.
Sept. 30a
Preferred
1
Holders of
rec.
Sept. 30
14
Holders of
rec.
Oct.
1
3a
Allied Chem. A Dye Corp., pref. (quar.).
14
Holders of
rec.
AlhB-Chaimers Mfg., common
Preferred (guar.)
l
Nov. 16
Holders of
rec.
Oct.
14
Oct.
16
Holders of
rec.
Sept. 24a
1H
14
Oct.
lu
Holders of
rec.
Sept. 30
Oct.
1
Holders of rec. Sept. 15a
1 4
Oct.
3
Holders of
(guar.)..
American Art Works, com. & pref.
(qu.)
American Bank Note, pref. (quar.)
American Beet Sugar, pref. (quar.)
American Can, pref. (quar.)
Amer. Car A Fdy., com. (quar.)
Sept. 15a
24a
rec.
Sept. 10a
Sept. 15a
Sept. 15a
14
Oct.
1
Holders of
rec.
3
Preferred (quar.)
American Cigar, preferred (quar.)
Amer. Exchange Securities, Class A (qu.)
American Express (quar.)
Oct.
1
Holders of
rec.
IV*
Oct.
1
Holders of
rec.
1
■Holders of rec
1
Holders of rec
Oct.
10
of rec
14
Oct.
1
rec.
1
Oct.
1
Holders of
rec.
2
Oct.
Sept. 20a
Sept. 20a
Sept.30
Sept. 30
1
Sept. 16
to
1
Sept. 16
to
1
Holders of rec.
Oct.
124c. Nov.
1
Holders of rec.
Oct.
Oct.
1
to
Oct.
10
14
Oct.
10
Oct.
1
to
Oct.
10
Crucible Steel, common (quar.)
1
Oct.
31
Oct.
15 a
Cuban-American Sugar, pref. (quar.)...
Davoll Mills (quar.)
14
....
1
Holders of rec
1
Holders of rec.
1
1
Holders of
Oct.
1
Oct.
15
Holders of
rec.
Oct.
Detroit Edison (guar.)
2
Oct.
15
rec.
Dayton Power & Light, pref. (guard
2
Oct.
15
rec.
Dodge Mfg., com. (quar.)
3
Holders of rec. Sept. 24
rec.
(quar.)
14
14
Oct.
Holders of
Sept. 20
Sept. 20
Sept. 17
Dictograph Products Corp., pref. (quar.)
Holders of
1
Oct.
1
Sept. 25
Nov.
1
Holders of
rec.
Oct.
Dominion Canners, pref. (quar.)
14
Oct.
1
Holders of rec
1
Holders of
rec.
Sept. 15a
Dominion Coal, preferred (guar.)
Nov.
1
Oct.
Nov. 15
Holders of
rec.
Nov.
Oct.
1
Holders of
1
Holders of
rec.
14
Oct.
1
Holders of rec
Sept,. 16
Oct.
6
Sept. 19
Sept. 30
Dominion Glass, common (quar.)..
Preferred (guar.)
14
14
75c. Oct.
25c
Holders of
15
la
1
Holders of
rec.
Oct.
1
Holders of rec.
Sept. 24a
Oct.
16
Holders of
rec.
i 4
Oct.
16
Holders of
rec.
1
Holders of
rec.
Oct.
15a
1
Holders of
rec.
Oct.
16a
^
(qu.)..
Preferred (guar.)
American Shipbuilding, common (guar.)
Common (extra)
to
Prelerred
...
Oct.
1
Sept
Oct.
1
Holders of rec.
Nov.
1
Oct.
Dominion Textile, com. (quar.)..
Preferred (quar.)
3
Oct.
1
Holders of
14
Oct.
15
Draper Corporation (quar.)
Duluth Edison Elec., pref. (quar.)
3
14
Oct.
1
Holders of ree,
Sept. 3
Sept. 21
Sept. 30a
Dunham (James H.) & Co., com.
14
Oct.
1
to
Oct.
2
14
Oct.
1
Sept. 21
Sept. 21
to
Oct.
2
14
Oct.
1
Sept. 21
to
Oct.
2
14
14
Oct.
25
Holders of rec. Oct.
10
IK
24
14
14
Nov.
Nov.
1
Holders of rec. Oct.
16 a
Oct.
1
25
14
Oct.
1
Sept. 17
Sept. 17
3
Oct.
1
Holders of
Oct.
1
Holders of rec.
15
to
to
rec.
Sept.
Sept.
Sept.
Sept.
Holders of rec. Oct.
25
16a
16a
Firtt
(quar.)
preferred (quar.)
Second preferred (quar.)
du Pont (E. I.) de Nemours & Co—
Debenture stock
(quar.)
du Pont de Nemours Powder,
Nov.
1
Holders of rec. Oct.
20
Nov.
1
Holders of
20
1
Holders of rec. Aug. 31a
Oct.
la
Common (extra)
24
Oct.
1
Holders of rec. Aug. 31a
Sept. 21
to
Oct.
2
Common (extra)
5
Nov.
1
Holders of
Sept. 21
to
Oct.
2
Preferred
14
Oct.
1
Holders of
14
Oct.
3
Holders of
rec.
4
Oct.
15
Holders of
rec.
Sept. la
Sept. 20a
Oct.
1
Hoiuers of
rec.
Sept.10a
rec.
(quar.)
1
Sept. 21
Elsealohr (Otto) & Bros., Inc., prel.(qu.)
14
Oct.
1
Holders of rec. Sept. 20
Electric Controller & Mfg., com. (quar.)
75c
Oct.
1
14 Oct.
1
Holders of rec. Sept. 17a
Holders of rec. Sept.17a
1
Holders of rec. Sept. 12a
1
Holders of rec. Oct.
15
Holders of
Oct.
10a
15
Holders of
rec.
Oct.
10a
Elec. Storage Battery, com. & pref. (qu.)
3
Oct.
1
Holders of
rec.
Nov.
1
Holders of
rec.
Electrical Securities, preferred (quar.)..
Elk Horn Coal Corp., preferred (guar.)
14
Oct.
Oct.
1
Holders of rec.
Sept. 15a
Sept. 9a
Sept. 9a
14
Oct.
15
UCt.
Preferred
(quar.).
—
Oct.
15
HOiders of rec. Oct.
1
Oct.
15
Holders of
rec
Oct.
1
Sept.
Sept.
Sept.
Sept.
Sept.
30a
Elyria Iron & Steel, preferred (quar.)...
Endicott-Johnson Corp., com. (quar.)..
Preferred
(guar.)
Erie Lighting, preferred (guar.)
Fall River Electric Light (guar.)...
Famous Players-Lasky Corp., com. (qu.)
Preferred (quar.) .J..
Farrell (Wm.) & Sou, Inc., pref. (quar.).
20a
Firestone Tire & Rubber, 6% pf. (guar.)
1
Holders of
1
Sept. 16
rec.
to
Sept. 26
Sept. 2Ua
Sept. 30
.
Oct.
15
14
$1
Oct.
25
Holders of
rec.
Oct.
1
Holders of
rec.
14 Oct.
rec.
1
Holders of
14
Oct.
1
Holders of rec.
2
Oct.
1
Holders of
rec.
14
Oct.
1
Holders of
rec.
Sept. 23a
14
Nov.
1
Holders of
rec.
Oct.
2Pa
2
Oct.
15
Holders of
rec.
Sept.
Sept.
Sept.
Sept.
30a
General Motors, common (quar.)....
4
Holders of
14 Oct.
1
Holders of rec.
Sept.22a
Sept.22a
50c. Oct.
1
Holders of
Sept. 15a
rec.
rec.
*2
Oct.
1 ♦Holders of rec. Sept.20
$2
Oct.
1
Holders of
rec.
Sept.15a
2
Nov.
1
Holders of
rec.
Oct.
14
Oct.
1
14
Oct.
15
Holders of rec. Sept. 20
Holders of reo. Oct.
la
Holders of rec. Nov
15a
1
Nov. 15
Oct.
1
Holders of rec. Sept. 20a
Oct.
1
14
Oct.
Holders of reo. 8ept. 17
Holders of rec. Sept. 17
General Cigar, deb. pref. (quar.)
14
Oct.
1
General Electric (guar.)
2
Oct.
15
to
Sept. 21
to
Oct.
15
Holders of
rec.
14
Oct.
1
Holders of
rec.
Sept. 15a
14
Oct.
1
Holders of
rec.
2
Oct.
1
Holders of
rec.
Sept. 15a
Sept. 15a
14
Oct.
1
Holders of
rec.
Sept. 15a
Gold A Stock
2
Oct.
1
Holders of
rec.
Sept. 21a
15
Holders of
Goodrich (B. F.) Co., pref. (quar.)...
Goodwins, Ltd., preferred (quar.)
1
1
14
Sepi.21
15
Oct.
$1.25
14
1
Oct.
la
Holders of rec. Sept. 22a
14
1
Dec.
18a
1
Seven per cent preferred (quar.)..—.
Oct.
Oct.
Holders of rec. Dec.
Oct.
General Amer. Tank Car, pref. (quar.)..
General Baking, common (guar.)
Preferred (quar.)
UCt.
14
10
Sept. 30
17a
20a
2
2
75c. Dec.
to
20a
14
20
Aug. 31a
Oct.
Oct.
to
Sept. 30a
rec.
14
Oct.
Sept. 16
rec.
Edmunds & Jones Corp., pref. (quar.)..
Oct.
(guar.)
rec.
1
2
...
Holders of rec,
1
14
Bourne Scrymser Co. (annual!
1
8ept.30
Oct.
14 Oct.
pref. (guar.)
,
Oct.
14
Billings A Spencer Co.
Borden Co., preferret
Nov.
Sept. 15
rec
Holders of rec
Oct.
2
Bethlehem Steel, common (guar.).
Common B (guar.)
Oct.
1
Sept. 10
14
$1
Armour & Co., preferred (guar.).
(guar.)
to
to
24
(qu.)
(quar.)
14
Preferred
1
21
16
14
com.
Preferred (guar.)
Eastman Kodak, common
Oct.
14
...
1
Sept. 1
14
1
Barnhart Bros. A Spiuuier—
First and second preferred (guar.).
.
14
14
14
(guar.)
Barnet Leather, pref. (guar.)
Nov.
Sept. 15
rec.
1
14
Prelerred
8ept. 17
Dominion Iron & Steel, pref. (quar.
14
Babcock & Wilcox Co.
.
to
Dominion Oil (monthly)
14
Nov.
2
(guar.)
Sept. 30
to
16
Dominion Steel Corp., pref. (guar.)
Oct.
75c. Oct.
com.
Holders of rec,
Sept. 30a
to
14
(guar.)
Sept. 30a
Sept. 30a
1
Oct.
Oil
to
1
IK
1K
14
Amer. Public Service, pref. (quar.)
Auburn Automobile,
Sept 15a
Oct.
1
rec.
rec
Oct.
rec.
Associated
21
Oct.
Holders of
Preferred (guar.)
Sept.
Holders of
Sept. 10a
Sept. 24a
Sept. 20a
Oct.
1
Arlington Mills (guar.)
,
Holders of rec
Oct.
3
Light, pref. (quar.)
(guar.).
Holders of rec
Oct.
14 Oct.
Oct.
14
2
14 Oct.
Prelerred
3a
10
Detroit & Cleveland Navigation (quar.).
Detroit Creamery (guar.)
5a
3a
50c. Oct.
Creamery Package Mfg., com. (qu.)
Preferred (guar.) —........w
Sept. 16a
Sept. 21a
8ept. 17
Sept. 15
Preferred
Sept. 20a
Oct.
14
624c. Nov.
rec.
reo.
com.
Holders of
rec.
Holders of
Founders,
(guar.)
1
rec.
1
Amer. Type
4a
Oct.
Holders of
1
American Sugar Refining, prei. (quar.)
Oct.
Holders of
15
American Stores, common (quar.)
First and second prelerred (quar.)
Holders of rec,
Holders of
Oct.
....
15
1
Oct.
(quar.)..
4a
Oct.
1
Oct.
common
.....
Oct.
1
IK
(quar.)
(quar.)..
Cosden A Co., no par val. common (gu.)
Common (par value $5) (quar.)
Holders of rec.
Oct.
2
SduIi,
Corona Typewriter, first pref.
Second preferred (quar.)
20
rec,
Oct.
IK
Prelerred
—
4a
Oct.
2
—
Holders of rec. Oct.
14
Cornell Mills (quar.)
20
Oct.
Amer. Laundry Machinery, pref. (qu.)
American Multlgrapb, pref. (quar.)
American
Sept. 15a
Holders of
1
Oct.
14
14
American Lace Manufacturing (guar.)..
Preferred (guar.)
10 ♦Holders of rec.
Oct.
SI
2
IK Oct.
Amer. Smelt. Secur., pref. A (quar.)
Preferred B (quar.)
Sept. 21a
2
(quar.)
Amer. Seeding Machine, common
Sept.30
rec.
14
American Hawaiian 83. (quar.)
Am. La France Fire Eng..Inc., com.(qu.)
American Screw (guar.)
Sept. 15a
2
Amer. Gas A Elec., common (quar.)
Preferred (quar.)
Amer. Power &
*$1.25 Oct.
Holders of
Sept. 20
50c.
„•
(quar.)
Extra
2
Sept. 16a
Sept. 15a
Sept. 17
American Fork & Hoe, 1st pre!
34
Amer. Fuel & Oil Transp., pref. (qu.)__ p20o.
Pref. (July div. deferred—pay In scrip) 020c.
Pre 1 erred
Oct.
Continental Can, preferred (guar.)
Corn Products Refining, com. (guar.)..
Sept. 19a
rec.
Oct.
Cons. Gas El. L. & P., Balto., com. (qu.)
2
Holders of
Holders of
♦34
Abltlbl Power A Paper, Ltd., pref. (qu.)
Acadia Mills (g uar.)
..............
rec.
Sept. 20a
Holders of rec
2
4
(quai.)
U. S. Mortgage & Trust (guar.)
Air Reduction
Sept.15a
rec
rec,
54
.............
Central Union (guar.)....
Fire
Holders of
6
Bankers (quar.)
Brooklyn (quar.)...
Mercantile
Cities Service—
rec.
Holders of
Sept. 18
rec.
to
Dec.
Holders of rec. Sept. 24a
Holders of rec. Sept.
9a
Nov.
1
Holders of rec. Oct.
3a
30
Six per cent
Nov.
1
Holders of rec. Oct.
3a
Six per cent
preferred (quar.)
debenture stock (quar.)..
14
30
14
Nov.
1
Holders of rec. Oct.
3a
30
Seven per cent debenture stock (quar.)
14
Nov.
1
Holders of rec. Oct.
3a
General Railway Signal, pref. (quar.)..
14
Oct.
1
Holders of
General Tire A Rubber, pref. (quar.)..
14
14
Oct.
1
Holders of rec. Sept. 20a
la
Sept. 15a
Oct.
25c.
1
14
Godchaux Sugar, Inc.. pref.
Sept. 20
...
Oct.
1
Sept.
14
(quar.)...
Telegraph (guar.)
Goulds Mfg.. com. (quar.)
Preferred
(quar.)..
rec.
Oct.
1
14
14
14
Oct.
1
Holders of rec. Sept. 30a
Holders of reo. Sept. 21a
Oct.
1
Holders of
Oct.
1
Holders of ree. Sept.20
14
Oct.
1
Holders of ree.
/
18
to
rec.
Oct.
14
Sept.22
Sept.20
Oct.
1
1921.]
THE
CHRONICLE
Per
When
Books Closed.
Cent.
Name of Company.
Payable.
Days Inclusive.
Per
Name of
Miscellaneous {Continued)
Goudey Gum, preferred (qiuir.)
Grant Lees Gear Co., pref.
(quar.)
Great Lakes Steamship (quar.)
Great Lakes Towing. preferred
(quar.)—
Great Western
2
Sugar, pref. (quar.)
2
Holders of rec. Sept. 15a
Holders of rec. Sept. 24
Holders of rec. Sept. 15
Oct.
1
Oct.
20
Holders of rec.
Sept. 15a
Holders of rec. Oct.
JOa
1
1
$112 X Oct.
1
IX
Oct.
1
24
Oct.
1
IX
Oct.
1
IX
1>2
IX
Oct.
1
Oct.
15
Oct.
15
1
Oct.
7
Oct.
1
1f •'
Oct.
1
Sept. 18
to
Oct.
2
IX
14
Oct.
1
Sept. 18
to
Oct.
2
(quar.)
Preferred (quar.)
Hovey (C. F.) Co., preferred (quar.)
Howe Scale, common (quar.).
Preferred (quar.)——.———
*1X
—
—
Huntington Devel. & Gas. pref. (quar.).
Hupp Motor Car Corp., pref. (quar.)...
Ide (Geo. P.) Co., pref. (quar.)
Independent Pneumatic Tool (quar.)...
rec.
Sept. 20a
Ho.ders of rec. Sept. 30
Holders of rec. Sept. 30
Holders of rec. Sept. 22
"Holders of. rec. Sept. 23
Holders of
rec.
Sept. 16
1
Holders of
rec.
Sept. 20
Holders of rec. Sept. 15a
2
.....
J
1
./<
,
Lodes of
1
t.
10c. Oct.
1
IX
IX
IX
International Salt (quar.).....
(quar.).....
Oct.
Oct.
1
Oct.
1
$2
(quar.)
15
Oct,
1
Sept. 22
Sept.18
rec.
to
Sept. 2la
Sept. 30
Sept. 30
to
Holders of rec. Sept. 15a
Holders of rec.Sept. 2<ia
Holders of rec. Sept. 20
Hoidtvs of rec. Sept, 15a
Holders of ree. Sept. 23a
$1.50 Oct.
pref.
1
1
Holders of rec. Sept. 20a
Oct.
1
j
IX
Oct.
1
IX
Oct.
1
1H
Kaufman Dept. Stores, pref. (quar.)..
Kaynee Co., pref. (quar.)....
Kayser (Julius) & Co., common (quar.)
2
First and second preferred
(quar.)...
Kelly-Springfield Tire, pref. (quar,)...
IX
Kerr Lakes Mines, Ltd.
(quar.)
IX
...
Knight (jb. B.& R .), Inc., pref. (quar.).
Bakery, preferred (quar.)
Kresge (S. S.) Co., preferred (quar.)...
Kress (S. H.) A Co.. preferred
(quar.)..
2
Kolb
IX
IX
IX
IX
IX
IX
2X
Kroger Grocery A Baking Co., pref. (qu.)
Eight per cent pref, (quar.).........
Laurentide Co., Ltd. (quar.)._._......
Lawyers Mortgage Co. (quar.)———.
Lehigh Valley Coal Sales (quar.)...
Liberty Steel, preferred (quar.)
com.
(quar.).
$2
—
.
Sept. 2<va
Oct.
Folders of
rec.
Oct,
rec.
Sept. 16a
15
Oct.
1
la
Holders of rec. Sept. 20a
>ut,
t
Holders of rec.
Oct.
1
Oct.
1
Oct.
1
Holders of rec. Sept. 17
Holders of rec. Sept. 17a
Holders of rec. Sept. 20a
Oct.
1
Sept. 24>i
Oct.
rec.
to
rec.
Sept.
Sept.
Sept.
Sept.
Sept.
22d
15
Sept. 30
Sept. 30a
Holders of rec.
Holders of
rec.
Sept. 30a
Sept. 7a
Sept. ' 7a
Sept. 23a
IX
Oct.
1
Oct.
Holders of
rec.
IX
Oct.
Holders of
rec.
Oct.
Holders of rec. Sept. 151
IX
$1
Holders of
Oct.
rec.
Holders of rec. Sept. 20a
Holders of rec. Sept. 19a
Holders of lec. Sept. 30a
Oct.
Oct.
Massachusetts Ltg. Cos., 6% pf.
(qu.)..
Eight per cent preferred (quar.)
Maverick Mills, pref. (quar,)
2
IX
Oct.
May Department Stores, pref. (quar.)..
McCrory Stores Corp., pref. (quar.)..,
Holders oi rec. Sept. 26
Holders of r<c. Sept. 19a
IX
IX
Oct.
Holders of
Oct.
Mexican
Holders oi rec. Sept. 19
3
Oct.
Holders of
rec.
2
Oct.
Holders of
rec.
3
Oct.
Holders of rec.
2
Oct.
com.
IX
(quar.)......
...
Middle States OH Corp.
(quar.)
Mill Factors Corp., Class A
(quar.).....
Mississippi River Power, pref. (quar.)..
Monatlquot Rubber Works, pref. (quar.)
Mono mac
Spinning (quar.)
....
National
Breweries,
common
Holders of rec.
Holders of
rec.
Oct.
Holders of
rec.
Oct.
Holders of
rec.
X
IX
IX
Oct.
2
Oct.
15
Holders of
rec.
Oct.
1
Holders of
rec.
20c. Oct.
1
Holders of rec.
f
20c
Nat. Paper & Type, common &
pf. (qu.)
National Refining, preferred
(quar.)
National Sugar Refining
(quar.)
National Surety
(quar.)
Niagara Falls Power, pref. (quar.)
Niplselng Mines Co. .Ltd. (quar.)
Oct.
Sept. 15a
Sept. 20a
Oct.
1
Holders of rec.
Oct.
1
Holders of rec. Sept. 15a
Holders of rec. Sept. 24a
IX
Oct.
2X
IX
Oct.
1
Oct.
15
1
Sept. 30a
Sept. 15
Oct.
1
Holders of
IX
Oct.
1
Nov. 30
Deo.
81
Oct.
15
Holders of rec. Deo. 10'
Holders of rec. Sept. 30a
2
Oct.
15
Holders of
2
Oct.
1
Holders of rec.
Oct.
3
Holders oi rec. Sept. 10
Holders of rec. Sept. 20a
Holders of rec. Sept. 20a
new com. A
2
$4
Oct.
1
Oct.
1
Oct.
1
Oct.
15
IX
pf. (qu.).
Oct.
15
Oct.
20
75c. Oct.
3
1
rec.
Holders of rec. Nov. 10a
Sept. 24
rec.
to
Sept. 30a
Sept. 15a
Sept. 30
Holders of rec. Sept.
Holders of rec. Sept.
1
to
Oct.
Holders of rec. Sept.
Oct.
20
30a
17
15a
(quar.)._.
Orpbeum Circuit, Inc., common (quar.)
Prelerred (quar.)
Otis Elevator, common
(quar.)
Prefeired (quar.)
„
.....
Manufacturing (quar.)
Ottawa Light, Heat A Power
(quar.)...
Owens Bottle, common
(quar.)
(quar.)
„,
(qu.)
com.
Steel,
common
(quar.).
Preferred (quar,).—.
............
rec.
Holders ol
rec.
Holders of
rec.
Sept. 15a
Sept. 30a
Sept. 30a
Oct.
Holders of
rec.
Sept. 15
IX
Oct.
Holders of rec. Sept. 26
Holders of rec. Sept. loa
50c. Oct.
Oct.
Holders of
rec.
Sept. 15a
IX
IX
Oct.
Holders of
rec.
Sept. 30a
Oct.
•14
Oct.
IX
Oct.
Oct.
1
Oct.
to
15
•Holders of rec. Sept. 15
Holders of rec. Sept. 19
Holders of rec. Sept. 21a
$1.50 Oct.
Oct.
Holders of
50c. Dec. 31
1
rec.
Sept. 20a
Holders of
rec.
Dec.
Hoiuers of rec. Nov.
Holders of rec. Oct.
Holders of
rec.
1
5
21
Sept. 10a
Holders of rec. Sept. 19
Holders of rec. Sept. 16a
IX
Oct.
IX
$1 •
Oct.
Holders of
rec.
Sept. 21a
Oct.
Holders of
rec.
8ept. 20a
Oct.
Oct.
reo.
Oct.
Oct.
—
to
Sept. 23
Sept. 30
Holders of rec. Sept. 15a
Holders of
rec
.Sept ,d25a
Holders of
rec.
Oct.
Hqlders of
rec.
Oct.
Holders of
rec.
Oct.
reo.
Holders of
rec.
Holders of
reo.
Holders of
rec.
Oct.
Oct.
Nov.
IX
15
Oct.
Dec.
15
Oct.
Holders of' ec. i?ept, 15a.
Oct.
Holders of
Holders of
374c Oct.
IX
Oct.
Sept. 23
IX
Oct.
Holders of
1*
ict.
IX
rec.
rec.
to
rec.
Oct.
Sept. 20a
reo.
Holders of reo. Sept. 22a
to
Sept. 30
Oct.
1
to
Oct.
5
Sept. 21
Oct,
Oct.
Oct.
1
to
Oot.
5
Holders of rec. Sept. 15
Oct.
Oct.
Sept. 23
to
8ept. 23
to
Oct.
Holders of
Oct.
Holders of
rec.
Oct,.
Holders of
Sept. 30
Sept. 30*
rec.
1 Vx
roc.
Holders of
rec.
Oct.
Holders of
rec.
-' L«■
15
14
IX Oct. 15
$1
hi
JOti.
Holders of
Sept. 21
rec.
Sept. 28a
to
Oct.
2
Holders of rec. Sept. 19a
Holders of rec. Sept. 19a
Oct.
IX
$1
Sept. 27a
Sept. 27a
Holders of ree. Sept. 30a
Holders of rec, Sept. 30a
$1.25 Oct.
24
Sept. 20a
Sept. 20a
Sept. 30a
Holders of rec. Sept. 30a
Oct.
Oct.
Oct.
Holders of
$1
Oct.
Holders of
IX
Oct.
rec.
Sept. 30a
rec. Sept. 30a
Holders of rec. Sept. 20a
Holders of rec. Sept. 20
IX
Oct.
2
Oct.
Holders of
IX
Oct.
Sept. 21
IX Oct.
Holders of
Oct.
rec.
to
rec.
Sept. 20a
Sept. 30
Sept. 23a
2
com.
(qu.)
Oct.
Holders of rec. Oct, 25a
Holders of rec, Sept. 26
XX
(quar.).
Preferred (quar.)
Oct.
Holders of
(1
Holders of
Oct.
Holders of reo.
Oct.
Holders ol roc. Sept. 10a
Holders of rec'. Sept. 25
IX
Oct.
(quar.)
Sept. 26
Holders ol rec. Oct.
Oct.
Youngstown Sheet
com. (quar.)
rec.
Oct.
IX
14
Woolworth (F. W.) Co., pref.
(quar.)...
oWrigley (Wm.) Jr. Co., com. (mtbly.)
o Preferred
(quar.)
YaleA Towne Mfg. (quar.)
Tube,
2
Holders of
Oct.
Wiuchester-Hayden, inc., prel. (quar.). 874e.
common
Oct.
Sept. 30
Sept. 30a
IX
Worthington Pump A Mach.,
Sept. 20
Sept. 20
Ho iters of rec.
Oct.
2
iorp.. preferred (quar.)
(quar.)..
15a
8ept. 19a
Sept. 16a
2
Wilson & Co., Inc., pref.
(quar.)
3a
Nov. 15
20c
(quar.)
3a
8ept.
Sept. 8a
Sept. 30a
Sept. 30
rec.
50c
Whitaker Paper1, preferred (quar.)..
Whitman (William) Co., Inc., pf.
(qu.)_
Williams Tool Corp., pref. (quar.)
Wilson (C. R.) Body Co.,
pref.
17«
rec.
IX Oct.
com.
30a
30a
I *2
$1.50 Oct.
Westinghouse Elec. A Mfg.,
Preferred (quar.)...
30
30
50c
IX
(quar.)
26
Holders of rec.
Holders of rec. Sept. 20a
Holders of rec. Sept. 30a
Holders of rec. Nov. 30a
Oct.
874c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept. 21
to
Holders of rec. Oct.
•Holders of
Holders of
Oct.
2
50c
$1
$1
(quar.)
A
Holders of
Oct.
10
Western Union Telegraph
(quar.)
Westingnouse Air ttrake (quar.)......
Westmoreland Coal (quar.)
Weyman-Bruton Co., common (quar.)..
Preferred (quar.)
Preferred
to
Oct.
*14 Dec.
14
Oct.
(quar.)
Wtnnsboro Mills,
rec.
to
Oct.
IX
oud preferred (quar.)....
<
Holders of
Sept. 21
Sept. 21
FCt.
14
Sept. 24a
Sept. 20a
Sept. 19a
Holders of rec. Sept. 10a
Oct.
1
to
Oct.
9a
Holders of rec. Sept. 22a
21
Oct.
24
—
common
reo.
IX
24
IX
Waldorf System, Inc., com.
(quar.)
First preferred and pref.
(quar.)
Warren (Charles) Co. of
Delaware,
Kootenay,
'
IX
Wabasso Cotton (quar.)
Wahl Co., preferred
(quar.)
Preferred (quar.)
Preferred
Holders of
IX
Vlctor-Monaghan Co., pref. (quar.)
Victor Talking Machine, common.
Sept. 15a
Holders of
Oct.
IX Oct.
reo.
Holders of
1
Utilities, preferred (quar.)
rec.
2
Holders of
Oct.
IX
(quar.)..
Holders of
IX
Oct.
.
(quar.)
Oct.
Oct.
2
■
Preferred B
IX
Oct.
$1
Apr. 29m
90c. Oct.
out.
$1.25 Oct.
.....
United Gas Improvement, com.
(quar.)
Preferred (quar.)
United Retail Stores Corp., com
(quar.)
United Shoe Machinery, com,
West
Jan.»21a
5c
(quar.)
aim *e
roc.
Holders of ree. Sept. 22a
Holders of rec. Sept,
5
Holders of rec. Sept. 19
Holders of rec. Sept. 24a
15c. Oct.
Second pref. (quar.)
First,
Sept. 30a
Sept. 20
Sept. 10
5c.
United Dye wood Corp., common
(quar.
Preferred (quar.)
West Coast Oil
rec.
Holders of
'Ct.
rec.
Holders of
IX
Union Stock Yards of Omaha
(qaar.)...
United Drug, 1st prel.
Preferred (quar.)
rec.
Holders of
Oct.
4
Union Carbide A Carbon
(quar.)
Union Natural Gas (quar.)
United
Holders of
IX
Underwood Computing Mach., pf.
(qu.)
Underwood Typewriter, com.
(quar.)
Preferred (quar.)
Fruit
Holders of rec. Sept. 20a
5
Oct.
(quar.)
....
United
Oct.
Aug. 26
Aug. 26
2
Preferred (quar.)
Tuckett Tobacco, Ltd., common
(quar.)
Preferred (quar.)
rec.
Oct.
Oct.
IX
(qu.)...
Holders of
Nov.
Phelps, Dodge A Co. (quar.)
Pick (Albert) A
Co., preferred (quar.)..
Pittsburgh Plate Glass, com. (quar.)...
Pittsburgh Rolls Corp., pref. (quar.)
$1
1 va
(quar.).—.......
Nov. 15
pf.(qu.)
Holders of rec. Sept. 15
Holders of rec. Sept, 30®
Preferred (quar.)
Preferred A
IX
Pennsylvania Water & Power
(quar.)...
Pettlbone Mulllken Co., 1st A 2d
Oct.
rec.
rec.
rec] Sept. 21
IX
Thompson (John R.) Co.,
31n
2
(quar.)
...
IX
14
Jan.
Penman*. Ltd.,
common
Holders of
$1.20 Feb.21n
rec.
2
Penn Central Light A
Power, pref. (qu.).
Pennsylvania Power A Light, prel.
(qu.)
♦Holders of
♦Holders of
.
Holders of
Panhandle Prod. A Ref-, pref.
(quar.)..
Peerless Truck A
(quar.)..
Oct.
2
31
Oct.
8ept. 15
Sept. 15
rec.
Out.
Swift A Co.
Oct.
IX
Oct.
10c. Oct.
2
Oct.
Sept. 20a
2
of rec.
5
(quar.)...
rec.
2
Holders
Oct.
Steel & Tube Co. of America, pref.
(qu.)
Sterling Oil A Development (quar.)
Stover Mfg. & Engine, common
(quar.).
rec.
1
Oct.
Oct.
*3
Holders pf rec. Sept. 26
50c. Oct.
Sept. 15a
Sept. 30
Sept. 23
*1
—
Holders of
IX
Pacific Gas &
Electric, common (quar.).
Pacific Teleph. &
Teleg., pref. (quar.)..
Paige-Detroit Motor, prelerred (quar.).
Panama Power & 1
.ight, pref. iquar.).
Pan-Amer. Petrol &
Tr., comAcmB
com.
(quar.)..
Extra
Holders of
1
.....
Motor,
Standard Oil (Ohio)
1
Mayl5n
rec.
Holders of rec. Sept. 17a
Holders of rec. Sept. 23
Holders of reo. Sept. 23
Oct.
2
Standard Screw, common (quar
Standard Textile Prod., pf. A & B (qu.)
Stearns (F. B.) Co., common
1
IX
Oct.
Holders of rec. Sept. 19
Sept. 16
to
Oct,
2
>cl.
IX Feb. lor*
Preferred
IX
IX
Holders of
Nov. 15
IX
rec.
Oct.
Oct.
IX Oct.
pref. (quar.)
Ontario Steel Products,
pref. (quar.)
Prelerred
(quar.)
rec.
"Holders of
Holders of
IX
rec. Sept. 23
Holders of reo.Sept.dl6a
Oct.
Holders of rec. Sept. 15
MX
Holders of
Holders of
Holders of rec.
Sept. 19a
Holders of rec. Sept. 20a
1
Holders of rec. Sept. 30a
Holders of rec.
Holders of rec. Sept. 15'
Holders of reo.
Sept. 21a
Oct.
Oct.
U. S. Automotive Corp.,
prel. (quar.)..
2
Oct.
14 Oct.
IX
Oct.
Oct.
*1X
U.S. In lustrial Alcohol p ef.
(quar.).—
U. S. Printing & Lltho., 1st
pref. (qu.)..
Universal Leaf Tobacco, prelerred
Sept. 30
Sept. 19
Holders of rec. Sept. 16a
Holders of reo. Sept. 24
Holders of rec. Sept. 15
Oct.
2
20
Sept. 24
Sept. 20a
Sept. 14a
Oct.
Oct,
IX
(Kentucky) (quar.)
21
Holders of rec. Sept. 14a
Holders of rec. Sept.20a
3
Ogtivie Flour Mills (quar.)
Ohio State Telephone,
(quar.)
10a
Sept.15
3
21a
$1
3
New River Co., pref. (acct. accum.
divs.)
New York Title A
Mortgage (quar.)
New York Transit
Preferred
21a
1
reo.
15
15
Standard Oil
Western Power
Preferred
(quar.)
National Fuel Gas (quar.)
Preferred
Sept.
Sept.
Sept.
Sept.
Sept.
IX
.....
Common (quar.)
Ottawa Car
8ept. 15a
2X
(quar.)
Nat. Enameling A Stamping
Co.,
Sept. 26
IX
IX
Preferred
North Amer.
rec.
Oct.
$1
(quar.)
Holders of
rec.
Oct.
$1
Montgomery Ward & Co., pref. (quar.).
Montreal Telegraph
(quar.)......
Nat. Automatic Fire Alarm of Cln.
(qu.)
National Biscuit, common
(quar.)
uet.
rec.
IX
Morris (Philip) Co
Narragansett Electric Lighting (quar.)..
Nashua Manufacturing,
pref. (ouar.)...
Holders of
IX
Montana Power, common
(quar.)
Preferred
(quar.)
Mountain Producers Corp.
(quar.).....
Murray Ohio Mfg., prelerred (quar.)...
Oct.
Nov.
15
15a
Spicer Manufacturing, preferred (quar.).
Trumbull
Homer* of rec.
rec.
15a
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 20
Holders of rec. Sept. 15
Oct.
2
Oct.
19a
11(Hers of
Oct.
(quar.).
Sept. 20a
Sept. 20
Oct.
reo.
IX
pref. (quar.)..
Southwest Penn. Pipe Lines (quar.)....
rec.
Sept. 15a
Sept. 15a
*
12
15
Holders of
30
Oct,
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
oct.
Second preferred (quar.)
rec.
20
reo.
to
IX
South Porto Rico Sugar,
30
20
M>V.
IX
Sloss-Sheffield Steel A Iron, pref.
(qu.)._
Soden (G. A.) & Co., 1st pref.
Holders of
$1
rec.
Holders of
2
Suaffer Oil A Refining, prel.
(qUai.J.
Shawinlgan Water & Power (quar.).....
Holders of
rec.
IX
Holders of
IX
(quar.)..............
Holdeis of rec. Sept. 15a
Holders of rec. Sept. 15a
rec.
Homers of
..
1
Oct.
Holders of
30c. Oct.
Safety Car Heat. A Ltg. (quar.)
Sears, Roebuck & Co., preferred (quar.).
Nov.
Mackay Companies, com. (quar.)
Preferred (quar.)
Mallinson (H. R.) A Co., Inc., pf.
(qu.).
Manatl Sugar, preferred
(guar,)
Oct.
IX
Oct.
Holders of
15
rec.
IX
„
Oct. 15
rec.
Holders of
$1
IX
rec.
rec.
oct,
Oct.
Holders of
1
_
3
Holders of
"Holders of
Oct.
2X
1
Oct.
Holders of
Sept. 25
30c. Oct.
Thayer-Foss Co., preferred (quar.)..
Holders of
IX
(quar.)..
.
Tecumseh Mill* (quar J
Texas Chief Oil (monthly).
1
(quar.)
Petroleum,
.
Holders of rec. Sept. 15a
Holders of rec. Sept. 23
10
Oct.
Rieh-Sampliuer Kuitwiig Mills, pf. (qu.)
Robbins & Myers Co., pref:
(quar.)...
Robinson (Dwight P.) A Co., Inc.,
Holders of
»<:t.
rec.
31
5c. Oct.
1
Holders of
2
Holders of
1
1
Oct.
1
,
3
Sept. 21
IX
Oct.
*14
out.
IX
(quar.)
Lyail (P.) A Sons Const, (quar.)_._
MacAndrews A Forbes, com. (quar.)..
rec.
14
Oct.
Oct.
Holders of
2
(quar.)
Swift International
Oct.
IX
1
...
Oct.
Nov.
Oct.
14
IX
IX
Republic Motor Truck, pref. (quar.)..__
Reynolds (R.J.) Tobacco, con. iquar.)..
Holders of rec. Sept. 15a
rec.
Sept. 30a
Sept. 25
1
15
Regal Shoe, preferred (quar.)..
First preferred
rec.
Oct.
Oct.
Reo Motor Car, common (quar.)
Republic Iron & Steel, prelerred (quar,).
.
Sept. 30a
Oct.
(quar.).
Reece Buttonhole Machine (quar.)
..
rec.
3
Quaker Fats, prelerred (quar.)
.
Sept. 23a
Holders of
$1
(quar.)
Pure Oil, 5X% preferred (quar.)
Six per cent preferred (quar.)
Eight per cent preferred (quar.)
-
rec.
Holders of rec. Sept. 30a
31
2*
Preferred
„
Holders of
31
Oct.
..........
Co., Ltd. (quar.)
Gamble, preferred (quar.)
Preferred
(quar.).
Rlchman Bros. Co. (quar.)
1
Oct.
2
Thompson-Starrett Co., pref..
Tobacco Products Corp., pref.
(quar.)
Tonopah Extension Mining (quar.)...
Tonopah Mining
Torrlngton Co., common (quar.).
Traylor Engineering A Mfg., pref. (qu.).
Prelerred
Preferred
374c Oct.
Price Bros. &
Procter A
2<a
Holders of rec. Oct.
Oct.
...
Manhattan Electrical Supply
(quar.)...
Manhattan Shirt, preferred (quar.)
Manufacturers' Light A Heat (quar.)...
Holders of fee,
Holders of
Oct.
*2
Co, (quar.)
Loose-Wiles Biscuit Co., 1st pref. (qu.).
Second preferred (quar.)
Lortliard (P.) Co., common (quar.)
s
Sept. 22
1
.
2
...
Liggetts International, Ltd.
(guar.)_.__
Liggett A Myers Tobacco, pref. (quar.).
rec.
Holders of rec. Sept. 20
Holders of rec. Sept. 20a
IX
IX
—-
(quar.)....
otoer* of
1
Nov,
Oct
12Xc
King Philip Cotton Mills (quar.)
1
Oct.
IX
Days Inclusive.
3
Providence Gas (quar.)...
Provincial Paper Mills, common
Holders of rec. Sept. 23a
IX Oct.
(quar.)
Kansas Gas & Electric, preferred
(quar.)
Books Closed.
Payable.
Reece Folding Machine (quar.)
1
ct.
Prairie Pipe Line (quar.)
Holders of
1
Oct.
Miscellaneous (Concluded).
Creek Coal (quar.)
Prairie Oil A Gas (quar.)...
Extra
Ranger Texas Oil (monthly)
Oct.
34
Pond
Holders of rec. Sept. 26
Holders of rec. Sept. 17a
Holders of rec. Sept. 17a
Oct.
$2
Interlake Steamship (quar.)
International Buttonhole Maeb. (quar.)
Internat. Harvester, common (quar.)..
Internat. MotorTruck,lst&2dpref.(qu.)
Island Creek Coal, com.
rec. Oct.
11
Holders of rec. Sept. 15a
Holders of rec. Sept. 20a
IX
Indianapolis W.W.& Securities, pref...
..
Oct.
"Holders of
2
—
Preferred
Oct.
Nov.
Holllnger Consolidated Gold Mines
Loew's Theato
to
Oct,
(quar.)
Hendee Mfg., pref. (quar.)
Hiilcrest Collieries, common
Preferred
Sept. 16
*1X
iquar.)..
Library Bureau,
3
*Moide s of rec. Sept. 20
1
Oct.
Oct. ■V 1
IX
14
Heath (D. C.) A Co., pref.
(quar.)
Helme (George W.) Co., corn,
Preferred
1
Holders of rec. Sept. 24
Holders of rec. Sept. 15a
$1
Haskell & Barker Car (quar.)
Haverhill Gas Light (quar.)
Jones Bros. Tea,
1
Oct.
1H
1
Oct.
2
Gulf States Steel, first pref. (quar.)
Harbison-Walker Refract, pref. (quar.).
Harris Bro3. Co.. preferred
(quar.)
1
Oct.
Oct.
IX
IX
Greeloek Co., prelerred (quar.)
Greenfield Tap & Die, pref. (quar.)
Preferred
Oct.
IX
*2
When
Cent.
Company.
IX
50c. Oct.
IX
rec.
5a
Sept. 20a
Sept. 20a
Oct.
Holders of rec. Sept. 25
5
Oct.
Holders of rec.
50c
Oct.
Holders of
1
rec.
Holders of rec.
Sept. 23
Sept. 20a
Sept. 20a.
*
From unofficial sources,
t Tne New York Stock Exchange has ruled that stock
will not be quoted ex-dlvldend on this
date and not until further notice,
a Transfer
books not closed for this dividend,
b Less British
Income
tax.
Payable in stock.
count oi accumulated
a Correction.
Payable in common stock,
o Payable In
dividends.
< Payable
In
Liberty or
scrip,
h On ao«
Victory Loan bonds..
j un account of accumulated dividends and
payable In first preferred stock.
k Less 10 cents
per share for legal expenses.
I Declared 4%
payable in quarterly Installments beginning with Oct. 15 1921.
m Dividend la 20 French
francs per share,
n 1922.
o Dividends of
5dc. a moutn declared on common stock,
payable on the first day
of each month to holders of record
on the 25th day of the month
preceding date ot
payment.
Also three quarterly dividends of
14% each on the preferred stock!,
payable July 1, Oct. 1 and Jan. 1 1922 to holders of record
June 25,
ept. 25 and
Dec.
p
25. respectively.
Transfers received In order In Londonon
payment of dividend
s
Decla ed
14% each
of record
on
7%
to transferee,
r
or
hefore Sept
10 will be In time fo
Payable In Victory 44% bonds at par.
;
on common stock payable in qua terly Installments as
follows"
Dec. 1 1921, March 1 1922, June 1 1922 and
Sept. 1 1922, to holders
Nov. 151921, Feb. 151922, May 15.1922 and
on
Aug. 151922, respectively.
Railroad,
&. Foreign
Bonds.
Clearing House Banks.—We give below a sum¬
showing the totals for all the items in the Boston
Clearing House weekly statement for a series of weeks:
Stale, Mun.
be..
Bonds.
Stock*.
Sept. 20 1921
Par Value.
Share*.
Boston
mary
forward from page 1448.
weekly and yearly.—Brought
Week ending
daily,
York Stock Exchange
Transactions at the New
[Vol. 113.
CHKONICLE
THE
uu
/ B08T0N
S.
U
CLEARING HOUSE MEMBERS.
Bond$.
Sept. 24.
J3.211.000
411.960
_ —
479,925
454,650
32,040.500
Friday....-..-.-.
428,847
1,333,000
1.176.000
1,329,000
38.737,000
----
224,900
—
Monday
487,904
...
Tuesday.
_
Wednesday...
.
Thursday
82,525.000
14.167.000
14,802,000
12,592,000
13.715,000
11,418,800
J519.000
5,903,000;
J17.230.000
37,039.900
32,874.000
Saturday
4,716,000
3.538,000,
4,481,000!
3,598.000,
31,159,967
1,507,500
2,053,000
York Stock
New
1921.
Exchange.
Par value..
-
Total bonds
$2,069,589,450
212,208,200
269,286,000
662,475,600
487.717,500
$102,584,300 $101,447,750
DAILY
...
$2,242,046,240
$2,826,592,950
AT
TRANSACTIONS
PHILADELPHIA AND
BOSTON.
THE
BALTIMORE
1,150,000
13.937 000:
2,455,000
55,119 000
40,662 ,000 Dec.
834,000
41,496 000
7,501,000
12,329,000
47,85-',000
40,809,000
7,073 ,000 Dec.
174,000
7,247 000
7,540,000
720,000
496,000
In
.
bank
Federal Reserve Bank
1
12,424.000
and;
excess
150,000!
870,000 Inc.
Statement of New York
City Clearing House Banks
following detailed statement
shows the condition of the New York City Clearing House
members for the week ending Sept. 24.
The figures for the
separate banks are the average of the daily results.
In the
case of totals, actual figures at end of the week are also given:
and
Trust Companies.—The
EXCHANGES.
NEW
WEEKLY
YORK
CLEARING
(Stated in thousands of io'Mrs—'hV is
Week ending
1,616
$15,100
8,329
Saturday
Bond
Shares
Bond Sales
Shares
fSept, 20 1921
Bo-id Sales
Shares
Sales
139
$38,850
$15,000
19,731
.........
134,600
5,112
53,500
3,999
119,000
6,248
Monday
69.600
6,120
258.700
489
130,400
74,550
1,229
Tuesday
101.350
6,757
Thursday
21,575
44,300
4,981
83,100
396
15,000
24,000
Friday
12,067
50.000
4,434
116,750
965
23,000
Wednesday
23,664
......
....
I
CLEARING
Net
Loans,
RETURNS.
omitted.)
Capital:. Profits. Discount.
HOUSE
MEMBERS.
Invest¬
(.000 omitted.
Nat'l,
Week endlngState,
Sept, 6
ments,
Sept, l?
Tr cos.,Sept. 6
Members of
Average
Bank
Fed. Res.
Cash
in
Vault
be.
.
Sept. 24 1921
Reserve
%
$
Average Average
?
$326,400
7,217
$625,450
7,333'
36,996
Co.
5,000
17,352
121,965
1,793
10,000
17.555!
175,022'
8,658
Y.NBA
Manhattan
Net
Demand
Deposits
Time
Bana
De¬
Circu¬
posits.
la¬
tion.
Average
*
$
606
2,000
Bk of N
with
Legal
Deposi
lories
Mech & Metals.
29,020
$414,950
91,614
Total
HOUSE
th'ee ciphers (000
Baltimore
Philadelphia
Boston
20,192 000
12,787 .000 Dec.
52,664 000 Dec.
32,616 ,000 Inc.
$1,400
$1,367,362,440
25,447,000
2,613,000
Reserve In Fed. Res. Banks..
$69,720,750
7,580,000
24,147,000
$69,219,800
7,917,500
State, mun., &c., bonds
RR. and misc. bonds..
22.431 ,000 IDC.
States deposits
United
$9,546,535,084 $14,769,.547,875
Bank shares, par.J...
Bonds.
Government bonds...
85.708 ,000 Dec,
Time deposits
2.599 .0001
2.000
6,987.000 520,848 ,000 510,822,000
7,604,000 378.536 .000 369,741,000
91.588 000
86,934,000
5,880.000
22.319 000
22,128,000
112,000
Cash In bank and F. R. Bank
167,689,617
126,996,222
4,801,180
$189,081,367 $411,030,300
$
Individual deposits, incl. U.S. 370.932 .000 Dec,
Reserve
2,488,186
Stocks—No. shares...
1921.
$
2,601 .000 Inc.
Loans, dlsc'ts & Investments. 527.835 .000 Inc.
Due from other banks
1920.
1921.
1920.
|
Sept. 10.
1921.
Circulation
Exchanges for Clearing House
Jan. 1 to Sept. 30.
30.
Week ending Sept
Sales at
$7,917,500 569,219,800
Sp'. 17.
previous week.
$
Due to banks
$25,447,000
2,488,186 5189,081,367
Total.
Changes from
1921.
Average Avge.
%
$
25,919
937
13,518
96,964!
14,265
18,549
133,703!
2,270
85"
1,264
3,456
1,336
Bank of Amer.
New York City Non-Member Banks and Trust Com¬
panies.—Following is the report made to the Clearing House
by clearing non-member institutions which are not included
in the "Clearing House Returns" in the next column:
5,500
5,879
6,176
46,572
40.000
4,500
65,745
51,128
468,609!
1,511
National City.
7,363
51,914
*490,885
98^
20,368
15,191
118,673
1,213
12,031
90,364
1,742
1,144
16,854:
5,559
317,
1,853
13,663
781
229
117
600
70
291
2,464
4,729
Chemical Nat.
Atlantlc Nat..
1,000
Nat Butch & Dr
Exch Nat
Amer
of Com
Nat Bk
Pacific Bank...
RETURN OF
YORK CLEARING
NON-MEMBER INSTITUTIONS OF NEW
HOUSE.
1
National Park
Nat'l
Reserve
Net
Net
Cash
with
Demand
Time
Bank
in
Legal
De¬
De¬
Circu¬
Vault,
Deposi¬
posits.
posits.
lation.
Dis¬
Nat.bks.Sept.6 Invest¬
Week ending
Statebks.Sept.6
ments,
1921
Tr. cos. Sept. 6
&c.
tories.
East River Nat.
First National
Fed'l
1,500
1,481
11,219
152
10,630
270
9,599
367
476
2,720
1,331
1,526
8,636
8.878
Mutual Bank
W R Grace & Go's
500
1,053
5,097
21
Yorkvllle Bank...
200
839
16,998
517
2,400
Total...
194
150
809
1,110
1,375
7,513
200
Battery Park Nat.
4,184
960
43,944
28,468
4,487
National.
Avenue.-
500
Commonwealth
400
1,000
3,000
194
10,726
Coal & Iron
Union Exch
1,500
Nat
1,500
Co.
20,000
USMtg&Tr Co
3,000
Co
25,000
FideJ-Int Tr Co
1,500
Bankers Tr
100
428
3,692
485
231
600
1,777
16,045
2,070
1,503
30
3,859
Colonial Bank....
16,906
700
Total..........
2,205
2,555
19,737
Columbia Tr Co
5,000
People's Tr Co.
Co_-
30
20,825
1,734
Guaranty Tr
10,000
N Y Trust
Not Members of the
Lincoln Tr Co.
Fed'l Reserve Bank.
Metropol Tr Co
NassauNat, Bkn
Farm L & Tr Co
573
200
Mech Tr, Bayonne
200
573
9,267
3,300
Grand aggregate..
Comparison previo
Gr'd aggr. Sept. 19
us
6,963
72,948
+ 114
3,837
—80
72.834
266
week
6,487
3,SCO
6,656
5,482
3,802
322
Total.
5,482
3,802
266
322
9,267
-
—
Columbia
a53,095
16,238
194
144
—1,793;
+ 1,206
+1
3,917
6,631
a54,888
15,032
193
a53,367
16,161
194
a53,208
a54,234
16,138
197
16,118
Gr'd aggr. Sept. 10
3,300
6,656
72,160
4,015
Gr'd aggr. Sept.
3,300
6.656
72,041
3,300
6,656
72,322
3,747
3,798
6,269
Gr'd aggr.
3
Aug. 27
Equitable Tr Co
deposits
deducted,
1,188
10,107
1,416
30,968
237,941
3,072
22,586
975;
3,043
21,116
182
8,682
110,786
114,749
4,936
12,091
21,296
528
13,393
4,574
46,405
2,793
9,995
8,746
160,799
5,919
6,514
24,464
39,246
686
3,379
25,813
35
51
23,692
162,594
11,353
1,291
17,150
131,417
2,059
5,346
394
1,588
13,643
1,325
4,841
21,004
747
2,452
15,763
83
633
38,650
705
29,175
179,015
5,269
7,246
11,550
234,963
169,743
5,664
22,476
2,470
12,944
788
2,008
170,136
13,179
2,632
497
806
114
816
5,559
100
20,578
7,169
267,900
5,219
29,582
223,807
9,922
1,080
2,295
2,524
18,738
37
389
352
246
769
6,335
$1,454,000.
$1,995,000.
19,441
709
876
8,252
482
1,272
548
2,946
809
288
1,689
15,672
12,637
4,981
15,705
52,889
932
5,524
1,451
15,171
668
1,566
1,589
16,258
482
2,173
2,789
19,512
31,630
238,361
795
3,614
26,608
1,023' 27,310
*216,291
49,118
555
5,831
44,407
1.119
16,131
379,647
2,049
38.029
*382,697
16,095
Sept. 17
Trust
Sept. 10
1921.
i
F.R.System Companies
1921.
Time
4,500,01
deposits
13,298,0
107,143,0
656.019,0
24.427,0
33,762,0
244,0
87,747,0
12,0
102,331,0
106.486,0
464.275.0
472,654,0
*
102.487,0
466.759,0
304,0
14,262,0
13,409.0
13,115.0
17,773,0
580,868,0
592,549,0
28,938,0
582.361.0
30,656,0
1,739,0
1,739,0
2,181,0
cash In vault
46,761,0
46,761.0
47.
826,0
56,294,0
2,565,0
10,359,0
58,859,0
44,114,0
required
Cash In vaults not
81,014.0
13,958,0
9,533,0
R. Bank.
Tetai reserve and cash held
Excess res. &
$37,725,0
106.889,0
648.125.0
20.275,0
563,095,0
.—__
Cash in vault*
Reserve
87.759.0j
267,0
deposits (not lncl.)._
Reserve with legal deposit's
1*
24.671,0,
$37,725,0
107,100.0
654.774,0
25.14 ,0
92.428.0
17,202,0
U. S.
Reserve with
37,975,0;
93,845.0
622,257,0
102,064,0
Total deposits...
2,596,0
12,180,0
del .31,0
0.0
387
3,3
1
1,698
18,923
3.54!
2,550
17,661
588
7,728
72,409
9441
9,078
70,636
1,231!
3,430
33.849
2,318
1.349
2,001
137,487
601
1,221
21,791
447
3,016
2,000
3,407
27,110
607
3,125
1,000
1,516
15,828
467
1,310
20,742
21,966
12,916
5,000
11,929
1,718
128,812
704'
12,374
*100,221
18,031
25,162
539
2,868
21,260
593
12,000
16,817
137,621
1,595!
19,166
if
Not Me nibers 0,
14,870
111,14
1,95:
63:
660
271
50
*170,171! 10,293
F.
70,004 493,939 c3,524,302 169,359 32,389
70,914 480,021 c3,549,997 166,882 32,433
R. Bk
1,818
16,772
50
833
16,088
5, .500
2,784
250
641
310
5,161
3,828
76,060
3,210
1,860
27,173
46*628
3,750
6,708
97,648
6,635
3,988
49,106
46,678
Totals, actual c< ndition Sept .24
Totals, actual c< ndition Sept.17
98,262
6,650
4,159
49,963
46,662
97,471
98,738
6,532
6,598:
3,475
3,747
48,495
48,980
46,419
46,333
911
1,000
24
2,046
Totals, actual cr ndition Sept. 10
Trust Cos.
Not Me
rubers of F. R. Bk.:
Tr
6,000
13,080
3,187
30,327
6,393
46,251
23,663
1,363
Lawyers Tl&Tr
4,000
808;
1,494
14,850
357
10,000
19,474
69,914
2,171
4,681
45,177
1,268
Title Guar &
Avge.
Sept.24
ndition Sept .24
Totals, actual c< ndition Sept. 17
Totals, actual e< ndition Sept. 10
Totals, actual c<
2,176
4,805
69 344
2,147
4,746
45,578
45,381
1,275
69, 168
2,299
4,604
44,984
1,270
70 060
Gr'd aggr.,
act'!
Comparison, pro
1,231
286,150477,726 4,405 ,014 79,767490,237
w
1 +32 ,902- -2,126—7,165
3,631,080 216,423 32,392
—43,1180 +1,699
+ 16
78,830 502,903
3,619,843 217,252 32,389
cond'n
vious w
Sept .24,4.411 ,753
+5 ,302
eek_..J
+ 909—30836
8.341,0
2,091,0
pr'd aggr.,
Gr'd aggr.,
Gr'd aggr.,
77,921533,739
Sept.104,329,312 79,811488,372
act'l cond'n
act'ljcond'n Sept. 3 4,337,703 73,131471,446
act'l'cond'n Aug. 274,351,257; 78,979475,919
act'l cond'n
Sept.17 4,406,451
—68,110+2,008
+ 66
3,687,953 215,244 32,323
3,634,951214,485 32,433
3,627,324 210,963 32,523
3,615,672212,71532,258
deducted from net demvnd deposits in the general totals
week Sept. 24, $225,081,000: actual totals Sept. 24,
$229,222,000: Sept. 10, $54,990,030: Sept. 3, $59,674,000;
Aug *27 '$73 409 000.
Bills payable, rediscounts, acceptances and other liabilities,
average'for week Sept. 24, $430,090,000; actual totals Sept. 24, $461,908,000;
sip? 17, $420^67,000; Sept. 10. $531,205,000: Sept. 3 $519,950,000; Aug. 27.
M0te.
U. S. deposits
above were as
S222 519 000"
follows: Average for
Sept. 17,
$535 043,000.
foreign branches not included in total footing as follows:
$100,352,030; Bankers Trust Co., $11,251,030; Guaranty Trust
& Trust Co., $10 120,0)0; Equitable Trust Co.,
$27*496 000
Bankers carried In banks in foreign countries as reserve for such
deposits' were: National City Bank, $34,979,000; Bankers Trust Co.. $1,223 000;
Guaranty Trust Co.. $23,320,033: Farmers Loan & Trust Co., $1,332,000; Equitable
Trust Co., $9 351 000.
c Deposits in foreign branches not included.
*
includes deposits in
10,601.0
47,819,0
10,142,)
National City Bank.
60,202,0
60,052.0
Co
46,710,0
47,470,0
48,084,0
12,149,0
12,732,0
11,968,0
counted as reserve for Federal Reserve members.
405
290
Total.
447,073,0
deposits
Individual deposits
66
417
2, .500
Bank
Gr'd aggr.,
Bank
760
16,907
1,500
Week ending Sept. 24 1921.
Exchanges for Clear. House
Due from banks
41,388
11,924
15,825
69,242 525,518 c3,594,077 167,550 32,323
24
Gr'd aggr. avge.
33,475,0
195
8,581
4,171
50
8,763
16,233
Comparison, pre vious
Capital.
—
Surplus and profits
Loans, dlsc'ts & lnvestm'ts
678
2,000
Reserve
required is 10% on demand deposits and includes "Reserve
with legal depositaries" and "Cash in vaults."
Members of
100
36,608
Bowery
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
omitted.
15,679
1,652
Totals,
State
figures for the two weeks preceding is as follows.
(00)
148,209
4,494
actual co ndition Sept .24 4,243,431
4,239,646
Totals, actual cc ndltion Sept.17
4,163,406
Totals, actual co ndition Sept. 10
Avge. Sept.
Avge. Sept.
ciphers
15,367
"""464
70,961481,568 c3,536,797 168,477 32,392
Greenwich Bank
rediscounts, acceptance and other liabilities,
$41,190 decrease.
Philadelphia Banks.—The Philadelphia Clearing House
statement for the week ending Sept. 24 with comparative
Two
87,886
98,067
48.848
4,237,452
272,400 451,543
State Banks.
payable,
96,277!
299,672
1,758
196
—
6,434
Excess reserve,
7,951
35,485
2,000
Trust Companies
8,
1,00
Brooklyn Tr Co
Bank of Wash Hts.
Bills
1,000
National.
Flfth
Bank
aU.
15,000
Seaboard Nat..
Banks.
State
1,000
Chase
Garfield Nat...
Not Members of the
Fed'l Reserve
12,500
1,000
Fifth
$
$
%
9
?
$
$
S
Bank.
Res.
Average Average A verage
1,000
1,000
10,000
National
Nat
N Y County
Continental
A verage A verage Average
Members of
7,500
1,500
10,000
Second Nat
Irving
3,000
2,500
Corn Exchange
Loans,
counts,
NON-MEMBERS
Sept. 24
Metropolitan..
000 omitted.
1,000
7,000
Nat..
Imp & Trad Nat
Net
Capital. Profits.
CLEARING
Phenix
Hanover
dollars—that is, three ciphers
(Stated in thousands of
Chat &
500
5,000
25,000
350
3,844
76,444
249
$93,249,000; Farmers Loan
Oct.
1
1921.]
THE
STATEMENTS OF RESERVE
AND
POSITION OF
TRUST
CLEARING
HOUSE
CHRONICLE
BANKS
COMBINED
Averages.
in
Total
Reserve
Reserve.
Required.
Reserve.
Demand
Deposits.
July
30.
...
Total Sept. 24
Total Sept. 17
Total Sept. 10.___
Reserve in
Depositaries.
$
$
108,531,900
568.566.S00
108,482,600
105,260,300
560,326,300
550,269,800
Aug.
6
13..
Aug.
20
6,776,550
Aug.
27.
4,964,541,000
18,589,450
Sept.
3.*..
Sept. 10...,—
4,968,682.700
4.940,375,800
20,123,930
Sent. 17
7,691,670
Sept. 24
S
%
$
4,681.000
6,852,000
8.529.000 478.426,000 486.955,000 479,233,330
8,390,000 481,001,000 489,391,000 481,557,100
3
Total Cash
in Vaults.
S
1,783,920
75,450
$
481,568,000 481,508,000 464,837,920
3,988,000
10,623,000
8,839,080
2,171,000
*
4,247,218.500
4,241,523.600
8,806 000 490,237.000 499,043,000 480,453,550
8,720,000 497,402,000 506,122,000 485,998,079
Trust companies
IN
5,020,355.400
16,730,080
$
6,635,000
COMPANIES
$
23.
5,012,064,900
5,074,549.200
5,035.730.400
4,998.030,100
!_
banks*
TRUST
YORK.
Loans and
Week ended—
Surplus
Depositaries
Members Federal
AND
NEW
a
July
Total Sept.
BANKS
Investments.
\V
'
Reserve
Reserve
Reserve banks
OF
GREATER
in Vault.
State
RESULTS
COMPANIES.
I
Cash
1445
7,833,900
Aug.
*
....
....
—........
4,191,083,000
4,128,636.500
107,530.100
551,389,400
553,046.600
100,232,500
102,597,500
4,088.175,700
.....
4.149.772,900
4,179.950,800
4,230,740,700
4.216,287,200
4,265.261.500
105,157.700
581.887.700
5,031,886,400
4,226,641,100
102,581,900
574,216.900
.
silver,'legal tenders,
This item includes gold,
103,028,500
103,148,400
557.963,400
561,932,200
527,490.400
national bank notes
Federa1
and
Reserve notes.
Actual Figures.
Cash
Reserve
b
Reserve
in
Total
Reserve
Surplus
in Vault.
Depositaries
Total
Reserve
Reserve
$
S
$
$
S
Condition of the Federal Reserve Bank of New
York.
following shows the condition of the Federal Reserve
Bank of New York at the close of business
Sept. 28
—The
Members Federal
Reserve banks
493,939,000 493,939.000 463,240,030
4,159,000
10,809,000
8,993,340
4,805,000
6,981,000
6,836,700
30,698,970
8,826,000 502,903,000 511,729,000 479,070,070
8,679,000 533,739,000 542,418,000 487.792,760
32,658,930
State banks*
6,650,000
Trust companies
2,176,000
Total Sept. 24
Total Sept. 17.
Total Sept. 10
Total
*
Sept.'
3
This is the
144,300
54,625,240
8,897,000 488,372,000 497,269,000 480,900,070
7,942,000 471,446.000 469,388,000 479,788,070
Not members of Federal Reserve Bank.
a
1,815,660
:
(:
,
,
,
16,368,930
del .400,070
if
•
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:
Sept. 24, $5,054,310: Sept. 17. $5,011,530: Sept. 10, $4,953,000: Sept. 3, $4,930,020.
b This is the reserve
required
on net
and
trust companies, but in the case
includes also amount of reserve required
demand deposits in the case of State banks
of members of the Federal Reserve Bank
on net
time deposits, which was as follows:
Sept. 24, $5,080,770; Sept. 17, $5,023,500; Sept. 10, $5,003,460; Sept. 3,
$4,905,720
1921, in
comparison with the previous week and the corresponding
date last year:
Sept. 28 1921. Sept. 21 1921. Oct.
Resources—
$
Gold and gold certificates
Gold with foreign agencies
92 876 201
42,728,000
427 092 519
194,531,000
266,519,000
35,982,000
110,897 000
40,906.000
-
Total gold held by bank..
Gold with Federal Reserve Agent......
Gold redemption fund.....
576 336 478
15,000,000
15 000 000
1,028.478,713
1 013 428 997
61,319,171
Total gold reserves
60 138.357
Legal tender notes, silver, &c._
497,032,000
127,993,000
..........1,089,797,884 1,078,537,855
625,025,000
Bills discounted: Secured by U. S. Gov¬
ernment obligations—for
1920.
$
334 216 318
437,412,434
576,066,268
Gold settlement fund—F. R. Board
Total reserves
1
S
348,565,816
88,846,619
members...
80,216,390
For other Federal Reserve banks
84,666,573
26,720.700
476,174,000
14,503,000
27,599,520
106.937.090
State Banks and Trust Companies Not in Clearing
117,784,365
3,605,000
4.180.000
150,232,797
17,604,908
121,964,365
12,678,820
96,465,000
274.774,796
246,909,279
970,595,000
3,026,500
1,005,700
1,512,000
49,276,000
49,276,000
For other Federal Reserve banks.....
House.—The State Banking Department reports weeklyfigures showing the condition of State banks and trust com¬
Bills bought
panies in New York City not in the Clearing House
c
112,233,093
146,627,797
AH other—For members
490,677,000
378,953,000
: 4^500,000
383,4537600
U.S. certificates of indebtedness—
follows:
BANKS
AND
TRUST COMPANIES IN
GREATER
NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures
Furnished
by
Slate
Banking
Department.)
Differences from
Sept. 24.
Loans and investments..
......
previous week.
$626,872,400
Gold
Inc.
10,808,700
6.669.000
deposits
Dec.
51,527,100
Deposits with Federal Reserve Bank of New York..
Dec.
16.145.900
Currency and bank notes
Total
Dec.
1,200
448,600
652,759,000
1
Inc.
1,539,000
15,387,000
595,561,100
106,794,800
Inc.
4,539,000
Deposits, eliminating amounts due from reserve de¬
positaries, and from other banks and trust com¬
panies in N. Y, City, exchanges and U.S. deposits
-Reserve
on
deposits..
Percentage of
reserve.
......
One-year certificates (Plttman Act
9J)2_1.000
3,645,000
59,276,000
10,237,000
336,098,296
300,835,979
1,041,620,000
Bank premises.
5,593,870
6% redemp. fund agst, F. R. bank notes
Uncollected Items
1,590,210
5,593,834
1,512,710
106,992,529
123,004,045
3,083,914
All other resources
Total
1,512,325,697
1,849,114,000
=============
Capital paid In
=============
27,088.100
27,068,600
59.318,368
25,272,000
51,3o8,000
....
59.318,368
19,903,010
Surplus
Reserved for Government Franchise Tax
955,600
12,644,968
21,243,994
614,023,390
11,741,204
12,312,176
16,745,000
61 ",440,475
647,579,501
718,481,000
866,091,000
40,219,000
110,846,000
36,897,000
All other..
631,129,924
27,434,200
25,396,200
Deferred availability items
82,416,233
4,432,399
93,878,026
4,333,682
8.870,800
14.27%
00.87%
AH other liabilities...
...........$34,201,000
22.24%
$72,593,800
21.14%
Ratio
...
of
total
-
...1,543,162,711
reserves
to
deposit
dnd
■
F, R. note liabilities combined
Ratio
of
total
reserves
to
F.
in circulation after setting
for
trust
the
of the New York City Clearing House banks and
companies combined with those for the State banks
companies in Greater New York City outside of
Clearing House,
are
as
liability
on
":■■■;
1,512,325,697
1,849,114,000
=========
==========
82.4%
R.
84.1%
41.1%
notes
aside 35%
134.3%
134.2%
12,563,321
12,741,307
against deposit liabilities—
Contingent
Banks and Trust Companies in New York City.—The
16,082,000
685,654,000
.
635,042,248
F. R. bank notes in clrcul'n—net liability
F. R. notes In actual circulation
Trust Companies—
$49,011,800
23,582,000
Includes deposits with the Federal Reserve Bank of New York, which for the
State bankE and tiust companies combined on Sept. 24 were $51,527,100.
and trust
19,709,010
667,054,302
Member banks—Reserve account
*
averages
2,811,272
1,543,162,711
■;
Total liabilities.
Total........
4,026.000
2,481,000
175,194,000
768,000
=============
resources..
Liabilities—t
16.47%
05.77%
Deposits in banks & trust companies
-
Total deposits.
Stale Banks
*$25,330,200
—
Total earning assets
Government
Dec.
RESERVE.
'.
..
Deposits:
20.1%.
Cash In vaults
Total bills on hand
U. S. Government bonds and notes
All others..
SUMMARY OF STATE
NEW YORK,
as
In open market
bills
45.7%
<
purchased
foreign correspondents
Note.—In conformity with the practice of the Federal Reserve
6,076,36
Board at Washing¬
ton, method of computing ratios of reserves to liabilities wag changed beginning wltb
the return for March 18.
Instead of computing reserves on the basis of net deposits—
that Is, Including In the
total of deposits "deferred availability Items" but deducting
new method Is to disregard both amounts and figure the
"uncollected Items"—the
percentages entirely on the gross amount of the
deposits.
the computations are on the old basis; that
For last year, however,
calculated on
Is, reserve percentages are
basis of net deposits and Federal Reseive notes In circulation.
follows:
The Federal Reserve
Banks.—Following is the weekly statement issued by the Federal Reserve Board on Sept. 29.
following table, and in addition we present the results for seven preced¬
ing weeks, together with those of corresponding weeks of last year.
The second table shows the resources and liabilities sepa¬
rately for each of the twelve banks.
The Federal Reserve Agents' Accounts (third table following) gives details regarding
transactions in Federal Reserve notes betweenjthe Comptroller and Reserve
Agents ,and between the latter and Federal
Reserve banks.
In commenting upon the return for the latest week the Federal Reserve Board says:
The figures for the system as a whole are given in the
Further
gains of $15,600,000 of cash reserves, largely gold, and an in¬
deposits, as against a reduction of $17,500,000 in
Reserve note circulation, are indicated in the Federal Reserve
"Board's weekly consolidated bank statement issued as at close of business
on Sept. 28 1921.
The banks' reserve ratio shows a rise for the wees: from
68-7 to 69%.
*
Federal Reserve Bank holdings of bills secured by U. S. Government
obligations show a reduction for the week of $4,200,000, wnile other dis¬
counted bills on hand increased by $19.900.000, and holdings of acceptances
purchased in open market by $5,400,000.
Plttman certificates used as
cover for Federal Reserve Bank note circulation show a decrease of $9,500,000, while other Treasury certificates, largely.held under repurchase agree¬
ments by the New York Bank, show an increase for the week of $3,800,000.
There is also shown a decrease of $1,600,000 In the Federal Reserve Bank
holdings of U. S. bonds and notes.
Total earning assets, in consequence of
the changes noted, were $13,800,000 larger than the week before.
Of the total holdings of $490,900,000 of paper secured by U. S. Govern¬
ment obligations, $346,900,000, or
70.7%, were secured by Liberty and
other U. S. bonds: $110,800,000, or 22.6%. by Victory notes; $6,300,000, or
1.2%, by Treasury notes, and $26,900 000, or 5.5%, by Treasury certifi¬
cates, compared with $340,800,000, $127,500,000, $5,100,000 and $21,800,000 reported the week before.
Discounted paper held by the Boston, New York and Cleveland banks Is
shown inclusive of $65,300,000 of bills discounted for the Richmond, Atlancrease
of $25,800,000 in
Federal
Combined Resources
and
tV..
Liabilities
of
the
ta,
Minneapolis and Dallas Reserve banks,
compared with
$60,500,00®
the week before.
Rediscounts of the Richmond bank with th*3
New York Reserve Bank show a slight increase for the week from $24,700,"
000 to $24,900,000; Atlanta reports an increase in bills redlscounted with the
shown
Boston and Cleveland banks from $16,400,000 to $20,100,000: Minneapolis,
the other hand, reports a further reduction in the total of bills redls¬
counted with the New York Reserve Bank from $7,100,000 to $5,400,000,
while Dallas likewise shows a reduction of Its rediscounts with the Boston
on
and
Cleveland banks from $18,300,000 to $14,900,000.
Government deposits are given $16,900,000 less than
the week before,
deposits show an incxease of $47,300,000, while other deposits, com¬
posed laigely of non-members' clearing accounts and cashier's checks, show
a reduction of
$4,600,000Federal Reserve note circulation shows a further decline of $17,500,000
reserve
„
.
for the week, the reported total of
$2,457,200,000 being a new low level for
28% decline from the peak attained on Dec. 23 of
last year.
Net liabilities of the Reserve banks on Federal Reserve Bank
notes in circulation declined bv $2,200,000, the most recent total of $101,400,000 being less than one-half of the total reported on the corresponding
the year, and marking a
last
date
year.
,
,
Of the total gain in cash 'reserves,
Total gold resexwes on Sept. 28 were
$663,200,000,
and
as
against a
,
$14.900 000 represents a
gain in gold.
$2,726,000,000. a gain since Jan. 1 of
loss of $38,200,000 in other cash, i. e., sliver
legals.
Federal Reserve Banks
at the
Close
of
Business Sept. 28 1921.
.
Sept. 28 1921. Sept. 21 1921. Sept. 14 1921.
RESOURCES.
$
S
$
Sept. 7 1921.
$
Aug. 31 1921. Aug. 24 1921. Aug. 17 1921. Aug. 10 1921. Oct.
S
$
$
S
1
1920.
$
Gold aDd gold certificates
442,707,000
423,036,000
446,612.000
430.585.0C0
413.900,000
425,699.000
407,452,000
423,005,000
201,046.000
Gold settlement. F. R. Board
415,765,000
411,210,COO
441,109,000
438.590,000
428,075,000
420,454,000
418.738.000
408,756,000
362,468 000
Gold with foreign agencies
111 455,000
Total gold held by banks
Gold wltb Federal Reserve agents
Gold redemption fund
.
674.969 000
887,751,000
858,471,000
839,246,090
831,761.000
869.175,000
820,190.000
841,975,000
852.153.000
1,759,065,000 1,777,529.000 1,694,301,000 1,677,195.000 1,694,523,000 1,640,109,000 1,660,062.000 1,640,626,000 1.180,393.000
102.449,000
108,429,000
94,353,000
147,710.000
110.008,000
103.514.000
114,043,000
120.816,000
104.563.000
"
Total
gold reserve.l
...
2.725,966,000
Sept. 211921
Sept. 14 1921
$
$
8
S
146,876,000
150,001,000
151,968,000
152,719,000
Legal tender notes, silver, Ac
Aug. 31 1921. Aug. 24 1921. Aug. 17 1921. Aug. 10 1921. Oct.
Sept. 7 1921.
%
Sept. 28 1921
$
$
146.859,000
147,078,000
5
,
144,947,000
145,173,000
1920.
1
s
162 123 000
2,878,685,000 2,863,096.000 2,834,502,000 2,803,254,000 2,787,920,000 2,766,156,000 2,745,468,000 2,720,848,000 2,165,195,000
Total reserves
Bills discounted:
Secured by U. S. Govt, obligations—
911,976,000
Bills bought In open
38,889,000
market..
539,293.000
545,176.000
541,754,000
969,194,000
946,759,000
953,597,000
35.320.00C
35,209.000
562,918,000 1,183,017,000
963,741,000 1,526,584,000
301,510,000
44,978,000
559,689,000
952,428.000
44,920,000
503,677,000
921,485.000
40,712,000
495,156,000
892,081.000
33,514,000
490,927,000
All other
Total bills on
[Vol. 113.
THE CHRONICLE
1446
41,910,000
1,441,792.000 1,420,751,000 1,468.874,000 1,553,407,000 1,527,255,000 1,530,560.000 1,554,027,000 1,571.637,000 3,011,111.000
26,924,000
34.008,000
33,813,000
34,028,000
34,152.000
34,099,000
33,729,000
36,485,000
38.081,000
hand
U. 8. bonds and notes
indebtedness:
One-year certificates (Plttman Act)..
U. S. certificates of
187.875.000
12,399,000
190,875.000
193,875.000
201,875,000
203,375.000
19,803,000
184,875,000
8,571,000
175,375,000
All other...
17.084.000
2.350,000
2,800,000
7.876,000
206,375,000
19,215,000
259,375,000
12,107,000
1,666,051,000 1,652 278 000 1,710.281.000 1,795.179.000 1,757,488,000 1,769.334,000 1,799.306,000 1,831.379,000 3,309,517,000
15.455,000
27,509.000
26,952,000
26,720.000
27,700,000
28,877.000
27.256.000
29 111 000
29,172,000
11,856,000
9,221,000
9.539,000
9,471.000
9,516.000
8,845,000
9.583.000
8 917 000
9,086,000
5% redemp. fund agst. F. R. bank notes
819,165,000
494,667.000
531.871.00
483,446,000
455,897,000
641.279.000
463,592.000
591 811 000
508,185,000
Uncollected Items
6,529,000
18.101,000
17,302,000
16,787,000
17,470,000
16.801,000
17,253,000
16 448 000
15,947,000
Total earning assets
Bank
premises
All other resources
Total resources
.....
...
5,107,126,000 5 161 661 000 5,240,585,000 5,148,122,000 5,055,823,000 5,053,174,000 5.130,370,000 5,088,696,000 6,327,717,0.0
LIABILITIES.
103,040,000
103 017 000
102.982.000
103,073,000
103.050,000
103,030.000
102.896,000
102,600.000
97,358,000
213,824,000
213 824 000
213,824,000
213,824.000
213.824,000
213,824,000
164,745,000
51,654,000
50.101.000
49,099,000
213,824,000
48.061,000
213.824.C00
50 777 000
47,824.000
47,006,000
46,608,000
57,253,GOO
74 183 000
49,219.000
60,701.000
46.809,000
31,479.000
19.014.000
35.595,000
Capita! paid in
Surplus.
.......
Reserved for Govt, franchise tax
Deposits—Government
46,454,000
1,635,572,000 1 588 209 000 1,631,038,000 1,632,135,000 1,618.901,000 1,616,964.000 1,621,570.000 1,601,583,000 1,776,243,000
35,363,000
25,044,000
25,294.000
25,232,000
30,665,000
25,574,000
25,188.000
29 218 000
24,680.000
Member banks—reserve account
All other
1,717,405,000 1 691 610 000 1.705,831.000 1,718.068,000 1,690,/54,000 1,673,631.000 1,671.249.000 1.662,472,000 1,858,060,000
2,457,196,000 2 474 676 000 2,491,651,000 2,517,563.000 2.481,466,00C 2,485,914.000 2.503,642.000 2,520,744,000 3.304,690,000
actual circulation
213.412,000
109.864.0C0
118,301,000
114,502.000
107,759.000
103.078,000
112,811.000
103 590 000
101,372,000
F. R. bank notes In circulation—net llab.
608,056,000
389,362.000
405,696.000
458,120,000
418,553.000
553.235,000
397,011.000
503 174 000
441.300.000
Deferred availability items
Total
F. R. notes in
Total liabilities—
---
19,442,000
gold reserves to deposit and
liabilities combined
Ratio of total reserves to deposit and
F. R. note liabilities combined
Ratio of total reserves to F. R. notes in
circulation after setting aside 35%
"'"against deposit Unbllltleo
*
65.3%
F. R. note
*
62.9%
62.3%
61.6%
38.8%
66.5%
65.8%
65.0%
41-9%
87.7%
86.3%
84.9%
45.8%
68.7%
67.5%
66.2%
92.7%
91.8%
89.8%
87.5%
88.5%
19,782,000
12,509,000
781,238,000
23,864.000
27,294,000
19,876,000
18,351.000
832.181.000
878.094,000
16.984,000
21.082.000
20,430.000
859,576,000
10,354,000
854,606.000
9,000,000
5,619.000
155,111,000
7,375.000
19,026.000
8,472.000
149,549,000
157,136.000
12.397.000
4.813,000
273.237.000
;
■!;
$
Distribution by Maturities—
bought In open market.
discounted......
1-16 days U. 8. certlf. of Indebtedness.
16-30 days bills bought in open market.
16-30 days bills discounted
16-30 days U. 8. certlf. of indebtedness.
31-60 days bills bought In open market.
31-60 days bills discounted
31-60 days U. S. certlf. of Indebtedness.
61-00 days bills bought In open market.
61-90 days bills discounted
61-90 days U. 8. certlf. of Indebtedness.
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 90 days certlf. of Indebtedness
1-15 days bills
%
801.282,000
12,669,000
8,582,000
162,980,000
15,708,000
6,677,000
240,134,000
9,801.000
$
$
S
10,980,000
8,702.000
6,243.000
166.165.000
11,563.000
6.070.000
244,633,000
168.007.000
172.739,000
16.686,000
15,506,000
5.704,000
23,689,000
7,804,000
6,987,000
17,333.000
5,892.000
246.313.000
275,915,000
279,433,000
291,860.000
3.775.000
17,280.000
2.342.000
16,063.000
3.579,000
30,107,000
3.687,000
165,618,000
162.421.000
148.124.000
153.695,000
164.105.000
33.107.000
Held by banks
15,700.000
180,COO
15,799,000
9.800.0G0
28,044.000
131.978,000
33.710.000
130,458,000
132.951.000
100.000
32,780,000
33.537.000
137,510,000
135,617,000
Amount chargeable to
With Federal Reserve
—
Board.
Total...
2,817,678,000(2.837,667,000
-
Eligible paper delivered to F. R. Agent.
20,425.000
23,260,000
18,870,000
17,039,000
346,734,000
3,000
163,000
39.946.000
47,992,000
25,414,000
133,506,000
127.331,000
192,104,000
Two ciphers (00) omitted.
AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
Boston.
RESOURCES.
New York.
Phila.
$
Federal Reserve Bank of—
2.862.670,000 2.852,311,000 2.849,721,000 2,854,623,000 2.885,217.000 2,900,323,000 3,603,I49.0##
1,398.753,000 1.376,725.000 1,427.915,000 1,507,187.000 1,479,891,000 1,490,547,000 1,506,343,000 1,528,776,000 2,921,119,OO#
WEEKLY STATEMENT OP RESOURCES
%
%
Cleveland. Richmond
%
%
Atlanta.
Chicago.
$
%
4,985,0
22.364,0
20,818,0
6,235,0
58,359,0
23,670,0
11,220,0
80,723.0
34,499,0
7,582.0
246,898,0 1,028,479,0 210,654,0 241,747.0
6,742,0
6,435,0
61,319,0
15,405,0
Legal tender notes, silver, Ac...
262,303,0 1,089,798,0 217,396,0 248,182,0
Gold and gold certificates
Gold settlement fund—F. R.
B'd
.
discounted:
Total bills on hand
...
(Plttman Act).
415.785,0
55,432,0
858.472,0
80,595.0
40,395.0
68,116.0
28,958,0 229,766,0 2,725,966,0
14,933,0
535,0
3,912,0
70,717,0
71,627,0 441,317,0
95,528,0
40,930,0
72,028,0
69,949,0
37,419,0
61,978,0 156,163,0
1,494,0
4,490,0
28,065,0
45,518,0
9,524,0
19,250,0
10,553,0
44.490.0
60,301,0
54,135,0
51,127,0
81,863,0
394,0
70,0
3,297,0
274,775,0 102,448,0 132,943,0 101,063,0 103,887,0 227,606,0
4,507,0
10,407,0
3,026,0
1,529,0
844,0
1,233,9
74,691,0
69,825,0
73,779,0
1,250,0
172,0
9,330, J
8,564,0
27.112.0
7,320,0
852,0
11,068,0
74,0
4,980,0
1.0
21,0
1,369,0
87,083,0
74,998,0
60,0
91,798,0
3,455,0
40,233,0
23,430,0
91,149,0
1,561,0
74,530.0
3,103,0
89,375,0
49,276,0
9,021,0
14,936,0
19,280,0
236,0
18,299,0
38,0
3,760,0
336,098,0 123,493,0 152,124,0 106,056,0 122,859,0 260,077,0
4,987,0
533,0
861,0
5,594,0
2,960,0
2,501,0
1,596,0
106,993,0
772,0
44,942,0
454,0
All other resources
36,631,0
15.996,0
63,463,0 421,144,0
20,173,0
8,164,0
1,972,0
Fed¬
Uncollected Items
7,446,0
29,057.0
65,751,0
4,966,0
30,636,0
4,242,0
premises
eral Reserve bank notes
26,800,0
9,685.0 167.691.0 1,759,065,0
6,643,0
108,429,0
3,277,0
69,840,0
105,347,0
Total earning assets
0% redemption fund against
442,707,0
3,152,0
17,605,0
6,0
other
18.801,0
35,907,0
U. 8. certificates of indebtedness:
One-year ctfs.
*
8,550,0
2,257,0
18,503,0
2,488,0
106,937,0
150,233,0
1,030,0
V. 8. Bonds and notes
Total.
3,537,0
3,795,0
Bills bought in open market
%
56,790,0
45,863,0
31,237,0
54,343,0
other
San Fran.
K
47.419,0 316.971,0
23,450,0
4,824,0
51,875,0
Secured by
U. 8. Govt, obligations
Dallas.
19,404,0
2,852,0
Total gold reserves
reserves
3,152,0
S
S
17,116,0
12,251,0
88.847,0
22,835,0
Gold redemption fund...
%
20,268,0
1,846,0
437,413,0 53,721,0 58,114,0
576,086,0 146,844,0 178,081,0
10,089,0
5,552.0
15,000,0
170,609,0
Gold with F. R. agents
St. Louis. Afinneap. Kan.City.
SEPT. 28 1921.
8,829,0
10,575,0
348,566,0
.8,254,0
45,200,0
53,454,0
Total gold held by banks
Bank
13,659.000
32,663.000
279,225,000
344.992.000
373,992.000
402.738,000
400.992,000
402.737.000
371,992,000
447,337,000
447,337.000
1,058,613,000 1,060,138,000 1,168.369.000 1.175,116,000 1,155.198,000 1,208,514,000 1,225,155.000 1,259,697.000 2,422,756,000
107,198,000
107,104.000
113,842.000
125,550.000
113.105.000
113,709,000
109,417,000
117,912,000
110,566,000
793|,970,000
1.201,162,000 1,212,280,000 1,178,369,000 1,160.615,000 1,179.822,000 1,164,700.000 1,160,520.000 1,188,530,000
By gold and gold certificates
By eligible paper
All
4,358,000
181.320.000
3,603,140,000
2,817,678,000 2,837,667,000 2,862,670,000 2,852.311,000 2.849.721.000 2.854.623.000 2.885.217.000 2,900,323,000
banks
Gold redemption fund
{
13,500,000
85,555,000
514,192,000
3,688,605,000 3,701,036,00C 3,694,122.000 3,714,561.000 3.717,657.000 4,088,672,000
Fed. Res. agent 3,650.957,000 3,667,177,000 3,706.770.000
485,523,000
817,334,000
829,344.000
851,315,000
836,294,000
839,499,000
844,100,000
829,510,000
833,279,000
How Secured—
All
15,010.000
4,931.000
268,905.000
38,929,000
4,267.000
185,668.000
Federal Reserve Agent
Issued to Federal Reserve
Bills
30,690.000
3,588,000
162,983,000
14,701.000
3,000
36,353,000
17,013.000
11,689.000
161.000
32,889,000
116,489,000
2.838,000
30,069,000
106,484,000
877,117.000 1,515,472,000
23,748,000
23,895.000
92,432,000
5.548.000
146,977.000
307,789,000
24,264.000
860,478.000
3.304,690,000
2,457,196.000 2,474.676,000 2.491,651,000 2,517,563.000 2,481,466,000 2,485.914,000 2.503,642.000 2,520,744,000
In actual circulation
«
«
S
3,603,149,000
2,817,678,000 2,837,667,000 2,862.670.000 2,852.311.000 2,849,721.000 2,854,623,000 2,885,217,000 2,900,323,000
298,459,000
379,579,000
381,575,000
334,748.000
368.255,000
368,709.000
371.019.000
362,991.000
360,482,000
Outstanding
Total
81,396,000
63.3%
66.8%
69.0%
1-15 days bills
In hands of
18,451,000
19,131,000
62.7%
61.0%
65.1%
.
Federal Reserve Notes—
19,129.000
6,107,126,000 5 161 661 000 5,240,585,000 5,148,122,000 5,055,823.000 5,053,174,000 5,130.370,000 5,088,696,000 6,327,717,000
of
Ratio
20,183,000
19.883,000
20 993 000
21.326.0G0
All other llabilitllefl
3,083,0
1,108,0
627,0
6,183,0
3,952,0,
152,719,0
35,141,0 233,718,0 2,878,685,0
490,927,0
911,976,0
38,889,0
61,750,0 129,650.0 1,441,792,0
36,485,0
514,0
2,653,0
1,900,0
230,0
8,880.0
551,0
175,375,0
12,399,0
66,523,0 139,595,0 1,666.051.0
667,0
29,172,0
2,055,0
700,0
1,239,0
263,0
605,0
1,664,0
523,0
178,0
916,0
186,0
444,0
9,086.0
44,429,0
441,0
44,190,0
42,555,0
20,655,0
63,685,0
28,703,0
13,406,0
38,595,0
24,534.0
35,518,0
1,005,0
298,0
770.0
1,832,0
874,0
616,0
510,0
1,560,0
4,501,0
508,185,0
15,947,0
1
418,060.0 1,543,162,0 386,992,0 449,700,0 222,390,0 217,357,0 773,562,0 213,338,0 130,818,0 207.302,0 129,999,0 414,446,0 5,107,126,0
Total resources
LIABILITIES.
7,369,0
103.049,0
15,207,0
213.824,0
2,797.0
4,314,0
7,113,0
51.654.0
27,088,0
8,683,0
11,113,0
5,403,0
4,152,0
14,348.0
4,567,0
3,554,0
4,533,0
16,342,0
59,318,0
17,564,0
22,263,0
11,026,0
8,708,0
30,536,0
9,114,0
7,303,0
9,330,0
Reserved for Govt, franchise tax.
2,666,0
3,356,0
2,575,0
2,428,0
3,564,0
9,322,0
1,340,0
1,911,0
1,792.0
Deposlts: Government
2,802,0
19,903,0
12,645,0
1,873,0
1,988,0
96,859,0 132,292,0
1,429,0
761,0
6,119,0
4,888.0
2,323,0
1,776,0
59,213,0
4,991,0
1.869.0
38,866,0
57,253.0
9,551,0
6,428,0
41,622.0 111,274.0 1,635,572,0
24,580,0
338,0
4,366.0
7,935,0
Capital paid in
Surplus
Member bank—reserve acc t__
All
other
a
106,757,0
799,0
110,358,0
Total deposits...
actual circulation. 234,562,0
F. R. bank notes in circulation—
F. R. notes In
net liability
Deferred availability Items
All other liabilities..
r
Total liabilities
...
7,342,0
37,550,0
1,305,0
'
769,0
524,0
64,383,0
582,0
691,441,0 100,161,0 135,041,0 54,500,0
47,711,0 231,641,0 61,758,0
631,130,0 208,698,0 226,546,0 107,292,0 127,359,0 423,703,0 100,470,0
44,381,0
66,834,0
48,388,0 125,191,0 1.717.405,0
56,678,0
73,364,0
40,224,0 227,170,0 2,457,169,0
667,054,0
11,742,0
47,934.0
447,0
42,471.0 226,847,0
2,471,0
352,0
27,434,0
5,779,0
10,802,0
3,234,0
7,583,0
9,922,0
6,056,0
3,534,0
12.480.0
3,045,0
4,161.0
101,372.0
82,416.0
41,761,0
40,037,0
37,246,0
17,297,0
50,220,0
28,870,0
12,261,0
37,673,0
25,211,0
30,758.0
4,432,0
990,0
1,323,0
1,261,0
993,0
3,870,0
1,163,0
1,196,0
1,296,0
1,704,0
1,793,0
441,300,0
21,326,0
418,060,0 1,543,162,0 386,992,0 449,700,0 222,390,0 217,357,0 773,562,0 213,338,0 130,818,0 207,302,0 129,999,0 414,446,0 5.107,126,0
OCT.
1
1921.]
THE
LIABILITIES {Concluded)—
Boston.
Neto York.
PhUa.
5
Two ciphers (00) omitted.
9
$
Memoranda.
CHRONICLE
Cleveland. Richmond
9
Atlanta.
Chicago.
9
1447
9
9
St. Louis. Min neap.
$
Kan.City.
Dallas.
San Fran.
Total.
$
%
S
9
•5
Ratio of total reserves to deposit
and F. R. note liabilities
discounted
paper
:
•
com¬
76.0
82.4
2,442,0
12,563,0
22,163,0
30,326,0
bined, per cent
Contingent liability as endorser on
70.4
68.6
43.7
40.9
......
24,903,0
20,095,0
2,676,0
2,743,0
1,639,0
67.3
1,204,0
58.9
40.5
51.4
39.7
66.3
69.0
rediscounted
with other F. R. banks
..
5,423,0
V
14,851,0
05,272,0
Contingent liability on bills pur¬
chased for foreign correspond'ta
«
Includes
bills
discounted
3,981,0
1,527,0
:
STATEMENT
Federal Reserve
OF
Agent at—
Resources—
RESERVE
$
Federal Reserve notes on hand
AT
PhUa.
Richm'd Atlanta
Cleve.
9
CLOSE
9
OF
St. L.
Minn.
9
9
K.
CUV
Dallas
59,604
12,330
4,440
81,824
6,110
"2",499
5,019
16,327
3,649
39,000
300,644
47,031
1,251
4,200
197,803
85,067
79.985
86,270
154,935
53,184
2,201
18,508
17,602
72,585
68,184
6,483
41,101
7,688
Eligible paper/Amount required
lExcess amount held..
45,917
27,840
67,597
65,271
27,774
of Federal
amount
Reserve notes
received
Collateral received from
Federal
*
Reserve
170.609
(Eligible
89,375
paper.
u
Total
:
136,033 211,237
47,419
34,499
576,066 146,844 178,081
98,473 103,872
250,987 87,268 132,868
348,796 1,083,589
\ Gold
Bank
252,13ll90,358
from
Comptroller of the Currency
634,666 151,634
71,934
86,264
447,337
14*387 110,566
2,234 153.304 1,201,162
34,963 115.124 1,058,613
26,673
14,311
340,120
Liabilities—
Net
$
3,876
3,575
33,360
608,780 1,910,622 486,243 601,307 269,005 362,528 1,179,157 283,091 159,312 195,928 138,481
Total
Total.
34,360
833,279
44,648 282,815 2,817.678
*2*.5 47
32.000
Ft.
9
22,512
13,052
18,142
13,455
14,705
161,000 133.389 145,000
15,009
150.000
San
9
81,687
Gold redemption fund
Gold settlement fund—Federal Reserve Board
65,272,0
1921.
9
162,760 26,660
471,906 124,974
3,400
18,375
SEPT. 28
9
309,700
396,924
BUSINESS
Chicago
9
9
77,548
21,569
20,220 44,680
773,869 231,911 245,678 114,464 133,689
96,500
33,738,0
■
%
Federal Reserve notes outstanding
252,296
Collateral security for Federal Reserve notes outstanding:
Gold and gold certificates
5,600
1,539,0
■■
AGENTS' ACCOUNTS
Boston. New York
(In Thousands of Dollars)
870,0
/
12,78^,0
FEDERAL
1,606,0
-----
for
other F. R. banks, via.:
903,0
614,30l|6,808,755
316,971
56,790
18,503
35,907
67.160 317,175 3,650,957
9,685 167,691 1,759,065
227,520
74,667
68,875
73,757
61,636 129,435 1,398,733
608,780 1,910.622,486,243 601,307 269,005 352,528 1,179,157 283,091 159,312 195,928 138,481 614,301 6,808,755
471,906 124,974
59,604
48,203, 24,504
2,926
81,824
8,460
44,648 282,815 2,817378
4.424 55,645
360,482
631,130 208,698 226,546 107,292 127,359
423,703' 100,470
56,678
73,364
40,224 227,170 2,457.196
773J869
17,734
Federal Reserve notes in actual circulation
23R9U^245^678
114,484 133,689
6,330
7,172
252,296
Federal Reserve notes outstanding
Federal Reserve notes held by banks
142,739
234,562
23,213
19,132
Member Banks of the Federal Reserve System.—Following
is the weekly statement issued by the Federal Reserve
giving the principal items of the resources and liabilities of the Member Banks.
Definitions of the different items
in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" Dec. 29 1917, page 2523.
Board
STATEMENT SHOWING
PRINCIPAL RESOURCE AND LIABILITY ITEMS OP REPORTING MEMBER BANKS IN
BANK AND BRANCH CITIES AND ALL OTHER REPORTING
Reserve
Board's
weekly consolidated statement of condition on Sept. 21
of 810
member banks in leading cities.
Loans secured by Government obligations
show
a
reduction of $6,000,000
for the
week, loans secured by corporate obligations increased by $13,000,while all other loans and discounts, mainly of a commercial and
industrial character, show a decrease of $26,000,000.
For the member
banks in New York Oity an increase of $32,0OO,OOO in loans secured by
000,
corporate obligations, as against reductions of $5,000,000 in loans secured
$34,000,000 in commercial loans,
by Government obligations and of
are
noted.
Holdings of United States bonds and Victory notes increased by $7,000,000, those of Treasury notes by $111,000,000 and those of Treasury certifi¬
cates by $60,000,000, while the banks' investments in corporate and other
securities fell off about $15,000,000.
The New York City banks report
increases of about $2,000,000 in their holdings of U. S. bonds and Victory
notes, of $46.000,000 in their investments in Treasury notes and an increase
of only $2,000,000 in Treasury certificates, this smaller increase reflecting
t.
Data for all reporting member banks in each Federal Reserve District at close of business Sept. 211921.
Federal
Reserve District.
4
New York
Boston.
49
Number ol reporting banks
Loans and discounts, including bills re
discounted with F. R. bank:
PhUadel. Cleveland. Richm'd.
112
$
9
85
58
S
9
Atlanta.
82
.
230,399
34,34*
187,764 1,289,885
68,347
55,746
183,227
336,814
109,289
355,851
662,141
331,341
Total loans and discounts....
821,594 4,174,664
37,571
311,486
607,425 1,054,701
465,113
by U. S. Govt, obligations.
Loans secured by stocks and
_
bonds...
U, S. bonds
46,238
105,610
16,205
77,818
19,061
11,489
66,382
15,476
12,562
702,195
154,624
265,795
82,674
9,6
7
U. 8. certificates of indebtedness.......
9,202
138,561
Total loans,
stocks and securities
79,627:
9
Dallas.
Kan. City
$
San Fran
52
79
35|
$
Total.
66|
%
S
810
%
18,535
117,938
306,901
12.570
17,651
6,751
31,540
65,980
366,851
37,964
141,736
2,979,307
236,091
204,425
748,576
7,972,016
384,590 1,695,859
30,229
72,081
4,452
9,473
4,896
46,417
5,603
I
%
17,675
37
443,374
280,201
450,482
249,140
26,387
15,721
30,475
34,430,
917,022 11,544,165
99,212
870,744
27,607;
1,850
698
2,792!
1,318
52,189
424,981
314,7261,191,251
61,304
5,347
U. S. Victory notes
U. S. Treasury notes
Other bonds,
24,483
Three ciphers (000) omitted.
St. LouH. M inneav
112
S-
599,482 2,654,380
sec.
Chicago.
43
$
All other loans and discounts...
Loans
FEDERAL RESERVE
BANKS AS AT CLOSE OF BUSINESS SEPT. 21 1921.
apparently the large demand for certificates by local corporate and other
ultimate investors.
Total loans and investments, in consequence of the
changes noted, show an increase for the week of $145,000,000, of which
$33,000,000 represents the increase for the member banks in New York Oity.
Notwithstanding the large reduction in demand deposits, the reporting
banks were able during the week to reduce their accommodation at the
Federal Reserve banks from $908,000,000 to $860,000,000, or from 6.1 to
5.8% of their total loans and investments.
For the New York City banks
a reduction from $206,000,000 to
$130,000,000 in borrowings from the local
Reserve bank, and from 4.4 to 2.8% in the ratio of accommodation Is noted.
As against a decrease of $298,000,000 in net demand deposits, the banks
report a much larger increase, by $419,000,000. in Government deposits,
this excess apparently accounting for their
ability to reduce their borrowings
from the Federal Reserve banks.
Me mber banks in New York Oity report
a
decrease of $70,000,000 in net demand deposits, as against a gain of
$180,000,000 in Government deposits and a correspondingly larger reduction
in their borrowings from the local Reserve bank.
Only slight changes are
shown in time deposits.
Reserve balances of the reporting banks, in keeping with the large reduc¬
tion in demand deposits, show a total reduction of $39,000,000, while
cash in vault, largely Federal Reserve notes, fell off about $9,000,000.
The New York City banks report a reduction of $4,000,000 in their aggregate
reserve balances and of $2,000,000 in cash.
Aggregate increases of $178,000,000 in the holdings of Government
securities, following the issuance on Sept. 15 of $698,000,000 of Treasury
notes and certificates, together with an increase of $419,000,000 in Govern¬
ment deposits, representing largely book credits for notes and certificates
allotted, as against reductions of $298,000,000 in demand deposits, largely
the result of payment of customers' tax checks, are indicated in the Federal
2,148,
26,7101
15,569
592,842
166,263
624
13,386
3,644
4,956
5,375
1,561
7,671
164,685
2,805
42,216
5,257
3,383
7,039;
8,449
23,247
200.914
37,067,
345,530
67,410
20,623
47,604
9,567)
163,262
1,998,655
457,463 2,196,679
23,559
171,013
8,920
52,414
547,922
325,582
543,767
37,112
6,990
16,587
39,501
12,322
18,558
6,104
9,841'
22,769
301,445
207,454 1,259,698
275,081
169,746
359,845
184.294
574,713
9,833,196
139,750
650,080
146,218
67,818
99,913
59,793
541,347
disc'ts & investments, incl.
bills rediscounted with F. R. Bank... 1,022,158 5,415,219
848,171 1,466,362
59,970
89,386
Reserve balance with F. R. Bank
72,625
557,453
Cash in vault....
20,602
100,739
17,386
698,135 4,434,702
181,012
445,419
599,019
785,813
43,077
591,655
29,030
14,202
284,696
121,621
29,156
419,611
Net demand
deposits
Time deposits
Government
304,4651,225,983 14,945,426
74,462
1,189.256
43,661
248,642
46,127
45,182
17,441
6,779,
63,588
17,441
16,965
12,170
9,548
21,587
7,631
deposits
2,915,659
549,131
55,873
24,933
15,243
24,213
14,060
27,436,
11,634
4,041
12,183;
5,389,
21,687
224,323
366
139
794
246
2,670
65,286
17,850
32,413
570,277
Bills payable with Federal Reserve Bank:
Secured by U. S. Govt, obligations...
27
All other
262
Bills rediscounted wl h F. R. Bank:
Secured by U. S. Govt,
All other
2.
6,468
13,387
33,533
106,535
obligations...
Data of reporting
18,308
23,532
6,871
2,066
47,600
75,330
4,931
5,437,
2,183
752
38,886
102,651:
33,185
27,897
1,967;
30,865
member banks In Federal Reserve Bank ahd branch cities and all other reporting banks.
New York CUy.
All F. R. Bank Cities. F. R. Branch CUles
Ctty of Chicago.
Total.
AllOlher Report. Bks
..
Three ciphers
(000)
omitted.
Sept. 21.
Loans
sec.
207,090
by U. S. Govt, oblig'ns
211,922
bonds. 1,128,542 1,096,777
2,359,793 2.394,234
All other loans and discounts
Sept. 14.
Sept. 21.
51
51
9
9
9
Sept. 21.
70
70
Number of reporting banks
Loans and discounts, incl. bills redis¬
counted with F. R. Bank:
Loans secured by stocks &
Sept. 14.
Sept. 14
280
$
$
Sept 21.
280
9
Sept. 14.
212
$
Sept. 21.
212
{Sept. 14'21
810
Sept. 24'20
810
318
9
9
Sept. 14. Sept. 21'21
318
5
9
$
57,053
305,461
57,188
418,742
422,491
95,895
96,662
78.205
79,529
318,583
2,098,332
2,079,879
464,235
470,101
416,740
416,311
2,979,307
2,966,321
769,869
756,880
5,161,971
5,183,476 1,459,630 1,456,761 1,350,415 1,357,536
7,972,016
7,997,773
598,682
592,842
818
$
3,695,425 3,702,933 1,132,383 1,132,651! 7,679,045 7,685,846 2,019,760 2,023,524 1,845,360 1,853,406 11,544,165 11,662,776
U. S. bonds
266,252
17,895
444,007i
867,862
444,984
212,770
870*744
215,767
210,108
268,985)
17,979
210,970
U. 8. Victory notes
70,151|
11,445
100,265
162,475
74,889
11,474
166,263
96,736
25,728
40,015
25,983
40,011
U. S. Treasury notes
1,4541
115,443
26,723
5,812
53,369
164,685
72,740
35,662
8,225
19,798
9,482
29,444
U. 8. certificates of indebtedness...
58,310
28,283
7,7691
137,973'
200,914
141,029
60,623
89.331
23,539
21,144
39,402
30,554
Other bonds, stocks and securities..
528,181
349,071
348,423 1,998,655 2,013,237
131,129, 1,086,805 1.094.C13
562,779
570,801
537,8681 134,914
950,324
3,055,942
a
Total loans and discounts
:
Total loans & disc'ts, A invest'ts,
incl. bills redlsc'ted with F.R.Bk. 4,698,110 4,664,970 1,330,845 1,302,343
Reserve balance with F. R. Bank
134,908
514,189
518,668
122,764
Cash in vault
Net demand
872,102
89,881
30.252
30,275
170,067
3,973.769 4,043,910
881.067
929,663
6,918,348
272,772
310,069
312,282
87,392
deposits'.
9,563.538
Time deposits
277,290
Government deposits
238,446
58,785
44,497
5,816
1,361,570
431,689
37,275
51,491
4,263
3,633
102,462
Bills payable with F. R. Bank:
Sec'd by U. 8. Govt, obligations..
872,865
191,472
*383*,420
a
9,446,572 2,902,370 2,884.480 2,479.518 2,469,696 14,945,426 14,800,748 17,140,246
897,045
144,823 1.189,256 1,228,693 1,361.800
133,938
183,216
186.825
310.018
301,445
74,447
358,383
175,843
73,932
57,446
59,728
7,108,413 1,523,318 1,585,660 1,391,530 1,436,802 9.833,196 10.130,875 11,160.537
650,943 2,915,659 2,916,826 2,786,811
1,359.013
649,829
904,260
906,865
10,088
549,131
102,888
130,499
315,364
46,016
71,426
17,523
114.719
79,329
76,214
42,532
41,560
224,323
232.493
1,895
AH other
319
271
475
457
794
2,623
6,873
64,023
271,330
609,187
1,194,772
6.1
12.5
677.935
Bills rediscounted with F. R. Bank:
8ec'd by U. S. Govt, obligations..
All other
11,883
11,281
81,169
143,228
3,675
54,330
3,247
45,022
42,710
13,961
13,623
7,203
7,690
65,286
31,328
335,804
378,727
114,849
107,364
119,624
123,096
570,277
5.7
7.2
6.8
6.8
7.0
5.8
Ratio of bills payable A rediscounts
with F. R.
Bank to total loans
and investments, per cent
*
Comparable figures not available.
.
t
2.8
4.4
4.7
2.9
5.1
output of
gangers' (6c\zztt&.
Wall Street, Friday
Miscellaneous
and
Railroad
interest in the stock market has
is the
spur
30 1921.
Stocks.—No outside
Night,
appeared this week and as
most needed the
in part, been recovered since Wednesday.
unusual decline of 2 % points in Pennsylvania
of the week has,
There
was an
Vice-President Atterbury
shares, following some remarks by
regarded by some as pessimistic.
This was
exceeded, however, by a drop of over 3 points in Reading and
was almost equalled by a loss of 2% points in No. Pac.,
which
notwithstanding
the
of
So. Pac. and U. P.
.
again been the outstanding feature of the
industrials, having covered a range of over 6 points and finally
closing with a net loss of over 3.
Among the events which have attracted considerable
attention in Wall Street during the week, a decline of the
German mark to 0.78,—a suggestion that the railroads of
under general
the best solution of the present railway
of railway earnings for August now coming
be segregated into a few groups,
management, as
problem—reports
in—and the outlook for this
year's cotton
crop
have been
conspicuous.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
States
Board
Bond3.—Sales of Government
limited
are
Daily Record of Liberty Loan Prices.
First
Liberty
Loan
Lowest.
Highest.
Lowest.
Week
Highest.
88.50
88.50
88.40
88.35
83.34
88.40
88.32
83 26
83.24
88.16
88.50
88.40
88.40
88.26
88.24
88.40
225
852
260
227,
354
144
90.88
90 96
Total sale* in $1,000 untts
Converted
4%
bonds
off High
100 103
AH America Cables..190
50
50
51
American Chicle. .*» par
100
9
Amer Bank Note
Am Malt & Grain stmpd
400
25
300
100
350
American
Radiator
American
Snuff
100
100
Preferred
Cable... 100
50
Am Water Wks & E .100
200
Am Teleg &
Sept
29
Low
(Close
4 4%
Aug
13
May
68
66?*
90.28
90.80
90.80
90.80
Low
89 70
90.20
90.55
90.70
90 50
90.84
[Close
bonds
90.20
90.64
90.70
90.74
90.90
90.90
191
295
108
252
124
25
90.00
90.22
90 00
90.22
off High
]
1932-47 (First 44s)
Total sale? In $1,000 units
Second
Converted
4 4%
of
(First]
bonds
1932-47
12?* Sept 28
Sept 27
Sept 27 68
101
Sept 28 104?* Sept 24
78
Sept 27
Sept 27 78
50
Sept 29
Sept 29 50
6
Sept 30
5H Sept 30
53
Sept 28 5 M Sept :0
Preferred
(7%)... 00
pref (6%) 100
400
Particlp
800
11
100
100
11
Sept 26
..100
200
23
Sept 28
Sept 29
Art Metal Constr
10
200
15
Sept 28
Assets Realization
10
Atlantic Petroleum
25
Ann
Arbor...
Preferred
.-
Atlantic Refg pref... 100
.
Second 44 s)
C &
20
Apr
25
Aug
15
Sept
15
Sept
Sept 26
Sept
Mar
18
Sept 30
% Sept 24
Jan
Aug 23?*
July 110V*
T
V*
Sept 28
41V*
4
Sept 26 188
22
Sept 26
100
Jan
Jan
35
1
Jan
Jan 115
Mar
53
May
Aug
Jan
June
10V*
Apr
109
Sept2i
Mar
44
Jan
Aug
Sept 30
5
Preferred
100
Cluett, Pea body & Co 100
Davison Chemical.no pmr
Kodak
Eastman
100
Preferred
100
Emerson Brantlng
100
Preferred
100
«V* 8ept 26
6V* 8ept 26
Sept 24
Sept 30
50
June
63
Jan
70
July
80
June
36 V*
June
62V*
44
Jan
May
Sept 690
Apr 104
Sept
24 56 V*
100 80
Sept 30 80
500 38?* Sept 28 39 V*
1,300 37
Sept 24 40V*
2 fll5
Sept 29:615
4 104
Sept 26 104
4
4
100
Sept 27
300 21V* Sept 3 < 25
100 98
Sept 28 98
500 60V* Sept 27 63
100 58
Sept 28 58
100
56 V* Sept
'
Fisher Body pre!
100
Fisher Body Ohio pf.100
Homestake Mining..100
Cent-RR
June
7V* May
100
56
..10
400
100
Kayser (Julius) <fc Co 100
200
Sept
7V* 8ept
Sept
79 V* Sept
Kelly Spring! 6% pf.100
Kelsey Wheel Inc...100
Preferred
...100
100
70 V* Sept
400
56
* Sept
100
90
Sept
trust certificates
Indian Refining
.
Kresge (S S) Co
Preferred.
100
...100
Lima Locomo Wks. .100
Malltnson (H R) pref 100
Manhattan Shirt.....25
Market Street Ry___100
Prior preferred
Second
100
preferred..100
Marland OIL.
60
1,200 141
Sept
100 101V* Sept
1.000 75
Sept
100
300
60
Sept 20 102 V*
Sept 27
4
Mar
July
7 V*
May
Feb
9V* May
Sept 27
Sept 28
24 V* Sept 40
95
June 100
Sept 28
57
Sept
63
Sept
Sept 28
49 V*
Mar
61
May
52
Aug
56
Sept
24
Sept
Sept 30
100
35* Sept 27
32 V* Sept 24
100
5?* Sept 24
Sept 28
900
16
no par
400
13
Motor
Class B
1
Liberty Loan
4% bond? or 1927-42.
89.90
90.24
Low
89.90
90.24
90.10
[Clo?e
(Second 4s)
89.90
90.24
90.16
Total sale? in $1,000 units
Converted
1927-42
4 4%
Sept 24
26
27
28
26
26
24
26
7V* June
Sept
60
90 60
90.46
90 42
90.70
Low
89.74
90.03
90.23
90.22
90.32
90 32
90.50
90.34
30
25
Sept 30
3?* Sept 27
90.32
90.46
627
1.117
907
1.016
941
1 081
93.80
94.00
93.90
93.94
93.88
93.98
Low
93.65
93.76
93.78
03.82
93.80
93.82
[Close
93.74
93.80
93.80
93-88
93.80
2
1 982'
983
6471
1 748
■
Total sale? in $1,000 units...
100
8 V* Sept 28
155*
Jan
61V*
Jan
Sept
May
35
Mar
62
90.34
90.96
90.76
90.62
90.69(
90.98
Low
89.95
90.40
90.00
90.44
90.56
90.60
[Blose
90.34
90.60
90.58
90.56
90.80
751
3 118
3 110
1 725
1 776
2 347
High
99.32
99.48"
99.48
99.50
99.50
99.48
bond? of 1933-38
otal sales In
$1,000 units
Liberty Loan
Mar
90
May
Jan 159
Sept
97?* June 103 V* May
Aug 79V* May
46 V*
Jan 67
J une
18
June 26V* Sept
64
3
May
Aug
18 V* Sept 24
14
Sept 30
13
Sept
21
8
June
10V*
Aug
59 V*
28 V*
Feb
4 V*
7
May
45 V*
Aug
May
8?* May
Aug
21?* May
100
200
50
Sept 26
56
Sept 26
53
Sept
no par
300
18
Sept 29
Sept 27
Sept 27
18
Sept 29
17?*
July
Jan
9 V* Sept 29
8 V*
Jan
Sept
13V* May
June
48
Jan
Aug
200
9
.25
100
46
Ontario Silver M g_.100
Otis Elevator
100
3,200
Panhandle P A R.no par
100
Parish & Bingham no par
400
11?* Sept 28
12
V* Sept 28
9 J*
Phillips Jones
par
100
65
65
Sept 24
37 V*
Apr
77?*
Aug
100
50
79 V* Sept 30
Sept
791*
Sept
Apr
Sept
26 V*
80
Sept
Norfolk Southern
100
Ohio Fuel
Supply
400
41* Sept 27
92 V* Sept 28
7 V* Sept 28
800
8opt 24
79V* Sept 30
24
Sept 30
Remington 1st pref.. 100
200
52
Arizona....10
700
So Porto Rico Sugar. 100
300
no
Pitts C C & St L
Rand Mines Ltd..no par
Shattuck
Standard
Mill pref..
100
Temtor C & F cl A no par
Third
Avenue
Ry
100
Tidewater Oil
100
TJn Cig Stores pref..
100
Sept 29
46
Sept 27
51* Sept 26
40
3V*
Sept 27
87
7 V* Sept 28
6
94
25?* Sept 26
79 V*
19
52 V* Sept 29
52
6 V* Sept 29
7
29V* Sept 27
100
76
Sept 26
400
7% Sept 26
15 V* Sept 28
100
100 120
Sept 27
100 100
Sept 30
30
76
Sept 29
Sept 27
Sept 26
4 V*
27?*
75
6
May
Aug 148
May
Aug'
Sept
7 V*
June! 15 V*
Jan
7
Jan
V* May
Aug 103
June!
Apr
Jan
79V*
Sept
Augj 25?*
Jan
8 V* Sept 27
4?*
15 V* Sept 28
12V*
120
Sept 27 119
Aug! 20?* Mar
May
Sept 175
100
July 103
Sept 30 100
Jan
50
200
40
Sept 29!
40
8ept 29
36?*
July
47
Feb
Van Raalte 1st pref.. 100
M00
75
Sept 24
75
Sept 24
72
Mar
80
June
Un Drug 1st pref
For volume of business
on
New York, Boston, Philadel¬
phia and Boston exchanges, see page 1444.
State
and
Railroad Bonds.—No sales of State bonds
the Board this week.
and industrial bonds was somewhat
less active tban of late during the early part of the week and
have been reported at
The market for railway
time was not so generally buoyant.
This
only a logical reaction from an almost continuous
advance for several weeks past.
Perhaps the very large
at
the
change
.
same
was
90.60
note?
of
Low
99.23
99.44'
99.42
Close
99.30
99.48
99.46
99.50
99.44
99.48
265
5 859
3 253
5 801
9.304
3 528
"High
99.30
99.44
99.50
99.43
99.48
99.48
Low
99.30
99.32
99.45
99.44
99.30
99.44
99.48
99.48
99.46,
99.46,
99.44
Close
44%
100
396
3 193
1 735
1922-23
Total sale? In $1,000 units.
34% note? of 1922-23
(Victory 3?*s)
Total sales In $1,000 units.
Note.—The
99.22
99.44
99.42
above
table
includes
1st 3 V*s
88.10 to 83.20
77
5
1st
89.90 to 90.40
221
1
2d 4s
45
130 2d
sales
only
Transactions in registered bonds
bonds.
4V*s
3d
306
99.46
286
4V*3
4th
89.82 to 90.58
99.10 to 99.32
99.28 to 99.30
80 Victory 3?*s
Quotations for Short-Term U.
S.
Govt.
Feb.
16 1922
151922...
_
Mtr. 15 1922
Juae
15 1922
j
A iked.
—.
Foreign
Rate.
Maturity.
6%
5<*%
5V*%
loo**;
100 %
Aug.
1
100 V*
100 *
100%
f ine
100
100%
Sept. 15 1922
100 *
5V* %
15 1924
Mar.
5 H ?0
15 1921:...
MM*.
Bid.
Rrite.
Maturity.
Obligations!
IU.
lit.
Dec.
coupon
93.33 to 93.84
4V*3
4V*s
84 Victory
89.54 to 90.50
4V*3
of
were:
83.00
Sept. 15 1 924
100
%
%
100 V*
5M»%
1922
Asked.
Bid.
100
%
191 I*
100%
5%
100*
101?*
IOOV*
5V* %
100%
100%
5V* %
100%
100%
5?*
15 1922....
...
Exchange.—
exchange were 3 65V*@
3 72>*@3 73?* for
days 3 64@3 65?*.
ninety days 3 62 V* @3 64 V* and documents for payment (sixty days
3 66(«)3 67.
Cotton for payment 3 72@3 73 and grain for payment 3 72
To-day's
(Friday's) actual rates for sterling
3 67?* for sixty days, 3 72@3 73 V* for cheques and
cables.
Commercial on banks sight 3 72(3)3/3, sixty
@3 73.
To-day's (Friday's) actual rates for Paris bankers' francs were
7.03 ?*@
German bankers' marks are not
Amsterdam bankers' guilders were
7.06 for long and 7.09V*@7.12 for short.
long and short bills.
..
May
75
70
12>*
93.88
High
Liberty Loan
June
Mar
M leased
line certificates
Mulllns Body
801;
31.24@31.38 for long and 31.60@31.74 for short.
Exchange at Paris on London. 52.06 francs; week's range, 51.50 francs
high and 52.65 francs low.
The range for foreign exchange for the week follows:
Cables.
Sixty Days.
Cheques.
Sterling, Actual
3.73 V*
3.73?*
3.71?*
3.65
3.70?*
27
8V* Sept 28;
398
90.35
Jan
33
Sept 29
5?* Sept 24
90 00
(High
Loan
(Third 44s)
44%
7
90.74
bonds of 1928
Fourth
90.22
1
90.02
Close
44%
3
2
off High
bonds
(Second 443)
Liberty
2
!;
90.00
yet quoted for
79 V*
80
68
30 130
28
29
1
...
Total sales In $1,000 units.......
Third
ll
90.16
High
Jan
Corp
no par
M St P & S S
Sept
26 50
7V* Sept
28
Sept
28 60
20 79 V* 8ept
20 701* Sept
30 57?* Sept
Sept
26 90
Sept
24 15)
28 101V* Sept
24 78 V* Sept
Sept
30 60
500
.no par
Martin Parry
Maxwell
Sept 29 23
Sept 29 015
Aug
Securities
K C Ft 8 & Mem pf__100
stock
Sept 28
5V*
94.50
Total sale? In $1,000 units
Apr
145* June
Sept 30 105
Sept 29
3 V*
July
Ills pref tr recta
E
let asst paid
C St P M A Omaha..100
111
54?* Sept
I'M Sept
12?* Feb
15
Sept 30 110
48V* Sept 23 48 V*
4 V* Sept 29
4V*
325200
Sept 26200
100 23
Sept 26 23
7 V*
200,
7
Sept 29
100
Sept
8 V*
110110
1st paid.
rec
...
Feb
6
8
28
13 4* Sept 27
100
Certain Teed Prod.no par
C & E 111 tr
48
54
Sept
Sept
13 H Sept 3 »
Sept 28
23
Sept 29
11
94.50
95.00
[Close
94.50
95.03
Low
Jan
Aug
5?<
200
Plow, .no jrar
Central RR oi N J
77
48
1 V* Sept
200, 17^ Sept 28
600'
V* Sept 28
Batopllas Mining
20
Burns Bros pref .....100
Calumet & Arizona... 10
Case (J I)
95
1
IV* Sept 27
10
15
Sept 24
1,700
100 100?* Sept 26 106 H Sept 26 103?*
200
25
Barnsdall class B
Sept 27
95.00
f High
Second
75V* Mar
Jan 112V* May
Aug 84V* Sent
9
83.50
1
Total sales In $1,000 units
Converted
Jan
12?* Sept 23
8H
11?*
Sept 27
88.72
{
1932-47 (First 4a)
(Victory 44s)
$ per share $ ner share.
$ per share.
Feb 105?* May
Sept 29 100
Sept 29 103
Feb
Jan 54
Sept 30 46V*
Sept 30 51
$ per share.
Sept. 24 Sept. 26 Sept. 27 Sept. 28 Sept. 29 Sept. 30
.
Victory
Far. Shares
76%.
34% bonds of 1932-47...•
Low
(First 3 4 0
•
[Close
(Fourth 4 4?)
for
bonds at
Liberty Loan issues
High
Range since Jan. 1.
Range for Week.
Sales
STOCKS.
Week ending Sept. 3f.
the various
to
and SI,033 Panama 3s coup, at
>, •
Mex. Pet. has
from the lowest quotations
some recovery
week.
United
the
were
the country
issues recently also had some effect in checking
new
the previous upward movement of prices.
From whatever
cause about two-thirds of the active list shows a net decline,
market has been
dull, narrow and almost featureless. - Daily transactions
averaged little more than 499,009 shares and a general decline
of from 2 to 3 points, which occurred during the early part
that evidently
[You 11S.
CHRONICLE
THE
1448
Paris Bankers' Francs-
ii
i
*
Pr* CO O t—
i-*
7.19
7.20
7.07
0.091
Germany Bankers' Marks—
High for the week
Lo w for the week
Amsterdam Bankers' Guilders—
7.06
0.092
0.076
0.077
31.74
32.15
32.20
31.24
31.65
31.70
_
High for the week
Low for the week
Domestic Exchange.—Chicago, par.
St. Louis, 15@25c. per $1,000
discount.
Boston, par.
San Francisco, par.
Montreal, $100 per $1,000
premium.
Cincinnati, par.
Market was a rather dull
the week until Thursday when
a
decided improvement.
Trading was on an
scale and many sharp upturns in prices were
To-day business slowed down somewhat and
The Curb Market.—The Curb
affair in
there
the fore
was
extensive
recorded.
part of
profits-taking caused some reactions from the high figures.
Wm. Farrell & Bon com. was heavily traded and on the
announcement of the merger with Burns Bros, advanced
from 13% to 19% reacting finally to 17.
Burns Bros. com.
B stock was traded "w. i." up from 32 to 32% then down to
28% and at 28% finally.
Glen Alden Coal from 41%
dropped to 39% and ends the week at 39%.
Durant
Motors lost a point to 24.
Peerless Truck & Motor lost
three points to 37 but recovered to 39.
Intercontinental
Rubber advanced from 6% to 8% and ends the week at 8.
Texas-Gulf Sulphur declined from 28% to 25%, recovered
to 27% and reacted finally to
26%.
Oil issues were
prominent.
Internat. Petrol, on a heavy business gained
two points to 11% and closed to-day at 11%.
Atlantic
Lobos Oil com. last Saturday broke from 9% to 6%, re¬
covered during the week to 8% and to-day sold off to 7%.
Glenrock Oil sold up from 87c. to 1 5-16 and finished to-day
at 1%.
Maracaibo Oil rose from 19% to 20% with the
final figure to-day at 20%.
Mexico Oil Corp. was heavily
traded in up from 61c. to 1% and at 1 1-16 finally. There
was a good market for bonds.
B. F. Goodrich Co. 7s ad¬
vanced from 95 to 97 reacting finally to 95%.
New York Stock
Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING
THREE
W49
PAGES
For sales during the week of stocks usually Inactive, see preceding page
PER
HIGH AND LOW SALE PRICE—PER SHARE,
STOCKS
Sales
NOT PER CENT,
Saturday
Monday
Tuesday
Sept. 24
Sept. 26
Sept. 27
$ per share
$ per share
$ per share
I
8634
♦2
86%
87
86%
81
81
81
81
9
9
89
2i4
88
♦87
3914
3934
5134
*914
6%
51®4
38%
39%
51®4
52
9U
93j
6%
6%
112% 114
6i2
11314 1143s
56
57U
•1
5634
563g
2
1%
1%
712
7i2
17
17
7h
16%
26%
26%
26
40%
40®4
3984
.
68
6878
34%
78%
665s
3434
78i4
66«4
73»
17
26%
40®4
68%
2
*2
88%
38%
52%
87
38
9%
*6
38%
38
51%
51%
9%
9%
9%
51%
8%
7
52
6
6%
6
112% 113%
55%
55%
*1%
2
*1%
2
7%
7%
112% 113
17
17
25%
39%
67%
26
55%
•1%
*1%
*7%
16%
25%
40
39
113
55%
25%
39%
41
40
40
37%
52
2%
400
5%
3,500
113% *113% 114
56
56%
56%
6,409
deposit-Canadian raelfic
..100
5,300
Chesapeake & Ohio.
2
*2%
2
*2%
*7%
7%
17
800
400
17
25%
26
*40
700
7%
17
1,300
4,200
26
39% 40%
40%
67% 69%
69% 70%
70%
102% 102% *102% 110
*103% 111
33%
33% j
33%
34%
3334 34%
*78
80
79%! 80
79% 80
39%
9,700
16,200
200
12,400
68
67%
68
pref trust rects
Do
37
•
200
100
100
I62"
102%
101% 101% *101
108% 10834
109
105
106
105
♦3
4
*3
4
*3
7%
*5
107
4
*3
*5
7
*5 .7.
7
*5
13%
19%
•13%
13»4
13%
19%
13«4
13%
19%
19%
14
14
74%
75%
*28
7%
75
28%
28%
7%
20
96%
2
7%
26%
51
2%
7%
6%
26%
51%
10%
5134
*10%
12%
22
10%
2%
6%
2634
52
10%
97%
2
64%
41
41
10%
9%
13%
75
7%
71
....
71
*13%
7434
74
28
52
14
*10%
22
53%
*27%
14
*19%
54
2%
7%
26
7%
20
96%
2
634
70%
70®4
*7%
*19%
96%
1%
5%
*5
13%
19%
14
75%
28%
7%
4,700
19%
2,900
14
*13%
75%
28
100
7%
100
20
1,700
97
""l% '~2
2
6%
13,100
6
8,300
26%
4,400
51
1,900
15
5%
100
26
26
52
251
13
*10%
22
*20
22
54%
7034
700
28
*7%
*19%
52
300
8,800
75%
24", 300
110
109% 109% *109
39%
40%
40%
40%
10
9%
9%
9%
70%
*67
71
600
134
1®4
234
234
1%
*2%
3
20%
40%
♦45s
20%
19%
20
19%
20%
4U4
40%
41%
39%
4%
~73%
•52
7334
55i2
•52
•60
67
*60
♦54
59
*54%
35%
21%
97%
79%
39%
19%
5
4%
1%
5
52
1514
2U4
•96l4
52
73%
1514
73%
2U2
97
14%
21%
96%
78%
79
78
39i8
195s
39U
39%
195s
19%
♦55
•34
273s
•74
60
*55
38
*40
27i2
27
75
75
1%
3
1%
1%
19%
20
20%
40%
19%
39%
39%
4%
4%
4%
39%
4%
41
4%
1%
3%
*2%
*60
7334
71%
73%
4234
42%
36%
19
19
77%
24%
*24
24%
33%
5%
10%
*33
35
70%
26%
79
79%
21%
78%
79
20%
20%
46%
46%
22
22%
•38
43
*38
43
*38
43
*38
*8%
*18%
20
7%
21%
21«4
21%
•13l2
15
♦13
9%
*61
16
16
9
8%
16
*27
65
8
*8
9%
*18
19%
16
*13
16
17%
24%
24
61 i2
65
20
*17%
24U
121% 121%
66
62
8%
16%
30
40
26%
*75%
26%
71%
72%
43%
43
37
"""360
1,300
20%
46%
2234
58
July 16
54
June 24
13%June 23
450
80
47,800
11,300
20%
46%
43
687
23
2,200
9
Do
pref
Southern Pacific Co
Do
Railway
7 ,400
1,050
200
46%
14%
*13
14
*13
*36
40
*35
40
Do
46%
46
20%
20%
21%
20%
21%
2,200
Do
pref A
Do
pref B
*13%
10
17%
23%
9%
*16%
23%
63
17
23%
63
63
8%
9%
*8%
834
16
*9%
*16%
22%
62%
*8%
9%
pref
46%
,
'
37
37
23%
%
24%
"22%
%
%
1
1
1
47%
46%
47%
*23%
24%
*%
%
1
45
89%
333s
•77%
35%
90
90%
33%
74%
35%
60%
27%
*53%
34
80
35%
♦61
62%
*27%
30
♦53%
65
14
*35%
40
*36
38
*36
38
4,500
14%
38
38%
38%
*35%
39%
300
22%
*%
23%
23
23%
23%
24%
3,600
%
%
800
1
1
1
1
1
47
89%
6,600
17,100
33%
8,000
46
47
44%
46%
90
90
90
34
32%
33%
%
%
44%
46%
45%
90%
34
74%
35%
*73
"35%
35%*
32%
33
33%
78
1,050
100
35%
35%
35%
2,200
63
63
35
*60%
*35
28
♦27%
30
28%
28%
*28
30~
*60%
27%
28
1,500
65
*55
70
*55
70
*55
70
*55
70
37
37
27%
~27~
60%
36%
27%
79
27%
79%
35%
*60%
27%
80
27
*79%
27%
82
38%
27%
*80
700
38%
27%
82
128
128%
127% 128
127% 127%
128% 129%
128% 128%
110% *108
109% *107% 110% *108
110%
110% *108
*19
20
19%
*18% 20
19
19%
19
*19%
45
43%
44%
44% 44%
4%
5
4%
*4% ~4% 1
4%
5%
4%
"•4% ~~6~
118
118
*117
120
116
118% 120% 121
1?1% 122%
11
*10%
10%
10%
11
10%
10-%
10%
10%
*10%
51
51
51%
61%
51
51%
51%
*50%
51%
51%
57
58
59
57%
59
60
60%
59%
60
59%
64
64
64
65
64
64
63% 64
64% 64%
33
34%
32%
34%
33% 34%
33% 34%
34%
33%
9
9%
9
♦8%
9%
9%
*8%
*8%
9%
*8%
20
*43%
45
•lie"
•10%
51%
♦56
19%
•43%
117
11
51%
57
63%
63%
32%
33
9
9
*22
24
*46
60
23
23
*22
*46
~89"
~90""
23
49
*21
*46
23
50
90
91
90
*104
106
*103
106
4
4
4%
4%
4%
4%
4%
4%
6%
37%
6%
6%
6%
6%
6
6%
*4
6%
36%
4%
6%
6%
37%
37
'
*71%
91%
74
•
*104
38%
♦72
106
37
88%
*104
*21%
47%
"""966
2,200
400
2,200
23
47%
300
700
800
4,700
1,200
26,700
Pacific.
100
100
37%
30%May
41
7
9
Jan 13
103
Nov
61
Oct
65%
33%
48%
Feb
11
40
49%
11%
Oct
20%
29% May
Oct
24% Jan 13
18
Feb
33%
Jan 13
50
Feb
66%
27%May 16
14
Dec
47
Mar
27% June
43
Oct
101
60
Jau
3
65% Apr 7
123%Sept 24
67*4 Mar 10
Feb
110
61% May
118% Nov
15%
Oct
Oct
13
Oct
Dec
34%
Oot
Dec
23%
Oct
15% Sept
27% Oct
40
Sept
20%
Feb
54%
Feb
Dec
78
11
May
Oct
32%
7% Aug
24%May 10
15%May
ll%May
Oct
129% Nov
69% Jan
70% Jan 10
Aug 22
Oct
8%
88%
5%
21
58
Oct
Oct
Oct
Sept
Dec
Dec
Fob
9
12%May 10
7%May
30%May
Feb
July
Nov
ll%May
16
Oct
13%June 21
19%May
16
May
28
Oot
25
July 22
37%May
25
May
48
Oct
Apr
Adams
&
42*4
Dec
Dec
46% Mar
72
Jan
June 21
2
39% Jan 11
24
Dec
8834
Soul
Aug 17
30
50
17
10
Gold MJn'g
Houi
%May 25
78 »
10
.u
2 )
Allied Chem A Dye
Do
pref..
No par
34
Aug 15
100
83
June 23
Allls-Chalmers Mfg
Do
pref
100
28% Aug 24
67% Aug 26
...100
Amer Agricultural Chem.. 100
Do
pref
American
...100
Beet Sugar
pref
100
100
Amer Bosch Magneto..No par
American Can
.100
Do
pref
100
American Car A
Do
Foundry. 100
pref
American
100
Cotton
Oil
100
100
pref
Do
pref
....
American Ice
Do
pref
Do
pref.
American Locomotive
Do
pref
6,300
American
Am Ship A Comm
100
Dec
14
40
2
35
No par
Reduction, Inc
2,000
8,150
22
3
11
100
AJax Rubber Inc..'.
Alaska Juneau
30
1934 Jan
52% Feb 17
40
Jan 12
26% Jan
100
..100
Alaska Gold Mines
Air
8%
Miscellaneous
Express
6%
38%
100
..loo
100
100
...100
100
100
100
Safety Razor... 25
No par
Amer Smelting A Refining. 100
Do
prpf
IOO
Bid and asked prices; no sales on
this diy.
f Ex-rights.
| Less than 100 shares.
0 Ex-dlvldend and rights,
share for share, to stock of Glen Alden Coal Co. at #5 per share and ex-divldend (100% In stock Aug. 22).
Feb
14%June 23
100
4%
75
Oct
Oet
8434 Sept
20% Aug 24
.100
American Linseed
6,000
*73
39%
8% Aug 26
100
91
74%
57%
12%
8%
200
106
38%
Dec
Feb
66% Aug
6434 Feb
32% Mar
33% Mar
15% Feb
23% Jan
21%
17
Amer International Corp..100
American La France FE,. 10
90
37%
37
Jan 10
Aug
Mar 11
26% Aug 29
51
x
Aug 29
25%June 23
55
June 22
4984
%
%
1% Feb
I84 Feb
55% Jan 13
93% Jan 26
39%May 2
83
Mar 23
•
Dec
Dec
26% Dec
67% Dec
43%
84%
51
65% Jan
Dec
Dec
96%
10334
93
46%
Dec
12884
Jan
21%
Dec
6134
101
Jan
Apr
Feb
Dec
134
S»"»< 10
114
Feb 25
July 15
Apr
40% Feb
42
Jan
57
Jan
21% Aug
7% Aug
14
2
25
8
25
23
24
39% Aug 20
17% Aug
73%June 20
98%June20
3% Aug <0
4% Aug 19
23% Jan 28
67
Apr 26
834 Jan 11
147%
116%
6% Dec
15%
9
95
Feb
5
Dec
67«4May 18
35
Dec
30
65
Apr 27
5388May 6
11% Apr 18
37
Aug
53
Feb
62% Jan 31
42
Jan 29
93% Sept iO
May
60% 4
93
»i
107% Feb 26
10
Jan
14
Jan 20
7
30%
Dec
8% Dec
30%
122
Jan
Mar
Jan
Jan
53% Mar
68
120%
Jan
Jan
Jan
Apr
80
Aug
99%
74
Dec
96% June
6% Dec
Dec
Jan 20
64%
Dec
Dec
83
175
Jan
Mar
95
7%
29% Aug 25
86
Dec
29%
63% A ue 26
5434
Jan
14%
2
44»4May
Ex-divldend.
Dec
105% July
15% Dec
59% Dec
111
13%May 18
135
Jan
Oct
75
72%
May 23
Jan
Apr
79
32*4 Dec
Jan 20
15%June 23;
35%July 51
4
June 13
Jan
Jan 20
88
115%June 17'
Jan
95
Feb 15
76%June 25
108
Jan
92
51
23%June 21
29% Aug 10
62% Sept
92% Nov
53%
90
74% Jan
Jan
2% Mar
3
Mar
Dec
Dec
5
65%May 2
3284 Jan 29
8
106
*72%
6
Jan
79
18
114
90
73
Feb
Aug
American Hide A Leather. 100
106
37%
Oct
Feb
68
95% Nov
May
700
89
73
44
7
300
*104
37%
Feb
14
Amer Druggists Syndicate. 10
American Express
100
89
4%
16
7%June 21
Do
*400
106
*6
Oct
Oct
37% Sept
27% Oct
1J5% Nov
r100
pref
Oct
Oct
65
Wheeling A Lake Erie Ry.100
Do
pref
.100
Do
*107% 110% *108
•19%
65%
12% Mar 12
Advance Rumely
Do
pref
23%
%
90%
79
*127% 129
*13
34
27%
27%
14
48%
*13%
49%
*13
%
%
Feb
Oct
Oct
8%
Wisconsin Central
30
%
Feb
55%
70
Mar
400
48%
Feb
18
73%
May
400
16
4784
11
31%
Apr
9
9
38
35%
27%
48
Nov
50
41% May
15% Deo
12% Mar
Western
Oct
Oct
95
84% NOV
26
700
Jan
Oct
Feb
Feb
Aug 27
1,300
*26
90%
June
31
Aug 24
1,200
30
21
64%
23%
Mar 11
17
•15
112%
65%
Feb
7
62%
16
66% Nov
80% June
2% Dec
3®4 Dec
11% Dec
33% Dec
3% Dec
6
23%
Do
62% July 18
38% July
17
Western Maryland (new)..100
Do
2d pref..
100
*26
30
T,66o
June21
111
Oct
100
Wabash
*14
16% Jan 5
36% Jan 10
Oct
40
100
Do
800
16
67%June 21
17%June 20
42
June 21
24%
100
100
7%
16
Sept 22
8% Mar 11
Feb
Feb
8%
16
39% May
94
Aug
100
United Railways Invest
19%
*26
14
100
*7%
*15
46%
100
pref
*18.%
16
*35%
46
100
Union Pacific
8%
8%
....
100
Rapid Transit.. 100
*7%
*60
8%
..100
..100
Pacific
7%
23%
17%
5
100
pref
Texas A
June 24
28
100
Do
Southern
^100
100
pref
Seaboard Air Line
Twin City
"
122%
65%
St Louis Southwestern
Aug
8% Dec
13% May
40
May
32
27%J une 23
19%June 23
50
pref..
3
Oct
Oct
97% Oct
6% Oct
17% Nov
27% Oct
52% Oct
Dec
Preferred A trust ctfs...100
Reading
17%
35%
50
25®4 Aug 3
38% July 30
79
'
32
41% Mar
Jan
Jan 20
57
19% Mar 11
79%
*7
45
Dec
7
Dec
St Louis-San Fran tr ctfs-. 100
200
65%
Jan 19
24%June 21
70
Mar 11
Oct
14
5734 Jan 15
11
122
35
100
100
Oct
30%
4D4 Jan 12
55
pref
Oct
23%May 18
Jan 28
36%June 24
Do
8
84% June
6634 June
37% May
88
60%June 20
*9
122%
6534 6534
734
734
1834
1834
v t c
Pittsburgh & West Va
104% Feb 19
38% Aug 26
10
122
50
100
100
88%June 21
61%June14
32%June 23
15% Mar 11
50
Apr 29
50
1,000
*38
16
100
50
2,200
23
Sept 10
6S%SOD1 6
100
.100
Pennsylvania
pref
69
23% Jan 12
:*% Sept 30
100
Western
Pacific
Pere Marquette v t c
Do
prior pref v t c
Do
Mar 11
77% Feb 17
74% Jan 12
61% Sept
500
5%
23
Norfolk &
Industrial
*44%
Jan 31
5% Jan 10
23%May 18
1st pref
33
43
*9%
16%
62
♦13%
3
Mar 11
100
260% Sept
24%
63
2% Aug 25
100
May
8% Dec
2d
24%
46%
July
58% Jan 25
Do
33
20%
§46%
118
Do
23%
21
Sept 30
4,300
24%
37
5%
Jan 25
57
900
35,800
24%
5%
Mar 30
14% Jan 13
28
5
89% Jan 15
300
35
24%
52
500
79
23%
*34%
24
*13%
23%
8%
*15%
*34
26%
79
72%
Jan 25
Jan 11
100
preferred
N Y N H <fe Hartford
20%
9%
23
*61
60
5% Jan 25
16
93
June 20
Feb
3
18% Dec
80% Feb
6% Feb
7%
7%
20%
9%
17%
*55
~
28%May
3% July 28
3,400
17,600
ll%May 10
Aug 22
June 21
Oct
165
22®4 Sept
9138 Nov
Aug 24
46
108
Dec
83
C--100
83% June
Oct
12
Nat Rys of Mex 2d pref... 100
v t
Dec
6684 June
43%May
New Orl Tex & Mex
46
15% Jan 12
33% Mar 11
pref trust ctfs
Aug
79% Jan 29
32% Mar
100
Do
Oct
35
12%
14%May
73%May
1% Aug 25
54
21% Sept
Mar 11
16
36%
Feb
Dec
63
.....100
N Y Ontario & Western
42%
*38
*18%
7%
20%
9%
24U
6U2
*83s
43
7%
21%
9%
"i7i2 "17%
121% 121%
8
pref
69
Feb
July
Dec
9
Missouri Pacific trust ctfs.100
Northern
43
*8%
78%
23
734
Apr 14
35% A ug 31
Missouri Kansas & Texas. 100
Do
Mar 11
97
100
pref
13,900
42
26%
*75%
71%
9%
46%
8h
Do
12,200
1,200
60
9
§46%
*22%
19
17% Aug 25
47%June 21
100
23%
96%
20%
*5
23
*758
Nashville
Ry guar
78
19%
*33
23
♦7i2
10
50
100
Lehigh Valley.
22%
96%
37%
5%
4678
•18
100
23
20
5%
2312
*65
100
100
pref
Louisville &
1% Aug -0
Dec
20
46
9%
16%
Aug
5%8ept 29
18% Feb 7
45% Jan 25
60
6%
98
par
100
pref
7% Jan 17
15%May
22%May
Feb
First preferred
37%
*34%
♦465s
2312
66
Do
May 18
4% Jan
26
100
Lake Erie & Western
67
June 24
Second
37
24
21%
47%
65%
Corp__ATo
pref
Kansas City Southern
10,000
77%
40
26%
*75
21U
121% 123%
Interboro Cons
15
78%
37%
26
Jan 20
85% Mar 12
...100
14%
96%
78%
96%
*55
21U
122U 123%
6 5®4
65*4
Illinois Central
Do
6% Aug 10
20
100
15%
19%
24%
33%
5%
21
25%June 24
properties.No par
pref
57
37
21%
47%
Ore
June 14
65
*34%
78%
60
*55
36%
80%
100
*61
24
79%
"sou ~8~i%
100
57
23%
*9
2d
65
14%
22%
24
10%
Do
lOijJune 21
11% Apr 14
*54
23%
36%
*9
6%
100
*61
14%
22%
96%
77%
37%
71%
42%
42%
34
1st pref
57
42%
25%
Do
65
143s
42%
33%
55%
11% Mar 12
39
42%
24%
4% Feb 23
100
84%June 21
71%
612
100
N Y Chicago A St Louis...100
38
2434
3358
1% Mar 24
New York Central........100
26%
75%
72%
512
Oct
200
60
33l2
24l2
Oct
Oct
Sept
200
19%
36%
62
12,800
39
36%
Dec
73
19%
36
36
31%
55
37%
24%
243g
48
53
22
~24%
243«
June 21
*52
*96
15
42%
44
84%
71%
*49
a-42%
73
4212
•43
Mar
Feb
272%
96%
78
26%
75%
41
Feb
64
55
22%
*34
76
Dec
64
74
96%
77%
43
21%
8 apt
*55
57
.27%
Sept 14
Sept 28
•61
65
*55
2,600
35
68
52
*49
14%
21%
60
4%
10,600
4%
41
500
4,800
Jan
91% Mar
80
73
54%
*54
1,200
3%
120
249
Manhattan
20%
41%
June
11
*53
72%
55
67
3%
19%
Dec
98
12
21
*49
73%
61%
2
*1%
3%
60
Jan 24
Aug 25
Do
Oct
Jan 11
693
Gulf Mob <& Nor tr ctfs_..100
Oct
71
50
100
17% Sept
14% Oct
110
14
1
73%
54%
52
73%
*53
2
65
53%
52
56
*1%
44% Nov
Dec
Apr 14:
MInneap A St L (new)
100
Minn St P & S S Marie...100
700
Dee
36®4
90
1,100
200
21
100
Iron
70% Nov
15
Sept
46% Jan 12
Jan 26!
pref
Jan
134
June 21
42
Great Northern pref
13% Mar
33%
Jan 12
100
pref—.......
Mar
31
Sept 28
39%May
53% Apr 27
4 7% July
7
104% Sept 23
Erie.....
Dec
Oc
17
June 20
3
Delaware Lack & Western.
Dec
6%
Oc
54
15% Dec
8
1,600
70
334
Oc
6% Jan 31
9%May 9
20%May 9
3
Hudson
Feb
12% Sep
June 18
Jan
Delaware &
Feb
4
Jan
pref
49%
47
6% Jan 29
Feb
Do
57
54%
119% Jan 11
65%May 9
27
2d
Feb
5% Sept
109% Dec
49
Do
13%
Jan 25
60
1st pref..
104%
40% June
9% Aug
100
pref
Do
Dec
Dec
27%
9
share
Jan
4%
100
100
Do
Colorado & Southern
per
90% Nov
82
x82
32
Duluth S S & Atlantic
7
13%
18%
*19%
20
9,600
4
25%
51%
*10%
26
109% 109%
4034
4034
10
*9%
"*9% Yd
70%
18«4
13%
13%
18%
*3
7
*5
*7%
*19%
96%
1%
6%
253g
*51%
22
41
9%
7
13%
28
28%
*6%
25%
51%
*10%
*19%
4
*3
"966
104
107% 108%
104% 107
1834
13%
74%
22
*19%
22
54
54%
65%
54%
109% 110% *108% 110
•110% 111
*40
98
13%
74%
28%
*6%
*19%
4
13
13%
19%
96%
7%
20%
26%
*19%
54
28%
♦6%
♦19%
9734
2%
20
96%
19%
14
75%
10o34
*101
105
*102
May
Clev Gin ChlcA St Louis..100
Do
300
June 20
60% Apr
95
July
22% Mar
68% Mar
56%June
-100
preferred
preferred
Feb
72
32
...100
Chic Rock Isl & Pac
76
2
Highest
22
North Western.100
pref
2
Jan 11
10
1
share 2
per
14
pref
100
Chicago Mllw & St Paul.. 100
Do
pref
100
Chicago
$
14% Jan 25
% Apr 28
% Apr 28
6%June 23
Do
7%
200
37
Do
Lowest
share
7% Jan 4
89% July 28
54
June 20
46
Chicago Great Western...100
6%
2,100
101
100
Chic & East Illinois trust recta
per
42%May
Mar 14
6% Sept 30
3% Sept 30
of
Certificates
1,700
67
*67
47
pref
..100
Rapid Transit..100
2,500
42
102% 103%
Apr 27
30% Mar 11
100
3%
Do
l!
Scot'
2
$
87% Aug
81%Seut
3
77
Brooklyn
1,800
53%
39%
Baltimore <fc Ohio
4,700
7%
68
75% Jan
RR..100
15,800
*16%
*67
Coast Line
I
77%June 24
Atlanta Birm<fc Atlanta-..100
Atlantic
Highest
$ per share
100
pref
51%
8%
2
7®4
Par
Atch Topeka & Santa Fe—100
Do
SHARE
Year 1920
Lowest
Railroads
38%
40%
69%
2
1,000
89
38%
51%
37%
53
Jt.
52
*2
400
PER
Range for Previous
...
6%
2
17
5,400
81%!
*86
51%
9
6%
26
55%
2
67
40
2%
89
38%
*86%
the
86%
*80%
81
*2
2%
Shares
86%
86%
86%
8034
88
•63
_
81%!
*86%
38%
67%
67%
102% 102% •101% 110
34%
34%
33%
34%
7834
80
78%
79%
68
68
66%
68
110
•103
86%
2
8778
934
86
*80%
share
per
Week.
$ per share
Sept. 29
i $
EXCHANGE
Friday
Sept. 30
Thursday
$ per shard'
86%
81
86I2
♦80
Wednesday
Sept. 28
SHARE
Range Since Jan. 1
On basis of 100-sAare lots
YORK STOCK
NEW
for
109%
107
Jan
Apr
Mar
17% June
30% Jan
72
Jan
100%
Jan
5 Ex-rights (Jane 15) to subscribe
1450
New York Stock
For sale*
Record—Continued—Page
during the week of atock* usually Inactive,
2
second preceding page.
see
PER
HIGH
STOCKS
Sales
SHARE, NOT PER CENT.
AND LOW SALE PRICE—PER
NEW
for
Saturday
Sepi
24
per
share
S
67
*66
....
Tuesday
Friday
the
Sept. 27
Wednesday
Sept. 28
Thursday
26
Sept. 29
Sept. 30
$ per share
% per share
% per share
% per share
*67
69%
Shares
*66
67
67
*66%
25%
25%
25
*66%
2.5%
68%
25%
25%
*66%
25
68
25%
£24%
Lowest
Am Steel
Pref
62
62
61%
62
59%
61%
88%
88%
88
88
87%
87%
40%
42
39%
4084
39%
40%
79
*70
107% 107%
125% 125%
90%
*89
79
*70
75
75%
125
75%
76%
*95
26
97%
23%
8%
8%
28%
38%
27%
27%
^
38%
32
31
38%
66
65
56
*90
95
*90
3%
2%
27%
22%
28%
27%
22%
41%
21,500
79
—
26-%
28
28%
22%
...
16,300
1,900
9%
*28
38
39
*30
32
31
70
*65
70
*65
38%
9
10%
29%
39%
31%
Do
2,600
29
2,700
39%
40
21,100
31%
31%
1,400
92
92
*91%
95
*91
95
400
92%
3
3
*2%
3
3
3
26%
27%
26%
27%
23
23
22
22%
27%
22%
28%
22%
2%
27%
22%
2,200
2%
28%
22%
17,700
Smelt.
10
62%
87%
97%
89%
97%
*49
53
55
•
55%
*9
89%
85%
97
97
96
96
53
52
52
86%
98%
*94
98%
4%
99
*23%
*13%
3%
*90%
3%
*97%
3%
3%
*94
101
14%
10
1034
65%
65%
36%
37
9934 101
4%
101%
4%
*14"
"l4
"l4l,i
10%
11%
14
1,800
Associated
Atlantic
66%
66%
66%
67%
*36
37%
*72
75
4
28%
29
4
4%
28
*90%
91%
200
Do
pref
98
*97%
99
600
Do
cum
96%
*94
28%
112
4%
14
11
*67
37%
74%
4%
*4%
27% ,28
37
73%
4%
66
64%
64%
64%
27%
28
28
64%
28%
44%
43%
43%
41%
43%
42
52%
24%
24%
57%
4%
60
4%
*61
*51
54
54
11%
24%
10%
11%
10%
23%
24%
24
35%
37%
35
35%
36
25
24%
24%
61
59%
4%
11
23%
37
3434
*24%
10%
23%
69
60
484
4%
59%
4%
*24%
59%
4%
-r
58%
4%
4%
2,600
67%
3,900
38%
4,100
75
4%
28%
65%
52%
11%
24%
36%
54
10%
23%
11
67
43
*51
1,200
2,300
*72
29
28%
10%
23%
3434
16,800
14%
*10%
67%
38%
73%
4%
65
54
10%
65%
29%
4%
29%
65%
100
5,300
5,600
700
29
29%
8,400
42%
43%
4,400
53
53
11%
11%
24%
36%
24%
36
*24
25
25
200
4%
4%
18%
13,100
19
*18
20
18
18
*17
19
*17
19
*32
37
*33
35
*35
37
*34
37
*34
38
*28
30
*28
30
*28
30
*27
29%
*27
29
*68
69
*68
69
*68
69
*68
69
*68
69
*68
*%
88%
15%
42%
*84%
%
76%
1%
88%
*104
16%
42%
95
,
%
76%
110
25
26%
63%
*80%
64%
*8%
81%
8%
*19%
20%
%
*16%
*42
43%
*84%
*%
70%
20
20%
18
18
64%
65
54
-54%
76
76
1%
88%
89%
16%
95
105
16%
%
77
8%
19%
45
45
45
95
mm'.rni
16%
%
78%
107% 107%
77%
77
110
25%
62%
*81%
26%
63%
82%
8%
82%
7%
7%
19%
26%
63%
17%
107
26
62%
82%
18
7%
16%
*%
26%
64%
82%
7%
17%
13%
13
13%
13
13
13%
13%
19%
19%
18%
19
18%
19%
19
19
*17%
18%
18
18
18
18
18
19%
64
64%
64
64%
64
64%
64%
98%
74%
%
78
79
105% 103%
26%
27%
65
63%
82%
82%
7%
7%
*86%
Endicott-Johnson
50
52
Jan
5
87
Jan
"54% ~58%
22,500
*5%
7%
7%
*5%
21%
21%
*21
22%
*21%
22%
*21%
22%
*80
85
*80
84
*80
84
1034
1034
11
12
12
12%
10,000
13%
34
5134
8734
13%
13%
13%
600
%
52%
700
%
54% 112,700
50%
53
*8534
85%
....
123% 124%
10%
*64
10%
89
*88
89
123
123%
66
65
65
74
74
*73%
32%
*31%
78
*73%
....
*11%
*65
65%
75
52%
11%
2%
2%
34%
34
*7%
4034
79%
8
4084
79%
#.**
9%
45%
984
46%
10%
32%
32%
700
*74
80
*76
19
*18%
20
79%
*17%
20
*12%
13
12%
21
21
21%
12%
21%
7%
7%
7%
39%
40%
58%
40%
41
58%
*57%
59
18
18
*14
18%
3934
58%
*16%
39%
62%
11%
2%
33%
7%
53%
11%
2%
34%
7%
*7%
*39
77%
68%
*57%
*16%
18%
7%
59
59
*57%
51%
18%
53%
.51%
51%
53
11
11
11
11
2%
34
41
*37
78
76%
3
34%
8
40%
38%
77
1,100
1,000
Greene
7.5
35%
7,600
*7%
39
76%
78
*66
58
*55
*10
47%
*30
48%
31%
30
30
*66
70
*67
70
100
58
*55
58
13%
13%
13%
13%
13%
13%
51
58%
50%
48%
49
49
69%
*68%
69%
8%
69
69
*68
13%
50%
70
13%
48%
*69
8%
8%
2%
2%
10%
10%
10%
10
11
*10
2%
10%
35
35
41
39
*36
40
*36
40
21%
21%
39%
21%
*21
22%
42%
*21
41%
22%
41%
*21
40%
86
*84
85
*84
10
*34
42%
41%
22%
42%
84
20%
83%
20%
2O84
20%
11%
-
11%
11%
11
4134
42%
47
48
---
42
*45
48
*27
29
*161
170
*100
101%
14
*9%
*32
14%
10
33
*97% 115
84%
*83
41%
*46
8%
25
2%
8%
25
2
40%
*84
88
20%
11%
41%
20
50
48%
20%
10%
41%
48%
10%
41
8%
25
2
10
42
9%
25
2%
10%
9
*24%
2%
10%
38%
42%
14
50%
69%
9%
28
-
32%
32%
*97% 115
32%
32%
*97% 110
Bid and asked prices; no sales
on
*32
*98
110
this day.
16,500
42
41%
50
48
48
33
33
33
*97% 115
|Less than 100 shares,
100
100
50
par
10
100
100
100
pref
Jones Bros Tea, Inc
Kelly-Springfield Tire
300
11%
42%
100
Nickel (The)25
No
Do
12,000
10%
pref
Jewel Tea, Inc
500
10%
41%
2d
100
Island Oil A Transp v t c..
17,150
86
1st pref
Iron Products Corp
1,800
21
33
Aug 24
stamped pref
Invincible Oil Corp
5,600
20%
*97% 115
27
Do
200
11
31
Aug 25
International Paper
8,900
20%
33 >8 Aug
36
f._
International
300
43%
295s Mar 12
6
Aug 31
100
pr
Do
22%
June 30
100
Do
8,620
10%
39%
June 20
67% Aug 22
99%June 20
718 Aug 24
Do
11,800
20%
*47
100
Int Mercantile Marine
28,600
-
33
3,400
2%
*2534 26%
25%
26%
26
26
25% 26
160
160% 160% *167
160
*157
157
157
160
*150
102
101% 101% *101
102
*101
*101
102
*101
102
14
14
14%
13%
13%
13%
13%
13%
13%
13%
9%
9%
9%
9%
9%
9%
934
9%
9%
9%
pref
June 21
Internat Motor Truck..No por
400
47%
13%
69%
Do
Internat Harvester (new)-.100
Do
pref (new)
100
400
10%
48%
50
8%
7,400
*55
■59
Internat
800
77%
10%
14
*68%
8%
*24%
38%
irv>
25
2
Inspiration Cons Copper._ 20
Agricul Corp
100
300
10%
51%
2
10%June21
35
67%
25
40% Aug 25
10
7%
39%
*30
2%
100
35
48%
31%
69%
8%
13
34%
47%
2
100
Manufacturing
Hupp Motor Car Corp
Indiahoma Refining
48%
31%
....
50i2June 20
Hendee
Houston Oil of Texas
47%
*54
Gulf States Steel tr ctfs_*_.100
Haskell A Barker Car..No par
1,400
48%
31%
60
400
1,400
5,000
76%
6
200
Copper..100
3,800
38%
Jan
July 21
714 Do 21
Cananea
Guantanamo Sugar
3
■
9
19
No par
200
11%
46%
*56
13%
22
56
11
59
*..100
3
10%
*66
pref..
11%
11%
67%
Do
200
54%
11
*30
265sJune24
62%June 23
15
Aug 16
13%
imio
69
100
3
11
31%
Aug 20
11%
10
*67
69
54
101
70
100
3
101
32
Aug 22
22
8
80is'Apt 25
109i2 Aug 22
93s Aug 24
June 21
11%
7%
f
60
38%
76%
7%
Jan
63
34%
7%
34%
.
Aug 25
100
3
2%
June 28
(6%)
Granby Cons M, Sm A PowlOO
Gray A Davis. Inc
.1. 25
7%
30
(7%)
Goodrich Co (B F)
80
19
*73
*7%
General Motors Corp. .No par
Do
pref
..100
Deb stock
20
7%
100
Do
80
54
100
600
*16
77
100
General Electric
75
*76
*7%
100
100
r
»
3
9% Aug 24
*4 ept 2)
3912 Aug 25
No par
pref
5c
834 Aug
25
No par
74%
17
Jan 12
Apr 30
60
164% Mar
111% Apr
Temporary 8%
25
100
pref
26
22
24
24
67
Aug 25
5i2 Aug 5
22i2 S-i >i 9
2
Sept 26
66U Aug
5634June
1112 Aug
38% Aug
4
4
14'2 Jan 3
32% Aug 24
70%May 31
16
5,900
2,900,
Lackawanna Steel
100
32
..100
40
400
LacledeGas (St
900;
Lee Rubber A Tire
200
Liggett A Myers Tobacco. 100
100
Do
Louis)
pref
—
No par
100
6
8i2 Jan
No par
Keystone Tire A Rubber.. 10
Kennecott Copper
Jan
Mar 11
8% Jan
3
June 23
Jan
3
17% Jan 14
138% Jan 22
97% Jan 3
9,900'
Loew's Incorporated—No par
10
1,150
Loft Incorporated
7% Aug 25
30
Aug 25
No par
400, Loose-Wiles Biscuit tr ctfs.100
1
t Ex-rights,
Do
a
2d
preferred
Ex-div. and rights,
.100
June
Q.£U.Iiinf>
nPar value $100.
7
23
0
Jan
108%
Jan
61%
Jan
U
10
11
27
32%May 6
22
Jan 29
50
Dec
Dec
May
12% Jan
8
62% Feb 10
42%May 9
59% Jan 11
9
Dec
65%
52%
Dec
92%
Jan
34
Dec
56
Jan
51%
Dec
80
Aug
Aug
70% Jan
12% Feb
27%May
37% Sept
63
80
Feb 18
10
Nov
7% Nov
21%
Jan
Dec
41%
40%
Jan
16%
18
Jan
44%
Jan
67
Jan
Jan
Mar 26
9l%May 17
21% Jan
7
6
7
Sept 3 •
107% S -pt 28
43% Apr 29
107% Jan 11
91
Jan 17
26
Feb
14
70
Dec
89%
71%
Dec
16
Dec
93% Mar
46% Apr
52
Dec
97% June
3% Dec
61
Dec
97
Dec
24% Dec
70
Dec
29% Jan 28
Apr
Apr
100
h605
28
Jan
147
Jan
5
Dec
21%
Dec
Dec
Dec
1%
78%May 5
xl7%May 5
62% Ja a 20
32%
30
78%
138% Mar 18
16% Jan 11
71% Apr 18
70% Jan 13
16%
59%
85%
13
104
95
48
Jan
Jan
19%
Jan
Dec
Dec
43
Dec
71%
51
Deo
75%
Jan
94%
Jan
Dee
Dec
12% Dec
64% Nov
58% Dec
79% Dec
172
Jan
42
Mar
89%
Jan
Apr
Dec
Dec
Dec
85%
102%
55%
49%
38%
85
Jan
7
70
25
Jan 26
15
8% Dec
20% Aug
25
Dec
84% Jan
78% July
46% Apr
Dec
Dec
,55% Dec
9% Dec
5% Aug
51%
12%
Dec
28
9%
4
%
88
17% Jan 11
10%
63% Jan 11
42 May 6
44
68
54%
11%
73%May 17
38%
69%
75
Jan 20
26
Jan 20
19
40
Jan 11
27%
11% Mar
Sept
25% Jan
54%May
94
Jan 25
22%May
17%May
58% Jan
57%May
29% Apr
162% Se »c
105% Feb
21% Mar
12% Jan
Dec
Dec
Apr
9%
61%
Apr
27
Apr
88%
Apr
142%
Apr
115
Jan
Dec
51%
111%
Jan
170
Apr
84
Jan
71
Apr
26%
Jan
Nov
Nov
Dec
Dec
Dec
Dec
Dec
Dec
4
Dec
3
Dec
7% Sept
13
116% Sept
23% Apr
Nov
Nov
28% Dec
64% Apr 25
17 May 2
41
Jan
Jan
Dec
Dec
100
8
17
26
27
5
Jan
11%
Jan 29
4% Jan
Jan
Jan
15
100% Feb 16
Jan 18
Jan
85%
27
76
Jan
Jan
36%
44% Jan 11
7
Jan
Dec
Dec
94
Jan
Apr
44% May
134% Mar
Dec
57
Jan
91%
16% Mar
69
110
Apr
Apr
Jan 24
16% Mar 23
25%May 3
16% Jan 8
48%May 6
61% Sept 11
25% Apr 25
86 May 6
16%May 2
7% Jan 8
37%May 18
13% Jan 11
Jan
Dec
12%
82
Jan
43%
9% May
13% Dec
47
Dec
5% Jan 13
1
107
278%
21%
10
»
Apr
Dec
Dec
78
S
Jan
Apr
105%
Dec
Jan 11
90
Apr
16%
81%
19%May 5
20% Jan 17
90
98
102%
14%
54
75
No par
Deb stock
32
Jan
Dec
80% Dec
24% Dec
59% Dec
Apr 27
Do
32
Jan
30%
4
Mar 23
700
32
Jan
20%
104%
7% Jan
9
200
75
Jan
75%
63
Dec
Do
29,600
75
85%
46
Nov
Dec
49%May 14
79 May 13
Dec
67
74%
Jan
Dec
65%
65~"
28%
84
*65%
65
Jan
Dec
Dec
15% Nov
9%
55%
66
*65
65%
Jan
29%
40
21
Jan
11%
26
Dec
90
>
129
8
_
86
Jan
Apr
Apr
Dec
15%May
19% Apr 19
67% Sept 27
96
Jan
15
96%
Dec
3%
82% Apr 29
General Cigar, Inc
Debenture pref..
100
10%
10%
10%
65%
Dec
96% May
10
5
Gaston. W A W, Inc
General Asphalt
7,020
79
*67
*68
90
124%
17
*31
13%
50%
*65
67
90
123
*75
12%
11%
124%
*31
21
52%
90
123
32%
1284
18%
*88
"
Jan
Aug
74*4 July 22
5i8June 18
Freeport Texas Co
700
89
76
6
28
44*8 July 21
' 10
Ltd
Do
200
58%
74%
21
40
88%
58%
74
13%
59
*83%
59
32
21
*17
88
*58
74
12%
*57
88
59
*31
21
7%
53%
88
*65
10%
65%
12%
*7%
39%
52
%
122% 122%
10%
10%
67
21
21
52%
"
32
....
60%
10%
60
65
"h
-
*88
*68
66
65
<*
.50%
*86%
58%
87%
60
123% 124%
10%
10%
14
•
53
59
*85
....
*13
800
9
*5%
98% Sept 23
Fisher Body Corp
Flak Rubber.
100
9
Dec
preferred (8%)..._ 100
Federal Mining A Smelting 100
Do
pref
.100
100
Do
pref
100
Famous Players-Lasky.iVo par
200
84
82
68% Feb 28
33% Feb 25
21% Apr 21
25%May
6
69%May 2
100
Sept 1
Dome Mines,
100
84
5% Jan 27
May
6
June 15
5,800
85
Feb
114
96
Jan 24
7%
23%
102%
Dec
Dec
79
16
79
Aug
99%
2%
!
June 20
10
78
Jan
90
59
67s July 11
May
June
78
Sit. 29
Jan
16% O.
24
57%
93% Jan 11
5
100
75
Dec
Jan
par
.No par
pref..
Dec
8
102%
Jan
50
*5%
*22%
88
mm..
Do
jE
42
_
Jan 29
2212 Aug
;22
49
Augr 25
77 June 27
Jan
Dec
May
98
100
170%
48%
65
66
No par
Jan
Aug
Apr
82l2 Aug,25
i2 Aug: 26
Elk Horn Coal Corp
*84
%
pref
Jan
20%
148%
100
Corp.No
Cuban-American Sugar
77
-
:
12% Aug 26
341s Aug 16
100
Do
pref
Cuba Cane Sugar
5
1,700
56%
1
7712 Jen
Consolidated Textile ..No par
Continental Can, Inc
100
2,100
4,500
98%
M •+
21%June24
65
Apr 19
i2Sept 17
No par
18%
65%
19
77
-
.100
13
55
*%
2% Aug 24
914 Aug 24
28%June 21
nputing-Tab-Recordlng 100
12%
218%
18%
64%
77
%
51%
pref
52
2*
12 '8 Aug 17
1.0% Jan 3
55%
14%
*41
200
9
July 29
June 20
Do
8,000
Mar
22
10,100
76
*%
50%
9
Colorado Fuel A Iron
100
Columbia Gas A Electric.. 100
Columbia Graphophone No par
Do
Dec
71% Dec
6%
125
102%
32% Jan 20
19*2 Mar 30
Dec
Dec
MarlO
1*4 Aug 2 »
47
Aug 25
Feb 24
Co
84
Jan
47
8
43% Jan 19
3
Jan
Dec
Dec
4
Aug 25
Aug 24
Aug 24
19
18
54%
10%
23
5
Jan
No par
17%
75%
10%
Do
pref
100
Cerro de Pasco Copper.No par
Chandler Motor Car
No par
Cosden A Co
55
1034
100
Crucible Steel of America. 100
75%
1034
Central Leather
Jan
6812
3*4
22>8
*57ls
10
Corn Products Refining
500
54%
*5%
25
100
19,500
77
7%
par
100
27,800
55
14
20%
11%
31,425
96
;
No
Apr
74%
75%
Dec
38
Jan 21
95
pref
Callahan Zinc-Lead
66%
67%
Dec
Dec
Aug 20
Jan 8
Do
Dec
18
92
3
81% Jan 8
3'4 Aug 24
14% Jan 3
10%June20
7*4 Aug 22
53% July 28
Jan
82
88
Butte & Superior Mining.. 10
Caddo Central OH & Ref-.lOO
pref
Contint'l Candy
1,600
94% Jan 11
102% Jan 25
62%May
"
June 27
Jan
Jan
59%
49%
44% Jan
13% Jan 12
70
61%
21%
30
JaD
112
Do
54
1034
*81
1,100
*73
10%
41%
11,800
76
June 24
Consolidated
95
23%
*6%
*22%
♦
17%
45
June 17
Dec
Dec
Dec
100% Mar
283
Jan
97^* Jan
210
June
165% Jan
105% Jan
25% Dec
5%
~
Jan
90
100
Consol Distributors, Inc No par
Gas (N Y)__100
500
2,200
9
39%June 24
41%June 23
87 June 13
100
28%
43%May 11
35%May
65 May
61
May 21
107% Mar 23
100
Consolidated Cigar
Do
pref
%
89%
*44
%
78%
107
100
_
Sept 27
95
.100
Butte Copper A Zinc vtc.
5
88%
_
39% Jan 20
No par
California Packing
California Petroleum
June
62%June 24
Burns Bros
200
69
%
89%
16%
*88
•
h
%
78%
62%
*81%
7%
18%
8%
1%
89%
16%
%
25%
19%
89%
16%
*88
95
64%
82%
*81
16%
43%
43%
26%
*%
89
1
16%
43%
*104
105
25%
63%
1
88%
1%
89
*87
%
78%
13%
____
*84
%
88%
18%
Jan
50% Aug
100
Coca Cola
12,600
98
15%June 17
8%June 13
5
par
10,300
400
Jan 26
18
8% pref. 100
Booth Fisheries
100% Dec!
55% Dec
127%May
82% May
2%Sept2t
common.. 100
conv
Jan
Jan 14
55*4 Jan
Chicago Pneumatic Tool.. 100
Chile Copper
25
Chlno Copper
5
9,600
60%
29
35%
B
Dec
94
Jan
Apr
118% Jan
106% Mar
105
Apr
92% May,
104% Dec.
85% May!
129%May
Mar
Mar
50
Dec
79
33
par
10,700
5934
60%
4%
35%
*17%
*27
Class
Brooklyn Edison, Inc
.—
37%
11
26%
43%
23%
34%
4%
14%
14%
6.5
*51
4%
500
Do
Butterick
28%
65%
28%
43%
97
105% 109%
4%
27%
65
*26%
43%
4
*3%
....
67
*72
4%
91%
98
11
*30
74%
4%
29%
4
*90%
17,500
65
88
May 16
24
pref.
100
Baldwin Locomotive Wks.100
Do
pref
100
Bethlehem Steel Corp
100
55%
14%
67
37
*72
200
Mar
91% Feb
108% Mar
10
91
No
107% Jan
1
45
Austin. Nichols «fe Co. .No
54%
•
Jan
Feb 21
Nov
26
22% Aug 22
31% Aug 25
Atl Gulf & W I SS Line...100
Do
pre!
100
52%
56%
106
36%
74%
500
100
At* 27
Feb 21
.100
Fruit
Jan
if.
Do
88% 112,000
86%
*95
100
...
62%
26
*10
10%
10
*55
142%
100
Oil
52%
*94
14
10%
*9
10
62%
88%
Dec
Dec
2C% Aug 12
...100
preferred
52%
56%
&6%
*94
*25
*72
28%
*4%
4%
85%
*50
101% 105%
*4%
4%
96%
26
4%
52%
55%
91%
99%
\3%
53%
3%
*9
*55
*95
*
-
*50
55%
54%
*90%
96%
62%
86%
85%
-
91%
*97% 1,0
90%
98
96%
3%
*94
0
56%
10
*.54
62%
86%
*50
-55%
90%
91%
*9
10
*54
62%
98%
3%
*90%
98%
*9
10
*64
82%
97%
25
'
*9
*54
Jan
93
pref
25
Anaconda Copper Mining. 50
Associated Dry Goods
100
2d
60
96
57
Do
Do
*54
93%
3
llli2June21
Writing Paper pref.. 100
1st preferred
60
Dec
9 5*4
.100
Do
*52
79%
110
pref
200
60
Mar
85
Amer Zinc. Lead &
100
91
_ioo
70
*65%
*52
60
Amer
Aug2f
B...100
Woolen of Mass...l <0
Do
Amer
100
72%June
31% Jan
85%June 16
3714 Aug 27
70%June 20
common Class
400
29
70
pref (new)
share
Jan 11
Aug 24
5 <*8 Aug 10
100
Do
Highest
78
.100
pref
t
18
Amer Sumatra Tobacco... 100
Do
pref
.100
11,700
9%
ctfg
Lowest
$ per share % per
61
Dec
83
63
Amer Telephone & Teleg_.100
American Tobacco
100
100
'
tem
Do
S per Share
Fdry tem ctfs.33 1-3
American Sugar Refining._100
1,300
100
10
31%
91
2%
28%
22%
39%
*70
79
24,100
61%
86%
25
9
38%
*52
95
*2%
*23
"
*65
54%
5434
59%
86%
107% 107%
124% 124%
31%
65
*52
41%
*70
26%
37%
32
*64
79
107% 107%
9%
....
38%
*30
41%
61%
87%
42%
m
8%
*27
m
23%
*8
*23%
87
107% 108
124% 124%
123% 123%
91
*90
91
*90
90%
90%
122
*121
123
124
*121
122
*122% 123
75
74
75
74% 75%
74%
75%
75%
*95
97
*96
96% 96%
97%
91
*123% 124% *123
59%
87
*70
107% 107%
123*2 125%
91
*90%
125% 125%
*89%
60
40%
79
*70
107% 107%
58%
87
Highest
$ per share
Indus. 5c Misceii. (Con.) Par
Am Smelt Secur pre! ser A. 100
4,500
25
SHARE
Year 1920
Week.
$ per share
PER
Range for Previous
EXCHANGE
Monday
Sept
SHARE
Range Since Jan. 1
On basis of 100-share lots
YORK STOCK
Dec
25% Dec
75
Dec
11
14%
Dec
2
11
17
30
19
8
28
10
5%
Dec
Jan
91% Mar
79% Jan
47% July
51% Jan
7% July
21% Jan
45% Jan
30
Jan
152%
Jan
105
33%
48%
Jan
Apr
Jan
45
Dec
35
Aug
57%
Oct
15% Dec
127% Nov
38%
Jan
91%
207
Jan
Jan
Dec
190%
Jan
14%
Dec
36
Apr
9% Nov
28
Jan
70
Jan
115%
42
1 An
95
Jan
Jan 31
Hfnn
Old stock,
j Ex-dlvidead.
,
New York Stock
For sales daring the week
1451
Record-Concluded—Page 3
of stocks usually Inactive,
see
third preceding nage
PER
HIGH AND LOW SALE PRICE—PER
STOCKS
Sales
SHARE, NOT PER CENT.
NEW YORK
for
Saturday
Sept. 24
Monday
Sept. 26
Tuesday
Wednesday
,
Sept. 27
Sept. 28
i
$ per share
tlJlR
1K1
♦146
151
$ per share
S per share
$ per share
♦146
151
*98*2 104
♦98
104
*68
80
*67
89
*68
80
146
146%
*98% 104 j
*68
80
I
*55
56
*55
56
*55
56
*55
28
28
*26
29
8112
82
*100
-
100% 103%
1£1
*146
151
*9S% 104
8012
82%
*100
*100
—.
98% 102
26%
*80%
Friday
Sept. 30
Week.
$ per share
Shares
104
*99
>
*99
80
*69
Lowest
Indus. & MlscelL (Con.) Pi
500 Lorlllard (P)
100
146% 14634 *143% 150
*68
_
Do
104
80
*55
56
*55
56
*26
29
*26
29
200
83
2,400
99% 103
263,000
81%
82%
82
Do
pref
Manati Sugar
21
21%
11%
25%
12
21
11%
21 %
12
*25%
26%
*48
50
*48
50
*48%
*92
94
*92
93
*92
18%
*18
15%
*141"
18%
*14%
1134
25%
261-1
2534
*92
17%
17%
15
13%
14%
*109
112
*108
116
20
*17
20
*17
20
*17
20
471
*45
50
*49
52
*49
53%
*110
116
47
*%
lio"
110
37
37
*37
37%
*84
90
*84
90
*84
90
*84
*74%
76%
*74%
76
*74%
76
75
106
*102
106
*102
11
11
*102
106
11%
11%
*28
31
*28
31
*51%
38%
53
*51%
11%
*24
12%
3l"
53
*51%
39
39
35%
35%
25
12
12
1%
19%
1%
19%
10
9
*27
*2334
*11%
1%
76%
*74%
76%
102
106
40%
40
4038'
35%'
35%
36
23%
23%
10%
25
*9%
12
11%
60
59%
35%
35%
35
35%
35
46%
48
44
44%
10%
51%
11
46%
43%
10%
51%
47%
44%
11%
52%
1%
10%
46
42%
51
11%
12%
271-1
24%
12%
27%
6%
26%
7
6%
*43%
50
43%
58%
I
12
-
26%
6%
45
45
58%
85%
59%
85%
1434
57%
*85
86
*12%
57%
14%
57%
*13%
57%
90%
92%
91%
27%
19%!
9%
1%
19%
9
*28%
11%
"l2%
59%
36«4
10%
*10
12%
12%
"loo
102
53
Do
"""loo
40%
14,200
36%
8,000
391?
35%
*23
19%;
9%
19%
*9
28«4
29
pref
28
28
24%
24%
*83%
84%
*27
29
24%
243}
84
*102
84
~13~
12%
*22
*23%
13
24
25
52
*22
23%
52%
53%
*80%
*80
83
13
13%
13
42%
12%
45%
12%
2%
10%
43%
12%
*2
*9%
*2
*10
2%
~68~
24%
84
*103
*102
"l3%
Pacific Development
38
59,600
47%
31,400
Pacific Gas & Electric
4684
4738
43
43
44
43
44%
7,500:
10%
10%
10%
10%
12,700
50%
29%
10%
51%
30%
23%
26
11%
12%
11%
12%
26
26%
6%
23%
26
6%
"60%
61%
50
Do
Class B
50
Penn-Seaboard St'l v t c No par
6,500 People's G L & C (Chic).. 100
87
*13%
15
86
56
60%
*85
86
61
88
148s
14%
H84
58
57%
Pond Creek Coal
900
H84
58
58
100
83
June 22
Public Service Corp of N J. 100
54
Jan 15
24%
24%
83%
25
25%
25%
5,700
Pure Oil (The).k
84
84
83
83
1,300; Railway Steel Spring
12%
44%
25
12%
9
11%
2 84
83%
*103
1234
"is'%
13
12%
1234
23
23
123%
13%
23%
22%
51%
84%
11%
23%
51%
84%
11%
23%
*22
24
5134
*80%
23%
52%
85
10%
*80%
1084
85
10%
44%
45%
45
46%
46
47
12%
12%
12
12
2%
*2
*2
*9
2%
68
66%
67
19
19%
183i
18%
§34%
18%
3384
3384
3334
11
2%
67%
I884
3334
18%
19%'
34%
19%
34%
19%
19%
19%
19%
38
38
38
*36
38
37
37
37
38
80
*65
80
*65
80
*65
80
*65
80
97
*94
97
*4
4%
4%
33%
4%
3%
4%
33%
8%
8
i
19
67%
*84
434
63
25
8
Sept 35
8,900
Sears, Roebuck & Co
19%
4,800
Seneca Copper
No par
Shell Transp & Trading... £2
*2%
68%
18%
34%
19%
37%
*71
7434
14034
8%
8
*35
63%
6384
16%
*26
17%
27
*14%
16
54% 55%
107% 108
51
52%
*14% 16
*42
*42
43%
*42
56%
108
53%
*5%
43%
6%
9
6%
11%
10%
11%
46%
47%
45%
4684
19%
8
51%
51%
49%
48%
49
86
87
85%
32%
32%
32%
34%
950
20%
35,600
37%
7%
*35
45
79%
*109%
49%
50%
*9
9
10
31%
29%
*75%
*67%
8
8
58
32
32%
29%
08
29%
76
71
*67%
*95
99
*3«4
3%
2034
2,300
26,600
17,900
Do
pref
100
Submarine Boat
No par
Superior Oil
No par
Superior Steel Corp'n
100
Tenn Copp & C tr ctfs.No par
Texas Company (The)
25
Texas Pacific Coal & Oil.. 10
66
10,100
Tobacco Products Corp...100
86
200
8
*734
36%
20%
20
1984
65
16%
36%,
65%'
*35
*64
8%
36%
12
45%
46%
*80
14
50
48%
49
49
50
49%
87
87
87%
87%
87%
87%
33
32%
32%
32%
33
32
32%
33%
33%
42
79
79%
72
*8%
31%
9%
31%
*29%
30%
*75%
76
*75%
76
*67%
784
3284
30%
7684
70
*68
73
8
8
58%
59
83
81%
87
45
81%
82«4
33%
33%
7»4
7%
20
7%
|
6%
6%
*27%
28%
*34
112
*105
41
41
I
*70
78
J
*56
•Bid
60
31%
30%
7%
7%
*12
18
6% I
45%
8
19
80
3$
73
734
784
60%
8234
6O84
82
75
73
7%
8
7%
62
*72
*56
78
45%
8
7%
18
*14
60
*72
73
1
74
*56
60
*56
d asked prices; no sale on this day.
73
60
*70
I
*56
25,600
1
*58
Jan
Jan
36% Sept 30
39
4
30% Apr 29
16
17
420
2,000
2,000
1,100
100
57%May 17
35% Jan 11
31% Jan 8
42%May 2
700
300;
100
69% Dec
64% Deo
6% Dec
27
16
Dec
Mar 28
59
Deo
11% Jan
8
9
Dec
82%
108%
23%
Jan
78
7
72
Jan
88
Jan
64%May 3
88% Jan 19
Dec
98
Feb
72% Sept
83
Dec
91%
Jan
Jan
Apr
Feb
6
12
Dec
27%
Jan 24
72
Dec
113%
104
Jan 24
104%
16%May
90%
Deo
70%May 19
110% Jan 21
52
Dec
68
Jan
95% Dec
124
Mar
51% Jan 11
40
Dec
120
29%
Dec
73
Dec
50%
106%
Apr
Jan
Apr
3634May 6
90%May 10
109
Mar
3
15
May 11
3834May 11
39% Jan 12
73% Jan 13
96% Mar
2
24% Jan 25
69%May
5
92% May
Nov
22%
Jan
Deo
94
Jan
30
Dec
93% July
55% Dec
124% Jan
IO884 Jan
6534 Jan
1233s May
17% Apr
25% June
84
10
9
Dec
2% Dec
Dec
634 Apr 30
9834 Jan 3
2034 Jan 17
49
May 9
28%May 6
2% Dec
85% Dec
14% Oct
33% Dec
20
Dec
56
Jan 11
43
Dec
73% Feb 28
75% Aug 1
167% Jan 13
75
Dec
Apr
93% Apr
97%Sept
10% Jan
13% Jan
83%
Jan
Apr
23% Nov
90% Jan
4884 Jan
82% Jan
94% Apr
11%
Dec e212%
113%
91%
Dec
51%
Dec
118%
126%
Dec
Dec
101%
14
Dec
20%
Deo
41
Feb
el42%
Apr
21%
243
Mar
loots June
Mar
Dec
June
77
3784
76
Mar
Apr
Apr
Jan
Oct
13% Mar
Deo
«5784 Jan
53% July
46
Dec
91
Jan 13
80
Dec
13
Apr 25
5%
Deo
June 25
44% Apr 25
34%
Dec
-75l_Jilq13
25%MayT5J
Aug
8% Sept
84
July
40% Aug
3
25
20
23
1
29
U
27
Aug 27
1
9
70%June 23
7
11
Jan 13
10«4 Apr 26
34
8%
Aug 17
49% Jan 4
76
Aug 10
y6l%S»5.»f.
50
Jan
Jan 19
91
Dec
148
Jan
7
176
Feb
224%
96%
25%
55%
37%
Apr
Apr
Jan
Jan
45%
50
6
Mar 24
10% Nov
38
Dec
7
Jan 13
5% Dec
May
27% Jan 19
74%May
Mar
3
_
58«4May 18
7934 Apr 30
103% Jan 4
35% Jan 27
44% Jan 3
86%May 6
8
Jan 27
Jan 11
42% Jan 11
10234 Jan 18
95
Jan 25
Dec
78%
56%
Dec
116%
Jan
90
Aug
103%
6984
14384
116%
Apr
Jan
15
35% Nov
53
Dec
95% Dec
Dec
76
Dec
Dec
Dec
Dec
47% Mar
Aug
14
Oct
28% Dec
24% Dec
8834 Deo
97
Apr
115%
Jan
Jan
80%
80%
112%
Apr
Jan
120% Sept
June
Mar
June 24
.100'
Feb
Jan
76
105
zEx-dlv.
76
Jan
109
92%
Aug 25
100
Jan
29
39%
21
105
C..100,
Jan
80% July
47
100
100,
Jan
Apr 12
96% Jan 14
94
Aug 26
29%June23
7
July 16
9% Aug 25
5% Jan 3
Oct
Jan
46% Nov
July 15
38% Aug 22
Dec
Jan
Jan 20
9%May 11
72
31
'
Apr.
53
41
59
Jan
Jan
Jan
38
19
112
Jan
3834
66%
Dec
25%June 21
20% July 30
June 21
95%
106
61%_Dec _127
7
105
Apr
19%l)ec
4
62%May 23
102
Sept
60
27%
Jan
23
pref B
Dec
16% Dec
49% Dec
Jan 12
13
Nov
107
10
24%
5% Feb 16
23% Jan 11
100
a Ex-div. and rights.
Jan
Jan
51%
96
49% Mar 29
44
May
2
17% Jan
8
18% Jan 11
10%May 4
42
May 3
v t
Oct
Jan
44% July
Dec
No par
Wells Fargo Express......100
Western Union Telegraph.100
pref A
45
42%
6% Dec
5% Mar 11
pref
Aug
30% Dec
26% Dec
Dec
116% Apr
111% Apr
36% Apr
22
5734 July 30
Do
41%
Dec
40
100
100
Do
Jan
35
No par
pref (new)
Jan
Jan
12% Mar 17
Westinghouse Air Brake...
65
78
59% Jan 19
Westinghouse Elec A Mfg. 50
White Motor...
50
White Oil Corporation.No par
Wlckwire Spencer Steel...
5
Dec
61%
41% Aug 25
7
Aug 5
Do
pre!
Virginia Iron, C A C
Vivadou (V)
Do
1
10%
28% Sept
41% Jan
41% May
76%
104%
44%
c
1,800, Worthington P A M
Dec
10
100
Woolworth Co (F W)
2,300
Nov
12
Jan 10
5%June
100
Utah
Do
1,800
23
2:42% Dec
36% Jan 21
72
Sept 13
38
6,400, Willys-Overland (The).... 25
60
Jan 17
Wilson A Co, Inc, v t c-No par
3,500
t Ex-rights,
11
8
23
4
17
12
45
11% Jan
1,900, Virginia-Carolina Chem_..100
400
Jan 11
Apr
5% Mar
48
41% Mar
pre!
77%
223s
22%
U S Realty A ImprovementlOO
1st
Dec
Dec
2% Dec
Jan
54% Jan
1934 Jan
60
Sept
41% Jan
79% Feb
71«4 Jan
26
9
Mar 29
12% Jan
30
29
13
43% Sept
Do
Jan
40%Sept 28
46
U S Food Products Corp..100
U S Industrial Alcohol
100
Do
pref
100
Copper
700, Utah Securities v t
6,900 Vanadium Corp
300
60
Jan
61
16% Dec
35% Dec
24%
Apr
5,600
f Less than 100 shares,
Jan
48%
May 19
57%May 18
Jan 24
Aug
8%
14%
78
17%
117%
37
74
33%
*70
Jan
Dec
6
June
37
33%
8%
75
110
Nov
7'
26
44%
14%
Dec
8
66
4
20,
100
z44%
8%
100
Feb 19
Jan
U S 8meltlng, Ref A M... 50
1,400
46
19
May
13%May 11
Feb
.
200;
Do
pref
50
84,200, United States Steel Corp.. 100
1,500;
Do
pref
100
1,400
82%
6
|
,
*82
82%
108
76%June28
6
Aug 25
100
100
pref
11,209, United States Rubber
62
*26%
28%
700
6134
3234
7%
Do
700
45%
*12
75
88
45%
*32%
45%
79%
80%
109% 109% *109% 110
5O84
51%
4934
51%
10
*8%
8%
31% 32%
3184
30
30
30%
30%
76
76
76
*75%
7834
6
6
6
6
6
6%
6%
27
2634
27%
26%
29%
27%
27%
35
36
36 I
35
35
35
35
35%
112
114
113
114%
H284
112% 112% *111
112% II484
*105
*105
108% 108% *106
—*,108
40
4034
40%
4034
41
I
41%
40% 40%
40% 41
6%
*27
37
*110
*12
734
59
*87
45
33%
7%
30%
30%
59
87
45
78%
79%
109% 109%
49%
50%
8%
8%
63% Deo
207
8,100
50%
85%
48%
8684
May
46% Aug 22
......
.50
48%
8684
81
z9534June 20
46,400
92
Jan
Jan
Apr
Nov
6% Aug 26
June 21
100
U 8 Express
46
89%
102%
93%
Nov
100
100
Feb 14
88
United Retail Stores..No par
U 8 Cast Iron Pipe & Fdy.100
United Drug
United Fruit
6%
Apr
45
108
2,900
13
Mar
So it 13
4,200
Dec
82
i
Jan
2
110
S
Jan
102%
Jan 10
95
46
16,800
*80
92
65
~
52%
43%
*5%
12%
45%
5
>8 Aug 25
June 8
5634
110%
*42
79%May 16
19
16
6%
1234
80
1534 Aug 24
45
Mar 22
5,400 Union Oil
.No par
500-United Alloy Steel....No par
43%
25% Dec
59% Deo
57
1,000
17%
*42
Jan
35% Jan 18
Union Bag & Paper Corp.. 100
66
*14
116
28
26
16
Jan
103% July
Transue & Williams 8t.No par
17
56%
Mar
Jan 26
120
29
No par
26
51%
40
125
96
334 Aug 29
334 Aug 10
26 June 20
100
17%
110
Mar
Dec
Dec
400
38
*14%
*5%
pref
27
55%
56%
108% 110%
-51%
52%
92
Do
16,700 Transcontinental Oil
8%
51%
86%
*12
1,400
4
51%
*81
*32
ICO
99
2,600
36
12% Dec
25% Dec
4)
14
25% Aug 24
42% Jan 3
83
Jan
5
par
73,600, Studebaker Corp (The)...100
434
35%
2
Jan
23
66
StrombergCarburetor..No
51
109% 109%
49% 4984
Do
pref non voting...100
Steel & Tube of Am pref.. 100
Standard Oil of N J
400
51
*56%
*83%
4,800;
25
25
30%
75%
51%
9
Standard oil of Cal__
73%
"51%
79%
80%
109% 109%
49%
50%
80%
2,700
1,600
30
*26
45%
par
100
pref
75
42
48%
Do
30%
*35
65
*6284
16%
1634
2684
2634
5434
55%
107% 108
50%
5134
*14% 15
43%
43%
*5%
6%
113s
12%
Sinclair Cons Oil Corp .No
21
*66%
784
36
2%Sept22
23
12 84 Mar 11
32
Aug 17
16% Aug 25
32%June29
68%June 29
6734 June 24
l24%June 13
105% Jan 3
5f % Aug
100
900, Sloss-Sheffield Steel & Iron 100
80
75%
14034 14 034
107% 107%
65
64%
66%
86
I *84%
*8484
8
8%
8%
8%l
*80
92
53""
600
74%
65
*84%
56
55%
107% 107%
52%
53%
16
*14%
*52 "
June 23
9
86
1784
*81
3534
18%
64
26%
9%
47%
2
v
Stewart-Warn Sp Corp.No par
*3%
4%
*7%
353*
*84
17%
47
t c.No par
Savage Arms Corp
100
Saxon Motor Car Corp.No par
1,000
86
8%
36%
64
26%
*5%
San Cecilia Sugar
300
29%
66%
18%
43%
6%
100
9%
2%
69%
800
*95
3%
4%
65
26
*5%
8%
99
4%
234
25
99
334
12%
*2
68%
30%
7234
*94
79%June22
8
Aug 13
42%Sept21
10% Aug 26
25
31
4
484
10%
June 21
4l%June 23
25
*29
*3%
4%
27%
*7%
18
6,000, Republic Iron & Steel
100
300!
Do
pref
100
4,800 Republic Motor Truck.No par
33,460 Royal Dutch Co (N Yshares).
700 St Joseph Lead
10
53%
Mar 12
17%June20
200
33
73%
11
67
*29%
73%
72%
700
Apr
67
*23%
74
34%
20%
107% 107%
25
1834
67%
17%
55%
139
25
35%
1834
26
52
72%
25
18%
36
108
137% 137%
107% 107%
*66% 68%
35%
84%
61
137%
107% 107%
*66% 68%
72%
36
36
7%
37%
*61
4
66%
84%
7%
86
7%
37%
35%
18%
137
72%
*94
99
"7% "7%
36
35%
18%
60%
72%
*33%
19%
600
July
98
9
68%
20
5234
4,300
67
pref
24
11
25
28
21
*12
234
10
*9%
234
67%
19%
71%
Do
"103
*103
25
*22
66%
*71
*70%
71%
71%
137
137
135% 135%
107
107% 107%
107%
*65%
69% *_
69%
*25% 26
*25%
2534
*30
31
31
32%
73%
73%
74%
74%
21% Aug
2,000
34
*65
25
100
100
Ray Consolidated Copper. 10
Remington Typewriter vtc 100
Replogle Steel
No par
27
82%
19%
25i?June
27
19
*36
50
2734
251-1
68%
18%
89% Aug
27%
12
2%
100
27%
82%
2%
pref
10,600' Pullman
27
13
9
69%
27%
24%
8434
26
5% Aug 22
30% Aug 22
52
July 16
82% Jan 8
12% Mar 15
Aug 25
Company
Punta Alegre Sugar
22
*10
9% Aug 26
48
92%
...
June 17
21 % Aug
10
:
Car
92%
13%
45%
12%
2%
16
...100
Steel
Pressed
1,500
92
83
11
*62
69%
50
17,100 Phillips Petroleum
No par
14,400 Pierce-Arrow M Car...No par
7,000
Do
pref
100
1,700 Pleice Oil Corporation
25
300
Do
pref
100
4,600 Pittsburgh Coal of Pa
100
Do
300
pref
100
7
*44
60%
Philadelphia Co (Pittsb)..
1,600
30
7
56
*86
51%
24%
Pan-Am Pet & Trans
91%
12%
43%
*12%
100
Pacific Oil
91%
52%
53%
25
91%
*23%
51%
23%
20%June10
8% Mar 8
ls4May 31
16% Aug 25
9
Sept 26
26% Aug 25
8% Aug 27
46% Jan 19
27% Mar 12
38% Aug 25
3418 Aug 17
6%June 20
33% Jan 3
26% Aug 26
5
1
No par
9134
22
24
50
Steel
Jan 26
32% Aug 31
31% Aug 31
50
Owens Bottle
37%
46%
6%
May
30
45
Otis
37%
12
25
12l%Sept 14
100
pref
Do
300
26
Jan
Jan
Jan
39
North American Co—
1,400
1134
25%
52%
69%
100%
9
900
12
24
93
20% Feb
Nunnally Co. (The)...No par
58
51%
2:2934
June 15
100
Nova Scotia Steel <fe Coal.. 100
*11%
51
28% Dec
47 % Dec
98
89
200
9%
29
29%
23%
Mar 31
Jan
47% Aug 17
Do
93%
9
5
71%
100
Do
36%
46%
*62
93%
100
pref
18,900 Oklahoma Prod ARef of Am
700 Orpheum Circuit, Inc
2%
19%
*58
11%
59%
6734 July 28
100 June 20
100
200
12
2
Lead
300
24
*10
2%!
100
pref
95%
64% Mar
151% Apr
137% Apr
Aug
New York Dock
*51
53
%Sept 19
26
Aug 25
89 June 11
Jan 11
Dec
Apr 26
15% Apr 25
8312 Jan 4
56% Jan 11
New York Air Brake
31
51
59%
Sen'21
Nevada Consol Copper
9,700
*28"
~3l"
23
*43
45
Enara'g & Stamp's.. 100
National
100
12%
29%
6%
15
...100
pref
Do
200
1%I
42
'
6%
43%
58%
13
45%
29%
24%
28
1134
23%'
36%
51%
29%
25%
*6%
15
59%
36%
46%
43%
10%
30
*29
29%
24%
12%
*l6"
11%
59%
24
52%
*11
12%
9
12
*12%
90
*102
100
Aug 25
Sept 13
Nat
Do
90
*74%
June 21
105
400
38
Jan
10
14% Aug 25
13%June23
Jan 4
Nat Conduit & Cable..No par
*37
Jan
26
100
600
*84
Jan
14% Dec
24
102
1
38
38
Jan
105
100
300
*84
107
222
Aug 25
49
*84
38
*51
19%
59%
12
1
-
Oct
Aug
June 15
49
53
Dec
Jan
Mar
22
National Cloak & Suit
56
Jan
Jan
88
93
100
Dec
148
94
43
18%
56
share
110%
69%
101% Apr i
167% Jan 13
50
pref
Sept 22
per
183%
Mar 18
June 17
100
Do
Dec
65
_
50
97
63% Dec
1534 Jan 3
10
July 20
5
10
....
70
120% Dec
3
Highest
93% Apr 18
84
National Acme
1
Feb
I
$ per share $
57% Feb 2
89% Feb 14
84% Aug 25
National Biscuit
$ per share
4
Aug; 25
95
18%
20
4
29
12
*27
*17
51%
51%
39%
35%
23%
*8
19%
59%
24
100
*28"
*27
59%
29%
100
118
June
pref
100
MontWard&CoIllsCorp No par
"i',700
112
7
24
100
Montana Power.
1,600
*113
55
65% Jan
Do
15
31
1%
19%
9%
29
18%
59% Jan
3
100
Midvale Steel & Ordnance.
200
120
*28
35%
29
*10
18%
18%
5
100
Middle States Oil Corp...
16,400
5,500
*14
1434
119% *115
1134
40
'
*23%
1%
*9%
93
1,800
62
53
35
25
♦11
*28"
39
39%
35%
*27
49
*92
11%
65
1%
49
93
62
*56
34%
26%
49
26
*49
I
75
105
12
,*110
90
37%
1
11%
26%
1
*84
*36%
10%
%
12
*117
%
37%
*101
%
1%
21%
17%
1434
118
119
21%
49
*116
117
21%
*92
93
119
*113
*16%
21%
1134
24%
*48%
18%
*14%
15%
12
25%
2534
93
18
18%
"
11%
12
21%
164% Feb 28
107
Jan
pref
pref
Miami Copper
Lowest
100
100
Do
21
Highest
Mexican Petroleum
Do
10034 103
SHARE
Year 1920
$ per share
136
Feb 3
May Department Stores--100
*100
—
.100
100
100
pref
Maekay Companies
I
56
PER
Range for Previous
EXCHANGE
the
1
26%
81
|
97% 100%
97% 100%
f
$ per share
*t.fA
—
1S1
Thursday
Sept. 29
SHARE
Range Since Jan. 1
On basis of 100-sftare lots
STOCK
Jan
7
584
Dec
89% Nov
40
Deo
30%
13%
Dec
Deo
19
Nov
6%
Dec
119
Oct
Jan
55% Jan
69% Mar
25% Oct
32% Sept
32
26
Deo
93
34%
Dec
82%
Jan
Jan
Jan
117% April
100
June
145
Apr
Feb
2
102
Dec
116
Jan
30% Aug 25
70% Aug 15
55%May
5
8
65% Mar
54
Aug
111
81
Feb 11
35%
Dec
95
Jan
73
Dec
9384
Jan
78
Jan
4
s Reduced to basis of $25 par.
n Par $100.
1453
New York Stock
WridcN
S.
Sines
Last Sals
Ask Low
Bid
Government.
Hangs
si
Hangs or
Sept 30
EXCHANGE
Week ending Sept 30
U.
WstVi
Fries
BONDS
a. Y. STOCK
Exchange—BOND Record, Friday, Weekly and Yearly
method of quoting bond* was changed and prices are now—"and interest"—except for
Jan. 1 1909 the Exchange
Jan. 1
High
No. Low
'88 16
D
88-40 Bale
J
Oonv 4% ol 1982 1947
J
Conv 434 % ol 1932 1947
3d oonv 434% ol 1932 1947... J
D
90 70 91.00 89.48 Sept 21
—;
89..0
90 98
94.50
90.90 dale
D
D
'85.24 89 18
095 85.40 90.18
95 00
•eaond Liberty Loan—
2
94.00
lM.&O
13 85.34 00 24
4% Of 1927 1942
MN
90.22 Sale
8990
90 24
Oonv 4 34% 011927 1942
MN
90.46 Sale
8974
90 70 5689
i
Liberty Loan—
4)4% ol 1928
fourth Liberty Loan—
M S
93.88 Bale
93.66
94 00 8559
A
90.80 Sale
89.98
90 98
O
99.48 Sale
91.22
99.46 Sale
4)4% Notea 01 1922 1923
8)4% Notes ol 1922 1923—
41930
99.30
II oonaol registered....
100*4 10
N oonaol
8800 94 00
i
.
4)4% ol 1933 1938
Victory Liberty Loan—
12827,
85.34 90.98
99.50 28010 95.56 99.50
99.50
jJ2
95.80
94-90
100
j
June'it
100
109*4 101'4
100
4a registered....
100% June'20
10412 1)5% 104% Aug '21
4i ooupon
104»2 IOS'4
10 i%
100%
100
July'21
Jiiiy'21
99
July* 18
coupon..........41980
.......1925
......1925
Pan Canal 10-30-yr 2a
*1936
76%
104*" 105"%
102% 101%
100
100
76%
—
75
"75"" *7*9%
July'21
9
72
Sale
71%
72
6
66%
72
Belgium 25-yr ext a 17)4 a g_1946 J
5-year 8% notea.....Jan 1925 J
D
102
Sale
101%
103
181
95%
104%
1941 F
A
20-year
a
1 8a
95% Sale
J
101% S
ue
Bergen
100
Berne
101% S.He
84% Sale
99*4 H tie
(Norway) a 18a..... 1944 MN
(City of) a 1 8s.......1945 M N
Bordeaux (City ol) 15 yr 6s_193i MN
Braell. U 8 extern 8s
1941 J D
Canada (Dominion of) g 6s.. 1926 A O
do
do
...1931 A O
1929 F
10-year 534a
Chile
Exter dt ol 6s 1914
94% Salo
gold
6348—1937
a
101
80%
9
104
49
82
82%
103%
103
50
95% 103
102%
103
21
9,5% 103
Sale
Sale
103
Sale
77*4
Sale
99%
94%
Sale
104
78%
70
171
81
71%
95% 104
7
70%
553
90
95% 1835
95
101
99%
58
89%
90%
214
00*4
98% Sale
89*4
A
99%
8 /% Sale
91
Hale
90
8
A
% Sale
40
O
Sale
103% Sale
83*4
101%
93
of $5 to
90%
153;
2 <9
3!
97% 100
99%
83
Illlnola
Nebraaka
Chic A E 111 ref A Imp 4a g._1955 J
U S Mtg A Tr Co eta ol dep
lat oonaol gold
Registered
87
73
84
84%
85
8
34!
36!
74%
84
74
85
57%
40
59
Convertible 4HSa..
Permanent 4s
29
43*4
Gen'l gold 3^a Ser B
General 4 HJa Series C
83
-2%
1926
63%
63
July'20
71%
101
101
Oct"20
75%
1995
o
O
*1995
Nov
..*1995
Nov
—1966 J
D
~72% "75"
73
Deo'20
S
77
Cal-Aris lat A rel 4 34 s "A" 1962 M S
B Fe Prea A Ph 1st g 5a...1942 M S
82
*1952 M S
...1930 M N
10-year secured 7a
8%
*79%
104
Gen unified 434a..
..1964 J D
Ala Mid lat go gold 5a
1928 M N
Bruna A W lat gu gold 4a.. 1938 J
J
*77*4
Charles A Sav 1st gold 7a.. 1036 J
IOSI4
78%
99%
J
LAN coll gold 4a......_al952 MN
8av P A W 1st gold 6a
1934 A O
54%
77*4
8J
73
83%
—
80%
Sale
87%
77
83
77
3
-i
25
"70*4 Safe"
~70% Safe"
73% Sale
93% Sale
1929 J
104%
19
1937 M N
General 5a stamped
1987 M N
O
O
Sinking fund 68
1879-1929 A
Registered
1879-1929 A
1933 W N
67%
84
33%
Ohio River RR 1st g 5S—.1936 J D
General gold 5s
1937 A O
Pitts Clev A Tol 1st g 08-1922 A O
Tol A Cin dlv 1st ret 4s A—1959 J
J
Sale
89%
1943 J
J
Soch A Pitts Con 1st g 6a 1922 J
D
93%
112
97*4
82%
87%
Buffalo R A P gen g 5s—..1937 M S
Cousol 4348
1957 M N
AH A West 1st g 4s gu
1998 A O
73
85
____
*66% "74"
65
89
79%
71%
68%
71%
79%
61%
04%
73%
81%
81%
145
70
~88% ~91%
92% Sept'21
85
79
84
84
97%
95% Miv'2l
Feb* 21
92%
84
95%
93%
50%
57
89%
93
Sept'21
79
85
May 21
71
71
71
8 7
85
Apr*20
99% 100
99%
•No prioe Friday; latest Wd and asked. «Due Jan.
99%
Cons 0a reduced
Debenture
to
O
A
1930
D
3)48—1930
D
Oa
1930
1930 J
5a
North Wisconsin lat 0a
S
J
Chic A West Ind gen g 6s._«1932 Q M
Mar'20
8 3
cons
79
"v4 ~
70%
Keok A Deg Moines lat 5a_1923 A
St Paul A KCShL lat4)48.'41
23
"99%
190%
1952
15 ye ir s f 7 (4s
Cln H A D 2d gold 4V*a
J
J
1935
1937
Consol 50-year 4a
M
S
J
J
C Find A Ft W lat gu 4a g.1923 M N
J
Day A Mich 1st oona 4 t4a. 1931 J
Clev Cln Ch A St L gen 48—1993
20-year deb 4)48
General 5a 3erles B
J
1931 J
....1993 J
Ref A impt 0a Serlea A
D
D
1929
J J
Cin W A M Dlv tat g 4a...1991 J
J
St L Dlv lat coll tr g 4a
1990 M N;
Spr A Col Dlv lat g 4a
1940 M Sj
W W Val Dtv lat g 4a
1940 J
-»!
F'
C I 9t L A C lat g 48
*1930
F
Registered
*1930
J
Cin S A CI cona lat g 5s—1928
J
C C C A I gen cona g 0a... 1934
O
Ind B A W 1st pref 4a
1940
J
O Ind A W 1st pref 5a...dl938
O
Peoria A East, lat oona 4s—1940
Income 4a
—1990 Apr
Clave Short L 1st gu 4 Hi®
1961 A O
Colorado A Sou lat g 4a
1929 F A
Refund A Ext 4)49
1935 M N
Ft W A Den C lat g 0a
1921 J D
Conn A Paa Rive lat g 4a...1943 A O
I
Cuba RR lat 50 vear 5a g .1952 T
Cairo Dlv
l8t gold 4a—..1939
...
dDue April. cDueMay. ^Due June. ADue July. *Due Aug.
©Due Oct.
99%
"91%
13
{
99% 105%
82
10 >*4
104
99%
87%
——
96% 104
Oct'19,
70
Mar'2li
' 100% 102%
! 70
70
63%
Aug'211
!
101*4 Sept 21
67%
y3'4
66%
66%
91
June'21
91
99%
99
Mar'21
99
93%
99
99%
98% June'21
91
t»0
98%
82
77%
74
82
85%
90
67
74%
82
9 J% Sept 21
7 *% Sale
74
87*8
92
Aug'2L
86
®312
00%
no
98^ 1C1*4
80%
65%
101%
HI %
8,
96%
82%
84%
118
—.
77
75
80
69%
80%
80
S3
Sale
70
Jan'2l
5
84%
ue
"82%
62% 73
01%
69%
97*4 102%
81%
81%
79
84%
S
11
09%
101%
Nov'10,
93
64
53
17i
—I
Mar'17,
1
99 t
Sept'21
Aug'211
67%
69%
65*4
2
69%
i
June'21!
84
77%
62%
65%
09
77
71
Nov'10
75% July'211
82% Sept'19
95
73
68
68%
77
83%
85%
I
85%
81
81
82
75
75
72
June'21!
94%
02%
93% 100
75
72*4
1 *81 ~ "81 "
3
18
69%
80%
68
100% 101%
33
02%
77
"88% "92""
99
69%
3
03
'
86
79%
77% Sept 21
69J8 S
78%
81
70
67%
75
70%
71%
85%
May'21
Aug'21—.
88
Tr-
77%
...
64
68
75
8 i
94
42
May'18
I 04%
dale
via ' 9714
78*4
--V
76%
7® 8
69%
69
64
95
101% 102%
l0l%
61 % Haio
no?4
98%
4
07%
June'21
63
' 0S12
1
1
90*2
36 4
70%
71%
97% Feb'19
82*4 Sept'21,
85
63
59
74*4
69
03
70%
1952 M N
5a
cons
— -
Nov'20
70%
79
68%
61%
83% J ilv'31
101%
70% Sale
9.5
94
82
lat 5a
Feb'20
jioi
....
71% dale
Superior Short L lat 5a g..«193Q M S
D
Cblo T H A So East lat 5a..I960 J
99
87%
57
J
78%
1j2'2
o
84%
99%
98%
90%
90
89% Sept'21
O
5a—192l'A
126
91% Sept'21
.1988; J
1934; A
Cb Okla A Q
94
55%
......
Refunding gold 4s
C R I F A N W 1st gu
Jan'12
50% Sale
Registered
1988 J
83
74
92
Chic R I A ,P—Ry gen 4a
J
J
75
88
81
101%
Sept'21.!--
103% 101% iot%
lrtMtdale
79
06
53
92
D
*..1930 J
67%
167
68%
94%
1933 VI N
Registered
O
74
81% Sept 21
90
87-2
90%
1934 A
79%
71% 110
68% Sept 21 ....I
278
70%
71
91
96
96%
97
Feb'21;
Feb'21
Burl C R A N
73%
78
77*4
Mar'19
15-year seeured/0 %|s g
1936 M
Des Plalnea Val lat gu 4 4a..'47 M
Ohio St P M A O
72%
87%
July'21. — —
98
74
89*" "89%
89
yijig
98-j,
99*o
78%
June'21
9o%
101%
99
O
68
77%
68
71%
6
.% Sept'31
94%
94%
O
S
72%
68
17
j
7
A
72%
9
9 3%
100
84%
99%
91
89
69
62%
78
A
1934jlVI
Aug'15
73
/7%
Jan*2l
77
Sale
74
"81%
85%
84%
0714
68
78
7
Sept 21
g/%
1921
R I Ark A Loula lat 4>*B—
87*4
76%
84%
98%
:
91%
....1879-1929 A
5a.
Registered
73%
72%
89%
59*2
Jan'21
O
O
1879-1929 A
07%
83
97%
July'21.
89
>0
67% Sale
68*4
98%
91 ■
68*4
dopc'iy
1921
Sinking fund 5a.
Registered
91
70%
81%
85'
0. % Sale
43*a__.1930 M S
5s..1933 A O
eon 1st g
77%
77
79% Mar'21
Pitta June lat gold 6a
1922! J
J
P Juno AM Div lsty 3348.1925 M N
PLE A W Va 8yarel4a..l94l!M N
Southw Div 1st gold 3 34 a—1925 J
J
79%
100% Nov'20
89
Refund A gen 5s Serlea A..1995
73%
86%
26
Jan'2l
73
55
65
"26
Sept'21
July'21
88
1933
'""0
80%
79
88% Sale
....*1948
Clear A Mah 1st gu g 5s
77
50
75
Aug'21
90*4
*1948
Temporary 10-yr da
273
Sept'21
79%
104
129%
80
*1926
lat 60-year gold 4a
87*4
4
Sept 21
87
1934
Registered..
72%
Sept 21
82
1925
1st gold 6a
Bait A Ohio prior 334a
73
95
79
92%
81
84
72
Sale
54%
78*4
75% July'21
73
72%
72%
"86" ~87~
87%
71%
Atl Coast L lat gold 4a
Sale
D
1960 J
54%
78% Sale
J
g
1987 M N
St L Peo A N W lat gu 5a. 1948 J
52*4
J
o
1987 M N
l F
Stamped 4a
36
91
pi987
S
S
Frem Elk A Mo V Lat 0a.r 1933 A O
Man G B A N W 1st 3 Ha. 1941 j
j
Mtlw A S L 1st gu 3 4a
1941 J
J
Mil L 8 A West Imp g 58-1929 F A
Ashland Dlv 1st g 08...1925 M S
Mich Dlv lat gold 09... 1924 J
J
Mil Spar A N W lat gu 4a_1947..VI S
Apr'21
84%
80%
1880-1926
Registered
General 4a
-—
64%
99% June'21
91%
10-year secured 7s g
Railroad.
Ol Lor A W
77%
74
July'20
102
79
77%
72
78*4
02*4
May'2l
Sept 21
6 3%
93'a
Cons extended 4 His
1934
Wla A Minn Dlv g 5a
1921
Chic A N'wast Ex 4a...l880-"20
gold 3)48
9)
03% Sale
Milw A Nor lat ext 4 V$8._-1934
63
T>h 9J"
93%
95
*97
5s deferred Brown Bras otls
Cent Ohio 1st
98
1921
Fargo A Sou aasum g 6a...1924
Sept'20
72%
Chic A L Sup Dlv g 6a
Chic A Mo Rlv Dlv 5a
72
89
94*4
65
62
55%
80%
93
*88
79*4
71%
57%
69
87%
101
1961
64
*57*4 "01"
77%
58
57%
90
Dec'20
77
58
% Hale
57% Sale
Sinking fund deb 5a
90
71%
1934
83%
93%
10
Aug'21
78
63%
15
25-year debenture 4a
Debenture
Sept'3;
9; *4
91*4
73% Sept'21
59%
76
70%
Feb'10
70
84
92*4
Aug 21
69*4
76
84%
84%
75%
78
74*4
78%
92%
74*4
83
70" r "71%
7 j% Sale
102% 10<
81%
70
6
79
90
May'19
71*8 Sept'21
57%
78%
83
03
73
*47% "54*
69
Aug'21
77% Sale
51% Sept 2
83%
82%
92%
:
1925
.Registered
81% Sept'2l
81 '2
Apr'21
90%
65%
"l80
83%
70
78
05% dale
Sept 21
99*4
8 3%
50
58%
65%
66%
81*4
82%
63
68
00
el989
«1989
71
83%
90%
78
'
53%
92 >8
Gen A ref Ser A 4)$s——.al.014
Gen ref oonv Ser B 5s
«2014
89
87*4
90%
Mar'171
70*4
69%
1932
54%
40%
87*4
95%
79
2
08% May'21
90
el989
87%
91
Sept 21
90% Sept' .'1
90*4 Sept'2,
!
90%
4
71*4
Ch M A St P gen g 4a aer A.C1989
89*4
87*4
;
60
1950
91%
88
88%
88
93%
92%
94
!
\
90
32
73
34
66
Ind A Loulsv lat gu 4a
90%
82%
82%
82%
87%
Aug'211
35%
98
56
88*4
86*4
8u% Sept' :1
85*4 Sept'31
28
20
Sept 21
87%
...
82"
*74*4
81%
107*4
87*4
79
1
""38
91%
99%
6
91%
85%
13
-a
28
70
75%
103
93
79
Sept 21
60
89%
Sale
28
j
106%
102
28
71
1940
81
43
"29" "Jo"
91
Oct 19 ....1
79%
'
80
93% 10)%
94
102%
90%
"79% Sale"
7
<
75%
53
91
Aug'2l
71
65
——1
82% Sept 21
Sale
70
94
100
91
3
9-3% Sept'21
J
Chic Ind A Sou 50-yr 4a
1956
Chic L 8 A East lat 4)$s—.1969
90% 107
81%
74
70
!
Jul.v'21'
52%
27;
98%
101%
----
05
J
C M A PugetSd latgu 4a..1949
64%
70% June'21
85
99%
Sale
——
98
95
92%
83%
1995 A
*6
1947
94
60
Juue'19
53% dale
Refunding gold 5a
Refunding 4a Serlea C
46
99
69
Chic Ind A Loulav—Ref 08—1947 J
H3
1,7,
64%
Chicago Great West lat 4a...1959 M S
86%
42%
82
8 »%
1930 J
72
69 »|
247,
73
90
70%
86%
Sept'21
.......
85%
85%
82
62
Stamped
Guar Tr Co otfa ol dep
Ohio A Ind C Ry lat 6a
64
92%
*1990
J
1937 MN
98
87%
J
S
U S Mtg A Tr Co otfa ol dep
107
92*4
92*4
Registered
10-yr oonv 434s
1930 A
6a
General oonaol lat 5a
100
92%
92%
Virginia funded debt 2-3s...1991
19-58 flfl
97%
8r %
1900
j
1927 M N
109
434 s Corporate stock July 1907 J
434s Corporate stock..—.1965 J
Highway Improv't 434s —1903
Highway Improv't 434s —1965
J
48—.1927 Af N
Extension
Registered
General 4a
99%
87%
8,%
■>
1949 j
4a
Sale
%
City—434a Corp stock.I960 M 8
4>4s Corporate stock
1964 M 8
434s Corporate stock
1906 A O
D
434s Corporate stock.....1963 M 8
4% Corporate stock......1959 M N
4% Corporate stock
1953 M N
4% Corporate stock
1967 M N
4% Corporate stock reg—.1956 M N
New 434s—
...1957 M N
434% Corporate stock...1957 M N
834% Corporate stook—.1954 M N
N Y State—4a
1961
Dlv
1989 J
4a
con g
97% Sale
J
O
91%
9%
70
78%
39%
76%
84%
91
93%
95%
6/
63
65
47%
75%
75%
R A A Dlv lat
70%
Au,"21
41
92
11!
J
85
79
67
70
30%
69%
77*4
86%
37%
17;
J
83
84%
70% Sept'21
——
52
83%
78
Craig Valley lat g 6a.....1940 J
Potta Creek Br lat 4a.
1946IJ
Sale
""i
49
*4
68%
79%
*71% "80**2
47%
153
81%
8 i
70%
"71%
1
27
93
75
03%
10
O
D
55
79%
Mar'17,
80 !
37%
65%
A
1928 M
Rocky Mtn Dlv 1st 4s
1965 J
Trans Con Short L 1st 4a. 1958 J
86
37
77%
75%
A
N Y
Oonv 4a laaue ol 1910
East Okla Div 1st g 4s
79%
D
General
..
76*4
"7*9% Sale"
85
93%
47
City Securities.
Registered ...
Adjustment gold 4a
Stamped
Oonv gold 4a
"79% Sale"
9
79
87
7
75
101%
96
99% Sale
Tokyo City 6a loan ol 1912
IM S
Urugu ay Repub ext 8s
1946 F A
Atoh Top A 9 Fo—Gen g 4s
June'20
71
85%
80
8 wlss Con federation 20-yrsf 8s '40
4s
Sept 21
93%
7 h%i
80
O
J
84%
97
114
Sale
89% Sale
Ann Arbor 1st g
93%
100
78
Chic A Alton RR rel g 3a
1949 A
Railway lat lien 3 )4a
1950 J
Ohio Burl A Q—111 Dlv 3Ha. 1949 J
74
613
Sale
A
1940 A
Canal Improvement 4a
Canal Improvement 4a
85
9 i% Sale
99
97
72
U
ars priest on ths basis
85
97%
94
74%
94% 102
93%
May'21
108% 100% June'2l!
80
Aug'21
73%
5i;
107% Sale
•tata and
94
83
75%
84
92% 100*4
Apr'2l
50
Sale
9
tThtss
8
A
85
98
74%
!
1945 A
General gold 4 Hi9
Apr'21
97*4
79%
87%
79%
47% Sale
37% Sale
40%
Paris (City ol) 6-year Oa....19211A o
J
San Paulo (Bute) ext a 1 Bs. 1930 J
Sweden 20-year 6s
1939 ■* D
Zurich (City of) a 18s
83
85
.......1939 M N
20-year convertible 4>4s..l930 F
30-year oonv secured 6a
1946 A
Aog'Jlj—-
S
56
103%
78%
99%
94%
J
N Y A Long Br gen g 4a...1941 M S
Cbeaa A O fund A lmpt 6a_..1929 J
J
lat oonaol gold 6a
1939 ivt N
693$
87
83
87%
Mobile Div lat g 5a
1940 j
Cent RR A B of Ga coll g 5a. 1937 M N
Cent ol N J gen gold 5a
1987 J
J
Registered
A1987 Q J
Am Dock A Imp gu 5a
1921 J
J
1992 M
Registered ............1992 rvi
95
May 18
Warm Sprlnga V lat g 5a..1941 M
1<)2
1954 J
1 8s
Nor Dlv lat g 5a..1946 j
Mid Ga A Atl Dlv 5a
1947 J
Registered
89
84%
67%
101%
338
.
Norway external
90
3
9iJ
„
95%
80%
69
47%
J J 81*8 Silo
Seoond serlea 434«
.1925 J
J t 79% Sale
Sterling loan 4a..
1931 J
84% 83%
Lyons (City ol) 15-yr 8a— .1934 M N
84% Sale
Marseilles (City of) 15-yr 6a. 1934 MN
Sale
Mexico—Exter loan £6s ol 1899 Q J X 55
Ookl debt 4s ol 1904
93*4
76
85%
69
102% Sale
F
10-yr temp secur 0a June..1929:.
Chatt Dlv pur money g 4a. 1951' J
68
"~6
87
63
84%
100%
94%
6
75%
Sept'21
Apr'
97%
9 .*4
98*4
1921 MN
bond
93
86%
88%
69
84 %
87
96% 102%
78
20-year extern loan 7 34a..1941
Ot Brit A Ireland (U K oD—
20-year
7,%
6
68%
9J'«
9'%
91%
113
99% 105%
90% 102*4
74
37 j
99*8
103
:
72*4
93% 101
98
S
Dominican Rep (Jens Adm sf 6s '68
French Republic 25-yr ext 8a. 1941
10-year oonv 534s
1929
8-year oonv 634a
pi022
Italy (Kingdom ol) Ser A 6 34s.'25
Japanese Govt—£ loan 4348.1926,
100*4
1946 j
Car Clinch A Ohio lat 30-yr 5a.38 j
Central ol Ga lat gold 5s_._z»1945 F
Consol gold 5a
1945 M N
Hi§S
} 81%
65%
57
67
F
f d *b 6
11
65
65%
233
47
A
1946
notea
a
88
J
614
100*4
101%
95
S ile
81
1946
6-year 534%
Sale
SH
434s
1949
Danish Con Municipal 8s " A'*1946
Denmark external s f 8s
25-ve ir
No. ■Low
High
105
87%
2d oonaol gold 4a..
J
1989 J
Greenbrier Ry lat gu g 4a. 1940 M N
95%
101*4
00%
100%
101
47
Sale
10 i% Sale
A
External loan
Series B
Sale
93
t
A.1949 F
aer
Sale
94
(Repubillc) ext sf 8s_. 1941
CblDese (Hukuang By) 5a of 1911
Ohristlanla (Cty) a 1 8s_...1945
Copenhagen 26 yr a 1 6H»—1®44
Cuba—External debt 6a ol 1904. M
Low
193
Big Sandy lat 4a
..1944 J
Coal River Ry lat gu 4a...1945: J
7612
Heglatered.............. 1991 3 M
foreign Government.
Argentine Internal 6b ol 1909... M
—
100*4 t01»4
7012
Pan Canal 10-3O-yr 2s reg...1938
Panama Canal 3a g
1901 Q M
Hang
Sines
Jan. 1
Mao A
85.30 90.70
Third
fVtsk's
Hanut or
3)
A 5s...1962 A
a 1 7a..1940 j
cons gu
Canadian North deb
bonds.
Last Salt
STOCK EXCHANGE
Week ending Sept
Canada'Sou
88 72 2092 86.00 93.50
J
834% ol 1932 1947
BONDS
Y
High
1
Vlrvt Liberty Loan—
and defaulted
income
9J
"75% "75%
*85"% "90 '
\ug'2i!
99*4 Sept'21
....
74
98*4
99*4
Nov'20
72^8
59%
60%
59%
20
24
24
60%
24
26
t
11
54
61%
18
26
84
85
85% Sale
77*4 Hale
8 >%
85
28
77
86
77%
78%
70
72
99%
99*4
13
93
78%
99*4
66%
67%
17
59%
73
99%
99*4
nuigStie
Sept'21
79
1
pDua Nov. «Due Deo. aOptlon sale.
85
** ■m
Week's
Range or
Since
Sept 3)
Last Sale
Jan. 1
N Y Lack 4 W 58
Term 4 Improve 4a
Warren 1st ref gu g 3 Ha
2000;F
9734
95
1922 J
4Ha—
1st lien equip g
91
95
Registered
9812 Sept'21
93
8134
bls4 8II4
87
8612 85
104U
105
10414 106
73
Sept 21
7312
O
lat lnt reduced to 4s
6734 Sule
7134
72
70% Sale
4l34 Sale
J
D
A
43
40
1939
1940
44
4434
41
43
114
57
57
78
80'2 Sale
Det Rlv Tun Ter Tun 4Ha„1961 fW N
J
Dal Mlssabe 4 Nor geD 68—1941 J
9134
91
O
1
~73" "79"
89 ig
68
Sept'21
78
72
66
May'21
66%
18
47*8
68
Guar refunding gold 4s
69%
70%
69%
69%
12
49%
Registered
47%
57%
Louisiana A Ark let g 5a
12
57
Louisville A Naabv gen 6a
50
50
Gold
74%
80%
Unified
Registered
83
L Cln A
89%
N O A M lat gold 6a
10 year Becured 7s_
*8*3"
9512 8ept'21
91
95%
86'8 Aug'21
9434 Nov'15
86%
90
4th ext gold 5s
1928 J
5th ext gold 4s
86 >8
D
1996 J
~97~~ IIII
1930 M S
Brie lat
4b prior
89
98H
55%
1st oonaol gen Hen g 4b.
_
58%
~76 " IIII
F
3
% Sale
37%
38i2
50-year oonv 4a Ser A—.1953 A
do Series B
1953 A
Aug'21
39
1953 A
Oen conv 4s Series D
Ohio 4 Erie 1st gold 5s
s
our gu
38
3814
44
81
N Y 4 Green L gu g 5s
If Y Suaq 4 W 1st ref 5s
gold
Mid of N J 1st ext 58
1942
Sept'21
80
97
45%
82l2
53
II—
88
Apr'21
Apr'21
69%
71
Florida E Coast 1st 4Hs._—1959
Fort St U D Co 1st g 4 Ha—1941
78
J
64
Ft Worth 4 RJo Gr 1st g 4a. .1928
J
Apr'21
69
7012
61 »4
62%
101
103% Sale
2
81
81«4
J
J
1933 J
1933
Registered
Mont ext 1st gold 4s
1937
1937
Registered
Pacific ext guar 4s £
B Minn Nor Dlv 1st g
1940
4s..l948
1922
Minn Union 1st g 6s
*84% *87""
102% 103
Mont C 1st gu g 6a
1937
Registered
1937
1st guar gold 5s
1937
Will 4 8 F 1st gold 68
1938 J
~89%
J
"8312 ~84~
D
cons g 4
9V
J
Illinois Central lat gold 4a...1951 J
gold 3H«——
66
"e" "73"
65
es's
A
J
84
8 >%
Sale
85
*
83
71i8
70i8
70%
A
1951 A
Collateral trust gold 4«
1952 A
Registered
lat refunding 4a
1955 M
83%
1953 M N
.1953 M N
1934 J
15-year secured 6%s g — ..193 MJ
Cairo Bridge gold 4a
1950 J
Litchfield Dlv 1st gold 3s..1951 J
Loulav Dlv 4 Term a 3 Ha. 1953 J
Omaha Dlv 1st gold 3a
1951 F
St Louis Dlv 4 Term g3a_. 1951 J
15-year secured 5Ha
68
J
D
J
1951 F
J
A
J
J
J
A
A
1923 J
3 Ha
D
1951 J
1951 J
1951 F
Sprlngf Dlv 1st g 3 Ha
Western Llnea lat g 4a
Registered
Bellev 4 Car lat 6a.
~75%
75i2
95% Sept'19
68
Sale
93%
10.'34
72%
75
73-1
.'<8*1
——
58%
67%
66%
918
•
— —
70
5'
%
h
78
i8
D
D
6
Joint 1st ref 5s Series A. 1963 J
O
D
O
85%
84%
1951 J
195LJ
70s
MeinDh Dlv 1st g 4s
Registered
8t Louis Sou lat gu g 4a...1931M
S
80
87%
18
85%'
9 .'i4
James Frank 4 Clear lat 4s..1959 J
D
7.12
59
9312
75'2
80
Sale
123
O
O
J
Kansas City Term 1st 4s
I960 J
J
74
Lake Erie 4 West lat g 5s
2d gold 58
1937 J
J
A 2
8 92
1941 J
North Ohio 1st guar g 5s_. 1945 A
Leh Val N Y 1st gu g 4Ha... 1940 J
J
71
75
70
50i4
*5
88
65
Aue'19]-
86
84
80
Registered
.1040 j
O
J
1
Lehigh Val (Pa) oons g 41...2003 m n
General oons 4 Ha
2003 m n
•
No price Friday; latest bid
and
85
61
81
de"
Sale
7J
...
asked this week,
75%
54
59%
—i
Oet'iHr
78
7"»is s
76%
93
72
Sept 21
59%
58%
74
68%
88%
...
1950 A
1950 A
Ref 4 Impt 5s
73
"75"" *80*"
Sept'21
93
93
Apr 1950 J
Registered
_78% "87""
67%
09% Julv*21
73%
Kansas City Sou 1st gold 3s..
88%
'72" "79%
79%
59
73%
75
76
*2%
83
3
79
83
70
r
64
72
86
83*
86
Julv"21|-
80
80
7
h
72%
81
67%
72%
Sept'21
69%
-
72%
75
"
72%
84
Jan.
ft Dua Feo.
41
49
18% Aug'21
41% Aug'21
70%
60% June'22
....
68
A
Sept'21
Aug'21
6i%
52
70
60% July'21
62%
62%
78%
79%
9534 dale
87%
89
32
May'21
Oct'20
79%
1
95%
95%
30
87%
87%
12
56%
322
79%
50% dale
55
Get'18
_70" "7381
71
Aug'211
68
60%
78
79
June'19
80
Sept'211
80% July "211
86
89
91%
102
*74*" "74%
93
92
74%
80%
71«4 Sale
87
90
99% 101
95
99
90
64
99%'
~83~
78%
95
J
2U%
...1
Mar'21
2
64
77,
Aug'21
77%
77%
94
Sept'21
99
J
"23"
23
Sept'21
"30%
26% Sept'21
30%
30%
99%
1
"i
75% Septal
93
8
1
Sept'20
64
76%
7834
*51
72
99%
62
60
Oct'171
71
8204
July 14
75%
28
ily'2i
o
18
10% Set) i'21
'52 J
J
70%
73
1953 J
1925 J
J
66
Sile
70% Sept'21
66
60%
Sale
91
94%
D
94
Non-curn Income 5e A.....1935
A
o
5<%
N Y Cent RR conv deb 6a... 1935
N
59% 60
9584 date
69%
IVI
9 >%
97
1',% Sale
103%
105
Consol 4e Series A
1930 M S
1998 F A
2013 A
4Ha "A"..
New York Cent A
O
J
J
N
N
J
A
A
A
A
D
J
J
J
O
*>
D
J
1997 J
1997:J
1928 M
1931 IVI
D
D
Lake Shore gold 3H*
Registered
...
Debenture gold 4f
25-year gold 4a...
Reglatered
a Due Juno,
71
72
gu g
h Due July,
4a..
S
N
1931 M N
.1991 M S
a Due
Sept.
67%
7;%
67%
70
81% Sale
j
72%'
8C%
78
Hud River—
1997 J
Registered
...1997 J
Debenture gold 4a
1934 "6
Registered
1934 M
30-year deb 4a
1942 J
Lake Shore ooll g 3 Ha
1998 F
Registered—
1998 F
Mich Oeut coll gold 3 Hi-1998 F
Registered....
1998 F
Battle Cr A Stur lat gu 3a.l989 J
Beech Creek lat gu g 4a.. .1936 J
Registered
1930 J
2d guar gold 5S—
1936 J
Beech Cr Ext lat g 3Ha.ftl9.51 A
Cart A Ad lat gu g 4a
1981 J
Oouv A Oawe lat gu g 5s—1942 J
Ka A A G R 1st gu g 5a..1935 J
Moh A Mai lat,
a Due
41
22
2.%
1534
Mortgage 3 Ha
"91%
41
41
77%
Ref A Irnpt
71% July'2 0
NnV17
* IIII
J
1950 J
1st 4a
Sept 21
42
37
0
A
N O Tex A Mexloo lat 6a.
65
Int 4 Great Nor 1st g ext 7s. .1922 M N
In3 111 4 Iowa lHt g 4s
A
1923 J
1957 J
1951
latconaolla
66
5)
42
40
J
J
58<2
69
86'4
59
62% Sale
A
4Ha...1926 J
88
65% July' 18
85
Nat of Mex prior Hen
60%
94*" "94 *
Sale
Sept'21
63
8
1977 A o
10-year coll tr 7a
Atlg'2l!
87%
g 6s
Guaranteed general 4e
56%
84%
86% June'21-
....
Jaaper Branch lat
6a... 1928
New OrleanB Term
Mar'19
....
Naabv Cbatt A St List
NO A N'Eletref A Impt4H8A
*69*% "75"
34
61%
1938 M
4a
64%
May'21
73
gold
58%
Nov'10
94
5
34
68%
M N
Montgomery Dlv lat g 6a. 1947 F
9t Loula Dlv oa
1927 J
50
j
45j
41%
64%
A
O
J D
F
J
A
A
J
J
Rlv A Q Dlv let g 4a
1933 M N
Verdi V I A W lat g 5a
1920 IVI S
Mob A Ohio new gold 6a.....1927 J
D
1st ext gold Oa
51927 Q
Nat Ry» of Mex pr Hen 4 Ha.
94%
100% 10 >34
73%
73%
4;%
Sale
20
O
1948
4a...1938
2d extended gold 5a
1938
St L Ir M A 8 gen con g 5a. 1931
Gen con stamp gu g 5a..1931
Unified A ref gold 4s
1929
Registered
...1929
St L A Cairo guar g 4a....1931
6934
7%4
N»»v'10
92
9
66%
58
71% Sept'21
73
~95~% III ~
D
1951 J
Jan*21
Sept'211
09
80%
ChlcSt L4 N Ogold 5a—.1951 *J
1951 J
50
Sept'21,
Sept'21
v'21
65%
"38 *85%
57% Sept'21;
06
70
3 Ha.
"12
Dee"20
94i2
Id. 34
J'll
60
68'4
S
Registered
"53 *71% "79
{
May'2l!
73%
7434
65%
Sale
Carb 4 Shaw lat gold 4a...1932 M
Gold
79
78
"67"% "75%
374
41
41%
6334
58
1975 M
Missouri Pac 40 year 4a..... 1945
3d 7s extended at 4%
1938
General
23
747s
"9334 Sale"
103
74%
!
*7 8 >4 Sale"
74
85
83%
%
July'09
80
74%
84
81
Dec'20
72
67'4
Purchased llnea 3Hs.—__.1952 J
L N O 4 Texas gold 4a
*
68%
76
Sept'21
July'21
64%
70
41
Cent Br U P lat g 4a
67%
Aug'21
Aug'21
82
80
62%
1951 rvi
1952 W
76
92
92
41
J
Pac R of Mo lat ext g
Oot'18
6812 Aug'21
J
Registered
72
73%
J
O
O
8
8
O
N
Extended 1st gold 3Ha.... 1951
70
67%
7%
74U
20
298
Dec 2 )
59
A..1965 F
4a
..-i
100
86
>
30
A
A
refunding 6s Ser C..1920 F A
General
...
998s
4i
A
M S
D
90
8%
81% Sept'21
92%
92%
8L
70
Texas A Okla lat gu g 58—1943 M S
Missouri Pacific (reorg Co)—
'
1st A
5%
39%
64% Sale
lat A refunding 5a Ser B_al923 F
73% June' 18
1951 J
1st gold 3a sterling
Gold
72
74l2
7414
54
8>g
Sept'21
12
75
39%
73
48
65
Feb'21
7%
9
11
70
3 /34 gale
63%
90
Jau'2l
70
8
7l2
-1951 J
Registered
Registered
90
70
60
44
91%
J
J
94%
90
40%
.4 t%
Sher 8h A 80 lat gu g 68...1942 J
let A refunding 5a Ser
Sept 21
89s
83%
74i2 Sepo'21
84
Nov'16
1951 J
Registered
lat
90% 103
92
no 18
D
J
J
July'21
136'4 May'06
"92" li¬
J
J
J
1948 A O
1955 F
99
99
J
J
1999 J
Houston Belt 4 Term 1st 5a. 1937 J
Mar'21
N
2004 M S
M R A T of T let gu g 5S..1942
9'%
99
....
;
21
39%
4338
20
7
S
M K A Okla lat guar 5a...1942 M N
80
80
"75"" "8*0*'
80
40%
9j% Sale
1944 M N
Kan City A Pac lat g 4a...1990 F
Mo K A E lat gu g 5a
1942 A
Mar'20
80
10234
J
Ha.. 1999 J
Col 4 H V 1st ext g 4s
Col 4 Tol 1st ext 4a
Mar "21
83
77l2
76
9j%
Dall A Waco lat gu g 5a...1940 M N
"7*9" "85%
Sept'2l|
IIII *78"
J
O
Gulf 4 8 11st ref 4 t g 5s. .61952 J
Hooking Vai 1st
Registered
81
80
D
Feb
Debenture ctfs "B"
CD,U>,
OOl CD,
Mar'20
80
J
5% secured notes "ext"...1916
1
1
I
July'20
3934
41% Sale
Truat Co certfa of deposit._
99% 103%
90U
90%
0199O.F
1st A refunding 4s
1201s May 16,
Feb
Green Bay 4 W Deb otfs "A"..
9*0%
J
!M
Gen sinking fuud 4Ha..1930 J
Trust Co certfa of depoelt
I
St Loula Dlv let ref 4a....2001 A
"8*1*84 "85%
8% Sept 21
102%
a02 '8
90
Sepi 20
4a.
1st ext gold 5a
96% 104%
8434
77
2
311VI
1941
Nov'10
...
Truat Co ctfa of deposit
99% 10n%
487
82
2d gold
'
J
J
J
J
J
J
A
J
J
J
J
104
104U
69
Mar'10
\2
67%
♦
J
June'16
90
J
Reduced to gold 4HS...1933
0278
li
"77"
95
4 J
D
67%
Sale
Jan'21
Sept'21
69
72% Sale
3934 40
40% Sale
S
M S S M A A lat g 4a lnt gu'26 J
70%
W77s Sept'21
10
J
Registered
06
Gt%
o
gu'38;j
1938
5a
lat Ohio Term a f 4s
66
140
cona
10-year coll tr 6I2S
69%
78
88
99
D
Mississippi Central lat 58...1949J
Mo Kan A Tex—1st gold 4a..l990 J
69%
71%
70i2 Sale
O
...1933;J
"88%
60
....
J
1st consol g 6s
1st
78
88%
7 L
75
J
1951 M
M St P AS S M con g 4a lnt
"54""
Apr'21
00%
1933
1
^ -a,
1
88
69%
>t Paul M 4 Man 4a
1
lat gold 6a__1938 J
Refunding gold 4a
52H
6314
Registered
Iowa Central
Jan'17
77
1961
.1961
50
82%
52%
5314
94%
97
D
Ref A ext 50-yr 6s Ser A...1962 Q
Des M A Ft D lat gu 48...19351 J
23'jj
5212
June'21
26
1934 M N
81%
No V'l 9
7212
1
44%
Aug'21
Aug'21
72
Jan'21
85
87%
F
D
1936
...1927 J
gold 6a
40
O
A
lBt consol
40
O
1st 4 ref 4 Ha Series A
Minn 8t Loula lat 7a
Ayr*2i
82
Feb'06
90
O
40
4278
39
""2
71%
90
S
77
Sept'21
100
95
1977 \f S
1949 m
41
Nov'19
79%
1977 M S
lat A refunding gold 4a
40
Sept 21
42%
O^
I
73
71%
g
"55"
•
1
53%
53%
70%
N
Stamped guaranteed
"76" "78%
Jan'18
1
8 '%
1945 rvi
Midland Term—lat • f g 6a..1925 J
Apr*21
13
90%
99% Sepi'2i
100
Feb'20
71% Dec'20
71% Aug'2)
88%
88%
8z% Sepr"21
1930 rvi
99
Jan 18
1«'478
90%
73%
6084
Mex Internal lat cona g 4a
83
June'2l
78%
102
Manila RR—Sou llnea 4s
"d "76*% ~88**
%
lOi%
95%
76%
*90 " "92%
o
82
1930
ser
1903 \
Sept'21
Mt Vernon 1st gold 6e—1923
Great Nor Gen 7s
Gen oons gu 50-yr 6a
55
*8312
Galv Hous 4 Hend 1st 5s.
1933
Grand Trunk of Can deb 78—1940
81%
56
O
Co Branch 1st g 5s
75
Feb'21
8t%
j
U3
83%
833|
70
A
77
1st gen g 5a—1942
8ul
1930 F
85
J
Evans 4 T H
SAN Ala cons gu g 6a
63«4
D
BT 4 Ind 1st oons gu g 6s.,..1926
Wllk 4 East 1st gu g 6s
41
45%
92% June'21
7284
88%
A
37
97
....
101
O
1937 F
75 i.
5184
89%
M S
70*8
1937 F A
1940 F A
6s__1943 M N
1940 A O
General gold 5s
1st
7a'a
1943 J
7234
53%
7584
La A Jef Bdge Co gu g 4s
Jan'17
8
j
34%
88
82
\
92%
j
N Fla A 8 1st gu « 6s
Sale
99%
N AC Bdge gen gu 4 Ha...1946 j
103
99%
J
1946 IW N
1937 J
J
Dock 4 Impt 1st ext 5s.
Terminal
J
40%
7
80%
75
35%
59
4334
1 ' •%
81
8212
79»2
76
1935 A O
1922 M N
6J
2d gold 4Ha
J
J
1957 J
f 6a
Long Dock consol g 6a
Coal 4 RR 1st
8J2
79
1955 J
Erie 4 Jersey 1st s f 6s
Genesaee River 1st
8OI2
1982 M N
Oleve 4 Mahon Vail g 5a..1938 J
Sale
72%
54
40
Apr421
Sept'21
89% Sept'21
%
90 '2
LANAMAMlatg4 Ha. 1946 M S
LAN South M Joint 4a...1952 j
j
Registered
A1952 Q j
39
70
78
a
104% Sale
j
Kentucky Central gold 4a. 1987 j
"39% "45"
_
41
8
Lex A East lei 50-yr 5a gu.1965 A
Sept'21
38%
j
3s ...1980 fw S
Atl Knoxv A Cln Dlv 4a... 1955 <v( N
Atl Knox A Nor lat g 5a... 1940 j
q
*5l" "58%
4334
75
m n
St Loula Dlv 2d gold
Oct'20
43
34
1996 J
Registered
Penn coll trust gold 4s. .1951
Sale
43
1996 J
80
1946 f
83%
8234
j
1930 j
1930 j
Paducab A Mem Dlv 4a
-a
72%
*43% IIII
n
.1
Hender Bdge 1st s t g 6a...1931
5634
J
1996 J
Registered
99%
94%
i»'J
July'21
99% Nov'.'O
ft
1930 *vi N
1931 \j n
—
Lex gold 4 Ha
2d gold 0s
Aug'19
55% Sale
N Y L E 4 W lit 7a ext
oons g
101
86%
70%
1931
Collateral trust gold 5s
87
7584 'July'21
7534
1940
92%
Jan'll
83
83%
^
1940 j
95
96
99
4a.
87%
Mar'08
\
1937
5a
gold
*83% "92"
1927 m
B 1st con g gu 5a.ol932
Nor Sb
73%
"
95
1930 j
57
10
Feb *21
a
1927 m
A R B lat gold 6a
N Y
1923 M 8
1920 A O
S
«vf
70
1947 M N
M
vi
.1949 <yi
7512
8rd ext gold 4 Hs
gold 7s ext —1930
Oot'00
70
N Y 4 Erie 1st ext g 4s
Brie 1st consol
92
70
Feb'21
91%
99%
66%
86H June'21
93
Sept 21
80
Jan'20
5s..1941 M N
g
6738
70
71
92%
83
98%
1937
1949
Sept 21
1051a
O
68%
9 >%
68
1934 j
Unified gold 4a
9212 Sept'21
95
9*18
Sept'21
82% June'21
j
01%
4!
8OI2
7912
July'21
88
84
73
Debenture gold 5a
Mav'21
50%
70
93
82%
35
May'2i
50
60*8
D
87%
91
TVS
N Y B A M B 1st con g 58.1935
5714
7038
20-year p tn deb 58
Dec* 20
Sale
82%
.1932 j
1949 m
72%
6834
Oct'1.3
7234
Apr'11
2978
D
Elgin Jollet 4 East let
1938
.1922
4s
Gold
July'21
40'2
8
67
Mtge. 4 coll trust 4b A__1949
1995
4s
1995
1937 J
11
28
t>
57
1937 A
1937 A
72
7i34
10
O
.
6612
6714
72
70%
10
J
Registered
70
12
4a_.
General gold
73%
62
71%
6834 Sale
♦
J
Dul 4 Iron Range let 5a
68lS
—
*7%
8
J
Dai Sou Shore 4 Atl g 5a
100U 105
7 ">% Sept 21
1940
Gold
6
1933 j
1945 m
Leh ANY lat guar g 4s
Long Isld lat cons gold 5a__A1031 q
lat coneoi gold 4a_.
A1931 o
54
77
Bio Gr West 1st gold 4s.—1939
Det 4 Mack—1st lien g 4s
87
68
71
D
Rio Gr Sou lat gold 4s
9812
8134
78
92
105
94%
93%
22
9e«4
99%
9rs4 Sale
j
No
Aug'21
Mar'12
1933 j
Ferry gold 4 Ha
N
J
Bio Gr June lat gu 58
743s
961a
86 U
O
D
Trust Co certlfe of deposit.
Guaranteed
10
5a
9812
89%
J
1935 A
10-year secured 7a
1930 J
Alb A Susy conv 3 Ha
1946 A
Eenss 4 Saratoga 20-yr6a.l91l;M
Den 4 B Gr—lat corns g 4a__1936 J
Coneoi gold 4 He—
1936 J
Improvement gold 5s
1923
1st 4 refunding 5s
1955
....
Leh Val Coal Co 1st gu g 58..1933
High
92
113
93%
1941 A
Leh Val RR 10-yr coll 6a_.nl928
Feb'08
Range or
Last Sale
Ask Low
Sid
9734
Registered
1943 rvj N
1st 4 rei 4s
30
Leh V Term Ry lat gu g 6a...1941 a
70%
95
Delaware 4 Hudson—
80-year conv 5s
Friday
Sept 30
Y. STOCK EXCHANGE
Week ending S.-pt
66U
Aug'21
1021s
.
High
Low
2
9734
.12
96%
595s
9
A
N.J
6*®4 Sop' '21
68
D
1923 F A
1923 M N
High
Ask Low
Bid
Del Lack A Western—
Morris 4 Essex 1st gu 3 Hi S2000 J
N
WeeJt't
Prfei
BONDS
Range
Price
Friday
P
BONDS
m. T. STOCK EXCHANGE
Week end'ng Sept 30
1453
Record—Continued—Page 2
New York BOND
/' 81%
67%
01%
Aug'21
81%
$-2%
68
60% June'20
"75" "7*8"
75% Sept'21
64
62%
64
61
57
63%
65
64
Sopt*21
57
June'21
60
49
12
60% Aug'21
64%
Feb'20
61
52%
81% Apr'2l
76% Juiy'2l
80%
"70% IIII
62%
104
May* 16
59
June'21
73
....
73
June'20
7e%
82%
70
64%
Sale
08
67%
70
87%
88%
85% dale
85
80
89
*72*% III I
1 Due Oct.
3
i
67% Sop''21
8734 Sale
69
July'21
Dec'20
3 Option sale.
55
123
....
j
1454
New York BOND Record—Continued—Page 3
1
111
Price
Week ending; Sept 30
W eek't
Prtdav
Sept 30
BONDS
N. Y. STOCK EXCHANGE
Range or
'
Since
Last Sale
o e
|
BONDS
Jan. 1
N. Y. STOCK
Week
Prict
II
EXCHANGE
ending Sepf 39
Week's
Friday
Sept
Range
30
Bit
& H B RB {Con)—
87
Mabon C'l RE 1st 6a
.1934 J
90%
Michigan Central 5a......1931 M S
Atk Low
Registered
...
1931 Q M
1940 J
4a.....
1940 J
Registered
JtL AS 1stgoldSKS—195i|M S
1st gold 8MB——
1952 M N
20-year debenture 4a
1929 A
....
*74" "7812
"72' mi
70
82*8
-
—
....
No
71*4
68%
72"% "72%
NYA Pu 1st consgu g
73
4b-1993Ja
Pine Creek reg guar 6s
R W A O OOtt 1st ext 6a
10)
1932 j
M922 A
1941 j
Rutland 1st oon g 4Mj>
62
Equip trust 4 He
Registered
O
1937
A
...1947 M
9
73
97%
"99"%
'55"% "GO"
July'21
50
93
84*2
....
90
May"2L
84%
90
Jan'09
130%
95% June'20
73%
74
677g
74%
9914
91*e
...
—
Sale
72
72
85
7uV
75V
79V
7SV
78V
Seaboard Air Line g 4s
Gold 4s stamped
71%
78%
37
55
33
Apr'21
35
38%
Apr*21
37
46
35
34%
40%
45
38%
50
39%
49%
38% Sept'21
38%
38%
35
35
45
63
54%
53
72%
Oct'17
60
1948 J
35
39*2
38% 40
35
Sale
50
Non-oonv deben 4s.......1950 M N
Oonv debenture 3 His
1956 J
35
37
July'18
Sale
Cons By non-oonv 4s
1930 F
Non-oonv deben 4s.....1955 J
Non-oonv deben 4s
1966 J
Harlem R-Pt Ches 1st 4s..1954 M N
8 A N Y Air Line let 4s
1955 F A
35
48%
48%
52
48%
39%
70%
7U% July'2i
70%
Naugatuok RR 1st 4s—1964 M N
57*2
87
N Y Prov A Boston 4a....1942 A
O
60%
83
Aug* 13
N Y Wches A B 1st Ser 14He '40 J
New England oons 6a_._u.1945 J
J
67
J
61
Provldenoe Seenr deb 4s.. .1957 M N
29
32
Providence Term 1st 4s...1950 M
W A Con East 1st 4Ha
1943 J
68ig
88%
74%
61V
63 "
70%
Juiy'14
1945 J
NYOA Wreflstg4s
J
S
J
*1992 MS
34l2
55
J
A
Norfolk A Sou 1st gold 6s
1941 IW N
Norf A West gen gold 0s....1931 IW N
Improvement A ext g 0B...1934 F A
New River 1st gold 08.....1932 A O
N A W Ry 1st oons g 4s... 1996 A O
o
Registered
1990
Divl 1st lien A gen g 4s-1944
J
10-25-year oonv 4a
1932 J D
10-20-year oonv 4a
1932 M S
....
10-25-year oonv 4H8—1938 M
10-year oonv 6s...
1929 M
S
S
Pocah C A C Joint 4s...1941 J
D
O O A T 1st guar gold 6s..1922 J
J
SoloV AN Elstgu g4s__
MN
Northern Pacific prior lien rat
way A land grant g 4b..... 1997
...
Sept 21
62
74
80
90
90
103% Sale
80
103%
88
91
13)
76V
Apr'21
Apr*21
103V
80
77% Sale
7734
54
55
58
Sept 21
102%
103V
79% Sept 21
88
....
104%
99% Sept'21
100
93%
f;634
105%
72V
D
75
6,34
73
68
Sept >1
105% Sept'21
72 V
J
78
92
97
N
83
SiM
73%
7o
....
N
A
75
....
94% May"21
84
14
87%
81%
80V
8i
5s..
1968 J
D
Sale
88
10-year secured 7s
16-year secured 6 His
AUeg Valgen guar g 4s
.1930 A
O
104% S U<)
1U4
A
102
.1936 F
89
Sale
79V
81%
89%
10 i
101V
103
80
3Hs coll trust reg A.1937 M
Guar 8 Ha coll trust Ser B.1941 F
Guar 3 Hs trust ctfs O
1942 J
Guar 3Hs trust ctf
D
1944 J
Guar 15-25-year go"d 4s_..1931 A
D
0784
67 V
63%
6.%
O
81% Sale
71%
S
A
D
40-year guar 4s ctfs'Ser E..1952 M N
Gin Leb A Norgu 4s g
1942 MN
CI A Mar 1st gu g 4 Ha
1935 IW N
Ol A P gen gu 4Ha Ser A..1942
Series B.
....1942
Int reduced to 8Hs—.1942
Series O 3Ha
.*..1948
Series D 3Ha
Erie A Pitts gu g 3Hn B
A 10
70%
79%
88%
88%
O
69%
MN
A
69%
09%
J
A
J
J
73
4HS A
80%
M N
88%
82%
82%
Series B guar
Series O guar
1940 A
O
1942 A
O
1942 M N
Series D 4s guar...
1945 M N
Series E 8 Ha guar gold..l949 F A
Series F guar 4s gold
1953 J O
SeriesG4aguar
1957
Series 1 eons guar 4 Ms..1963
General 5a Series A....1970
O St L A P 1st oons g 0S...1932
MN
F
A
J
D
A O
PbUa Bait A W 1st g 4I...1943 M N
Sodua Ray A 8ou 1st g 5S..1924 J
J
U N J RR A Can gen 4s...1944 M S
Pere Marquette 1st Ser A 58.1956 J
J
1st Series B 4s
1950 J
J
91
91
04
14
96%
80
93
76%
76V
5
i
85%
92%
74%
13J
390
84
83
77
79%
95%
80
27
75
93%
2
84
86
81
88
86
84%
84%
83%
....
80
....
83%
Sale
86
68
86
102
82%
•
Noprlce Friday; latest bid and asked,
a
69%
Due Jan.
83*a
67%
0
85,
69%
5 Dae Feb.
63V Sept 21
63% May'2i
95% Sept'21
5078
0312
65%
63%
93
96%
89%
73%
89%
81%
Apr'2l
76% Aug'2l
73% Sept'21
83% Aug'21
J
cons g
Registered
95
J
D
93»4
94
94
June'21
1945
84
-
90%
73%
81
50
Sale
50
J
75
78
71
A
60
78
1931 J
58.1930
5s._. 1935
83
83%
77
50
50
50
06
Sept'21
74
106% Nov'04
88
82% July'21
82%
75
Feb'21
75
Sept'21
71
71
Aug'21
89
86
Sept*21
"90%
75
84%
J
75
60%
75
69
71
89V
86
36
Feb'19
76%
79%
76
78
46
47
46%
Sept'21
46%
73
O
45
53
A
15%
15>« June'21
15
10
19
15
07%
79%
85
15
Sept'21
63% June'21
15
D
63%
70
75
82
52
52
78
84%
J
J
83
52
49%
82
Sale
81V
81% 78
88% Sale l 88
77
77% 77%
100V Sale 1100
May'21
82%;
J
93%
J
80
93%
95%
79% Sept'21
74% Sept'21
72% Jan'21
26%
29
86%
87
A
75%
75%
F
—1939 F
27V
J
A
Debenture aeries B 6a... ..1939
J
88
J
7
56%
80
77%
85
Des Moines Dlv lat g 4a. -1939
63
70
Om Dlv 1st g 3 V4s
1941 A
O
55
—1941 M
S
64
56%
pDuNx
61
85
89
95%
79%
76%
72%
35
Sept 21'.
Aug'21..
s
.
.,
23
29
48
j 78%
87
6)1 82%
2
72
May'21
Due Dae.
77V
72%
89
58% May'21
^
97V 100
86% 94%
72%
78
84
70
60%
80%
97% 101%
75
81%
79%
2
Aug 18
Feb'211.
62
82%
J
80%
0 Due Oct.
7
62
78
79%
*58* "Eo"
48
Det A Cb Ext 1st g 6a... —1941
11
99%
94%
90
78
J
lat Hen 50 yr g term 4a.. —1954
8 5% S ile
S3
Sale
88V
73
62
101
85
—1957 MN
81
38
781
84%
96
81%
144
88V1
84V43ale
..
15%
77%
Aug'^Lj
81%
D
1955
....!
82
81
.j 81
99% 100 \ 99%
92
93%1 93%
J
......
* Due Aug.
July'21)
85
—1929
Utah A Nor gold 5a... —1920
1st extended 4a
—1933
A Due July.
85
90%
73%
86
A
—
81
85%
71
67
75
.1922
5s....... —1940
4a Ser A
81
83-%
70
83%
90%
73%
O
..1950
.1917
Consols 4s Series B
80
70%
J
Vlrglnlan lat 5a series A... .*1902 M N
Waoasb 1st gold 5s....... —1939 M N
Due June.
89
81%
86%
12
70
8u% Mar'21
....
O
Ore Short Line 1st g 0a
2d gold 6s
08%
D
2000
D
1928
O
1st refunding S 4s....
1962
J
Union Pacific 1st g 4s
1947
J
Registered ............1947
J
...1927
20-year conv 4s
o2008 M S
1st A refunding 4s.
J
ID-year perm secured 6s..1928
D
Ore RR A Nav cou g 4s. —1940
cons g
83%
23
g
90%
"«0 " ~90 "
JaQ'2l
86% July'21
80
July *2)
Sale
02000 Mar
Ulster A Del 1st oons g 6s
Vandalla
70
73% Sale
8±% 93
Vers Crua A P 1st gu 4H«- ..1934
....
03
58
90% Sept 21
88% Dec'20
90
8n%
75%
89%
60
85
May'Jij
Apr'21 j
58
87V
75%
88"
Aug'19
89
....
55
96% 100
90
96%
Aug'2il
Aug'21
65
56
89%
50
Sept'21
99%
92
90%
82
90
J
81
-
88%
84%
*21;
A
83%
81
75%
Aug
82
6s
83%
96
—
Sept'21
Sept'21
Aue">t:.
g
j;
80
87
70
*67 " "67%
Feb'21
Aug'2l
82
79
64
82
84
80
5
71
82
95%
52
98
87
26
87
83%
14
'si* ~52%
99%
Nj
84%
79%
92%
77%
80
Guar refund 4s
84%
92
89
82
91%
91%
71%
85
82
85
87
mmmm
94
89
96V
8U%
60%
90%
J
83
67
72
85
-
68%
83V Sept'21
77% June'21
J
1st consol g
«
....
A
88%
-
Sept 21
O
77
75%
61%
80
63%
86
83
1924
1955
82
•
55
57%
60%
85%
68%
76%
*
90
99% 100
O
1958
60-year gold 4s....
Coll trust 4s g Ser A
82*2.
....
76
81% Mar'16
S
J
General gold 5s
78%
84
78%
68
80
2003 i
Tol A Ohio Cent 1st gu
Western Dlv 1st g 5a
67
....
73%
14
J
1936 M
86
82%
85%
J
J
86
78
138
68%
—-
-
94
2
82%
7^%
74%
67%
o
93V
83
63% Sale
827«
68% Sale
84%
92%
92
88
S3
86%
Sept 21 ...J
145
59%
60%
1
03%
63%
71%
SaleJ
88
88%
"'I
86
63V
J
8t L M Bridge Ter gu g 58-1930
67
...
77%
90
M N
88
94
33
67%
Trust oo ctfs of deposit
.
84%
8i%
90
O
87%
*84* "8*4*
3
92
67%
Atl A Yad 1st g guar 4s...1949
E T Va A Ga Dlv g 5s
1930
84
86
Jan'21
88V 91
67% Sale,
43% 67 1
J
W
95
83
Mari9
82%
J
4s_.
94
J
1956
SO
90
74
92%
80%
J
1938
...1946
6s—
1922
67%
87
Mar 21
93
59% Sale
A
77%
70%
84%
Sept'21
J uly'21
Sale
85
100
86
1
92
....
84%
1
86% June'2
....
74
70
75%
1
;
84
90%
86
19
19ij
66%
08%
"75% "*82 *
86
90
80
85V
....
83
1948
Texas A Pao 1st gold 5a
887g
....
95
"90" IIII
93
13l|
77
83
88
85
75%
88
.....1994 J
4s
18
73%
Sept 2jl
84%
92%
92%
92%
85%
85%
86
1994 J
6s
Tol St L A W pr Hen g 3^8.1925
....
73
83%
74
93
39%
NOV'25
74
1950 A
Southern—-1st
92
88
92
82
Tor Ham A Buff 1st g 4a...*1946
8'i% June'2i
Sale
55
92%
86%
Tol A Cb Dlv g 4a
84
69
45
W O A W 1st oy gu 4s
69
887g
Jaa'03
....
J
*80% "*80%
Sept 21
84
96
—
73 V
77% Sale
73% Sale
os
8'%
727g
Auv 21
81
MN
O
Aucr'gl
96
J
D
May'2l
85%
J
1935
May'21
81
O
..1935
Kan A M 1st gu g 4s......1990
2d 20-year 6s
.1927
Tol P A W 1st gold 4a..
1917
88
94%
48
Term Assn of St L 1st g 4 H*. 1939
1st cons gold 6s..
1894-1944
Gen refund a t g 4s
...1953
70
76%
69V
83% Sjpt 21
81%
81%
82%
8 5%
82% Apr'20
81% Sale
82% Sale
43
46V
82
1956 J
gold
Spokane Internet 1st
91% 103
80
81%
Sept'21
85%
80%
85%
36
81%
1943 J
con
General 5s
106
67
Dec'20
77
44
Va A So'w'n 1st gu 5a
1st cons 50-year 5s
92
100
July'21
82
A
W Mln W A N W 1st gu
Mar* 10
....
3<
Sale
So Pao RR 1st ref 4s
Tex A N O
2nd gold Income 5s..
La Dlv B L 1st g 5a
Bept'20
—
80
No of Cal guar g 5a
1938
Ore A Ca! 1st guar g 5s
1927
So Pao of Cal—Gu g 6a
1937
So Pao Coast 1st gu 4a g___1937
So Car A Ga 1st extd 5Ha. 1929 M N
Virginia Mid Ser E 5s
1926 IW SI
Series F 5s............1926 M Si
74%
65
5
85
Apr'20
79% May'l»
82% Sept 21
69
H A T C 1st g 5s int gu....l937 J
J
Waco A N W dlv 1st g 0S..193O MN
A A N W 1st gu g 5s......1941 J
J
Mortgage gold
68
67%
Jan'21
82%
36
87% Sept'16
A
Rich A Dan deb 6s stmpd.1927 A O
Rich A Meek 1st g 5s
.1948 M N
Feb* 12
67
....
8 V
Ga Pao Ry 1st g
Dec'12
...
78%
67
25
70
*81%
Knoxv A Ohio 1st g 6s
1925
Mob A Blr prior lien g 5s.. 1945
Dec'15
90%
....
....
69%
80
83%
Cons 1st gold 5s..
101% 106%
Feb'21
...
61%
56%
50
26
72%
E Tenn reorg lien g 5s
Ga Midland 1st 3s
88
"58 " *65%
25
73%
2d
90% 104%
98% 100%
99% 100
91% 92
75% 75%
68
~i
Apr'21
...
62
91%
D
69V
3
72%
A
62
54
83% Sale
02%
93%
76V Sale
59%
88
32C
67%
72
54
D
D
67%
Jan'13
D
20-year oonv 6s....
.1934
Cent Pao 1st ref gu g 4s
1949
Registered
1949
Mort guar gold 3Ks—.*1929;J
58
60%
81
6"%
59% Sept 21
.4.
....01929 M 8
627g
55
66
65%
85
1st 30-year 6s Ser B....1944
Atl A Danv 1st g 4s..
1948
54%
96% 103V
81%
44
Jun"'2i
87%
75
Feb'20
80%
188%
74
79
73
June'21
80
....
....
J
M S
Tol W V A O gu 4Ha A...1931 J
J
Series B 4Ha
1933 I
J
Series O 4s
.1942 M S
P O O A St L gu
72
73
J
1950!F
1940
Series C_.
...1940
Or R AI ex 1st gu g 4Ha.. 1941
Ohio Connect 1st gu 4s
.1943
Pitts Y A Ash 1st oons 5S..1927
83
J
..*1949
98
"39
70%
55
J
St Louis dlv 1st g 4s
1951
Ala Gt Sou 1st oons A 5S..1943
Atl A Chart A L 1st A 4H9.1944
51%
"38
May'2l
Apr'21
81%
70
697,8
65%
66V
J
77
Dec'20
69
Aug'21
89%
547s
25% Sale
37
37%
47% Sale
76
Mob A Ohio coU tr g 4s...1938 M S
Mem Dlv 1st g 4Hs-5s
J
1996 J
Feb*20
67
84
....
J
Develop A gen 4s 8er A...1950
69% Mar'20
—
85
86
90
Pennsylvania Co—
Guar
69
78
J
52V
May*2l
83
....
62
—i
.....
1st land grant ext g 6S..1930
Consol gold 5s...
..1943
Ga A Ala Ry 1st eon 6s...ol945 J
Ga Car A No 1st gu g 6s...1929
74%
66
ly
86V Sale
>0%
83
92V
12
6j%
73
81
"77"" "77"
11!
69
Atl A Btrm 30-yr 1st g 4s_«1933 M S
Caro Cent 1st eon g 4s....1949 I
J
Fla Cent A Pen 1st ext 0S..1923 J
J
73V
79% Sept'21
82
D
1942 IW S
D R RR A B'ge 1st gn 4s g.1936 F A
1
(July'-.'1
"
1945 M S
96
105%
70V 80
98% 98%
75% M iv'2l
....
0s Series A
80%
99
May'21
92
")5*
7-V
.....1959
92V
Ai>r'>!
103
102
1965 J
General
Refunding 4s
75
Aue'21
57
Hale
01949
Jan'2l
97V
5 i
1950
90
66
80
76%
&1
74" "s"o""
W«V July'^i
76V Sept 21
77%
J
59%
98%
9278
87
Oct 20
77
70
68
Sate
San Fran Terml lat 4s
97% 101%
73% 80%
75
80
92V
81
99
N
92V 104%
Oct'20
78
....
87
Pennsylvania RR lBt g 4s...1923 IW
Consol gold 4s
1943 M
Consol gold 4a
.1948 IW
Consol 4Hi
..I960 F
59
54%
73%
....
103% Sale
J
65
49%
....
54
Oregon-Wash 1st A ref 4a
1961 J
Pacific Coast Co 1st g 6s....1946 J
Paducah A Ills 1st s f 4 Ha... 1955 J
32
56
73
77* "*78%
o
2d exten 5s guar..
J
.1931 J
Gila V G A N 1st gu g 6s
1924 IW N
Hous E A W T 1st g 6s
.1933 IW N
1st guar 5s red
1933 MN
Dec'19
73% June*2i
102":::: 101% Aug'21
122
100V
Nov'16
lotiV
97% June'21
77
78% 78
78%
79
1st consol gold 4s
..1908
Wash Cent 1st gold 4s....1948 Q IW
Nor Pao Term Co 1st g 08...1933 J
J
26%
59'2 Nov*2Q
65%
55%
80
....
76V
94
97%
Through St L 1st gu 4s__ 1954 A O
GHASAMAPlst 5s
1931 IW N
43
FeO'18
39
102% Sale
St P A N P gen gold 0s
1923
Registered certificates.. 1923
St Paul A Duluth 1st 5s.. .1931
33%
44%
67
St Paul-Dulutb Dlv g 4s.. 1996
N P-Gt Nor Joint 0Hs—.1936
22
35
Sept'17
44
4412 Sale
75
Registered
.......1997
General lien gold 8s......o2047
Registered ...........O2047
Ref A tmpt 6s ser B_.
2047
Ref A Imp 4Mis ser A
2047
Generally s
*70 "
"50%
D
,.1955
34%
35*2
61V Sale
Registered $6,000 only...01992 M S
General 4s
Norfolk Son 1st A ref A 5s.__1961 F
—
67
75V
64
70%
84%
61V
44%
93%
97V Sale
Registered..
20-year conv 4s
69
63%
J
Housatonle Ry eons g 5S..1937 MN
Cent New Eng 1st gu 4s... 1961 J
970
64
58
85
98% Sept 31
92% Sept 21
Gold 4s (Cent Pao coll) ___*1949
Oot'19
63% June*2l
64% Nov'20
58
59
92%
Seaboard A Roan 1st 5a...1920
Southern Paolflo Co—
49
75
_
57%
192
1950
Adjustment 5s....
oons
340
80%
70% Sale
59
597«
6 >% Sale
66V Sale
63%
64% 66
82
*70% "76%
697*
O
77%
76
175
A
D
427
94
87
59
75%
91%
„
70
J une'21
64
68
1932 J
...
69
73
73
75%
O
73
Nov'17
76
Consol gold 4s
,
...
63
A
66
82
50
""47 "71% "83 "
91%
09%
68
IW N
1st terminal A unifying 08.1952 J
Gray's Pt Ter 1st gu g 6s..1947 J
8 A A A Pass 1st gu g 4a
1943 J
Feb'19
81
Aug'21
79% Sept'21
Sale
9y
O
A
St L 8 W 1st g 4s bond CtfS._.1989 M N
2d g 4s Income bond etfs.pl989 J
Sept 21
99%
Sale
81
O
St L A S F RR eons g 4s...1996 J
South w Dlv 1st g 6s
1947
K C Ft 8 A M cons g 0s... 1928
K C Ft 8 A M Ry ref g 4a_.1930
K C A M B A B 1st gu 5s..1929
" "93"
35%
1 81V 91
Deo'17
77%
-V Sale
6)% Hale
57% Sale
76
9
Income Series A 6s
a 1960 Oct
St Louis A San Fran gen 6S..1931 J
General gold 5s
.....1931 J
76
iin
63% 8a!e
J
J
A1955 A
76
Jan'21
77%
59V
St Louis A San Fran (reorg Co)—
Prior Hen Ser A 4s...
1950 J
Prior Hen Ser B 5s
1950 J
Prior Hen Ser C 6s
1928 J
50
93
74
77
~79% "79V
1947 J
Feb'21
....
77
fftel
Low
58
50
97%
1
—i
June'21
90
Jan
1951 J
Apr'21
N0VI6
97
.
N«
High
43
1997 J
1951 A
76
54
Non-conv deben 4s—....1955 J
4s
Atlantic City guar 4s g_
St Joa A Grand Isl 1st g 4a
1st A
Non-conv deben 3 Ha.....1947 M S
Non-conv deben 3H>——1954 A O
Consol
1997 J
Cum adjust Ser A 6s
99% Sept 21
78%
N Y Connect 1st gu 4Ha A..1953 F
N Y N H A Hartford—
Conv debenture 6a
68
48
Low
73
Reading Co gen gold 4s
Registered
Jersey Central coll g 4a
103
90
J
1931 IW N
43
89%
84%
1940 A
1943 J
50
81
73l2
O
Non-eonv deben 4e
70
94%
67% June'20
A
Debenture 4s
68
May'15
60
60
55
1920-1925
.4a..*.1937
.....
70%
71% Nuv'20
—
56%
St Lawr A Adir 1st g 58...1990 J
2d gold 0s
1990 A
(Jtlca A Blk Riv gu g 4s... 1922 J
Pitta A L Erie 2d g 5a_...al928 A O
Pitts MoK A Y 1st gu 6s..1932 J
2d guaranteed 6s.......1934 J
Test Shore 1st 4s guar
2381 J
Registered ............2301 J
NYC Lines eq tr 5a
1920-22 MN
N Y Chlo A St L 1st g
9914
70
827g
79V
92%
June'2l
113
71
74
14
Aug'21
71% Sept'21
..
99%
O
Og A L Cham 1st gu 4s g.1948 j
Rut-Canada 1st gu g 48.1949 j
—
41*
Pitta Sb A L E 1st g 5a
lat consol gold 5s
....
Mar-20
94
-
Bid
Philippine Rylat30-yr sf 4s. 1937 J
90" "90%
Septal
8ept'20
68
9414
Sigh
June'21
Nov* 18
9ept'2l
82
82%
70V Aug*21
N J Juno RR guar 1st 4s—1930 F
Low
May'20
93%
90%
98%
72%
74%
6 '.%
70%
N Y A Harlem g 3Ha
2000 M N
N Y A Northern 1st g 5s..l923iA
'
High
Since
aa
—
N Y Cent
Range
31
,2^
or
Last Sale
90
80%
60
62
84
84
50%
51*4
56%
55%
59
Option sale.
61
1455
New York BOND Record—Concluded—Page 4
EXCHANGE
friday
Rang$
Sept 33
a.
Week ending Sept 30
Ail Low
68
F A
F A
A O
J
92*2
49
58
57
7034
7034
34%
29%
32
12
35
3»
4
5
J
~58% "5812
70
67
77
....
4^8-1962 M N
Portland Ry 1st A ref 5s
1930 M N
Portld Ry Lt A P lat ref 5a. .1942 F A
If Y State Rys 1st cons
Portland Gen Eleo 1st 5s__1935 j
J
j
a 1960 A
O
j
A O
j
j
rvi N
J
J
1924 A O
1927 A O
St Loula Transit gu 5a
United RRa San Fr a f 4a
Union Tr (N Y) ctfa dep
Gas
and
J
Light
Eloctrlc
Bklyn Edlaon Ino gen 5a A..1949 j
General 6a series B
1930 J
General 7a se"lea C
1930 J
J
J
J
General 7s series D
1940 J D
Bklyn Un Gaa l3t oona g 68._1945;M N
Olnoln Gas A Eleo lat A ref 5s 1956; A O
Columbia G A E let 5a
1927; J J
Stamped
1927 J J
Columbus Gaa 1st gold 5a
1932 j
j
Consol Gas 6 yr conv 7s
1925 Q F
*21 !M n
1923 J J
J
Cons Gas ELAP of Bait 5 yr5s
Detroit City Gaa gold 5s
Detroit Edison lat coll tr 5a._1933 J
*1940 M S
A1940.M 8
1st A ref 5s aer A
let A ref 6a series B
Duquesne Lt lat A ooll 6S..1949J
J
Eq G L N Y 1st cons g 5a
1932, M 8
Havana Eleo conaol g 6a
1952. F A
Hudson Co Gas lat g 6s
1949 IVI N
Gas 1st g 6e__1922
Kings Co El L A P g 5S
1937
Kan City (Mo)
A
O
A
O
Purchase money 6s
A
O
Convertible deb 5s
M
S
Ed El 111 Bkn 1st oon g
J
J
1997
1925
4S.1939
Lao Gas L of St L Ref A ext 6s *34
Milwaukee Gas L 1st 4a
1927
Newark Con Gaa g 5s
1948
A
O
M N
J
D
Ed Eleo 111 1st cons g
1949
58...1995
g 5S—1930
1937
A ref 5a... 1942
Corp unifying A ref 5a
Paclflo G A E gen
Pao Pow A Lt 1st A ref 20 yr
5s *30
1949
Pat A Passaic G A El 5s
Peop Gaa A C 1st cons g
Refunding gold 5s
Ch G L A Coke 1st gu
Oon a Co of Cb 1st gu
6s. .1943
1947
g 5a. 1937
g 58.1936
Ind Nat Gaa A Oil 30 yr
J
F
A
M 8
A
O
M S
J
1
J
J
5a. 1936 M H
5a_.1947
5s...1922
6s...1928
Mu Fuel Gas lat gu g
Philadelphia Co conv g
J
M N
M N
J
D
J
Stand Gas A El conv s f
D
Syracuse Lighting 1st g 6s...1951
J
Syracuse Light A Power 6S..1954
1949
5S..1932
5s..1933
United Fuel Gas 1st s f 6s
1936
Utah Power A Lt lat 5a
..1944
Utlca Elec L A P lat g 58
.1960
Utlca Gaa A Eleo ref 5a..... 1957
Trenton G A El lat g 5s
Union Eleo Lt A P 1st g
Refunding A extension
I
IVI
8
M
S
J
J
55
Sale
53»4
81
55
7012
71%
72
90%
~76
5434 Sale
38
Sale
8312
9334
8l
94i2
66
94
67
94
52% Aug'gl
67
66%
48
4912
47
6912
~29% "3034
67 >8
30%
70
67
69
84
93%
8334
*434
85
85
86
85
70i2
102
75
Sate
10134
79
*90 *
8
Sept'21
Sept'21
102
82%
9.% Sale
91
92
25
9514 Sale
94%
95%
62
65
94
70
7112
73
75
9478
8612
96
91
71
80
July'17
92
77%
83
78
Sale
77
92
98
Sale
78
83
2
75
98
81
83
85
82%
Sep'2l
83%
95
95
10»4
12
10%
Aug'21
8234
82%
O
A
Nat Enam A Stampg 1st
J
D
89
90%
J
82
92
92
Sile
M
N
90
A
O
a
84
90
97%
80%
101
s
J
J
IW N
1939
1932
J
J
"84" "92"
78
83
a
a
93%
Am Telep A Tel
84%
Convertible
M
S
J
J
1953
30-year temp coll tr 5a
58.1949
85
55%
J
J
M
S
J
S
1933;M 8
1940 J O
1945; A O
5S..1943 J D
63%
4a...2397|Q J
5a..-1937,J J
Keystone Telephone lat 6s..1935 J
J
Mlcb State Telepb lat 5a
1924 F A
N Y Telep let A gen a f 4^8.1939 M N
30-year deben a f 08.-Feb 1949 F A
Northweat'n Bell T lat 7s A.1941;F A
1937 J
South Bell Tel A T 1st s f 5s. 1941 J
West Union coll tr our 5a
1938 J
116
75
19«4
10«4
83
73
10
10
27
34
11
27
102
103
43
9334 103
Paclflo Tel A Tel 1st 5s
Fund A real est g 4mb
15-year ftijs
g
36
8
99% 102%
104%;
413
97% 104%
II
71
85%
4
80
99%
234
72
.
75%
86%
99%
92%
41i 102
108%
86%'
34
108
I
38
88%
103%
86
J
108
|
77%
103
17,
78
87%
Aug'2l
87%
90
Feb'21
88
88
92%
2
87
90
6
97
32,
93%
86
94% 100%
90
97%
3
100%
91%
88%
95%
80
85'
85
io
t2%
Sept 21
Nuv'20j
Ja»a'21
91
98%
7984
98%
7
Ku%
94
94% 100
75
80%
57
9534 102
j 92%
93%' 92%
"86% "80%
29
101%
93
91
79%
39
i
89%
94%
39
93%
89%
9534
85
95%
9334
8 »%
8034
3
92%
92%
34
87%
93%
10
9238 100
94
84'%
80
92%
165
103
12
943.4 10334
90
95
14
80%
13
78%
95
87
32
74%
82%
.78
85
J
J
J
1950 M N
1986
Aug'21
78
78
Apr'21
8134
81%
101
80
De'"l4
"70" ~82~
81
Sale
71% Sept'21
62%
79
72
....
72
98
81
79
74%
79
Feb'19
_76_ " "83%
92% Sale
92%
82%
9334
86
94
9a
9534
9534
91
97
77% Sule
70%
77%
70%
78
85%
82%
77%
Aug'21
79%
83
83
79%
80
79
79
80
81
Sale
8u
July'21
'Aug'21
76%
30%
80
89
06
75
79% S lie
95
Sale
c9
73
6
1-9
1
69%
69%
86% Sept 21
94-%
«5
91
86
'301
92%
96%
93
MN
Cumb T A T lat A gen
77
90%
100
Sale
69% S Ue
91%
Commercial Cable lat g
83%
!
90
MN
1925jE A
7-year convertible 6a
Bell Teleph of Pa 8 f 7a a
Cent Dlat Tel lat 30-year
'77"
70
84
83%!
101%'
7*h
/7%
& Tetepl < ne
J
ooll tr 4a
1929
.......-1936. M
4a
83%
'
99%
90)2
66
93%
82%
89
5a...1951
.dl963
98%
83% Sale
79% Sale
81
1950
80
70
89%
93%
91%
5s..1923
f 10-60-year 6a/reg_.
99
8934
90%
Sale
7 j%
O
.41963
172
Sept 21
9234
71
A
Victor Fuel 1st 8 f 5a
73
99%
Sept 21
102%
79%
1940
U 8 8teel Corp—(.coup
79%
100
86%
9~6% "II
1952 M N
f 4H>a A..1954
96
8134
..1943
Col Indus 1st A coll 6a gu__.1934
Cons Coal of Md lat A ref 68.1950
Elk Horn Coal conv 6a
1925
—
77
68
79
300
86%
92
83-4
Cababa C M Co 1st gu 6a...1922
88
81
58
9934
93% Sale
92
102
101% 106
Sept 21
98'8 Sale
102% Sale
MN
96
18
86%
52%
56
105
80
92% Sale
J
92
89%
92l!
92
86% Sale j
J
88%
90
84
92% Sale
93
70
93
89%
98%
78
.al926
Tenn Coal I A RR gen
63%
72%
89%'
60%
99%
,
96%
1942
1st 5a
70
86%
_..l
Sept 21
1926
Illinois Steel deb 4Hia
91
Mar'21
87
82
96%
18
9134
7s..1935
Buff A 8uaq Iron s f 6a
Debenture 5s
72
91%
96
1932 M N
1922
76%
99%
937s
92% dale
1924
1922
.1931
67
96% Sale
87.4 90
S
«1924
M 7a
80
6
J
J
5a..l923
Electric lat 5a Dec.
Westlngh E A
73
M N
M
1930
f 7^a
75
119
Mar'211
85%
9.%
96% Sale
1947
10-year 7V*3
99
65
99%
Sept'20
88
M N
98%
92%
5
70%'
83
J
88
191
7934
10/
A
8
92
97%
86
1951 F
80
Sale
90
83% Sale
107% 8 lie
83
86%
7334
27
77
10,% Sale
A
Repub I A 8 10 30-yr 5a a f_.1940
St L Rock Mt A P 5a atmpd.1955
10212 Sale
67
49
100
73%
.
10634
O
F
Pocab Con Colliers 1st 8 f 5a_1967
Sale
bid and asked, a Due
99%
102%
90%
87%
77%
90%
30
125
S3®4
9834
A
8'*%
8 2%
82
103
98%]
102%
8834
Sale
1944
5s
80
-----
"99"
.1951
Liggett A Myers Tobac 7*
93%
73
10
M N
75>»
Nov'19
8
1931
...1944
Kelly-Springfield Tire 8s
7«%
May'21
A
Paper
82%
Mar'2U
87
77
International
20-year conv 4mb
13
A
Mldvale Steel A O oonv a f 6a 1936 M S
J
Pleasant Val Coal lat a f 5a..1928 J
"68% "68%
Sept'll
611 101
105
2
85% 94%
j
85%
95%
81
83% Sept 21
105
91%
Lehlgb C A Nav
Nov'20
8*12
Sale
S:ll«
Telegraph
83
68% Mar'21
June'21
73
72*4
92
Va Iron Coal A Coke lat g
Aug'21
70:{4
,A
F
lat cons 5a series A..
May'19
97%
94%
96%
1941
72% 73% 72%
1931 M N
73
79% SaU
A
O
Am 8m A R 1st 30-yr 5s ser A 1947
69%
I
69% Sale
Am Writ Paper s f 7-08
1939 J
99
F A
99% Sale
Atlas Powder conv 7%a g
1936
93
93
M N
Baldw Loco Works 1st 5a....1940
70
"8*3; 70
Cent Foundry lat a f 6a
..1931 F A
91
Sale
90%
A
O
Cent Leather 20-year g 5a...1926
8Q34
89%
Corn Prod Refg a f g 6s._
1931 IW N
81%
85% ~98
1st 26-year a f 5a
1934 M N
54 4 Sale
54%
J
Cuba Cane Sugar oonv 7a
1930 J
98%
M S
98% Sale
Cuban Am Sugar lat coll 8s 1931
lo,34
IO434 Sale
Diamond Match a f deb 7>4s.l036
58
30
57
Distill Seo Cor oonv 1st g 5s. 1927 A Q
J D
75% 75% 74%
E I du Pont Powder 4HS...1936
Sal?
99%
M N
du Pont de Nemours A Co 7Hs '31
99
1:9
Sale
FIsk Rubber 1st a f 8s
1941 M S
90%
J D
8 •%
General Baking 1st 25-yr 6S..1936
66
68% 69%
Gen Electric deb g SMb
1942 F Aj
8S
Sale » >8
Debenture 5s_.
1952 M S
Sale
100%
F A1 100%
20-year deb 6s
Feb 1940
103% Sale |i>3%
MN
Goo iyear TlroA Rub 1st sf8s'l94l
73
72
72
MN
Int Agrlo Corp 1st 20-yr 5s.-1932
80% 80
J
J
6s.....1947
Lackawanna Steel lat g
91
71
90
Apr'17
Mar'17
84%
"73" mi
3
83
89
85%
76i2
-
77%
100
"Ts" I III
.J
32.
IW
80
81%
80%
1
105
F
Colo F A I Co gen a f 5a
78% May'20
8OI4
81% .84
7%fl g
20 yr p m A Imp a f 5s
95
78%
6434
93
N
1G n
Chem let 0 5a
ref 8
1st
Coal, Iron & Steel
Beth Steel lat ext a f 6a
100
*81 "
71
80
M
«J
Am Agrlo
Indiana Steel
90
9!
104% Sale
93%.
82%
Wlokwlre Spen Steel lat
75
94%
81%
79
72
SO %
A
83% Sale
12-year
75
68%
Sale
73
F
92%
103«34
85%
O
Conv deb 0a
Apr"I7
..1928
Armour A Co 1st. real est 4 Ha 1939
Atlantic Fruit conv deb 7s A. 1934
O
88
8014
62%
63
12% Sept'21
A
86
73
40
90%
Sale
J
92
95%
76%
95
88%
69
568
93
1928
9(i%
85
87%
80
83%
80%
57%
M N
Manufacturing and Industrial
U S Realty A 1 conv deb g 5s.
"89% "89%
95
82
94
41
I
69
97
U 8 Rubber 5-year aec 7s
lat A ref 5h aeries A
98% 103
03
38%
87
68
86
78%
S ile
78
31
Sale
75
81%
8812 Sale j
83
07%
69
75
75
82
83
75%
July'211
AO
U 8 Smelt Ref A M oonv 0s_.1920
"e'o"
Au?'21
89
76
40
93
83
Sept.211
88
105
87
89%
90
74
132
1st A ref 6a guar A
80% July'21
89%
83
82
93
Va-Caro Chem lat 15-yr
91% Sopi'ii
81% A pr"2 i
101%
9
>2%
92%
89%
80
88%
82%
92% Sale
85
85%
95
72
93
Sale
1023s
--1*
71'
7*%
....
93
77
Union OU Co of Cal 1st 5s...1931
78i2 Sale
101
73%
86%
83%
93%
87
Feb'le
71% Sept'21
75
Aug'21
80
62
A
84%
99%
9934
95
4
90
71%
8834 .Bale
West
1
82
25|
N
76
Apr'20
9038
85
36
80
F
81
Sept'21
83%
82
73
M
83%
903s
97%
99%
81%
80%
90%
91
8412 Sale
92%
82
69
§512
"i02
98
O
60
85
96%
A
36%
36
83*2 July'21
85
86
95%
8534
7d%
M N
5S..1929
1930
National Tube 1st 5s
1942
N Y Air Brake lat conv 6s..1938
Packard Motor Car 10-yr Rs.1931
Sharon Steel Hoop Is) 8s ser A '41
8taQdard Milling 1st 5s
1930
Steel A Tube gen s f 7a aer C.1951
Union Bag A Paper 1st 5s...1930
Stamped
1930
36%
10
84
88%
93%....
87%
26%
84%
77%
14
Nat Starch 20-year deb 6s
36
103%
189
9238
Sopt'21
102% Sale
5a
60%
93%
102'g
83
91
A
52%
1
101%
1.12%
82
80%
O
70
9
82
~79~ ~S4~
73%
9134 Sept'21
92% Sept'21
87% Sept 21
97
77
80%
1
7934
87
Sale
91
06
6*9
7934
72
6s. .1925
1931
Lorlllard Co (P) 7s....
"
84
Sale
10
80
8338
109%
96%
76%
90
82
A
81%
62%
S334
102 <8 Sale
83.
86
J
77
101
191
May'21
Apr'20
F
95
68
"'7
93%
8412
82
7a—1930
88%
20
73
3534 Sale
75
10
I
13%
•No price Friday; latest
25
Sept* 21
2778 Sept'21
65
8
403a
111
31
4
12l2
D
74%
5434
09%
Mar'21
31% Apr'21
63
IW
56
*74%
May'21
9
J
69
41
169%
96%
76%
95%
,
57
73%
76
46%
30
s
1931
1926
9
778
Sept'21
61
66l2
IW
Atlantic Ttefg deb 0^8
Booth Fisheries deb 81 6s
27%
3%
Aug'2i ....I
IW
D
lfl
-72
543s
80
i
50
27%
Feb'17
74% June'2L
54
5434
37%
39%
1948
Alaska Gold M dob 8s A....1925
Conv deb 6s series B
75
68
10
10634
-
17%
3-4 Sept'2i
75
Miscellaneous
Adams Ex coll tr g 4s
74
1)2
77%
Westoheater Ltd gold 5s...*1950
93
67%
135
9
83 >s Sale
IVI N
mm mm
mrnmmm
778
76
MN
-
50
27%
89*4
HYAQ El LAP 1st con
Paclflo G A E Co—Ca Q A E—
•
71%
38
5%
7078
Purchase money g 4b
19
25%
75%
734
27
90
1948
H YGEL A Pg58
44
m -
Sale
29
Eqult Tr (N Y) Inter otfa
Fa Ry Pow 1st A ref 5s
1934 j
77%
12
7
65
..
H3«4
21%
734 Sale
J
5s. .1937 J
i960 j
24
60
37
11
8338
Am Cot Oil debenture 6s
68%
12
Feb'21
2112
j
6s
al942 A O
Certificates of deposit
58
July'19
27%'
19%
68%
52%
""60
75
24
J
10-year conv a f 6a
63 ®4
Dec'll
60
21%
52%
71% June'21
57
IW N
7534
67%
77%
104% 111
67%
80
8%
July'21
2712 Sale
46%
4S%
Sept'21
74%
236
High
Low
Mar'l8|
82%
Wilson A Co 1st 25-yr s f 6S..1941
69%
126
44
"30" mi
80 year adj ino
j
77%
741*8
Certificates of deposit
1937
5S..1923
Undergr of London 4Mb
1933
Income 6s
1948
United Rys Inv 5s Pitts las..1926
United Rye St L 1st g 4a
1934
65%
16
54
j
Trl City Ry A Lt 1st s f
19
12
Uu%
108%
91% Sale
9534 Sale
Union Tank Car equip
11%
tOl
57
44
57
82 !4 Sale
O
Tide Water Oil 6^a
82
75% Sept'21
j
J
Adj income 6a
Third Ave Ry 1st g 5s
14%
56%
56
73
4Hs„1935 j
A.1966 J
N Y Rys let R E A ref 4a...1942 j
Third Ave lat ref 4s
5434
74%
O
A
Tennessee Cop 1st conv
23%
*21
"~7l!
54%
77%
95
A
62
59
ir>3s
25
20
M S
M S
A
A
J
215
68%
13
75%
87
M N
63%
mm mm
-
-
63% Mav'2
Sale
61
57
I
46%
Aug'21
1478
Sale
66%
57%
19
59
86
5512
Montreal Tram 1st A ref 5S..1941 j
•t Paul City Cab cons g
58
60
Jan'20
44
45
H Y Munlclp Ry 1st 8 f 5a
65
58
12
N
5a A. 1941
1943
Ontario Transmission 5a
1945
Pan-Amer. P.AT.lat 10-yr7al930
Pub Sorv Corp of N J gen 6a.. 1959
Sinclair Con Oil conv 7%a
1925
Standard Oil of Ca! 7a
ol93l
24%
18
June'21
86
D
Hew Orl Ry A Lt gen
22
67%
6814
1924 M S
J
J
IVI
Nor States Power 25-yr
54%
61
7534
82
Ontario Power N F lat 6a
55
5638 Sale
P
F
~5fT "«("%
53
6i
76
73%
80
.1932
al932
Nlag Look A O Pow lat 5a._.1954
53
58
57
4s.. 1990 A O
1990 A O
F
O
Ref A gen 6s
July'21
22
87%
70
M N
Niagara Falls Power lat 6a.
51% June'21
55
1 *% Sale
13
Sale
j
53%
69
4414 Sale
I
58%
37
63
68I4 Bale
deposit
1993
Lex Av A P F 1st gu g 6S..1993
Me: W 8 El (Chlol 1st g 4S..1938
Mllw Eleo Ry A Lt cons g 6s. 1926
Refunding A exten 4^s...l931
55
58
39
6)
....
35
403s
33
6U2 Sept'21
j
j
.1957
1932 F A
Metrop coll 4HS--1966 a O
Col A 9th Av 1st gu g 5s
25
69%
68
64% Sale
593.1 62%
A
Metropolitan Street Ry—■
Bway A 7th Av 1st 0 g 5a..1943 J
68
80
5
7934 Sale
87% 90
1940
6a..l941
..1931
Mexican Petroleum a f 8a... 1936
Montana Power 1st 5a A
1943
Morris A Co lat a f 4 mb
1939
N Y Dock 50 yr lat g 4a
1951
De"'20
68
1712
N Y A Jeraoy lat 5b
Market 8t Ry 1st cons 5a
A
J
Marland OU af 8a aeries A
May* 18
Sale
53
j
Manila Eleo Ry A Lt s f 5S..1953 m
107% Sale
96% Sale
76% Sale
82%
M N
Great Falls Pow lat s f 5a
32
Dec*20
51
Adjust income 5a
Stamped tax exempt
3s
24
34
58
1925 M N
Conv deben 83
73
22%
2 i
(3
63
a
Manhat Ry (N Y) cons g
72%
65
150
53
6912 Sale
a
6
52
50 %
Sale
90
1957 f
of
71
63%
7
t2.h
SO
9
Certificates
59
66
72%
64
Ft Smith Lt A Tr lat g 5s.._1936 ivi
(nterboro
51%
June'21
58*8 Sale
A
(nterboro Rap Tran lat 5a__1966 j
"47" "50"
57
72
5712 Sale
No.
87%
76
"§334 Sale"
Chic Un Sta'n 1st gu
85
82
7278
28l2
6B..1918 1941 ,r
j
Co A S oon gu g 6a...1941 m N
Bklyn Q Co A S 1st 5a
1941 j
j
Bklyn Un El let g 4 5e.__.1950 F A
Stamped guar 4 6a
1956 F A
Hud A Man hat 6b ser A
10)34 Sale
f 5s___1927
4His A.1963
lat Ser C6Hs (otfa)
1963
Chile Copper 10 yr conv 7a..1923
Co I tr A conv 6a aer A
1932
Computing Tab Reo a f 0a_.1941
Granby ConaMSAP oon 6b A 1928
Stamped
1928
HioA
86%
Chio C A Conn Rys s
Sept'21
71
I960
r tt.* ex
«u
•
Cerro de Pasco Cop 8a
"7534 "88"
90»4 Mar* 17
55
Bk City 1st cons
j
63%
1955
5a
Sines
Jan. 1
76
asl Low
.
87% Sale
7434 76
75% Silo
77% Sale
ooll tr a f 6s_.1931
..1952
Bush Terminal 1st 4s
Oct'20
53
j
Building
•
Ratios
or
Last Sals
Inter Meroan Marine a f
J
J
89%
Sept'2i
84
34
j
F
Consol
60%
98
81%
84
Bk Q
1927
Conn Ry A L 1st A ref g 4Mb 1951
Stamped guar 4 Hi a
..1951
Det United 1st oona g 4 HSs._ 1932
56%
83
70
Certificates of deposit atmpd..
Chicago Rys 1st 5a
5L%
"§I
73
O
Stamped guar 4s
1949 f
Nassau Eleo guar gold 4s__1951 j
79%
Oct'17
80%
83
6912
j
Sings County E lat g 4s. .1949 f
Braden Cop M
69
64% Sept'2i
51
Railway
3 yr 7% secured notes...*1921 J
Certificates of deposit
65%
sid
Hioh
78
Week's
Ratios
Friday
Sept 30
Week ending Sept 30
60%
Sept'21
57
J
Brooklyn Rapid Tran g 5a_. .1945 a
1st refund conv gold 4s
2002 j
86
83%
81ls
Sup A Dul dlv A term 1st 4b'36 iw N
Street
90
88%
J
1949 j
Wis Cent 60 yr 1st gen 4s
5534
36
1949 M S
RR 1st oonsol 4a
55
64
F A
M S
Winston Salem S B lBt 4s...I960 j
1
June'21
*8012 Sale"
A O
No. Low
69
78
87%
A O
Nov
M 9
J
High
69
....
N. Y. STOCK EXCHANGE
Jan. 1
77ia
553g Sale
J
.
or
BONDS
S.nce
11
Last Sals
Bid
33^a..—1945
1st 40 yr guar 4a
1945
West Maryland let g la
*.1952
West N Y A Pa 1st g 5a
1937
Gen gold 4s
1943
Income 5a
pl943
Western Pao 1st ser A 6s
1946
Wheeling A L E let g 5s
1926
Wheel Dlv 1st gold 5a
1928
Exten A Impt gold 5b
1930
Refunding 4Mb aeries A
1966
Wash Terml let gu
Price
Range
Week's
Prut
£2
BONDS
9. Y. STOCK
II" "73"
Sept'21
93
95%
62
Jau'21
52
52
81
85
84
84%
86
84
83%
84%
78%
90%
83%
84%
73%
73%
73%
89%
Sale
87%
10 5% Sale
100%
108% Sale
105%
88
86
87%
64%
83% Sale
68
...!!
8834 Sept 21
83%
9a
173
e9
102%
3 )5
103%
59
June'21
-
77
SO
90
77%
89
94% 102%
10)34 108%
86
86%
64%
84%
64%
"ll;
84
92%
92%
84%
85%
95% Sale
95%
97
92%
84%
63
78
Apr'16
81% Sale
91%
J
Feb'21
73%
92%
85%
97
90% 104%
80
88%
3
85
34
|
76
82
87%
103%
104$ Sale
83% 8 >%
88
104%
148
8 *%
28
84%
85%
10
86%
87%
4
83
83
83%
4
77%
102%
430
81% Sale
86%
88%
83% Sale
102% Sale
1.0134
86
89%
80%
99
83%
102%
Feb' 18
Jan. 6 Due April, c Dae May.
0 D ie June,
h Due July.
* Due Aug. 0 Due Oct.
Die D.-o. s Option aale.
1456
BOSTON
STOCK EXCHANGE—Stock Record
BIOH AND LOW SALE PRICE-PER SHARE,
BONDS
So® next page
STOCKS
NOT PER CENT.
BOSTON
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Sept. 24
Sept. 26
Sept. 27
Sept. 28
Sept. 29
Range Since
STOCK
Sept. 30
124
123% 124
124
12414
70
70
701s
88%
88
88i2
8312
♦1712
17
*17
23
120
*119
6934
*119
120
125
6934
*87
18
*18
*
23
125
125
71
90
23
17
18'2
♦
124
70i2
*89
17
Do
90
120
*130
♦130
♦73
80
♦39
40
15
15
*130
*73
80
*73
80
*73
39
39
39
*14*2
1514
54
5912
*17
55"
55
*59
59l2
20
*17
44
44
*52%
53
53
53
44%
5212
52i2
.15
334
14%
62
62
18%
17
71
17
44
17
21
44
177
53
115
71
44
"44"
17
70
53
7
5334
5334
52%
*.09
.13
.10
90
S
.10
*.13
*3%
3%
1414
14U
10714 107l2
*9212 93
*76l4
*76l4
*13%
16
♦1334
*14
16
156}
*.70 f\l
.25
*.70
3%
4
14
1414
HI4
107i2 10734
93
— -
.13
378
93 V
95
95
*76i4
4
37g
14%
1412
107% 108
107i2 10778
94
....
15
96
81%
15
16
*1334
16
15U
16
*13*4
15%
16
*14
1
*.70
1
1
*.70
*1334
*15%
15%
11,170
2,405
15
98
77
25
124
30
133
Jan 29
Jan
3
130
Feb 26
130
63%June 16
36% Mar 19
75
100
Jan 28
Feb 26
14%
16
.35
*.25
.30
.35
*11
.30
*.25
lli2i
4
I
♦3«4
1H2
11%!
1114
32
3212*
29
*15%
16
Jan
132
Jan
65%
Dec
86
Jan
32
Dec
15*4
Dec
8ept
37% Sept
19
See
April
75
Feb 23
76
Dec
86
Jan
76
Jan 27
77
July
89
July
75
Jan 19
60
Dec
86
Apr
27% Oct
89% Not
45*4 Jan
55% Jan
Rutland
pref
^
100
Vermont A Massachusetts. 100
West End Street
50
Do
pref
50
Amer Oil
15
Apr 23
21
Jau 12
15
Jan
70
May 24
76
Feb
9
70
June
44% Sept
9
36
Dec
48
July
40
Jan
3
49
Jan
8
54
Aug
9
3
Jan
5
Amer
*104l4 110
150l2 150%
♦7
104
„
10414 *105
♦2214
22i2
Art
Metal
24
24
24
i
♦38
40
39
40
!
♦75
77%'
7714
78l2
*4
434!
*10
1434j
*7l2
2%!
2%
784
1334
*75
54
4
734s
734
13i2
6%
13%
634
5
102
151% 151%
*6%
7io
151
784
*1034
t
40
*3%
*7%
2i8
784
*734
8
23%
4
*77
*3%
10
2
8
13
13%
13
13
14
80
80
80
54
5334
*54
57
54%
55
60
60
53%
60%
60
60
*119
14
60>8
119%
1334
13%
6%
1334
6%
634
5
5
60
5
7%
*120
14
14
6%
*20
102U 10234
*20
20%
*1934
*19«4
20i2
2OI4
165
*164
165
*164
165
*13
14
*13
14
*13
14
*164
14
14%
6%
5%
102%
47«
5%
10234 IO284
2OI4
165
35%
Apr
Dec
10
Apr
Boston MexPetTru.steesNo par
.15 July 25
.25 Mar 9
12%
Apr
Jan 10
60c
Nov
1% Jan 10
49c
7
16
94i2
*48'2
*1312
16
4l2
412
9434
164
17%'
17%
2112
*712
7
*9
9l2
14%
17%
8
*11
93«4
*4834
*13%
86"
*23%
17%
2II4
217S
9
*11
94U
4934
*13'2
35i2
36
23'2
34«4
*23%
24
17%
17%
*21
2184
8
912
*9
9
13
Last Sd
10'4
9
9'2
5
20
June'21
*4
94i2
3584
24
P4%
50
Last Sal-
....
35
17%
21%
23%
17%
217g
10%
10
8%
16
pref
Edison Electric Ilium
100
70
100
15)
Do
......
695
6
1,220
22
3,628
762
277
10%
535
9
475
14%
14%
Last Sale 13
*17
19
*17
19
*17
19
*17%
19
Last Sale 18
21
*16
Sept'21
Sept'21
21
*16
21
Last Sale 17
1414
14i2
.75
*.50
.75
*.50
49
*.25
*18
1%
50
♦8
12
14i8
*.50
50
.35
*47
.35
13
.05
138
1234
.05
232
*230
.05
1438
14
15
8i2
*8
230
,
9
*8
3334
3334
2i4
684
*184
6i2
7
9%
134
9
9%
3
♦168
3
.75
,
♦19
20
\
2
334
1
50
*.25
♦li4
•2112
1%
3%
I34
314
*3
2
*134
*49
13%
*49
52
13%
13%
1334
.50 *-
.50
*
2
50
13%
.50
50
*35
50
*35"
50
*76
78
*76
78
Last S lie 77
434
.50
5
5
934
I
10
10
*.25
134
*1
38
5%
10
10%!
.50
*26%
36%
28
38
*35
38
37%
38
*36
*.90
*5
1%
21%
27
38
27
*36
5%
10%
.25!
*.25
37%
38
*.90
10
.50
*1
21%
27
*36
*22%
5%
5%
10
1%
23%
27
23
\
i
.*90
.95
*.50
1%
*.50
♦.08
.10
*.08
.10
♦2i2
*1%
2?8
*2%
3
1«4
"1%
1 4
1%
1%
1%
1%
1%
*.50
*1
22
.90
.95
*.50
1%
134
.45
.40
.40
40
.40
*214
2%
*23s
2%
*2%
3%
334
*3%
4
188
138
1%
3%
1%
*118
178
*.45
♦.35
'
.50
12
.50
—
.50
i
.50
11%
11%
*.35
.50
'Bid and aaked prices,
1%
■„
*1%
.45
11
*.35
.40
1%
*1%
1%
*1%
.50
11
.50
*.40
*11%
♦.35
i
Davis-Daly Copper
10
East Butte Copper Mining 10
Franklin
25'
Hancock Consolidated
25'
25'
Mining
25
11
Apr 13
Aug 22
.15 July
16
Apr
5
5
l's Sept 2 i..1
6% Jan 3
8
Mar
.03
210
8
Jan
.75 Mar
Jan 19
.50 Apr
7
23% Feb 11
3% Jan
10
6
5
11% July 29
Apr
Aug 25
6
.08May 25
4
16% Jan 17
Dec
10% Jan
8
7%
Dec)
16
50c
Aug
6
2
Dec
2%
7
June 20
.25 Mar 18
Jan
4
Feb
6
85
Sept 20
75
3
22
May 11
Sept 17
15
Copper
Lake Copper Co
25
98
25
2
Jan
4
25
1%
Jan 25
Jan 22
2
1%
Jan
3%
Dec
11%
1%
40%
Dec
Jan
Jan
Jan
.50 Apr 25
40
Feb 4
57
77
95
.44
*.35
2%
3%;
*2%
*3%
3%
1%
140
670
1%
50
.50
600
7%
Oct
Sept
Feb
95
7
Dec
12% Feb 21
8
12%
21%
.15 Aug 11
1
25
25
Aug 18
15% Jan
21
3
Jau
7
M & S
Oct
80c
Jan
1
Dec
15
Dec
2%
37%
Jan
Jan
Aug 10
33
May 14
20%
Dec
58
Jan
33% Aug 25
43
May
3
34%
Dec
65
Jan
28
Apr 26
25%
Dec
08
50c
Dec
2
Jan
10c
Mar
2%
Apr
3c
Dec
25c
Jan
3
40
10,
.75
Jan
3
l9A» Jan28
1
Jan 22
5
.04 Mar
1
.44
510
Tuolumne
2%
50
5
2
.12
4
Jan 18
Jan
8
4% Feb 11
2%
Dec
6
Jan
2% Feb 17
1
Dec
6%
Jan
33c
Dec
l%iJuly
4
8
Feb 15
.34 Aug 19
.75
Jan 17
1% Aug 18:
3
Jan
1
3
Jan
3
5
Jan 12
I
.95
Jan
4
Victoria...
25
.40May
4
Winona
25
.35
6
Wolverine
25
8%July
Wyandotte
25
.25June23
t
Jan
Sept"0
5
Utah Metal A Tunnel
Jan
June 23
5
Copper
Utah-Apex Mining
Utah Consolidated
Dec
%
Jan
Apr
1% Jan 6
25% July 11
25
.......
Ex-divldend.
.50
Jan
Jan
48
79
25
Mar
Mar
7
10
A Ex-rights.
21
Dec
8% Jan 20
25
paid.
Mar
35c
Mar 23
Superior A Boston Copper.
Trinity Copper Corp
35
May 10
72
24
July 14
Superior
12
7
7%
Dec
12% Nov
4
770
Aug'21
Jan
5
8
2
_
.95
May
5
25.
...
Jan
5%
'
15|
North Butte
North Lake
South Utah
2,650
90cS
Jan
Apr
3
100
.....
South Lake...
100
3%
3%May1 5
9
2% Aug lli
100
Oiibway Mining
Old Dominion Co
...
Dec
Dec
16% Apr 25
30
Dec
2%
4%
Dec
55
1
Mar
Dec
1%
2!
50
Jan
5
8
4
3,555
June
38
Dec
8
3
.55 Apr
Sept 11!
82
Dec
1%
1%
Sept 13
1% Aug
;
Nov
5% Jan
43% Jan
12% Sept
Nlpisslng Mines
Jan
Sept
3% Jan
25
pref
%
1%
2% Feb 11
Sept 2)!
Jan
4
60
2%
1% Apr 12
3% Feb 16
Do
Aug
Jan
5% Apr
6% Mar
Nov
39
25
.50
1
25c
.95 May 27
68%June 16
Keweenaw
New River Company
Dec
6
Jan
5
Dec
Jan
Jan
New Idrla Quicksilver
Dec
3%
3% Jan
Michigan
450
25
3%
2% Mar 14
5
Jan
Jan
4%
6%
3
Jan 18
7
1%
409
6
16%
New Cornelia Copper
Apr
Dec
7% Jan
75
5
15%
10% Nov
Jan 28
4%
11
25'
Jan
40% Jan
16% Jan
48% Jan
4% Mar
14% JaD
5
Valley Mine
Consolidated
Jan
4%
10%
Oct
2
3
Jan
40c
200
1% *>. >1
Jan
Feb
%
Apr
Jan
1% Apr
1
1%
2c
13% Sept 29
Jan
39% June
Jan
6% Mar
Apr 28
259
7,
5% Mar 28
7
3
56
Mohawk
45
3%
e Assessment
Apr
Jan
Feb
25
2%
d Ex-dividend and rights,
23%
44%
26
Mass
2
12
Dec,
Dec!
Dec
Mayflower-Old Colony
2
*.40
15
14%
405
2%
.45,
Mar
14
5
225
*1%
12
May 18
3%
Aug'21
Sept'21
Last Sale .50
19
Apr
Jan
48
25
Mason
*l7g
.45
Feb
Feb 18
lj
La Salle Copper
2%i
2%
2'g
*11%
Jan
26
22% Sept:
12% Feb
17
10
Shannon......
.50
49
17
36%May
525
.60
12
28
Dec
Sept 21
Kerr Lake
5
145
.
76
Nov
Sept 21
4
56
_
Mar
Dec
21
32%
4
2
.95
Jan
8
3
Lslund Creek Coal
Do
pref
Isle Royale Copper
1,136
1%
1%
22
133
7
Jan
Qulncy
25
St Mary's Mineral Land.. 25
1%
1%
Mar
Jan
Osceola
1%
*1%
19
Jan
50
4
Jan 14
2
50
1%
1%
25
Nov
97% Nov
Jan 10
7
80
i
22% Apr 1
16% July 16
16% Jan 5
5
Feb 15
27
Indiana
*.35
.43
1
25
110
2%
4
*2%
334
2%
•36s
61
20
38
1%
June 16
Daly-West
39
j
47
Copper Range Co
450, Helvetia
433
28
1%
2
Apr
9%May 2
105*4 Jan 12
Deo
38
*1%
Jan
25%
4% Sept 22
88% July 11
Jan
5%
5'
*38
134!
1%
55
99
Aug
2%
53
2
16
Dec
17%
2
25
38
L-ist Sile .08
Nov
42
38
2%
1%
Dec
13
Mar 23
Dec
38
3
85
Jan 10
24
Jan 29
15
109
*27
Deo
Feb 17
14
17
25
Wickwlre Spencer Steel...
209
28
146%
Jan
34% Mar
176% Jan
36*8
77
50
1%
*27
.10
87
Dec
Dccj
Dec,
1% Sept 21
♦2%
3
8
Dec
12% Apr 14
22
2%
*.25/
9
23%
Aug
14%
Apr'2l
Last Sile 1
3
Mar
9
7
39% Jan
Bingham Mines
10
Butte-Balakluva Copper.. 10
Calumet A Hecla
25
6,875! Carson Hill Gold
1
50 Centennial..
25
24
1%
Jan
80
July 12
2
*23
.95
Not
Sept
509
_
23
*.90
101
May
10% Jan
30% Apr 29
167% Feb 18
12
*37
.95
82% May
105
July 26
Aug 25
Aug 18
20c
100
23
36%
*.35
-
.25
Last S xle
|
1
*.08
.10
*2%
1%
1%
.25
1%
22
3
7
17
Jan
40%
1,040
July'21
Sept'21
*47g
5%
10%
11
i
*.08
j
*.15
July
49c
Last S tie .40
78
5
10
9
13%
*76
Jan
12
33
8,482!
3%
Sept'2l
*52
*35
i
•26
♦1112
50%
14%
53
Dec
5
1,025' Arcadian Consolidated
320; Arizona Commercial
3%
Last Site •50
Dec
7%
Mar 29
2
13%
138%
15
6
.4
*1%
50
Nov
35% Apr 25
9% Jan 13
63% Not
Allouez
Sept'21
65% 65%
2
June
40
15
2
57
118
Aug 26
95% Jan
Feb
9
Jan 26
25
285
*1%
Not
8
May
Algornah Mining..
2%
3%
Jan
86
Jan
64
Jan
2%
1%
rl2% Sept
101%
Sept
*2
3%
Apr
Dec
122
%Sept 28
6%June28
4
31%
r9%
89%
68%
85
32
3
♦3
1
Sept 22
10% Nov
7
June
Dec
2%
*2%
1%
*1%
1%
*3%
53% Sept 27
59% Jan 6
117
Jan 11
18
92% Feb 23
June 15
15
2,348
1%
13
3
Jan
73
18% Jan 11
9%
1%
1%
7%June21
rll
Apr
Apr
July 12
9%
*1%
Dec
8
2,170
1%
4
27
Jan
5
6%
2
Feb
4% Mar 18
80%
8%
Mining
Adventure
Consolidated.. 25
Atimeek...
25
6%
2%
Jan
Dec
6%
35
112
*1%
50
36
Last Sue .98
40
24
^3
7
2%
*1%
Dec
7
Dec
85
1
8
Jan
Dec,
21
2%
Jan
Deo
*20
2%
♦1%
13
32
19%
*82
*.96
Sept In
2 •
2
25
85
2
*1»4
15%
3%
Oct
Jan
27
*2
*3%
96
Mar 28
Jan 11
Last Sile .60
384
Dec
88
30
9%
1%
80
Aug 19
United Shoe Macb Corp.. 25
Do
pref
25
Ventura Consol OP Fields. ,5
Waldorf Systernlnc
10
Walthara Watch
1.100
Walworth Manufacturing. 20
110
35%
06
74%
22% Apr 28
29% Apr 18
3
65%
29%
Aug 12
2
*1%
.75
66
60
Apr
Dec
Sept 19
1%
1%
Dec
16
40
17
*2%
3
1
1'A* 1
I
.05
*2
32%
25% Apr 18
41% Feb 7
6
17
21
134
2
13%
239
14%
*8%
8%
35%
2%
May
Jan
50
85
3%
*184
4918
13%
134
15%
June
417
.40
*04
235
26
50
♦20
*1%
*1%
.50 *
*434
♦9i2
I
9
2%
*.96
2%
*1%
1%
35
.05
36%
Dec
3
Jan
pref
20
♦3%
1%
1334
78
2
9
13
13%
235
8
pref..
85
3
50
*76
|
14%
8%
34%
2%
6%
9
Dec
8
23% Apr 12
35% Jan 17
1st
20
85
18%
234
14%
-
25
May
15%
200
54
Sept'21
1%
1%
*8%
9
1%
100
Aug
140
8
2d
*82
*3 U
'
2
*35"
65%
66
85
18%
*li4
3'8
13'2
*.60
.75
6584
334
*1%
1
49
*
*.60
I884
*2%
1%
134
*184
I84
1834
*.96
2»4
*1%
318
1%
.
*.04
230
9
1%
*2%
j
.05
230
6%
3
I
834
13%
9
2
.75
*1%
*8%
12%
5
62
Jan 25
Jan
June 20
10
A No par
Sept 29
17
75
146
Root A V Dervoort CI
Sirams Magneto..
Swift A Co
Torrlngton..
6% Mar
36% Jan
28%
88
Apr
164
Not
Do
10
*.25
Last Sale 19
1%
6%
*1%
85
20
.30
July
Dec
3%
23
Jan
14% Sept
Do
Aug'21
52
51
19
»
Jan
7
Nov
36
Sen
10
Dec
164
2
..100
Hole
Dec
15%
Septl
7% Sept 26
9% * •.» 6
5% Mar 8
22% Sept 19
10
1
21
8
Jan
32% ie
Sep
...100
(Thos G) pref
23
105
10
25
1st pref. 100
Warren Bros
*13%
Last Sale .60
48
684
*1%
....
*.25
2%
*2i2
66
•75
.50
9i8
9
*13%
48
*1«4
*3U
3%
*li4
34%
14%
2'4
134
*82
*.90
*112
9
35
1%
0584
85
*2i8
*8
3
li2
*.60
6514
*82
*314
14%
1434
347i
*I84
684
2i4
230
*2'2
,
I
6434
35
1.05
.05
*168
2
*.60
13
230
*8
*1%
634
*878
1%
8%
14%
*33%
1%
*8%
12%
1'2
*.03
235
*18
20
*1'4
8%
12%.
8%
*.35
.50
*18
H4
8'2
123s
48
50
*.30
*18%
8i2
.05
232
50
.50
19%
13s
*14
.75
Theatres
12
Jan 17
3%
Dec
13% Jan 10
4% Feb 11
Jan 10
*
100
pref
Do
pref
Mergenthaler
Sept'21
*13%
15
*15%
14%
21
♦13
*.50
25
Union Twist Drill
35%
23%
17%
*16
*11
50
Internat Cement Corp.No par
Internat Cotton Mills
50
Do
pref
100
Internat Products
No par
Plant
300
*11
14%
Motor 1
Pacific Mills
5
35
22
10
9
25
Reece Button
93%
94
49% 49%
13% Sept'21
35%
23%
17%
*2.3%
17%
2114
912
*4
5
93%
*48%
50
5
Inc
Lines
Ohio Body A Blower...No
par
Sept'21
16
10
Manufacturing...
.95
9% July 27
3% Sept 28
11
Sept 30
10
Orpheum Circuit Ino
Aug'21
Last S I
*4
5
9334
*48i2
51
35i2
23i2
21%
7
943s
*1312
36
24
17%
21'2
*4
5
9312
*48i2
1438
3534
*23%
16
Eastern
10
300
1,580
July'21
20%
Sept'21
♦20
20%
Last Sale 80
*13
*
Century Steel of Amer Inc.
Connor (John T)
East Boston Land..:
Linotype... 100
Mexican Investment Inc.. 10
National Leather
10
New England Oil Corp
New England Telephone.. 100
2,569
102% 103
102%
Last Sale
5%
Jan
Apr
Dec
Massachusetts Gas Cos...100
1,110
6%
19
38
Dec
280
14
0%
5%
*
5%
Jan
83
Dec
Nov
5
Mc El wain (W H)
50
14
lc
37s
Loew's
158
...
10
3
Island Oil A Transp Corp.
Lihby, McNeill A L!bb_.
1,629
*120
2
8
145
14
*78%
9
Apr 29
'20
Feb
Sept.
Jan
129
8
14
80
.16
3H
100% Sept
167
Apr
4
Do
755
Nov
6% Jan
110
8
14
10112 10212
IO284
"*4~
50
*78l2
•164
*
4
Sept'21
2%
2%
2%
Last Sal
20%
15
Apr
Nov
4% Mar 18
No par
©5
80
70
70
•50June24
No par
78%
*3%
4
Last Sale 10
26}
77s
40
Mar 30
Jan 21
14% So
3% Nov
13% Not
98% 4 . 30
81%Ju)y 9
6
Jan
7% Mar
Feb
Feb
10
Elder Corporation
170
"39"
78%
*77
109
Dec
1
5
15
10
Refining.
Gorton-Pew Fisheries
Greenfield Tap A Die
23%
40
*39
.07
12
par
Prod A
Gardner
22% Sept'21
80
1334
6i2
*4%
5
216
" AuV'21
5%
Last SaL
78%
3
par
3c
4% Apr 30
May 2
Feb 24
400
11%
iMSt Sale
23%
Jan
73
220
22%
40
*77
2%
11%
151% 153
*6%
7%
5'2
*22%
2312
4
2
734
11%
Construe
Ea«tern SS
88
60
60
118
13%
151%
413
289
2,838
105
119M 120
54%
60
105
*78'2
53%
1334
80
118
110
10
214
778
1384
"3% "3%
41*
11%
40
*3
*384
5
31
78'2
*5
50
11
23*4
4
24,300
.50
31
5%
22i2
12
.35
.*25
11%
111.1
7»4
40
*.25
.50
11%
31%
11 '2
*77
.35
*.25
*105
*22U
2334
2212
*25
.50
11%
74
No par
Corporation No
Chocolate....
Blgheart
31
No par
10
Beaeon
.31
Jan 21
3
3
.50
Inc..
A a?'21
12
2
8% Jan
96% Jan
Atlas Tack
Mar'21
31
.04 Aug
25
Pneumatic Service..
pref
Last Sa'e %
30
150'2 151%
7%
*1 0%
5'2 *—.
512 *
|
3U
*1114
110
*2214
24
11%'
*2I8
4
12
31'4
150'2 15112
8
1
7i2
11
11%
8
*11
*
*3l2
Jllf
30%
1H2
..
32%
♦11
lll2
i
10
Engineering
Anglo-AmCoramlCorp./Vo
250
75
Aug 16
Teleg._100
?-
Mar
Mar 31
Amoskeag Mfg...
Do
pref
11%
334
*.25
.35
.35
*11
4
*312
.35
*.25
.35
1112
*11
.26
Mar
52
Last Sa'e 4%
*.25
Oct
7
11
43% Feb 3
23% Jan 12
!3%June 18
100
812
50
130
Mar
25
Dec
75c
334 Feb 16
Oct
143
Nov
.99
3%
49
Jan
Dec
10c
Jan 19
Oct
Sept
Dec
.25 Jan 29
.75 Jan 29
jvo p^r
Not
89% Not
58
Do
June'21
14%
16
40
4
June22
June22
2,528
93%
Dec
Jan 21
20
110
par
Amer Telephone &
Sep"'21
68
74%
13%
6)
431
107% 108%
97%
Last Sal'
Last Sale 10
,
3%
3%
4
*T4%
15
107% 108
96
f
*76'4
....
.10
J 34
May
Dec
8
Miscellaneous
.10
Feb
60
17
25% Feb
15%June 20
.25
119
k
>
Norfhern New Hampshire. 100
Norwich A Worcester pref. 100
7
125
Highest
Old Colony
5
59
59
Lowest
129% Feb 25
71
Sept 30
7
100
Elee.No
Bust A Wore Elec
pref. No par
Chic June Ry & U S Y
100
Do
pref....
...100
Maine Central..
100
191
Jan
100
Providence.
N Y N H A Hartford
59
5912
44
.15
334
15
10
45
*53%
59
70
44
I
14%
...
59
4312
52>4
18i2
*70
44
i
33
15%
*53%
59U
73
38
38%
*62
57
59'8
59'2
*17
1912
*70
43%
14%
*54
59
5912
Aug'21
Apr 16
61% Jan 11
78
100
Boston Suburban
Do
pref
73
38%
1478
*60
*54
60
*17l2
*70
14%
147s
*60
*60
*53
Mar'21
78
39
15
♦60
Last Sale 3%
Last Sale 130
119
100
...100
pref...
Boston A
Jan'2l
Feb'21
♦130
39
39'
25
Last S 'U' .75
Last Sale
100
...
pref
Do
Highest
'«
Boston <fe Maine
17
23
•jiiT
Boston & Albany
Boston Elevated..
71
*87
90
17
17
17
Aug'21
Last S ite 24
119
119
*119
120
17
*
70%
70
*87
124
124
125
6912
89
Year 1920
Lowest
Railroads
*69%
Range for Previous
Jan. 1
EXCHANGE
Jan
Par value 510 per share,
2
5
At Jan 31
2% Feb 17
.80 Mar
14
4
Feb 21
.48 Jan 13
1%
Jan
1% Aug
4
Oct
42%
Dec
9%
Feb
2c
Nov
3%
3%
Jan
Jan
S pt
2
Jan
8
Dec
23
Jan
15c
Oct
1
25c
Dec
1% Mar
OCT. 1
THE
1921.]
CHRONICLE
1457
Friday
Outside Stock Exchanges
Last
—
Exchange Sept. 24 to Sept. 30, both inclusive:
I
_____
Week's Rang
Last
Sale.
Bonds—
of Prices.
High.
Price
i
Sales
Friday
Low.
(Concluded) Par.
Reading
-
——
Tono Belmont
Week.
Union
High.
Traction
1st Lib Loan 4s. .1932-47
2d Lib Loan 43-1927-42
1st Lib L'n 4 Ha. 1932-47
85.84 June
92.90
85.64 May
85.44 Mar
90.54 Sept
90.24 Sept
Jan
9,600
85.62
Jan
90.94 Sept
Wm Cramp &
Bonds—
89.44 90.88
6,000
85.54
Jan
U S Lib Loan 3
3d Lib Loan 4#s
1928
4th Lib L'n 4#s. 1933-38
93.44 94.06
88.10
Jan
88.64 91.00
23,700
71.600
90.88 Sept
94.06 Sept
85.34
Jan
1922-23
99.04 99.48
74,750
9L78
Jan
81#
Feb
76%
Jan
Victory 4#s
Am Tel A Tel coU 58.-1946
82
82
1951
81#
.1932
86 #
2,000
88H
83 #
18,000
64# 119,500
78
9,000
9,000
68#
88 #
5,000
72#
1,000
85#
LOCO
82
1,000
L.000
81#
86 #
li.OCO
96 #
2,000
88#
Collateral trust 48—1929
83 #
53
Atl G A W I S3 L 58-1959
Chic June A U S Y 5s. 1940
48.
77#
"es#
.1940
_
General Electric 5s—.1952
88 #
K C Mem & B inc 5s__ 1934
Mass Gas 4#S
1929
—1931
|M#8.___
Miss Riv Power 5s
83 #
52
66
88#
72#
85#
45 %
74
88#
83#
Jan
Apr
82
Jan
86#
Aug
68# Se
88# Sept
67
Feb
81
Mar
79
Jan
87
Mar
75
Mar
82
74#
79#
Jan
Sept
81# Sept
86# Sept
NY Central 6s—
1935
81#
85 #
96#
88#
Mar
96#
Sept
Swift & Co 1st 5b
1944
86
86
1,000
80#
Jan
87#
86#
87
5,500
78
Apr
Sept
N E
Telephone 5a
Western Tel A Tel 5s. -1932
87
Jan
July
87
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange Sept. 24 to Sept. 30, both inclusive,
compiled from official sales lists:
Sales
Friday
Week's Range
Last
Sale.
Stocks—
Price.
Par.
of Prices.
High.
Low.
Range since Jan. 1.
for
Week.
Shares.
Low.,
9
100
American Shipbuilding. 100
Preferred
......100
Armour &
100
Co, pre!
Armour Leather
""69""
—
— ——
—
------
(•)
Booth Fisheries, new.._(*)
"io#
...100
17#
4#
Chic CAC Ry pt sh com(*)
(•)
"""5#
Chic Eiev Ry, pref
100
Commonwealth Edison 100
1#
Preferred
10
"T#
Cudahy Pack Co, com. 100
Deere A Co, pref
100
""73"
Continental
Diamond
Motors
100
Hupp Motor
Illinois
101
City Ry pref ctfs—(•)
Libby, McNeill A Libby. 10
Mid West Utilities, com 100
Preferred
(*)
National Leather
100
Preferred
Republic Truck
.(*)
Sears-Roebuck, com.. .100
Scrip
Stewart-WarnerSp.com 100
210
50
Aug
50
84
Jan
105
12
550
8
3#
3#
100
3#
July
Aug
July
900
9#
4#
Sept
July
10
4#
17
17#
#
#
4
5#
1#
1#
109# 110
Temtor Prod CAF
Jan
200
45
45
265
5
5
818
-
-
—
-
-
-
-
6#
------
------
-
-
-
-
-
-
14#
-
-
-
-
69#
Aug
Aug
L0
2
Jan
5,925
50
6#
6#
11,315
19#
125
52
510
Jan
Jan
5 "..000
98.34
18#
76
102
May
68
Sept
95
16.000
96
June
100
Sept
Sept
Gen consol 4s.
55#
97#
"56#
Commonw Edison 5s. 1943
Metr W S Elev 1st 4s. 1938
99# 100
72
72#
102# 102#
99#
Mor is A Co 4#s
1939
Peo GLAC ref gold 5s 1927
Pub Serv Co 1st ref g 5s '56
Swift A Co 1st
s
f g 58.1944
-
m
mm
m
m
m
mm
m
m m
m
mi
m
m
——————
------
68#
14,000
04#
86
44,000
82
87
1,900
81
Jan
65
65
56
Feb
29
29
2.000
20,000
29
Sept
66#
87#
"29"
25,000
65
Sept
70
Jai
87#
86
Sept
88#
Jan
5,000
5,000
78#
67
United Rys Invest 5s. 1926
West N Y & Pa 1st 5s. 1937
67
I
2.0001
Last
for
Apr
Week.
5
Jan
110
Apr
Jan
7#
Par.
Stocks—
Second
Canton
88
88
60
American
Gaa
American
Stores
100
no
First preferred
Cambria Iron
80
1
146
10
16 V>
May
69#
3#
Jan
Preferred.....
Commercial Credit
25
10
.36
—
■ -
—
370
10
2#
44#
——————
-
.40
1#
2#
44#
.35
1#
------
2,500
-
-
-
10
39
91
80
111
79
50
Elec Storage Battery.. .100
.100
General Asphalt
Hunt A B Top pref
..50
83
83
83#
3#
200
37
39#
431
23
Mar
35
35
23
35
71#
8
67
Sept
Aug
35
71
83
Jon
23#
23#
18
23
Jan
24
Sept
18
18
50
16#
Jan
19
Feb
Davison Chemical..no par
Jan
Georgia So A Fla 2d pf-100
Houston Oil pref tr ctfs. 100
Apr
I Benesch A Sons
pef...25
Aug
27
May
Vail Trac p ef__25
Mt V-Woodb Mills v t r 100
Aug
19#
81#
Apr
Sept
Pennsyl Wat A Power.. 100
United Ry A Elec. —.50
Monon
3#
3#
39#
------
—
-
—
—
-
-
------
------
16#
86
12,000
1,105
2,505
3,930
7#
45#
9
400
6,975
200
1,000
225
18#
10#
2,452
76
1,530
200
59#
93
Jan
Feb
21# June
88# July
21# Aug
4# Aug
Wash Bait A Annap
26
May
Sept
40# June
8
July
62
Jan
13
Sept
:z36# June
15#
Mar
23#
50#
Feb
Jan
82#
67
31#
Refunding
.100
64#
48#
31#
97#
65
31#
97#
44
44
48#
Fair A Clarks Trac 5s. 1938
Fla Cent A Penln 68-1923
113# May
49# Sept
Mar
Fairmont Coal 5s
10
June
18
Jan
Jan
Sept
88
7#
Apr
Jan
Md Elec Ry 1st 5s
Monon V Trac 7s.
80
77#
77#
78
79
85#
86
78#
Mar
Jan
31#
61#
Jan
50
Apr
Mar
35
Mar
Jan
1,000
78#
1,000
44
5,000
5,000
76
Jan
70
Mar
12,000
13,000
Sept
Jan
Sept
39
28
82#
67# Apr
Apr
41#
66# May
60
Sept
74#
Feb
80#
Jan
Sept
Apr
80
Sept
7 # Sept
79
Sept
87#
Apr
97#
49
United ELAP 4#s._1929
United Ry A E 4s—'..1949
Income 4s
July
98#
$5,000
94
90
2,000
75
78
24,000
8,000
24.000
2,000
18.000
—
Lake Superior Corp. ... 100
Lehigh Navigation... ..60
—
—
—
June
Jan
""65"
6,000
90#
2,000
89
16.000
89
July
Jan
77
Mar
82
82
Jan
84#
02# July
95#
85#
95
92#
82
84#
16,000
8,000
1,000
2.000
com
Sept
June
88
84
83
Sept
84
Atig
Sept
60# June
99#
Jan
67# June
66
31.000
45
62#
64
21,000
10,000
1,000
9,000
36
Sept
Sept
5
Mar
Lone Star Gas
83
Sept
Sept
""37#
63
Jan
Jan
9
Mar
12
Jan
18
Mar
Apr
Jan
Ohio Fuel
94
July
22#
29#
Oklahoma Natural Gas—25
29
8#
27#
Jan
Jan
Pittsburgh Brew,
30
31
20
25
Aug
56
Jan
1#
22#
*31#
12
33
July
34
Pittsb & Mt Shasta Cop.. 1
Pittsbuigh Oil & Gas—.5
Pittsburgh Plate Glass.100
631
28
30#
182
50
50
50
16#
Pittsburgh Coal,
Feb
50#
27
------
Jan
71
57
21
22#
26#
Philadelphia Traction ...50
10
July
25#
Apr
June
42
.35#
34
Transcon tal (ill
Jan
Union Natural Gas..—100
West'house Air Brake
Feb
52#
Jan
19# May
May
15#
62#
16#
1,495
15
Aug
53#
202
51
Mar
57
27
27
20
22
Feb
27
2U
2#
8
2# June
Jan
2# June
13#
45#
19#
2
12
14
11#
Sept
44
46#
19#
1,134
40
June
1,873
17# Sept
1# Aug
18#
1#
6#
60
30c
27c
7#
118"
118
13
13
7#
..(no par)
50j
120
-
87
10
6#
69
40c
7#
118
7#
10
5
Jan
37
52
July
20c
June
46,200
525
7
Aug
10
113
June
400
13
320
8
2,400
120
75
87#
200
45
20
65
75
$39,000
74
74
1.000
45
W'bouse EI A Mfg, com .50
West Penn Rys, pref—See Note b elow.
^
2
1,175
1,2 7
7#
Jan
Sept
17#
Salt Creek Cons Oil
Jan
28#
8
com.. 100
Tidal Osage Oil..(no par).
22#
""48"
50
June
Apr
Sept
Sept
Apr
.....
com— .60
Preferred
47
2,138
2,161
22
25
62
60
26
Supply.
3 3
29#
33
....
2,653
4,346
2#^
June
70
39#
100
Oil below.
9# Sept
28# May
6
119
36#
29#
Feb
Aug
42
Jan
Mar
101
Apr
Aug
6#
17
470
Aug
74#
93
120
270
92
Jan
71
9,955
8#
17#
40
64#
32#
Jan
49
4
128
85
7#
16#
100
68
e
9#
Jan
71# June
48
1,141
April
Osag
95
24
115
15
26
15
67
95
8#
23#
9
Jan
660
1# Feb
3#
Jan
16# June
52#
33#
74
760
15
33#
69#
74
High,
12
7# Sept
49# June
280
52#
—60
135
9
Jan
Aug
9#
67
69
Low.
Shares
22
37
5#
High.
8
June
910
Low.
21
50
34
7
Jan
Feb
Mar
May
25
Preferred....
21
6#
65
102#
71#
Sept
Jan
50
Indcp Brewing, com.
Mfrs Light A Heat.... .50
Nat FireproofIng, com. .50
Preferred...
50
Ohio Fuel Oil
Jan
65#
47#
Week.
100
Am Wind Glass Co, pf .100
Arkansas Nat Gas, com. 10
25#
106#
41
Range since Jan. 1.
for
ofPricis
8#
Am Wind Glass Mach.. 100
June
Jan
60#
Sept
Sept
Sept
Sept
Sept
Sept
Sales
Week's Range
Price.
Ice, pref—50
Guffey GJIles Oil—See Tida 1
June
93
92
84
65
.50
Jan
67
Prod,
Jan
66#
Railways Co General. ..10
Am Vitrified
87
53#
33#
Phila A Western pref. —50
2#
Jan
7,000
2,000
20.000
102# 102#
69# 69#
Par.
44
65
Phila Insul Wire...no par
Phlla Rapid Transit.. -50
Stocks—
590
66#
Preferred...
27
80
92
Friday \
3,090
65
Phlla Electric of Pa... —25
85
185
Jan
80
88
43#
44
Sept
79#
84
Consolidated
High
101
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange Sept. 24 to Sept. 30 both inclu¬
sive compiled from official sales lists:
■
96# 106#
35
35#
50
..50
Peimsyl Salt Mfg
—50
Pennsylvania
Philadelphia Co (Pitts) —50
Pref (cumulative 6%) .50
•
2#
Low.
Sfept
Sept
Sept
92
:
Jan
78
Jan
May
97# May
92# June
92# Sept
91
95#
85#
76
99#
98#
88
Funding 5s......^.1936
28#
-
.
Lehigh Valley
Little Schuylkill
36
Range since Jan. 1.
for
93#
Jan
95# June
74
82
------
1949
Preferred...
Week.
Shares.
June
72# June
94#
Jan
72
84#
95#
85#
——
—
7#% notes
Wash Bait A Annap 5s 1941
Sales
of Prices.
High.
90
Sept
Sept
9.000
Last
Low.
Apr
86
68 #
Mar
98#
80
95
------
Mar
Jan
11.000
91
—
12#
14#
30
79
91#
1923
1942
Jan
26
80
80
1931
....
Trac 5s.
12
10
79
1931
106# 109#
29"
Sept
77#
208
13
99#
98#
98#
100# 101
------
24# May
Jan
32#
Sept
12,000
f
77# May
74
4,000
1,000
s
Jan
83
—
Jan
88#
Jan
4# Apr
43# May
10
28#
99#
Davison Sulphur 6s
1927
Elkhorn Coal Corp 68.1925
Aug
69
Insurance Co of N A.. ..10
J G Brill Co
July
45
78
"78""
6s......1950
Cosden A Co conv
8#
98#
89#
74#
------
Aug
46
12#
28#
------
Consol Coal ref 4#s,.1934
15
185
8
99#
8#
72#
1,122
$1,000
3,000
2,000
4#s.'35
6% notes
7% notes.
7#% notes
Jan
46
110
^
50
Cons Gas E L A P
Jan
Jan
50
------
General 4 #$....... 1954
Jan
Jan
27#
101
76
mm
3#
92
175
16#
86
Consolidated Gas 5s.. 1939
255
17
mm
Jan
83
Mar
328
109
Jan
7
46# June
82
Sept
22
------
Jan
Aug
July
\
Jan
.95 Jan
4
83"
9#
9#
30#
22
101#
35>ij
July
Sept
1#
2#
Sept
Sept
80
Consol Gas E L A Pow.100
45
------
par
—
160
15
Jan
82#
2#
Sept
Sept
.35 Sept
80
146
._1
High.
88
80
Celestlne OIL.
.
Jan
146
Sept
13#
35
.100
..50
American Railways
Preferred
Low
80
..100
Cent Teresa Sugar
57# May
Range since Jan. 1.
Shares.
preferred.... 100
Co
94# May
Sept
Price.
Blumberg Bros 1st pref. 100
99#
36#
Week's Range
Sale.
Jan
Sales
Friday
105#
31#
Friday
Price.
77
Exchange, Sept. 24 to Sept. 30, both in¬
clusive, compiled from official sales lists:
of Prices.
Low.
High.
Philadelphia Stock Exchange.—Record of transactions
at Philadelphia Stock Exchange, .Sept. 24 to Sept. 30, both
inclusive, compiled from official 4>ales lists:
Par.
Sept
Aug
Baltimore Stock Exchange.—Record of transactions at
/Ex-dividend.
Stocks—
Apr
82
72#
102#
82#
Baltimore Stock
Sale.
Value.
•No Par
July
Sept
Sept
Sept
82# May
88# Aug
88# Aug
66# Mar
29
Sept
77
"87"
City A Suburb 1st 5s_.1922
44
80
Jan
Feb
Sept
.71
Sept
56# Sept
97# Sept
86
"78#
1st sinking fund 4s.. 1966
Providence Seour 4s.. 1957
Feb
66
m
6,000
82
82
—.1966
87
95
mmm.mmm
Sept
.
97
63#
86#
Bonds—
47#
------
86# Sept
85
Pennsylvania RR 6#s 1936
Consol 4-8.
.1943
Phila Co cons & coll tr 5s 1951
Phlla Electric 5s—.. 1966
Preferred
31#
—
60#
86#
71
"86#
-.2003
Jan
94
64#
Apr
Jan
Jan
46
67
105
Sept
No Bal
1939
Chicago City Ry 5s—1927
Chicago C A C Rys 5s_ 1927
Chicago Railways 5s.. 1927
5s, Series "A"
1927
4s. Series "B"
1927
107
Jan
95
Jan
46
------
Jan
Aug
98#
59
60#
86#
Week's Range
Bonds—
Armour & Co 4#s
2,000
1,000
24
94
Yellow Taxi
100
5,000
91
13
17#
10#
.74#
101
100
Sep-,
Sept
Jan
Sept
95
149
42
------
22.000
105# 107
106#
77
68
Aug
650
.25
.10
93#
95
Sept
Aug
1,115
Ward, Montg, & Co, w i 20
Mar
68
June
69#
99#
25#
94#
23#
9
93
LehighCANavreg4#a .'24
Lehigh Valley ooll 6s. .1928
13
46
9
5,000
Keystone Teleph 1st 5s .'35
73
110
44
76
93#
Sept
98# June
83
7
------
Mar
93#
1,000
40
66#
44#
July
Jan
68
99
825
44
45
68#
500
99
317
13
108
mm
2,000
76
53
81#
128
m
m
44
"
77
71
68
—--mm*
--
93.98 Sept
90.92 Sept
99.58 Sept
99.44 Sept
5,000
365
13
22#
Jan
89.14 Sept
90.64 Sept
8,000
2,000
Jan
Jan
30,700
94.50
Consol idation Coal.... 100
34#
22#
,10
Jan
88.20
85.60
Cosden A Co preferred...5
Aug
84.40
97#
Jan
Sept
Jan
38.500
56#
Apr
6#
18#
Jan
92.44
86.87 July
87.20 Mar
76
4s .'45
13
June
50
61,35(7
Equit I Gas L 5s...—1928
Gen Asphalt conv 8s..1930
24
4
Sept
71
Elec A Peoples tr ctfs
7# June
15# Mar
24#
35
99.28 99.58
1928
Denv A Rio G 5s
208
88#
99
25
10#
10
76#
Del& Hudson 5s.....1935
22#
14#
86#
—
50
19#
50#
22#
14#
80#
123
88
.
8
19#
50
Feb
43
Last
Mar
July
80
Sale.
105
95
61
June
60
Jan
120
60
Apr
1
Feb
100
Apr
Feb
5
8
91
83
8#
37#
65
4,000
30.000
Jan
48#
63
45
m
-
7#
t c.50
Wrigley Jr, com
Yellow Mfg
Apr
June
93#
22#
Western Knitting Mills. (•)
Mar
June
19#
•
Union Carbide A Carbon 10
v
10#
70
11
—
•-
Thompson (J R), com—25
United Iron Works
24
46
25
United Paper Bd, com. 100
Wahl Co
<*)
Jan
75
101#
June
90.00 90.92 117.700
Consol Trac N J 1st 5s 1932
Feb
5#
100
82
27
93.60 93.98
.98
Bethlehem Steel p m 6s 1998
Jan
42
273
Jan
52
99
100
75
Sept
Sept
Sept
1# Aug
100
Sept
4#
Sept
#
4
Feb
Feb
73
93#
"A"_(*)
250
17
85
77
94#
15#
73
15
Preferred..
300
1,210
2,245
Mar
2,630
25
Swift International
220
73#
5
4#
100
Swift A Co
11
4#
58#
3#
10
Orpheum Circuit, Inc
1
Peoples G L A Coke—100
Pick (Albert) A Co
(*)
Pig-Wig Stores Inc "A" (*)
Pub Serv of Nor 111, comlOO
Quaker Oats Co
100
215
55
90#
12#
9#
11
100
Mitchell Motor Co
69
65
58#
3#
7#
19#
10
Kan
66# June
55
Aug
90#
101
------
100
Brick
100
50
32
99.42 99.44
Bell Telepb of Pa 7s... 1945
Small..—
52
100
Match.
Great Lakes DAD
67
12#
------
(«)
.<*)
Briscoe, common
Case (J I)—
2d preferred
68#
38
Feb
125
99.46
Baldwin Locom 1st 5s.1940
High.
9#
—
15
Beaver Board—
68#
,
33
Jan
Mar
May
May
May
49#
7#
90 88
('
American Radiator
1#
Jan
29
Jan
111-18 Jan
Aug
29#
89.64 90.64
90 58
.2007
—
39
88.16 88.62 $66,100
89.14 89.14
1,000
#s .1932-47
Amer Gas & Elec 5s—2007
Small—
165
2,639
June
1
11-16 July
88
43
43
4#s.'27-'42
3d Lib Loan 4#s —1928
4tb Lib L'n 4#a .1933-38
Victory 4#8——1922-23
Victory 3#S
1922-23
Sept
Aug
63 % May
Son ——100
2d Lib Loan
Sept
62
31
High.
Low.
62# June
65
10
1st Lib Loan 4s. .1932-47
91.00 Sept
99.48 Sept
150
33#
49#
30
49#
West Jersey & Sea Sh.__50
Westmoreland Coal
50
89.44 90.94
1,515
1 5-16
32#
49#
8#
~3i"
50
2d Lib Loan 4#s 1927-42
10
30#
50
Warwick Iron & Steel
88.14 88.36 514,200
90.44 90.54
500
90.04 90.24
2,05»
IT S Lib Loan 3#s.l932-47
73#
1 5-16
,.-50
Prefexed
Range since Jan.1.
for
Week.
Shares.
High
1# 1 7-16
1#
1
United Gas Impt__
Low.
Low.
73#
■
Range since Jan. I.
for
Price.
50
Devel—1
Tonopah Mining.:
Shares.
Week's Rangi
of Prices.
Sale.
Stocks
Boston Bond Record.—Transactions in bonds at Boston
Stock
Sales
7# Aug
0# June
7
Aug
.
107#
83
39#
July
9
Jan
19
Jan
50
Mas
30#
Jan
4
Mar
9
Mar
63# May
40c
Sept
12
Jan
120
July
8# Sept
29#
Feb
10#
Jan
Sept
120
Aug
97#
49#
Feb
75
July
75
Sept
July
Sept
Jan
Mar
Bonds—
Indep Brewing 6s
.1955
Pittsburgh Brew 6s...1949
Note.—Sold last week and not reported; 40 shares West
41
66#
Sept
Sept
Penn Rys, pref. @ 67.
chronicle
the
1458
[Vol. 113.
Friday
Market.—Below
Curb
York
New
is
the
record of
a
Last
Other Oil
transactions in the New York Curb Market from Sept. 24 to
Sept. 30, both inclusive, as compiled from the official lists. As
noted in our issue of July 2, the New York Curb Market
Association on June 27 transferred its activities from the
Broad Street curb to its new building on Trinity Place, and
issuing an official sheet which forms
the basis of the compilations below:
the Association is
now
Sales
Friday
Week ending Sept. 30—
Week's Range
last
Sale.
Par
Stocks—
of Prices.
High
Price.
Low.
Cosden & Co old pref
Creole Syndicate
95c
...—--
85c
1
95c
10
_(no par)
Aluminum Mfrs com___(t)
Acme
T>arklne
160
6% Sent.
Sept
160
Sept
20
3%
100
3%
Sept
1%
300
1
Sept
1
If 0
50c
Ail*
.
11%
11%
400
200
11%
14
14
100
14
32%
20,825
28%
Sept
4%
3%
4%
VA
11,600
2%
Sept
1
2,500
75c
July
5%
3
3%
500
101% 102%
1%
1%
15
13%
126
2%
98%
1%
12%
28%
July
June
Sept
June
June
25
-.
100
101%
Central Cub Sugar
Cbic & E III new com.. 100
100
New pref
29%
30%
10(
Pre/erred........
«.
100
1,100
3
122"
4
500
122
1,685
43
45
800
4
45
10
Preferred B
30%
100
4,700
117
Chicago Nipple Mfg cl A10
Cities Service com
4
14%
Colombian Emerald Synd
25
23%
lo
Motors.,
600
1%
6,700
2%
200
2
14%
1,000
11
100
(no par)
24
24
25
Empire Food Products, (f)
Farreil (Wm)&Son.com_(t)
Glen Alden Coal..(no par)
17
17
17%
17
13%
38%
3%
10%
39%
Goldwyn Plptures (no par).
Goodyear T& R, com..100
19%
41%
3%
10%
27%
Imp Tob of G B 4c Ire.. £1
Intercontinental Rubb.100
9%
16%
9%
6%
8
7%
Libby. McNeill & Llbby.l'
Preferred
National Leather, com..10
N Y Transportation
10
New America Pulp &
P_(t)
Packard Mot Car, com..10
"~6%
22
CorpSO
Perfection Tire A Rubb. 10
6
"39"
63c
(t)
2%
5
Radio Corp of Amer
1%
35%
Preferred
Reynolds (R J) Tob B.25
Saguenay F AP._._
5
International.....15
2
Tobacco Prod
10
Corp
Todd Shipyards
North Star Oil & Gas..—._
Northwest Oil
1
Aug
Ohio Fuel Oil
60c
1%
Aug
8
2%
Au
May
11
82
2%
4%
Jan
July
Feb
3%
3%
3%
8kelly
14,000
6%
4%
27,600
3
June
3c
7
2ig
June
Aug
2
7
20
Mar
Jan
Sept
Sept
6
Jan
30
July
35
June
5%
4,200
2% June
Sept
3%
Sept
Juiy
4c
July
9 %
5c
Sept
%
5
Sept
2,600
300
6c
1,000
3c
40c
.Aim
...6
400
1%
Feb
%
42c
1%
47c
800
35c
45c
15,000
1%
1%
2,120
6
Sept
10
Jan
35
17
Mar
25
July
100
2
76
43
Sept
2%
1%
35%
1%
1%
26
1
Sept
Sept
2%
2%
23
6%
28%
3,300
12,500
1,475
1
July
2
Jan
300
500
5%
60c
1%
Aug
1%
Aug
31
Jan
1
100
15,100
13%
lAe
Sept
4c
June
4c
4c
June
6c
6c
6c
2,000
6c
Sept
10c
29c
25c
30c
16c
July
38c
Sept
Candalarla Silver
1
22c
24c
30,051
22,800
Jan
55c
May
Apr
2
May
Aug
2%
"2
1
78c
1
83c
79c
83c
...
3% May
Cortez
4% May
Cresson Con Gold M & M.l
Silver
Crown
1
Reserve
1%
%
1 9-16
1
Dolores
24c"
5
Esperanza
Eureka Croesus
%
Jan
Jan
Eureka Holly
1
Fi-fct National Copper...5
1%« Mar
1%
Jan
Forty-Nine Mining
5
Aug
9
1
Aug
1%
100
10
21
19c
22c
16,100
%
Jan
A May
10
30c
29c
32c
13,500
% June
3,000
50c
29,400
1,700
55c
Aug
Jan
1%
Mar
1%
4,600
1,800
5,200
35,200
46c
9
9
100
1
Jan
Geld
Reef
Gold
Green
2%
Jan
Harmill
1
Zone Divide
Jan
Former
— —
16%
—
Standard
16%
16%
200
2
Apr
7c
Aug
10c
July-
18c
June
66c
Mar
1%
500
"46c"
1%
61c
Sept
49.400
8c
June
lc
12,000
lc
Apr
48c 486,000
24c
Juue
2
1%
3,800
80c
Aug
2
1
32c
1%
Galena-Signal, com
100
Northern Pipe Line
Oil
25
600
53c
June
30c
2,000
16c
Aug
45c
48c
47,600
35c
Sept
48c
Sept
49c
38c
5(c 129,900
2c
1,500
20c
June
50 c
Sept
2c
2c
'Sept
2c
7c
8c
9,000
6c
Feb
900
6c
Sept
Sept
Sept
26c
6c
12c
June
13c
18c
68,900
1,000
7c
May
34c
Feb
10c
16c
Jan
Hoi linger Cons G M.
5
Howe Sound Co.
1
30c
30c
2,000
25c
12,100
20
Feb
Jerome Verde Copper
1
Jim Butler Tonop Mines .1
Jumbo Extension
1
20c
Mar
7c
7c
1,000
4c
3%
Hecla Mining
6%
300
3%
5%
2%
2%
2,500
1%
3c
5
3%
10c
12c
July
3%
Feb
Feb
Aug
34
9c
10c
4,50 J
La Rose Con3o! Mine
6
30c
37c
12.000
MacNamara Crescent
1
3c
6c
3c
125
4,500
2UC
Feb
10
120
Sept
July
140
May
MacNamara
12c
73
Sept
31c
73
10
73
May
Sept
85
July
Magma Copper
17
Mar
25%
11c
__10c
Mining
1
I(Sc
13c
21
5
33
34
50
31
July
51
Jan
1
152
70
140
June
183
May
Mason V alley Mines
6
77
77
10
69
June
86
Mar
Mclntyre Porcupine
1
1%
1%
86
250
86
10
86
Sept
86
Sept
232
250
150
223
Aug
320
Aug
515
May
202
Mar
Standard Oil (Ind)
25
Standard Oil of N Y—.100
331
53
71%
70%
315
25%
10
16c
18,500
21%
500
3c
152
June
53
72%
10
7,100
340
67
26
35
52
Sept
6U% June
296
25%
Marsh
Mining
McKinlev-Darragb-Sav
..
Motnerlode
National
Coalition. _(t)
Tin
Corp
Ophlr
60
July
Nevada
77
May
Apr
Sept
32
July
New Jersey
Other Oil Stocks
Zinc
Ntpissing Mines
40c
3c
4,500
3c
July
600
1
June
500
1% June
4
30c
Jan
4%
Apr
7
Sept
3%
3%
June
4%
Sept
Amalgamated Royalties
Amer Fuel Oil, com
10
Aug
July
20c
Jan
Ray Hercules
Red Hills Florence
4c
July
1 7-16
Jan
3,060
50c
70c
91,100
7-16
Mar
1 9-16
1
38c
35c
41c
June
42c
Sept
4c
8c
26,700
15,900
16C
5c
3c
Aug
July
16c
June
100
117%
5
5%
4%
5%
6,300
6c
6c
6c
200
6c
July
June
12c
17,800
26c
Sept
36c
Rescue-Eula
4c
3c
Sept
8c
July
Rex Consolidated Min
40c
11,100
7,000
14c
Sept
37c
July
Rochester Silver Corp
Arkansas Nat Gas. com. 10
8A
Atlantic Lobos Oil com (t)
6%
2%
7%
5
~27c~
75c
9%
9%
2%
8,500
600
6%
Aug
6% Sept
2%
22c
30c
88,700
15c
65c
76c
87,200
44c
Aug
July
July
1%
18%
25%
3
Feb
Apr
Apr
June
2%
Jan
116
125
45
1%
Mar
Jan
8%
Jan
July
Sept
32,000
2,000
8c
9c
10,500
4C
Jan
14C
Apr
15c
1,300
14c
Sept
18c
June
5c
500
3c
Sept
10c
40c
Juiy
75c
40c
38c
38c
4%
10
1
5,500
3c
18c
3c
9c
20c
14c
1
Silver Mines of America-.1
Silver-Lead
4
158
2c
Silver King Consolidated.-
Standard
110
May
18c
SUver King of Arizona... 1
South Amer Gold <fe P
lie
4%
17c
3c
5,900
3,000
July
July
50C
17c
20c
4,900
May
1% May
1%
23,600
5
1,900
5c
26c
Feb
18c
33c
45c
Mar
37c Sept
6%
26c
3c
24c
6%
30c
22c
Apr
1%
1
15c
23c
Jan
52c
copper
3c
""3c"
Vs
1%
Pitts & Mt Shasta Cop
1
7%c
63c
Nevada Silver HUls
385
June
15c
I
Mother lode Copper Mln .10
Ohio
Sept
2
July
June
1
3c
1,000
May
160
Boston-Wyoming Oil
3,000
89
395
5
July
19c
22
30
Atlantic Petrol (old)
Aug
25c
Mar
Aug
143
Boone Oil
38c
Juue
7c
Feb
June
185
1
June
10c
Sept
14
510
..10
Feb
30c
3%
71
180
-
4%
7
85
z455
Allen Oil.
Jan
July
May
1,500
510
Oil...
4 1-16
6%
"2%
15
185
New
4
25c
80
100
Southw Pa Pipe Lines.. 100
Allied
Jan
6c
Jan
100
Washington Oil
Mar
A
1
25%
Prairie Pipe Line
Prairie Oil & Gas.
Jan
80c
25c
125
100
50
100
Ohio
Jan
Mar
14%
73
Indiana Pipe Line
Sept
9-16 Jan
4c
50c
Divide
Knox Divide
95c
80
Anglo-Amer Oil
£1
Buckeye Pipe Line
50
Cumberland Pipe Line. 100
Illinois Pipe Line
2% May
3,000
22c
58c
Min
Monster Mln
Kerr Lake
Eureka Pipe Line
Aug
95c
15c
Aug
Aug
Subsidiaries
1%
Mar
Sept
2,100
5,300
Sept
Oil
15-16
Jan
Mar
83c
49,900
8
13%
Jan
13c
35c
Rights
Reading Co..-
62c
2
47c
Golden State Mine
Jan
3
Sept
25c
1%
1%
1
Go id > • eld Florence
1%
1%
13-16 May
*
July
21c
Hull Copper
35c
1
83c
78
61c
19c
Silver
Div
1%
.
lc
Jan
Feb
Eurina
2
1
12c
12c
1
Divide Extension
9
60
Jan
Sept
1
72
June
2,000
Jail
6
Mining
Dundee & Ariz Copper.__1
40
4c
37c
5%c Jan
Canada Copper Co..
1
3,200
1-161%
Sept
1 5-16 591,950
Copper Canyon....
2,300
1
10
13%
81c
Consol Copper Mines....5
6
1
100
1 3-16
Carson River Corp
1 7-16
1%
13%
13%
5
Montana Dev
El Salvador Silver Mines. 1
Aug
Sept
7-16
Jan
June
52c
July
J uly
Sept
10c
Jan
A
lc
13c
May
May
Aug
50,000
3,000
28%
7%
4
Sept
92,250
,28%
58%
45c
Jan
Apr
Jan
65c
lc
Sept
200
45%
Caledonia
May
2
Feb
30c
Brougher Divide..
3%
Feb
Sept
lc
Sept
6
36c
2% Sept
10
Sept
%
5
25c
2%
39
60c
•Jan
45c
lc
June
61
1 5-16
42c
10
Boston At
Feb
7,700
175,850
Mar
29c
4
23%
U 8 Ship Corp
46c
June
1% June
1
5
Bingham Mines
Jan
Apr
2%
Mar
Mar
__10c
Ledge C inner Co
22
41,700
2,800
6,200
Sept
Big
Feb
12
A
I
Mining Stocks
Alaska-Brit <%l Metals... 1
Belcher Divide
68c
1A 1 3-16
65c
went
60c
1A
75c
45c
Sept
Jan
5
60c
59c
17
19
1%
68c
1
Feb
IT S Steamship
Willys Corp, com.. (no par)
First preferred
..100
21c
1-200
Jan
Jan
Aug
2%
Jan
45c
(t)
•'Y"OJl& Gas
13
5%
10
July
93,200
2%
Apr
July
12% May
9%
Feb
June
69c
15
56
2%
6
6%
9
30c
1
100
6c
Western States OH & Gas.l
Corp
Sept
Jan
14%
14% May
5%
Jan
lc
65c
1
Woodburn oil
16c
1%
6c
2
Apr
2,000
69c
Royalty
Wilcox 01i<fc Gas
%
2,950
Aug
50
3c
1
Victoria oil
3
1,000
—5
Land
a
Feb
Sept
4% June
6%
5
< ut
Jan
Sept
Sept
Sept
Sept
Feb
Texas Ranger
5%
4%
14%
United
Jan
Jan
July
200
4%
2%
Api
2%
16c
3%
4%
2
19
6%
4c
3c
2%
July
Aug
6
.........
Jan
3% June
25c
3
2%
4%
Aug
Teviui
1,000
Apr
Aug
13-16
2%
2.100
8,000
Sept
Sept
7«
Juxy
76c Sent
9%
2%
5%
Jan
12%
600
9c
Mar
100
5,500
1,800
5c
13
July
Sept
5
July
10%
2
49%
3
13c
5%
9%
2
J uly
Sept
200
1,200
2%
3%
12%
Aim
143
4c
1C
-
16c
5
10%
3%
1
Oil.
South Petrol & Refin
Southwest oil
4%
4%
Spencer Petroleum Corp. 10
150
1%
7,000
12%
105,678
Aug
Sept
1
14,700
12%
Stanton Oil (new)
Texas Chief Oil
3,100
8,660
13,500
1,700
1,000
2,900
5%
8c
90c
3%
17c
Mar
40
5-16
7c
76c
Siuiuib Petroleum, (no par)
3 %
2
300
85c
3%
Sept
60
45%
5%
June
Jan
2
1,100
17c
9%
37
3-16
..5
5
6
2
16%
Apr
Sept
Aug
1 3M6
Sapulpa Refining
Savoy Oil.
Sept
July
6%
16c
new..
Jan
Feb
1,700
2%
Feb
2
4,000
16c
Aug
July
6%
8
*17c'
(no par)
Salt Creek Producers
Sequoyah OH & Ref
18
22
United Profit Sharing—25c
1 7-16
Jan
Ryan Consul
10
July
July
Sept
50c
U 8 Light A Heat com.-lO
!
Preferred
10
Jan
Refiners
Aug
16c
% June
2%
3%
14c
...1
...10
...10
1%
13%
75c
200
14c
Apr
1% June
3%
Jan
Sept
2%
1
Ohio Ranger.
Omtr Oil Ac Gas..
2
60%
Un Retail Stores Candy, (t)
Auu
Sept
11
6%
35c
Wayne Coal
West End Chemical
Aug
1
Mar
4%
Sept
Aug
6%
2
6%
2%
Feb
32%
1
34,600
1% 212,600
3
8
10
4
Jan
Auir
2
__1
—
July
50
16
38c
61c
1
com
Prod
2
800
30
5
1,400
45
3
"ol"
22%
1%
11-16
Noble Oil A- Gas
2%
1%
10
lo
_
Jan
Jujv
3% May
5c
3,000
National Oil of N J, com. 10
12
2
8c
7%
Jan
Si pt
7% Jun^
Sept
3%
Aug
Aug
10%
100
6c
6%
1%
Jan
4
34%
1%
7c
7%
8
25c
t c—5
UnCarbideACarbon(no par)
v
19%
200
"26%
(t)
Corp..(t)
Triangle Film Corp
June
Corr>
Oil,
1%
1%
10
...13
Preferred
in tain
90c
1
Mar
15
1%
2%
22%
5%
25%
2%
Tenn Ry L A Pow pref. 100
Texas Gull Sulphur
Mo
Sept
2%
5%
Midwest
Jan
Feb
Sept
Sept
1
Preferred
Southern Coal A Iron
Jan
4%
9%
6c
1
8weets Co of America...10
50
Aug
35c
20
90c
Certificates of deposit...
Mid-Colombia OH & Dev (t)
60
2%
100
Preferred
7%
M rland Oil of Mex
Marland Refining.—
50c
May
1 1-16 Apr
Sept
Sept
Sept
Mar
200
%
Mar
1 3-16 April
20c
Sept
Sept
June
50c
10c
1%
1
300
6
500
80c
2,600
4%
1
500
50c
16
1
1
Jan
»% May
Scot
4%
300
30
5%
Nat Flreproofing pref—.50
78c
Mexico Oil
39
II
100
Morris (Philip) Co..Ltd.l»
7,965
% April
200
1%
25c
2%
(no par)
Metrop 5 to 50c Stores. 100
1
77,200
2
50c
Maxwell Motors (undepos)
94c
Lyons Petroleum
9%
.500
26%
20
4
6,050
54
378
78
July
Aug
Sept
Apr
1% Sept
11% Aug
20
30,700
6.00C
1
....
5%
2A
June
I
2
Jan
Mar
11%
50c
25c
LocomoblJeCo.com (no par)
Manhattan Transit..—.20
Juiy
17%
11%
83
9%
20%
Juno
300
15%
85
Aug
Sept
80
2A
4
8
15
Feb
19%
21
.56c
39
14
50c
100
2,400
11-16
Aug
Sept
2A
200
39
51c
Lake Torpedo Boat com id
LIggett's Intcrnat pref..50
Lincoln Motor Class A..50
"83"
Royalty Prod Corp
75
Aug
0 %
2c
Jan
10
10c
2,060
6c
Jan
500
14,500
8
1,0C0
May
8,800
2,300
3,100
1
14c
7%
1,100
6
1%
16%
9%
8A
11c
2,000
50
80%
1
Sc
1%
21
1%
1%
16%
1,000
2%
7c
Aug
80%
Havana Tobacco com.. 100
Hercules Powder pref.. 100
Heydon Ohem
(no pat ;
Holbrook (H F) Inc (no par)
5c
Spnf
July
55c
20c
Aug
1
600
1%
3%
930
2A
36,700
3%
"20%
15
Jan
19-16
7c
30%
9%
2%
2%
20c
500
8
Jan
87c
7c
Producer* A-
(t)
Griffith (!) W) Inc
14c
1
(f)
Feb
Aug
Jan
24
20c
Lance Creek Royalties
Pennok OH
1%
4%
15
Aug
July
l% June
85c
Aug
200
Aug
1
75c
July
2
6
Margav Oil Corn..(nopar)
32%
Mar
800
July
6
Aug
11
2,600
85c
29%
2
28c
8,070
103% May
Feb
Apr
1%
8
Keystone Ranger Devel—1
Kinney Oil
Livingston Petrol
Jan
Aug
1 11-16 Apr
July
4
33
27
10
July
Sent
lc
5
Apr
Aug
10
25c
26
11%
6%
Jan
3%
1%
Jutv
Sept
Tnternat Petrol
..(no par)
Kansas & Gulf Co
10
1%
7%
100
Preferred.......
Grant MotorCar
1
1,70,
1,685
52,700
25,500
13
3,500
160,150
5,500
Jan
5c
31%
50c
Sept
1
Jan
Jan
10
1A 1 7-16
,
Meridian Petrol
4%
7%
Harvey Crude Oil..
Merritt Oil Corp
Mexican Panuco Oil
800
100
1%
3%
Jan
650
7%
10
Granada Oil Corp CI A.. 10
1
Apr
7%
1%
"l%
Fob
25c
50
2c
1%
June
500
%
%
1%
July
7
200
50c
2c
Sept
8c
300
15,400
27c
26c
(no par)
Feb
60c
7%
200
26c
2c
5c
41,000
4,200
13-161%
5%
32c
Oil
71
55c
Denver & Rio Gr RK..100
du Pont Chemical pref
1%
24
1,000
13c
27c
255
20c
24
Co.-.(t)
5
11c
.1
(t)
Sept
60c
5c
High.
Magna Oil & Refining
Manhattan Oil
(no par)
Maracaibo UH Expl....(t)
Aug
Sept
1% Aug
19
Sept
20c
Sept
4%
1%
4%
Curtiss Aero & Mot (no par)
Preferred
25%
14
ConJey Tin Foil... (no par)
1
July
Aug
11%
91c
25%
1%
Colombian Syndicate
1
5
July
3%
2
Cleveland Automobile..(t)
Sept
Julr
4
1
June
35
5,685
Feb
May
Sept
4%
Aug
5%
I. .5
Edmonds Oil & Refining.. 1
Elk Basin Petrol
5
July
2%
101
100
12%
Cities Serv Bankers' sh.(f)
Swift
13%
20
28%
-
Jan
Jan
28%
1 1-16
Car Lighting & Pow
Celluloid Co preferred
Peerless Trk & Mot
4%
Aug
1%
7%
Hudsoo Oil
14
3%
7%
Imperial Oil (Del)......25
Imperial Oil (Canada)....
Jan
160
Sept
6%
Jan
1% May
Jan
300
4,900
1%
8c
16% May
32%
4%
California Crushed Fruit.
Mercer Motors
Mar
Sept
Jan
10%
7%
32%
Aug
11
11%
11%
£1
Durant Motors
July
1
Brit-Am Tob ord bear_..£l
Davles (William)
100
July
1
iki
British Amer Chemical.. 10
Continental
25
F*h
12%
23
a UP
3%
Chemical
Carlisle Tire
3,400
20
160
Amer Machine4c Fdy_. 100
Ordinary
9%
8%
14%
5%
May
75c
9
700
200
20
20
Amer Writ Paper com.100
Bucyrus Co common—100
Burns Bros com B w i.—
7,700
17%
17
Amalgam Leather, com .(*)
Audubon
1%
July
Duquesne Oil
Fensland Oil
Gllliland Oil, com
Glenrock Oil
Apr
3%
11c
2
Mar
%
7,800
3%
Corp
Engineers Petrol Co
5,000
12
12
Aetna Explosives.
Amer Hawaiian SS—..10
1
4%
3%
2%
Denny Oil
Federal
CohI
4
"""2%
Fay Petroleum
Industrial & Mlscell.
Acme
Share*.
5
Empire Ky Oil
Low.
High.
5
oominfon Oil
Low.
Low.
..10
<"bj«hlne Petrol
Ramge since Jan. 1.
for
Week.
of Price*.
Price.
4 3-16
Jan. 1.
Week.
Share
Week'e Range
Sale.
Par
Carlb Svndlcate
High.
Range since
for
Stocks
(Concluded)
Sales
T6c"
10c
15c
July
%cMay
17c
3,500
25c
49c
400
36c
4%
1,700
3%
10c
3,500
8c
June
%
4%
22c
Feb
Feb
July
July
Aug
Feb
1%
July
Feb
6%
Jan
Sept
3-16 Jan
1
Oct.
1
Sales
Friday
Last
Par.
Stewart Mining.....
Week.
Low.
Price.
High.
4c
4c
1
1
1
1%
1%
m
"66c"
58c
1 7-16
Low.
Shares.
3,000
200
1%
2,800
2
15-16 1%
7Qc
1% 17-16
2,100
80,900
600
35c
Aug
7,300
2
j une
3
mv
650
21
Aug
27
Sept
West End ConsoVd.
5
86c
85c
87c
4,600
3,700
1
10c
19c
19c
19c
1,200
2 5-16
5c
3c
5
1H
22,700
19
15
.(t)
80c
250
1%
8,600
Bonds—
Aluminum Mfrs
7s
Beth Steel 7% notes.
40c
Aug
Mar
10c
Sent.
2c
Ap.
1 3-16 Mav
Auer
Jar
22
12% Sept
% April
July
1% May
38
May
60
Jan
35
Sept
45
Au»
142,000
45,000
102,000
109,000
3,000
2,000
154,000
96
99%
95
90%
101%
ioom
97%
.1922
7% notes
1923
Equipment 7s.
1985
Canadian Nat Rye 7s..1935
Canadian Pac Ry 6s..1924
"98%
96
Chic & East 111 rr 5p 1951
63 %
ip'ji
Cons Gas ejl&PBalt7s*31
Copper Exp Assn 8s.. 1922
8% notes Feb 15...1923
8% notes Feb 15—1924
8% notes Feb 15—1925
Deere & Co 7%n
1931
Land
Stk
99
14,000
102% 141,000
100%
101
82,000
97%
10054
"m%
102 Ji
Jan
99% June
Mar
4>9%
91
Jan
83
Jan
95%
91
99%
100%
99%
99
Feb
95
June
99%
July
94
Feb
Sept
68,000
Sent.
98
94%
103
97%
100%
101%
101%
102
94%
99%
64% 597,000
77
1,000
44% 32,000
100% 30,000
98
56,000
101
45,000
11,000
101%
101% 45,000
102% 64.000
94%
9,000
May
Jan
58%
Sept
2%
101
98,000
13,000
98%
61%
Sept
1(
65
100% 100%
98% 99%
95% 97
Sept
97% June
93% June
90
j July
17,000
2,000
32,000
Feb
Aug
Aug
Sept
97
103% Aug
99% Sept
Mar
70
Aug
77
Sept
99
Feb
35
Sept
80
Apr
Jan
98%
Sept
99% June
98% Mar
98% Mar
97%
Mar
98%
90
June
101
Sept
98
Sept
101% Aug
101% Aug
101% Sept
102% Sept
98% Mar
-1923
-
Interboro r t ?s
94% 97
325,000
98%
99% 90,000
82,000
99% 100
8,000
100% 100%
97% 98% 269,000
78%
79%
Kennecott Copper 7s .1930
"95%
81
78%
99%
80
8s j p m receipts
Kans City Term Ry 6s.'23
79%
99%
95%
94%
96%
94%
94
Laclede Gas Light 7s
LibbyMcNei ALibby7s'3!
"96%
Liggett a Myers Tob 6s '21
Louis & Nash 8 l div 6s '71
m%
1930
"90%
National Leather 8s..1925
98
nynh& Hartf 4s..1922
1922
1923
7s
95%
100
Nat Cloak a Suit 8s...1930
7s
Sept
99%
"97%
1921
Morris & Co 7
July
98%
98
99
99%
78,000
99
i 04
...
p octer& Gamble 7s.. 1923
7s
1922
99
106%
101
Reynolds (r j) Tob vs" 1922
100H
Bears. Roebuck a Co 7a-'21
99%
98%
97%
7% ser notes.—Oct 15'22
7% ser notes.—Oct 15'23
Solvay et Cle 8s
1927
South Ry 6% notes...1922
Southw Bell Telep 7s -1925
Stand Oil of n y deb 6 hs '33
1925
-
7% ser gold deb
98%
98%
102%
102%
1926
7% ser gold deb
100
1927
1928
7% ser gold deb
....
gold deb
192p
103%
1930
ser gold deb
Sun Co 7s
Swift a Co 7s-
1931
1931
1925
78.....—Aug 15 1931
Texas Co 7% eqifnts.
1923
Toledo Edison Co 7s
94%
100%
79%
89,000
87 Vi
Jan
25,000
84%
Jan
99%
9 %
94%
Sept
Sept
Sept
Sept
60,000
91 %
99
June
90 %
Sept
Mar
101
18,000
101
July
103%
12,000
96
Jan
102
Sept
87,00
87
Sept
97
May
27,000
93%
98%
Sept
2,000
100%
100
1941
97
97
Toledo TrLAP 7s—1922
98%
United
98
98%
97%
to
Drug 8s......1941
United Oil Producers 8s 31
United Rys of Hav 7 ms *36
Vacuum Oil 7s
...1936
100%
110%
98
"103%
7s. 1925
101%
Winch Repeat Arms 7^s'41
103%
91%
101
91%
Aug
Aug
Sept
66,000
47
7(1
Jan
13,000
92% June
99
Sept
Jan
96
Jan
Anr
2,000
4,000
93
8,000
9814
92% June
10,000
1,000
34.000
70,000
93,000
37,000
100% 118,000
100% 48,000
98% 191,000
98%
12,000
98% 159.000
9,000
100%
98% 36,000
104% 85,000
101% 21,000
92
16,000
Sept
99
AUtt
June
Aug
101%
July
101
Mar
100%
Sept
Sept
Sept
97%
Jan
100%
july
94%
Mar
99%
Mar
98%
23,000
91,000
99% 136,000
102% 102% 42,000
102% 103
18,000
102% 102%
5,000
102% 102%
5,000
103
103%
27,000
16,000
103%
104% 104%
4,000
1 4% 105%
9,000
95
94%
54,000
100% 100% 172,000
100
June
83
Jan
67
Rent
100% Sept
98% Sept
Aug
98
100
Mar
Jan
94%
94% June
July
99
100% 101
100% 101
100% 100%
99% 100%
98%
97%
100
100%
99%
Jan
69%
97%
100
103% 103%
101% 102
88% 91
96% 98%
54
65%
98% 98%
93% 93%
83
101%
2.000
71,000
............1925
Ohio Citie3 Gas 7s
100
91%
9,000
96%
99
92% June
46,000
97h
99 %
1930
94
5,000
99%
97%
IV*
97
June
94% May
92
Jan
97
June
100%
Jan
Sept
Sept
102%
Jan
99% Sept
19% Sept
103% hhi.i
103
Sept
100
Jan
102%
Sept
100%
Jan
103
July
100%
Jan
103% Sept
Jan
104
100%
100% Aug
Feb
101%
89% June
93% June
97%
Aug
98%
Jan
96%
98%
Sept
Sept
93%
100
Sept
91
Aug
June
99% June
JaD
97%
89% June
Sept
104%
105%
Aug
Aug
96
Sept
Sept
Sept
Sept
98% Sept
98% Sept
100% June
107% Aug
101% July
104% Sent
101% Sept
100%
100%
100%
97% May
99%
Brazil 8s
1941
99%
French Victory 5s
1931
57
$46,000
57
7%
8%
...
{Bremen 4%s
12
{German Gen el 4 hs
12
Hamburg 4%s
(Hamburg Amer Line 4%s
Philippine Govt 5^s„1941
7%
96%
Russian Govt 6^8
15
1919
15%
6%b certificates
1.
5%a
1921
Switzerland Govt 5%B 1929
Odd lots,
14
89%
88c
...
t No par value.
025,000
175,000
1,000
12
010,000
12
030,000
8% 075,000
96% 35,000
15%
6,000
4,000
15%
14
5,000
90% 87,000
88c
0100000
o New stock,
g
w
Ex-stock dividend.
% Dollars per
Marks.
* Correction.
z
y
New York
0222000
7%
8%
98%
49%
Sepi
Sept
Aug
Jan
99% Sept
10%
Jan
18%
Jan
Sept
Aug
Sept
Sept
99%
61%
12
12
12
12
Sept
Sept
7% Sept
96% Sept
12 % Mar
12% Mar
17%
Jan
98%
Aug
23
Mar
20
AUg
Jan
12
79%
88c
21
Mar
Jan
Sept
91
Sept
3
Jan
i Listed on the Stock Exchange this week, where
additional transactions will be found,
Ex-rights,
1,000 marks,
89%
99% Sept
When Issued,
1,000 lire, flat.
City Banks and Trust Cos.—See
x
Ex-dJvi-
{ Dollars
page
1440
Ask.
Equipment 4s
——
325
350
79
Buckeye Pipe Line Co... 50,
Cheeebrough Mfg new...100, 145
95
Preferred new...
100
155
Continental Oil
100
Crescent Pipe Line Co... 50
108
112
Borne Scrymser Co......100.
Central of Georgia 4%S—...
Chesapeake A Ohio 6%s— —
21
27
Cumberland Pipe Line—100
120
125
Eureka Pipe Line Co....100
70
73
Galena Signal Oil com...100
34
36
Equipment 6s—.........
Chicago A Alton 4%s, 5s...
Chicago A Eastern 111 5%s—
Chlo Ind A Loulsv 4%s
80
00
100
80
8 >
100
160
100 155
80
Indiana Pipe Line Co—. 50 *78
International Petrol.(no par) *11% 12
National Transit Co
12.60 *25% 27
112
New York Transit Co
100 148
83
87
Northern Pipe Line Co.. 100
Ohio OH Co
26 ♦250 260
20
Penn Mex Fuel Co...... 26 ♦18
Preferred old
Chic St Louis A N O 50—
Preferred new....
Chicago A N W 4%fl—.
Equipment 6%b
Chloago RIA Pao 4%s, 6s—
Illinois Pipe Line—
....
Colorado A Southern 68—..
Erie 4%s, 6s A 6s
150
25
72%
139% 139%
107% 107%
curren t
—The Columbia Trust Co. has been
p.
1440
notices
appointed Registrar of the Preferred
and Common stock of the Celtic Land & Mortgage Corp.
—Thayer, Baker & Co. of Philadelphia, have opened
ment which is to be under the management of
—Sidney B. Hook is
in their bond
now
department.
a
Maurice G. Rieger.
associated with Stroud & Co. of Philadelphia,
6.62
6 90
838
Standard Oil (Ohio)..... 100 380
Preferred ............106> 102
30
Swan A Finch
100
3(6
Union Tank Car Co...—100
85
100
—100
92
li>2
100
10
270
280
Equipment 4s—.........
Pittsburgh A Lake Erie 6%l.
Reading Co 4%s
*25
6.40 6.00'
6.15 5.85
6.40 6.00'
30
St Louis Iron Mt A Sou 68.*
St Louis A San Francisco 6s.
25
*82
84
Seaboard Air Line 6s
120
130
7.25 6.75'
7.25 6.75
7.30 6.90 •
7.30 6.90'
6.40 0.00
6.10 5.75
6 75 6 25
6 76] 6.25
Preferred
—
Washington Oil
Other OU Stocks
Imperial Oil
-
110
36
—
Magnolia Petroleum
100
*1%
7%
Merritt Oil Corp ....... 10
Mexican Eagle OH......
5 *1512 17%
145
Midwest Refining....... 50 *135
.Tobacco Stock*—
American Cigar common. 100
Preferred
-100
73
77
Amer Machine A Fdry__100
160
American Tobacco scrip
105
British-Amer Tobao ord._£l
*11%
Brit-Amer
Tobao, bearer..£1
(new).—no par
(Geo W) Co, oom.100
Conley Foil
Helrne
100
Tobacco Prod Corp 8% scrip
7% scrip
Weyman-Bruton Co, com 100
Preferred
100
Preferred
Rubber Stocks
Public Utilities
60 ♦10O
102
Preferred-———— 60
*38
89
89
91
150
163
78
81
90
94
Amer Power A Lt, oom.. 100
Preferred
——.—100
62
65
70
73
*9
9%
90
100
95
103
78
82
38
Amer Public Util,
Preferred
""(?%
53%
55
11%
13%
1st
Participating pref
♦70
AAO
Carolina Pow A Lt, com. 100
36
99% 106%
95
100
91
26
160
28*
119
Cities Service Co, oom—100
Preferred
——.100
120
43%
6
8
73
....
6
90
93
Com'w'th Pow, Ry A Lt.100
Preferred ........
100
85
62
85
Eleo Bond A Share, pref.100
90
Federal Light A
9
23
75
pr ices)
•-0
82
72
60
85%
73%
25%
83%
Traotlon.100
8
9
100
Great West Pow 6s 1946.JAJ
62
64
Preferred
80
11%
Mississippi Rlv Pow, com 100
Preferred —...—..—100
First Mtge 6S. 1961... JAJ
10%
2784
45
58
82
02%
Nortb'n States Pow, com. 100
80
66%
81
S f g
26%
"12%
65
deb 7s 1935.. .MAN
Northern Ohio Eleo. (no par)
Preferred
100
10
44
69
Colorado Power, com ...100
Preferred
100
93
160
preferred———.100
100
11
5s,1934
«o
♦34
94%
Miller Rubber.—......100
*2
5
10
25
43
45
100
79
82
North Texas Elec Co.comlOO
76
80
....100
69
72
1% Pacific Gas A El, 1st pref.100
40
Puget Sound Pow A Lt—100
Preferred ——..—100
Goodyear Tire A R, com. 100
Preferred ............100
79
81
16
17%
79
70
Preferred
70
Rubber...—-100
Preferred
1
Portage Rubber, com.—100
Preferred
100
...
Swlnehart Tire A R, com. 100
♦14
Preferred
18
*47
50
♦%
Gen m 7%S
1%
Central Sugar Corp. (no par)
Preferred..
100
2
Cupey Sugar common... 100
Preferred..
..100
50
70
65
70
45
60
90
95
90
95
♦9
14
54
60
100
110
94
99
8
12
10
-
100
Federal Sugar Ref, com.. 100
Fajardo Sugar
-100
Godchaux Sug Inc..(no par)
Preferred
100
Great Western Sug, com. 100
Preferred
100
6
58
76
Preferred
100
80
100
Sugar Stocks
Caracas Sugar
...60
Cent Agulrre Sugar com..20
15
Amer Wat Wks A El
175
Mohawk
—100
42
100
Gen'l Tire A Rub, oom...100
Preferred
8
60
100
(Clew and
7% preferred.....
oom—100
52
100
Firestone Tire A Rub, oom 10
6% preferred———.100
6 00
Amer Lt A Trao, oom....100
Preferred
100
.......
Young (J S) Co....
5.75
6 50
.....
Amer Gas A Eleo, oom...
...—....100
Preferred
108
6.25
6 10
Virginian Ry 0s
16
Porto Rloan-Amer Tob. .100
Scrip
Reynolds (R J) Tobacco. 26
B common stock
25
7 00
Union Pacific 7s
12%
12%
100
Mengfl Co
Equipment 7s—...——
Southern RaUway 4%S
*11%
Imperial Tob of G B A IreJohnson Tin FoU A Met. 100
MacAndrews A Forbes—100
Preferred
Equipment 4%8—....
Southern Pacific Co 4%S—.
*14
100
Preferred
...
Equipment 5s.—.......
Toledo A Ohio Central 4s...
77
82
140
*76
99
1941 ...MAN
6
RepubUc Ry A Light-.—100
Preferred
-100
South Calif Edison, oom.100
Preferred..
—100
Standard Gas A El (Del)—60
Preferred
——50
Tennessee Ry,
Preferred
100
6
15
16
91%
93
99
♦7%
♦33
%
L A P.oomlOO
102
8%
33%
1%
100
5
6
com...100
1st preferred..
100
Western Power Corp.—.100
21
24
United Lt A Rys,
100
Short Term Securities—Pe
Am Cot Oil 6s 1924—MAS2
Amer Tel A Tel 6s 1924.FAA
29
r
30
71
Preferred
73
cent
100
35
50
75
97
99
Santa Cecilia Sug Corp, pf 100
Savannah Sugar, com (no par)
10
•16
20
Amer Tobacco
20
7% notes 1922——.MAN
7% notes 1923——-MAN
AnaoondaCop Mln 0a'29-JAJ
JAJ
7s 1929 Series B
100% 101%
101
101%
90%| 90%
9«% 95
Anglo-Amer OH 7%s'25 AAO
101%! 101%
..100
38
Sug Fin, com. 100
200
100
65
—
Preferred
90%
98%
70
Industrial & Miscellaneous
91
99
99%
6% notes 1922——AAO
42
100
Preferred
West Xhdla
40
.
60
Juncos Central Sugar....100
National Sugar Refining. 100
99% 100
Arm,rACo7sJulyI5'30JAJ15
Deb 6s J'ne 15 *22-JAD 15
99% 99%
43
Amer Typefounders, com.100
Deb 6d J'ne 15 '23 .JAD15
98
99%
39
85
80
Preferred
Deb 6s J'ne 15 '24 .J AD1 £
97
98%
...100
25
Bliss (E W) Co, new—no par *20
Beth St 7s July 15 *22. JAJ15 103
100%
60
*50
Preferred
50
7% notes July 15 *23 JAJ15
98% 99%
97
95
Borden Company, com.. 100,
Canadian Pao 0s 1924.MAS2
99
99%
87
85
Preferred
100
Federal Sug Ref 6s 1924MAN
96% 96%
r«11nlAM
102
Goodrich (B F)Co 78*25.AAO
95% 95%
Celluloid Company
.100 1H0
84% 8f% Hocking Valley 6s 1924-MA8
Cbilds Co com
95
96
.100!
81
Preferred—
...100j 96%' 98% Interboro RT 781921-.MAS 79
112 1116
du Pont(E I) de
KCTermRy 0s '23-MAN15
98% 98%
NemAColOOj
07%! 08%
0^8 July 1931
Debenture stock.
100'
JAJ
99 100%
Laclede Gas 7s Jan 1929 FAA
94
94%
Havana Tobacco Co
100
Preferred
Lehigh Pow Sec 0s 1927-FAA
72% 73%
...100
American Brass.——100. 190
American Hardware——lOOj 131
_
4
200
136
—
n^MVMnvf
1AA
_
_
48
1st g 5s, June 11922—JAD
Salt——.100
f45
40%
60%
AAO
/66
08
*85
Phelps Dodge Corp
100
Royal Baking Pow, oom.100
145
International
67
80
100
81
Singer Manufacturing—100
Singer Mfg, Ltd
'£1
*92
Preferred
trading depart¬
§ 301 5.80
3 15 5.75
6.40] 6.00
—
324
Standard Oil of New Y*k.lOO
International Silver, pref.100
Lehigh Valley Coal Sales.50
Realty and Surety Cos.—See
6.20
6 40
5 85
5 75
5 60
6.40
6.00
7.25 6 50
7 371 6.75
Equipment 6%S—
Mobile A Ohio 4%s. 6s
New York Cent 4%S, 6s....
1st gold 5s. 1951
New York City
Equipment, 7s
....
N Y Ontario A West 4%S—
Norfolk A Western 4%s—
6.60
7 00
6.30
6.30
7.25
6. 0
Northern Pacific 7s
Pacific Fruit Express 7>—
Pennsylvania RR 4%fl—....
395
146
100
5.75
Missouri Kansas A Texas 6s.
Missouri Pacific 5s
385
Preferred
6.15]
6.20
7 00
6.10
.........
70
665
Standard Oil of New Jer.
6.50 6 00
Equipment 6%s
Michigan Central 5s, 6s..
Equipment 6%s A 78—.
(Kentucky).100
6.00
Louisville A Nashville 6s
65
Standard OH (Nebraska). 100
6.75
6.50 6 00
Minn St P A S S M 4%s A 6s
*72
Standard OH
6.50
18 v
545
7.00
7.00
6.25
6.00
6.00
5.75
6.50
6.15 5.75
7 -00 6.26
—...
73
25
..
6.20
Equipment 4%s
Equipment 7s A 6%s—
Kanawha A Michigan 4%s—
li8
Standard Oil (Indiana)
5.85
7.12, 6.65
6.75| 6.25
Illinois Central 5s
370
Standard Oil (Kansas)... 100
6.75
6.751 6.20
6.20
6.75
7.50
7.50
7 00
6.50
6.50
6 20
7 00,
7.60
—
510
Prairie Pipe
Solar Refining
0.25 5.90
7.50
Hocking Valley 4%s, 6s
-—
100 490
Line.....—100 184
100 350
70
Southern Pipe Line Co—100
South Penn Oil
.....100 175
62
Southwest Pa Pipe Lines. 100
Standard Oil (California). 25 ♦75
5 75
6.00 5.75
—
98
6.00
5.75
6 01
Equipment 8s...
Canadian Pacific 4%s A 6s—
Caro CUnchfleld A Ohio 68—
82
Prairie Oil A Gas...
"f."
RR. equipments—-Psr CI.I Basis.
Baltimore A Ohio 4%*.—I 6 50
Buff Rocb A Pittsburgh 4%s
6 0)
Anglo American Oil new. £11 *1484 15
Atlantic Refining
100! 810 900
100 10 % io8
Preferred
Preferred
99%
69%
8%
8%
99%
{Vienna 4s
Bid.
Holly Sug Corp, com (no par)
Government
Municipalities.
Argentine Nation 7s..l923
| Berlin 4s
Standard OH StocksParl
Vacuum Oil
101
Sept
98
Sept
102%
Apr
97
Sept
99% Sept
101
101
1933
cunv
9?%
Bank
Gulf Oil Corp 7s
Heinz (h j) Co 7s
Western Elec
100
75,000
94%
95%
7 % ser gold deb
Jan
77
100
100
.
gold deb 7s
100
94%
97%
43%
Goodrich (b f) Co7s .1925
Grand Trunk Ry 6 ^s. 1936
Otis Steel 8s..
Sept
Sept
Sept
09% Sept
102% Sept
101% Sept
99%
99% Sept
96%
77
Chicago 5%s
1951
GalenarSlgnal oh 7s.. 1930
General Asphalt 8s
1930
Humble Oil a Ref 7s
91
90
101
102
102
Cities Serv deb 7s,SerC.'66
Col Graphophone 8s.1925.
ConsOaeof v v ««
99% 99%
99% 100
99% 99%
98% 99%
100% 100%
101% 161%
94% 95%
Mar
72%
75
j
per
65c
71,000
1"
dend.
11-16
45% $88,000
1922
....1923
6% notes Series a.. 1929
Anglo-Amer Oil 7^s._1925
ArmourACo 7% notes.'so
Barnsdall Corp 8s....1931
Beaver Board Cos 8s—1933
*
% May
% June
15c
Sept
45
100
Anaconda Coo Mln 7s.'29
and
6c
42
1924
6s
Amer Tobacco 7s
Foreign
Apr
Sept
43%
Amer Tel a Tel 6s____1922
ser
1%
Aug
1 11-16 Mar
45
1925
7s
Aluminum Mfgof Am7s.'33
7%
7%
15c
July
43 %
Certificates of deposit...
ser
9c
f
Allied Pack conv deb 6s '39
7%
July
45c
u s Continental Mines new
Jt
Apr
1%
2 5-16 2%
27
49c
First
17-16
37c
37c
,
Sept
1% Sept
6c
41c
Yukon-Alaska Trust
54^
100
25
Yukon Gold Co
July
6c
1%
27
Western Utah Copper
White Caps Mining
Aug
1% Sept
98c
1%
12c
"45c
United Verde Exteo
July
1% Sept
2% Aug
1% Sept
6c
1 5-16
1
1
50c
Tuolume Copper
eastern Mining
United
1
All bond price* are "and Interest" except where marked
10c
June
3o
Quotations for Sundry Securities.
High.
1,600
1,000
2,500
12c
12c
Tonopah Midway..
Tonopah Mining.. — ...i
Trl-Bullion Smelt a Dev. 5
Range Since Jan. 1.
for
of Prices.
1
Superior & Boston
Tintic Stan Mining
Tonopah Belmont I>ev
Tonopah Divide
Tonopah Extension.
Week's Range
Sale.
Mining (Concl.)
1459
CHRONICLE
THE
1921.]
...
100%
96%
89
98%
100%
160
100%
85
100%
83
U 8 Rubber 7%B 1930—FAA 100% 101
94
Utah See Corp 6s '22.MAS16
63% 94%
2% West Eleo conv 7s 1925-AAO) 100% 101%
70
6Basis. 4Purchaser also pays accrued dividend.
tLast sale, n Nominal. • Ex-dividend, y Ex-rights.
♦Per share.
/Flat price.
•2
90
LiggettAMyersTob0«'21 JAD 100 K*
Pub Ser Corp N J 7s '22.MA8
95%
'29..FAA
87
Southern Ry 6s 1922—.MAS
98%
Swift A CO 7% '25.-AA015 100%
7% notes Aug 15 1931
10J%
Texas Co 7s 1923
MAS 100
Slott Sheff 8 A16s
«New stock
1460
taestromt anil Mnilwxtl %nUllx$mt£*
RAILROAD GROSS EARNINGS
table shows the gros3 earnings of various STEAM roads from which regular weekly or monthly returns
can be obtained.
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from Jan. 1 to and including the latest week or month.
The returns of the electric railways
tre brought together separately on
a subsequent page.
The following
Week
J10ADS.
Current
Previous
Year.
or
Year.
Year.
Month.
$
$
$
$
310.213 2,154.138 2.253,747
297,055
120.996 3.491.154 3,724,342
124.502
17908777 19939620 122591692 137492643
August
2.738.798 1,962.932 16.749.990 14,043.838
July
800.860
4.969.485 4,793,686
835.921
July
3,873,436
489.802 2,000,124
230.888
August
237,500
1.155.740 1.720.285
200.1 <17
July
850,991 3,375,196 3,392,174
752.749
Atlantic City-.
August
Atlantic Coast Line August
4,175,444 5,744,865 45,193,753 48,455,333
17933438 19144 329 130 "02162 138003473
Baltimore <k Ohio.-)August
145.776
1,397.266 1.121,444
188.608
BftOCb Term-. July
424.734 4.551,464 4,074,026 i
404.116
Bangor & Aroostook August
59.270 ;
11.287
40,976
4.573
BellefonteCentral.. July
410,605 3.486.004 2.662.201 I
550,193
Belt Ry of Chicago. August
Bessemer & L Erie.
August
1,696.766 1,652.351 9,108.219 8,183.636
171.316
116.649 1.080.372
10.1.54
Bingham & Garfield July
7,240,749 8,189.327 50,931.701 54,161,218
Boston & Maine
August
595,b'»7
124.0441
700,891
99,827
Bklyn E I) Term... July
577,413 10.642.985 16,016.679
275,149
Buff Roch Ac Pittsb. 3d wk Sept
252.834
1,313.902 1,838,276
152,173
Buffalo A; Susqu
August
70,815,411
Canadian Nat Rys. 3d wk Sept 2.526.456 2,293,007 75.088.488
Canadian Pacific
3d wk Sept 4,980 000 4,605.000 127453000 137873000
600,841
4,833,955 4,590.502
607.280
Caro Clinch & Ohio. AugustJ
1,729,685 2.117,810 14,913,640 16,709,199
Central of Georgia.. August
4,887,844 5.038.245 34.668,197 30,912,382
Central RR of N J_
August
677,2441 4.X02.9X' 3.56 >.347
693. > •
Cent New England. July
643,451! 4,258,139 4,358.279'
631.2Z5
Central Vermont
I August
293,491
1,950.578 2,028.352
252,481
Charleston k W Oar July
7,086,8*3 7.615,757 56,960.647 53,761,378
Ches & Ohio Lines. J August
Alabama & Vlcksb.
Arbor
Atch Topeka & S Pe
Gulf Colo & 8 FePanhandle 8 Fe._
Atlanta Birm & Atl.
Atlanta A West Pt.
Ann
Week
Previous
Year.
Current
August
3d wk Sept
Chicago & Alton
[August
August
August
Chicago A East 111..
Chicago Great West
Chic Ind A Leulsv
Chicago Junction.
Chic Milw A St Paul
Chic A North West-
16494580 15486356 108921 172 114807 771
2.574,973 2,855,077 17.613,395 18,965.767
15,952,505
2,320.927.2,149,576 15,952,505 15,100,557
1,363,190 1.528,562 9.963,862 9,888.557
432,403
2/9.'»S2.X9t.>»2 1 774 1 lei
143816601 14158568 94,348.780 105640277
"
August
August
July
August
August
Chic Peoria A St L- July
August
Chic R I A Pac
Chic R 1 A Gulf.. July
Chic St P M A Om_ August
14875967115287252,94.697.431
102930480
1,402,361
1.135,474
12922058 12634 768 86.818,462 86,653,601
178.855
7
*
',7
'
237.215
i
177
4 27>
170i
3. rs»
s >s
2,822,486 2,803,630 18,129,997 20,256.826
392.33/
2,4 10,459
■2,006,890
308.9
Western July
602.961 17,358.892 19.563,905
Colo A Southern— 1st wk Sept
442,720
6.81 1 "16
0.25+7 >
July
Ft W A Den Cit y
1.01*.jox 1.101.355
Cine lnd &
Trin A Brazos Val July
Wichita Valley
271,330
122,781
88,281
100.925
3,965,073 4.085.257
7,599,717 7,629.678
Delaware A HudsoD July
Del Lack A Western
135.238
138.920
\
July
Cumb Val & Martins August
August
2.738,016 3.419.764
27',093
277,949
180.614
184.110
Denv A Rio Grande July
Denver A Salt Lake July
Detroit A Mackinac July
Detroit Tol A Front. August
763,810
256.333
Dul Missal)® A Nor. August
Dul Sou Shore A Atl 3d wk Sept
Duluth Winn A Pac July
East St Louis Conn. July
j July
Elgin Jollet A East. August
El Paso A Sou West July
August
Erie Railroad
Chicago A Erie.- August
NJ AN Y RR— July
Florida East Coast- August
Fonda Johns A Glov August
Ft Smith A Western July
Eastern HS Linos
91,067
10.5.369
123.363
132.070
114,588
753.6n ;
Det A Tol Shore L— July
Dul A Iron Range._ August
399.142
1.000.035
932,073
511,906
26,376,330 22,805.980
57,374.400 49.451,486
16,978.783 20.661.698
1,439,218 1,416,578
1.100.805
1.062,008
3.068.362
4,541.411
1,428,940
1,171,657
3,700.772 6.985.449
8.754,680 12,215,918
3.285,582 4,016.449
1,496.356
1.370,305
931.850
727,724
1.568.613
925.762
9/4.506
691 .%
204,625
791.423 1,626.530
2,188,959 2.925,5.37
185.093
•>.0 >X.6->
990,889 1,227.247
7,031.203
135.769
120.04.3
707.393
8.37.022
119,226
113.744
1.34,161
138,123
855,759
9,728.443
898.273
July
285,724
107 618
•Georgia Railroad— July
Georgia A Florida— July
417,192
128,260
544.157
Gal
•
vc* ton
Whatf
Grand Trunk
Syst_
Atl A St Lawrence July
June
1.027.656
938,212
996.220
540 885
816 "60
3,053,458
819,663
3,724,521
790,441
1,6747175
1
135,179
145.749
Lehigh A Hud River
Lehigh A New Eng.
Lehigh Valley
Los Ang A Salt Lake
963,476
764,533
2,271.453 2,450,134
9,736.724 11,064,291
202.562
154.867
1,219.100
1,88 > I 43 1,90 ' 44
147,391
205,465
30,117
85,570
August
August
July
Louisiana A Arkan
July
Louisiana Ry A Nav July
Louisville A Nash v. August
Lou is v Hend A St L July
Maine Central
August
Midland Valley
August
Mineral Range
3d wk Sept
Minneap A St Louis 3d wk Sept
Minn St P & S S M_ August
Mississippi Central
July
Missouri Kan A Tex August
14.7D.5i
138.147
211,065
271,269
August
July
274,076
288.719
114,828
316.373
10239879
2 *>.(H
321.863
2.162.756
2»9).:c8
1,6'>u,o >i
Columb & Greenv
Monongafcu la
Monongahela Conn.
Montour
Nashv Chatt A St L
Nevada-Calif-Ore
Nevada
(20 roads).
13.598.294
(19 roads).
1st
18.335.255
13.508.904
2d
week
Aug
(19 roads).
14.213.116
16.527.565
3d
week Aug
(19 roads).
14.019.071
16.587,168
(10 roads).
17.389.500
14.508.570
19.310.156
16.4H2.977,
14.895.215
17,295.330
17,499.614
Aug
1st
week
Sept (18 roads).
2d
week Sept
week Sept
3d
(17 roads).
(18 roads).
Ind
13,432.807
15,663.906
81.553
Lake Erie A
Michigan
17,964,669 17,864,733
West July
Central'August
—
♦
Pitts & I.ake Erie August
Tol A Ohio Cent. August
Kanawha & Mich August
N Y Chic & St Louis August
N Y Connecting
July
N Y N H A Hartf.. August
N Y Out A Western August
N Y Susq A West.. August
Norfolk Southern ..'August
Norfolk A Western. August
Northern Pacific...(August
N or th western Pacific August
Pennsylv RR A Co. August
Balt Ches A Atl.. August
Cine Leb A Nor.. August
Grand Rap A Ind August
August
Long Island
August
Mary Del A Va
N Y Phfla A Norf August
Tol Peor A West. July
W Jersey A Seash August
Pitts C C A St L_ August
Peor a A Pekio CJu. August
Pere Marquette.
August
Per ki omen
Phila A
July
August
Reading
Pittsb A Shawinut.. July
Pitts Shaw A North July
Pittsb A West
Port Reading
Va__ August
July
Quincy Om A K C-- July
Rieb Fred A Potom
July
Rutland
August
St Jos A Grand Isl'd August
St Louis San Fran.. August
Fx W A Rio Grande August
St L-S F of Texas. August
St Louis Southwest. August
St L 8 W of Texas July
3d wk Sept
system
St Louis Transfer.. July
Total
8an Ant A Aran Pass
July
35.931,115 38.982.937
651,748
1,118,012
71,952,075 73,854.231
13.022,096 12,796,17/
957,116
1.173.405
2.191,399
2.041.829
462,814
2,039,893
869,703
1-014.225
13,757,230 15,795,340
249.513
218.130
223,438
1.108.512
730.495
912.272
1.478,292
1.516.954
1,298,578
479254
3,421.526
27636014 33715149 211457856
675.529
737.851! 5.078,284
704,020 1.120,854
5.158.380
6,713,198 8,306,147 47,544,257
7.091.001 7,945,179 52.927,268
326.003!
290.755
2,078,666
1,694,007 3,359.594 15.575.403
1,047.499 1,353,300 6.971.789
481,093
458,582 3,191,738
2,383.358 2,666,717 17,632,207
1.448,171
1.425.807
1.195.176
253.688
187.544
428.793
Cleve C C A St L August
Cincinnati North. July
Year.
221,213
131.739
Belt. July
Previous
Year.
137.4 Vi
217.644
August
Central.
Harbor
196.946
3.983.221
229500914
4.537.250
6.339,821
55,379,972
55,406.591
1.865.038
18.872,532
7,719,792
3,178,034
17.320,504
277.589,
120.056 2.061,322!
453,449
10231624; 11730439 75,333,512 77.488,756
9.?*14,4771 8,439,085
1,5 8.680 1,5*0
373.8171
400,831
2,879,238 2.823,710
5.231,451
5.088,996
6.806.597 7.491,820 52.785,016 52,854.636
8,921.239 9.652,139 57 225,813 69,829,624
959,848
877.577 5,609.266 5,046,610
428>858S51->12/14 332653133 337362258
1,025.846
2' 2 800
214.59
1,133,0-2
798,020
100,078
747,173
104,412
968 268
5.609,966 5,944,255
808 804
3,199,965 3,011,381 19,282,531 16,658,293
610.014
6
8,15
827,802
5.196,487
1,157.296
9 043,458
9,161,697
8,189,114,7,383.815,63.710,814 67,816,176
156.741
i 83,1/2
477.555
885.4-2
846,935
4,150,120
935,122
127,807
159,008
1,829.642 2,2 3,w;0
1.021.1 II
131 *21
140, r0i
1, >87,674
4,010,500 3,711,230124,318,046 25*010,358
655.331
10*0361
99.UOS
754,333
7,122.009 7.607,424 56,254,958 55,922,071
906,670
691.235
74.005
142,314
798,644
683.169
86 957
122.811
1,444,408
1.288.943
265.155
174.886
952,433
129.822
108,721
1,336,525
728,525
97,244
735,867
107.603
912.958
6,453.246
818.324
6,217,,709
543.874
3,632,533
574.2.0
3,853,210
326.100
2.088,739
295.92*
2,111,00
7,515,558 8,100,832 54,034,447 58,028,517
1, 0,3 0
1,234,664
167,860
1.137,039
159.153
1.092,410
177.031
1.231.202
1,323,935 1,843 238 10,950,955 13.343.510
641.9221
714,043
4.255.635 4,944,775
662,890 17.047.821 21,059,888
456,670
753.083
654,276
101,220
2.640,686
510,782
3,370,101
128,747
718,593
856,148
3.173.979 3,620.263 25 352,190 28.297,327
17544289 17518559 126086011 125112976
24212913 23841265 177088786 173210705
88.204
556,762
99.095
San Ant Uvalde A G July
Seaboard Air Line.. July
Southern Pacific
August
Southern Pacific Co August
AGamic S S Lines August
Arizona Eastern. July
Galv Harris ASA July
Hous A Tex Cent July
Hous E A W Tex. July
6,869.80*
3.490,998
9'0.39l
495,440
343,914
2.348.207
176,424
1,763,422
1.818,413 2.120,263 14.650.265 14.009,471
928.333
7,173,207 6.249,335
1,101,335
258,196
379.004
Louisiana Western July
Morg La A Texas July
Texas A New Orl August
445,676
1.611,826
2,476,292
1,676,373
3,014,939
95*
720.849
4.987.305
713,387
921.505
5.676,823
5.883,394
6,356,149
691
222,125
Southern Railway.. 3d wk Sept 3.202. 65 1,289,67* 1196O0351 139142332
Ala Great South. August
7.51,653 1,118.079 6,207.828 7,364,260
Cin N O A Tex P. August
Georgia Sou A Fla August
New Orl A Nor E. July
Northern Ala
July
Spokane Internat.. July
Spok Portl A Seattle July
Staten Island R T_- August
Tenn
Ala
A
Georgia 3d
wk
Sept
Tennessee Central.. July
Term R R Assn of St L July
St L Mer Bdge T. July
3d wk Sept
1,361,332 2.007,672 11,567,208 13,231,729
3.488,449
473.492 2,989,647
372.769
664 72*
485.965
3,747.350 4,291,953
125,616
503.140
871.508
58,296
130.615
738.729
871.662
105.613
813.495
4,184,135
4,843,471
653.258
248.010
1,538,370
237,739
1.688,132
•1.551
4.910
178,526
346.192
231.288
277.296
356.183
907.867
395.043
Texas A Pacific
660.346
Toledo St L A West. July
Ulster A Delaware.. July
736.597 1,017,670
Union Pacific.
Total system
August
August
Oregon Short Line August
Ore-Wash RR A N August
Union RR (Penn).- August
Utah
August
147,368
249,235
12004160 12542760
18444007 10581605
140.096
89.-03
1,629,317
1,356,922
2,511.511
2,522,522
2,155.426
2.019,880
25,307,615 28,623,208
6,284.977
5.094.485
724,985
933,814
70,031,399 79,034,117
110342210 128846408
3.537.401 4.036 698 21,780,680 28.274,562
2,898.442 3,002,237 18.530.140 21,537,728
937.626
821.481
6,232.916
6,540.534
95.033
181,430
1,216,024
2,960,329
721,478
361,36351.322.722,117
1,448.654 1.676,133 12,594,828
Railroad. August
Railroad.- August
5,406.857 5,761.056 39,101.778
312.936
Maryland. 3d wk Spet
506.-03 12,92-,549
Pacific
1.017.930 1,433.074
6,573,620
July
213,019
208.783
1.422.900
Ry of Ala.. July
Lake Erie. August
9.808,359
1,582.179 1,716,781
Vicks Shrev A Pac.. August
Virginian
Western
Western
Wheel A
Wichita Falls A NW August
Yazoo A Miss Valley August
398.535
267.087
10,498.820
36,552.106
12.568,423
8.122,266
1.576,668
10,453,395
1.904,123
1,776.389
1,583,219 2,899,304 13,080,885 19,630,599
GROSS EARNINGS—Weekly and Monthly.
Increase
Current
or
Decrease.
Monthly Summaries.
%
Curr.Yr.
Mileage.
week July
week Aug
4th week
Northern..
New York
Western
Year.
_
Beaum SLA W__ July
8t. L Browrisv A M July
Wabash
Previous
Year.
-
New burgh A Sou Sh «uly
New Orl Great Nor. July
N O Texas & Mex.. July
1.72<>,un<>
*+G3
*5.110
509.S-J9
539.H53
3.257.209 3.656.234 22.097.621 '95,673,236
Year.
Date.
Current
Previous
Year.
2,379,554 2,408.100
5 691 772 5 938,520
85,666
200 278
10591860 10243187
August
3d wk Sept
290,174
412.458
101,997
139,384
August
30L223
323.982
July
49,719
272,064
August
100,756
167,738
August
1,807.919 1,941,109
August
1st wk Sept
11.443
12.559
15.695
168.954
July
Missouri Pacific
Mobile A Ohio
1,669,586 1.888.258 13.697.048 12,809,907
466.445
369.540
2,955.613 3,133,342
3,854
10,437
225.794
470,170
370,459
492,695 11,303.850 11.764.438
3.959,470 4,46 ">,270:26,872,985 30.074,370
(18 roads).
(19 roads).
2.287.678
11272073 77,454,579 81.303,721
week July
week July
3d
851.161
1,344.029
813,240
846,371
1.489.605
396,319
437,362
2,923.015
6.587.340 7,130.353 49,689.364 44,859,896
1,626.089 1,985.935 11.590.155 11,209.025
251,415
322,698
1.935.296
2.343.753
Current
4th
13.512 710
905,104
1.353.338
104.256
857,733
V1,805,97ft
3,048,067
AGGREGATE OF
Weekly Summaries.
922.837
1,679.784 1,612.034 13,298,298 11,902,049
160,939
170.655
1.261,386
1,173.313
Kansas City Term
July
Kan Okla A Gulf
July
Lake Sup A Ishpem. July
Lake Term Ry
1,719,220
116.372
496.613
477.485
1,552,329 2.558.489
9,606,158 10533312 59,652,907 76,280,947
794.Q93
98.200
101,625
697,755
287.118
2.368.767 2.053.482
319.441
247.087
233.981
1.625,455 1,633,383
1.355.653 1,523.062 7.736.526 7.972.580
12386163 12488633 92.828.040 89,914.786
1.587,616 1,458,448 11.061.580 9,606,736
156.354
147,534
1,747.344
1,727,731
148,729
986.144
152.812
902.042
August
Total Hvstom
235.842
129,755
OhDetCanGTJct
Det G H A Milw.
Grand Trk West.
Great North System
2d
7,807.734
714,673
9.099.129
3d wk Sept 2,277,977 2,483,460
July
August
August
Green Bay A West. July
•Culf Mobile A Nor_ July
Gulf A 8hip Island. July
July
Hoctcing Valley
Illinois Central
August
Internat A Grt Nor_ July
Internat Ry of Me.. July
Ran City Mex A Or July
K C Mex A O of Tex July
Kansas City South. August
Texark A Ft Sm__ July
•
2.311.252
1,454,091 2,124,756 13,129,540 14,845,057
976.9X6 1.208.003
6.9*0,003 8.246.938
9,360,470 9.481.442 67.460.494 64.797.910
Current
Mo K A T Ry of Tex August
Total system ..
July
Mo A North Arkan
July
-
Chic Burl Jc Quiacy.
or
Month.
,
3;09i;248 2,618.421 20.189.008 18,588.141
Jan. 1 to Latest
Latest Qross Earnings.
'Jan. 1 to Latest Date.
Latest Qross Earnings.
15.289.104
15.925.8.54
21.923,022
-1.856 ,297 12.14
October
-2.327 ,560 14.61
November
December.. -229.422
15.671.922
-3,587 ,767)16 37
-2,163 ,0l8|l3.80
-2.314 .449; 14.00
-2.568 .097; 15.48
-1.920 656
January
February
March
.231,439
.
-235.213
-232.492
-235.653
-234,832
-220,340
Prev.Yr.
Previous
Year.
Year.
Increase
or
Decrease.
%
s
229.935 633.852 568 503 ,281,630
233.839 592,277 620 438 .038.048
228,134 539.197 615 443 .124,176
231.513 469.784. 542 503 .011.129
234.510 105.001 273 424 ,172,348
233.839 156.978 910 458 .462,330
219.743 411.279 831-381 ,112,844
+ 130570938
+ 154 239572
+96,073.439
—33,226,587
—19,171,075
—1,483,390
25.94
35.21
21.68
6.60
4.52
00.32
9 95
A Dril
+30,166,987
7.PI
-1,954 .407! 11.87
-2.401 .115 13 88
-1.835 708 10.49
May
-235.333
June
-235.208
234.910 414.028 885 457 .243.216 —13.214.331
235.059 460.582, 512 494 .164,607 —33,582,095
6.79
July
.230.991
230 419 460.989 697 527 396.813 —66.407 116 12.59
2.89
Oct.
1
1921.]
THE
CHRONICLE
—Gross from
Latest Gross Earnings
by Weeks.—In the table which
follows
of
we sum
separately the earnings for the third week
up
September.
The table
covers
18 roads and shows
decrease in the aggregate from the
10.49%
week last year:
same
1461
Railway
1921.
Net from Railway
1921.
1920.
3
$
1920.
S
$
Cumberland Valley & Martlnsburg—
August
100,925
88,281
From Janl
974,506
27,450
393,550
511,906
—51,539
Week of September.
1921.
1920.
Increase.
Buffalo Rochester & Pittsburgh
Canadian National
7,599,717
7,629,678
1,740,583 -1,380,607
From Jan 1 57,374,406 49,451,486
10,515,250
2,116,562
Decrease.
Railways
Canadian Pacific.....
Duluth South Shore & Atlantic
Grand Trunk of Canada
Grand Trunk Western
91,067;
Canada Atlantic
Mineral Range
302,264
233,449
375,000
August
2,483,460
205,483
3,854
370,459
...1
Iowa Central
Sti Louis Southwestern
.
_
10,437
492,695
6,583
122,236
456,670
3,292,765
290,174
1,551!
660,346
Railway
Total (18 roads)___
662,890
4,289,678
3,389
907,867
505,703
312,936
15,663,906 17,499,614
—
206,220
996,913
122,284
412,458
4,940
(10.49%)-
earnings
247,521
193,767
611,955 2,447,663
1,835,708
Monthly to Latest Dates.—The table
following shows the
of
399,142
215,594
3.068,362
1,335,775
1,626,536
6,985,449
2,925,537
12,215,918
2,124,756
14,845,057
gross
STEAM
and net earnings with charges and
railroad
and
industrial
companies
reported this week:
791,428
3,700,772
2,188,959
From Janl
8,754,680
August
1,454,091
From Jan 1 13,129,540
Aug
Net from Rallway-
—Net after
Taxes—
1921.
1920.
1921.
1920.
«
S
S
$
$
Alabama <fc Vicksburg
August
297,055
310,213
71,666
2,253,747
2,154.138
75,563
—99,082
325,208
52,780
-75,610
-113,721
209,536
Ann Arbor—
9,360,470
496,935
3,213,904
469,445
134,080
395,774
3,215,852
Atchison Topeka & Santa Fe—
Aug
17,908,777 19,939,620
From Jan 1 122 591692
-128,336
113,661
.145,871
—3,657
238,261
-184,034
8,902,719—6,512,137
7,214,867—7,465,938
137492643 35,497,442 22,423,092 277,85,995 15,062,262
.-22,492,587 23,286,111
From Janl 149 419 591
8,342,586—3,749,509
27,158,772 23,343,035
...
160 249085
Atlanta Birmingham & Atlantic—
August
230,888
489,802
2,000,124
—114,713
3,873,436 -1,130,406
—378,484 —133,120
—775,195 -1,281,711
—395,060
—907,939
Atlantic City—
August
850,991
345,174
335,445
326,413
314,358
3,375,196
From Janl
3,392,174
639,534
641,753
486,545
526,921
Atlantic Coast Line—
4 175,444
From Jan
5,744,865
48,455,333
Y45! 193 J53
—327,181—1,532,089
3,037,130
—34,769
August....17,933,438 19,144,329
3,441,402 -4,676,113
2,747,533 -5,392,414
From Jan 1 130702,162
138003,473 19,172,888 -5,554,891 14,380,719-10,280,609
Bangor & Aroostook—
Aug
404,116
From Janl
424,734
4,074,026
4,551,464
47,917
290,684
—94,730
—3,680
Bellefonte Central—
4,573
11,287
—1,288
1,395
59,270
—11,558
1,506
5,219
—1,489
40,976
—12,965
4,442
550,193
410,605
161,342
-250,794
131,080
-275,561
3,486,004
From Jan 1
2,662,201
747,071
-131,866
533,117
-341,234
Belt Ry of Chicago—
August
From Jan 1
Bessemer & Lake Erie—
August....
1,696,766
1,652,351
From Janl
9,108,219
8,183,636
652,904
1,041,788
227,200
620,726
794,653
986,029
211,398
863,401
Boston & Maine—
August
7,240,749
8,189,327
864,434 -3,461,338
1,115,831 -3,148,560
From Jan 1 50,931,701 54,161,218
-3,627,416 -9.462,968 -1,671,830 -0,291,540
Buffalo Rochester & Pittsburgh—
Aug
1,256,683
1,938,489
31,351 —213,293
From Jan 1
9,479,874 12,584,417
2,577—1,571,236
Buffalo &
Susquehanna—
Aug
152,173
1,313,902
From Janl
252,834
—19,522
—328,925
1,838,276
-181,139
-22,822
-355,325
-358,979
192,339
-415,779
Canadian Pacific—
Aug
...17,064,265 17,994.769
From Jan 1 116 892865
2,576,139
127428116
2,200,813
17,580,621
15,248,484
Aug
600,841
192,100
67,462
161,889
32,122
4,833,955
4,590,502
1,153,769
833,748
911,674
582,302
2,117,810
From Jan 1 14,913,640 16,709,199
76,271
—578,445
1,958
-713,247
1,001,656
—213,424
364,495
-924,455
1,729,685
4,887,844
707,393
From Janl
837,022
9,099,129
From Jan 1
5.038,245
909,691—4,433,321
5,235,251—6,116,904
34,668,197 30,912,382
631,275
From Janl
43,451
4,258,139
4,358,279
-30,767
—357,224
—51,668
—374,916
-767,416—1,133,771
—935,017—1,273,331
7,615,757
1,549,145 -1,104,488
53,761,378 11,000,972
4.319,973
1,319,398 -1,454,366
9,153,268
2,240,319
Chesapeake & Ohio—
August
7,086,883
From Jan 1 56,960,647
Chicago &
Alton—
Aug
2,618,421
796,604
-410,200
710,275
—477,752
18,588,141
2,394,476
562,334
1,727,840
27,670
Chic Burl & Quincy—
16,494,580
From Janl 108921
From Jan 1
15,486,356
172 114807,771
5,415,114—3,873,025
25,659,115
8,673,893
4,375,960—4,566,998
19,004,488
2,968,313
From Jan 1
9,728,443
From Jan 1
July...
125,372
590,752
12,740
—76,887
—228,159
1,969,445
—319,838
2,349,611
—274,724
268,821
—369,039
L476.051—1,961,738
335,059
795,041
783,465
277,778
849,687
363,481
732,327
469,767
17,533
141,787
4,244
32,523
9,733
90,959
—2,580
—15,469
17,533
141,787
4,244
32,523
9,733
90,959
—15,469
104,625
98,206
794,923
697,755
v
—2,580
Great Northern—
Aug
9,606,158
10,533.312
From Jan 1 59,652,907
2,307,237—5,397,060
76,280,947
6,699,502
Aug
.12,386,163
325,330
1,568,387—6,328,066
793,954—6,386,259
12,488,633
1,941,774—4,110,733
1,268,838—4,873,350
89,914,786 16.569,665
2,553,860 11,229,857—2,577,799
From Jan 1 92,828,040
City Southern-
August
1,679,784
August
85,570
3.048,067
396,319
2,923,015
140,533
665,082
—118,377
448,026
125,080
541,458
—133,830
323,188
Lehigh Valley—
August
6,587,340
7,130,353
From Janl
From Jan 1 49,689,364 44,853,836
Aug.
1,587,907—1,663,209
2,709,303
633,696
1,888,258
12,809,097
188,370
—455,032
—510,179—1.827,592—1,355,301—2.602,969
Aug
1,669,586
...
From Jan 1 13,697,048
558,543
—754,448
480,641
2.343,293—1.595,644
August
369,540
2,955,613
From Janl
1,773,409—2,165,345
466,445
14,875,967
94,697,431102,930,480
15,287,252
296.234
Aug
3,257,209
3,656,234
22,097,621 25,673,236
From Jan 1
Aug
2,379,554
From Jan 1
178,401
—960,470
-493,800-1.884,979
367,876 -1,533,201
1,776,268 —408,767
1,106,654
4,191,486
136,952
1,867,617
810,437
2,961,299
13,763
928,487
2,408,100
17,964,669 17,864,733
681,416 —981,840
3,750,571—3,922,748
632,492—1,008,354
3,361,901—4,360,924
July.......
85,666
200,278
—22,606
651,748
From Janl
1,118,012
—333,895
16,784
—148,490
—27,001
—365,605
* 10,892
—190,683
Missouri Pacific—
Aug
From Jan 1
10,591,860 10,243,487
71,952,075 73,854,231
3,283,417—7,858,477
9,717,546—1,478,794
2,886,869-9,329,834
7,172,366— 5,906,960
Columbus & Greensville—
August
101,997
957,116
From Janl
139,384
—9,441
1,173,405
—146,013
1,438,708
1,562,754
11,756,705
11,977,021
Monongahela Connecting—
August
49,719
—95,115
—322,017
—26,250
—260,839
—104,915
—400,434
114,271 —516,158
401,946—1,757.445
..
272,064
3,580
65,461
2,039,893
—27,488
529,928
1,935
—41,585
100,756
From Jan 1
167,738
3,412
13,010
869,703
288
15,490
—129,181
215
1,014,225
—29,510
—148,607
362,162
130,500
—719,438
462,814
August
From Janl
50,112
393,853
Chattanooga & St Louis—
August
1,807,919
1,941,109
13,757,230 15,795,340
From Jan 1
402,005
528,594
—664,207
—97,476
—458,617
New York Central—
August
27,636,014 33,715,149
6,686,950 Dfl982,*63 4,914,114
-3,080,218
From Jan 1211457,856 229500,914
39,267,643
2,718.852 12,600,537 -8,583,505
Michigan Central—
August...'. 6,713,198
8,306,147
1,698,535
461,789
1,473,444
426,824
From Jan 1 47,544,257 55,397,972
9,564,964
4,622,434
7,768,932
2,827,102
Aug.
7,091,001
From Jan 1 52,927,268
Aug
7,945,179
55,406,591
986,528
5,526,943
1,694,007
3,359,594
15,575,403 18,872,532
From Jan 1
Aug.
1,047,499
6,971,789
From Janl
433,518
5.743,048
—390,160
—519,422 -3,708,240
—178,897
-621,283
Aug
918,131
-430,500
From Jan 1
— —
......
,
2,510.619—8,018.280
2,928,636-13.341,880
125.451
2,815.182
2,999,101
11,426,490
Chicago St Paul Minneapolis & Omaha—
Aug
2,822,486' 2,803,630
813,856—1,132,951
1,686,026
90,116
—88,100
—109,848
—550,081
464,096
2,950,309
......
3,178,034
177,695
2,664,493
Louis—
2.383,358
17,632,207
...
458,582
178,769
94,458
536,979.-337,780
2.666.717
-
17,320,504
N Y New Haven & Hartford—■
3,811,65,5—6,737,511
2,063,501—5,969,734
-
1,353,300
7,719,792
3,191,738
Chicago & St
Aug
...
From Jan 1
New York
1,630,141
50,694
235,452
Missouri & North Arkansas—
268,829
3,275,086—7.339,862
8,955,948—3,467,903
12,634,768
3.320,035
86,653,601 15,063,846
99,270
460,501
Missouri Kansas & Texas Ry of Texae—
Aug
—333,713
—535,271
1A14.048
—21"U*fl
999,748 -1,650,432
2 41 L569-D:4,232.827—779,589 -7,117,000
1.582,215
357,976
—353.637
8,439,085
1,467,691
—35,728
315,987
1,175,893
—400,371
—320.822
Susquehanna & Western—
August
•
373,847
400,831
52,183
—87,334
26.345
—111,514
2,879.238
2,823,710
158.620
—598,036
—48,555
—772.007
Southern—
671,607—1,273,678
Aug
531,463
From Janl
516,439
11.730.439
Western—
1,578,680
9,714,477
...
From Jan 1
Norfolk
10,231,624
75,333,512 77,488,750
Ontario &
From Janl
New York
58,037
525,846
Missouri Kansas & Texas—
-39,282
Chic R I & Pacific—
From Jan 1 18,129,997 20,256,826
107,434
3,133,342
Aug
1,500,628
1,365,853
255,563 —902,648
From Jan 1 10,321,601 10,466,948
125,265—1,407,548
Minneapolis St Paul & Sault Ste Marie—
August
3,959,470
4,465,270
630,951 -1,141,165
From Jan 126.872,985 30,074,370
469,040
2,157,350
-576,374
Chicago & North Western—
From Jan 1
—559,702
Minneapolis & St Loub—
N Y
330,842
1,403,706
82,610
Midland Valley—
—836,133
Aug
1,317,874—1,966,126
339,594—1,879,455
11,272,073
From Janl
105640277
858,583 -2,207,682
913,468 -9-.590.390
81,303,721
Kanawha & Michigan—•
Aug..
481,093
..14,381,660 14,158,568
1,014,762 -2,011,610
2,256,935 -8,018,013
10,239,879
—719,216
1,528,562
14,637
From Jan 1 77,454,579
—310,595
9.888.558
—265,081
935,422
—45,523
—166,907
575,061
1,363,190
404,243
2.98G.696
8,755
36,733
341,067
9,963.862
1,495,847
—39,706
—120,118
54.531
From Jan 1
—191,643
84,408
857,733
—210,282
Aug.
481,911
3,605,257
114,828
846,371
From Jan 1
Lehigh <fc New England—
August....
437,362
695,367
2,320,927
2,149,576
15,952,505 15,100,557
1,612,034
11,902,049
From Jan 1 13,298,298
1,075,308
12,922,058
—35,883
98,206
697.755
104,625
794,923
From Janl
2,855,077
From Jan 1 86,818,462
169,123
362,817
Green Bay & Western-
1^,965,767
Chicago Milwaukee & St Paul—
August
1,062,938—5,119,444
2,314,652-15,556,298
Great Northern System—
2,574,973
Chicago Indianapolis & Louisville—
Aug
1,365,554—4,867,803
4,670,407-13,529,831
1,552,329
2,558,489
9,736,724 11,064,291
17,613,395
From Jan 1 94,348.780
—301,888
2,032,404
Toledo & Ohio Central—
Chicago Great Western—
Aug
443,415
2,827,505
Pittsburgh & Lake Erie—
Chicago & Eastern Illinois—
August....
2,446,670
Clev CIn Chic & St Louis—
3,091,248
From Jan 1 20,189,008
August
—250,286
Grand Trunk Western—
Nashville
Central Vermont—
Aug
510,635
3,406,405
1,765,140
Montour—
Central Railroad of New Jersey—
Aug..
5,809,550
1,227,247
7,807,734
7,031,203
August
From Jan 1
Central of Georgia—
August—.
1,438,978
2,592,326
9,481,442
990,889
From Janl
Aug...
607,280
From Jan 1
1,914,739
6,444,533
Mobile <fe Ohio—
Carolina Clinchfield & Ohio—
Aug.......
1,554,050
3,432,396
842,294
Maine Central—
Baltimore & Ohio—
July
2,788,242
Louisville & Nashville—
752,749
Aug
413,612
314,559
Lake Terminal Ry—
Atchison Topeka & Santa Fe System-
From Janl
925,234
3,156,844
Florida East Coast—
Kansas
Aug
462,499
549,577
—431,040
Illinois Central—
____
From Jan 1
—640,874
From Jan 1 67,460,494 64,797,910
From Jan 1
August
197,234
1,242,751
Chicago & Erie—
July
—Gross from Railway
1921.
1920.
From Jan 1
—421,581
—568,426
Duluth Missabe & Northern—
August
surplus
763,840
4,541,411
Erie Railroad—
_.
Mobile & Ohio
Tennessee Alabama & Georgia__
Texas & Pacific
Westera Maryland
Net
356,013
1,359,735 -1,871,792
7,460,812 -1,114,006
Duluth & Iron Range—
From Jan 1
4L0C3
—33,692
—74,512
Elgin Joliet & Eastern—
Minneapolis & St Louis
Net decrease
From Janl
3,506
August
2,277,977
Detroit Grand Hav & Milw.
Southern
August....
120,996
577,413
2,293,007
4,605,000
132,070
$
20,605
Delaware Lackawanna & Western—
Detroit Toledo & Ironton—
*
124,502
275,1^9
2,526,456
4;980,000
Ann Arbor
1920.
$
—29,505
August
Third.
Net after Taxes
1921.
...
610,644
673,935
80,290
—540,504
47.496
5,231,451
5,088,996
635,062
—581,781
375,449
—
567,380
—735,648
1462
—Gross from Railway— —Ntl from Railway—
1921.
1920.
1921.
1920.
<
I
Norfolk & Western—
August
6.806,597
From Jan 1 52,785,016
Northern Pacific—
August
8,921,239
V From Jan 1 57,225,813
7,491.820
52,854,636
9,502,139
69,829,624
Pacific—
Northwestern
959.848
877,577
5,609,266
August
From Jan 1
5,046,610
%
%
Cincinnati Lebanon A Northern—
100,078
104.412
747.173
6,332,241
—793,008
or
162,175
370,217
1,435.866
1,076,391
325,557
1,205.271
139,985
Beaver
—2.588
—341,821
—14.571
—409,764
—452,444
145,415
—711,798
1,078.089
2,410,511
—567,346
—855,264
—77,476
—259,947
37,749
—23,524
—284.731
—124,126
—112,473
—404,663
—438,674
—148,798
—570,234
—141,203
—631.123
57.813
5,609,966
6,944.255
130.840
Island—
Long
Aug
3.199.965 3,011.381
1 19,282,531 10,658,293
—
From Jan
Maryland Del A Virginia—
183,172
156,741
846,935
Aug
827,802
New York Philadelphia A Norfolk
Aug
477.558
885,472
From Jan I
4,150,120 5,196,487
Pittsburgh C C A St Louis—
August
8,189,114 7,383,815
From Jan 1 63,710,814 67.816,176
1
From Jan
A Seashore—
West Jersey
47,711
—710
1,167,664 -7,904,117
3,350,242 -7,834,311
683.808
1,829,662
2,273,910
9,003,458
9.161,697
1,198,440
4,010,500 3,711,230
24,318.040 25.010,358
1,318,642
4,432,596
Aug.-.—From Jan 1
Marquette—
August
From Jan 1
—495,719
1,222,652
3,517,259
Reading—
7,122.009 7,607,424
1 56,254,958 65,922,071
From Jan
Pittsburgh & West
Virginia—
—79,030
—48,653
-200,293
-382,331
574,270
543,874
2,508
122,282
3,853,240
3,632,533
146.531
251,247
Aug.......
1
From Jan
A Grand Island—
Bt Joseph
I
From Jan
320,100
2,088,739
296,928
2,111,007
Aug
Francisco—
8t Louis-San
8,100,832
7,515,558
August
1 54,034.447
Ft Worth
A Rio Grande—
170,370
167,866
1.234.664
Francisco of Texas—
1,137,039
1
From Jan
St Louis-San
177,031
169,453
1.231,202
1,092,410
Aug.......
1
From Jan
Southwestern—
St Louis
1.323,935 1,843,238
From Jan 1 10,950,955 13,343,510
St Louis Southwestern System—
August
1.963,227 2,649,483
From Jan 1 15,845,881 10,094,531
August
Pacific—
Southern
58,963
—01,619
33,450
-318,343
46,569
163,938
60,852
2,575,580 -1,127,411
2,267,679
5,815,384 11,793,877
58,028,517 14,089,592
From Jan
Aug
-362,333
Atlantic
910.391
6,869,808
1
From Jan
495,446
3,490,998
713.387
5,676,823
1
From Jan
32,954
—271,717
29,368
—113,599
34,896
—145,726
32.901
—305,764
—72,685
—147,757
—324,8 *
602,058
506,531
4,746,201
3,696,669
436,437
3,248,477
384,690
354,685
2,248,052
1 83,920,262
From Jan
Nor'n-Ohio Elec Corp
Northw Ohio Ry A P.
2,372,471
103.547
-195,760
86,216
-128,215
—228,930
—203,523 1.967,484
2 397,365
98,944,409 10.815,153 17,751,622 7,844,895
Southern—
August....
751.653
From Jan 1
6,207,828
1,118,079
245,296
1,831,869
10,228,993
76.091
7,364,260
591.287
Cincinnati New Orleans A Texas Pacific—•
August
1,361.332 2.007.672
202,351
From Jan 1 11.667,208 13.231,729
1,530,061
Florida—
372.769
473,492
2,989.647
3,488,449
Georgia Southern &
August
From Jan 1
Rapid Transit—
Staten Island
237,739
248,010
1,688,132
1.538,376
Aug
From Jan 1
Texas A
Paclfio—
3,050,130
August
From Jan 1
Union
3.426.535
23,601,737 26,110,955
Pacific—
479.800
36,401
—12,032
17,055
-254,110
195,740
391,344
—40,216
18,629
—88,325
—162,510
3,304
-111,637
—104.254
—203
950,347 -1,047,538
4,014,486
1,351,078
4,684,744
2,871,090
From Jan 1
70,031,399 79,034,117 21,297.345
From Jan 1
—283,885
839,225 -1,137,207
3,005,661
435,460
4 101 884
1 QS? T>o
19,361.969 17,156,810 14 744 676
Line—
4,036,698
1,068.733
570,564
4,2U,3j3 7,830,082
Navigation—
2,898,442 3,002,237
420,812 —182.231
18,530.140 21,537,728
1.393,209 2,742,023
21,780.680 28,274.562
763 319
2,065.046
77
5 230 088
Oregon-Washington RR A
August
From Jan 1
Union RR
(Penn)
821,481
937,626
277,214
6.540,534
6.232,916
998,553
95,033
Aug
181,430
-
From Jan 1
Utah—
Aug
1,216,024
Shreveport A Pacific—
721,478
From Jan 1.
Vlcksburg
351,327
361,367
2,722,117
2,960,329
Aug
From Jan 1
-180,993
-381,488
1,448,654
From Jan
14,341
—5,617
99,933
-170,537
76,138
494,319
281,780
—184,597
384,656
368,661
3,621,312
1,963,092
413,420
Wabash RR—
5,406,857
From Jan 1
Western
1,429,207
From Jan 1
1,856,888
11,964,857 11,781,200
369,238
2,290,267-
—621,380
-1,588,930
1,582,179
From Jan
1
August
it From Jan l
Yazoo A
398.535
1,904,123
267,087
1,776,389
From Jan
1,583,219
1 13,080,855
104,728
46,3 '6
89,195
684.6'0
49.759
285.998
—286,302
2,899,3 4
19.630,599
31,678
—561,604
1.450,002
942,599
218,869
538,005
—88,002
56,231
38.400
283,355
1.824,584
3,738,035
236,519
278,450,
551,300
616,631
4,710 0 "5 3,889,190
460,684
595,355
2 25 0
643,740
165,952
19 <
5.800 547
571,504
7,497,432
55.665
334.754
311,897
2.137.945
2,246.071
82,919
935
29.
08
289,315
5
90.169
1,660.989
1,434.842
10 \3
192.314i *2.411.412
186,862
186,271
1,542,233
*2,104.378
1,400.021
434.234
902,134
7,053.093 10,043,874
»Ve tern—.
768,303 1,177,619
128,475
532 285
511,980
78.06
70,45 >
3276 3gg 2919 151 28 179.950 24.760.574
*785.882
*699,637
75.208
81,586
74/05
45.279
Ry. Lt A P. August
37.633
14,108
91 0
1,998,182 2,010.942
266,611
737,310 *7.916,312 *7,695,379
2 It.2 "-6
285.907
61,0'>2
359.127
355,277
54.287
445,21-9
452,330
62,361
121,492
100,781
13.683
8 ' 5 '1
4.546
62,343
1529,825 1524,458
60.187
66.539
731.865
760,870
45'181
29.733
502.168
9.186,014
369.885
28,440
450.387
7.619,456
*10201240
*7.697",756
235 004
304.395 *3.157.300
351,832
362,768
2,779,275
9,667.411
*3.327,008
2,405,926
7,965.609
6,771.901
6,362,001
1165,143 1103,301
9.290 171
8,243.111
1103.2 70 i OH. 869
952,282 962.314 *12502395 *11563165
4.410.402! 4,246.086
531.642
549.280
695,212 *8.766,982, *8,077,363
686.642
362,081
316,293
53,348
38,474
August
I Utah Securities Corp August
Hydro El Corp. August
Virginian Ry A Pow. August
Ver't
The Brooklyn City RR.
5
4.38')!
74.872
Twin City Rap Tr Co August
United Gas A El Corp August
Utah Power A Lieht. August
a
39.293j
51,235
259,039
560.847
Texas Elec Ry.
August
Texas Pow A Lt Co.. July
,
214,032
Co
832.216
858,386
is no longer part of the
Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. has been operated by its owners.
b The Eighth Avenue and Ninth Avenue RR. companies were formerly
eased to the New York Railways Co., but these leases were terminated on
July 11 1919, respectively, since which dates these roads have been operated
separately,
c Includes Milwaukee Light.
Heat and Traction Co. d In¬
cludes
all
sources,
c Includes
constituent or subsidiary companies.
Earnings given in milreis.
q Subsidiary cos. only,
h Includes Tennessee
Railway, Light A Power Co., the Nashville
Railway A Light Co., the
Tennessee Power Co. and the Chattanooga
Railway A Light Co. i In¬
cludes both subway and elevated lines,
j Of Abington A Rockland (Mass.).
k Given in pesetas.
I These wore the earnings from operation of the proper¬
ties of subsidiary companies.
* Twelve months ended July 31. t Started
operations April 1 1921.
■
*"'? &
Electric Railway and
Other Public Utility
ings.—The following table gives
Gross EarningsCurrent
Year.
Companies.
$
Jan 1
to
Duquesne Lt
1
Net Earn¬
the returns of ELECTRIC
net earnings with
railway and other public utility gross and
charges and surplus reported this week:
Previous
Year.
$
——Net Earnings
Current
Previous
Year.
Year.
$
$
P,LtdAug*2,923,804 *2,715,020 *1.672,945 *1,761,904
Aug 31
*23,868,776*20.061,804*15,013,758*12,853,907
1,209,994 1,125,916
x377,746 x217,638
10,749,628
9,534,863 x3,710.917 x2,820,633
Co A Sub a Aug
to Aug
31
—375,683
Illinois Traction Co.a.-Aug 1,745,698
Jan 1 to Aug 31
-.14,363,617
—699,205
747,774
Philadelphia Co A Subsid
Nat Gas Cos.a
..Aug
434,284
Jan 1 to Aug 31
7,053,093
—124,117
49.229
106,709
677,418
96,099
2,086,360
2,760.159
274.590
Jan
—113,176
229,832
625,290
Mississippi Valley—
^August
118,622
237,132
513,604
2,203.068
2.58 *.061
290,788
1,835,545
3,920,479
302.408
—671,386
—496,917
705.537
42,159
182.188
1,820,267—1,988,930
369,150
1,322,442
1,716,781
9.808,359 10,453,395
Wichita Falls A Northweetern—
k,
309,238
1,768,300
246,034
Barcelona Tr.Lt A
Wheellng A Lake Erie—
Aug
301.736
981,733
147,832
3,722,093 -3,947,492
5,761,056
39,101,778 36,552,106
Maryland—
Aug
71,049
464,706
70,222
10,498,820
Aug.
—192.098
—453,070
516,452
22,389
1,676,133
1 12,594,828
209,881
920,803
60,074
Virginian RR—
Aug
240 126 —395 984
1,212,143
—55i823
1,918,941
»une
Third Avenue System.
.
3,537,404
37,139
41,105
227.436
Sandusky Gas A ElCo August
Sayre Electric Co
August
Second Avenue
lune
17th St Incl Plane Co August
Sierra Pacific Elec Co July
Southern Cal Edison. July
Souoh Can Power Co. August
Nouthwo t P A Lt Co July
2,479,923
5,003
281,621
480.254
421.946<
54,109
114,5/8
847,788
ReadingTran A LtCo August
Republic Ry A Lt Co. August
Richmond Lt A RR.. fune
1,555,891
150,932
12,004,160 12,542,760
Oregon Short
30C.604
427.406
August
fhila Ran Transit Co August
Pine Bluff Co
August
209.721
1,130,601
1.5 2 891
666,482
3.1 <2.'7<j
1.730,433;
July
Rutland
540.962
227,il5
1.590.120
1419.284 16'9,145 *18803313 *1758608-1
ana
Sub ;id Nat Gas Cos August
365,041
378,865
335 5 6
98.623
619,701,
316 ,* »2 Lj
35 1 H
Philadelphia
2,760,520
14,412,798
2,947,211
Aug.......
Aug
204,006
Penn Cent Lt A Pow. July
Penn Edis Co A Subs. August
—249,645
48.073
37.463
231.503
75/.->8 t
August
August
Ocean Electric Co...
Pacific Power A Light
Southern Ry System—
Alabama Great
19,710
86,926
547,574
289,114
1.508,701
1683.290 14.363,617 13.2^8,629
195.987
210,956
30.222
1,153.940 1,149,421
143,919
149,677
156,441
21.046
67,217!
Paducah Electric Co. July
115,163—1.706.690
243,357—4,746,716
—69,182
>
142.485
North Texas Elec Co. July
4,682,936 -5,870,266
127,358—1,695.280
336.245—4,656,573
861.948
6.557,285
202 853
b Ninth Avenue
Tune
No Caro Pub Serv Co July
290,163
3,051,378
921,505
11.122.010 13,609,928
.
536,547
448.906
844,664
7.409,439
1745,698
31,257
Newp N A H Ry G A E August
New York Dock Co.. August
N Y A Long Island.. Juno
N Y A Queens County June
b NY Railways
June
b Eighth Avenue.. June
4,260,151
2,891,036
146,244
999.344
37,84
Eng Co Pow Sys._ June
New Jersey Pow A Lt August
—489,904
—57,150
291.203
219 555
Milw Elec Rv A Lt Co August
Nevada-Calif Edison. August
—275,884
—459,222
255.084
42,530
iM r e it >tr j Edison. August
letropolitan ?t C y _ <uly
3,827,297
828.144
3,909.323
35.507
1005.423
77,422
_
-1,502,956
159,968
140.057
Ry A Lt June
Keokuk Electric Co.. July
Keystone Telep Co
August
Key West Electric Co July
Lake Sh Elec ftv Sysc 'uly
Lowell Elec Lt Corp. July
—78,926
-419,704
5,135.865
•'
41,467
36,510
912.349
1,078.121
1.313.514 1,196,530
44,408
45,907
2.294,3'6 3.121,347
11,040.717 10,461,584
432.318
445,148
9.397.283 16,875.439
559,358
563,528
1.290.8071
igntoaOo ElLtCo July
Ho
5,630,724
9.534,863
7,110.287
Idaho Power Co—_. August
Illinois Traction Co.. August
-539,519
—84,488
6,356,149
Southern Railway—
Aug.
Havana Elec
Haverhill Gas Lt Co. July
Honolulu R T A Land August
Ph'la A
Texas & Now
August
<
Philadelphia Oil Co.. August,*,
PacIIlc System—
Orleans-
Southern
June
7,571
165,114
1,197,360
142,916
Grear- Wes; Power rfys August
Harrisburg Ry Co
'July
19,010
6,032,740 -4,730,836
Steamship Lines—
_
929.385
1209,994 1125,916 10.749,628
901,998 985,177 7,405.609
840,889
132,687
129.573
4,m i,8'W
59 i 0 )6
60 * 9'0
N
August....17.544,289 17.518,559
From Jan 1 126086,011 125112,976 30,673,098 18,096,179 22,710,100
Aug
—
August
\ugust
Georgia Lt A Power.
-368,948
Rutland—
July
August
July
Co
2,497.456
5 1.725
622,051
65.677
449,039
452,490
86,785
*1,102 1«0 *1,071.098
91,63
915.889
999.881
132.185
140.994
2372.209 2627.691 20,593.588 20,118.684
830,097
832,517
112.296
118.827
9,102,419
9.2 5
0
1163 043
1068. '0
1,726,197
1,863,391
283,508 296,428
2.380.509 2,068.143
277,933
295,485
11 072.948,
15 080'
1732 5i' 103 » 8 ?
Gen G A El A SubCos August
—92,013
1,288,943
-28,648
•221,058
•
%
2.960.514
2.763.534
79 5G
Duluth-Sup Trac Co. August
Duquesne Lt Co subs
light A power cos.. August
1,302,570 -3,888,488
6,656,387 -3,375,273
265,155
1,444,408
174.886
August
From Jan 1
Ediso
3,036,813
$
57,122
81.250
July
Dayton Pow A Lt Co. July
-561,898
487,471
1,160.785
June
Columbus Electric
Com w'th P, Ry A Lt
Connecticut Pow Co.
Consumers Power Co
Cumb County P A Lt
8
387,556
341,417
239.5-44
15.611
571.858
1896.158 1763,610
85.005
91,521
731.011 2014.2 >4
91,374
75.546
City Gas Co, Norfolk August
Clave Painesv & East July
Colorado Power
August
196,220
-630,189
Philadelphia A
Aug.
South Brooklyn
') dwt
598,839
Year.
996,154
6,079
213,477
267,507
16,294
416,752
June
June
June
June
June
Cities Service Co
August
Citizens Trac A subsid July
663,092 -8,403.027
520,975-10,621,049
437,922
Year.
73,060
1.845,768
1.983.881
276.845 259.808
14577000 11745000 95.676,000 72.785.000
Nassau Electric
June
N Y Consol (Receiv). June
—88,259
390,680
—157,646
Valley Tract. August
Brooklyn City RR—
Brooklyn Heights RR
Bklyn Q Co & Subur.
Coney lsl A Brooklyn
Coney lsl A Graves'd
—87.741
—245,535
798,020
Previous
Year.
1816 83 < 16 40.'008 *244765531 *18913917
200.695
1,773.412 1,511.701
205,263
T6 20.061.804
2928 801 2715 0 0 23.808
266,279
322,866
38.696
45.247
469.830
455.8621
61,008
49,383
446.378
567.839
64.796
Blnghamton L, H & P August
Blackstone VGA El_ July
fBrazilianTrLAP.Ltd July
Bklyn Rap Tran Syst
—28,475
—237,189
—193,718
968,268
of Indiana—
28,479,123-63,378,289
—78,008
-
Jfc Barcelona Trac. LAP August
Baton Rouge Elec Co July
....
—178,686
Current
%
3% .381
361.855
August
t Araer Pow A Lt CoJuly
Appalachian Pow Co. August
860,511
1 to Latest DaS.
Previous
Year.
Adirondack P&LCorp August
5,104,04.5—6.812,007
78.597
45,216
Jan.
Current
Month.
—403.219
6,720
808.804
August
From Jan I
Road
Company.
Alabama Power Co..
•129,789
Grand Rapids
•
Name of
1,707.077 -2,789.672
4,972,481
PUBLIC UTILITY COS.
Latest Gross Earnings.
-1,555,799
-4,307,194
2.398,991 -1,720.105
AND
RAILWAY
ELECTRIC
Taxes—
1920.
$
.....
August
From Jan 1
Pere
%
8,802,716 -1,420,893
.-42.818.588 51,512,714 7,447,713-34,667,801
From Jan 1 332035133 337362258 41,860.216-51,120,408
Baltimore Chesapeake A At!—
94.856
—27,297
Aug
212,800
216.597
83,358 —197.633
From Jan 1
1.133.072
1,025,846
'
1921.
1,155,552
5,663,865
1,555,803 -1,190,643
Pennsylvania RR A Co—
Aug
—Net after
1,683.290
13,288,629
436,018
3,709,006
335,529
3,501,568
902,134
X39.279
—246,030
10,043,874. xl ,983,988 x3,828,313
OCT. 1
THE
1921.]
-Gross EarningsPrevious
Year.
Gross
Year.
*
51,285
768.303
Aug
128,475
1,177,619
*28,765
*473,106
Net earnings here given are after deducting taxes.
The above earnings are given in pesetas.
—
*94,020
*923,868
Deficit.
The above earnings do not include income from investments, and are
before providing for interest on debt and other income deductions.
z
Gross
Earnings.
Charges.
s
•8
S
Aug *21
205,263
200,696
xl 14,342
ending Aug 31 '21
2,497,351
1,975.627
11,064,531
1891,284
Power Co
mos
'20
6 Power Co
12
'20
City Gas Co of
July '21
'20
Norfolk
7
ending July
mos
City Gas Co of
31
8
31
7,455
7,678
59,329
50,537
*17,138
*9,107
*189,531
*141,33-1
7,168
7,5C6
66.497
57,122
65,677
'20
ending Aug
mos
134,682
60,983
*18,380
*13,239
*172.393
*132,227
506,047
Aug '21
Norfolk
127,270
17,568
10,010
1261.952
*163,966
564,938
'21
'20
622,061
571,725
'21
*20
$
28,783
60,504
386,180
256,009
59,323
69,634
'20
ending Aug 31 '21
mos
Balance,
Surplus.
56,522
53,838
678,351
635,275
73,060
64,796
875,834
637,957
Binghamton Lit, Ht Aug '21
;
Fixed
185,305
*20
Appalachian
12
Net after
Paxes.
102,983
10.925
5,561
113,064
Aug '21 2,372.209
Power, Ry & Lt Co
'20 2,627,694
8 mos ending Aug 31 '21 20.593,588
'20 20.178,684
723,249
643,410
*625.311
*600,141
97,93§
43,269
6,698,881
*4,982,097
*4,620,423
1,716,784
1,156,609
200,691
190,426
1.532,944
178,080
87,429
Commonwealth
Consumers
Aug'21
1.068,107
*20
'21
1,168,063
9,265.107
*20
9,102,419
Aug '21
Power Co
'
mos
ending Aug 31
Traction Co
'20
8
'21
142,916
159,968
1,197,360
'20
1,290,807
5,777,032
Power Co
7
mos
'20
ending July 31 '21
'20
Aug '21
'20
Virginia Ry &
Power Co
8
mos
ending Aug 31
'21
'20
2,094,642
1,287,427
78,403
190.959
39,282
551,720
490.229
1,341,633
1,309,942
832,216
*219.395
858,386
*242,490
6.771,901 *2.112,748
6.362,001 *2,042.662
Deficit.
—
»
Earnings
183,167
190,015
36,228
52,475
587,948
542,704
1,524,800
1,499,958
•
for
12 months ended Aug.
adjusted
period prior to Nov. 1 1919.
component
to
companies
New
York
31
1920 include operations of
operating conditions for the
present
Street
Railways.
-Gross EarningsPrevious
Year.
Year.
—Net Earnings
Current
Previous
Year.
Year.
Current
Companies.
$
1
Jan
1
to
June 30
1
Jan
June 30
Coney Isl & Bklyn (Rec)June
Jan 1 to June 30
Coney Isl & Gravesend-June
1
Jan
to
June 30
Nassau Electric
Jan
1
228,337
6,079
36,510
7,571
41,467
1,158
def705
def 1,495
20,828
213,477
1,078,121
165,114
912,349
54,510
def 3,57 2
172,383
def6,324,
267.507
239.544
1,196,530
91.093
260,439
30,469
101,317
15,611
5,844
5,181
def8,021
to
1,313.514
*
16,294
45,907
67,914
117,480
840.934
44,408
390
571,858
3,121,347
115,316
350,169
June 1,896,158
1,763,610
11,040,717 10,461.584
June
91,521
85,005
430.834
2,211.380
357,162
2,263,403
32,636
123,432
15,700
63,380
--
(Rec)__June
June 30
416,752
2,294,376
N Y Consol (Rec)
Jan 1 to June 30
Brooklyn
South
929,385
5.135,865
to June 30
to
$
996,154
5,630,724
*13,749
*25,702
*131,483
*184,937
116,714
904,998
226,920
Aug '21
985.177
187,534
Subsidiary Cos
'20
12 mos ending Aug 31 '21 11,659,889 *3,037,258
2.002,162
1,035,095
&Ninth
204,754
155,399
1,572,373
1,247,346
187,583
162,621
1,528,993
908,408
13,331
14,046
110,446
112,276
13,930
9,632
104,623
82,917
...
14,534
14,732
Interboro Rapid Transit System—
Duluth-Superior
mos
ending Aug 31
14.741
14.742
116,771
—992
10,960
—14,712
68,223
Jan
Aug *21
Power System
*20
8 mos ending Aug 31 '21
'20
Honolulu
Rapid
392,337
318,020
3,101,366
27,261
23,678
215,069
195,193
Transit & Land Co
*20
8
'21
77,422
67,217
619,761
*20
2,155,754
,547,574
mos
Aug '21
ending Aug 31
Idaho Power
432,318
677,418
..June
104,728
595,356
96,099
460,684
June
46,376
272,520
38,400 def124,622
165,952 def157,480
Jan
219,555
Aug '21
Company
'20
12 mos ending Aug 31 '21
231,509
*138,728
57,285
49,169
89,559
2,292.040
'20
2,157,713
*1,305,284
*1,201,789
650,733
484,825
654,551
716,964
July '21
trie Ry System
'20
12 mos ending July 31 '21
262.858
335,516
1,512,894
1,918.941
77,995
108,953
245,716
479,410
35,167
35,143
245,892
246,320
42,828
73,810
Lake Shore Elec-
'20
Metropolitan
'20
ending Aug 31 '21
mos
'20
*137,002
204,006
227,115
*1,024,411
*892,866
_
2.595,174
Milwaukee Elec-
1,419,284
*364,231
Aug '21
trie Ry & Lt Co
1,679,145
*295,917
'20
12 mos ending Aug 31 '21 18,803.313 *4,497,518
'20 17,586,084
*4,608,697
Nevada-Calif
Aug '21
Electric Corp
*20
12 mos ending Aug 31 '21
'20
New Jersey Power
& Light Co
300.604
281,621
3,191,227
2,896,643
164,255
157,161
1.691,625
1,492,343
'20
'20
New York
.
Aug *21
Dock Co
8
mos
'20
ending Aug 31
'21
'20
Northern Ohio
Aug'21
Electric Corp
'20
8 mos ending Aug 31 '21
'20
935,193
5,800,548
7,497,432
Aug '21
Railway & Power
*20
12 mos ending Aug 31 '21
49,759
55,665
489,696
*20
414.936
Northwestern Ohio
Penn Edison Co
Aug '21
Subsidiary Cos
'20
12 mos ending Aug 31 '21
&
*20
Reading Trans &
Aug '21
Light Co & Subsid
'20
12 mo3 ending Aug 31 '21
'20
Republic Ry &
Aug '21
Light Co
'20
12 mos ending Aug 31 '21
'20
Rutland Ry Lt &
Power Co
Sandusky Gas &
Sayre Electric Co
33,307
1.852,452
256,135
575,164
'21
'20
62,364
736,267
672.108
6,814
*173.876
*66,858
Aug '21
14,108
mos
1,428,129
172,586
47,403
3,891
1,981
'20
ending Aug 31
'21
Aug'21
'20
ending Aug 31
'21
'20
76,430
97,446
6,698
60,160
95,428
133,602
1,290,128
1,401,040
39,534
39,418
474,878
474,404
55,894
94,184
815,250
1,165,143
1,108,361
*198,115
*133,649
*403,536
*324,012
221,297
222,363
442,501
442,058
def23,182
def88,714
def39,965
214,134
249,754
1,936.620
197,423
1.547,124
16,711
58,566
389,496
2,208,633
.506.396
702.237
1.103,276
1.043",869
Long Island Electric...June
2,412
def81,899 def108,535
36,636
169,977
34,223
148.892
4,802
def6.674
N Y & Long Island
Jan 1 to June 30
June
54,109
278,450
49,229
defl0.024
236,519
def59,644
1,856
def45,278
June
35,141
107,365
29,308
90.169
16,413
25,608
def 9,126
24,463
24,277
127.064
Jan
} to June 30
1
to
June 30
8,195
2,816
13,080
1.048
12.074
2,989
10,884
61,092 defl37,162
285,906 dofl93»321
def21,025
def70,449
'
FINANCIAL REPORTS.
!
Central Railroad of New
Jersey.
(Report for Fiscal Year ending Dec. 31 1920.)
Pres. & Gen.
Mgr. William G. Besler writes in substance:
Corporate Income Account for 1920.—This company's income account for
the year 1920 (fully given in V. 113, p. 1359), shows a surplus of $724,218
for the two months ended Feb. 29, based on the $1,675,019 accrued as
Federal rental (standard return), but a deficit of $3,252,698 for the ten
months ended Dec. 31 after allowing for fixed charges, and after including
[notably the $5,146,411 from U. S. Government guaranty
for the half-year ended Aug.
31 19201.
The total deficit, after fixed
charges, was, therefore, $2,528,480, and after deducting 10% in dividends
[one extra 2% dividend being delayed until Feb. 25 1921 by L. & W. Coa
Co. litigation], $5,272,160.
Additions and Betterments.-—The charges made for additions and better¬
ments to the property during the
year aggregated $6,678,315, notably; (a)
New Coal.Pier 18 at Jersey City, N. J., $725,366; renewing bridges, $717,449; additional storage tracks at Jersey City, N. J., $179,227; equipment,
$3,863,546; mfscell. improvements on leased railway property, $90,844.
Funded Debt.—Funded debt shows an ncrease of $5,895,000 for the year,
follows:
as
Equipment Trust, Series No. 12 (compare "Chronicle of Sept. 24,
p. 1324, 1325)
$3,495,000
Equipment Bonds, Series "H"_
2,700,000
Less
Equipment Bonds, Series "G" retired
$300,000
Of the $50,000,000 Gen. Mtge.
5%s, $45,091,000 have been issued, of
$1,167,000 are held in the treasury, leaving a balance unissued of
$4,909,000.
New Equipment.—(a) Equipment purchased and received during the year:
11 freight locomotives (Mikado type), 950 coal cars, 10 steel ore cars (previ¬
ously held under lease); (b) Equipment under construction at company's
shops: 2 caboose cars, 5 steel caboose cars. 1 tool car.
Accounts with U. S. Government.—Federal control and operation of your
properties ceased, and corporate operation was resumed, midnight of
29 1920.
The accounts between the company and the Government for the use of
235,064
304,395
3,157,300
3,327,008
9,230,471
8,243.111
106,709
def47,567
def9,912
551,300 def210,529 def107,003
Feb.
23,849
11,336
2,411,322
*20
30,777
55,209
23,056
21,072
2,268.985
Aug'21
ending Aug 31
1
97,987
101,910
149,473
'21
114,578
616,631
2,269
9,899
which
*46,905
*32,408
'20
8
222,962
89,125
110,143
160,448
122,196
Aug'21
Twin City Rapid
Transit Co
262,218
87,184
7,083
System
mos
416,953
560,84',
*193,755
737,310
*169,599
7.916,312 *2,108,587
7,695,379 *2,003,293
37,633
'20
2
437,237
28,355
Aug '21
trie Railway
mos
-10,432
1,389
*261,711
*333,105
'20
12
68,650
68,924
266,611
3,013,791
2,940,568
.
N Y 8c Queens County.-June
Jan 1 to June 3Q
1,048
9,265
def25.700
also other1 income
28,518
13.683
Third Ave Ry
39,440
38,095
156,448
785,373
259.039
194,502
Texas Elec-
977,766
749,252
*143,173
*139,662
47,115
54,287
570,347
539,254
'20
87,594
362,885
75,311
91,877
683,783
601,271
36,631
ending Aug 31 '21
mos
124,518
95.382
*699,455
*504,137
'20
12
29,059
186,271
*20
I
91.005
457,181
Note.—All the above net earnings are after deducting taxes.
a The Brooklyn City RR. is no longer part of the
Brooklyn Rapid Transit
System, the receiver of the Brooklyn Heights RR. Co. having, with the
approval of the Court, declined to continue payment of the rental; therefore,
since Oct. 18 1919, the Brooklyn City RR. has been operated by its owners.
b The Eighth Ave, and Ninth Ave. Railroad Companies were
formerly
leased to the New York Railways Co., but these leases were terminated on
July 11 1919 and Sept. 26 1919, respectively, since which date these roads
have been operated separately.
66.331
2,544,178
2,017,148
11,164
11,349
*128.764
*157.119
Electric Co
12 mos ending Aug 31
Second Ave Ry (Rec). .June
Jan 1 to June 30
27,561
7,746
149,114
27,799
45,279
ending Aug 31 '21
mos
22,763
132,244
2.575,272
184,403
2,009,501
2,033,425
230,038
222,888
Aug '21
351,514
2.235,291
1,915,865
24,463
143,246
74,205
244,276
79,167
67,947
'20
12
Jan
Manhattan Bdge 3c LineJune
Jan 1 to June 30
160,720
177,757
1,341,133 *1,184,685
1,858,335 *1,072,962
186,862
987,188
7.192,009
336,682
Richm Lt & RR (Rec)__June
Jan 1 to June 30
28,881
12,433
20.373
*58.218
*70.313
936,392
6,731.905
to June 30
194,645
111,514
2.488,017
74.761
68.810
182,613
Division
June 2,738,788
2,614,189
18,020,966 16,985,124
1
Elevated
169,586
97,924
97,417
922,590
790.252
b 199,829
5187,259
3,920,479 51,661,549
3.738.035 51.350,533
684,610
Jan
def8,247
def75,533
Division...June 1,648,611
1,677,667
1 to June 30
10,041,577 10,293,060
Subway
Jan
59,744
769,035
702,091
421,946
513,604
1
4,218
1,474
def94,423 def222.963
Manhat & Queens (Rec)June
Jan 1 to June 30
*36,805
*379,152
*250,687
227,436
267,132
1,835,565
1,824,584
June 30
RR.
to June 30
412,526
377,017
*56,442
413,052
Newport News &
Aug '21
Hampton R, G & E Co '20
8 mos ending Aug 31 '21
41,105
to
611,885
515,849
11,901'
472.551
mos
1
Ave
def7.580
def95,763
3,889,190 defl20,691 def491,304
Ocean Electric
—176
233,090
13,0t7
*153,928
*136.757
37,139
Aug '21
'20
ending Aug 31 '21
12
79,717
71,228
27.027
2.771,964
Aug'21
Edison Co
12
_
June 30
445,148
Jan
602,930
596,096
4,811,896
3,969,323
to
847,788
4,710.075
'20
Great Western
1
&New York Railways..June
Jan 1 to June 30
ftEighth Ave RR
General Gas & Elec
'
186,188
allowing for other income received.
b Net earnings here given are before
deducting taxes.
*
Fixed charges include interest and dividends on
outstanding preferred
stocks of constituent companies.
Jan
1,360,778
64,356
131,978
125,339
89.093
*221,071
After
*
Bklyn Qn Co&Sub(Rec) June
378,771
277,855
3,627,586
2,648,205
Balance,
Surplus.
11,571
27,720
*189.695
848,803
*264,592
824,073
*230,241
5,939,686 *1,893.353
5,503,615 *1.800,171
aBklyn Heights (Rec)__June
171,956
161,158
'20
July '21
aBklyn City RR (Rec).June
336,227
334,630
'20
ending Aug 31 '21
mos
'20
Virginia Ry &
18,587
13,039
*29,400
*41,467
*508,183
*495,788
12
38,474
53,348
524,690
550,179
'20
29,765
39,047
79,541
91,637
1,102,160
1,071,098
Aug '21
Power Co
Aug *21
ending Aug 31 '21
58,043
13,959
13,368
97,218
94,831
Colorado
mos
123,034
83,291
32,546
'20
12
1,601
26,407
126,983
.133,878
'20
'21
Charges.
9.970
81,250
July '21
ville & Eastern Sys
7 mos ending July 31
Vermont Hydro
Electric Corp
81.690
86,785
452,490
449,039
Cleveland Paines-
Fixed
Taxes.
$
*
a
Net after
Earnings.
Current
Year.
Philadelphia Oil Co_a
Jan 1 to Aug 31.
1463
-Net EarningsPrevious
Year.
Current
Companies.
CHRONICLE
191.188
926.636
118,046
its
property during Federal control remain to
be settled.
Status of Accounts of Company with U. S. Government as
Debits against Government—(a) Cash, assets collected,
of Dec. 31 1920.
&c.,
$13,229,405: (6) balance due on compensation (standard re¬
turn), $9.588,437
$22,817,842
Credits to Government—Liabilities paid, &c., $15,531,871;
additions and betterments, $7,603,289...
23,135,160
.
Balance due the Government
$317,318
The above statement does not include materials and supplies on hand
Dec. 31 1917, amount ($4,852,058) taken over with the property by the
U. S. RR. Administration, nor does it include material and supplies returned
with the propertv at the end of Federal control valued at prices then in
effect, amount $*4,279,566, or a balance in favor of the corporation of
$572,492, subject to adjustment in accord with the contract.
The statement takes no account of
must be
Depreciation accrued on equipment-,.
and not replaced (road and equipment)
Property retired
Under the Transportation Act
following:
—§2,910,532
400,/(Jo
providing for termination of Federal con¬
trol, the Government extended to carriers for a period of six months ending
Aug. 31 1920 the same guaranty as during Federal control.
The total
amount due the company in final settlement under the provisions of the
be definitely stated until all the transactions applying to
period have been ascertained and allowances for maintenance and
guaranty cannot
the
additional compensation determined.
Increase in Expenses During Federal
.
Control.—During the period of fed¬
eral control many things occurred which have had a far-reaching effect upon
the affairs of the company, the most significant of which was the increase in
wages.
,
,
.
the payroll for the month of February
compared with December 1917 (ending of
corporate control), and an increase of 1,784 in number of employees for
same period.
The payroll for February 1921 (end of the first year of cor¬
porate operation) shows an increase of $804,374 as compared with December
1917, while there was a decrease of 898 in the number of employees in servico
in February 1921 as compared with the number in service February 1920
There was an increase of $957,854 in
1920 (end of Federal control), as
(end of Federal control).
The above is an illustration of the
,
...
burden which the company has been
obliged to assume as one of its large items of increased cost in operation.
One L. & IV. Coal Co. Dividend Delayed Till Feb. 1 1921.—Income account
was not credited during the year 1920 with an anount of $551,811, repre¬
senting dividend declared by the Lehigh & Wilkes-Barre Coal Co. on Dec. 27
1920, inasmuch as a ruling of the U. S. District Court denied to the com¬
pany the right to receive this dividend.
However, the District Court later
assented to the payment of the dividend, and it was so paid by the Lehigh &
Wilkes-Barre Coal Co., and Included in the income account of the company
for
February 1921.
»*..*•
A
Coal Handled.—There
were
handled 9,550,006 net tons of
bituminous
coal, an increase of 1,521,918 tons, and 9,634,411 net tons of anthracite
coal, an increase of 137,630 tons, compared with the preceding year.
Extraneous Charges.—Included in the operating expenses are the following
items: Employees' compensation laws. States or New Jersey and Pennsyl¬
vania, $24,985; Federal valuation of railroads, required by law. $79,050;
full crew laws, New Jersey and Pennsylvania, $246,182.
Tonnage.—The average revenue tonnage per train mile in 1920 was 710
tons, an increase of 38.5 tons, and the average distance each ton was carried
was 71.17 miles, an increase of 1.34 miles.
Maintenance.—During the year 218,379 new ties were laid; 898 cubic
yards of rock ballast were placed in track; 68.94 miles of track
with steel rails of 90, 100 and 135-lb. sections; 7.60 miles of track
with second-hand rails, chiefly of 70, 80 and 85-lb. sections.
were
were
relaid
relaid
I On March 5 1921 the Lehigh & Wilkes-Barre Coal Co., $8,489,400 of
whose $9,210,000 acpital stock is owned by the Central RE. of New Jersey,
paid
a
cash dividend of 150%.
V. 112, p. 1036.—Ed.]
TRAFFIC STATISTICS FOR
1920.
19,563,202
9,550,006
9,634,411
38,747,619
mile*__
2,757,747
-Revenue Freight—
freight...
Bituminous coal (tons)Anthracite coal (tons)-Total revenue freight—
Other
revenue
CALENDAR YEARS.
1918.
22,403,700
7,791,545
11,078,182
1919.
17,931,844
8,060,793
9,496,781
35,489,418
ISILo*
22,o76,586
7,542,625
11,040,273
41,159,484
2,817,595
Revenue per ton per mile
1.385 cts.
1.320 cts.
0.962 cts.
Passengers carried
33,250,738
30,445,113
30,526,191 28,328,777
Pass, carried one mile—486,841,741 460,966,346 405,454,804 432,711,567
Rev. per pass, per mile..
1-931 cts.
1.771 cts.
1.842 cts.
1.535 cts.
Tons carried
*
one
41,333,427
2,988,102
1.117 cts.
2,478,351
000 omitted.
income acct. for 1920 was in V. 113, p. 1359.
[As to proposed sale of 169,788 shares of the capital stock of
Lehigh & Wilkes-Barre Coal Co., see under "Investment
News" below.]
I
The corporate
COMBINED
OPERATING ACCOUNT FOR CALENDAR
YEARS.
[Including Federal guaranty for half-year ended Aug. 31 1920, but
excluding Federal compensation during operation by U. S. Govt. Jan. 1
1918 to Feb. 29 1920.]
1920.
Operating Revenue—
Bituminous
coal
Anthracite coal
Passenger
Express and mail_Water line
Water transfer
Incidental
Miscellaneous
1918-
1919.
1917.
$21,324,604 $19,063,438 $18,927,308 $15,528,456
2,378,731
3,155,500
3,255,700
4,999,826
9,195,132
11,305,047
10,389,975
11,874,513
6,663,309
7,485.147
8,164,830
9,399,107
885,862
953,740
1,367,962
1,202,000
298.498
538,984
300,003
373,735
404,582
465,390
504,663
366,057
1,404,073
1,727,611
1,610,579
1,249,205
338,097
431,652
507,068
1366,130
Merchandise
,
BALANCE
claims during Federal control that
considered in final settlement among which are the
1920.
JL 8S€tS~~~~
-.$51,681,799 $44,837,302 $44,790,671 $37,096,739
-
Maintenance of way, &c
Maintenance of equip't-
Transportation
$7,064,229
20,279.617
28,035,053
Traffic expenses449,982
General expenses
1,315,451
Misc. operations, &C—
348,765
expenses
Total.
Net
revenue-
Operating income- -def$8,744,768
Non-Operating Income—
equipment-__
$891,545
Misc. rent income
485,803
Non-oper. phys. prop-__
121,151
-
Coal
Co.
322,112
1,014,676
197,888
L.
&
3,516,526
$1,468,706
y551,811
288,894
deft.5,236
520,751
secur.,
Inc. from unfund.
S.
secur.
period.
1,103,622
237,985
z2,207,244
751,691
285,732
280,944
8,446
616,393
141,869
110,051
5,146,411
def$786,387
2,350,710
$4,426,168
145,7561
2,326,645
731,915
792.987J
358,501
equipment
Rent for leased roads
facility, &c., rents.
Miscell. tax accruals
120,830
3,395,082
114,874
121,081
3,198,194
338,058
def$7,858,298
df$2.496552
Interest
Miscellaneous
Net income.
$9,322,221 $12,655,721
2,628,149
,
3,205,362
253,590
2,477,033
141,822
2,275,098
1,417,034
257,366
$2,546,415
$6,776,073
Dividends Paid (These Were Mel from Jan. 1 1918 to March 1 1920 out of
Federal Compensation, Which Is Not Shown Above.)
Dividends--x
(10%)$2,743,680(12)3292,416(12)3292,416(12)3292,416
Omits one of the usual semi-annual extra divs. of 2%, which was delayed
until Feb. 25 1921, owing to litigation with reference to L. & W.-B. Coal Co
x
y
Dividend income in
1920 includes $551,811, received from the semi¬
annual dividend
of Q%% on the $8,489,400 stock owned in the Lehigh Wilkes-Barre Coal Co., the second dividend having been deferred on account
of litigation.
In 1919 and 1918 includes the usual $1,103,622 (two semi¬
annual dividends).
Out of this sum were paid the customary special divi¬
on Central RR. of N. J. stock, 2% in 1920, 4% in 1919. 1918 and
1917, making the total dividends on that stock, 10% in 1920, 12% in 1919,
1918 and 1917*
z Dividend
income in
1917 included four semi-annual dividends of
dends
$2,207,244 from Lehigh & Wilkes-Barre Coal Co., viz.: Dec. 1915, June
and Dec. 1916, and June 1917 (two of which had previously been deferred).
Note.—For comparative purposes the figures include corporate and
Federal operation and exclude from "non-operating income" the amount
accrued against the U. S. RR. Administration on account of the standard
return, which for 1920 was $1,675,019; 1919, $10,287,531; and 1918,
$8,417,071.
$
Inv. in affll. cos.—
Loans &
Stocks
8,905,589
1,894,000
2,025,597
2,500,625
Accounts & wages.
Investments 4,716,734
4,711,703
3,228,323
Traffic, &c., bal._
—
Advances
Other
Misc.
phys. prop. 3,278,043
Secur. unpledged- 2,957,000
Rents receivable.Cash
Special deposits
Tra/tic, &c„ bal._
Misc.
Interest, dividends,
8,905,589
1,759,000
Bonds—
accounts.
__
Loans & bills rec'le
Misc.
1,063,498
9,763,664
509,287
accounts-508,259
Interest
and
57,129
56,438
734,533
rents
2,136,007
1,667,536
3,267,000
9,994,802
803,681
324,718
2,604,498
3,250,985
649,559
Deferred accounts.31,831,104 26,208,139
2,822
51,149
7,966,722
Unadj. accounts..12,936,484
Surplus special.-140,942,524 40,613,413
Accrued
deprecia¬
tion
13,909,716 12,773,770
Profit and loss.—y3,327,079
8,942,343
9,588,437
25,799
Agents & conduc'rs
962,641
Mat'Js & supplies. 6,393,967
Int. & divs. receiv.
968,207
&c., due
106,406
Other curr't assets
18,324
Insur., &c., funds.
Oth. unadj. accts.
13,620
269,854
dends
7,979
548,736
548,736
988,762
accrued
Unmatured
556,115
divi¬
declared-
Taxes
11,387
1,667,165
1,723,987
Other def. assets..27,266,879 25,561,027
Total
206,863,476184,993,615
Total
.206,863,476184,993,615
Includes in 1920 additions to property through income and surplus: (1)
investment in road and equipment, $33,051,341, and (2) improvement on
leased property, $7,891,183.
y After adding miscellaneous items, $171,964,
x
deducting additions and betterments, $90,844, and miscellaneous
items, $424,223.
* Includes: > (a) Equipment obligations in company's
treasury, $1,890,000; with public, $6,195,000; (5) General Mortgage 5%
bonds, $45,091,000, of which $1,167,000 are held in treasury and $43,924,OOd, with public; (c) Amer. Dock & Impt. Co. bonds, $4,987,000.—V.
113, p. 1359.
and after
Mexico North Western
Railway Company.
(Third Report of Receiver.)
Receiver R. Home Smith, Toronto, June 22, says in subst.
Repairs, &c.—Since April 8 1920, the date of our last report, the State
has been free of military movements and bandit activities
and advantage has been taken of this peaceful period to repair and improve
the physical condition of the railway and lumbering plants.
Substantial
progress has been made.
During the past 12 months 250,000 ties have been placed in the track;
station buildings, section houses and other structures have been rebuilt
or repaired, and the track has been placed in fair condition for operation
on the
Northern section from Juarez to Madera, and on the Southern
section from Chihuahua to Rincon.
The Cumbre tunnel, five-eighths of
a mile in length, has been completely repaired, and where necessary lined
and timbered; trains are being run through it to and from Madera, and it
of Chihuahua
now possible to better control the situation in and about Madera, and to
actively push track repairs south of the tunnel.
Between Temosachic and Madera there has been no train operation since
late in the year 1915, when revolutionaries destroyed in this section some
14 large bridges.
During the past year steady progress has been made in
the rebuilding of these bridges, in the repairing and rebuilding of 25 other
smaller bridges which had been partially destroyed, and in re-tieing and
repairing the track.
Unless some at present unforeseen difficulty is experi¬
enced this section will be in fair running order by Oct. 1 next, and the
whole railway mileage again in operation.
The management will then be
in a position to better handle operations and there will be an important
improvement in earning capacity.
In Nov. 1920 the testle at Kilo A 5H on the logging branch, known as
the Chuichupa High Line, was accidentally destroyed by fire and thereby
the lumber operations were for a time seriously embarrassed.
This trestle,
the largest on the railway, was 150 ft. high in the centre, about 600 ft. long
and contained 1,600,000 ft. of timber.
Fortunately, the fire insurance
moneys which have been collected are sufficient for the replacement of the
trestle by a switchback which, when completed, will not be subject to a fire
hazard, and will in grade and curvature conform to the standards on the
is
balance of the line.
Lumber Mills.—The lumber mills at Pearson and the finishing mill at
El Paso have been in practically continuous operation at part capacity
during the past 12 months, during which time the Pearson Mill produced
acout 25,000,000 ft. B.M. of lumber.
At the present moment the market
in the United States and Mexico for lumber products is depressed, and
operations will, therefore, for a time be somewhat curtailed.
It is, how¬
ever, of the utmost importance that the mills be run and the men employed
at least on part time in order to assist in keeping the countryside quiet
preserving our excellent relations with the State authorities.
is the owner of approximately 3,000,000
of Chihuahua and Sonora, upon which lands all
taxes, Federal. State and municipal, have been paid, the receiver having
recently negotiated a settlement of tax accounts, disputed items on which
ran back into the early days of the revolution.
The receiver believes that
these timber areas, although originally over-est imat ed as to acreage timbered
and the footage per acre are in fact extensive and valuable.
Only a detailed
cruise and estimate by competent men will establish their value.
The company in 1909 secured from the Terrazas family a lease on 250,000
acres of timber lands till
1926, consideration being $250,000, paid in ad¬
vance.
We are lumbering on these areas and it is hoped that all of remain¬
ing timber, estimated at about 100 million feet, will be manufactured prior
to the expiration of the term.
Mines Shut Down.—Owing to the recent fall in the price of silver, a number
of mines in and about Cud, on the Chihuahua Division, have closed down
or curtailed operations,
the result being a decrease in important freight
and
in
Timber Lands.—The Railway Co.
of land in the States
Equal Operating Expenses — This factor, combined with
depressed lumber market, has adversely affected earnings, so that at
moment the receipts on! the combined railway and lumbering
operations of the Railway Co. and its subsidiaries barely balance the
expenditures.
Political & Economic Conditions.—General Obregon became President of
Mexico on Dec. 1 1920 and under his regime the Republic has enjoyed a
period of peace.
There has been a distinct and gratifying improvement in
conditions during the past 12 months and it is reasonable, therefore, to hope
for steady progress towards prosperity, but it is not reasonable to expect
immediate stability or that there will not be a period of slow, and at times
painful, convalescence.
Physical Condition.—From an inspection of the properties in Jan. 1921
it is evident that the company's railway and lumber plants will shortly
be in condition to handle all business offering, and will gradually be built
up to an efficient level.
Grave losses have been sustained as a result of
revolutionary and military activities, but temporary repairs and substitutes
have minimized the effects of these losses and wili for some time be sufficient
to meet all business needs.
Claims of $7,000,000 Against Mexican Government.—The receiver, under
the advice of counsel and order of the Court, has filed with the Mexican
Claims Commission claims for revolutionary damages to the properties
aggregating $7,000,000 U. S. currency.
The receiver is in an easier position as to working capital and hopes that,
with financial and other assistance from the Federal and State Govern¬
ments, funds will be available to complete the program of repairs and
replacements now in contemplation, the attitude of these authorities
towards the company Ls sympathetic and cordial, although at the present
moment there are many pressing problems of government and
finance
which render difficult any active assistance.
No Reorganization Yet.—The receiver is still of
the opinion that until
there is a change in the conditions now existing, nothing is tb be gained by
calling a meeting of the bondholders or shareholders.
The receiver, how¬
ever, trusts that a real improvement in Mexican conditions may in the
reasonably near future permit of his meeting bondholders and shareholders
and discussing with them the whole situation.
The Mexico North Western Ry. Co., it should be remembered, is located
in a country almost 1,000 miles north of Mexico City and operates over
500 miles of track through a rough and sparesely-setded country, which
for 10 years suffered severely as a revolutionary battleground.
Loans.—In the year 1915 the receiver was confronted with a serious
financial situation and was faced with the task of providing the sum of
Earnings Barely
the
Govt,
Gross income.
1919.
$
27,436,800 27,436,800
*58,073,000 52,178,000
bills pay. 4,850,000
5,850,000
Capital stock
Mtge. bonds
the present
217,064
409,522
69,260
account Guar,
$872,680
229,390/.
1,103,622
195,043
282,960
—
Miscellaneous
Rec'd from U.
$8,291,241
W.-B.
Inc. from funded
Joint
15,240,891
369,757
801,547
205,425
1920.
Liabilities—
119,584,220 113,596,749
Impr. leased rys— 7,891,183
7,800,339
traffics.
$324,1281
$206,037
357,537
75,669
Other dividend income--
Rent for
$3,109,101
6,686,133
—
Rent from
form
$4,068,182
10,419,020
20,458,641
301,724
901,641
220,063
$57,493,096 $40,273,950 $36,369,271 $26,412,853
def5,811,297
4.563,352
8,421,400
10,683,887
2,933,471
3,096,645
1,904,874
2,392,646
—
Taxes, &c
Div.
$5,510,957
11,869,423
21,358,894
SHEET DECEMBER 31.
1919.
§
Road & equip't
acres
Total,Overcititio
[Vol. 113.
CHRONICLE
THE
1464
$500 000 to liquidate the debts incurred during the first iive years of the
The receiver,
after considerable difficulty, succeeded in
revolution.
1
Oct.
1921.]
receiver's certificates the sum of $500,000
renewed until in the year 1919 he
obligations.
The current financial
situation of the company during this period was an anxious one, and it is
satisfactory to be able to report its improvement.
in New
borrowing
York
Western New York &
on
and from year to year having the same
in a position to pay and cancel these
Mexican affairs
pre-revolutionary
opinion that a substantial net surplus on
condition the receiver is of the
operating account can be earned by the companies from the noral business
and traffics offering, and it is reasonable to hope that further business not
now in sight may follow upon mining and agricultural development of the
country tributary to the companies' operations, which is reported to be rich
In undeveloped resources.—Y. 113, p. 628.
Montreal Tramways
(Report for Fiscal Year ending June 30 1921.)
$388,994, leaving
$72,063.
last
account
guaranty] that accrued to the
company
[including the
during the first 8 months
tiie
th
previous year.
This total was Increased from non-operating sources b
$34,462 to an aggregate of $1,306,288.
.
After deducting interest on funded and unfunded debt, the latter item
Road
&
Equipment.—The investment in road and equipment increased
'
STATEMENT FOR CALENDAR YEARS.
1920.
INCOME
balance carried to the credit of the general surplus
This balance, added to the $941,175 at the credit of
makes a total of $1,013,238, from which there
Railway oper. revenues Sept. 1 to Dec. 31, $9.840,745; railway oper. expenses, $8,843,911;
year,
has been
appropriated $96,529 on account of deferred quarterly dividend
paid during the year, leaving a balance at the credit of the general surplus
account of $916,709.
Financial.—-From the coming into force of the contract [with the city of
Montreal (V. 106, p. 607)], viz., Feb. 10 1918 to June 30 1921, the revenue
has not been sufficient to meet the requirements of the said contract, as
shown by statement of operations under new contract but it is hoped that
under existing conditions the situation will materially improve.
Debenture Stock.—Under authority adopted on Sept. 30 1911 the directors
authorized an issue of $4,000,000 of the 5% Debenture stock, to be disposed
of from time to time as required.
During the year $150,000 was disposed
of, which, together with the issue of $1,000,000 sold in the year 1919,
leaves a balance of $2,850,000 to be disposed of from time to time as required.
Bonds.—During the year the company issued $1,000,000 of its 5% 30
Year gold bonds, being 75% of the capital expenditures made from Jan. ]
1918 to Oct. 31 1920, in conformity with the trust deed.
The said bonds
are held in the treasury and will be disposed of when conditions are more
,
1919.
*
$996,834
net
a
account of
Federal compensation
statement shows the
income
of the year, as well as the operating results during the last 4 months,
total being $1,271,825, or an increase of $259,442, compared with
$317 225
Results.—The gross revenue for the year amounted to $2,411,329 and
the expenses to $1,950,272, leaving a net income of $461,057, from which
there has been declared four quarterly dividends of
each, amounting
to
The
six months
1
Green, Phila., April 4, wrote in substance:
covering the interest on advances made by the Pennsylvania RR. on capita
account, rents, maintenance of corporate organization and miscellaneous
charges, aggregating $2,232,239, there was a deficit for the year of $925,950,
which was transferred to the debit of your profit and loss account.
Company.
President E. A. Robert writes, in substance:
this
Pres. John P.
restored to their
are
Pennsylvania Railway.
(27th Annual Report—Year ending Dec. 31.)
was
Outlook.—When
1465
CHRONICLE
THE
191,207
Railway tax accruals Sept. 1 to Dec. 31
of equipment,
$238,514; net joint facility
rents, $68,676; total
...——
Net railway oper. income Sept. 1 to Dec. 31
Federal compensation accrued Jan. & Feb
Federal guaranty accrued March 1 to Aug. 31
Hire
Total
...
Miscellaneous rent income
:
—
unfunded securities & accounts
Income from
income
Gross
.
Rent for leased road.—
.
Miscellaneous rents
— _—_
_____ —
Miscellaneous tax accruals.
—
on
—
unfunded debt....
Maintenance of investment
...
$1,271,826
$32,843
1,620
$1,012,384
$34,282
1,607
$1,306,288
$1,000
88,047
Cr.5,907
903,558
1,227,477
$1,048,271
$1,000
88,649
3,443
5,581
12,482
Interest on funded debt—
Interest
307,189
498,438
193,224
580,164
899,500
1,130,515
22,603
13,223
$2,232,239
$925,950
$2,158,933
$184,710
organization
Miscellaneous income charges....
favorable.
Guaranty Fund.—Under the terms of the contract the
provide from its own funds a guaranty fund amounting
amounts of not less than $100,000 per year.
This sum
been paid into guaranty fund since June 30 1921, making
said fund, according to the terms of the contract.
Dividends.—During the year the company paid its
dividends
on
2^%
its Common stock at the rate of
has to
to $500,000, in
of $100,000 has
$300,000 now in
usual quarterly
quarter, and also
per
paid the quarterly dividend in arrears for the quarter ended March 31 1919,
leaving two quarterly dividends still in arrears (V. Ill, p. 896; V. 112,
p. 470; V. 113, p. 1156).
General.—Failing to reach an agreement with the employees, it was de¬
cided in order to meet the present day conditions to reduce the wages of
the employees by an amount equal to about 12 lA %, to take effect on Aug
deductions.
Total
company
...
__
Deficit to profit & loss
_____
YEARS.
OPERATING RESULTS FOR CALENDAR
[Road operated bvU. S. RR
Administration from Jan. 1 1918 to Mar. 1 '20.]
1918.
1919.
1920.
1917-
657
660
660
659
$19,151,051 $14,702,030 $14,561,941 $12,050,103
Passenger revenue--.—
2,206,591
1,935,199
1,736,525
1,486,998
Mail, express. &c_
_1,233,715
1,173,124
1,227,782
1,173,296
Mileage
<-■_
Freight revenue
—
put in operation
revenue...___.$22,591,357 $17,815,353 $17,526,248 $14,710,397
3,134,942
2,253,723
3,535,27,7
Maint. of way & struc..
3,745,499
5,872,624
5,982,146
3,840,202
Maint. of equipment—
8,033,693
149,224
163,425
160.829
Traffic
165,284
8,812,406
7,121,664
8,423,364
Transportation
12,002,768
two
Miscellaneous.
16 1921.
referred to last year, was
late in August; two units being completed.
The other
units, it is expected, will be ready for operation in December next.
Fares.—Your directors beg to report that the Tramways Commission
has decided to maintain the present rates of fares for the present.
New Sub-Station.—The sub-station at Cote St.,
Total
—.
JUNE
30.
Other
_
__
Gross revenue
Interest
bonds
on
Interest
_
—
debentures
on
Other expenses
_„
1919-20
$2,317,445
58,135
$2,411,329
1,082,418
850,313
$2,375,580
1.044,169
850,000
17,541
——
revenue
Ry.
1920-21.
$2,355,970
55,359
^
Allowance from contract—
28,902
_
Net income
$461,057
$452,509
_—(10%)$388,994 (7^)29 *,550
__
Dividends
—
396,444
348,783
D.$839,392
316.584
S.$985,196
283,508
def_D.$2,488,986D$l,179,431 D$1,155,976
8.$701,688
521,779
LOSS STATEMENT FOR
PROFIT AND
YEARS ENDED
461,640
D.$800,499
378,932
accruals
Tax
COMPANY'S INCOME AND
611,320
_____D.$1,967,207
Net—
oper. sur. or
BALANCE
SHEET DECEMBER 31.
1920.
1920.
$
Liabilities—
Securities of affili¬
19 ,972,756 19,972,756
29 ,595,000 29,595,000
70,375
37,506 Equip, trust obliq.
39,853 Misc. accts. pay'lo 39 ,910,056 38,054.242
14,874
14,874
1,383,242 Deferred liabilities
278,020
314,670
7,111 Matured interest_
529.928
529,928
.14,744.207 13,821,900 Funded debt mat.
ated companies-
Misc. phys. prop..
Current assets
Miscellaneous
$
Capital stock
Funded debt
equlpm't.76,345,360 76,028,136
____
Profit and loss.a.
1919.
8
1919.
$
Assets—
Road &
37,500
39,853
2,408,568
7,111
104,058
100,000
deproc'n. 3 ,002,621
77,643
liability
Other unadj. cred.
27,275
2,723,072
Unmatured
Int
Accrued
Surplus for the year
Surplus June 30-..-
_
■_
_
_
—
Total
„
$72,063
941,175
$1,013,238
$161,958
1,039,818
$1,201,776
5,000
Donation to Mrs. Robinson
Deferred Dividend paid on Common stock
General
Tax
surplus.
STATEMENT OF OPERATIONS
$941,175
$916,709
—
After allowing for
—V. Ill, p. 685.
a
The
Balance.
$2,695,394
$2,868,667
$8,351,508
capital value
$3,018,224
working capital..
*
40,645
add'ns to capital.
32,919
Expense of financing
251,353
$2,177,178
23,833
69,827
$2,177,178
12,491
118,859
$7,372,580
181,431
181,431
614,216
$2,452,269
$243,124
$2,489,959
.$378,708
$8,285,371
$66,136
$692,694
115,722
$500,000
107,825
$500,000
117,730
$1,692,694
341,277
$808,416
$1,364,112
$607,825
$617,730
$239,022
$2,033,971
$1,967,834
on
on
Total
$3,343,142
Balance
def .$555,696
Payable as earned—
City of Montreal rental.
Contingent reserve
Total.
Deficit..
BALANCE
SHEET JUNE 30.
1921.
of
road
$
Liabilities—
Common
and
Ref. M.
1920.
8
$
stock._.x3 ,891,310
5s
in treasury
Debenture stock.al7 ,150.000
3,880,240
17,000,000
1st & Ref. M. 5s.. 17 335,000
43,211,979 41,604,518
equipment
lst&
1921.
1920.
$
Assets—
Cost
$364,700
76.969
221.606
16,335,000
Underlying
1,000,000
bonds
and mortgages..
Investments
266,138
274,137
3 ,273,796
Accounts & wages 1, 278,185
Accts. receivable-.
540,370
491,250
Accrued
Stores
772,832
725,118
529,334
Unred'm'd tickets-
380,910
239,242
233,912
Suspense accountFinancing allow'ce
572,699
643,127
609,485
432,784
97,287
97,006
600,000
600,000
23,019
916,709
39,971
Cash
City rental paid in
advance
Underlying
Interest.
Dividend
165,940
payable
Aug. 1
secur.
redemption fund
Guarantee lund...
3,362
3.550
200,000
200,000
14,482
170,939
Capital reserve...
Miscellaneous
121,591
Malnt. & renewals
Suspense account.
3,273,996
1,069,461
243,130
.
Surplus
fx There
46,371,531 44,769,193
is
also
$108,690
Common
Total
stock
46,371,531
unpaid and
44,769,193
subject
to
call,
making the total issue $4,000,000.
Note.—The contract provides that the city shall receive out of gross
revenues a sum of $500,000 per annum and that there shall be paid annually
into a contingent reserve fund 1% of the gross revenues until such fund
shall amount to $500,000.
There has accrued to the above accounts since
the commencement of the contract to June 30 1921; for the City of Montreal,
$1,460,618;
for the contingent reserve fund, $341,277; total, $1,801,895,
which amounts will be paid when sufficient revenues are received from the
Properties,
p.
This includes the amount due
1156.
on
Ac.—This
company
was
1910 by interests
originally incorporated under a
connected with tne Goodyear Tire
& Rubber Co. of Akron, Ohio, to handle that company's Canadian business.
In 1910 tho company purchased the Bowmanville plant which, being
reconstructed and enlarged, now contains
2 A acres of floor spact.
It is
exempt from all taxes except school tax, until 1925.
For want of homes
for our employees, the pneumatic department was moved in 1917, to our
new plant erected at New Toronto, with a floor space of 9% acres.
This
plant has tax exemptions until 1936 and is ideally located.
The same management has been in charge since 1910. Branches are main¬
tained at Halifax, Sydney, St. John, Quebec, Montreal, Ottawa, Toronto,
Hamilton, London, Winnipeg, Regina, Saskatoon, Calgary, Edmonton
and Vancouver.
_
the Goodyear Tire
position to supply
the foreign trade wi h a large por ion of Goodyear tires required, expansion
was made at the New Toronto plant by increasing our power plant and
erecting an additional building 560 ft. long, 100 ft. wide, 4 stories and
basement, installing machinery for a maximum of 6,000 tires per day, and
with building accommodations for an output of 7,500 tires por day.
This
addition, if completed, would have brought the plant up to 14 acres of
floor space and given us a maximum increase of about 3,000 tires per day.
Contracts for Supplies.—Raw material, rubber and cotton for the expected
production, estimated at 5,000 tires a day, had to be purchased six months
in advance due to shipping and other conditions.
Then the general business
depression and the marked depreciation of foreign currency began to be
serious about July 1920, and we therefore stopped construction and can¬
celed all contracts wherever possible for machinery and supplies.
Business
fell off rapidly, leaving large stocks of manufactured goods on hand.
We
reduced production from 3,600 tires per day to a low mark of 3o0 tires.
Further Expansion Undertaken but not Completed.—As
of Akron, desired that we should be in
& Rubber Co.
Commitments
on
materials purchased had to
be met, a serious proposition
to finance.
The building is about two-thirds completed, with
sufficient materials for its completion, but we consider it unwise
time
to
Recent
proceed
therewith as the
Financing.—The
company
shares not yet exchanged.—V.
113,
at Aicron,
Preference stock.
almost
at this
building is not necessary for present
arrangement submitted to
stockholders in April
O., by allotting it at par 28,260 shares of 6% Prior
settle notes payable held by American banks and
To
8% notes dated April 1 1921 aggregating
$1,189,920, which have certain renewal privileges, and anticipate that no
difficulty will be experienced in meeting or prepaying them.
The fabric commitment creditors (approximately $4,547,000) will re¬
others
we
have issued three year
ceive 25% of their contract prices either in Prior Preference of Pref. stock,
at their option, at par; the remaining 75% being payable in cash with the
special privilege to us that payments in both stock and cash are only to be
made from time to time against deliveries as required for production.
The rubber commitments, about $570,000, are to be paid 20% in cash
on
operations of the contract.
a
Ltd.
(V. 112, p. 1871) and made effective by special Act of the Ontario
Legislature leaves our property from from bonds, mortgages, liens or any
form of fixed securities.
We have liquidated our debt of $2,826,000 to the
312,571
contract...
Total
of Canada,
last
Balance due under
new
Co.
C. II. Carlisle at stock¬
meeting in Toronto July 18, said in substance:
Dominion Charter in
941,175
492,642
-
Rubber
V.-President and Gen. Manager
holders'
23,250
New construction.
&
(Official Statement July 18—Tentative Balance Sheet).
June 30 '21.
$2,787,447
on
$7,371,886 additions to property through iucome.
Tire
Goodyear
Year ending
June 30 '20.
Allowances due Co.-—
6%
6%
7%
T3~2O0
93,582,605 91,317,747
.
UNDER NEW CONTRACT.
Year ending Feb. 10'18 to
June 30 '21.
Gross earnings
$11,572,210 $10,782,470 $11,773,005 $34,127,685
Oper. expenses & taxes.
6,640,715
5,849.912
6,327,841
18,818,468
Operating profit.______
45,928
46,607
47,442
139,977
Maintenance & renewals
2,098,121
2,190,557
2,529,055
6,817,734
Fe6.l0'18 to
June 30 '19.
——93,582,605 91,317,747
Total
{2lA%)96,529(7^)255,601
—
Total
delivery of rubber, and the balance
lege of three 90-day renewals on
time of renewal.
in 90-day 7% notes, with the privi¬
payment of 25% of the balance owing at
[Vol. 113.
value of the
for
has
been applied in reducing the value of the stocks of fabric and rubber by
50% or the cost price thereof, and finished product by 26 3% below inventory
value.
The balance of the surplus referred to, including other reserves
BALANCE
The arrangement also provides for the reduction of the par
Common stock from $100 per share to $10 per share.
This provided
the creation of a surplus of $4,798,800, of which amount $2,506,785
meet the
Sreviously carried, nowof all materials contractedand butmore than ample
amounts to $2,833,458, for is undelivered
excess cost
)
Present Position-—The settlement has worked out very
and
luyj cost
noth'ng in the
us
way
advantageously
of additional interest charges.
The
aft r writing down inventor es and
balance sheet of June 30 shows that
as above referred to.
our current assets
iess than
$8,408,443, our current liabilities are $2,479,183, so that our net current
assets amount to $5,929,260.
After deducting the' three-year 8% notes,
$1,189,920, there remains $4,739,339—a most satisfactory position.
During recent months realization of our inventories and accounts re¬
ceivable has enabled us materially to reduce our bank loans and to pay
all current liabilities as they fall due.
Between March 31 and June 30
we have reduced our liabilities
by $2,117,000, as follows:
stocks
192-3 194-675
Bank loans—_._.-__„.--_$984,0001 Fabric
extension liabilities.
Bldg,
amount to
$333,000
commitments.
notes
70,0001 Miscellaneous
588,0001
able
,
Letters of credit agst.rubber
no
pay-
142,000
120.000.000120.000.000
Capita! stock
Accts.
payable-_xl8.21fi,477 17,151,164
dividends 2,399,960
2,399,950
Accrued
Insurance and other
reserves
.
-
2,370,969
2,433,296
....
U. S, Government
(U. S. RR. Ad¬
ministration)
Net surplus
29,711,792
20,199,2j55 23,678,091
♦U.S. Govt. (U.S.
RR. Admin.)...
35,519,097 j Total each side.. 163,248,989195,311,967
.
*
Includes depreciation, subject to adjustment at end of Federal control,
x Includes account
with the U. S. Government for six months' operation
ending Aug. 31 1920 under Guaranty Period Transportation Act.—V. 113,
p. 858.
Subsids.).
Chairman H. F. Sinclair writes:
Results.—The gross earnings and miscellaneous income were $59,467,530,
exclusive of inter-company sales and revenue.
Net earnings were $11,417,367.
Adjustment of crude and refined oil inventories on hand as of June 30
have been made with the Akron company whereby the
Canadian company will receive all foreign business which it can deliver at
an equal or better cost than the Akron company, and the latter also agrees,
if necessary, to keep the Canadian plant in balanced production by giving
it business which could be handled to a better advantage from Akron, so
long as it does not involve a net loss to the Akron company.
June Profits.—After giving effect to the adjustment of our inventories,
as above described, our June operations showed a net profit of $92,253.
During that month an item was paid of $23,991, which properly belonged
to preceding months, therefore, the actual net profit for June was $115,244.
Wh le this profit is not large, it shows that the company is now on a profit¬
Arrangements
1921 to the lower of cost or market, and the sale of the crude oil in storage,
resulted in a charge against earnings of $9,100,090, leaving a balance of
$2,327,498, after Interest charges, exclusive of the Ooropration's portion of
the earnings of affiliated companies, which if included would materially
increase the amount.
New Purchasing Company.—The Sinclair Crude Oil Purchasing
Co. has
been
able basis.
Outlook.—We look to the future with confidence.
We are well organized;
agencies and dealers (4,000 in number) are well placed; our product has
splendid reputation.
On general business Improving, our sales will in¬
crease.
Increased business will undoubtedly enable us to resume the pay¬
our
a
ment of dividends at a not too distant date.
YEARS ENDING SEPT. 30 1912 TO 1920.
1920.
$
$
Liabilities—
Property acct. (see
above)
.89,330,332 81,800,276
Operating supplies,
linen, <fcc
10,673,342
7,979,678
Unexpired insur..
99,825
123.224
Securities
8,373,191
8,530.527
Car leases.......
4.700.218
5,606.566
Cash
20.086,452 25.596.562
Bills A accts. rec— 9,849,221 10,019,629
Mfg. dept. plants
and investments 20,136,408
20,136,408
(Reports for the Six Months ended June 30 1921.)
meet these sales.
FISCAL
$
1921.
1920,
$
Sinclair Consolidated Oil Corporation CIncl.
reduced to
approximately 35.000 tires, and sales are from 1,500 to 1,600 per day.
The st ocxs in foreign branches have been reduced to normal, and their
sales have materially increased.
Production must now be increased to
Our stock of 125,000 tires for the domestic market has been
WFOR
SHEET JULY 31.
1921.
Assets-
:
organized with a capital stock of $20,000,000 fully paid.
Sinclair
Consolidated Oil Corp. through its subsidiary, Sinclair Oil & Gas Co., has
purchased $10,000,000 of the capital stock at par, and the Standard Oil Co.
of Indiana an equal amount at par, the result being a
corporation etsablished with cash resources of $20,000,000.
The charter of this corporation
limits its activities to the purchase and sale of crude oil.
It has at this
time in excess of 10,000,000 bbls. Mid-Continent! crude oil in steel storage
and is accumulating approximately 1,003,000 bbls. per month.
Sale of Half-Interest in Sinclair Pipe Line Co. to Standard Oil Co. of Indiana.
—Your corporation has made a contract to sell to the Standard Oil1 Co. of
Indiana a one-half interest in the Sinclair Pipe Line Co., for which
it is to
1911-12.. ,..$1,499,345
.$2,370.91411917-18
$8,544,556
receive
1.973,790
1,939,447
3,446,683 J1918-19
5,509,433 1919-20
12,839,124
18,142,103
corporation's total investment in the pipe line company.
The Sinclair Consolidated Oil Corp. ana the Standard Oil Co. of Indiana
are represented equally on the board of directors of the Sinclair Pipe
Line
Co. and the Sinclair Crude Oil Purchasing Co.
Outlook.-—The corporation has adapted itself to the changed economic
conditions.
Operating efficiency has been increased.
In my opinion the
1913-14.....
To secure additional capital a new company with the same name was
Incorporated under the Ontario Companies Act, in 1919, which acquired
the business and assets and assumed
the liabilities.
The net profits for the 12 months ending Sept. 30 1920 amounted to
$096,274 with reserves of $1,341,062.
During the nine months to June 30 1921, our surplus of $1,071,725 as
shown by our Balance 8heet of Sept. 30 1920, was reduced to $100,760
by operating losses, approp.iatlo .s, interest charges. Preferred dividends
to Dec. 31 1920, &c.
approximately $17,000,000, being one-half of the cost price of the
petroleum industry has turned the corner.
CONSOLIDATED STATEMENT OF INCOME
JUNE 30/INCLUDING SUBSIDIARY
BALANCE
SHEET JUNE 30
1921.
Assets—
Gross
earnings
Real
estate,
bldgs.,
plant,
machinery & equipment... $6,868,582
Sundry investments.....
Stocks
on
hand
as
17,697
revalued
6% Cum. Prior Pref. stock..a$2,826,000
7% Cum. Pref. stock....____b4,500,000
Common stock.
Z.
533 .209
3-year 8%
on
1,189,920
notes
present market or cost basis
Bank loans
675,333
under
Accep. agst. letters of credit.
Miscellaneous notes payable.
of
scheme
of
arrangement:.
Raw material.
_
Material in process
Finished good3.._
Accounts
...
receivable
Cash
2,123,961
140,707
_
2,022,349
3,912,380
209,045
37,977
...
Deferred charges
Accounts
payable
_
—accrued interest, &c
Contingencies
For other purposes
786,111
_d2.833.45S
84,337
Surplus
Total
(eachside)..
100,760
..$15,332,999
Authorized, $4,500,000; allotted and to be issued, $2,826,000.
b Authorized, $15,000,000; issued, $4,500,000.
c
Authorized, $1,500.000; Issued, $533,200.
d And against fabric and rubber commitments.
Commitment
liabilities:
For
rubber,
$570,000;
fabric,
$4,547,073;
construction, about $40,000; total, $5,157,073.—V. 113, p. 423.
a
'
'-J
\'' "vz"'
-.
Pullman
;.
:
.
:
■' •
Company Chicago.
(Report for Fiscal Year ending July 31 1921.)
See also summary of unusually detailed statement for calendar year 1920
as filed with the Department of Public Utilities of
Massachusetts, published
in the "Chronicle" in the issue of July 2 1921.
INCOME ACCOUNT FOR
1920-21.
Earnings of
cars
(V. 113,
YEARS ENDING
1919-20.
p.
68.)
JULY 31.
1918-19.
a_b___$60,315,718
Federal
compensation..
y979,167 $11,750,000 $11,750,000
Returns from mfg. int.,&c 5.947,182
2,769,777
3,689,936
1917-18.
$23,287,252
*6,854,167
3,216.760
Gross income
-$67,242,066 $14,519,777 $15,439,936 $33,358,179
Oper. expenses & taxes_$z54.853,524
$1,606,268
$2,709,879 $17,348,081
x
Depreciation in general 6,26/,659
2.607.891
Dividends (8%)-----.9,599,820
9,599,800
9.599,792
9,599,792
Balance, surplus—def$3,478,836
*
Federal compensation for
$3,313,709
$3,130,265
$3,802,414
months ended Dec. 31 1917.
x The provision for depreciation
during Federal control accrues under the
contract with the Director-General of Railroads, and hence does not
appear
in the income account.
This includes depreciation for the month of
seven
1920.
For 11 mos. ending July 31 1921, and b 5 mos. ending Dec. 31 1917.
"Guaranteed compensation ander Transportation Act (Aug. 1920) "
z Represents in 1920-21 "operating expenses,
repairs of cars, taxes and
insurance, also corporate expenses and taxes, month of August 1920 (last
month of Guaranty Period.
August
a
y
PROPERTY ACCOUNT AS OF JULY 31 (SHOWING DEPREC'N,
ETC.)
1917.
1921.
Total number of cars
7,750
$
Oars and
equipment
1920.
1919.
7,718
$
7,643
148,935,729 138,949,086 136,217,101
Reserve for depreciation 64,778.687
{Not 1918).
7,580
$
132.180 374
45,773/497
62,286,958
57,929,130
84,157,042
5,150.234
980,874
76.662.128
4,996,756
875,569
78,287,971
4,147,399
736,952
86,406,877
2,802,935
4,169,360
1,089,443
92,164
4,121,187
1,084,042
73,731
3,410,447
1,082,685
55,298
2,170.967
1,068.859
18.433
997,280
1,010,311
6,651
1,027.386
1,050.426
6.651
6,651
6.651
Total property acct— 89.330,332
81,800,277
82,732,455
89,634.921
Total
Repair shops.
depreciation
Reserve for
Total
Pullman
building
depreciation
Reserve for
Total
Other real estate
631.968
& gen.
exp.,
ENDED
1920.
excl.
inter-co.
-$59,467,530 $67,697,845
maint., insurance,
....
50,277,678
1,877,490
$2,327,498 $15,542,676
113, p. 1061
American Water Works & Electric Co.
(7th Annual Report—Year ending June 30
(Inc.).
1921.)
President H. Hobart Porter, Sept. 21, wrote in substance:
Operating.—During the first half of the year, in spite of the most
Cost of
strenuous efforts at economy, the cost of operation progressively increased
until in November and December 1920 the percentage of operating expense
to gross earnings was over 64%, since which time the cost of operation has
gradually de lined.
The largest single factor was the price of coal, which
is the principal element in the cost of water-works operation.
Rates—Results—Outlook.—Rate increases were granted from time to time
during the year, which were estimated to yield over
$800,000 of additional
The increases are reflected in the gross earnings as
but the rise in operating costs more than offsets the
added gross
The increased rates, and prevailing economic conditions
which now make possible a reduction in operating expenses, should result m
a decided gain in the net earnings during the coming year.
Maintenance.—The properties are being maintained notwithstanding the
increased cost of maintenance work.
The amount set aside out of earnings,
and included in operating expense, for depreciation and replacement re¬
serves over and above actual maintenance expenditures was $235,575, as
compared with $110,072 for year 1919-20 and $54,566 for year 1918-19.
Subsidiary Water Cortlpany Construction and Financing.—Under the diffi¬
cult market conditions of recent years your company has been obliged to
advance most of the funds needed by the water companies for additions and
betterment.
During the year the aggregate expenditures for such additions
and betterments amounted to $1,146,931, as compared with $629,410 for
income per annum.
shown in the report,
year
1919-20-
,
The Kokomo "Water Works Co. has sold its Pref. stock to 321 and the
Birmingham Water Works Co. (Y. 112, p. 260, 935, 2309. 2654) sold its
Pref. stock to 1,022 employees and customers.
The two companies had in
the aggregate sold over $500,000 of such stock to June 30 1921, since which
time a similar sale has been undertaken by the Muncie Water WorksCo.
and the Birmingham Water Works Co has continued its sale as well.
Pref.
stock of other water works companies will be offered locally during the
coming year.
The good-will of the local investors in such stock should be
ultimately of great value to the companies.
During the year the East St. Louis & luterurban Water Co. issued
$400,000 Series'* C" 7>3 % First Mtge. and Ref. gold bonds, due July 1 1942,
$200,000 of which have now been sold.
The proceeds will be used to re¬
imburse the company for a part of its expenditures for betterments com¬
pleted or under construction. (Y. 113, p. 298, 422 )
.
West
Penn
Properties (Compare annual report, V. 112, p. 2299.)
Stock Holdings.—On June 30 1921 your company's holdings of stocks of
the West Penn Traction & Water Power Co. were as follows:
Outstanding.
$8,054,700
22,054,700
Accumulated Dividends.—The $8,054,700 Pref. stock of West Penn.
Traction & Water Power Co. is receiving current dividends at the full rate
of 6% per annum; $6,500,000 of this stock, however, which was issued prior
to 1914, did not receive dividends for a period of 2 % years beginning in 1914,
and is entitled to have this amount (16>$ %) made up before dividends are
paid upon the Common stock.
Your company owns $3,113.800 of such stk.
During the year two quarterly dividends of 1M % each were declared on
account of these unpaid accumulated dividends (V. 113, p. 536) in addition
to the current quarterly dividends of 1
%.
The amount of accumulated
unpaid dividends on this stock at the date of this report has, therefore, been
Preferred stock
Common
stock
*
Company Owns.
$4,668,500
15,898,700
% of Total.
57 96
72.09
reduced to 14%.
Dividends.—In addition to the West Penn Traction & Water Power Co.
stock, your company holds $281,300 of 6% Cum. Pref stock of West Penn
Kys. Co., the principal subsidiary of the West Penn Traction & Water
Power Co., on which regular quar. divs. of 1H % were paid during the year.
Your company's proportion of these dividends, amounting to $374,863,
has been included in its income account.
The consolidated surplus and un¬
distributed earnings of the West Penn Traction & Water Power Co. and its
subsidiaries on June 30 1921 amounted to $3,410,978, of which your com¬
pany's proportion is about $2,235,000, but no amount has been included for
proportion of the undistributed earnings of the West Penn Co's in
such
Note.-—"Cars and equipment" as above include the company's one-half
interest in Association cars, viz.: In 1916, 131 cars; 1917 to 1920,
inclusive,
3 cars.
No number stated for 1921.
income,
Income available for surplus and reserves..
-V.
879,010
........-
miscl
-
Reserves for Government taxes
Res. for deprec., plant, &c___
MOS.
ordinary taxes, &c
48,050,163
In erest and discount (incl. Federal taxes in 1920)
2,989,869
Adjustment of crude and refined oil inventories to
the lower of cost or market and loss on the sale
of the crude oil in storage
6,100,000
312,778
71,161
540.846
terms
and
revenue
Purchases, oper.
Liabilities—
6
1921.
sales and
CAfter Giving Effect to Adjustments Arising Under Scheme of Arrangement.
FOR
COMPANIES.
your
company's income account.
Maintenance, <fcc.—The consolidated property and plant account of West
Penn Traction & Water Power Co. and subsidiaries shows a net increase of
$5,397,313
over
June 30 1920.
In addition to current expenditures for
OCT. 1
*
and
maintenance
repairs amounting to
$1,996,291, there was set aside
latter
This
provision for maintenance, repairs, renewals and replace¬
$1,122,941 for depreciation, renewals and replacements.
Of this
sum $922,941
was charged to and included in operating expenses.
represents a total
of approximately 20 5% of gross earnings.
Rates.—During the year the continuing advancing costs of operation and
made necessary further increases in both railway passenger
tariffs and rates for power service.
Power.—The new Spnngdale station of the West Penn Power Co. with an
ments
maintenance
initial capacity of 42,000 k.w. was put into operation during the year.
Bonds.—Since June 30 1921 the West Penn Power Co. has issued
and
7% gold bonds, series" D."
The proceeds
reimburse the company for expenditures made
be made in the extension and enlargement ol its property. (V. 113.
sold $3,000,000 of its 1st Mtge.
of such issue will be used to
and to
p.
in
739 )
California Lands.—Of the 26,000 acres of land which your company owns
the Sacramento Valley, Calif., at least 12,000 are known to be well
adapted to the raising of fruit and of this total about 1,600 acres are now
planted to orchards, approximately as follows: Lemons. 724 acres; oranges,
370; grapefruit, 30; almonds, 65; olives, 37; prunes. 364; miscellaneous. 8
Part of the 1,600 acres of orchards has been interplanted with other fruit,
notably: Almonds, 325 acres; prunes, 201; pears, 373; apricots, 17; apples,
10; miscellaneous, 10; total, 936 acres.
The land not planted to orchards is being used for the cultivation of rice,
general farming and grazing, such operations being carried on partly by
your company and partly by tenants under lease.
The yield of lemons, oranges and grapefruit was over 11,500 boxes; also
26,000 ibs. of pears, 15,000 lbs. of almonds and about 10.000 lbs. of apricots,
prunes and other fruits were produced.
The orchards are continuing to
show a good development, the fruit is of high grade and the crops have
shown annual increases, though much less this year than had heQD expected.
Dividends.—-Out of the surplus and net profits of the company four quar¬
terly dividends, each of 1%%, on the First Pref. capital stock were paid
during the year.
Bonds in treasury,
late Edmund O. Con¬
Voting Trust.—H. Hobart Porter has succeeded the
as a voting trustee.
Securities Listed—On Aug.
24
COMPANY'S INCOME ACCOUNT FOR YEARS
1920-21.
ENDING JUNE 30.
1919-20.
Increase.
Company's proportion of the net income of subsidiary water co's
375,584
$
482,948
$
dec. 107,364
stocks of West Penn Co's...
374,863
296,880
77,983
bonds, notes and advances
subsidiary water companies
539,770
467,085
325,671
accrued to June 30
1921 has been deducted in arriving at a total surplus of $871,038 as above.
Stockholders holding 1,350 shares have not claimed the Common ard Pref,
stock issued in lieu of 18% of lst-Pref. divs. down to April 27 1917.
Securities Owned.—The list of securities owned directly or through sub¬
sidiary cos. June 30 1921 (excl. of temporary investments) is substantially
as shown in detail for June 30 1919 in "Chronicle" of Dec. 6 1919 (p. 2170),
except that the bonds and collateral notes of subsidiary water cos. held aggre¬
gate $7,444,500 out of $29,873,900 outstanding, instead of $6,948,900 out of
$29,267,900 as on June 30 1919. while the $609,800 income bonds and $14,758 other securities of National Securities Corp. previously owned no longer
appear.
Total par value of stocks owned is $28,239,250 out of $29,727,400
outstanding, contrasting with $28,063,900 and $29,322,300 on June 30 1919.
1,572,584
284,240
32,778
4,729
799,698
CONSOLIDATED
COMPARATIVE
-June
1920.
488,646
1919.
Years
1918
$9,352,905
366,495
402,553
278,369
119,301
5,605,037
incl. income and
Taxes,
profits
tax.x-
Depreciation
574,570
601,512
706,084
922,941
-
_ — —
$3,743,070
550.035
Gross income.$4 293,105
on funded debt
$2, 255,565
96.622
on floating debt
$3,463,555
453,200
$3,660,488
$2,071,650
42,019
540,44 2
Int.
Int.
Cr. 185,955
Int. chgd. to impt. accts.
inc.&prof.tax
Est, Fed.
Divs.
x
Cr.
192,489
.
$3,715,774
$1,708,442
85,390
160,078
Cr.34,278
263,705
sub.
of
stock
on
with
565,601
645.782
516,046
483,282
527,657
483,282
707,193
413,320
$801,910
$633,450
$703,832
$411,923
public.
dividends
Preferred
106,500
113,579
of discounts
Amort,
3,350,198
365,576
$3,916,755
$2,019,182
69,830
121,673
Cr.201,387
192,686
$3,120,046
income.
Net
Miscellaneous income..
27,623
INCOME
Calendar
1919.
Years
30
$14,631,059 $11,761,843 $10,634,611
9,258.964
7,465,715
6,402,008
Operating revenue
Operating expenses
cos.
OF
STATEMENT
UNDIVIDED PROFITS.
AND
427
516,269
& Water Power Co. and Subsidiaries.
West Penn Traction
(1)
dec. 10,526
1,605,362
288,969
800,125
of issue
valued at $10,418,500.
The full amount of the dividend on the First Pref. stock
72,685
315,145
$
and non¬
Capital stock of $24,650,000, par value, issued as fully paid
assessable under the laws of Virginia for assets, which were at time
the Collateral Trust 20-Year 5%
1921
gold coupon bonds, due April 1 1934. and voting trust certificates, extended
to April 27 1924, for 7% Cum. Pref. stock, 6% Participating Pref. stock and
Common stock, were listed on the New York Stock Exchange.
on
amounting to $606,300 in 1921 and $604,000 in 1920,
formerly included in cost of properties, have been deducted from out¬
standing bonds in 1920 and 1921.
'
•
\
x Represents outstanding capital stock of par value as follows:
First Pref.
7% Cum. stock, $5,450,000; Participating Pref. 6% stock, $10,000,000
Common stock, $9,200,000.
.
.
verse
Divs.
1467
CHRONICLE
THE
1921.]
Interest on
to
Other income
__
^
Gross earnings
Less—Expenses and taxes
__
Int. on Coll. Tr. 20-yr. 5% bonds-_
__
_
Net income
*
____
This amount represents
the total expenses and taxes of your company.
proportion of such expenses contributed by subsidiary water companies
for expenses of administration, and included in the operating expenses of
■such companies, has been included in "other income" above, and the figures
for 1920 changed accordingly for purposes of comparison.
Also the inter¬
est on balances due subsidiary companies has been deducted from "interest
on
advances to subsidiary companies" instead of being deducted from
net earnings as heretofore.
'
Balance, surplus
x
but.in the two previous years they were shown
1921.
1920-21.
Years end. June 30—
$5,436,568
Oper. expenses & taxes..
3,254,946
earnings..$2,181,622
$1,767,235
Proport. of earns, accru'g
to minority stockhol'rs
38,803
Proport. due Am. Water
Wks. &E1. Co., Inc..
375.584
Net
in
ated
(cost)
Prel.
stock
Operating expenses and taxes
Net earnings
Interest and amortization
Divs.
on
stk. of sub. cos. with public.
553,099
1,635,535
Purchase notes and
of
West Penn Rys.
WATER CO'S.
1918-19.
$5,011,316
2,716,879
$4,973,392
2,478,922
$2,196,834
$1,689,157
$2,294,437
$1,793,091
$2,494,470
$1,833,227
206,407
Ac
Cash
to U. S.
503,468
704.307
447,696
accrued wases..
1.104,690
1,502,670
Accruod Interost..
603,217
1,435,834
523,764
1,517,023
Accr. dlv. on Pref.
I
1,647,221
2,298,490
(8163.339)
Materials A suppl.
618,953
463,068
482,947
ers to
8,641,797
$3,660,489
$2,027,710
516,046
1,875,376
bonds,
$632,616
$252,101
49,555
INCOME ACCOUNT
(INCL.
SUB.
Def.
1920.
$4,791,550
Increase.
$565,877
1
3,378,438
2,822,540
$1,978,988
$374,863
274,910
$1,969,010
$296,880
277,304
50,339
------
40,532
132,092
depr., Ac. 5,544,969
24,394
38,622
4,204,804
Surplus..3,410.978
2,957,646
pensation awards
Deferred
$2,628,762
Sub. co's int. & amortiz. of discount. $1,273,565
Int. on Co.'s Coll. Trust bonds
800,125
Proportion of earnings accruing to
minority stockholders.
38,803
Dividends (7%)
—
381.500
$2,543,194
$1,230,121
799,698
$85,568
$43,445
24,730
381,500
14,074
$134,769
$107,146
$27,623
earnings
Miscellaneous income
Gross
surplus..
CONSOLIDATED
BALANCE
427
._
SHEET JUNE 30.
Temporary investments: System securities, $387,247; other securi'ies, $85,198.Cash: Current, $590,438; held for construction,
Ac., $274,584: for matured interest, $200,193-Secured call and time loans,
Due from consumers, misc. accts. & accr. int., less
reserve for bad & doubtful accts., $92,888
Material and supplies at cost
Interest and insurance paid in advance.-
472,445
Springdale Power Station.
Payable Aug. 15
1921.—V.1 113,
p.
1,169.770
Orpheum Circuit, Inc.
An
offering of $1,500,000 of the
authorized 7
650,000
,
758,378
289.753
11,419
1921.)
company's $2,000,000
£2% Sinking Fund gold notes
V. 113, p. 1258.
President Martin Beck, Jan.
was
published in
28,1921, in report for year
1920, said in substance:
ACCOUNT
I
SIX
FOR
MONTHS
1921
Box
office
6 Mos.
433,699
$2,706,321
1,180,042
General oper. exp. (incl. advertising)J
Theatre
overhead
(net
rent,
ins.,) 1,805,7731
taxes, licenses & sundries)
Depreciation & amortization
Bank exchange and interest
$54,043,948 $52,930,633
I
J
...
446,154
841,446
...
rents received
96.071
66,763
in advance
Accrued dividends
893,542
renewals, replacements, &c
Special surplus, $350.000; savings fund, $302,989;
general surplus, $218,049 ($165,522 in 1920)-—
Total
70.375
66,762
644,388
738,810
$54,043,948 $52,930,633
co-
$3,391,958
$1,566,521
250,000
821,170
822,873
1,642,721
.
def$136,619
$493,648
$1,174,237
...
...
successful one, and that the company is ln
gratifyingly sound and satisfactory condition.
B87W
"The present year will see the completion and opening of the new theatres
of large seating capacity at San Francisco, Los Angeles, Kansas City,
Minneapolis and Oakland.
These additional theatres, to be known as
Junior Orpheum Houses, will not only greatly increase our earnings, but
will be important links in our chain.
The New Orpheum Theatre at New
Orleans will open Feb. 7 and should show decidedly Increased earhings.
"We have further systematized our various departments and greatly
"The year Just closed was a
a
increased
easy
871,C3S
surplus
noo
1,932,687
693,685
100,000
estimated
,
Balance,
$5.575,569
2,533,614
l,43b,oUl
$784,551
Net earnings (before taxes)
income & excess profit taxes
Dividends
------
834,100
.
514. < 40
420,846
14,467.
Federal
accrued,
Year 1920.
$7,244,383 $15,563,815
$3,171,913
1,416.635
Other salaries
1920.
25.990
216.065
.."$7,625,026
Income
JUNE 30 AND
$7,002,329 $14,729,715
$7,191,328
receipts....—l
Booking commissions
Rents, concessions and sundries
Gross
ENDED
YEAR 1920.
CALENDAR
Artists' salaries and film service
891,671
281,227
11,090
963.
(Report for Six Months ending June 30
771,430
1,065,214
600,000
Liabilities—
Reserves: For
Authorized: $8,500,000 Preferred; $22,500,000 Common.
INCOME
Company's stock, declared value
--xS10,418,500 $10,418,500
Collateral Trust bonds due 1934
*15,997,600
16,069,000
Securities, Ac., of sub. water cos. held by public—
Stocks, incl. undistrib. surp. applicable thereto
1,549,450
1,234,400
Bonds (oxcl. Portsmouth Berkley A Suffolk and
Racine Water cos., see text)
22,429,400
22,130,900
Purchase money mortgages ($2,000) and loans of
subsidiary companies ($73,000)
75,000
47,500
Consumers
deposits—
•_
489.792
409,130
Accounts pay able and accrued t axes
519,606
464,946
Interest
matured
(per contra), $200,193,
and
accrued, $436,993.
637.180
635,920
Water
c
98,364,^29 92,581,080
$9,979
[American Water Works & Electric Co. and Subsidiary Water Companies.
Assets—
«
1921.
1920.
Cost of property and securities owned
$48,751,725 $47,699,084
Deferred items to be amortized in future operations
802.567
716,149
Advances account of California properties..
1,168,010
864,649
Total
a
b Account of
income
Balance,
~
_
credits.-
Total
98,364.929 92.581,080
Total
$ 77,983
dec.2,393
Net
Dividends from West Penn properties
com¬
Other deferred liab.
555.898
1921.
Oper. expenses & taxes (incl. $25,359
for est. Fed'l inc. & profits taxes)._
574,602
payments on
workment's
WATER CO'S).
$5,357,427
30—
operating earnings
Years ending June
Gross
355,224
A
secur.
line constr. dep.
$330,960
$1,116,732
$1,447,692
Net income
776.052
1,014,869
stk. of sub. cos.
Consum.
Res. for
CONSOLIDATED
C202.071
for Pref.
contr.
2,246,192
$4,293,104
$2,279,811
565,601
Ins., &c. 2,160,024
on
68,901
623,775
120,821
est
Del'd charges, Incl.
unexp.
68,936
(Incl.
taxes
Fed. taxes).
Dividends unpaid.
Def.liab.onpurch.
299,064
Increase.
$2,878,808
10.887,989
Accr.
601,076
cos...
815,756
stks. of sub. cos.
Pref. stock
of subsld.
1,204,500
payable
Accts. pay'le, Incl.
less res. for uncol.
42,289
38,278
Govt..bl,204,500
870,505
oblig.
1,297,498
Notes
Accts. A notes rec.,
Due from subscrib¬
24,730
963,071
174,000
Contractual
822,384
tion,
243,000
mtges. of subsld.
Car trust notes do
for construc¬
Cash
1917-18.
1919-20.
$4,876,977
2,680,143
1920-21.
1919-20.
$15,181,094 $12,302,286
ending June 30—
Gross earnings
1,658,778
In
dlsc't
POWER
1,694,058
ment
INCOME STATEMENT OF WEST PENN TRAC. &
CO.
(PARENT CO. OF WEST PENN RYS. SYSTEM)t
Years
associ¬
cos
Temporary invest¬
CONSOLIDATED
WAT.
88,382,172 82,984,859
proper¬
and
ties
$
8,054,700
Common stock..a22,054,700 22,054,700
Cap. stk. ol sub.
cos. with
public
(par value)
10,253,025 10,268,125
1,346,000
7% Coll. gold notes
361,000
Fund. dt. sub. cos.40,261,500 37,140,000
hydro¬
electric
1920.
S
Liabilities—
6% Cum. Pf. stk .a8,054,700
Investments
>
Interest & amortization.
$
property &
Invest,
(1) Subsidiary Water Companies.
INCOME STATEMENT OF SUBSIDIARY
1921.
1920.
$
Assets—
Plant,
,
Gross earnings..
CONSOLIDATED BALANCE SHEET JUNE 30.
(2)
The
COMBINED
included
separately as here indicated.
In 1920-21 and 1919-20 Federal income and profits taxes were
the
efficiency of our organization and placed into operation
whereby all of our employees could acquire stock
payment plan
the company.
Subscriptions were beyond our
"Our theatres continue to maintain the same
established during the past 30 years.
expectations.
an
in
high 'Orpheum standards
The outlook is eminently satisfactory.
1468
BALANCE
SHEET ON JUNE 30 1920 AND 1919.
1921.
1920.
%
Assets—
8
8,964,363
143,626
68,300
,168,500
Common
stock...
Minority
interest
in subsid. cos
8.819,101
Real
Theatres
Co. (at cost)...
621,731
1,768,669
621,731
1,232,438
Goodw.,contr.,&c.l9,049,321 19,036,544
Cash
248,960
583,668
Notes receivable..)
30,191
(
Loans receivable..
51,143
[
Sundry debtors
j
25,704
new prop.
380.467J
Miscellaneous
64,432
48,638
estate
mtge.
Notes payable
payable
Sundry creditors..)
51,143
11,870
150,723
Fed.
234,483/
1
accounts./
Accrual
as high as 30 pts. to the £.
Having regard to the unfavorable conditions mentioned above, the
board of directors and the bondholders' committee consider it their duty
in fairness to the bondholders, to issue a warning note that, although the
prof.taxes
excess
receipts of the operating companies have shown considerable increase, it
is possible that the net revenue of the Barcelona Co. may not justify pay¬
ment of the interest at the increased rate od Dec. 1 next.
The question
can only be settled in August when the results of the
operating companies
for the first six months of the current year are known.
As soon as possible
thereafter
(per contra)
Unpaid subscrip.
275.831
definite statement will be issued.
a
[Signed: By order of the Bondholders' Committee,
Secretary, 3 London Wall Buildings, Londin, E.C.2.J
Est. Fed. taxes.
—
273,106
275,831
100,000
250,000
420,846
Depreciation
880,569
360,707
surp.
*
1918.
Treasury bonds...
25,359
Capital surplus
32,008,378 32 073,586
493,647
Surplus.......... 1,013,391
75,343
94,380
Total
71,573
169,603
86,601
exp.
Total
...—
,-.48,712,954 44,433,871
Includes land, $4,193,041: buildings and equipment, $10,729,996;
furniture and fixtures, $1,560,716, and lease deposits (including $57,000 of
subsidiary company's treasury bonds), $368,800-—V. 113,
p. 1367.
$5,528,000 Real Estate Mtge. bonds of subsidiary consist of
following issues completely maturing on the dates indicated, viz.:
$.50,000, July 2 1921: $140,000. Feb. 5 1922; $675,000, Dec. 29 1927: $42,500,
July 1 1929; $450,000, July 1 1931; $865,500, Nov. 15 1935: $1,000,000,
Jan. 1 1936;
These
108,528
(K.W.H.).
1920.
1919.
80,190
386,530
5,024,361
11,128,650
9,980.216
2,735,230
6,853,790
4,055,030
6,089,110
90,557,500 123,342,814
...136,469,600
90,112,800 111,278,800
91,221,167
21,444,100
■;
Seros..
Tremp
Camarasa.
98,065
10,463
L
Corbera
50,000
.48,712,954 44,433,871
Porter,
1920.
GENERATION
1918-
,
Hudraulic generation—Pobla
a
x
100,355
AMOUNT OF STEAM AND HYDRAULIC
Steam generation
Disc.on bds. Astk.
Total
90,609
9,746
for
152,000
319,083
Organization
1919.
85,027
9,353
■
light.
50,201
Prepaid Ins., taxes,
licenses. Ac
Thomas
NUMBER OF CUSTOMERS AT DEC. 31-
I
Electric
Power
retir't of pf. stk.
to treasury stock-
May 1920 it stood at 22.99 pts. to the £, whereas in the present month
it has been
and
Income
Approp.
of subsid. cos.
40.254
831,165
Loans
Amortization...-.
Assets acq.
from
former stockhold¬
ers
6 ,880,000
549,170
bds. of sub. cos._x5,528,000
Leasehold rights..
Y.
$
6,765,000
549,170
8% Cum.Pf.stk_.
Stk.of B.F.Keith's
N.
1920.
$
[Vol. 113.
-
equip., furniture
|
A fixtures, Ac..al6,852.553 13,496,938
Pay'tson
In
1921.
Liabilities—
buildings,
Land,
CHRONICLE
THE
...
______
Total
..248,824,521 218,750,496 243,184,87
COMBINED RESULTS OF EBRO IRRIGATION & POWER CO., LTD.
AND FERROCARRILES DE CATALUNA, S. A.
the
$2,305,00^, Sept. 1 1946.—V.
Barcelona Traction,
{In Pesetas)—
receipts
Operating expenses
113, p. 1367.
Net
Light & Power Co., Ltd.
Pres. E. R.
Peacock, Toronto, June 15, wrote in
subst.'
Net Revenue.—The following comparative table shows the net revenue
from all sources, including that derived from the investment in Les Tram¬
Barcelone, available for the interest on the bonds of this company
payable in cash and for construction expenditure in accordance with the
ways de
funding arrangements of 1915 and 1918
1917.
1918.
$2,354,964
$2,516,920
rec.
1919.
1920.
$2,194,353
$2,731,769
The interest payable in cash on the bonds of the
company for the year
1920 amounted to $1,963,485.
The usual provision was made for amortiza
tion of underlying bonds, and in addition reserves for
depreciation were
made by the chief operating
companies as follows:
Light and power
companies, $655,820; railway company, $283,364.
Saltof Bonds.—In Dec. 1920 £1,050,000 of 8% Secured Debentures were
sold in London, and with the proceeds
£1,915,500 of the outstanding 6%
Prior Lien "B" bonds were acquired, tending to
strengthen our future
financial position.
The difference in the nominal amounts £865,500, has
been placed to capital reserve, as the "B" bonds
acquired are held as
security for the 8% Secured Debentures (V. Ill, p. 2422).
Loans Paid— During 1920 we also
liquidated all the loans of the company
which at Dec. 31 1919 amounted to
$1,094,707, including the balance
outstanding in connection with the purchase of the shares of the Tramways
Co., and in consequence, the dividends and other income accruing from this
source are now available for
general purposes.
opera'ns 20,790,539
from
22,966,847
6.758.841
15.746.217
13,937.486
16,208,005
ACCOUNT
FOR
■''.•'.•"•''.W
$1,747,013
36,283
$1;,270,286
$1,998,878
Admin. & gen. exp. incl. French taxes
188,893
Interest on loans
25,890
do
7% prior lien "A" bonds—
690,072
do
6% prior lien "B" bonds
a292,000
do
6% six-year bonds
250,244
do
53^% 1st M. bonds
b731,169
Depreciation reserve
c52,497
$1,783,296
147,786
77,226
583,127
292,000
204,105
$1,299,779
69,643
91,474
333,469
170,333
723,937
373,146
422,236
209,788
def$231,887def.$618,031
sur.$2,836
receipts
receipts
...
Balance,
surplus
.
For
a
Payable in cash including amount set aside for the service and expense
months from June 1 to Dec. 31
seven
Transfer
c
of
proportion of revenue from Les Tramways de Barcelone,
S. A. (after deduction of loan interest), applied in repayment of the balance
of the loan in connection with the purchase of the shares of that company.
Note.—Peseta conversions at Pts. 5.137 = $1.
SHEET DECEMBER
BALANCE
1920.
$
1920.
Liabilities—
Ordinary shares
Constr.
7%
on
Lt. Pow. A Ry
Int.
on
Sha.
3,292,686]
6% prior
408,526' 105.274.735
lien "B" bds..
Exp. of issue of
exch'e.
298,622
on
A
7,540,696
3,862,434
36,524,333
2,678,905
8,451,822
13,109,924
10.979,200
Bond int. accr'd
1,086,675
unredee'ed
64,795
987,926
54,295
5inc. bds..
Inv.
1920 the
Bank
Notwithstanding the unfavorable conditions referred to, the
City of
Barcelona and the
surrounding districts are full of vitality.
In all direc¬
tions building is in
progress, and traffic increases in intensity.
Given only
a cessation from
labor unrest and political
agitation, with a relaxation in
general economic conditions,
development would move rapidly forward.
Extensions, &c.—With the completion of the new hydro-electric
installa¬
at Camarasa,
tion
ranking among the most important in Europe, the
major construction projects of the Ebro Co.
maybe regarded as realized.
Two units of 17,500 h p. each are in
operation, and by the addition to
this plant, as and when
required, of three further units the company will
have electrical power available to meet all
demands for some
extensions
have
the
^
made
to
the
distribution
system,
general
transmission
and
distribution
Cataluna
system ]
Railway.—The operations of the Cataluna Ry. Co. (Ferro¬
carriles de Cataluna) wore
highly satisfactory.
Work upon the extension to Sabadell
commenced in Nov. 1920
is now
well advanced.
The traffic on this branch should
equal that on the Tarrasa
section.
1
the financing of this extension
,
a contract
was
made for the sale of
10,000,000 pts. of the 5% 50-Year Mtge. bonds of the
Ferrocarriles de
Cataluna, of which 5,750,000 pts1 had at June 1 1921 been
taken un and
paid for as per contract.
■
v
The operating results of the
tramways company (Les Tramways de
Barcelone) showed an increase in gross earnings of
nearly 25% over 1919
but the net increased
only about 14%.
* iviu,
Outlook.—Toward the end of 1920 the sharp fall in
wholesale values of
raw materials, and
especially cotton and wool, had the same paralyzing
effect in Barcelona as m other
parts of the world, and this was intensified
by the failure of the Bank of Barcelona.
As a result, since Jan. 1
1921
numerous
its
effect
textile mills have closed
the operating
on
or
work
on
short time.
This has had
conpanies, both directly and indirectly.
It
period has been passed, but it is probable that
is
hoped that the worst
the recovery will come
slowly.
Digest of Circular Sent Out by Committee of
|
May 26 1921.
Under
the
terms
of the
1st M. 5^%
Bondholders
bondholders'
agreement of Dec/ 1918 it was
arranged that as from June 1 1921 the interest on the 1st M.
bonds should
be increased from 2% to
4% per annum.
Apart from the general difficulties
following upon the war, adverse events, economic and
social, have occurred
in
the| Barcelona region, which have brought about financial stringency
and caused considerable
depression in the textile industry, which is such
an important factor in the business life of Barcelona.
Spanish exchange
itself, which, until recently, had been
advantageous, has seriously reacted.
of
Creditors A cred.
balance..1.
2,412,293
2,997,573
'......
bl,094,707
1,342,134
122,385,256
122,761,707
...
Deprec. reserve.
Total
.
Interest
122,385,256 122,761,707
Total..
in
discharge of which there is an obligation to issue 5K%
income bonds (1) in respect of the liability to theipersons entitled under
the 1915 scheme to receive 5% 10-year notes, £2,192,135; (2) in respect
of interest on £1,000,000 prior lien "B" bonds,
£178,944, less income
bonds issued to date, £821,620.
b Including the unpaid balance of the loan in connection with the pur¬
chases of the shares of Les Tramways de Barcelone, S. A.—V. 112, p, 2746.
a
.
American
years.
been
demanti
grows the system will have to be greatly extended.
[Mr. Lawton reports that during the year 12,474,825
pts. were expended
on
capital account, including 7,707,559 pts. in connection with the hydro¬
electric power installation at
Camarasa, the balance principally in extending
r*,?s
a
issues
Loans agst. sec.,
int. accrued—
of Barcelona
from 19 57 pesetas to the £ in Jan. to
23 92 in June and 26.90 in Dec.
Considerable
121,666
......
3,998,551
control cos
Bds.
exchequer
bonds..
suspended operations, with the
r<^ult that industrial and commercial enterprises throughout the province
of Cataluna were
seriously affected.
1
|
The rate of exchange
throughout 1920 was also an adverse factor, having
risen
847,082
.
_
58,327
8,063,217
9,733,333
51st M. bds 36,524.333
8,896,779
so
Revenue acct.
55,504
8,063,217
lien
bonds...
Bond
...
8,483,500
hands
prior
8,543,805
.....
8.483,500
pf.
control,
in
Interest
Dec.
Materials
27,450,000
8% "B" bonds-I 9,733,333
8% sec. deb..../
6% 6-yr. bonds.
3,862,434
amort.
approp.
debl,268,080
Inv. in associa'd
undertakings.
$
27,450,000
.
public
"A"
264,266
Dep.
of
cos.
of
7%
debentures—
Profit
non-cum,
1919.
$
Capital account. 103,932,601)
exp.
31.
1919.
S
Ass ctS"~~
1,990,421
3,717.644
615,195
In
1918.
of issue of 8% secured debentures,
b At the rate of 2% per annum.
2,145.267
States,
29,493
*
1,459,152
that all construction
operations were seriously interfered with and such
work as could not be
postponed was necessarily carried out at increased
expense.
$1,270,286
495,678
—
1,844,829
a
*1918.
$1,965,845
33,033
Net income
Miscellaneous
2,761,766
also
1919.
$2,242,691
Debt. A deb.bal
was
YEARS.
$2,147,191
181,346
Cash
There
CALENDAR
1920.
Dividends, Interest, &c., received—
great shortage of unskilled labor, due to emigration in
search of the inflated wages
being paid in France and the United
tinued until November.
1917.
27,004,721
10,067,235
Spanish Operating Cos.—Attached hereto [pamphlet report] is a copy
of the report of Fraser Lawton, the
Managing Director of the Ebro Irriga¬
tion & Power Co., Ltd., and the Ferrocarriles de
Cataluna, S. A., on the
operating companies in Spain showing an increase of 6,128,683
pts. in the
gross earnings of the combined enterprises
operating in Spain over 1919,
and in the net earnings an increase of
5,044,322 pts.
These increases, which are
very satisfactory in view of the unfavorable
political and labor conditions prevailing, are accounted for
chiefly by the
prices for current, under many long-dated contracts,
being raised by
consent of the customers, and
partly by the increase in the private lighting
tariff which took place toward Dec.
31, and also by the very large increase
in the earnings of the Cataluna
Ry.
Conditions in Spain.—The conditions of unrest described in the last
report
continued until Feb. 1920,
necessarily involving heavy loss of revenue—
the consumption of power in the areas
served by the Ebro Co. falling as
low as 58.5% of normal.
Drastic action in suppressing the
Syndicalist
organizations led to a marked improvement, though
sporadic unrest con¬
1918-
25,949,539
10,203,323
Res. for int. charged to controlled cos
Total
as
1919.
32,078,223
11,287,684
COMPANY'S INCOME
(Sixth Annual Report—Year ended Dec. 31 1920.)
I
1920.
Gross
,
,
Druggists Syndicate.
{Semi-Annual Report for Six Months Ending June 30 1921.)
President C. H. Goddard writes in substance:
Results.—The attached statement shows
of 1921 of $741,340.
On Dec. 31 1920 we had
a
loss for the first
t
an
.
,
.
„
six months
t
^
t
,
inventory of raw material and finished stock
of $2,950,000.
Since Jan. 1 1921 there has been an average decline of
29.2% in the market price of the first 100 items representing the first 10
items in each of the 10 departments that go to make up the total inventory,
which would seem to give a fair average.
This alone accounts for the poor
showing for the six months' period.
The management has endeavored to exercise every proper economy, with
the result that expense of operation for the period shows a saving of $215,278
over
the first six months of last year.
Price Reduction.—In an effort to do our part in getting
back to normal
levels again, we reduced our prices during the last six months on finished
goods to druggists regardless of the fact that the unfinished merchandise
and finishing supplies had been purchased at much higher prices.
This,
together with inventory loss and decreased volume of gross sales due to
the general abnormally depressed times, has resulted in the deficit shown
in
our
statement.
Financial
Condition
Unusually
Strong.—The
company
has
no
bonded
debt of any kind, does not owe the banks a penny and its real estate is free
from mortgage or
of $667,941 (after
other encumbrances.
In addition to accounts receivable
deducting reserve for doubtful accounts), it has on hand
in cash $527,584 and its accounts payable are under $100,000.
Outlook.—While business conditions seem to be improving and the work
of deflation gradually approaching completion, there has been such a
world-wide upheaval of all economic forces that no one can forecast with
accuracv when the business world will again be operating normally.
Every selling effort, however, has been strenuously followed, and we are
now in the midst of an extensive national advertising campaign featuring
our Chloredixo tooth paste, which we believe will show satisfactory results.
With inventories marked in all cases at the lowest market prices, the
company is in excellent shape to take advantage of a favorable return to
normal conditions whenever this may occur.
THE
SURPLUS
ACCOUNT
FOR
SIX
MONTHS
ENDING
1921.
Profits for
Dividends
Dividends
months.
six
__
JUNE
1920.
lloss$741,340
30.
1919.
$360,832
226,675
$252,257
193,701
7,956
$133,371
417,528
_
RR. shop controversy, p. 1325.
(c) Labor Board rules against right of
RRs. to discharge employees without just
cause, p
1326.
(d) RR. shop¬
vote to strike, but will await issuance of new
rules, p. 1326.
(e) RR.
$50,600
851,438
Brotherhoods at Hoboken oppose wage
cuts, p 1326.
(f) Working agree¬
between B. & O. and N. Y. Central lines and
trainmen, p. 1326.
(g) RR. wages oustrip freight and passenger rates; number of employees,
ment
pi
,loss$741,340
Previous
surplus.
288,046
1327.
Atlantic
Coast Line
RR.—Equip. Trusts Offered.—
See under heading
"Equipment 6% Gold Notes" below and in V. 113,
on sale of equipment trusts by U. S. Government
under "Current Events" this issue,
Sept. 17, p. 1212-13, and Sept. 24,
p. 1324-25.—V. 113, p. 1359, 959.
1360.
p.
.loss$453,294
1469
men
787
_
sub. eo's stock
on
CHRONICLE
Compare article
Profit and loss surplus
1921.
&
2,614
By a recent decision of an arbitration board wages prevailing for the year
ended April 30 1921 were reduced from 60 cents per hour to 48 cents for
city
$858,800
trainmen, from 62 to 48 for interurban trainmen and from 65 to 50 1-3 for
freight and express trainmen.—V. 112. p. 2304.
___loss$470,241
INCL.
SUBSIDIARY
573.924
571,364
129,605
Inv. in for. branches
N. Y.
140,871
City & Lib.bds.
2,741
See" Current Events," last week's"
12,100
6,168
Co__-_____.____.b245,000
245,000
&
Acid
Notes & accts. rec__
Real est. mtge. & mu-
687,942
nic. bonds at. cost.
165,500
158,241
Accounts payable-99,779
527,584
372,553
Unclaimed dividends,
70,647
/ 23,521
151,530
Surplus
733,529
___.___7.161,603 8,176,259
Total
___7,161,603 8,176,259
Cash
.
_
_
U nex.ins.&prep.tax
_
1
Deferred charges.
Profit & loss deficit.
Total
Purchase money obli¬
gations
___________
&c
62,000
322,735
11,326
16,197
470,241
_
b This $245,000 represents that part of the
capital stock which has not
vet been paid for by the parent
company.
The payment when made will
be based on the earnings of the
Organic Salt & Acid Co., but in no case
will
it exceed $2,500,000 of American
Druggists Syndicate capital stock
plus $1,650,000 in cash,
a Authorized 1,000,000 shares of $10 each, issued
and outstanding 678,236. shares.—V. 112,
p. 747.
GENERAL INVESTMENT NEWS.
RAILROADS,
INCLUDING
ELECTRIC
ROADS.
General Railroad and Electric Railways News.—The
following table summarizes recent railroad and electric rail¬
way news of a more or less general character, full details
concerning which are commonly published on preceding
pages under the heading ''Current Events and Discussions"
(if not in the "Editorial Department"), either in the week
the matter becomes public or shortly thereafter.
Additional Sales of Equipment Trusts by U. S. Govt.—See"Current Events'
news item below under Penn.
BR. &c.
above and
Shop Edict of Labor Board to be Ignored by Penn. RR.—See "Current
Events" above and "Times" Sept. 26, p. 1.
V.-Pres. Atterbury of Penn. RR. Intimates the Necessity
of a Further Wage
Cut.—See "Current Events" above.
,
Total Number of Cars Loaded with Revenue Freight.
Weeks ended
1921
Se it. 17
Sept. 10
748,118
883,415
946,970
85 1,762
991,166
—994,991
~
1920
1919
1st
817,601
704,035
to Date.
27,362,102
834,488
761,511
31,793,602
29,014,854
of freight cars idle on
15 was 433,536, or 17,267 cars less than were reported Sept. 8.
Of
on Sept. 15 213,545
(increase 714) were freight cars idle because of
the total
need of repairs, while 219,991
Idle Cars
on
or
(decrease 17.981) were serviceable.
About First of Month,
In Thousdnds—
Sept. 15. Sept.
on
Aug,
Good order—
220
246
321
Bad order
213
221
April 8
(Peak) and
July. June.
374
394
on
Sept.
15'
Jan.
482
507
Not reported—?
227
May. Apr.8.
198
Of the
2,298,383 freight cars on line of American railroad companies,
reports received by the Car Service Division showed 374,431, or 16.3%
in need of repairs on Sept. 15, compared with 374,087. or 16 2%, Sept. 1,
In computing the number of cars needing repairs butldle due to business
conditions an allowance of 7% is made to represent the number regarded as
normally out of service because of their condition.
Lower Charges in Dining Cars.— See Southern Pacific Co. below.
Rates.—G. W. Luce, Freight Traffic Manager of the Southern Pacific,
reports:
(a) The transcontinental railroads have petitioned the I.-S. C. Commis¬
sion for permission to publish rates on vegetables, including melons, to
points
(Chicago and West, effective
on short notice, as
From Pac. Coast Terr'y:—To Chicago—
Present.
New.
Potatoes, onions, &c
Mo. Riv.& West
New.
Present.
New.
$1 25^
$1 10
SI 10
1 10
1 39
$1 10
1 10
1 25
1 10
$1 2514
1 25K
1 663^
1 46
1 66)4
1 46
1 58)4
Green top vegetables and
melons
rates
follows:
To Miss. River.
Present.
$1 26)4
1 253^
Cabbage
The reduced
to
points as far east as Chicago wiil take effect as
permission can be obtained from the Inter-State Commerce Com¬
mission to publish them on short notice.
On account of failure of lines east of Chicago and south of the Ohio River
to concur in the reductions proposed by the Western Lines, Luce states
the rates cannot be published to points east of Chicago or south of the
soon
Ohio
1326.—V. 113,p. 1154.
1st Consol. 5% bonds, 1931, Thomas B. Lockwood, Chairman, in a notice Sept. 9 1921 says:
"A large number of the depositing bondholders deem it
absolutely essen¬
tial that the bondholders' agreement be extended until the financial affairs
of the company are properly readjusted.
The committee has consented to
an extension for two years in addition to the
original 3-year period about to
expire.
It is felt that this readjustment can be brought about in a com¬
paratively limited period of time, but inasmuch as the committee has
already met with so many unexpected delays and difficulties it was deemed
wise to extend the agreement for a period of two years.
In the meantime
it is expected that the earnings of the company will be
ample to continue
payment of the semi-annual interest on the bonds.
"The company and its stockholders have not succeeded in refinancing
the property so as to be able to pay off the obligations of the receiver and
the other unliquidated obligations.
Proceedings are still pending before
the New York P. S. Commission for approval of a plan of refinancing this
debt.
The Commission has directed that an appraisal of the property be
made.
This is being done under authority granted the receiver by the court.
"The plan proposed by the company and its stockholders was not satis¬
factory to the committee.
It provided for the issuance of a very large
amount of refunding bonds to be held as collateral
security for a temporary
note issue, which might almost double the fixed charges of the
company in
case of default on the notes, and no
satisfactory proof was furnished that
the proposed plan of refinancing could be carried out.
"The company is still earning a sufficient sum to pay its fixed charges,
although these earnings have declined somewhat owing to the industrial
depression."—V. Ill, p. 1660.
Boston Elevated
The
Railways.—Earnings.—
for July was $192,089 less than in July 1920.
Expenses
receipts by $142,486.
On July 1 there was a surplus of
$131,985, which has since been changed to a deficit of $10,501.
also
revenue
exceeded
Trustees.
June 30 Years—
Revenue from fares
Revenue
passengers
Rate of fare__
Trustees.*
Trustees.
Company.
1920-21.
1919-20.
1918-19.
1917-18$33,122,199 $31,899,320 $24,472,429 $18,781,370
337,381,994 324,192,374 331,348,124 376,466.229
10 cts.
10 cts. 5, 7 & 8 cts.
5 cts.
Expenses—
Wages.
$16,753,667 $16,381,206 $13,554,684
2,899,983
3,321,672
4,096,538
627,629
627,626
805,353
Depreciation
2,004,000
2,004,000
2,004,000
Fuel
2,399,277
1,996,717
1,901,597
Taxes
1,306,736
1,075,497
941,612
Rent of leased lines
2,673,166
2,607,565
2,587,129
Subway & tunnel rentals
1,947,963
1,591,324
1,491,999
Int. on borrowed money
1,483,625
1,593,258
1,423,142
Miscellaneous items
54,479
37,373
69,285
Dividends
1,523,367
1,403,970
1,360,220
$9,147,757
2,680,424
817,227
Materials & supplies
Injuries & damages
Profit
Back
$550,253
$17,080 *$4,980,152
435,348
pay
Balance
♦Loss.—V.
113, p.
.
352,670
1,381,957
905,033
2,547,421
991,551
1 238 374
16,050
None
$550,253
1052.
*$598,442
*$5,415,500
*$598,422
$17,080
Brooklyn Rapid Transit Co .—Merger Plan.—
See under "Current Events"
Buffalo
Rochester
this issue.—V.
113,
p.
530.
&
Pittsburgh Ry.—Equip. Notes
Offered.—Freeman & Co., and L. F. Rothschild & Co.,
New York, are offering at prices to yield from 5.85% to
5.75%, according to maturity, $1,068,000 6% Equip.
Trust Gold Notes.
Original issue $1,870,400.
Dated Jan. 15 1920.
Red. on any int. date at option of issuing company
103 and int.
Int. payable J. & J. in New York at office of Guaranty
Co.,
New York,
trustee.
Denom.
$1,000
with
privilege
of
registration as to principal.
Notes mature $134,000 annually Jan. 15 1928
at
to
Total Year
Weekly Avge.—
Qu.
2dQuar
693,297
744,154
—
Sept. 3
830,601
961,633
904,393
Idle Cars Further Decreased.—The total number
Sept.
p.
Trust
increase 254.
-
Chronicle,"
Binghamton Ry.—Bondholders' Agreement Extended.—
__
Railway Employees Deceived by Misstatements as to RR. Valuation.—
"By. Age" Sept. 24, p. 559.
Measures Taken by Ann Arbor RR. to Reduce Freight Overtime—Idem.
p. 565
RR. Labor Board Defines its Power & Legal
Status.—Idem, p. 579 to 582.
Suits to Enjoin Iowa from Excessive Increase in RR. Assessments.—The
Iowa RRs. claim they are assessed at 7,9 to 84% of actual value; farms at
•nly 38%.
C. B. & Q., for instance, in 1921 is assessed at $14,333,160
or $10,500 p. m
against $11,607.617 or $8,500 p m. in 1920.—Idem, p. 589.
Tonnage & Other Operating Statistics (Tabulated) In July 1920 & 1921 on
100 Leading RRs.—Idem, p. 590 and 591.
I.-S. C. Commission's Summary of Revenue & Expenses for 201 Class 1
RRs. in July 1921 & 1920—Idem, p. 592.
French RR. Statistics.—No. employees. 344,944 in 1913, 489,886 in 1920;
wages, $159 mil in 1913, $625 mil in 1920.—Idem, p. 596.
Cars Loaded.—The total number of cars loaded with revenue freight
during the week ended Sept. 17 was 853,762 cars.
This is the largest week's
loading since Dec. 4,1920, and it is also an increase of 105,644 cars over the
week of Sept. 10, but as compared with 1920 it shows a loss of 137,404 cars.
The principal changes as compared with the week before were as follows:
Merchandise and miscellaneous freight, total cars loaded, 522,434*, increase
70,306; grain and grain products, 55,331, an increase of 874 (and 19,051
cars more than
1920); live stock, 30,399 cars, an increase of 5,291; coal,
166,058, increase 24,009 (but 30,045 cars less than in week of 1920); forest
products, 46,472, increase 4,327; ore, 28,215, increase 583; coke, 4,853
cars,
RR.—Wages.—
The committee for the
Installments received
12,450
10,099
Organic Salt
800,590
felectric
Baltimore
&
Ohio
RR.—Working Agreement Between
Company & New York Central Lines & Trainmen.—
Subsidiary companies
(at par)
held by
minority interests.
..2.003,017 3 355,122
__
$
Auburn (N. Y.) & Syracuse
Capitalstock._..._a6.782,360 6.779,120
2.550,402 2 702,465
good-will
Inventories
30.
1920.
$
Liabilities—
Formulae, tr. marks
and
$733,530
1921.
$
rnach.
equipment
45,852
COMPANIES—JUNE
1920.
Assets—§
Land, bldgs.,
$856,186
190,898
SHEET,
$542,632
year)"
Balance
BALANCE
$550,899
8,267
$902,038
16,947
loss$470,241
Federal taxes (previous
as
River.
(b) All transcontinental rates
on live stock, except horses, mules, asses
20%.
They are now effective.
This 20%
reduction in the transcontinental rates for long hauls, is in addition to the
reductions for short hauls of live stock announced by the
Southern Pacific
several days ago.
The ieduced rates have been published as a temporary
measure, to assist the stock growers in tiding over the present unsettled
market and financial condition, and will expire Dec. 31 1921.
Matters Covered in "Chronicle" of Sept. 24.—(a) Sale of additional equip¬
ment trusts by U. S. Govt., p. 1324.
(b) Labor Board to reopen Penn.
and burros, have been reduced
1933, incl., ana $132,000 each Jan. 15 1934 and 1935.
Interest on these bonds is paid to Pennsylvania residents free from any
deduction on account of the Pennsylvania loan tax, the company assuming
the payment of such tax.
Under the Equipment
Trust agreement dated Jan. 15 1920 between
D. Hines, Director-General of Railroads, the company and the
trustee, these notes were originally issued in 15 series, the first of which
Walker
matured and
was
paid Jan. 15 1921.
company and are secured
on
[Freeman & Co .have issued
Notes
are a
direct obligation of the
standard all-steel railway equipment.
circular giving4'information regarding
©QuijPment trust agreements executed
by railroads and Director-General of Rail¬
roads.
See also advertising pages "Chronicle" Sept. 24.
See also under heading
"Equipment 6% Gold Notes" below and in V. 113,
a
1360.
Compare also article oh the sale of Equipment Trusts by the
United States Government under "Current Events" this issue and V. 113,
p.
1324-25 and
p.
1212-13.—V.
113, p. 530.
Cambria & Indiana RR.—Stock Dividend Proposed.—
The company has applied to the I.-S. C. Commission for authority to
issue $500,000 Capital stock.
Authorized issue $2,000,000.
Issued $1,500,000.
The purpose of issuing the*additional stock is for the distribution
of stock dividends.—V. 113.
p. 1154.
Carolina Power & Light Co.—Water Shortage.—
p
The
"Electrical World" of Sept. 24 says:
"Last, week the Carolina Power & Light Co. was forced again to shut on
power to cotton mills, owing to low water.
This time, however, it was
only
on
Friday and Saturday instead of three days,
as
in the previous
week.
There had been rains, and it was hoped that as a result it nught not
be necessary again to curtail service.
The rains, however, were light and
did not raise the water level to the extent necessary.
"Other companies in the Southeast have been running their steam plants
in the
emergency, but the
operate its Raleigh plant.
Carolina Power & Light has been unable to
Formal request for permission to operate this
plant was refused by the Raleigh city officials, on account of the scarcity
water."—V. 112, p. 561.
of
Central Railroad Co.
the
Lehigh &
of New
Jersey.—Sale of Stock of
Wilkes-Barre Coal Co.—Annual Report.—
At a meeting of the directors Sept. 29 1921. Robert W. deForeet, Daniel
Willard and Edward T. Stotesbury were appointed a committee to receive
and consider any
proposals that may be presented by jpersons wishing to
purchase 169,788 shares of the Capital stock of the Lehigh & Wilkes-Barre
Coal Co., which the railroad company is directod to sell under order of
Court in the so-called Reading Trust Suit, and to report to the board of
directors any such
proposals previous
The total issued
Capital stock of the
to Oct. 27 1921.
Lehigh & Wilkes-Barre Coal Co. Is
1S4 200 sh^r^
See annual report
under "Financial Reports" above.—V.
113, p. 1359.
THE
1470
Chicago & North Western By.'—Equip. Trusts Offered.—
beading "Equipment 6% Gold Notes
below and in V. 113,
See under
Compare article on sale of equipment trusts by U. 8. Govern¬
under "Current Events" this issue, Sept. 17, p. 1212-13, and Sept.
1324-25.—V. 113. p. 1359.531.
construction has
ment
24,
p.
Chicago Rock Island & Pacific Ry.—- Valuation.—The
company's system as served on the company
by the Inter-State Commerce Commission, together with
leading items determined as the basis for such value, has
'Value" of the
been
summarized
by the Railroad Presidents' Conference
only been extended to Craig, a distance of 255 miles, due
in which the property became involved soon after
to financial difficulties
its construction
1360-
p.
[Vol. 113.
CHRONICLE
Although
was
undertaken
traversing
an
extremely rugged profile and ascending to an
elevation of 11.600 ft., the gradient does not exceed 2% except for a dis-'
tanee of 12 41 miles east and 15 22 miles west of the summit, where the
constructed as a
pending the con¬
and Vasquez.
grade is 4%.
This section of the road was originally
temporary expedient fcr passing the Continental Divide
struction of a tunnel 6 04 miles long between East Junction
While the construction of this tunnel has been indefinitely
account of the
large cost involved, it is still
contemplated
postponed on
integral
as an
feature in the ultimate development of this property, which will eventually
have not only the shortest line between Denver and Salt Lake City, but a
Lee, Secretary,
maximum grade over the Reeky Mountains which does not exceed 2%.
While the road was projected as a transcontinental link of strategic im¬
Chicago Rock Island & Pacific Ry. (Date of Valuation June 30 1915).
alone justified by the character-of the country which has thus been rendered
accessible.
The result of an investigation conducted in 1916 shows that
^
Committee
of
Philadelphia, Frederick H.
substantially as follows:
Miles of road, 5,355: miles of all tracks.
portance,
7,338
;
(a) Cost of Reproduction, Excluding Lands—
(1) Owned and used: (a) Cost of reproduction, new
$254,164,621
(b) Cost of reproduction, less 21 % for depreciation..,.,— 199.974,141
(2) Owned but not used: (a) Cost of
(6) Cost of reproduction less 49%
(3) Used but not owned: (a) Cost of
(b) Cost of reproduction, less 21 %
35.548
18,094
76,272,089
reproduction, new
for depreciation
reproduction, new
for depreciation, _•
60,281,533
(b) Lands, Original Cost, Present Value, and Excess Cost of Carrier and
Non-Carrier—
(1) Owned and used: Class 1: (a) Present value
(6) Excess cost
;
$36,940,652
29,824,428
.
(2) Owned and not used: Class 3-1, (a) Present value...
(b) Excess cost
(3) Used but not owned, Class 2: (a) Present value.
(b) Excess cost
(4) Non-carrier, owned. Class 4 (includesnon-carrier structures
...
Class 1,
4,639,852
Grants and Donations (Included in Carrier
"Final Value"
(d)
as
and
$5,333,570
2,261
810,614
5,186,892
present value
Class 3-1, present value
Class 4, present value
Gifts and donations (money)
(3)
5,244,019
....
(c) Lands, Aids, Gifts,
Non-Carrier Lands)-—
(4)
103,086
carrier land and present value)
on
(1)
(2)
233,637
6,757,225
...
Determined by Inter-State Commerce
Commission from
Foregoing and Other Matters.
(honed
Used
Wholly
But Not
But Not
and Used.
Used.
Owned.
Owned.
Choc. O. &G
322,277,596
3,464,958
35,500,000
i_.__
———-
R.LA.£La.
Line."
R. I.&Dardan
8,400,000
215,000
R. I. Stuttg t
& Southern
328,585
H),750,000
213,000
Short
R. I.Mem.T
River Vail.
O. R. I. 8c G.
Morris Term.
700,000
700,000
13,833,406
....
362
48,750
O. R.I.&Pac
50,000,000 tons of coal.
corner of the Yampa coal field there is located a large bed of
particularly suitable tor domestic use.
This anthracite
approximately 80% carbon, 7% volatile. 2% moisture and 11%
ash.
There are also large deposits of lignite coal in this region which will
average 50% carbon. 35% volatile. 10% moisture and 5% ash.
At
one
anthracite, which is
contains
Gilsonite, which is an almost pure asphalt, is mined from large well devel"
oped veins tributary to the Denver & Salt Lake RR.
These veios are from
6 to 20 feet in thickness and stand vertically.
Mining operations have been
carried to
a
depth of 300 feet with
no
23,250
-
-
13,212,667
48,750
23,250
the line, and at present both gold
being mined in small quantities.
Tungsten has also been
deal of prospecting for precious ores along
and copper are
valuable
1
•
Operation Presents Unusual Difficulties.—The operation of the road con"
traffic
a
producer.
-
-----
62
70
466
561
.
C. R. I. & Gulf.
Morris Terminal
4
O. R. I. & Pac_.
—V. 113, p. 1250.
1
1
1,000,000 912,000
17,374,564
52,320
190,535
400,000
600,000
469.000
17,317,742
2,207
50,000
1360.
p.
headlns "Equipment 6% Gold Notes" below and in V. 113,
Compare article on sale of equipment trusts by the U. S. Govern-
.•
JE?676,
12'2''3'
SePt>
Chicago & St. L. Ry.—Bonds Authorized.—
9* Commission on Sept. 21 authorized the company to issue
$811,000, series A, and $2,689,000, series B, 6% Ref. & Improv. Mtge.
bonds, and to pledge the bonds as collateral security for a $3,500,000 6%
promissory demand note issued to the Director-General of Railroads,
h
Under date of Aug. 4 1921 the company issued its ,$3,500,000
6% promisto ^e Director-General of Railroads in
payment of its
debt to the United States for additions and betterments made to Its
property
during the period of Federal control.—V.
113,
p.
1354, 292.
Community Traction Co.—Fares Further Increased.—
Effective Oct. 1, the fares will be further increased, according to the
following letter of Pres. Coatee to Commissioner Cann:
Pursuant to Section 27 of ordinance No. 1927 of the
City of Toledo,
you that on Oct. 1 the rate of fare tolbe charged by the Com¬
munity Traction Co. will be rate M of Section 26 of the ordinance, which
8 scents cash fare, 5 tickets for
39* cents, one cent transfer."
On Aug. 1 the fare was increased from 6 cents to
7, with 8 tickets for 50
cents, and again on Aug. 20. when the ticket rate was increased to 6 for
40 cents.
See V. 113, p. 1359, 847-
would advise
Cuba
Railway Economics are interesting, if not rather remarkable.
Comparing
of this road for the 6 months ending June 30 1921 with the
1920, the results are as follows:
the operation
6 months ending June 30
-6 Mos. endingFreight
Service Only—
'21-«/u?te30-'20
Avg. miles operated255
255
Train miles (000s)..
142
213
Loco, miles (000s)235
304
Total fr car m.(OOOs)
3.150
3,840
Load.fr.carm.
(000s)
1,776
2,332
Gross ton
(OOOsL 135,001
169,231
Net
m
(000s).
coal
Lbs.
H. Corby Fox has been elected a director, succeeding ex-Governor Beekof Rhode Island.—V. 112, p. 257.
Delaware & Hudson
article
on
sale
Co.—Equipment Trusts.—
of
equipment trusts by U. S. Government under
Current Events" this Issue, Sept. 17, p. 1212-13, and Sept. 24, p. 1324-25.
■""—"V# 113, p* 1250.
Delaware
Lackawanna
&
Western
RR.—Declares
Quarterly
Dividend of 3%.—The directors on Sept. 29
declared a quarterly dividend of 3%, payable Oct. 20 to
holders of record Oct. 8.
This is the first dividend declared since the 100% stock distribution made
last
July, incresing the total stock outstanding to $97,277,000 (par $50).
now been placed on a 12% annual dividend basis, as com¬
pared with 20% which was paid on the old capitalization from 1910 to 1920,
including extras each year.—V. 113, p. 847, 729The road has
Denver & Salt Lake
RR.—Status—Outlook—Difficult Op¬
Problem—Brake Test.—The following is condensed
from an article in the "Railway Review" of Sept. 17:
erating
The road ascends to
a
higher elevation than
any
other standard-gauge
road in the world, and its economical operation at present over a profile
which includes a considerable mileage of 4% grade presents some of the
most
a
difficult operatine
problems
ever
encountered.
The line traverses
mountain country throughout its entire extent and there is practically
level road between Denver and Craig. Colo., its present terminus.
no
While originally projected
91,671
18,578
per
Per
cent
loaded
431
39.2
to
60.2
8.1
miles—
56.4
Train sp., m. p. hour
Gross ton m.p tr.h'r
7.24?
6.458
Net ton m.p.tr.hour
71,503
26,205
172
Train hours
_
car
502
40.3
Net tons per train.
Net tons
train__
Net tons per loaded
3,849
3,498
total
ton"
revenue
miles
_
Freight
-6 Mos. endingService Only—
'21—/wne30-*20
Freight cars per train
cars per
23 2
19 1
Gross tons per trainGross tons
943
795
car
171
1,000
ton miles
Train Control Down 4% Grade.—Turning now to a consideration of those
conditions which directly affect train loading on the road, it should be noted
that It is not the ascending
4% grade but the descent of this
grade that
limits the tonnage which it is possible to handle in a single train on this road.
Since the loaded movement is largely eastbound, it is the 12 4 miles of 4%
grade from Corona east that presents the greatest obstacle to the economical
operation.
Train tonnage over this portion of the line has been limited to
1,250 tons and the utmost precaution must be used to insure safe opera¬
As it is
this grade.
„
n__
,,
practical and economical to haul considerably more than 1,250
single train, the mana gement recently
tons to the summit of the railroad in a
equipped 40 of its 50-ton capacity coal cars with the automatic straight
air brake and conduct a series of test runs to determine just what could
accomplished with trains comprising both the Westinfjhouse and auto¬
and with trains consisting entirely of
equipped with the automatic straight air brake.
A. S. A. Brake Equipment Test.—On Aug. 10 1921 the heaviest tonnage
train ever operated from Tabernash into Denver was run on the Denver &
Salt Lake.
The train consisted of 34 cars equipped with the automatic
straight air brake and a caboose, the latter having a Westinghouse triple,
a
total weight of 2,431 tons behind the locomotive and exclusive of the
helper engines.
To handle this train out of Tabernash and up to the foot
of the 4% ascending grade required three Mallet type locomotives, each
having a tractive effort of 78,000 lbs., and two consolidation type locomo¬
tives, each having a tractive effort of 44,000 lbs.
At Irvings, the foot of
the 4% grade, two more Mallet locomotives were added, each having the
same tractive effort as the other Mallet locomotives.
This made a total
of 7 locomotives, with a combined tractive effort of 478,000 lbs. to lift the
locomotives and the 2,431-ton train up the 4% grade.—V. 110, p
1949.
The trip down the descending grade was without incident, except that the
train was stalled at mile post 62
due to too heavy reduction in approach¬
ing a 16-degree reverse curve.
Three minutes after the train stopped
it was again in motion.
V. 111. p. 1949
be
matic straight air brake equipment
cars
.
Des Moines
City Ry.—Bus Proposal.—
j'T. J. Fay, Pres. of Fay Motor Bus Co., Rockford, 111., has made a
proposition to the City Council of Des Moines for taking over the
transportation problem of the city under a two-year franchise.
The propo¬
sition was simply "received and filed" and received no immediate attention
definite
Company.—New Director.—
man
See
conditions as out¬
lined in the foregoing the operating results achieved on the Denver & Salt
Lake RR as set forth in the most recent data available from the Bureau of
tion down
Cincinnati New Orleans & Texas Pacific Ry.-—Notes.
^^'p.U1^7-2^----ve.nil2,Vp"*2305^2079I!e' ^ ^
insurmountable task, although
improved equipment is responsible for a gradual improvement in the situ¬
ation and eventually the completion of the long tunnel under the main
range of the Rocky Mountains will put this road in a class with other trans¬
continental carriers.
But at present the 4% grades present a serious ob¬
stacle to economical operation, and as the summit of the road is fully 1,500
feet above the timber line the trouble experienced from snow blockades in
winter is extremely serious.
It has been necessary, in fact, to place a
portion of the line at the summit under the shelter of snow sheds.
__
(e) Investment in Road and Equipment and Capitalization.
Miles Inv. in Road
Equip
Capitalization
Miles
of
Account'g
Stock,
Debt, Bonds
of
All
Carriers'
Section's Com. and and Equip't
Road. Tracks.
Books.
Restate'l.
Pref.
Trust, &c.
O. R. I. & P
5,355 7,338 235,867,019
74,482,523 232,804,900
Keo. & Des Mol.
162
186
6,720,253
2,750.000
4,125,000
Choc. Okla. & G.
978 1,348
15,865,482
32,357,599
15,827,500
R. I. Ark. & Lai
385
465
13,446,322
14,864,781
1,768.000
St.P&K.C.8.L_
193
234
50.000
12,781,153
12,629,045
R. I. & Dard'elle
14
15
100,000
100.000
R. I. Stutt. & So.
21
23
178,917
300,000
190,266
R.I. Mem. Term
4
1,144,960
1.000
1,437,460
Peo. & Bureau V.
47
69
None
1,566,600
1,500,000
White & Black
River Valley.
indication of approaching the base.
The territory traversed by the road shows ample indications of oil. although
wells have been brought in up to the present time.
There is also a great
no
Tonnage Performance Shores Improvement.—Under the
1,650,000
-
621,101
-
213,000
700.000
....
1,650.000
13.212.305
48,750
8,400,000
215,000
...
700,000
.
Peo.&Bur.V
White & Black
10,750,000
-
embrace
The coal in the Yampa field is bituminous and exceptionally free from
impurities for veins running to this height.
Operations already established
have disclosed unusually favorable mining conditions.
In fact, it is the
practice to run the standard gauge 50-ton capacity gondola cars of the
Denver & Salt Lake RR. into some of the drift mines on this railroad and
load coal from the vein directly into these cars.
A typical analysis of
bituminous coal from the Yampa field which borders upon the railroad for
a distance of 40 miles indicates about 13%
ash and about 13,700 B.T.U.
tinues to be a difficult and at times almost
$
$
$
252,937 70,467,613 252,062,920
3,464,958
35,500,000
coal fields adjacent to the Denver & Salt Lake RR-
over 1,200 sq. miles and that the deposits of coal as thus far explored in¬
clude about ten workable veins, ranging from 4 to 20 feet in thickness.
In
accordance with this it is estimated that this field contains no less than
as
Total
Used.
$
Total
$
the Yampa
great cost were
at
discovered and sufficient ore developed from this source to become
Ovmed
C. It. I. & P.251,809,983
Keo.&D. M
its construction and subsequent, operation
to run from Denver to
Salt Lake City, Utah.
from the
Council.—V.
113,
p.
1155, 959.
Detroit United Ry.—Interurban Fares, &c.—
An injunction has been issued by the Ingham Circuit Court restraining
the company from collecting more than 1 lf>c. a mile over four of its inter¬
urban lines.
The action was taken under the so-called Glaspie bill, which
supplants the Smith rate bill under which utilities had been operating in
the State.
The injunction came as a result of the company's failure to
rate schedule as demanded by the new law.
30-day trial of the new
by the company.
The village maintains that
20-minute service is acceptable.
Motor bus service is to
the village people, while the company will operate buses
of one mile.
See also V. 113, p. 1359.
file
a
new
The village of Ford has rejected a
suggested
Eastern Massachusetts
L.
Sherman Adams,
the company, a
street car service
only an all-day
be organized by
over a
distance
Street Ry.—Circular—Rates.—
Boston, has issued a circular giving the history of
description of the securities outstanding, the progress since
reorganization, &c.
Beginning Sept. 26 company restored the five-cent fares to the belt line
in Lawrence as an experiment.
If the plan succeeds it will probably be
tried on other lines.—V. 113 p. 532.
Equipment
6%
Gold
bankers named below have
Notes.—Notes
Offered.—The
purchased from the U. S. Rail¬
road Administration and are offering, by advertisement on
another page, $26,112,000 Equipment 6% Gold Notes ofthe
several railroad companies named below.
The various
Oct.
issues
1
THE
1921.]
in approximately equal annual
mature
installments
1928 to
1935, inclusive.
Price for all issues and all maturities to yield 5.80%.
Jan.
on
15
1927, all but about $2,000,000 issued by Equitable Trust Co. and
the list.
Michigan Central RR.—Equipment Notes Offered.—
Georgia RR.—Equipment Trusts.—
"Equipment 6% Gold Notes" above.—V. 113, p. 1155.
C.) Electric Ry.—Sale to City.—
The city of Goldsboro Sept. 21 purchased the property of the company.
Company has been inactive since Oct. 1920, due to the fact that all of the
streets that the
tract that the
new
cars
operated over were in the 16-mile street paving con¬
city has just completed.
The car line has been replaced with
purchased.
rails and 6 modern electric cars have been
Grand
heading "Equipment 6% Gold Notes" above and in V. 113,
Compare article on "Sale of Equipment Trusts by the U. S. Gov¬
"Current Events," this issue; Sept. 17, p. 1212-13, and
See under
1360.
p.
ernment" under
Rapids Ry.—Offers to Sell to City.—
The company, in an effort to settle the street car controversy with the
city of Grand Rapids, has made an offer to the City Commission to sell its
property for $6,270,000.
President L. J. Delamarter has announced that
if the offer is not accepted the Michigan P. U. Commission will be asked
to settle the case.—V. 112, p. 2083.
.
Grand Trunk Railway.—Annual
Report.—A preliminary
report for the calendar year 1920, giving a summary, includ¬
ing operating revenue and expenses, and railway operating
statistics, was cited in V. 115, p. 727.
The annual report
will be published more fully another week.
;
A London cable
Sept. 27 states that the shareholders have declared to
appeal to the Privy Council against the recent finding of the Board of
Arbitration declaring the Common and Preferred stocks of the railway
valueless —V. 113. p. 1250, 1155.
fare with 4 tickets for 25 cents and children's fare at
put into effect, on Sept. 5 in Jackson and Battle Creek.
The
in Lansing is cash fare of 8 cents and 4 tickets for 25 cents. Y
The rate in Kalamazoo is the same as Lansing.—V. 113, p. 533.
10-cent cash
A
5 cents
was
rate authorized
It is stated that plans
R. M. Mitchell. RightofWay and Property Commissioner, 9TorontoSt.,
Illinois Central RR.—Bonds
W. A.
Offered—Equipment Notes.
month, are under discussion.
is stated that one has been
proposed which offers strong probability that operations of the system
may be resumed.
The "Railway Age" Sept. 24 states:
"A party of officers of the St.
Louis-San Francisco Ry., including T. A. Hamilton, V.-Pres.. and F. G.
Jonah. Chief Engineer, last week went over the line of the M. & N. A.
The Frisco crosses the abandoned line at Seligman, Mo. '—V. 113, p. 1251,
849.
,
Montreal
Indiana Service Corp.—Adjustment
Mortgage Interest
—
The corporation has announced that the initial interest on the Adjustment
Mtge. bonds dated Jan. 1 1920 will be paid Oct. 1 at the rate of 3% per
annum.
Payment will be made by the Commercial Trust Co., Philadel¬
phia, upon presentation of coupon No. 3, dated Oct. 1 1921.
Interest on
these bonds is non-cumulative.—V. 113, p. 1360.
Interborough Rapid Transit Co.—Receivership Hearing
Further Postponed.—Federal Judge Mayer, Sept. 30, granted
the company a fourth postponement until Oct. 27 on his
order to show cause why a receiver should not be appointed.
In grant
the adjournment Judge Mayer maintained that the company
was in a healthy financial
state.
The motion for the further adjournment was made by J. L. Quackenbush. counsel for the company, who stated that only $3,088,000 of the
on
Sept.
1 remained to be deposited
for extension.
As a further reason for the adjournment, Mr. Quackenbush cited the
report of the Transit Commission, just m*ide public.
(Foi full details of
the report of the Transit Commission, see "Current Events"
this issue.)
—V. 113, p. 1360, 1251, 1155, 1053.
Ironwood & Bessemer Ry. & Light Co.—Fares.—
The City Council of Ironwood, Mich., has voted to reduce the fares on
the lines of the company from 6c. to 5c.
This is the second reduction in
three months.
The fares were advanced to 7c. last fall.—V. 108, p. 2122.
Kansas
City (Mo.) Rys.—Greater Operating
Merchandising of the Service.—
Traction Co.—Merger Disapproved.—
proposed con¬
underlying companies operating
The underlying companies are
the Trenton Lawrenceville & Princeton RR., the Trenton Lawrenceville &
Princeton Extension RR and the Princeton St. Ry.
The board held that
if it approved the merger the amount of securities outstanding would be
in excess of the proven value of the properties.—V. 113, p. 1251. 9 60, 731
N.
Pa.
&
J.
The New Jersey
New Orleans Railway &
See
article
113,
p.
on
sale
of equipment
trusts
by
U.
S.
Government under
Louisville & Nashville
"Equipment 6% Gold Notes" above and V. 113, p.
Compare article on sale of equipment trusts by U. S. Government
under "Current Events" this issue, Sept. 17, p. 1212-13, and Sept. 24,
p. 1324-25.—V.*l 13. p. 1360.
Manhattan
See under
(Elevated) Ry.—Merger Plan.—
"Current Events" above.—V.
113,
p.
1156.
Manila Ry. (1906), Ltd .—Initial Common Dividend.—
WThe directors propose
to pay 5% on both classes of stock out of the
profits of 1920 and the amount brought in.
The proposed distribution in¬
volves a reduction of the carry-forward from £13,400 to £8,800.
The last
dividend on the Preference shares was one of 1% for 1914.
This is the
first time in the history of the company that it has been able to declare a
dividend on the Ordinary shares. "Stock Exchange Gazette" of London,
u. For recapitalization plan see V. 113,
p. 731; V. 112, p. 2537.—V. 113,
p. 1053.
,
L
Market Street Ry.—Securities
F*
Exchanged.—
Of the approximately $24,000,000 United Railroads'of San Francisco
4% certificates issued by the depositaries|against the General First Mtge. 4s,
Central RR.—Offering of Equip. Notes.—
"Equipment 6% Gold Notes" above and V. 113, p.
Events," this is-ue. and "Chronicle
Sept.
New York
See under heading
Compare also "Current
1360.
17, P- 1212-13, and SepC
24, p
1324-25.
<fc B. & 0. RR.& Trainmen.
Agreement Between Com,pany
New
Events."last week's"Chronicle," p. 1326.
Operating Contract.—
Commission on Sept. 21 approved the execution of a new
whereby the Boston & Albany RR., through the New York Central
RR., operates tne line of the Providence Webster & Springfield RR.
The
contract, dated Feb. 1 1921 and which runs for 10 years, provides that the
Boston & Albany shall perform all the transportation upon and over the
railroad of the Providence Webster & Springfield RR.
The
I.-S. C.
contract
Get Opvortunity to
Employees
In
addressed by
letter
a
Purchase Stock.—
Pres. A. H. Smith to approximately 75,000
service, the company Oct. 1 put into effect
workers in all branches of the
plan whereby employees may become stockholders, paying for shares
their earnings in monthly installments extending over a period of
years.
Inasmuch as all stock issued is already in the hands of the
public, stock subscribed for by employees will be bought in the open market
and will be charged to the purchaser at the market price paid therefor, it
is announced.
The system provides for deducting payments frona the
a
from
two
payrolls each month, the employee being credited with the dividends on
the stock subscribed for and charged with 6% interest on deferred payments.
The distribution of stock will be handled by General Treasurer M. S.
Barger, with headquarters at Grand Central Terminal, New York, through
the 2,500 employing officers who will first pass upon the employees applicar
tions to subscribe for stock.
,
.
^
plan makes it very plain that
subscriptions
by employees must be entirely voluntary and that
workers will not in any way be affected by the purchase or
the status of
non-purchase
The
announcement
of the
for stock
of shares —V.
113, p.
See N.
Y.
1251, 1053.
& Hartford RR.—Receives
N. Y. N. H.
Dividend.—
below.—V. 113, p. 1245, 1053.
Ontario & Western RR.
N. Y. Ontario & Western RR.—Declares
the Common Stock
on
The
directors have
payable Oct.
declared
a
dividend of 2% on the Common
17 to holders of record Oct.
made.
was
Dividend of 2%
(the First This Year).—Settlement.—8.
declared this year, the last disbursement of 1%
1920.
A like amount was paid in 1919, and in
stock
This is the first dividend
having been made in Apr!
1918 a disbursement ot
2%
*
RR. owns $29,160,000, or about
50% of the stock.
Stock owned by the N. Y. New Haven & Hartford
RR., was recently pledged as part collateral for the $8,000,000 loan ad¬
The New York New Haven & Hartford
vanced by the Government.
See U. S. Railroad Administration
_
below.—V. 113, p. 629, 71.
New York Railways.—Merger
See under "Current Events" above.—V.
Norfolk &
R.
S.
Victor
Western
Plan.—
113,
p.
961.
.
Ry.—New Director.—
Va., has been elected a director, succeeding
Royster, of Norfolk,
York.—V.
Morawetz, of New
Oklahoma & Arkansas
113,
p.
1361, 71.
Ry.—Capital Stock Authorized.—I
The I.-S. C. Commission Sept. 19 authorized the company to issue
$307,500 capital stock to a contractor for the construction or a line or
railroad and for one steam locomotive.
Compare V. 113, p. 1361.
RR.—Equip. Trusts Offered.—
See under heading
1360.
that the July 1
of the 4lA% General Mtge. bonds of this company will be paid
on and after Sept. 30 upon presentation at the Now York Trust Co.
In
addition to the face amount of the coupons, 28c. per coupon representing
interest thereon will also be paid.—V. 113, p. 1251.
City Terminal Ry .—Equipment Trust.—
182.
Light Co.—July 1 Interest.—
Ferrandou, Treasurer for the receiver, announces
H. A.
Efficiency
"Current Events" this issue, Sept. 17, p. 1212-13, and Sept. 24, p. 1324-25.
—V.
P. U. Commission has disapproved the
coupons
^The "Electric
Kansas
1156.
p.
solidation plan of the company with three
the line between Trenton and Princeton.
Enables Better
Railway Journal" Sept. 24, under the above heading,
has a 6-page illustrated article by F. G. Buffe, Gen. Mgr. for the receivers.
—V. 113. p. 848.
113,
Nashville Chatt. & St. Louis Ry.—Equip. Notes Offered.
See under heading "Equipment 6% Gold Notes* above and in V. 113,
p. 1360.
Compare article on sale of equipment trusts by the U. S. Govern¬
ment under "Current Events", this issue; Sept. 17, p. 1212-13, and Sept. 24,
p. 1324-25.—V. 113, p. 293.
g
$38,144,400 7% notes that matured
Dividends Still in Arrears.—
"Financial Reports" above.—V.
See
Harriman & Co., New York, are offering at prices to yield 5 40%
Due Nov. 1 1955.
Auth.
Outstanding $40,740,000.
Pledged as collateral $8,225,000.
Bonds are secured by a mortgage on approximately 2.188 miles.
See under heading "Equipment 6% Gold Notes
above and in V. 113,
p. 1360.
Compare article on sale of equipment trusts by the U. 8. Govern¬
ment under "Current Events" this issue, Sept. 17, p. 1212-13, and Sept.
24, p. 1324-25.—V. 113, p. 1251, 1155.
v
Tramways Co.—Bonds Authorized—Debenture
Stock—Two Quarterly
block of Ref. Mtge. 4% Gold Bonds of 1908.
$120,000,000.
RR.—May Resume.
by which it is hoped to bring about resumption of
operation of the road, closed for more than a
While the plans are not being discussed, it
Ry.—Shipyards for Lease.—
Toronto, will receive applications for a lease for a term of years of the dry
dock and shipbuilding yard property of the company at Prince Rupert.
B. O.
The property will be available for lease commencing Nov. 1.
—V. 113, p. 727-
a
1048, 292.
p.
Michigan RR.—Fares.—
See"Current
Grand Trunk Pacific
113,
Sept. 24, p. 1324-25.—V.
Missouri & North Arkansas
See also offering of §1,068,000 Buffalo Rochester & Pittsburgh Ry.
Equipment Notes above, and §31,154,000 Pennsylvania RR. Equipment
Trusts below.
Compare article on sale of Equipment Trusts by U. S.
Government under "Current Events," this issue; Sept. 17, p. 1212-13, and
Sept. 24, p. 1324-25.—V. 113, p. 1330.
(N.
It is expected
be exchanged in the near future and stricken.from
("Wall Street Journal.")—V. 113, p. 1360, 1156.
that all certificates will
The bankers offer these notes in the following amounts:
(а) Illinois Central RR
i_
.$5,176,800
(б) New York Central RR
7,381.000
(c) Chicago & North Western Ry
5,319,200
(d) Delaware & Hudson Co______
2,123,200
(e) Atlantic Coast Line and Louisville & Nashville RR. (joint
lessees of the Geoigia RR.)
631,200
(f) Cincinnati New Orleans & Texas Pacific Ry
510,400
(0) Pittsburgh McKeesport & Youghiogkeny RR
1,506,400
(h) Michigan Central RR
2,771,200
(t) Nashville Chattanooga & St. Louis Ry
.;
692,000
Goldsboro
Guaranty
Trust Co., New York, have been exchanged for securities of the Market
Street Ry. -under the plan of reorganization.
The certificates now being
traded in on the N. Y. Stock Exchange are nearly all those issued by the
Union Trust Co. of San Francisco, one of the depositaries.
Blair & Co., Inc., Brown
Higginson & Co., Hornblower & Weeks, Cassatt &
Co., Graham, Parsons & Co., West & Co., Edward B. Smith & Co., Red¬
mond & Co., Dominick & Dominick and Kissel, Kinnicutt & Co.
Dated Jan. 15 1920.
Red. on any int. date at the option of the issuing
companies at 103 and int.
Int. J. & J. 15, payable in New York at office
of Guaranty Trust Co., trustee.
Denom. §1,000 and §100 (c*), with
privilege of registration as to principal. .
These notes constitute the direct obligations of the issuing companies
and are secured by standard railroad equipment under the Equipment Trust
Agreement dated Jan. 15 1920, between Walker D. Ilines, Director-General
of Railroads, the respective railroad companies and the trustee.
Under
that agreement no railroad company secures title to
equipment until the
notes of that particular company have been paid in full.
The notes are
divided into 15 series, the first of which matured and was paid Jan. 15 1921.
Bankers Making Offering.—White, Weld & Co.,
Brothers & Co., Lee,
See under
1471
CHRONICLE
Philadelphia Co.—Rates.—
;
Announcing that the increase in the cost of procuring sufficient gas to
in Pittsburgh and vicinity, the decreased
sized wells available and the increased cost of compressing and transporting
meet the needs of the consumers
the users, Pres. A. W. Thompson has announced an Increase
1,000 cu. ft. to domestic, commercial and industrial users m
Pittsburgh and vicinity, which will be put into effect Nov. 1 by Equitable
Gas Co., Allegheny Heating Co. and Monongahela Natural Gas Co., sub¬
sidiaries.
Coincident with this announcement, Mr. Thompson, also Pres.
of Duquesne Light Co., issued a statement concerning a reduction in whole¬
sale electric power rates under Schedule "F" of the company s tariff of
approximately 7.5%.—V. 113, p. 731, 629.
,u
the supply to
of 5 cents per
Pennsylvania RR.—Equipment Trusts Sold.—The banker!
below announce tne sale, by advertisement on an¬
named
other page, of
at
at
$31,154,000 Equipment Trust 6%
Gold Ctfs.
and int.
prices ranging from 101.04 and int. to 101.84
prices to yield 5.80%, according to maturity.
Issued
ssue
under
(but not
Philadelphia plan.
Divs.
part) redeemable on any int.
the
any
payable J. & JEntire
date at.,103 and int. De-
THE
1472
CHRONICLE
$1,000 (c*).
Certificates offered mature in annual installments of
approximately $3,894,000 from Jan. 15 1928 to Jan. 15 1935.
Total issue,
$58,412,000, maturing from Jan. 15 1921 to Jan. 15 1935, of which the
Phila. Rapid Transit
nom.
certificates maturing Jan. 15 1921 have been paid.
The certificates are issued against standard railroad equipment
under an
Equipment Trust Agreement between Director-General of Railroads, the
and the Guaranty Trust Co. of New York, trustee.
"We
The bankers stale:
are
informed that these
are
the
reduced lc. per hour, effective Oct. 1 1921.
to 64c. an hour.—V. 113, p. 1054. 731.
Phila. plan.
City Co., Guar¬
anty Co. of New York, Dillon, Read & Co., Kidder, Peabody & Co., Lee,
Higginson & Co., Brown Brothers & Co., Blair & Co., Inc., Cassatt & Co.,
Union Trust Co., Pittsburgh, Girard Trust Co. of Phila., Commercial Trust
Co. of Phila., Continental & Commercial Trust & Savings Bank, Chicago.
This will bring the scale down
Pittsburgh & Lake Erie RR.—Equipment Trust.—
only certificates
which have been issued under such agreements under the
Bankers Making Offering.—Kuhn, Loeb & Co., National
Co.—Adjustment of Wage Rates.—
In accordance with the wage reduction of 5c. per hour made effective
in Buffalo Aug. 15 1921, the hourly rate occupations in Philadelphia will be
company
,
[VOL. 113.
See article on sale of equipment trusts by U. S. Government under
'Current Events," this issue; Sept. 17, p. 1212-13, and Sept. 24, p. 1324-25.
—V.
112,
p.
850.
Pittsburgh McKeesport & Youghiogheny RR.—Equip¬
ment Trust Offered.—
iff.% ■■■■::;■ f ffi/'f-f] - f-;. ff"'JS-f. fff■/■■■,, f
See under
Explanation as to August Earnings & Property Investment.—
The following statements from the "Phila. News Bureau"
have been officially revised and in some essential respects
Circumstances Combining to Make August Net "Earnings Show
Exceptionally Large Increase.
shock
they will feel when they come to compare August earnings this
with those for a year ago..
If net operating income for August should
approximate the average of the preceding two months, or say $5,000,000.
it will compare with a deficit for Aug. 3920 of $27,569,675, which would
show an increase in earnings of over $32,000,000 for the one month.
Sober reflection will, recall that in Aug. 1920 the Pennsylvania charged
up wage increases for four months against the revenues of that one month.
In other words, the Railroad Labor Board awarded an increase in wages
in July, retroactive to May 1.
Some roads charged part of the accrued
wage mcrease against July and part against August, but in the case of the
Pennsylvania the accrued increase for three months as well as the higher
wage scale in August was charged in one month.
On the Pennsylvania System the increase in wages amounted to about
$8,000,000 per month, making a total of $32,000,000 in increased wagescharged in August.
The Pennsylvania System showed a deficit for the
month of $36,041,000.
On the Pennsylvania RR. alone the wage increase
included in August amounted to approximately $5,400,000 so that the
increased wage charge in August, including three months of back pay and
the higher rate for the one month, was about $22,000,000.
The increase
cost to the Pennsylvania was about 21 % of the total payroll.
The increased rates, both freight and passenger became effective Aug. 26,
but it was not until about Sept. 15 that the roads began to gain any benefit
as shippers rushed
goods before the new rates went into effect.
Stockholders of Pennsylvania RR. shou'd steel themselves for the
which
year
(2) Small Return from 1910 to 1920
on
Property
Investmentr"
Although the Transportation Act provides that rates shall be established
which will allow the railroads to earn a return equal to 5lA% upon their
property investment, with H of 1 % added for betterments, the Pennsylvania
System in only one year out of the last 11 has been able to show a return
above that fixed by law as a reasonable return on the basis of its property
investment account.
That was in 1916 when the System reported net
railway operating income equivalent to 5.68% of its property investment.
The increased wages were made retroactive to May 1, while increased
rates were not made effective until Aug. 26 and did not actually begin
to produce until late in September.
As a consequence, the Pennsylvania
System showed a net railway operating deficit for 1920 of $62,527,860.
In other words, not a penny was earned on property investment, which
stood in that year at $2,095,543,775.
Return
on
the
Investment
in
Road
and
Since
Equipment of Pennsylvania System
1910.
Net Railway Operating Income
Amount.
% of Invest't.
def.$62,527,860
*11,225,644
*0.54%
*27.703,924
*1.142
81,793,750
4.37
.
102,256,816
5.68
83,773,856
4.82
61,995,770
3.62
67,829,621
4.03
81,106,778
5.05
74,233,602
4.74
76,970,382
5.04
Property
Investment.
1920
1919
1918
1917
$2,095,543,775
...
—
2,062.953,287
1,948,884,403
1,872,315,915
1,799,055,282
1,739,081,326
1,710,368,221
1,681,779,771
1,606,721,857
1,564,737,886
1,528,218,471
-
___
1916
:
1915
1914
-
1913
1912
1911
---
—
1910—------*
Based on result of Federal operation and taxes and expenses of the
corporations.
[The same was true in 1920 until March 1 when the company
resumed possession.]
Property investment above stated does not include material and supplies
or working capital.
In only three of the 11 years was the return over 5% of property invest¬
ment, and the average for the 11-year period was but 3.57%.
For the first 7 months of this year the Pennsylvania System reports
a net operating income of
$16,102,536, against deficit of $39,462,676 for
corresponding period of 1920.
The management is gradually getting a
grip on expenses, and deficits reported in the early months of the year
have been wiped out but the ultimate showing for the year will depend on
extent to which business picks up in closing months of the
year.
Earnings— The monthly statement issued Sept. 27 makes
this remarkable showing:
Results for
August
and
Eight
Months
ending Aug.
Net
oper. revenue
Taxes
rev...
785,435
999,330
*547,461
Joint
166,783
57,136
z223,919
rents
net.
Net income
.
Fredericksburg & Potomac RR.—Equip.
Notes Offered^-.Hornblower & Weeks, New York, and Harri¬
son, Smith & Co., Phila., are offering, at prices to yield
5.80%, 8524,800 6% Equipment Notes Gold.
Dated Jan. 15 1920.
Due $65,000 annually Jan. 15 1928 to 1935, incl.
Red. on any int. date at 103 and int.
Int. payable J. & J.
Denom.
$1,000 and $100. (c*)
Notes constitute the direct obligation of the company
and
secured by standard railroad equipment, under the Equipment
Agreement dated Jan. 15 1920, between Director-General of Rail¬
the company and the trustee.
See also article on sale of equip, trusts by U. S. Government under "Cur¬
5,410,173
379,237
are
Trust
roads,
rent
V.
Events," this issue; Sept. 17,
p. 1473.
2,024,698
943,044
St.
Louis
San Francisco
See Missouri &
Decrease,
Increase.
Gross
Increase
Revenue.
August
Over 1920.
$42,818,588 *$8,752,848
41,231,622
*9,978,199
43,268,215
*702,288
40,773,400
364,735
39,948,392
5,945,140
42,370.128
1.255.388
July
—
—
__
March
*
Decrease.
U.
S.
Railroad
Net Oper.
Income.
Southern Indiana Gas & Elec. Co.—Permanent Bonds.
City Co. is now prepared to exchange the temporary certifi¬
permanent 1st Lien & Ref. Mtge. 7M% 20-Year gold bonds,
April 1 1941.
These bonds were offered in April last by
the National City Co. at 94 and int. to yield 8.10% (see V. 112, p. 1742.
1618).—V. 112, p. 2749
for
Series "A," due
Southern Pacific Co.—Prices
Board
to
Hear
4,349,191
8,932,449
9,57-5,932
12,841,299
3,848,609
3,774,469
2,032,496
1920 6,000,000 meals were served in the 100 dining cars in operation.
The reductions in these three items, which will mean a decrease of $225,000
year in the revenue from the dining cars, are as follows: Bread, hot and
cold, from 15 to 10 cts.; coffee, from 20 to 15 cts.; baked potato, from 25
to 15 cts.; mashed, 20 to 15 cts.
Potatoes Lyonnaise, stewed, French fried,
cottage fried, American fried, hashed and browned, saute, 25 to 20 cents.
See article on sale of equipment trusts by U. S. Government under "Cur¬
rent Events," this issue; Sept. 17, p. 1212-13, and Sept. 24, p. 1324-25.
year
a
Lease of Tex as
State RR.—
See Texas & New Orleans
;
<
RR. below.—V.
113. p.
1054, 961.
Springfield (O.) Terminal, Ry. & Power Co.—Status.—
The status of the various claims
against the
company,
and arrangements
for
completing the transfer of the property to the bondholders, who have
bid it in, are ruled upon by Judge Slater in the U. S. District Court at
Cincinnati.
To complete their purchase it is directed that the bondholders,
in addition to the $25,000 which they already have paid and the $245,500
bonds which are to be applied as part of the purchase
price, must also pay the further sum of $84,390, in installments of $28,126,
in 30, 60 and 90 days.
The bid of W. P. Sturtevant, New York, for the
bondholders' committee was $300,000.
The total bonded debt was $250,000 and the bonds are to be accepted
at 60% of the face value on the purchase price.
The court's costs, taxes,
pay of Receiver George Whysall and the trustees of the road in the two
years it has been in the hands of the receiver amount to approximately
$17,500.
These are declared to be entitled to priority over other claims.
Other claims having preference as to their order made a total of $97,261.
Receiver Whysall has on hand cash and quick assets of the company to
the amount of $12,880.
The order of the court has been concurred in by
all parties interested in the disposition of the road.—V. 113, p. 1054.
of the company's
Terminal RR. Assn. of St.
See
article
on
sale
of
equipment
Louis.—Equipment Trusts.—
by TJ. S. Government under
1212-13; and Sept. 24, p. 1324-25.
trusts
"Current Events," this issue; Sept. 17, p.
—V. 113, p. 1054.
RR.—Acquisition of Texas State RR.
The I.-S. C. Commission Sept. 26 granted the company authority to
acquire control of the Texas State RR. by lease for five years.
The Texas
State RR. extends from Rusk to Palestine, Tex., 32.6 miles.
The New
Orleans is a part of the Southern Pacific System and operates a branch from
its main line at Gallatin. Tex., to Rusk, 8.29 miles, where it connects with
the Texas State RR.
The New Orleans proposes to pay as rental a sum
equivalent to 50% of the net railway operating income, and it estimates
the total operating revenues of the Texas under the present basis of divisions
will be $62,300.—V. 103, p. 1211.
Texas
State RR.—Lease.—
Third Avenue
RR. above.—V.
113, p. 850.
Toledo & Western RR.—Would Discontinue Service.—
Harry A. Dunn and J. Frank Johnson, receivers, have filed an application
terminating a franchise
in the Federal Court for instructions with respect to
for the
Company in
Shop
1325.
"Now, the question is, what does a reduction in rates mean to us?
You
the accounting department know our earnings
to-day are insufficient to
interest, sinking fund charges and dividends.
Whatever we are doing
meet
is at the sacrifice of the propeity.
"Already there has been a 12 % reduction in wages.
It has affected us all.
You, who are in close touch with operation, know better than I whether
there can be a still further reduction in operation costs or use of
material.
There is nothing much left but a still further reduction in
wages.
"It is not pleasant foi me to have to suggest to
you this matter, nor is it
pleasant for you to hear.
That is facing us, unless: we want a receivership
or Government owneiship.
/
"If a receivership comes to the country's railroads there will
be nothing
left then for them to do but to reduce wages.
We must view this situation
as citizens of a great
country, with a duty to perform outside of our own
Rates must come down.
If it is not
tarily, it will be forced by legislation.*'—V. 113, p. 1361, 1252.
volun¬
operation of electric railway lines in Blissfield, Mich.—V.112,p.163.
Toronto
Ry.—Terms of Sale—Valuation—Earnings.—
The shareholders were to
\
this issue and last week's "Chronicle "
p.
individual selfish feelings.
RR.—Merger Plan.—
See under "Current Events" above.—V. 113, p. 1252.
4,753,649
Atterbury Says Further Wage Reductions Must be Made.
Reduced—Equipment Trust.
Allan Pollok, Manager of the company's dining cars, hotels and restau¬
rants, announces that reductions have been made in the prices charged for
bread, coffee and potatoes in the company's dining cars, notwithstanding
the fact that the prices charged on the company's diners do not meet the
actual cost of operation, excluding heat, light, depreciation, &c.
In the
$32,654,874
Vice-Pres. W. W. Atterbury at the annual meeting of the Mutual
Bene¬
ficial Association of the railroad Sept. 26 spoke in part as follows:
now
961.
Increase
$4,818,959
4,880,247
5,020,549
■
Labor
See '■ Current Events"
m
113, p.
The National
cates
Over 1920.
Crafts Controversy—President Rea Defies Labor Board—Line
Will Deal with its Employees Without Intervention.—
V.-P.
above.—V.
zDeficit.
V
June
Ry.—May Acquire Road.—
North Arkansas RR.
7c. fare prevailed in the city.
Wages were cut to 45c. since June 1, with an
agreement to arbitrate, and the latest decision is retroactive.
Back pay
it is said, amounts to from $75,000 to $100,000.—V. 112, p. 2414.
Monthly Gross Revenue & Net Oper. Income for Last Half Year (Phila.N.B.).
May
April
1324-25.—
^Restoration of a 60c. hourly wage to trolleymen has been granted by an
arbitration board, which regarded as still binding a letter of May 1 1920,
in which the then manager of the railway promised that wage as long as a
$4,818,959z$27,835,915x832,654,874 S22,689,714z$60,906,362
x
p.
Schenectady (N. Y.) Ry.—Wage Scale Restored.—
See Texas & New Orleans
*
1212-13, and Sept. 24,
p.
111.
Texas & New Orleans
$7,447,713z$24,618,250x$32,065,963 $41,860,217z$45,584,917
2,342,914
2,160,058
zl82,856
13,358,323
12,315,756
754
1,141
*387
22,770
37,947
Equipment rents, etc
fac.
p.
31.
1921
August——1920.
Changes.
1921
8 Mos.
1920.
Operating revenues.$42,818,588 $51,571,436 *$8,752,848$332,635,1335337,031,353
Operating expenses. 35,370,875
76,189,686 *40,818,811 290,774,916 382,616,270
Uncollectible
nder "Current
Richmond
amended for the "Chronicle":
(1)
heading, "Equipment 6% Gold Notes" above, and V. 113, p.
Compare also article on sale of equipment trusts by U. S. GovernEvents," this issue; Sept. 17, p. 1212-13, and Sept. 24,
1324-25.—V. 110, p. 971.
1360.
vote yesterday,
Sept. 30, on the sale of the
radial and power interest of the company to the Hydro-Electric Power
Commission of Ontario.
The details of the sale, as set forth in a letter,
be summarized as follows:
'i'he purchase price as at Dec. 1 1920 is $32,734,000, payable;
(a) Through the assumption by the Commission of outstanding liabilities
of the various companies to an amount of $22,775,177.
(5) By the delivery of $9,958,823, in bonds at par, approximately as
follows: (1) $6,971,295 City of Toronto 6% 20-year bonds; (2) $2,987,528
Hydro-Electric Commission, guaranteed by Province of Ontario, 6%
20-year bonds, $32,734,000.
may
The operations of the companies since Dec. 1 1920 will (if the sale is con¬
firmed) be for account of the Commission and the bonds receivable by the
Toronto Ry. will bear interest from that date.
Arrangements are being made (subject to the consent of the Toronto
Power Co. Consol. Debenture stockholders) to release the properties now
under that mortgage of $13,558,917, together with the guarantee of the
Toronto Ry., and to substitute therefor a oond of the Commission, guaran¬
teed by the Province of Ontario.
v
This will leave the Ry. company's guarantee outstanding only $4,103,200
July 1 1924.
1
liabilities to be assigned by the Commission as above
still outstanding approximately $3,500,000 of liabilities
of the subsidiary companies, consisting of bank loans, water power rentals,
taxes, &c.
The net equity, therefore, accruing to the railway company on
the sale of the subsidiary companies, is approximately $6,458,823 (less
discount on bonds to be sold to orovide the necessary funds), being subToronto
Power
Co. 5s, due
In addition to the
set forth, there are
\
OCT. 1
stantially in
excess
CHRONICLE
THE
1921.]
of the entire advances with interest made by the Ry.
Pig Iron.—"The pig iron market shows a decided increase in buying.
A sanitary manufacturing
company has purchased 15,000 tons of foundry
iron for last quarter delivery, 5,000 tons for each of its
three plants.
For Southern iron the price was on the basis of
in acquiring the assets now being sold.
company
with the city is now in progress.
It is impossible at
this time to estimate the amount which will be awarded by the arbitrators,
but it must, in any event, be very substantial.
This amount will be added
to the above-mentioned eauity of approximately $6,458,823.
Prom the total amount represented by the equity from the proceeds
The arbitration
of the sale of the
$19, Birmingham, for No
delphia district, 22,000 tons at Buffalo and about 8.000 tons at Boston.
In eastern Pennsylvania sales have been made at an
advance of 50c.
subsidiary companies and the arbitration's award, will
railway company proper, amount¬
ing approximately to $5,450,000, made up of:
Outstanding bonds and interest
$2,325,000
Percentages due city and interest— ———-—--——
1,750,000
Provision for sundry liabilities covering taxes, claims, judg¬
ments and arbitration expenses, &c., say
1,375,000
In other words, deducting the above $5,450,000 from the equity of
$6,458,823, above referred to, leaves a balance of $1,C08,823, after making
provision, so far as can be foreseen for all the liabilities of the railway
company proper, and of its subsidiary companies.
To this amount will
be added the award of the arbitrators, and the combined amount will
and
some
furnaces have marked
up their quotations $1 50.
A strong
feature of the present situation is the low stocks held
by merchant furnaces
On the whole, the foundry iron situation is
stronger, but prices do not vet
encourage idle merchant furnaces to blow in.
Foreign.—"Japan is a continuously heavy buyer of sheets, especially
Another item in Oriental trade is the reported award of
River bridge for the Pekin & Hankow RR. to Belgian con¬
tractors at $10,500,000, though the financing Is still in doubt.
Lowest Iron A Steel Exports in 12 Years.—" Iron Age"
Sept. 29, p. 824 825.
High Retail Price for Nails.—Idem, p. 847'*
'
in light gauges.
the great Yellow
represent approximately the capital value of the outstanding shares.
Shortly after the sale to the Commission is consummated and the proceeds
are received it will be possible to make a
partial distribution
to the shareholders.
Owing to the guarantee of the railway company on
the $1,103,200 Toronto Power Co. 5s of 1924 an equal amount of cash or
bonds forming part of the
purchase price must be retained by the railway
company until after that date.
As soon thereafter as the Commission,
which assumes the payment of the said bonds, pays the same, it will be
possible to make a final distribution to the shareholders.
Coal
Valuation
Placed
at
$20,447,612.—
Reproduc'n.
(New)
$9,964,952
Classification Cost—
Way and structures.—
Power
—
——
-
Equipment
;
General and miscellaneous..
—
_
—
Additional actual and tangible property.
— — _—
Total
3,638,437
10,641,455
1,966,805
950,000
present
Present
Value.
$8,013,024
2,419,427
7,592,094
1,473,06/
950,000
---.$27,161,649 $20,447,612
railway operations is put at
The estimated value of all land used in the
$1,655,484.
*
Earnings Cal. Years—
1920.
1919.
1918.
1917.
Passengers carried,
197,346,726 182,377,494 166,510,326 158,087,984
Transfers
77,911,713
70,446,128
63,176,397
62,301,636
Gross earnings
$7,909,892
$7,234,895
$6,526,302 ,$6,291,759
Operating expenses.---6,626,508
5.655,659
4,509,651
3,815,278
Net earnings$1,283,384
Interest on bonds, &c_
$109,175
City percentage on earn.
1,308,340
Pavements, &c., taxes—
283,295
Dividends paid
$1,579,237
$128,433
1,152,515
285,014
Total
$1,700,810
$417,426
Surplus
x
Includes in
1918
and
war
S.
U.
$2,476,481
$146,888
970,512
$1,995,081
$21,570
$2,341,671
$131,810
Provincial Govt, taxes,
charges, $98,817; general taxes,
The U.
$2,016,651
$138,660
1,046,495
x329,926
(4%)480,000
$1,565,902
$13,274
—
113,
$155,954.—V.
p.
264,271
(8)960,000
$75,155; pavement
1157.
Railroad Administration.—Settlements.—
Railroad Administration has announced that final settlement
S.
of all claims
growing out of the 26 months of Federal control has been
Merchants & Miners Transportation
New York, Ontario & Western, $500,000; New Mexico
Central RR.. $31,394; Gulf Florida & Alabama Ry., $29,100, and Sharpsville Ry., $14,403 —V. 113, p. 1362, 1252.
made with the following companies:
Co.,
$600,000;
West Penn Traction & Water Power Co.—Earnings—
Sheet—Dividends—Control.—
Water Works & Electric Co. under "Financial Reports"
above.—V. 113, p. 536.
'
0\
Balance
See American
West Penn Trac. & Water Power Co.—Annual
American
See
Water
Reports" above.—V.
Works
113,
p.
Western Maryland
The
Commission
C.
I.-S.
&
Electric
Co.,
Inc.,
Re-port.—
under
"Financial
536.
has
States Loan.—
authorized .the
company (1) to procure
and delivery to its Treasurer by the trustee of $1,523,680
M'ge. 5% gold bonds; and (2) to pledge $1,527,000 First &
Ref. Mtge. 5% gold bonds with the Secretary of the Treasury as collateral
authentication
First &
Ref.
security for
a
loan of $1,000,000 from the U. S.—V. 113, p. 1252, 850.
Winnipppr Electric Ry.—To Guaranty Bonds, &c
The stockholders will
enter into
of
an
(b)
an
vote
Oct.
10
on
authorizing the
a
company
(a) to
Manitoba Power Co., Ltd., 7% bonds, due 1941;
power contract.
See V. 113, p. 1362.
INDUSTRIAL
Industrial
AND
and
s
the gaining strength of the.iron and steel
industry.
(2) Anthracite.—"Anthracite continues steady both in output and prices.
slowly picking up.
On the Eastern seaboard and
in New England centres the retailer is being kept
comfortably busy
"Household buying, however, is confined to the "short-order'
variety,
as the average person is not in position this season to cover his
entire win¬
ter's supply by one purchase as in former years.
The movement of hard
coal off the docks to interior Northwestern points, which has been
unusually
slow this year, increased considerably in the last week with the advent of
The seasonal demand is
cooler weather.
(3) Bituminous Prices.—"Steam demand is unable to absorb the heavy
offerings of bituminous coal in the Middle West, where the production of
resultant sizes has been greatly increased by the making of domestic coal
for trade.
High-grade southern Illinois screenings have been going at
90c., with the end not yet in sight.
Baltimore, New York and Philadelphia
quotations, not being affected by this domestic production, are firmly held
and in many cases have advanced slightly during the week.
"Pennsylvania all-rail fuels, outside the widened territory now served
coastwise from Hampton Roads, are being quoted at slightly
higher figures,
while the smokeless varieties have ceased their downward trend
However,'
the improvement cannot be permanent with the present condition of New
England industry, and the outlook for October is not particularly encour¬
aging.
(4) Shipments.—"Movement all-rail shows no appreciable change—2,530
cars during the week ended Sept. 17—from the second week in
September,
when 2,470 cars went forward.
"A decided improvement is noted in the movement of dock coal from the
Head-of-the-Lakes.
With shipments to the interior on a larger scale more
dock space has been made available to receive Lake cargoes.
A late spurt
has taken place in this trade and dumpings for the week ended
Sept. 26
were 593,187 net tons—568,955 cargo and 24,232 vessel fuel—as
compared
with a total of 476,390 tons during the preceding week.
Movement for
the season to date is 18,362,857 tons, as against 14.838,993 last
year.
"Movement of hard coal up the Lakes is declining, as shown by the
dumpings of 72,400 net tons for the third week of September.
A short time
the weekly dumping was nearly 100,000 tons in excess of this figure.
(5) Exports.—"The export market remains at a standstill, following the
onslaught of British shippers to regain ground lost during the strike.
Total
exports during the week ended Sept. 17 were only 35,932 net tons, while
bunkers ran 38,057 tons.
Total dumpings lor all accounts at Hampton
Roads during the week ended Sept. 22 were 197,197 gross tons, a
slight
ago
Utility News.—The
industrial and public
Iron, Production,
MARKET REVIEW—"Iron Age" Sept.
Prices,
hope for lower prices held out in the newspapers
vestigation.
29
says
in substance:
200,000 tons.
manufacturers
running at 70 to 75% of capacity under the
replenishment demand developed by the new turn in the market.
There is
pretty general adherence to the new prices on black and galvanized sheets,
but a few mills still quote blue annealed in all gauges at 2.25c., Avhile some
name that price only on No
12 gauge and heavier.
Other Prices.—"Along with the sheet advance has come an effort to lift
the sheet bar market
Two or three independent mills ask $32, or $2 above
the present contract basis {contrasting with $65 Sept. 28 1920]"Not a little sdr was created by the action of the Carnegie Steel Co
which became known on Monday, putting its prices on plates and structural
shapes at I 75c and on bars at 165c [contrasting with 2.83c and 3 03c.,
respectively, Sept 28 192 ]
These figures are $2 per ton below those last
announced, but are $2 to $3 higher than the actual market of recent weeks
"It is too early to tell how far independent producers of the heavier
are
.
products will hold for the advanced prices or how they will fare with the
Steel Corporation itself, in view of its policy of meeting competition
"The increased rale of wire, sheet and tin plate production is encouraging,
but these light products make a smaller increase in ingot output than might
be gathered fro n some opti niscic reviews of the week.
RR. Orders.—"The New York Central RR. has
of
more
than 4,000 cars,
bought 1,000 new cars,
steel.
placefl orders for the repair
thus doubling its July order.
The B. & O has
but half of them will be built from its own stock of
"A small Western road has placed 12.000 tons of rails and 1,000 tons of
angle bars, besides spikes and track bolts—an outstanding contract in the
general dearth of rail business
A part of these rails will be shipped this year.
Tank Plates.—" Tank builders have been somewhat larger buyers of plates.
and
as
result of that in¬
a
independent quotations in many
cases
approaching circular prices.
Coke.—"Production of beehive coke improved slightly during the
week ended Sept. 17No steel works has a surplus of by-product coking
capacity over the requirements of its own furnaces, and most of them are
(7)
underbalanced in this respect.
"The total production of coke in the United States in August reached
1,650,000 net tons, according to the Geological Survey.
When compared
with the record for July this was an increase of 185,000 tons.
Output
Net Tons—
1917*
1918*
1919*.
of Coke
in
the
United
States
and
Coal
Used
Therefor.
—Est.
Coal Used
By-product
Beehive
2,625,000 4,354,000
3,072,000 4,014,000
2,988,000*2,583,000
3,685,000*2,758,000
232,000 1,642,000*2,026,000
*367,000
181,000 1,465,000*1,846,000
*286,000
248,000 1,650,000*2,015,000
*391,000
Therefor—
Output of Coke
By-product
Beehive
Total.
-1,870.000 2,764,000 4,634,000
2,166,000 2,540,000 4,706,000
2,095,000 1,638,000 3,733,000
2,505,000 1,748,000 4,313,000
1920*
June 1921 __1,410,000
July 1921-.1,285,000
Aug. 1921.-1,402,000
Monthly
Total.
6,979,000
7,086,000
5,571,000
6,443,000
2,393,000
2,132,000
2,406,000
average,
Estimates
Output Increasing, Chiefly in Lighter Products.
Feeling—"Leide-s in the steel trade speak of larger mill opera¬
tions in the last quarter
f the year with a confidence they did not show
as September opened
Past week has brought further signs of betterment.
Advance in Sheet Prices Brings Orders.—"Following the advance of $5 per
ton in sheet prices made by several independent makers, the Steel Corpo¬
ration's sheet subsidiary announced that from Sept. 22 its prices also would
be based on 2 50c
for blue annealed, 3c. for-black and 4c. for galvanized
sheets.
As in wire products two weeks previous, the sheet advance brought
a flood of orders and specifications at the old prices,
estimated at close
Sheet
steadier
are
i Assuming a yield in merchantable coke of 69.6%
of the coal charged in by-product ovens, and 63 4% in beehive ovens.
&c.
Better
to
compared with the preceding week.
(6) Anthracite Prices.—"Encouraging reports of better retail distribution
have been received from most of the larger centres except Baltimore, where
receipts to date are some 120,000 tons below normal, due to the recent
upheaval in retail circles caused by the Grand Jury investigation and the
*
and
brief-
in the production
September to 8 139 000 tons the week of Sept. 17 marks the first sign of
improvement in the
trade since early summar
The gain in output had no corresponding effect
on prices, "Coal Age" index of spot prices
recording a decline of one point
to 90 on Sept. 26, from 91 for the three previous weeks.
"Careful analysis of the situation shows that one
particular and one
general condition have contributed to this gain in output, viz.: (a) Through¬
out the large Eastern industrial region thousands of
consumers, using one
two and three cars for a winter's supply, mainly for plant
heating, are now
buying because this is the time of year they normally buy.
Because busi-
MISCELLANEOUS.
Public
following table summarizes recent
utility news of a general character, such as is commonly
treated at length on preceding pages under the caption
"Current Events and Discussions" (if not in the "Editorial
Department"), either concurrently or as early as practicable
after the matter becomes public.
Steel
&c.
29 reports in
of bituminous coal from 7,606,000 tons the first week of
Monthly
General
Sept.
are
—
agreement whereby it will guarantee the principal and interest
making
Production,
Age"
Output of Bituminous Coal.—"An increase
"Steam sizes
issue of $7,500,000
on
(1) Increased
increase when
Ryl—United
Prices,
WEEKLY REVIEW.—"Coal
of the award
Estimated
2.
On some of the Northern iron the price was 50c. below the
recent quotation
of $21, Valley, but for the greater
part $21 was paid.
"
Sales amounting to 25,000 tons of foundry iron were made in
the Phila¬
have to be deducted the liabilities of the
According to the appraisal of W. J. Hagenah, Chicago, the total
value of railway company's properties is summarized as follows:
1473
Week
Sep. 3a
Sep. 105
Sep.175
of Production of Coal and Beehive Coke
Bituminous Coal
Ended:
1921.
1920.
7,606,000
7,069,000
8,139,000
11,167,000
10.685,000
11,654,000
(Nd
Anthracite Coal
1921.
1,800,000
1,508,000
1,837,000
Tons).
-Beehive
1920.
1921.
1,114,000
562,000
718,000
58,000
60,COO
63,000
Coke
1920.
396,000
438,000
403,000
Cal.yr.
to date
a
279,881,000 376,735,000 63.945,000 62,337,000 3,962,00015,293,000
Subject to revision.
5 Revised from last report.
Oil,
Oil
Products,
Production,
Prices,
&c.
Prices.—The Standard Oil Co. of Louisiana, a
subsidiary of the Standard
about Sept. 23 advanced the price of Eldorado crude
oil 10 cts. a bbl. to 90 ets., for oil of 34 degrees and above, and 80 cts. for
that below 34 degrees—"Times" Sept. 24, p. 14.
The price of Pennsylvania crude oil was advanced on Sept. 27 25 cts. a
bbl. to $2 50, the first increase in Eastern crude oil since June 28, when
the price was reduced from $2 50 to $2 25 a bbl.
Other grades of Eastern
crude oil also were advanced—"Times" Sept. 28, p. 27.
of New
Jersey,
on or
Current Prices
for the More Important Grades of Crude Oil, With Comparisons,
Present
Low.
High.
Jan. 1.
Jan. 1.
Price.
1921.
1920.
1920.
1918.
Pennsylvania
$2.50
$2J25
$6.10
$5.00
$3.75
Corning1.45
1.20
4.25
3.50
2.80
Cabel
1.41
1.11
4.40
3.42
2.70
Somerset, light.
1.45
1-00
4.50
3.25
2.35
Ragland
85
.60
2.60
1.75
1.20
Lima
1.58
1.58
3.73
2.98
2.03
Princeton
1.27
1.27
3.77
3.02
2.17
Illinois.
1.27
1.27
3.77
3.02
2.12
Mid continent
1.00
1.00
3.50
2.35
2.00
Healdton
.50
.50
2.75
2.00
1.10
Gulf Coast
.80
.80
3.00
1.50
1.00
Canada:
2.63
2.63
4.13
3.38
2.58
Scope of Mexican Court Decision as to Property Acquired before May 1
1917—"Times" Sept. 28. p. 18. 27; "Posf'Sept. 27, p. 3.
The Prairie Oil & Gas Co. and Texas Co. on Sept. 28 raised their prices
for Texas crude from $1 to $1 25 a bbl.
"Fin. Amer." Sept. 29. p. 1.
1
-
—
_
t
THE
1474
Other
Prices,
CHRONICLE
yielding
Wages & Trade Matters.
Reported Copper Order for 5.000,000 Pounds.—The American Brass Co.
has placed an order for approximately 5.000,000 lbs. of copper for Oct. and
Nov. delivery at 12% cts. a lb., according to reports in the copper trade
Sept. 27.
This order, the largest in many months, it is said, was distributed
among several companies.
The wholesale price of copper in 1921 has
ranged from 13 cts on Jan 4 to 11.75 on March 11 fand in 1920 from 19 50
cts. Jan. 6 to 12.50 cts. Dec
28—"Times" Sept 28, p. 27.
Prices.—Spot cotton has reached a new high rxdnt for the year to date,
midland uplands on Sept. 27 selling at 21.55 cts., against 10.85 June 20.
but contrasting with 43.75, the peak for 1920 (on July 22)—"Times"
Sept. 28, p. 28.
Print cloths, in sympathy, have advanced to the year's
previous high, 6% cts. (Jan. 18).
Coffee.—Rio No. 7 at wholesale in N. Y. on Sept. 29
sold up to 8% cts.,
comparing with 5%, the low on March 13 1921, and with the range 6% to
16% in 1920, and a maximum of 25% cts. June 23 1919.
Bar silver on Sept. 27 made new high records for the current year, both
in N. Y. and London, contrasting as follows:
Bar Silver.
Range in 1921 to Dale
Range for Year 1920London __43%d. Sept. 27 30%d. Mar. 5 89%d. Feb. 11 38%d. Dec. 10
New York71 kc. Sept. 27 52%c. Mar. 6
$1.37 Jan. 22 59%c. Dec. 19
Corn, on tne other hand, on Sept. 26 made a new low price for the year
to date. 69% cts.. against 96% the high on Jan. 3 1921, and 94% cts. the
low (Nov.
27) and $2.31% the high (May
15) in 1920, and $2.45 the war
all grains
peak July 31 1917.
The demand from Europe being slow,
descended to new levels at Chicago on Sept. 25— Times" Sept. 26, p. 31,23.
The Cuban Sugar Finance Commission on Sept. 27 fixed its price for
raw sugar at 2% cts. a lb., cost and freight.
New York, as against the
previous quotation of 3% cts.
The new price is equal to 4.23 "' '
duty paid sugar.
The Federal Sugar Refining Co., American Sugar Refining Co., Warner
"
accordingly, moved down the price for their
5.50 cts., as against the previous range for the
and 8% cts. March 18 1921 and 8 to 23 cts. in 1920.
have announced a general reduction of cement
ranging from 15 to 30 cts. per bbl., which is already effective.
The New
York price alongside dock, to dealers, is now $2 10, as compared to $2 40,
a price which has been in effect for several months—"Eng. News Record"
Sugar Refining Co., &c.,
refined sugars from 5.60 to
year of 5.2 cts. June 28
Cement manufacturers
Sept. 22, p. 507.
Marks in further
21, 27
The lumber manufacturers' price for ordinary building lumber is only
40% of what it was 18 months ago.'
Flooring has dropped over 60%,
heavy timbers for bridges and factories 50%, fence boards 60%.
There
are 30.000 saw-mills trying to sell their product to a market which now
could be supplied easily by 20,000 (advertisement of Nat. Lumber Mfrs '
collapse, falltoOJO^Scts—"Times" Sept. 28, p.
Association, Chicago]—"Times" Sept. 27, p. 12.
Cut in Size of Policy in Auto Insurance—"Times"
Sept. 28, p. 29.
Cut Nearly 1,000,000 Tons.—In first 8 months of 1921 the
of sugar into U. S. aggregated 2.667,365 tons, compared
with 3,631,418 tons in the same period of 1920 (decrease 964,053); imports
from Cuba,
1,730,670, against 2,317,980 (Fed. Sugar Ref. circular)
"Times" Sept. 24, p. 15.
Wages—Further 10% Wage & Salary Cut.—See General Electric below
and "Times" Sept. 27, p. 29; Sept. 28, p. 28.
Western Union Telegraph Co. Cuts Out Double Pay & Limits 1% Time.
Sugar Imports
total imports
XV
Y. Harbor Mm Break from
alleging graft, have formed the
Old Unions.—3,0"*0 N. Y. harbor workers,
"United Harbor Workers," an independent
organization, with secretary the only paid official and shop steward system
of representation—"Times
Sept. 26, p. 8; Sept. 27, p. 29; Sept. 30, p 3.
Estimate
of
Number
Unemployed—Clothing Budgets (Nat. Indust.
Conference Board of N. Y.)—"Times" Sept. 25, Sec. 7, p. 1; Sept. 26, p. 27.
Conference at Washington on Unemployment Opened. Sept. 26—"Times"
30.
\
Fight Anti-Picketing Decision—"Times" Sept. 28, p. 30.
Sept. 27 to Sept.
iMbor to
Legislation, Taxation
& Miscellaneous.
Congress Having Reconvened, the Senate Takes
—"Times" Sept. 28, p. 21; Sept. 30. p. 17.
Up
Tax
Congress Asked to Tax Unearned Incomes Over $5,000 p. a. to Provide
$20 Weekly for Unemployed—"Times" Sept. 24, p. 10.
Comparison of Senate & House Tax Bills with Present Law.—See "Current
Events" above
New Income Tax Bill Scored by Real Estate Board of N. Y.—"Post" Sept
24. Fin. Sec., p. 8.
Senator McFadden Proposes Excise
Tax on Gold—"Times" Sept. 26,
„
.
„
„
.
„
p. 13; Sept. 27, p. 30.
Synthetic Process Announced for Making
Paris)—"Times" Sept. 25, Sec. * p. 4.
Camphor (Prof. P. Giraudet of
of U. S. Dye Production.—Tables showing various dyes and inter¬
mediates, the production in 1920, no. of mfrs., and average price per lb.
yearly 1917 to Aug. 1921 (Tariff Commission)—"Oil .Paint & Drug Re¬
Census
porter," Chemical Exposition extra, Sept. 20, p. xxvii & xxviii.
Panama Canal.—-President Harding asks delay on canal toll bill—"Times'
Sept. 26, p. 17.
For the fiscal year
ending with June 2, 892 ships passed through the
British; American tonnage 3,26, p^ 10
British 5,179,000—"Times" Sept. 26, p. 13.
Matters Covered in "Chronicle" of Sept. 24.—(a) Building construction in
nf r
canal,
p.
1282.
(b) Fall River cotton mills dividends—Idem,
(c)
(cc) Immigration and Emigration in 1920-21,
1283.
1300.
d) Rubber surplus and British plans respecting same, p. 1296, 1321.
(e) Question of modifying decree to permit the packers to transpc
fruit (Editorial), p. 1298.—"Times" Sept. 17, p. 12; *Sun" Sept. 20, p.
(f) Economic conditions in Mexico, p. 1301.
(e) War Finance Corp. and agricultural credit measures, p. 1303 to 1306.
(h) Cattle loan, participation sought, p. 1305.
(i) Tax revision bill a£ amended by Senate Committee, p. 1315 to 1317.
(j) Extension of dye control Act, p. 1318.
(k) Decision of Commission
that removal of dyestuff duties is not warranted, p. 1319.
(kl) Periodicals
hereafter to go as mail instead of freight, p. 1319.
(I) Unemployment
conference, arrangements in progress, p. 1319.
(m) Unemployment prac¬
tically world wide, p. 1328.
(n) Price increases in August for wholesale commodities and retail
food, p. 1320.
(o) Wages and employment in selected enterprises in August,
p. 1320.
(p) Anti-trust proceedings against tile and cement manufacturers, p.
August,
Failures in August, p.
p.
1322 to 1324.-
Alabama
The
Dated Oct. 11921.
Due Oct. 1 1933.
Denom. $1,000 c.
Int. payable
A. & O. at Banker
Trust Co., New York, trustee, without deduction for
normal Federal income tax up to 2%.
Red. for sinking fund (as below) and
red.
whole
as a
on any
105 and int.
at
1
used
to
1924, and each Aug.
purchase bonds
stockholders Sept. 22 ratified plans for issuing $1,750,000 8%
mortgage bonds to provide funds for future needs.
Of the total
10-year
will reserve $660,000 to retire a like amount of the 6s,
plans to issue only $840,000 under the new mortgage. The company
nold the remaining $250,000 in the treasury for future uses.
See
113, p. 1158.
and
will
Allied Packers, Inc.—Deposits.—
there is now on deposit under the readjustment plan over
We learn that
80% of the pref. stock, 75% of the common stock and 75% of the deben¬
tures.
The time for deposits expired Sept. 15 and has not as yet been
extended.
An announcement will be made shortly.—V. 113, p. 73,186,734
Allis-Chalmers Mfg. Co.—Present Status.—
A current report believed by the "Chronicle" to be based on fact says"Operations are approximately 40% of capacity.
Incoming business was
at its lowest during Feb. and in each succeeding month increased until July
when a slight slump occurred.
August orders were about equal to those of
July, but Sept. gives promise of further improvement.
"Unfilled orders on June 30
amounted to $9,473,000, and it is believed
tho end of Sept. this amount will have been reduced to about
$6,000,000.
This volume of unfilled orders together with an increase in
incoming business should enable the company to operate at a satisfactory
that by
percentage of capacity until well into }Q22.
"It is understood that raw materials on hand are being carried at the
current market.
The company carries a contingent reserve of $2,000,000,
which so far has not been touched."—V. 113, p. 1056, 734.
Data from Letter of Pres.
Sold.—Union Trust
Pittsburgh, Guaranty Co. of New York, Bankers
Trust Co., Lee, Higginson & Co., New York, and Mellon
National Bank, Pittsburgh, have sold, at 993^ and int.,
Co.
of
tax.
tenders to
Arthur V.
Davis,
Pittsburgh, Sept. 26.
Purpose.—Proceeds will be used in part to provide funds for the retire-
5?eni °£ $8,000,000 Serial 6% Notes, of which $4,000,000 mature, respec¬
tively. March 1 1922 and March 1 1923; and to retire current debt heretofore
incurred for capital expenditures.
Earnings.—For 10 years ended Dec. 31 1920 net earnings, after interest,
taxes, depletion, depreciation, &c., have averaged in excess of $10,000,000
The lowest of such earnings occurred in 1912, and were
P|r^annum.
For the 7 months ended July 31
1921, net earnings available for interest
depreciation, but after payment of 1920 income taxes (charged when
paid against 1921 profits) were $2,648,699.—V. 112, p. 1980.
before
Amalgamated Sugar Co.,
Ogden,
Utah.—Proposed
Financing Plans—Common Stockholders to Subscribe $1,000,000
in Second Pref. Stock— To Sell $3,500,000 8% 10-Year Bonds
—To Create Voting Trust and No Par Value Common Shares.—
letter signed by Pres.
A
M. S. Browning and F. 8. Young. Asst. Sec.,
was sent to the preferred stockholders under date of Sept. 17, asking for
their consent to the proposed financing plans outlined below.
The circular
urged
the
preferred stockholders to send in their
Sept. 28.
The circular says in substance:
before
of consent
agreement
Present Indebtedness—Financial Needs.—The company owes (as shown by
financial statement) to banks and commercial paper holders nearly $7,000,000, and has as current resources available to meet this debt only $2,782,203.
represented in sugar ($1,108,199), cash ($135,881), notes and accounts
receivable ($1,538,123).
Nearly all of the debt is past due, and the com¬
pany will, within a few days, enter upon the next sugar-making campaign
with a debt of more than $4,000,000.
It is estimated that there will be
required an additional $4,500,000 to pay for beets and the operating ex¬
penses of the next campaign.
The present distressed condition was brought about by the losses suffered,
owing to business conditions.
Sugar is selling at from $3 to $4 per bag
below last year's cost of production based upon beets purchased at $12 per
ton.
Company inventories and investments have become very much de¬
preciated, and even at such values are difficult to convert into money.
Financing
Proposed
For
several months company
Plan.
>
officials and their bank creditors in New
York and Chicago have endeavored to evolve a plan for the financing
the company, and have finally agreed upon the following (in substance):
of
Common
Stockholders to Subscribe for $1,000,000 Second Pref.—That the
stockholders shall pay into the company $1,000,000, for which
common
second
preferred stock will be issued.
Company to Liquidate $1,000,000 Slow Assets.—That
endeavor to liquidate to the extent of at least $1,000,000
not
the company will
certain slow assets
required in the operation of its business.
To Sell $3,500,000 8%
Bonds.—That there shall be issued and sold
,500.000 First Mortgage 8% bonds, maturing serially over a period not
exceed ten years.
-
Voting Trust—New President.—That upon the foregoing financing being
accomplished, a majority of the common stock will be pooled into a 10-years
Voting Trust, governed by trustees consisting of President Anthony W.
Ivins of Salt Lake City A. A. Tilney. V.-Pres. Bankers Trust Co., N. Y.
City and A. P. Big low, V.-Pres. Ogden State Bank, Ogden; and further,
that Judge Henry H. Rolapp, who was actively engaged in the management
of the company during its prosperity, and who has had a wide experience
in the sugar business will become the President and General Manager.
That tne preferred stockholders shall name one-third and the Voting
Trust two-thirds of the board of directors.
To Create No Par Value Shares.—That the articles
of incorporation shall
for the common stock, making
the payment of preferred dividends without impairment of the
amended to provide a non-par value
be
possible
authorized capital.
Creditors
Advance
to
$4,600,000.—That
when
the foregoing conditions
have been complied with, and the bonds Issued and sold, the bank creditors
will carry the unpaid portion of the present debt and advance new money
to the extent of
Reasons
1
$4,600,000 to finance operations until Oct. 1 1922.
Why Preferred Stockholders Should Agree to the
Plan.
that the plan may be carried out, that the holders
of % of the outstanding pref. stock give consent to the issue of $3,500,000
bonds.
It is expected that such consent will be obtained, because: (1) The
plan proposed is the only one possible of acceptance by all parties con¬
cerned.
If it is rejected, receivership becomes inevitable; the company's
obligations, including its contracts for the payment of beets, would be
preferred in liquidation to the pref. and com. stock.
(2) The proposed
investment of common stockholders of $1,000,000, junior to the pref. stock,
gives additional security to the pref. stock, and pays $1,000,000 of the
company's debts, to which the pref. stock is subject.
(3) The funding of
the present debt over a long period of years adds to the security of the
pref. stock and makes possible the early resumption of dividends.
The whole plan has been submitted to prominent bankers and distributers
of the pref. stock in Salt Lake City and Denver.
They have indicated
their approval of the plan as "the best solution of the company's problems
which is obtainable," and "recommend to pref. stockholders that they give
their consent, so that the plan may be consummated."
It is necessary, in order
Balance Sheet as of Aug. 311921, as
/t
p t" (>
t
o
.
i
Revised on Basis of Present Value of Assets.
Liabilities—
hi
.$9,287,499
Properties
Preferred
stock—___.$4,699,100
5,631,910 Common stock
x
Sugar, 235,787
7,246,240
6,960,899
i__
yMiscellaneous slow assets 1,411,688 Current liabilities
Miscellaneous notes & ac¬
counts slow & doubtful.
81.983
Total (each side)
Deficit.
2,493,160
$18,906,239
bags at $4 70, $1,108,199; process stocks and
by-prod¬
$156,908: beet seed, $496,003: supplies, $981,792; cash, $135,881;
accounts receivable, $1,538,123; deferred charges to operations,
$1,215,005
y Real estate at Tracy, Calif., $200,000; slow notes, $72,749;
Oneida mortgages, $616,861; land contracts, $155,059: U. I. C. and U. R. T.
Co. bonds, $138,750; town of Lewiston bonds, $32,900; Twin Lakes Canal
Co. bonds. $195,370 —V. 113, p. 1363.
ucts.
notes and
American Ice Co.—Dividend Increased.—
A quarterly dividend of 1%% has been declared on the outstanding
$7,500,000 Common stock, payable Oct. 25 to holders of record Oct. 7.
Dividends have previously been paid on tho Common stock as follows: 4%
per annum (1% quar.) from Nov. 1899 to Feb. 1902, inclusive; 1903 to
inclusive, none; 1920, 4% (1% quar.); Jan. 1921. regular of 1% and
of 1%;
1919,
extra
April 1921. 1%; July 1921, 1%%.—V. 113, p. 74.
American
See "Current
Corp.—Bonds
of
Railroad Construction.—
International
Government Account of
William G.
Bolivian
Events" last week's "Chronicle," p. 1300.—V. 113, p. 1363.
American Railway Express
Co.—New Vice-President.—
Smith, formerly Gen. Mgr. at
Regional Vice-Presidqnt in the
American
Aluminum Co. of America.—Bonds
after April 1 1927, upon 4 weeks' notice,
1 thereafter,
upon
xCurrentassets
Company.—Bonds Authorized.—
on or
per annum, commencing on
to and incl. Aug. 1 1932, to be
Union Trust Co. of Pittsburgh
during: each August at less than 105% and int. To the extent that this
fund is not exhausted by tenders, bonds shall be called by lot by Bankers
Trust Co., New York, trustee, at 105% and interest.
Aug.
issue the company
V.
int. date
Free of Penn. 4-m'll
Sinking Fund.—8inking fund of $1,000,000
including 1,212 American and 972
722,000;
7%, $18,000,000 12-Year 7% Sinking Fund
over
Debenture Gold Bonds.
to
Bill Changes
[Vol. 113.
Cleveland, has been elected
South.—V. 113, p. 1056 , 537.
Shipbuilding Co.—Annual Report.—
annual report for the year ending Jjne 30 1921, issued this week,
total income of $3,357,979 as compared with $11,879,499 for 1920;
net income, after all expenses and Federal taxes
(estimated $150,000),
amounted to $1,166,180.
Pref. divs. paid, $553,000; common divs. paid,
The
shows
$1,216,000.
Profit and loss surplus, $11,363,320.—V. 113, p.
1363.
Oct.
1
THE
1921.]
American-Slovak
Coal
Co.—Receivers.—
Coke
&
CHEONICLE
John G. Buchanon and Paul Jamriska
of Pittsburgh, have beer appointed
with offices in American State Bank Building.
receivers of this company,
Pittsburgh, in
decree filed in United States Court Sept. 21.
a
Co.—Common
American Stove
1
•
Dividend Reduced.—
The directors have declared a dividend of 5% on the stock,
payabe
Sept. 30 to holders of record Sept. 13.
This is a reduction of 5% from the
annual dividend of 10% usually declared by the directors at this time.
Following the directors' meeting, it was announced that the remaining
5% might be declared after the close of the fiscal year ending Dec. 31 if
earnings between now and the end of the year justified it.
No definite
announcement as to what actiou the directors decide upon will be made,
however, until the stockholders' annual meeting in the latter part of Febru¬
ary.
(Chicago "Journal of Commerce," Sept. 23.)—V. 104, p. 1594.
American Sumatra Tobacco
Consolidated Profit
Years Ended July 31.
1921.
Gross
profit
Dividends
on
sales
$2,257,633
265,650
235,218
———:
received--.
Interest earned.
Miscellaneous income
23,572
Total income
$2,782,123
660,101
—
Deduct—General & selling expenses.
Local
taxes
Discount
sales
on
Net loss of subsidiary on export account
Loss on sales of Liberty bonds & foreign exchange.
Interest on gold notes, loans, &c
1920.
$5,402,765
865,047
56.985
127,834
275,199
116,727
319,253
787,141
Expenses of retiring 10-year debenture bonds
Miscellaneous charges
Prop, of disc. & commissions on 714% 5-yr. gold
56,937
~7~, 558
9,840
147,858
notes, written off
16,419
Depreciation of buildings & equipment
173,319
Provision for Federal & State income taxes
Net income credited to
For balance sheet
75",600
804,173
$966,637
surplus
113, p.
V.
see
$2,581,031
1159.
American Writing Paper
Co.—Wages.—
The company has put into effect a 10% reduction in wages
among its
operating force.
This is the second cut this year.
(See V. 112, p. 1027.)
V. 113, p. 852, 630.
Atlas Portland Cement Co.—Anti-Trust
Proceedings by
Manufacturers.
U. S. Government against the Tile & Cement
See "Current Events" last week's "Chronicle," p. 1322.—v. 113, p. 1057-
Birmingham Water Works Co.—Preferred Stock.
See American Water
above.—V.
Works &
Electric Co. under
"Financial
Reports"
112, p. 2645, 2309, 935, 260.
Automatic
on
another page, of $9,030,000 First Ref.
Mtge. 7% Sinking Fund gold bonds, Series C, convertible.
Dated Oct. 1 1921.
Due Oct. 1 1931., Int. payable A. &
O, without
deduction of Federal income tax up to 2%, at Alex. Brown &
Sons, Balti¬
more, and Bank of the Manhattan Co., N. Y. City.
Denom. $1,000 and
$500, c*&r*; $1,000 and authorized multiples thereof.
Redeemable, as a
or in part for sinking fund only, at any time on 60
days' notice at
and int.
BankerstTrust Co., New York, trustee.
Convertible.—Convertible, par for par, at any time prior to and
including
April 1 1931, into a new series of 6^% 30-Year Sinking Fund Gold Bonds,
dated Oct. 1 1921, due Oct. 1 1951, to be issued undor this same
mortgage
and designated Series D.
No bonds of Series D are now outstanding.
whole,
102
bonds will be callable at 110 prior to Oct. 1
1936, at
107 during next 5 yoars, 105 during next 5 years,
102^ during next 3 years
101 during last 2 years before maturity.
If called for redemption
Series C bonds may nevertheless be converted if presented at least ten
days
before the redemption date.
and
$5,201,282
149,500
39,963
12,0:0
64,809
72,418
j
Higginson & Co., Jackson & Curtis, and Spencer Trask &
Co., announce the sale, at 973^ and int., yielding 7.35%, by
advertisement
The Series D
Co.—Earnings.-
& Loss Account for
Straight Airbrake Co.—Merger Rumors.
It is understood that officials of this company and the New York Air
Co. have informally discussed the merger of both companies, but
Brake
nothing definite has been arrived at.
While nothing official has been
given out, reports state that a new holding company may be formed which
will exchange its stock for both companies.
If the deal goes through it is
stated that some financing will have to be done.—V.
113, p 964.
Sinking Fund.—An annual sinking fund of 1% of all First Refunding
Mtge. bonds from time to time outstanding, first payment not. later than
Aug. 1 1923 is to be used for purchase or call and retirement of First Refund¬
ing Mortgage Bonds.
Dividends.—Continuous cash dividends on the Common stock
have been
paid since 1909, at rates averaging nearly 7% per annum for the last 11
years.
Present rate, 8%, has been paid since April 1 1917.
Big Ledge Copper Co.—New Officers.—
John Borg has be8n elected Presideut, Nelson Gray Vice-President and
Treasurer and William C. Sherwood Secretary.
New York interests took
over control of the property some
time ago.—V. 112, p. 2540.
Co.—National Credit Service.
The company has established a national credit service,
whereby any
reliable person in the U. 8. or Canada can purchase Black & Decker
equips
ment on 6 months terms without extra cost.
The company's product-
Letter of Pres.
Data from
Herbert
A.
Wagner, Baltimore, Sept. 24.
Purpose.—The proceesd will be used chiefly to refund
$8,253,100
notes maturing Nov. 15 1921.
'
con¬
vertible
Gross
Net Earns.
xFixed
Year ended—
Earnings, after Taxes
Charges.
June 30 1906
$3,595,574 $1,653,989 $1,176,759
June 30 1909
4,449,276
2,169,693
1,383,164
.Tune 30 1912
5,465,287
2,822,399
1,417,267
June 30 1914
6,400,896
3,067,074
1,567,689
June 30 1918
10,619,588
4,203,904
2,071,339
Dec. 31 1919
12,813,617
4,800,711
2,283,622
Dec. 31 1920——15,433,458
4.981.667
2,428,285
aDec. 31 1921.-16,729,417
5,779,094
2,845,642
Earnings—
~
estimated,
Four months
Dividends.
$457,306
423,603
744,750
891,562
1,150,864
1,162,026
1,168,643
1,218,696
Exclusive of amortization,
to depreciation, amortization and surplus.
a
x
y
\Balance
'
$19 924
362 931
660 382
607 823
981 701
1,355063
1 384 739
1,714,756
Applicable
Capitalization Outstanding (after This Financing), Incl. Issues of Constituent
and Subsidiary Companies.
Consol. G., E. L. & P. Co. Gen. (closed) M. 4Hs, 1935
-x$13,845 000
G., E. L. & P. Co. of Bait. 7% Conv. Notes, 1922
y5 000 000
Consol. G., E. L. & P. Co. of Bait. 1st Ref. Mtge. Sinking Fund
'
'
Gold Bonds, Series B, 7lA%, Dec. 1 1945—
y7 750 000
do
Series C, 7%, Oct. 1 1931, Convertible (this Issue)
y9 000 000
Consol. Pow. Co. of Bait, 5-Year 6% Secured Gold Notes .1922
y5,000 000
Consol. Gas Co. of Bait. City, First Cons. 5s, 1939
(closed)
3 400 000
Consol. Gas Co. of Bait. City, Gen. Mtge. 4 lis, 1954
6 100 000
United Electric Light A Power Co. 4Hs, 1929 (closed)
4*428'000
Roland Park Elec. & Water Co. 1st M. 5% Bonds, Feb. 1 i§37
'300 000
Baltimore Electric Co. guar. First Mortgage 5s, 19473 943 000
Baltimore Electric Co. guar. 5% Preferred Stock
1 000 000
Guaranteed Bonds and Pref. Stock of Public Service
Building Co
Consol.
—
l',576',000
addition
In
there
$1,155,000 deposited as collateral under the
$3,943,000 Baltimore Electric 5s, 1947.
y First Mortgage 5% Bonds of Consolidated Power Oo. of
Bait., aggre¬
gating $13,750,000 (authorized, $15,000,000) are deposited as collateral
under the above issues, including $5,250,000 so deposited under
the First
Refunding Mortgage.
■
First Refunding Bonds.—Total tuthorized issue limited to
$100,000 000.
Issuable in series, &c., as determined by the directors.
$3,500,000 Series A
6% Bonds, maturing Feb. 1 1949, have been issued and are pledged as part
security for $5,000,000 7% Secured Conv. Gold Notes, due Aug. 1 1922
x
Black & Decker Mfg.
1475
are
are convertible at any time par for
par into the Series A 6 %
Of the $7,750,000 Series B 7K% Bonds
issued, $2,750,000 are
pledged as collateral for a non-Interest-bearing note of company due
May 15
1922, representing the balance due the United Railways & Electric Co. of
consist
which notes
electric
Bonds.
principally of electric motor-driven shop equipment such as portable
drills, grinders, &c.
The company has issued an explanation of
exactly how the plan works and copy of the campaign schedule showing
how this new service is being merchandised.—V. 112,
p. 2309British
A
Empire Steel Corporation.—Dividends.
Baltimore in connection with the recent sxle of its power
plant to Consoli¬
of Baltimore (a subsidiary).
The remaining $5 000 000
dated Power Co.
dividend of 1 %%
has been declared on the First Pref. stock. Series
"B," payable Nov, 1 to holders of record Oct. 15.
No action has bee a taken with regard to a Common
div.—V.113.P.421,
187.
Series
B7^% Bonds and the present issue of $9,000,000 Series C 7% bonds
the only First Ref. Mtge. Bonds now outstanding in the hands of
public.
Compare offering of $2,500,000 8% Cumulative Preferred stock in
V. 113, p. 965. 1159, 1364.
are
•«#r'
Burns
Bros., New York City.—Outline of Merger Plan.
The merger plan approved by the directors of both Burns Bros, and
Wm. Farrell & Sons, Inc., this week is substantially as outlined below.
The stockholders of Burns Bros, will vote on
approving the plan on
Oct. 31
and the stockholders of Wm.
Farrell & Sons will vote Nov.
1.
Proposed Terms of Exchange of Sticks of Old Companies for New Stock.
The plan contemplates the practical
absorption of Farrell Coal,
The
Burns Bros. 7% preferred stock, amounting to $1,293,100, and the Farrell
Coal 7% pref. stock amounting to $3,000,000, will remain the same in the
consolidated company.
There will, however, be two new classes of Burns
Bros, stock issued in exchange for the present Burns Bros, common stock
and for the Farrell Coal common stock.
There are outstanding at the present time
approximately 81,000 shares
(par $100) of Burns Bro?. common stock.
These will bo exchanged, share
for
share, for the new Class A common stock.
There will also be issued
81,000 shares of new Class B common stock which will be exchanged for
the outstanding 130.000 shares (no par value) of Farrell Coal common.
This exchange will be made on the basis of 8 shares of Burns Bros .Class B
for each
13 shares of Farrell common.
The plan
provides that after payment of the 8% on the Class A common
both classes of stock will share alike in the further distribution of
that
earnings.
as
The
new
to dividends up
Burns Bros. Class A common stock will be cumulative
to 8%.—V. 113, p. 1363,11254.
Central Leather
A.
Augustus Healy,
—V. 113, p. 538,
a
Co.—Obituary.—
N. Y,,
Sept. 28.
Co.—City Purchase.—
The Board of Aldermen. N. Y. City, Sept. 21, adopted a resolution
concurring in the resolution of the Board of Estimate of Sept. 7 for the
acquisition by the city by condemnation proceedings of a portion of the
Slant of the company water forpurpose of residents of thepreserving and
of maintaining, Second, Third
lcreasing the supply of for the
the
use
and Fourth wards of Queens.—V. 113, p. 631.
Columbia
Graphophone Mfg. Co.—Earnings.
Six Months ending June 30—
Earnings from all
Interest
1921.
sources
loss$l,228,713
funded and floating debt
Depreciation reserves and other charges-.
Reserve for excise, income & excess profits taxes..
Discount on notes
on
*4
Net
income
Surplus at June 30 1920112,
p.
2540.
Connecticut Light & Power
141,601
9120.
$5,552,875
122,058
234,264
2,387,179
42,000
1,253.423
loss $869,452
171,368
loss
$2,809,375
2,864,545
$5,673,920
206,829
982,842
437,883
$T,247,650
$ 1,253.194
Co.—Definitive Bonds.-
The Bankers Trust Co., as trustee, is now
prepared to deliver definitive
First
&
Refunding Mtge.
7% sinking fund gold bonds, series "A," in
exchange for the outstanding temporary bonds. (Offering of bonds in V. 112,
p. 1981.)—V. 112, p. 2646.
Consolidated Gas, Elec. Light & Pow. Co. of Bait.—
Bonds Sold.—Alex.
BroWnj& Sons, Brown Bros. & Co., Lee,
Sugar Corp.—Plans to Raise $10,000,000
Cash—Subordination of Debentures Necessary—To Increase
Interest Rate on Debentures to 8%—Reason for Present Finan¬
cial Condition Explained.—The company has
arranged with
a group of bankers to secure at once a loan of
$10,000,000
under an arrangement which requires the subordination of
the $25,000,000 7% Convertible Debentures to the new
money for the period of the loan and of any renewals, sub¬
stitutions
refundings thereof.
therefor, the company is offering to
on
assenting debentures from
7 to 8% per annum from July 1 1921 to the
maturity of the
debentures, provided the plan becomes effective.
As
a
or
consideration
increase the rate of interest
Debenture holders are urgently requested
to forthwith assent to the
plan by depositing their debentures with either Bankers Trust Co., N. Y.
City; Old Colony Trust Co., Boston, or Continental & Commercial Trust
& 8aving3 Bank,
Chicago.
Upon the plan becoming effective and upon the return of the temporary
the debentures will be returned to their owners appropriately
stamped to indicate the assent of the holders to this plan and the obligation
of the corporation to increase the rate of interest to 8%.
Subject to the corporation's obtaining the assent of sufficient debenture
holders to justify the bankers in proceeding, arrangements have been made
with bankers to lend the corporation $10, )90,000 of new
money on such
new obligations.
This loin will be for a period of one year, and, to the
extent that it is represented by notes, will bear interest at rate of
7% per
annum, and, to the extern that it is represented by
acceptances (to be sold
at the prevailing rate), the acceptance commission will be
ft of 1% for
each 90-day period.
It is essential for the debenture holders to assent to this
plan if they
wish to avert a receivership, with Its consequent expense and
destruction
of values.
If they assent with substantial unanimity
prior to Oct. 15 1921
sufficient funds will be secured to relieve the present embarrassment
and
to provide funds for the requirements of the
company, including the interest
due on the debentures on Jan. 1 1922.
The board has used every effort to meet the present situation without
disturbing the present status of the debentures but without success, and are
that the foreging plan represents the only method of avert¬
convinced
I
Div. on Pref. stock in 1921; Pref. & Com. in
1920-Other charges against surplus.
—V.
710,562
loiss $2,122,875
los
Surplus December 31
Total surplus
Can©
receipts
director, died in Cold Spring,
Citizens Water Supply
Cuba
ing
a
receivership.
Further Data from Letter of Pres. W. E. Ogilvie, New
York, Sept. 23,
to
the
Holders of
the
7% Convertible
Debentures.
|Present Financial Position Critical.—The corporation finds it necessary
to bring to the attention of the debenture holders its critical
financial
position and a plan for its relief.
The corporation needs $10,000,000 to
enable it to continue to operate, and the directors feel that the
arrangement
outlined (here) presents the only available method of
raising this money
and avoiding a receivership.
In order to make such an arrangement possi¬
ble the subordination of the debentures to the now money is
required, in
consideration for which the corporation offers to increase the rate of inter¬
est of the assenting debentures to 8%.
ECondition
At the end of the fiscal
at
End of Fiscal
Year
1920.
year Sept. 30 1920 the condition was excellent.
$20,000,000 cash in bank, had not floating debt of
any kind and had sold 400,000 bags of sugar of the coming
crop for delivery
during Jan .-May 1921 at 12 H cents a pound.
Corporation had
over
THE
1476
Reasons
for
Present
CHRONICLE
charge of dyestuffs and intermediates, with W. F. Harrington as Asst.
Mgr.; Hunter Grubb, in charge of paints department, with E. C. Thomp¬
as Assistant, and C. W. PhellLs
in charge of the pyralin department,
m
Condition.
Critical
By the time the grinding season began in Jan. 1921 conditions had
changed, and because of the wild speculation in raw sugar during the last
six months of 1920, which brought to this country all the spare stocks of
the entire world, a considerable amount of the last Cuban crop remained
unsold and the pressure to sell this brought the price of raw sugar in
Cuban market down to 2H cents per lb. in Feb. 1921.
Thereupon
son
,
with A. F. Porter
ol
the corporation.
In addition, corporation had expended about $9,000,000 In additions and
improvements, principally in connection with the plan of development of
its Eastern properties, as outlined in the last annual report (V. 111, p. 20 >1);
these expenditures were undertaken before the present difficult situation
developed; since that time they have been curtailed in every possible way.
Borrowing
During
1921
Amounted
to
as
work
Elk Basin Consolidated Petroleum
it has pledged the equity in
The value of the pledged
in Colorado and Texas, and in addition has obtained
substantial proportion of the stock of that company.
The Elk Basin Co.
has also acquired substantial
holdings in the new McElmo
a
County, in Southwestern Colorado.
.$10,000,000 to Finance Coming Crop.
finds itself
in a position where, in addition to the sums already borrowed, it must
borrow approximately $10,000,000 in preparation for the coming crop.
This money, it is estimated, will carry the corporation to Jan. 15 1922, by
which time its present stock of sugar should be largely, if not entirely, sold
and at which time it should reasonably expect to be able to finance any
further requirements by means of acceptances drawn against the new crop,
Borrowing at the present time of the year is in accordance with the cor¬
poration's practice, and could undoubtedly have been arranged this year
without difficulty had it not been for the existing debt due to the corpo¬
ration's inability to dispose of its 1920-21 crop.
It may be stated that the
$10,000,000, which it Is prooosed to borrow represents in large part an
operating expense in connection with the coming crop, and, as such, would
be recovered in the form of cash bv the sale of the sugars to be produced,
even though such sugars were sold only at the cost of production.
Net Assets Amount to $95,090,000 Against $25,000,000 Debentures.
Although temporarily embarrassed by the lack of cash, the properties
of great value and assets far exceed liabilities, including the debentures.
are
Company produces approximately one-seventh of the sugar output of Cuba.
One-half of its production (that of the Eastern mills) is turned out at as
a cost as it can be produced anywhere in the world.
The cost of the
low
remaining one-half of its output (that of its Western plantations) is well
below the average cost in that section of the island.
From its organization in the year 1916 to the end of the fiscal year 1920
the corporation has made profits (after depreciation amounting to $10,000 000
but before taxes and the payment of interest on debentures)
of
$53,301,176, of which $25,556,437 has been reinvested in the property in
one form or another, $10,165,125 has been paid (or reserved) for Govern¬
ment taxes, and $17,579,614 paid to the security holders.
The estimated value of its land, plants and equipment aggregates approxi¬
mately $80,000,000 at the present time.
Its present net current assets
(taking unsold sugars at 2% cents per lb.), after deducting its acceptances
and its existing bank loans as above stated, amount to $15,000,000. Against
assets, thus having a net value of $95,000,000 there are outstanding only
$25,000,000 10-year debentures due Jan. 1 1930.
|
Directors
Made
The directors
are
Every
Effort
to
Raise
the
.$10,000,000.
clearly of the opinion that the present difficulties are
due only to the temporary causes above set forth and not to any funda¬
mental conditions and that the corporation, if relieved of its present em¬
barrassment by securing a new loan of $10,000,000 will be able to resume
the
profitable operation of its business, and that the investment of its
security holders will be thereby preserved.
The directors have made every effort to secure the $10,000,000 new money
required, but this they have boen unable to accomplish save by an arrange¬
ment whereby the debentures will be subordinated to the obligations to
be issued for the
new
Burns
debenture holders must realize that if a
appointed he will of necessity be compelled to apply to the court
for authority to borrow money in order to preserve and operate the property,
and that all money so borrowed will be a charge against the assets of the
corporation prior to the debentures, whereas if the debenture holders assent
to the plan the corporation will be permitted to continue the successful
conduct of its business, and in that event the debenture holders will have
their investment preserved with an increased rate of interest.
Bros,
above.—V.
113, p.
1365,
1256.
Michael T. Hudner, of Fall River, has been elected
Francis A. Foster, of Weston.—V. 112,
the late
Gates Oil Co.,
General
Electric
Pre ident E.
W.
accordance with
as
an
director to succeed
Wyoming.—Control.—
See Elk Basin Consol.
the
a
1287.
p.
Petroleum
Co.
above and V.
113,
p.
1365.
Co.—Wages—Generate 1,000,000 Volts.
Rice, Jr., has issued the following announcement: "In
order of the board of directors, a reduction of
10% will
1921 in the salaries of all officers and
employees of
of Oct. 31
company.
Heads of departments
are
requested
to
notifv
all
those
affected."
The company has made several reductions since last January.
The first
reduction became effective Feb. 1, when the wages of day workers at the
Schenectady plant were reduced 10% and the pay of piece workers 10%.
The bonus system was also dropped.
In July another reduction of 10 to
30% was announced.
The working forces have been reduced in line with
the company's plan of retrenchment.
Successful generation of electric power at more than one million volts at
commercial frequencies has just been accomplished at the high voltage
engineering laboratory of the company's Pittsfield works.
See "Railway
Review" Sept. 24, p. 400-401.—V. 113, p. 1365, 1058.
General Phonograph
Corporation.—To Pay Notes.—
The $300,000 7% notes, due Oct. 1 1921, will be paid off at maturity at
office of Harriman Nat. Bank, 44th St. & Fifth Ave.. N. Y.—V. 110, p.2660.
Girardville
Gas
Co.—Receivership—Default.—
John F. Ligbtfoot and David Philips have been appointed receivers in a
suit filed
by bond and stockholders.
The company defaulted in the pay¬
ment of the coupons failing due on the $280,000 30-year gold bonds on
May 1 last.
'
.
Greelock
Co.—To
$1,000,000 at Par
Increase
Common
Stock
and
Issue
for Cash—Balance Sheet Sept. 1 1921.—
The stockholders will vote Oct. 4 on increasing the authorized common
from
$8,000,000 to $10,000,000.
Subject to the authorization,
arrangements for the sale of $1,000,000,of this stock for cash at par have
been made.
This stock will not be offered to the stockholders for subscrip¬
stock
tion.
The remaining 10,000 shares will be issued as future needs
The authorized
Data
from
require.
preferred stock will remain the
Letter of Pres.
same at $2,500,000.
Farnham Greene, Dated Sept. 20.
interested in International Cotton Mills
Edwin
Company is already largely
(see that company below).
The directors of this company
believe that the plan of financing of the
International Cotton Mills is in the interest of both the Greelock Co. and
the
a
International, and that the investment in the long
profitable one.
Balance Sheet of Greelock Co. as of Sept.
money.
Results of a Receivership.—The
receiver be
field, Montezuma
1365-
113, p.
Flint Mills of Fall River.—New Director.—
be made
has been customary.
See V.
(Wm.) Farrell & Sons, Inc.—Merger with Burns Bros.—
See
The corporation has been unable to sell all its sugar and now
as
year 1920, was paid.—
Co.—Acquisition.—
of the Gates Oil Co.
the present low prevailing price, it can pay off almost all
debt to the banks.
Borrow
1058.
p.
Co.—Pref. Dividend Deferred.—
January^a.sti^n initial dividend of 8%, for the full
sugars at even
Must
113,
The directors on Sept. 28 voted to defer the
quarterly dividend of 2%
due Oct. 1 on the outstanding $3,000,000
8% Cumul. Convert. Pref. stock.
Quarterly dividends of 2% each were paid in April and July last, while in
sugars even at the present low price is nearly sufficient to liquidate both
loans.
In other words, if the corporation selLs the balance of its unsold
of its present
efficiently.—V.
more
Eastern Rolling Mills
The Mutual Oil Co., a subsidiary, has
acquired the distributing stations
$28,000,000.
The corporation borrowed during early summer $18,000,000 from banks
its acceptances against the pledge of its raw sugar (of which sugar more
than $5,000,000 has since been sold).
In addition, corporation has since
on
been obliged to borrow $10,090,009 for which
the pledged sugar and certain other assets.
Assistant.
act in a consult¬
ing capacity and perform also staff and service functions for the company
a whole and for the other
departments, as follows; Legal, J. P. Laffey,
Chief Counsel; development,
Fin Spa.re, director; engineering, H. M.
I ierce, chief engineer;
chemical. Dr. C. L. Reese, director; service, W. B.
Foster, director; advertising, C. F. Brown, director.
These changes will lead to numerous minor changes before the
organiza¬
tion can readjust itself to the new
plan, but most of the readjusting will be
merely a shifting about of individuals to enable them to carry out their
the
operated for the pro rata account of all Cuban producers.
This corporation was therefore unable to dispose of its crop in the usual
way, and out of its production of 3,909.000 bags it has on hand to-day
2.300,000 bags of sugar, of which 2,170,090 are still unsold.
The inability
of the corporation to sell its stock of sugar, the expense of carrying the same,
and the fact that the cost of production was in excess of the average price
realized therefor have all contributed to drain severely the cash resources
as
There will also be six auxiliary departments which will
4
the
Cuban Sugar Sales Commission was created by decree of the Cuban Govern¬
ment and no sales of sugar were thereafter permitted except through this
Commission, which, subject to the recognition of existing commitments,
„
[Vol. 113.
should prove
run
1 1921.
Assets—
Investments in common stock of the following companies: Pacific
International Cotton .Mills, Lancaster Mills, Lawton
Corp., Winnsboro Mills and Roxbury Carpet Co., at
-$13,836,358
Prepaid interest
26,840
Cash-..988,183
Mills,
Mills
book value-
—
—
-
____
—
_
Thi. Ijtip.s
•
Debenture Holders May Participate in Loan.—Any stock¬
Capital stock: Common, $6,003,200; 7% Cum. Non-voting Pref.
or debenture holders who desire to
participate in the proposed loan
of $10,000,000 may participate to the extent desired, with the understanding
that in the event of applications for participation in such loan exceeding
$4,000
7% 5-Year Collateral Trust Conv. Notes, due Jan. 1 1925 (V.
110, p. 365), $4,992,000; int. accrued thereon (net), $58,240-Notes payable, $2,775,000; interest accrued thereon, $20,140-Surplus
—
—
Stockholders
or
holders
the amount available, the entire amount of such loan will be allotted to such
stockholders and debenture holders in ratable amounts.
In order to raise
the necessary amount the directors as well as the trustee of the debenture
issue have agreed to participate in this loan to a large amount.—V. 113,
p.
1364,
The Detroit Edison
Co.—Listing—Earnings.—
The New York Stock Exchange has authorized the listing of .$3,319,000
1st & Ref. Mtge. 8% Gold bonds, Series B, due July 1 1940
with
authority to have listed $1,681.0)1) additional of said bonds upon
official notice that they have been sold, making the total of Series B applied
for $20,000,000 and of Series A, $18,500,000.
The Consolidated
Income account for 12 months
Gross earnings from operations, $23,345,497:
ended Aug. 31 1921,
expense of operation,
renewal, replacement and contingent (deprec. res ), $830,000;
Federal income & other taxes. $1,343,800; total, $17,479,010.
Netearnings
$5,866,487.
Interest on funded and unfunded debt (net), $3,182,509.
$15,305,210;
Extraordinary charges (net), $819,181; dividends, $2,221,194.
Deficit,
$356,397.
Profit and loss at Sept. 1 1921, $2,102,220 —V. 113, p. 528, 539.
Dominion Foundries &
At
Steel, Ltd.—Bonds.-L
meeting of directors Sept. 21, it was decided to apply to the share¬
holders for authority to make an issue of $1,500,000 of new bonds for the
purpose of securing more working capital.—Y. 112, p. 937.
E.
a
I.
Du
Pont
de
Nemous
&
Co.,
Inc.—Industrial
Departments to be Conducted asDistinct Units UnderGen.Mgrs.—:
The company 8ept. 28 announced that it has completed
plans modifying
the present methods of conducting its various business
departments to meet
the requirements of the diversified interests
developed during recent years
This is the result of many conferences and studies made
by officials since
the war, and which it is claimed will result in improved
efficiency in all
its interests.
The main purpose of the change is to expedite the transac¬
tion of business while retaining the advantages derived from the
numbers
of highly trained technical men who specialize in different branches of the
company's
—
Total (each side)
—V.
1057.
dditional
shows:
-
very
complex undertakings.
One of the important changes resulting from the new plan Is that certain
industrial branches of the business which can be unfied, such as the
dyes
industry, the manufacture of pyralin, fabrikoid, paints and chemicals
and explosives, are each put under a general manager.
Those resigning from the executive committee
were
Vice-Presidents
A. Felix du Pont,
J. B. D. Edge, C. A. Patterson and C. A. Meade.
VicePresidents H. F. Brown and F. G. Tallman resigned from the finance com¬
mittee and are now members of the executive committee.
V.-Pres. R. R. M. Carpenter also resigned from the finance
committee
to become general manager of the Cellulose Products
Dept., with Wm P
Allen as assistant.
The other General Managers are C. A. Patterson
in charge of explosives, with A. Felix du Pont and J.
Thompson Brown'
Asst. Gen. Mgrs., the former assuming duties in connection with
militaryexplosives and the latter with commercial explosives; Charles A. Meade
Ill,
p.
—
-
—
——
—
—
$6,007,200
5,050,240
2,775,410
1,018,532
$14,851,382
-
593.
Hollinger Consolidated Gold Mines, Ltd.—Output, &c.
A.
F. Brigham, Gen. Mgr., Sept. 26, states that the plant has now
an average capacity of 3,500 tons of ore daily; a total of between
1,700 and 1,800 men are employed at the mine, and labor supply is abundant.
The dividend of 1%, payable Oct. 7 to holders of record Sept. 22, will
call for the distribution of $246,000, and is the 9th disbursement to be
made so far this year.
At this rate the total for 1921 will reach 13%,
and amount to $3,126,000, a record never before surpassed by any gold
mining concern in the Dominion.—V. Ill, p. 1665.
attained
International
Cotton
Mills.—To
Inc.
Com.
Stock
to
$10,000,000— To Offer $2,500,000 to Stockholders at Par ($50)
—Underwritten by Greelock Co.—Balance Sheet June 30 1921.—
The stockholders will vote Oct. 5 on increasing the common stock from
100,000 shares, par $50, to 200,000 shares, par $50.
The authorized pref.
will remain the same at $15,000,000.
If the Issue of stock is authorized, 50,000 shares of the stock will be
offered to the stockholders for subscription for cash at par, payment to be
made on or
before Oct. 31 1921.
Tentative arrangements have been made with Greelock Co. to under¬
write the sale of the 50,000 shares for a commission of $5 a share.
stock
.
.
Further Data from Letter of Pres. S. Harold Greene, Boston, Sept. 20.
12 months have been an exceedingly difficult period for the
widespread depression among the industrial corpora¬
prices of raw material and finished goods.
The loss
for 1920, after all charges, including $511,969 for depreciation of plant and
an
inventory write-down of $3,840,618, was limited to $614,705, and
while it is difficult to estimate results for 1921, it is unlikely there wfll be
any substantial further loss, as business is already showing improvement.
Net profits for the five years ending Dec. 31 1920, after all charges, in¬
cluding the above inventory write-down and $1,732,716 for depreciation,
were $8,872,571, or an average for each year of $1,774,514.
After pro¬
viding for preferred dividends, this equals $9 50 per annum per share on the
common stock, including the amount now to be sold.
Plants are in excellent condition and no further additions are contem¬
The
past
company, due to the
tions and the drop in
plated.
Since Jan. 1 1920 $4,445,547 has been spent on plant, chiefly in
providing additional yarn capacity.
In previous years very large purchases of yarn have been necessary, and
in the judgment of the directors it Is more prudent, in the long run, to
produce a larger proportion of the company's yarn consumption.
To ac¬
complish this purpose, a new mill of 35,000 spindles was erected in Lowell
and the Farwell Mills of Lisbon, Me., of 33,000 spindles, were purchased.
It is in order to finance, in part, these permanent improvements, and to
provide additional working capital, that the stock is to be issued.
THE
Consolidated
Balance
Sheet
{Incl. All Subsidiaries)
June 30 '21
June 30 '21
J %
82.000,000
Good-will,
marks,
Operating
trade¬
&c
6,241.612
6,241,612
2,996,623
J.
3,139,382
____
__
Notes & accts.
—net
_
J
-
Co.
$649,947
42,066
(book
408.000
1,025,993
5,000,000
values)..
Can. Victory bonds
and interest
337.408
9,085
Pxepaid
interest,
insurance, &c..
9,085
Trustees'
^
and
Res.
taxes)
1,353,511
See
387,807
337,836
T_.
Greelock
330,291
$485,129
331,986
$361,738
331,986
$349,509
329,649
$153,143
$29,752
def.$14,760
______
2,073,743
5,660,198
Depreciation.....
Pref. divs__
_
Total
177,600
7,180,037
..33,288,312 38,204,678
Harvester
p.
States Oil
Six Months
Other
Co.—Reduction in
to
income----.
Total gross income.
Deductions: Field operation &
$4,560,449
678,138
182,935
1.50,000
1,990,000
879,211
general expense
Reserves, including Federal taxes
Dividends paid.
—
Kansas & Gulf Co.—Transfer
Agent—Registrar.—
profit._____
$1,049,281
$2,666,170
W. M. Evans, of the company, further reports:
"According to the consolidated balance sheet, Middle States continues
to maintain a strong financial position, with cash on
hand, accounts and
receivable
"At present there is
against
$43,111,233,
of 1921
over
Kokomo Water Work3
Water
Works
&
Electric
Co.
under
above.
payable
1872.
Co., Richmond, Ind.—Receiver.—
Walter 8. Butler has been named receiver by
Judge William A. Bond of
the Wayne Circuit Court.
Company, which manufactures motor hearses,
incorporated with a capital of $1,500,000, of which $1,000,000 Common,
$150,000 First Pref. and $350,000 2d Pref. stock.
Issued, Common,
$250,000: 1st Pref., $150,000.
Of the second Pref. stock only a small
amount has been issued.
was
Gas
&
Electric
Corp.—Bonds Offered.—
Bond & Goodwin & Tucker,
Inc./ San Francisco; Bond &
Goodwin and Blyth, Witter &
Co., New York, are offering
at 99 and int., to
yield over
7^%, $1,500,000 Gen. & Ref.
Mtge. 7% gold bonds, Series "C."
103^ June 1 1930, 103.
Int.
payable J. & D. in New York, San Francisco and Los Angeles without de¬
duction for any normal Federal income tax
up to 4%.
Mercantile Trust
Co., San Francisco, and Security Trust & Savings Bank, Los Angeles, trus¬
tees.
Mortgage provides for a sinking fund through the annual payment
of an amount equivalent to 1
% % of the largest amount of all bonds at any
time outstanding.
do
do
(V. 112,
Series "C" (this issue)
p.
Authorized.
$10,000,000
20,000,000
1150)
2755)
Underlying bonds (closed mortgages)
Outstanding.
x
$10,000,000
$2,500,000
3,500,000
1,500 000
8,510,000
Company has received authority from the California RR. Commission
to issue $3,000,000
6% Cum. Pref. stock, and is now offering this stock for
sale [to customers ].
To date over $1,234,600 has been sold (V. 112,p.475).
Business.—Operates in Los Angeles and adjacent cities and suburban
territory, serving through a complete and modern distributing system gas,
electric light and power.
The territory served has an estimated population
of 838,000.
Controls about 75% of the gas business in Los Angeles and
100% of gas business in Pasadena, South Pasadena, Monterey Park, Alhambra, San Gabriel, San Marino, Watts, Huntington Park and Inglewood.
Now serves about 228,000
consumers, including over 195,000 homes.
x
Years ended—
Gross earnings
Net, after op. exp. & tax.
.
Bond interest
Balance
___
Aug. 31 '21. Aug. 31 '20. Dec. 31 '19. Dec. 31 '18.
$9,158,864
$7,698,247
$6,076,930
$4,973,022
2,008,697
2,134,413
1,980,747
>1,680,635
970,500
424,845
381,946
381,781
$1,038,197
$1,709,568
$1,598,801
$1,298,854
Purpose.—Proceeds of this issue are to provide for betterments and addi¬
tions.
See V. 112, p. 1150, 2755; Y.
113, p. 1161.
——
Manitoba Power Co., Ltd.—Power
Project, &c.—
See
Winnipeg Electric Ry. under "Railroads" above, and Y. 113,
p.
1362.
Massey-Harris Harvester Co., Inc.—Obituary.—
Lewis
in
were
share),
a year ago,
with total assets of $62,161,782.
The
surplus is $45,801,832, Middle States' equity therein
being
or about $30 a share.
Net earnings in the first six months
equivalent to $2 06 a share on the outstanding stock, or well
113,
to
dividend disbursements for the entire-
meet
1059.
p.
all claims and that to this be added interest at the rate of
7% per
for 1^ years, on which aggregate amount creditors
including serial
noteholders will be offered the following securities of a new
company: 50 %
in 7% 20-Year Debenture Bonds on which interest will accrue from
Sept. 1
1922. 50% in 7% Cumulative First Preferred Stock on which dividends will
be cumulative from Sept. 1 1923, and 23^ shares of Common Stock for each
on
Dewey Collins, Treasurer and Assistant General Manager, died
on
Sept. 17.—V. Ill, p. 1477.
$1,000 aggregate amount of claims.
Terms
of
Exchange
to
be
"'\ct
Offered
Present
Stockholders.
"The present First Preferred Stockholders will bo offered non-cumulative
Second Preferred Stock of the new company, share for share.
Such stock
will receive dividends after all of the new Debentures and First Preferred
Stock have been retired and it will then automatically become a First
Preferred Stock cumulative at the rate of 7% per annum.
The present
Second Preferred stockholders will for each share be offered six-tenths ef a
share of the new company's non-par value Common Stock.
The present
Common stockholders will for each share be offered
one-eighth of a share
of the new company's non-par value Common Stock.
Trustees'
Income
Statement,
1920-21.
Total income---.-
Trustees' expenditures._
Balance
Years Ending
1919-20.
$490,301
152,783
$449,950
109,812
$337,518
$340,138
June 30.
1918-19.
$424,949
'
1917-18.
90,907
$385,834
55,543
$334,042
$330,291
-
"It is estimated that the company can liquidate from its excess
inventory
and other sources approximately $5,000,000, the funds from which, when
accomplished, will be used to retire a similar amount of First Preferred
Stock, after and on the accomplishment of which, a sinking fund of $500,000
minimum
per annum is provided, one-half of which will be used to retire
First Preferred Stock and the other half to retire Debenture
Bonds, both a
and accrued dividends or interest, respectively.
"A Voting Trust is provided, the Voting Trustees to be
appointed by the
Reorganization Committee, and such Trustees will in turn elect a Board of
Directors representing the new security holders, or the present creditors, the
old First Preferred Stockholders' Committee having the right to name one
par
director.
"The Debenture Bonds will be subordinated to the new company's current
liabilities and a bank credit aggregating $3,000,000 for current requirements
provided.
"The plan is a conservative one, treating as it does all equities with fair
with a view of obtaining a voluntary reorganization and
consideration
thereby preserving the prestige of the company in the automotive and farm
implement business that it has enjoyed for over fifty years.
It leaves the
company without current debt, writes out all losses hitherto suffered in
operations and inventory reduction, provides for the elimination of unprofit¬
able units and against loss through interest charges during the next two years
and enables it to face new conditions in a very strong financial position.
"Creditors representing $15,000,000, or approximately 60%, have already
The reorganization committee includes Frank O. Wetmore, Pres. First
National Bank, Chicago, Chairman, who is also Chairman of the Creditors'
Committee, Percy H. Johnston, Ronald M. Byrnes, Robert I. Barr and
C
P
Coffin.
First Trust
&
Savings Bank, Chicago, is depositary designated by the
crGditors' agreement
Central Trust Co. of Illinois, Chicago, is the
depository designated by the
reorganization committee for claims, notes and stock of all classes not
deposited under any of the other agreements.
National City Bank of Chicago and Bankers Trust Co., T^ew York, are
the depositories designated by the First Preferred Stockholders protective
agreement.
^
The National City Bank, New York, is the depository designated by the
Serial Noteholders' deposit agreement.—V. 113, p. 856, 1059.
•
(Leonard) Morton & Co., Chicago.—Purchases Bldg.—
The new building at 1433 So. Wabash Ave., Chicago, recently purchased
by the company for its sole use, is 81 ft, wide by 172 ft. long and consists
of 7 floors and basement with a total floor space of 110,000 sq. fU—-V. Ill,
p.
232:.
....
m
a
»■
"
Mount Royal Hotel
Co., Ltd., Montreal.—Debs. Offered.
Morrow & Jellett, Toronto, are offering at 100 and int., with a bonus of
30% in Common stock, $1,000,000 8% Convertible Debentures.
Dated
Sept. 1 1921.
Coupons payable Q.-J.
Convertible into 8% Cumul. Pref.
stock (fully paid and non-assessable) on July 1 1923.
Capitalization.—Authorized and issued, 8% debentures to be converted
into 8% Cumul. Pref. stock $6,000,000: Common stock (par $100) $6,000,000, subject to a first mortgage bond issue of $4,000,000.
Pref. stock
auth. $7,000,000, of which $6,000,000 will be issued to retire debentures.
The company is controlled by the United Hotels Co. of America.—V. 112,
p.
2543.
»
fa*,
fc
fetai
£8
feBfci&NftK&BM
London
Massachusetts Lighting Cos.—Annual
Report.—
•
annum
has been
Dated Sept. 1 1921.
Due June 1 1931.
Denom. $1,000 and $500 (c*).
Red., ail or part, upon 90 days' notice as follows: June 1 1926. 105; June 1
1927, 104June 1 1928, 104: June 1 1929,
Capitalization after this Financing—
x Preferred
stock, 6% Cumulative
Common stock..
General & Ref. bonds: Series "A" 7s
(V. 112, p.
do
do
Series "B" 7s
accounts
a
"A plan of reorganization has been agreed
upon by the committees
representing the General Creditors, the Serial Noteholders, the First Pre¬
Lima Locomotive Works, Inc.—Initial Common Div.—
The directors have declared an initial dividend of
7% on the Common
stock, payable in four quarterly installments of 1 %% each, viz.: Dec. 1
1920 and March 1, June 1 and Sept. 1 1921 to holders of record Nov.
15
1920 and Feb. 15, May 15 and Aug. 15,
respectively. * The directors also
declared the regular quarterly dividend of 1
% % on the Pref. stock,
Angeles
against
Sept. 1 1921 be deter¬
"Reports"
Lamson & Hubbard Corp.—No Par Shares.—
Lorrain Car
$2,343,706,
Moline Plow Co.—Outline of
Reorganization—Approxi¬
mately 60% of Creditors, Representing $15,000,000, Have
Agreed to Plan.—An official announcement says:
mined
The company has filed a certificate with the Mass.
Commissioner of
Corporations stating that stockholders have voted to change the Common
shares (authorized 50,000,
outstanding 30,000) of $25 par value to an
equal amount without par value.—V. 113, p. 1257.
Nov. 1 to holders of record Oct. 15.—V.
112, p.
totaling
outstanding$14,750,000 stock (par value $10
ferred Stockholders and the Second Preferred Stockholders, which
provides
that the principal and interest at 7% per annum to
Co.—Preferred Stock.—
—V. 104, p. 2455.
hand
on
the amount required
year."—V.
Keystone Steel & Wire Co.—Bond Redemption.—
All of the outstanding First Mtge.
7% 20-year sinking fund gold bonds of
1918 have been called for payment Nov. 1 at 105 and int. at
The Union
Trust Co. of Cleveland, or, at the option of the holders
thereof, at the
office of Dillon, Read & Co., Nassau and Cedar
streets, N. Y. City.—
V. 113, p. 1059.
oil
$7,800,000
consolidated
Kentucky & West Virginia Power Co.—Additions.—
and
payable of $22,750.
of
The company has awarded a contract to the
Foundation Co. for the
buildings to be erected at its generating plant at Logan, W.
Va., estimated
to cost about $1,500,000.—V.
113, p. 1161.
3^994
Net
bills
Guaranty Trust Co. of N. Y. has been appointed transfer agent
1,500,000 shares of Capital stock, par $10.
The New York Trust Co.
will act as registrar.—V. 113,
p. 855.
$2',50
$3,923 761
636,688
$4,135,138
627,691
Administration &
to enter its new quarters
Y. "Times" Sept. 25.—
The
1920
over
42,828
345,339
80,000
construction._
new
Lease rentals
types of imple¬
1161, 966.
11,794
930,318
received
Prices.—
International Mercantile Marine Co.—New
Quarters.—
Los
$19,219
Corp.—Earnings.—
June 30—
1921.
_.___about $1.50
Gross profit from operation: oil & gas sales...
$3,193,027
Average price of oil per bbl
Dividends
The company has announced that it
expects
at No.
1 Broadway next November.
See N.
V. 113, p. 1366, 1257.
American
145,679
289,501
34,621
Balance, surplus
—-V. 112, p. 1288.
for depreciation.
above.—V. 113, p. 1366.
Co.
International
See
92,566
.- '■ **
The company has announced reductions
ranging from 10 to 20% in nearly
all lines of farm implements, effective Oct. 1.
This is the second general
reduction this year.
In March and April prices of agricultural machines
were cut 10 to 15%, and in
July reductions were made on all
113,
$27,696
334,041
Tot^l
134,634
deducting $2,365,336
ments.—V.
340,137
M. LtCos. Coin. divs__
Middle
also
$144,992
$504,122
332,6U
:
balance
M. Lt. Cos.
2,778,558
for Can. inc.
taxes
33,288,312 38,204,678
After
$454,399
■
Surplus
Total
$474,692
178,178
268,818
Balance
9,753,579
Deben3 due 1926..
x
charges
Dividends paid
1,160,371
5,000.000
4,758,656
future commit 'ts
337,350
$625,527
175,664
304,871
$171,511
Interest
(incl. oblig'nsfor
56,980
Miscell. securities.
$361,832
443,000
Common stock
4,758,610
Notes payable
10,337,500
Accounts
payable
100,000
Collat. notes rec..
$431,798
42,894
$692,013
219,721
305,688
\
____
Total income
Preferred stock
2,917.895
2,371,052
7,522,918 10,894,603
—
$582,172
43,355
$166,604
337,518
earnings
Other income
and
Canadian Cos.)_
Stocks of sub. cos.
rec.
Mdse. inventory..
U. S. etf. of indebt
$1,594,945
1,132,265
100,848
2,054,060/
■'
Cash
$1,865,519
1,317,159
116,562
J
Net
Spencer
Turner
500,000
.
$2,124,531
1,448,677
93,681
outstanding
(of
500,000
1
expenses
Taxes
4,744,500
....
Debs,
__
$
10-Year 7% notes,
1929
4,744,500
14,216,721
Vernon-Woodb'y
MiJls, Inc., par
/
Dec. 31 '20
S
Liabilities—
1477
Consolidated Operating Accounts (Incl.
Companies Whose Shares Are Owned)
Years ending June 30— 1920-21,
1919-20.
1918-19.
1917-18.
Gross earnings.
$2,704,097
[1920 inserted by Ed.]
Dec. 31 '20
JLssctS'
$
Plant & equipm't.xl2,375,024
Com. stock of Mt.
CHRONICLE
New
Jersey Power & Light Co.—Bonds Offered.—Halsey,
Stuart & Co., Inc., are offering at 76.30 and int., to yield
7M%, $361,000 1st Mtge. 5s of 1916.
Due Feb. 1 1936
(see V. 102, p. 1440; V. 108, p. 2129).
A circular shows;
Company.—Organized in 1915.
Serves without competition electric
light and power in Dover, Wharton, Rockaway, Bernardsville, Boonton,
Lambertville, Flemington, Newton and 30 other communities in north
central and northwestern New Jersey.
Population 80,000.
<
7%
Mtirp
due 1936
Kc
'
Cumulative Partidpatiag
Common stock
1921.
period of this company and those companies, all of
aggregated $3,384,990, and the net loss
therefrom, after deducting all charges and expenses for man¬
agement, taxes, incl. income & excess profits taxes. was_
def$643,221
Interest on bank balances, accounts and notes receivable
86,944
Sales for the
$1,370,000
x
Pref«rred stock— $1,000,000
whose stock is owned,
314,900
1,000,000
39t>,uoo
;
——.
Consolidated Income Account for Seven Months ended July 31
Authorized. ^{s^ndinq-
Capitalization after this financing—
1 cf
[Vol. 113.
CHRONICLE
THE
14:78
—___
x Authorized Issue limited by the restrictions of the mortgage.
Purpose.—To reimburse the treasury for expenditures heretofore made
for additions and betterments, in part payment for properties recently
acquired, and for general corporate purposes (V. 113, p. 856).
Earnings 12 Months Ended—
Jutu 31 '21. Dec. 31 20. Dec. 31 19
Gross earnings (incl. other income)..
$592,660
$571,186
$435,619
Net, after oper. exp. & taxes (excl. of
.
depreciation)
219,079
198,160
162,122
Annual interest on bonds
68,500
—V. 113, p. 856.
19567 1920
_
"
Straight Airbrake Co. above.—V. 113, p.
V. A. Wheeler has been elected Treasurer,
856.
-V.ll3,p.542
1921.
30
..$2,242,889
earnings
..$12,818,1891 Fixed charges
—
1,465,529
Net, after oper, expenses $4,792,7831 Preferred dividend.
Gross
_
Surplus available for deprec., amort., common
x
divs., &c_— $1,084,365
Earnings for Six Calendar Years
xNct.
Gross.
xNet
Gross.
$3,255,498
3,976,697
4,361,738
$2,627,747 1918.....--$7.637,721
9,212,924
3,132,177
.10,669,617
3,498,559
After deducting operating expenses,
Ohio Fuel Supply
maint, and taxes.,-—V, 113, p.
299.
Co.—Extra Dividend.—
of 2% in Victory Loan 4M % notes has been declared
capital stock, in addition to the regular quarterly dividend of 2H %
payable Oct. 15 to holders of record Sept. 30
In Jan. and
April last a like amount was paid in Victory bonds.—V. 113, p. 1356, 633.
An extra dividend
the
on
in cash, both
Oriental Navigation Co.—Omits
First Pref. Dividend.-
voted to omit the payment of the quarterly dividend
the 8% Cum. Conv. First Pref. stock. .The last dividend was
paid July 25.—V. 112, p. 2649.
I
The directors July 28
of 2%
1,959,342
__
$1,202,380
149,306
scrip
on
Pacific Gas & Electric Co.—To Issue Bonds.—
applied to the California RR. Commission for authority
$4,853,000 Gen. & Ref. Mtge. gold bonds and to deposit and pledge
them with the Mercantile Trust Co., San Francisco, in accordance with the
provisions of the 1st & Ref. Mtge. of Dec. 1 1920.—V. 113, p. 967, 737.
On Sept. 27 all labor troubles were settled, and the factories
have all resumed operations.—V.
Punta
Operating Results for the Twelve Months ended June
Annual
—
Total surplus—.
Dividend of 3% paid in
Jan, 15 1921.
effective at once.
$756,963
—
Co.—Earnings.—
Northern States Power
$4,750,892
5,613,608
6,599,518
Net loss,
applicable to surplus account
Surplus Dec. 31 1920.
x
200,686
„
Surplus July 31 1921
$1,053,074
x This deficit is due to the fact that labor in Porto Rico went on a strike
Co.—New Treasurer.—
New York Dock
$556,277
borrowed money, scrip, &c., $157,353; int. on bonds from
on
May 29, $43.333
Co.—Merger Rumor.—
New York Air Brake
See Automatic
Net deficit..
Int.
112,
p.
2090,
1289.
Alegre Sugar Co.—Earnings.—
The company's report for the year ended May 31 shows an operating
loss of $1,162,461, contrasted with a profit of $8,900,657 in 1920 and a
deficit after dividends and other charges $4,547,756. against a surplus of
$5,646,7( 8 in 1920.
The company
in June last voted to omit the payment o fthe quarterly
(V. 112, p. 2649).
Previously the com¬
paid 2Yi% April 1921: 4% each, Oct. 1920 and Jan. 1921; 2K%
quarterly from Oct. 1919 to July 1920, incl.—V. 112, p. 2649.
dividend ordinarily paid July 15
pany
Raritan Refining
Corporation.—Bonds Offered.—
Hellwig & Reutter, New York,
are offering at 100 and int., $250,000 7%
Participating First Mtge. 10-Year Gold Bonds of 1919, due Aug. 15
1929.
Denom. $1,000, $500 and $100 (c*).
Redeemable, all or part, on
any int. date on 30 days' notice at 120 and int.
Authorized, $1,000,000;
outstanding, $750,000.
Business.—Refining of petroleum and transportation and marketing of its
products.
Capacity of refining plant, 2,000.000 bbls. p. a.
Plant is now
refining over 5.000 bbls. of crude oil daily.
Sinclair Refining Co. is exclus¬
ive selling agent for Raritan products.
Security.—A direct obligation of the company and secured by first mtge.
on plant at New Brunswick, N. J., and a pledge of a valuable contract
with Island Oil & Transport Corp., which assures the Raritan Refining an
adequate supply of crude oil at a price far below present market quotations.
and
Purpose.-—Proceeds are being used to take care of the increased business
resulting from the demand for the company's products.
Earnings.—Income for 1920 was in excess of $350,000.
Corporation
reports present net earnings are at the rate of over $1,000,000 per annum.
Compare V. 109, p. 1372: V. 112, p. 477, 568.
The company has
Republic Rubber Corp.—Sale Negotiations, <Scc.—
to issue
Peerless Truck & Motor
Corp.—Stock Negotiations.—
Official circulars dated Cleveland Sept. 19, afford the following:
Negotations are now in progress between B. G. Tremaine, acting for
himself and his associates, who are now virtually in control of the manage¬
ment of Peerless Truck & Motor Corp. and its subsidiaries, and R. H.
Collins, acting for himself and his associates, for the sale to Mr. Collins of
a minimum of 50,000 shares and not more than 80,000 shares of the 200,000
shares of the stock of the company.
It is proposed that every stockholder
shall be given equal rights with Mr. Tremaine and his associates to sell
shares upon the same terms and conditions as they themselves shall have.
It is desirable that said negotiations be now conducted by persons duly
authorized to act for all stockholders who may desire to sell, and, if an
agreement be made, that such persons shall be in a position to carry out
the agreement and make delivery of the shares sold.
To accomplish the
results desired, Cleveland
Trust Co., Cleveland, has been appointed
depositary to receive the stock.
Terms
of Proposed
Sale
as
in Circular
Staled
19.
of Sept.
Mr. Collins and his asso¬
of which $10 will be paid
in cash.
Of this $10 the sum of $1 will be required for costs, expenses,
commissions to brokers and lawyers' fees.
The shareholders will therefore
receive $9 per share in cash and the balance will be paid in 6 equal install¬
ments, payable semi-annually over a period of three years.
The 6 deferred
payments, totaling $40 per share, will be secured by a trust agreement under
which there will be deposited as security for the personal obligations of
Mr. Collins and his associates all of the shares sold and additional security
covering the first two instal lments of principal
After these first two install¬
ments are paid the only security which we will have will be the shares them¬
selves, but the amount of the indebtedness so secured will be then reduced
Following conferences between Frank A. Seiberling, former Pres. of Good¬
Rubber & Tire Co. and interests in the Republic Rubber Corp. it was
recently announced that the two sides had failed to agree on terms for the
proposed purchased by Mr. Seiberling and his associates of the company's
properties at Youngstown and at Canton.
1
Mr. Seiberling is said to have offered $2,500,000 for the property free of
all obligations.
Stockholders' representatives, it is said, asked about
year
twice
much.
pref. stock (par $100) and no equity for
$1 467 900 2d pref. stock ($100) and 478 000 shares of no par value common
The statement takes into consideration only about 10% of the
crude rubber and fabric claims against the company
aggregating over
stock.
$2 000 000.
The net worth of the company is given at $4,192,219.
Aggregate
acknowledged liabilities are $2,909,000, of which $2,237,038 are notes pay¬
able.
Liquid assets include $280,404 of cash and $500,826 of notes and
bills receivable,
A merchandise inventory of $1 391 93S brings the aggre¬
gate quick assets to $2,174,169.
Plant, property and equipment at the
depreciated value are listed at $4,498,452-—V. 113, p. 190, 300.
Louis Coke
St.
The terms of the proposed sale are.as follows:
ciates will purchase the shares at $50 per share,
$26 67 per share.
A. Tremaine and G. B. Siddall have been appointed to negotiate
the sale and acting under the authority given them under the agreement,
as
The statement of receiver C. H. Booth as of June 22 last shows net assets
available for the $6,753,200 first
All
of the
1
June
1920,
Co.—Notes Called.—
Chemical
&
outstanding 8% serial First Mtge. Convertible notes, dated
have been called for payment Doc. 1 at 100 and int. "and
premiums thereon equal to H of 1% of the principal for each six months
period from the date of redemption to the date of maturity."
Payment will
?e made at the Continental & Commercial Trust & Savings Bank at Chicago.
See V.
112,
p.
2649.
Seaboard Finance & Investment Co.—Trustee of Notes.
Guaranty Trust Co., New York, has been appointed trustee of an auth.
issue of $10,000,000 2-year 7% Secured Convertible Gold Notes, dated
Sept. 1 1921. due Sept. 1
1923.
to
Sears-Roebuck
H.
sale when the minimum of 50,000 shares is deposited,
but all shareholders who Sign agreoment and deposit their shares on or
before Oct. 10 will participate in the sale.
Agreements and shares received
on a later date will be returned to the depositing shareholders.
If the
sale of the stock has not been accomplished 30 days from Sept. 19 and
at all events not later than Nov. 15, the depositary will return the deposited
stock to tihft d0p(^itors
In the event that more than 80,000 shares of stock shall be deposited
the amount of deposited stock to be sold shall be proportionate.—V. 113,
p. 1367will
probably make
Phillips
a
Petroleum
ancing.—The
company
Debentures—New
Co.—Sells
Fin¬
has sold to Central Trust Co. of
Illinois, Kissell,
innicutt & Co. and Hambleton
Co.
$3,500,000 10-Year 7J^% gold debentures.
Authorized
issue $7,000,000.
Dominick & Dominick are associated
distributed
make an
Securities
as
dividends.
The
offering of this issue
banking
some
houses
time
concerned
will
Pittsburgh
Terminal
Warehouse
_
Tire & Rubber Co., has
applied to Judge Westenhavor of the U. S. District Court, Cleveland, for
authority to purchase the property for $750,000.
The creditors of the
company, it is said, have recommended the acceptance of Mr. Seiberling's
offer.
The company went into receivership last June (V. 112, p. 2419).
Mr. Seiberling is said to control the Star Tire & Rubber Co.
of Akron,
and the Lehigh Tire & Rubber Co.
of Newcastle Pa. (see V. 113, p. 855),
andjto be negotiating for the Republic Rubber Corporation of Youngstown
(see below) and for the Marion Rubber Co. Marion O.—V. 113, p. 1060.
Port Wentworth Lumber Co.—Bonds Called.—
Sixteen First Mtge. sinking fund 6% gold bonds, Series "D," dated
May 1 1916, have been called for payment Nov. 1 at 101 and int. at the
Bankfcof America. 44 Wall St., N. Y. City.—V. 102, p. 1351.
Porto Rican-American Tobacco
Co.—Listing—Earns.—
The New York Stock Exchange has authorized the listing of $3,000,000
10-Year 8% Coupon Bonds, due May 15 1931.
(See V. 112,
p.
2909.)
1918-19.
$224,481
31,372
1917-18.
$188,327
37,291
36,135
(1^)36,000
250",666
33,607
31.962
(6)144,000
250,000
sur.$57.885def.$l27,088 def.$29,099
$272,334
$214,449
$341,537
Phonograph Co., Inc.—Defers Dividend.—
The regular quarterly dividend of 2%, usually paid Oct. 1 on the out¬
standing 8% Cum. Pref. stock, has been deferred.—V. 112, p. 1748.
Spanish River Pulp & Paper Co.—To Close Plant.—
was
announced Sept. 22 that the company's plant at
shut down, owing to
Espanola would
lack of demand.—V. 112, p. 2199.
Spicer Mfg. Corporation.—To Pay Notes.—
The
$600,000 6%
serial gold notes due Oct. 1 will be paid by cash at
The money was raised through the sale of $1,500,000
10-year 8% sinking fund gold bonds.
This will leave $1,800,000
original issue of $3,000,000 outstanding.
See V. 113, p. 426.
of the
Springfield Gas & Electric Co.—Franchise Extended.—
a special election held Sept. 27, the people of Springfield, 111.
by a
decisive vote approved an ordinance extending the electric, steam and
franchises of the company for a period of 20 years. This
straight extension of the franchises which expired earlier in the year.
company (a subsidiary of Commonwealth Power Railway & Light Co.)
serves Snringfieldjwith gas the franchise for which is unlimited as toi its
At
very
hot water heating
is
Portage Rubber Co., Barberton, O.—Purchase Planned.
Frank A. Seiberling, former Pres. of Goodyear
(
surplus
sur.$89,l35
Profit and loss surplus__
$369,262
—V. Ill, p. 1190.
Co.—Dividend Increased.—
A dividend of $1 per share (1%) has been declared on the outstanding
$2,000,000 Capital stock, par $100, payable Oct. 8 to holders of record
Oct. 1.
This increases the dividend rate to 4% per annum.—V. 110, p.1094.
\
Balance,
probably
Transfer
$360,558
21,301
Depreciation
It
&
37,0181
$126,152
Guaranty Trust Co.
(Pa.)
1919-20.
1920-21.
f
General, &c., expenses_
Preferred dividend—__
next week.
1162.
Chicago.—To Meet Notes.—
Corporation General.—Annual Report.—
Years—
Interest on loans
cally no inventory and therefore will make a very satisfactory showing as to
earnings.
Oil production and all other sources of income are at their
highest point, notwithstanding restricted development operations.—V. 113,
p.
30
June
Gross income
Sonora
The company during the declining prices in oil the past year had practi¬
Co.,
Vice-President Albert H. Loeb, Sept. 29 is quoted as stating that the
$16,500,000 serial notes will be met at maturity on Oct. 15 next, without
resorting to any public financing.
The company has several millions of this
issue in the treasury, purchased in the market.
The notes, not already
purchased in the market, it is said will be taken care of by short time
sank loans.— V. 113, p. 1367, 1259.
with the above firms.
The purpose of the issue is not to pay off indebtedness which is very
small and could easily be taken care of out of earnings, but is to capitalize
to a small extent past earnings which have gone into properties instead of
&
a
The
also
duration.—V.
108, p.
1826.
Studebaker
Corporation
President A. R. Erskine, in
Our sales of Studebaker cars
of
an
America.—Sales, &c.—
advertisement, reports:
for the first eight months of 1921 were 41%
than for the same period of 1920 and 101% more than for 1919.
But
sales of repair parts were 13% less than for the same period of 1920 and
more
our
3% less than for 1919.
The total numbers of Studebaker cars sold were: 326,000 up to Sept. 1
1919, 375,000 up to Sept. 1 1920, and 442,000 up to Sept. 1 1921.—V. 113,
1162.
Sullivan Machinery Co.,
Chicago.—Dividend Decreased.
A quarterly dividend of 75 cents per share has been declared on the
capital stock, no par value, payable Oct. 15 to holders of record Oct. 1.
This compares with $1 per share paid quarterly from July 1920 to July 1921'
inclusive.—V. 112, p. 941.
Oct.
1
CHRONICLE
THE
1921.]
Superior Steel Corp.—Common Dividend Omitted.—
The directors on Sept. 27 voted to omit the payment of the usual quarterly
dividend ordinarily paid Nov. 1 on the outstanding Common stock.
In
July last the directors cut the Common dividend in half by declaring a
quarterly disbursement of % of 1 %.
Dividend record for Common shares:
Nov. 1 1917, 1 H%; Feb. 1918 to May 1919, 6% per ann. (114% quar.);
Aug. 1919 to Feb. 1920, H % (75c. quar.); May 1920 to May 1921, incl.,
I'M % quar.; Aug. 1921, % ofl%.
The regular quarterly dividend of 2 % has been declared on the First and
Second Pref. stocks, payable Nov. 15 to holders of record Nov. 1.—V. 113,
p. 301, 191.
Texas Co.—No Dividends on Full-Paid Certificates.—
that full-paid stock subscription certificates will
participate in dividends unless exchanged for definitive stock certifi¬
cates.
Holders of full-paid certificates can exchange same for definitive
stock certificates at the transfer office of the company, 17 Battery Place,
N. Y. City.
Dividends on the full-paid certificates are being withheld
until the exchange is made.—V. 113, p. 1162, 1061.
The company announces
not
Co.—Balance Sheet June 30.—
Texas Gulf Sulphur
Statement of earnings for the
V.
six months ending June 30 was published in
1368.
113, p.
General Balance Sheet as of June 30
this 2nd Pref. outstanding Capital will be 70,000 shares First Pref., 3,488
$100 and 652,620 shares Common stock, par $10.—
V. 112, p.1875.
shares 2nd Pref., par
Waldorf System, Inc.—Sales.—
Sales for the eight months ending Aug. 31 were $6,859,467, or at the
rate of $10,289,200, as compared with $10,516,956 for the year
1920.
Net for the eight months of this year, before allowing for Pref. divs.
taxes and deprec'n. amounted to $677,723.—V. 113, p. 859, 427.
annual
West Penn Power
__
ftedSct—
Other current assets
Deferred assets
Western
252,700
1,941,927
Surplus
5,449,362
Total liabilities
P .Morgan & Co.
Filor, Bullard & Smyth, 61 Broadway, N. Y. City, have issued a
regarding the company.—V. 113, p. 1368.
both of J.
circular
*u/,oyu
"
$13,500,000 in its financial position."—V. 112, p. 1875.
Western Union
Tidal Osage Oil Co.
Consolidated
113, p. 634.)
{Incl. Sub. Cos.) for
{Subject to Adjustment).
30
June
20,517,933
Operating income
.
_
_
—
_
___def.$1,443,492 $10,487,936
538,746
233,087
$9,062,768
169,952
def.$904,746 $10,721,023
Depreciation & depletion charged off.
Federal income & profits taxes
proportion
Tide Water Oil Co. stockholders' pro¬
do
June.
in
2,019,850
1,880,860
2,412,646
Outside stockholders'
portion of total net income
Dividends paid in March...
"
of business.
area
16,035
13,780
busme^pkks up. August sales were 10% greater than July.—V. 113, p.
1,950,045
1,326,722
18,370
def.$5,687,182
$4,157,318
$3,338,123
$12,961,151 $21,661,778 $17,248,984
Total
before
Profit
—V. 112, p.
over the first half of 1920
and industrial power represents a very large portion of the
1921.
1920.
1921.
34,534,314 May
32,616,506 June
33,918,499 July
Total
33,008,078
35,046,080
32,608,284
35,172,123
35,054,439
1920.
34,901,053
34,272,994
34,733,577
33,943,756
34,655,017
32,728,483
242,170,573 235,022,630
1369.
Co.—Bonds Offered.—Kidder, Peabody &
Co., New York and Boston, are offering at 9734 and int.
(subject to advance) yielding 8 %% $1,000,000, being unsold
balance of $15,000,000 8 % 20-Year Convertible Gold bonds,
dated June 15 1921.
Due June 15 1941.
(See offering in
V. 112, p. 2421).—V. 113, p. 1247, 1259.
S. Food Products Co.—
no
definite action has been taken regarding the arrange¬
the overdue 7% notes of *4,500,000.
It is expected
definite announcement will be made Oct. 3 following a meeting of
bankers and officials of the company.—V, 113, p. 1369, 1259.
that
on
Texas.—Bonds Called.—
>
"F," due Nov. 1 1922,
G," due Nov. 1 1923, have been called for pay¬
1 at 103 and int. at the Houston Land & Trust Co., trustee,
ment Nov.
Houston,
William A. Wilson Is President.—V. 94, p. 1571.
Texas.
CURREN T
Industrial
Public
and
NO TIC E S
Utility Sections
Moody's Rating books have just been completed.
The
of the
1921 edition of
This is the 12th edition
Moody's annual publication, which combines the
on
securities with those of
new
edition
great change in the
is
a
considered
features of
a
rating book.
especially
timely.
There
has
been
a
financial position of practically all types of industrial
by the period of depression ad deflation.
in public utility
States
Refining Co.—Regular
Preferred—8 Months1 Net Earnings $1,314,260—
Smelting
&
The company has declared the regular quarterly dividend of 87 M cents
on Pref. stock, payable Oct.
15 to stock of record Oct. 6.
share
Digest of Official Statement.
The consolidated
securities
on account
Public interest is
earnings for first 8 months of 1921
estimated at
$1,314,260 after providing all interest.
There have been deducted reserves
depreciation and depletion, $700,633, and for further exploration work
in Mexico $97,515, leaving estimated net earnings for the 8 months of
$516,112, of which $281,498 was earned in the half-year ending June 30.
Preferred dividend requirements for the 8 months period are $1,134,816.
In June and July operations in Mexico were curtailed, owing to decreased
power supply, but the Mexican earnings are now more satifsactory.
During the first 8 months of 1921 output of coal was 514,620 tons as
compared with 1,010,871 tons in the same period last year.
The month of
A ugust showed an increase of about 74 % in the output of coal as compared
with July as well as a decrease in operating costs so that earnings from
this source are now improving.
The Bingham Mines in Utah have earned enough to provide the usual
ree^ ves for depreciation and depletion in addition to showing a profit.
The Midvale 8molter and the lead refinery have continued operations
at a reduced tonnage.
Until conditions are bettered operations cannot be
nsidered as satisfactory.
All metals are-carried at market, and if the present moderate improvement
in operating conditions continues for the next four months the company
should end the fiscal year with but a moderate decrease, if any, in surplus
after deducting full charges for depreciation, depletion, exploration and the
payment of the preferred dividend.—V. 113, p. 89.
for
enjoying.
He gives his entire time and atten¬
connection.
Moody's Investors Service.
internationally
as
The books may
expert on securities and economics.
an
be obtained from Moody's Investors Service, 35 Natsau
Street, New York, at $20 per copy.
will shortly be
101
The price of the complete set is $80.
published.
active
existing
demand
and interest
Joint
for
United States Worsted Co.—Exchange of
We have been informed that the
company
Stock.—
recently issued 120 shares of
On cancellation of
Common stock in exchange for 12 shares of 2nd Pref.
is
Co. of $3,250,000 5M% bonds due Nov. 1 1951.
to their
The offering, details of which
includes the bonds of six different banks, the loan
Minnesota, Kansas, Missouri,
territory of which consists of Wisconsin,
Nebraska, Iowa and South Dakota.
—Harold
B.
who formerly maintained an office with Ware &
Smith,
Tranter, has become associated with the New
St.
Louis, Cleveland,
Broadway, N. Y.,
York Stock Exchange firm
Manager of their unlisted
as
The Leland firm has private wires to Chicago,
Mr. Smith will specialize
securities department.
and other large cities.
in securities with out-of-town markets.
—Arthur
York
Stock
J.
|
Dickinson, formerly with
Joseph
and
Exchange,
D.
Vaughan & Co., members New
Choffy,
formerly with Morton
Co., have formed a co-partnership under the
Lachenbruch &
firm name
The
Choffy to deal in Foreign Exchange and Investments.
of Dickinson &
firm will be located at 2 Roctor Street.
—W.
elected
A.
a
Harriman
Co., Inc., announces that O. O. Pape has
&
Vice-President of the Company.
headquarters In
been
Mr. Pape Is retiring from the
Louis. He will make his
Chicago, where W. A. Harriman & Co., Inc., will open a
firm of Pape, Potter &
Kauffman, Inc., of St.
branch office.
invites inquiries
York City Traction companies.
in the advertising
Wall St., New York City,
—Wm. Carnegie Ewen, 2
regarding the underlying bonds of the New
A list of the bonds of the different
systems may be found
columns of to-day's issue.
—The Stock Exchange firm
United States Steel Corp.—Denies Negotiations.—
this week from a
trip to Mexico denied the report which reached this country during his
absence that before leaving Mexico he had opened negotiations for the
purchase of the Monterey Iron & Steel Foundry Co.'s property.—V. 113,
p. 1259, 1163.
Land Bank Bonds
their offering price, the bonds yield 5%%
optional date—1931, and 5M% thereafter.
give elsewhere,
Stock
offering released to-day by Halsey, Stuart & Co.
and William R. Compton
At
There are two other volumes of the
Railroad and Government and Municipal securities, which
set which cover
—The
The
Wall Street and he is recognized
present is Mr. Moody's thirty-first year In
.
Chairman Elbert H. Gary on his return to New York
increasing
Moody's Rating books are the only publication, we are informed with
which John Moody has any
of E. F. Leland & Co., 61
are
now
of the more favorable operating con¬
ditions that such enterprises are now
we
Dividend
$1,253,701
Two hundred First Mtge. 7% gold bonds, Series
further indicated by an
ments for taking care of
""United
reserves
tion to the editing of these books and to
United Drug
It is stated that
$1,383,973
130,272
corporations in recent months, this condition having been brought about
Monthly Comparison of Kilowatt-IIour Sales.
p
196,351
___
2205, 1875.
and 100 bonds of Series
manual
company's load.
113,
______
income...
Interest, tank car losses, etc
Elec.—
The increase for the first six months of 1921
__
income—
Miscellaneous
1920.
$6,265,151
1,311,561
72,412
$252,810
____
1921.
$3,388,346
430,397
18,764
$449,161
___
earnings.
of John
113, p. 858, 634.
March
Corporation.—Earnings.—
Wilson Company, Houston,
Union Elec. Lt. & Pr. Co. of St. Louis.—Sales of
April
Oil
White
■Six Months Ending June 30—
Sales—
—The
Balance, surplus
is about 3%,
methods,
def.$3,303,612
$6,804,278
$5,937,583
(4%) 1,589,044 (4)1,323,480 (4)1,275,988
(2)794,558 (4)1,323,480 (4)1,323,472
Profit & loss surplus June 30...
1,271,181 sq. ft.
The pending rearrangement
it is said, will greatly facilitate production when
from 406,371 sq. ft. to
of operating
$9,232,720
Total income for six months
Co.—Readjustments—Sales.—
In
certai
13,783,285
b22,082,026
_
Other income.
White Motor
1919.
_a$20,638,533 $31,005,869 $22,846,054
Total volume of business
Operating expenses
Six Months Ended
1920.
1921
paid for work exceeding 8 hours.—V. 113, p. 1163, 859.
half would be
Net
Account
Income
the elimination of overtime pay of time and a half
in excoss of 8 hours, was posted Sept. 25 in the
the company at 24 Walker St.
The bulletin
announced that after Oct. 1 double time for the 6 holidays in the year and
a half for Sundays would be eliminated, and that only time and
Co.—Listing—Earnings.—
in V.
Telegraph Co.—Restricts Overtime Pay.—
A notice announcing
for anything except work
main operating room of
a
Water Oil
Co.—Sales—Financial Position.—
Electric
time and
after
$100,
making the total applied for $51,633,800.
This stock was offered to
stockholders of record Dec. 16 1920 at par.
Proceeds have been and will
be used largely for the liquidation of current bank loans and to provide
further funds for the extension and development of the retail sales organiza¬
tion of the company.
To meet the demands for crude oil with which to
produce its increasing requirements of gasoline and lubricants, company
recently acquired a controlling interest in Guffey-Gillespie Oil Co.
The
name was changed to Tidal Osage Oil Co.
on Aug. 13 1921.
Preferred
stock, par $100, and 479,164 shares of Common stock, of no par
value.
Tide Water Oil Co. owns 263,465 shares of Common stock.
(Compare
a
504,538
$307,590
______
"The company reports sales for the 8 months ending Aug. 31 as approxi¬
mately $122,000,000, or almost tho same as for the similar period of 1920.
"Since Jan. 1 1921 the company has reduced its floating debt by $7,500,000 and has increased its cash balance by $6,000,000, an improvement of
The New York Stock Exchange has authorized the listing on or
Oct. 7 1921 of $9,929,400 additional Common capital stock,
par
U.
i
President Charles G. DuBois in a statement says in substance:
$6,350,000
.$13,993,989
Directors.—Walter H. Aldridge, Pres.; Charles F. Ayer and Theodore
Schulze, both at 14 Wall St.; John A. Black, formerly of T. L. Manson &
Co.; H. B. Baruch, of Hentz & Co.; Elliot C. Bacon and Thomas Cochran,
—V.
$104,538; Common stock, $400,000
surplus
—Compare V. 113, p. 739.
Reserves
Current liabilities
$13,993,989
Total assets
January
February
3'201'707
Divs.: Pref. stock,
Balance
1921.
$10
125,709
2.074,668
1,006,368
24,883
Invest.—U.S.Govt.secur.
—V.
1st Mtge.
Consolidated Income Account for 6 Months Ended June 30 1921.
Gross earnings
.$4,719,665
Operating expenses, $3,026,591; taxes, Federal, $93,297; State
$6,703,571 Capital stock (authorized
and outstanding), par
4,058,799
Cash
do
Co.—Listing.—
York Stock Exchange has authorized the listing of $22 000
6% Gold Bonds, Series "C" due June I 1958 and
$3,000,000 additional 1st Mtge. 7% Gold Bonds, Series "D" due March 1
1946, making the total amount applied for$8,500,000 Series "A",$5,318,000
of Series "C" and $6,000,000 of Series "D."
New
The
additional
Liabilities—
Assets—*
Property and plant
Working & trading assets
Tide
1479
of W. W. Cohen & Co.,
67 Exchange Place,
special letter, on the proposed consolidation of Burns Bros,
and Wm. Farrell & Sons, Inc.
Copies may be had upon application.
have prepared a
—The New York Stock Exchange
a
bond department
George Thomas, formerly
branch under the management of
with the National Bank of Baltimore.
—Sylvan L. Joseph is now
So. 5th Street,
firm of South, Miller & Co. has opened
in their Baltimore
connected with Harrison, Smith & Co. of 121
Philadelphia in their sales department.
CHRONICLE
THE
1480
At
©umrajeraal Jimvs.1
The
i
Cuero, Texas, the Guadalupe Valley cotton mills have-
made
1921.
if slow increase in American trade.
continuous
Friday Night, Sept. 30
week have hurt
at this time
And meanwhile jobbing business shows an
Remarkably high temperatures during the
but they can be only temporary
retail trade,
of
the
year.
In
increase.
main the
the
industries of the country are
The pace, to be
industries are
75% of capacity and the output of iron and
beginning to get into rather better shape.
The New England textile
is not rapid.
sure,
working at
The lumber trade is better.
steel has increased somewhat.
is larger. Things
are beginning to look rather more cheerful.
But after all
great wars the recovery is slow.
And after the greatest
war of all history the experience of mankind will certainly
not be different from what it has been in the past.
Europe
has to cut down its budgets and its taxation and do what
it can to restore its foreign trade and finally deflate its bad¬
Building is more active, and coal output
But England and France are mak¬
direction. A,nd in the United States
business has turned the corner and is
ly swollen currencies.
ing progress in the right
it
believed that
is
gradually making its way back
still
is
ment
towards the normal, or as
Unemploy¬
normal as it is likely to get.
to the pre-war
near
large,
has been
but it
reduced by a partial
pecially
the
commercial
stronger
the
It is cheered by such news.
world.
And
of stocks, the quick demand for bonds,
high level for the Liberty issues are also
tone
new
of the times.
The petroleum trade is
looking up; its statistical position is improving.
Cotton is
.$0 a bale higher than a week ago, and the better prices for
this staple is helping the South, whose civilization is largely
founded on this commodity and its ability to procure for it
the necessities and the higher things of life.
Exports of
cheering features
grain continue on a large scale, even if not quite so large
recently.
as
Of
there are some
course
The drop in Ger¬
drawbacks.
% of a cent per mark is univer¬
sally regretted in this country.
Also collections in the
United States are not quite so prompt as they were re¬
exchange to nearly
man
And the number of failures is still very large ; it is
cently.
larger than it was last week, the total being some 432,
even
against 419 last week, 174 in the same week last year, and
86 in 1919.
It is a fact, too, that the farmer lias to accept
big decline in wheat—8 to 9 cents—and the lowest prices
for corn and oats seen for many years past.
Meanwhile the
a
things that he has to buy remain high because of the high
cost of labor.
Schemes to deal with unemployment seem to
take
cognizance of the fact that the liquidation of labor
anything but complete, and that further reduc¬
are absolutely essential if production is to be increased
no
been
has
tions
and the cost of living reduced.
matter
the
at
(
It is useless to tinker with
anywhere else, unless the
fundamental wage problems of unemployment are courage¬
ously
faced
Washington,
dealt
and
or
with in accordance
with
economic
law, which is bound anyhow in the end to prevail.
now,
the farmer, to
deal
from
labor.
He
giving him;
more
no
further,
is not getting
square
is
feeling in this country is slowly taking
on
cheerful tone, and with seasonable weather there is
likely to be
noticable increase in general
wholesale, jobbing and retail.
At
As it is
a
giving labor more than labor is
in fact, labor is taxing him severely.
Apart
from all this, the
a
go
more
a
the West
able advances
vices from
are
pine prices are stronger.
Notice¬
reported by Douglas fir producers.
Ad¬
Pacific
advancing fast,
Hardwood
business,
Southern
the
and
prices
Coast say prices
that
flat
grain
on
stock
fir uppers are
is
hard
to
get.
higher.
Production has increased
somewhat, but is below current volume of orders.
Stocks
in
first
are
hands arp
becoming badly broken.
Textile indus¬
Kensington (Philadelphia) and affiliated trades
throughout the city are having a notable increase in busi¬
tries
in
ness, giving employment to thousands of persons, and mak¬
ing necessary double shifts in several plants.
Most of the
scores
many
of knitted underwear mills in
of them
night and
day.
Philadelphia
Thousands of
turning to work in the Pennsylvania steel
mills
are
resuming operations.
are
men
busy,
are
re¬
area, where many
Henry Ford believes that
business will get back to normal only
when prices
are
cut
sufficiently.
Including, let it be added, the price of labor.
Mills, Fall River, will resume operations
next Monday morning after several months of
idleness.
At
Cornwall, Ont., the Cahada mill of the Canadian
Cottons,
Ltd., has resumed full time and a partial resumption has
taken place in the Stormont mill.
The employees of the
The Laurel Lake
Dundas mill, which has been working on
summer,
have
never
of
North
of all mill and office-
down.
Many
Carolina
mills
in
the
are
special
orders all
suffered from any reduction of time.
to
at
the
work¬
organized, and they do not take seriously the
unionize these operatives.
Henry Ford may
manufacture wool
textiles for
in
use
enclosed
automobiles
plant at Green Island, south of Cohoes, N. Y.,
now
nearing completion.
The co-operative store at Pawtucket, R. I., organized by textile operatives of that city
and
new
surrounding territory, has failed.
The Massachusetts State Chamber of Commerce
says theunemployment situation in Massachusetts has been grossly
exaggerated.
Unemployment
natural channels of
is
correcting
itself
through
increasing business.
A large percentage
unemployment is due to deflation of war-time industries
of
and
the
many
it
estimated
is
of
return
Also,
many
foreigners have
war-time
workers
gone home.
farm
to
life.
In Worcester alone
that
2,000 recently left the city.
In Law¬
not more than 1,000 unemployed,
majority of whom could have work if they desired. In
rence,
the
Mass.,
there
are
Springfield, Mass., 57% of the workers are employed on
76% of full time; in Northampton industries are running
full, or at worst, 75% time.
In Holyoke there is less un¬
employment to-day than in the years of 1914, 1915 or 1916.
Sept. 6, cotton mills in Fall River began operations on
fuller time, with employment estimated at about 95% of
On
normal.
Fifteen
of
the
larger shoe factories in Brockton.
Mass., employ normally 15,755.
537
On Sept. 1 there
were
12,-
employed in those factories.
The
the
with
campaign
mittee
for
,the
cannot be
ers
railroads in August, es¬
as comparison is in contrast with heavy deficits
same month last year.
This attracts attention in
improving net earnings of the
the
section
in wages
manager
cotton mill executives declare that the Southern mill
A gratifying sign of the times is
awakening of industry.
the
operating only
half time because of low water, which is affecting
hydro-electric power supply.
Georgia and Tennessee
the
a
reduction
from
central
about
COMMERCIAL EPITOME
There is
flat 20%
a
employees,
east
New York,
[Vol. 113.
Committee
of
sessions
the
the
on
Unemployment Statistics, a sub-com¬
Unemployment Conference, which began its
week,
present
unemployed in
the
United
laborers, at not fewer
4,000,000.
The
United
cut of 12 to
second
25%
in
Shirt
20% in
the
estimates the
States,
than
wages.
total
than
number
of
agricultural
3,700.000 and not
Manufacturers'
more
Association
than
propose
a
The proposed reduction is the
industry since Feb. 1, when
made.
was
other
a
reduction
of'
'
Stevedores at the big New York
ship docks have agreed
reduction of 22%%, effective midnight to¬
Boston stevedores have accepted a wage reduction
to accept a
night.
from 80
wage
to 65 cents
an hour, effective Oct. 1.
Atterbury of the Pennsylvania RR. has
employees in Philadelphia that wages must come down
,
Vice-President
told
the
or
roads would .be forced
into
Government
control
or
receiverships.
The weather here has latterly been remarkably warm,
to-day reaching 83, or within one degree of the high record.
For the month of September the average temperature was
the highest ever know, i.e. 73, as against the previous high
record
in
September 1881 of 72.2.
To-day's heat wave wasthe afternoon by a series of violent thunder¬
broken
in
storms,
and
to-night it is much cooler.
TOBACCO
has
been
in
somewhat
'
better
demand, but
for all that in the main dull.
Prices, too, have a downward'
trend.
Stocks may not be very large but they are evidently
ample.
The demand is sluggish.
On a worth while order
prices are, it is hinted, eased very noticeably.
The standing
It is plainly more of a
quotations are altogether nominal.
buyers' market than a sellers.
The weather was favorable
for curing tobacco in the Virginia-North Carolina district,
but it was too damp and cloudy in the Ohio Valley, where
some sweating resulted.
COPPER in better demand and firm.
On Tuesday,
6,000,000 lbs. were reported to have been sold, and this was
followed by active inquiries for round lot tonnages.
And
it is said that consuming interests are now anxious to cover
requirements hitherto neglected, for they think the trend of
prices is upward.
Export business is more active, with a
good demand from Germany, France and Japan.
Great
Britain is buying comparatively little.
Producers quote
12%c. for electrolytic.
Tin dull and easier in sympathy
with London; spot 26
®26%c.
Lead in good demand and
firmer; spot New York 4.70@4.80e.
Zinc more active and
higher; spot St. Louis 4.40@4.45e.
PIG IRON has been in much better demand; 15,000 tons
foundry k>ld for the last quarter of 1921, including No. 2
Southern, at $19.
Birmingham and Northern at $20 50 to
$21, valley, it is said; also, 55,000 tons in the Philadelphia,
Buffalo and Boston districts, mostly at the two first.
It
is stated that an advance of 50c. has been paid in Eastern
Pennsylvania; some makers ask more than that.
Prices are
still low, however, and production does not increase as it
otherwise would.
Pig iron is reported scarce at merchant
furnaces and naturally this fact tends to brace up prices.
Consumers have held off so long that the situation is slowly
of
beginning to improve.
STEEL in
some respects is in better shape.
Steel mills
running at 70 to 75% of capacity with an awakened
demand.
Large mill operations are predicted for the later
are
months of this year.
#
The Steel Corporation has raised its
prices for sheet steel in consonance with the recent advance
in the product of independent concerns; that is, 2.50c. for blue
annealed and others in proportion, though some outside mills.
OCT.
1
1921.]
said to be still
THE
CHRONICLE
selling at 2.25c.
Sheet bars in some cases
Plates are, in some cases,
however, 1.75c., and bars at 1.65c.
This brings up 'the ques¬
-are
have been marked up $2
ton.
a
tion whether with trade still rather quiet the companies will
really stick to prices when advanced.
Competition is sharp
•enough to be a rather searching test of prices.
There is
somewhat better but not urgent inquiry for bars, and a little
for structural shapes and plates.
As for rails, plates and
shapes, trade in the main is dull.
The output of wiro
sheets and tinplates is larger but it would be easy to over¬
estimate its importance.
WOOL has been in rather better demand, and firm.
Medium grades are most wanted, though there is a pretty
good demand for the fine grades.
Foreign markets have
recently been rising.
Liverpool is up 5 to 10%.
amount of business has been done in this country.
A fair
There is
nothing like real actiity.
Recent sales, it is stated, included
medium combing Montevideos at 28@29c. for 56s.-58s.,
shrinking about 42%, and about 25@26c. for 50s.-56s.,
shrinking about 35%; 48s.-50s. sold at around 22 to 23c.
for 30% wools; Ohio quarter combing at 23c. and
23 He.;
three-eighths combing at 26c.; H blood territory at 18 to 19c.,
or about 36 to 38c. clean;
three-eighths combing territory at
23 to 24c., or about 50@53c. clean; low }4 blood at 28 to 30c.
clean; Ohio delaines at 34 @34 He.; fine clothing, Ohio, at
29c.; territory fine and fine medium, largely in the original
sacks, at 60 to 65c. for clothing types and 65 to 70c. for
French combing wools; Mexicans reported at 65 to 68c.
clean basis; scoured pulled wools, Western, at 56@60c.;
Western B, at about 38 to 40c. for good wool; fine Capes at
68c. for good white wools; medium noils at 28@29c. for choice
H blood and 33 to 37c. for three-eighths.
Boston wired:
"The Army Quartermaster's Department announces the
following classifications for the next Government wool
auction to be held here Oct. 6: Domestic and foreign pulled
900,050,000 lbs.; South American combing, 1,500,000; South
American carding,
1,600,000; West Coat wools, 50,000;
Cape wools, 50,000; domestic greasy, 100,000; scoured wools
1,025,000.
Samples go on show on Monday preceding the
sale."
In Liverpool on Sept. 29 30,830 bales were offered
and practically all sold.
Attendance large; demand keen.
Prices were fully 1 to 7H% higher than those prevailing at
the last London sale; finer merino crossbreds were 10%
dearer.
New South Wales—Greasy combings sold at 2Id.;
supers, 22d., and scoured combing, 34d.
Queensland—
Scoured lambs, 26d., and greasy combings, 22Hd.
New
Zealand—Scoured crossbreds, lambs, 14d. Falkland—Greasy
crossbreds, 9d. Boston wired that the. Liverpool sale showed
a rise of 5 to 10% above the London sales on the 15th.
Low
and medium crossbreds are reported 5% dearer; fine cross¬
breds, 10% higher, and merinos 5 to 7% up.
English
operators took most of the wools.
Germany was out of the
market.
German buyers are hit by the big drop in mark
The Yorkshire spinners and combers are dis¬
exchange.
turbed by the fall in German money, having done a very
large business for German account in yarn and tops latterly.
America showed very little interest.
An auction sale of wool
amounting to 20,000 bales will be held in Antwerp on
Oct. 6 and 7.
LARD
lower;
prime
Westerrl
10.50@10.60c.; refined to
Continent 12.75c.; South American 13c.; Brazil in kegs 14c.
Futures declined, though at times they rallied somewhat on
firmness of prices for hogs and cottonseed
main cheaper hogs and lower English cables
oil.
But in the
had a depressing
effect.
Some of the smaller packers were said to be selling
for hedge account.
To-day prices declined and then rallied
They end however 107 points lower than last Friday on
unsold Cuba in port
here, it is claimed.
With the Cuban
30,000 tons were sold to refiners at 4.23c. duty
Fine granulated dropped to 5.50c. as against 5.60
sugar cut
paid.
5.65c.
to
previously.
Sales of Philippine due early in Oc¬
reported at'4Hc. c.i.f. and Venezuela due Oct. 4
Receipts at Cuban ports for the week were
6,800 tons against 14,911 last week, 11,234 last
year and
tober
were
at 2.40c. c.i.f.
33,046
two years ago; exports 16,502 against 24,067 last
week, 8,860 last year and 82,292 two years ago; stock
1,195,628 tons against 1,205,328 last week, 303,50i last
year and 590,606 two years ago.
Exports included 15,301
tons to United States Atlantic
ports, 714 to Galveston and
487
10
to Europe.
To-day futures declined slightly, closing
points lower for the week on December.
Spot unofficial-.-A.23c. I December.. 2.40@>.41 (May
@ —_|March
2.34@2.35|July
September..
2.40® 2.41
...
OILS.—Linseed quiet and lower.
has tended to discourage business.
pate cheaper oil and
are
®
The lower
And
seedi
consumers
market
antici¬
holding off awaiting further develop¬
done, most of it
what little business is
being
from small paint manufacturers.
Of
ments.
comes
September carloads
75@77c.; five bbls. or less 77@
bbls. 934@10c.; Cochin 9?4@
Soya bean 10H@llc.
Lard,
domestic 41 @42c.
Newfound¬
land
43c.
Cottonseed oil
sales
to-day
13,000
bbls.
October closed at 9.55@9.59.
November at 9.47@9.49.
Dec. at 9.48@9.50.
Jan. at 9.48@9.49.
March at 9.68@
9.69.
April at 9.70@9.72.
and spot at 9.50.
Spirits of
turpentine 75c.
Common to good strained rosin $5.55.
73@75e.; less than carloads
79c.
Cocoanut oil, Ceylon
10c.; Olive $1.05@$1.15.
strained winter 87c.
Cod,
PETROLEUM steady.
The trade is more optimistic
following the announcement of an advance by the Texas Co.
of 25c. per bbl. in the
price o Texas crude, which is now
held at $1 25.
This advance, coming immediately after a
jump in Pennsylvania crude, caused quite a bullish feeling
in the market.
Gasoline is in small domestic demand, but
business shows improvement.
Kerosene in rather
better demand.
Gasoline, U. S. Navy specifications, 16c.;
export naptha, cargo lots, 17He.; 63 to 66 deg., 20Hc.;
66 to 68 deg., 21 He.
Refined petroleum, tank wagon to
store, 13c.; gasoline, steel bbls., to garages, 24c.
Kerosene
for export, in cargo lots, 5 to 6c.; in bbls.,
12@13c.; in cases,
16H@17He.
According to the United States Geological
Survey there was a decrease in imports of more than 4,500,000
bbls. in August as compared with July, which in
spite of an
increase of production of 636,000 bbls., resulted in a sub¬
export
stantial check
to the accumulation of stocks of crude oil
that has been in progress for many months.
Stocks during
August increased only 671,000 bbls., whereas since the
beginning of the year stocks of crude oil have been increasing
at rates of between 6,000,000 and 8,000,000 bbls. a month.
During August stocks of California petroleum increased
2,173,000 bbls. and net stocks east of California increased
1,611,000 bbls. but stocks of Mexican petroleum held by
importers in the United States decreased 3,113,000 bbls.
The total of these stocks
is
more
Pennsylvania
Corning
$2 50
1 45
Cabell.
32
deg.
above
1 20
Uagiand
1 80
Lima
1 58
RUBBER
are
$100
1 00
Princeton
Illinois
1 27
Strawn
1 27
Thrall-...
100
0 65
Healdton
1 00
Kansas
quiet
&
1 00
Corsicana, light—.
Corsicana, heavy.
but
Moran
Okla¬
homa
0 85
Wooster
buyers
$1 38 Electra
Indiana
Plymouth
141
Somerset,
and
August 31 of 168,023,000 bbls.
than a year ago, an
But petroleum is believed to have turned
on
than 52,000,000 bbls. greater
increase of 46%.
the corner.
steady.
-—
Henrietta
Business
is
1 00
1 00
110 Caddo, La., light.
75 Caddo, heavy
1 25
60
difficult
as
not disposed to meet the views of holders, and the
the present level.
pale crepe on the spot
and September delivery 15He.; November, 15He.; Decem¬
ber, 15Hc.; January-March, 16H®. and January-June, 17c.
Paras are firm but quiet; up-river fine, 21 He.; coarse 11 Ho.;
Island, fine 18@18Ho.; coarse 9H@9H«.
Caucho, ball,
upper 11 Ho., lower 9H@10c.
Cameta 9@9He.
Central
quiet; Corinto, 6c.
latter
December.
1481
are
not
anxious to do business at
Smoked ribbed sheets and first latex
DAILY
CLOSING
PRICES
Sat.
September delivery_cts_ 10.20
delivery
10.30
January delivery
9.20
October
PORK
quiet;
LARD FUTURES
Man.
Tues.
Wed.
OF
CHICAGO.
Thurs.
Fri.
IN
10.00
10 22
10.02
10.25
10.20
0.65
0.65
9.05
9.22
9.20
9.02
9.07
$25@$25.50; family $30@$34; short
clear $23@$25,50; September closed at $22, a rise of $3.50
for the week.
Beef quiet; mess $12 @$14; packet $13 @$14;
family $15 @$16; extra India mess $24@25; No. 1 canned
roast beef $2.25; No. 2, $5.25 6 lbs. $16.50.
Cut meats
quiet; pickled hams 10 to 20 lbs. 163^@173^c.; pickled bellies
10
to
12
lbs.
14 H @16 He.
Butter, creamery extras,
44H@45c.
Cheese, flats 16@22He.
Eggs, fresh gathered
mess
t
extras
51@53c.
COFFEE
the spot higher; No. 7 Rio, 8H@8Hc.;
ll%@13c.; fair to good Cucuta, llH@ll'Hc.
advanced, though Europe has been a steady
seller of May and July.
The trade has been buying, undoing
hedges in December and March, with the spot demand
better.
At one time European .selling had a somewhat
depressing effect, but the trade buying of near months in
the end offset it.
Besides cost and freight offers were
higher, and the signs of greater life in the spot trade were
also a bracing feature.
And the big rise in cotton earlier in
the week certainly did coffee no harm.
Distant months are
in better demand.
To-day prices declined somewhat, ending
however, 11 points higher on December than a week ago.
HIDES have been generally
quiet.
Frigorifieo have been
Argentina.
Here Bogata have been
quoted, 13 to 14c.; Orinoco, 12 to 13c.; City spreads 17c.
Country hides have been firm with a better demand.
On
the whole, however, business in hides is light pending further
developments.
Stocks here are not large.
•
firm at $49 to $51 in
OCEAN FREIGHTS have been dull and with tonnage
on
No. 4 Santos,
Futures have
Spot (unofficial)
September
®
(December
(March
SUGAR.—Raw declined.
7.S4®
7 90®792
The Sugar
|May__
(July
__7-9~>@7.96
8-04®
Board
rates
announced
on
grain
that
less weak.
The Shipping
Steamship lines had lowered
more or
Gulf
grain products
and
Charters included sulphur from
to
European ports.
Freeport, Texas City or
Galveston to
Marseilles and (or) Cette 80 francs one port; 8XA francs two ports, Oct. 15,
wood pulp from Seven Islands, St. Lawrence to United Kingdom 22s. 6a.,
October; 25.000 qrs. grain from Montreal to Mediterranean 5s. 7Hd. Oct.
10; deal from Bay Chaleur to London 107s. 6d. prompt; three months
time charter in West India trade .$2.25 prompt; grain from Atlantic range
to
Antwerp-Hamburg 16c. prompt; 28,000 qrs. from Atlantic range to
Antwerp-Hamburg range 17c.. Otcober; 30,000 qrs. from Atlantic range
to Mediterranean, not east of West Italy 5s. 7 Hd. Oct.; coke from Hampton
Roads to Callao $5; coal $4 prompt; coal from Hampton Roads to Havana
$1.65 prompt; grain from Atlantic range to United Kingdom 4s. 9d. Nov.;
from North Pacific to United Kingdom 57s. 6d. with options, Oct.; 20,000
qrs. grain from Antlatic range to West Italy 5s. 9d. Oct.; lath from Bay
Chaleur and Miramichi to N. Y. $1.40 prompt.
<1
IrL London charters
—
Finance Committee
decided to sell a limited quantity of Cuban raw sugars at
2HC- cost and freight, compared with their last Jprice of
33c.&f.
The Committee has about 60,000 tons of
plentiful rates have been
to
those
of
seven
members of the
crew
are
very
dull.
Rates there
are
back
ago.
Approximately 200 alien
of the United States Lines ship George
years
Washington have been removed and their places filled by
American
seamen.
[Vol. 113.
CHRONICLE
THE
1482
On Shipboard, Not
COTTON
Great
THE MOVEMENT OF THE CROP, as
indicated by
Galveston
our
For the
week ending this evening the total receipts have reached
205,490 bales, against 168;787 bales last week and 142,000
bales the previous week, making the total receipts since
Aug. 1 1921 1,032,400 bales, against 630,734 bales for the
same period of 1920, showing an increase since Aug. 1 1921
telegrams from the South to-night, is given below.
New Orleans.
Savannah
Wed.
34,427
10,308
93,301
12,255
13.104
850
850
4,475
"4,475
Port Arthur, &c_
New Orleans
Savannah..
"672
645
Total J921
1,573
N'port News, &c.
Estimated,
York..
1,538
have
1,842
1,639
6.021
around
527
703
1,780
2,738
1,899
1,713
2,414
7,162
12,603
516
45
38
38
mm
157
878
A
947
365
Totals this week-
26,523
30,336
53,836
27,771
947
1,840
1.35
650
151
539
37,204 205.490
29,820
since
following shows the week's total receipts, the total
Aug. 1 1921 and stocks to-night, compared with the
last year:
This
Since Aug
1 1920.
This
Since Aug
1 1921.
Week.
1920.
1921.
been
504,232
93,357
338,307
313,402
850
6,780
69,217
4,110
430
5,674
10,157
182,001
4,593
12,960
69,233
242
163,756
32,989
16,761
642
1,925
80,332
2,674
426,488
20,177
206,460
1,211
1,544
96,623
City
Houston
4,475
........
Port Arthur, &c_.
672
New Or loans
35,453
Mobile.....
4,866
..
154
711
18
300
1,554
149.522
27,922
16,417
22,404
1,239
1,610
12,603
40,357
2,781
93,119
574
6,331
1,778
12,189
162,842
6,021
7,162
38
157
Savannah
Brunswick.
Charleston
•
.
Wilmington.
Norfolk
......
260
27
442
N'port News, &c.
New York
....
1,898
3,123
Boston
878
Baltimore
947
5,113
4,850
1,840
6,661
Philadelphia.
225,558
28,805
30,414
80,833
22,197
1471822
25" 594
6,863
1,447
7,603
13,558
3,253
630,734 1,407,344
816,826
346
234
,
845
2,406
195,336
377
2,553
10,808
3,288
1,272
30
Totals._______ 205,490 1,032,400 159,041
been
the
1921.
Receipts at—
Galveston....
93,357
13.632
4.866
642
34,515
1.5-8
6,021
7,162
12,603
27.922
Orleans.
Mobile
Savannah
Brunswick
Charleston.
.
Wilmington
1919.
93,301
5.997
35.453
TexasCity,&c.
New
1920.
4.584
buying
Near
.
.
__
37.242
3.225
16,651
16,761
72.996
138
1,384
39,132
800
"ll239
1916.
61,186
2,419
35,352
2,292
32,930
1,396
39,922
2,000
6,291
4,555
8,918
6,546
5,206
5,556
139,735
11,911
6L395
21204
41.516
50,635
2,500
8,749
7,176
28,461
6,000
10,639
4.342
62
67
3.976
1,610
2,781
27
1.070
2.214
2,028
7.946
137
23-759
'5,455
205.490
159,041
118.018
159,431
208.398
324,221
Since Aug. 1__ 1,032,401
630.734
570.863
854,772 1,203.756
l,574,59i
_
_
Norfolk
N'port N., &c.
38
All others
Tot. this week
The exports for the week
of
147,591 bales, of which
that
28,266 to
France and 105,075
Week ending Sept. 30 1921.
a
to other destinations.
ports for the week and since Aug. 1 1921
are as
tota
Ex¬
follows:
Exported to—
Great
Britain. France.
Other.
Total.
40,238
72,181
4,475
5,142
73,343
8,226
26,044
4,415
Britain.
France.
the
Texas
20,325
4,475
City.
New Orleans
"1.03d '2 Ml
Mobile
Savannab
5,142
4,753
3,095
..
Charleston.
3.095
21,693
7,554
6,100
10,204
21,693
New York..
10c
84,910
249,065
407,318
18,000
51,217
69,217
5,142
1,329
9,712
500
5,142
82,338
10,023
95,929
14,297
11,900
,
132,224
15,767
108.556
16,830
7,55 4
11,600
11,704
"e", 792
5,500
1,000
2,209
500
7,257
3,821
37,032
9,966
3,846
25
17.400
100
150
150
197
Angeles
1,690
928
1,690
11,621
8,730
12,549
8,730
San Fran.-_
San Diego..
600
131
Tacoma---
Portland, O.
-14,250
28,266 105,075 147,591
600
16,341
7.683
1,150
131
Total
29,240
47
-.
Philadelphia
Los
23,842
2,915
2,033
Boston
Baltimore
1920.
24,932
34,652
Total
1919.
58,832
4,925
49,914|l
9,498
11,5461 75,303
16,341
7,683
1,150
870,698
118,751
145,343
606,604
177.162
92,617
187,9-k-l
364,791
45,117
349,265
In addition to above exports, our
give
us
New York.
So has
have
the boycott
late
of foreign goods in
the other hand it is equally true
on
in
of
purchases
exchange and silver has in¬
rupee
of the Far East to an extent
believe makes it certain that the Oriental de¬
power
In this country print
have
to
cloths have been firmer of late,
few days the sales of these goods
a
reached
300,000
some
Meantime
pieces.
rising,
as
well
prices for cotton..
as
higher grades
are
Some reports
becoming scarcer and more
As already intimated, the notion is spread¬
a
low-grade crop, whereas, of course, under
the contract calls for high grades.
Exchanges
this
of
naturally
The big
the
crop
largely by the proportion of tenderable grades in it.
And
country
measure
though of late the hedge selling here has been heavy, many
believe that it is simply the reflex action of active spot mar¬
kets at the
South.
the average
yield in the past few
hedge selling
And
the
as
crop
is only about
50% of
it is assumed that
years,
will be correspondingly reduced, and all the
finished
this
season.
Crop reports during the week have ranged from 40 to 43.5
condition, and
estimates from 6,100,000 to 6,930,000
crop
It is assumed,
bales.
as a
matter of course, that the Gov¬
ernment
report next Monday will be much the worst ever
known, i.e. 40% or thereabouts, as against 59.1 a year ago,
and
of
a
10-year average of 62.4%.
the
Much
000
week
was
to the
27th
the
on
inst.
surprise of everybody, they approximated 85,-
Some estimates at
bales.
One of the great events
of notices
issuance
the
time
the
90,000 bales.
were
They were mostly issued by Philadelphia and Southwestern
firms and largely stopped by Japanese interests.
The Japa¬
acquired some 54,000 bales of cotton here, and
it is said, with what foundation remains to be seen, that
they intend to ship out before long, presumably to Japan
other parts
said
to
posed
be
to
of the world.
and
considerable
a
also
were
Meanwhile New England is
inquiring for cotton here,
October notices in New
as
the stock is com¬
of excellent
extent
Orleans amounted
readily stopped.
27th instant at New York
and- then turned and
was
c?tton.
The
21.500
to
bales,
But the big notices of the
of the greatest events in
one
457,750
759,173
shipboard, not
We add similar figures for
ran
gave way
up
Jan., and
72
to
83
175 points from the "low" of
later deliveries.
on
too, was encouraged
by
35%.
on
The
Dec., Ill
rise that
the advance of 3d
seen
this
in silver,
In the last
year.
silver and rupee exchange have advanced 25
three months
to
Instead of
only for the moment,
morning, while other months advanced 133
putting it to the highest point
Other bullish factors
on
the 27th inst.
rains
were
in various parts
of the belt and persistent reports that they
lowering the grade.
Wall Street, the West, New Or¬
were
and
leans
were
that
Liverpool
some
of
the spot
day lost
a
good
ket and bought Oct.
count under
Dec.
were
all
And spot interests
buyers.
also said to be good buyers of October.
in the
This
The idea
many,
and thereupon entered the
And October, which had been at
December, thereupon rose to about
was
was
interests which issued notices early
considered decidedly
mar¬
a
significant.
If
dis¬
with
even
some
55,000 to 60,000 bales of the stock of 134,500 bales of in¬
spected cotton
the
here are exported, it is assumed that the
substantial premium.
Just what
months will go to a
Japanese interests will do in this matter is
decided
the
American
basis of 20 to
30
not everybody here is
considerable percentage of the trade is.
whether
cents.
a
question of
interest.
On the other hand,
a
on
China has
the Lever Act,
telegrams to-night also
the following amounts of cotton
cleared, at the ports named.
rise
India's
that
Yet
buying
ing that this is
near
Total
is said
difficult to buy.
Total.
10C
5.500
"T.500
although
recent
the basis
on
Other.
""50
Wilmington.
Norfolk
It
the
said
day,
11,618
Houston
The trade has
spot markets at the South have been reported active, with
the
Galveston..
East,
depressing the price, October
From Aug. 1 1921 to Sept. 30 1921.
Exported to—
Greta
bales.
20,000
were
its way that the trade has witnessed for years.
Exports
from—
they
pretty good scale in Manchester.
and in New York within
and
Great Britain,
to
were
To-day
buying in Liverpool.
nese concerns
ending this evening reach
id,250
been
on a
off.
creased
on
seasons:
1917.
1918.
15,000.
to
India is spreading.
In order that comparison may be made with other
years,
give below the totah at leading ports for six
Manchester,
in
i.e. reports point¬
"calling" there steadily.
And hedge selling there has
The feeling there has been that the crop report
sooner
we
14,000
insist that the
34,535
1,538
Jacksonville
trade
better
by the Bureau next Monday is bound to be bad.
are
93,301
Galveston.
Texas
market,
been small.
later.
Week.
4.822 138,068 1,269,276
724,770
92,056
6.131
96,0671 748,133
6.500
46,735
mand for Lancashier's goods is bound to be large sooner or
Stock.
1920.
1921.
48,156
46,551
an unusually long period.
Recent daily sales
from 10,000 to 20,000 bales a day, generally
Manchester has
which many
Receipts to
Sept. 30.
35,758
11,795
11,251
9.891
14.799
Liverpool
ranged
fallen
The
4,000
Japan and China.
a
it has for
as
34,535
792
157
2,200
500
ing to small yield and perhaps of low grade.
The spot
activity in Liverpool has continued on a remarkable scale,
6,030
1,538
Baltimore
Philadelphia
advancing
3,724
297
"600
and back of everything, bad crop reports,
"738
------
800
"600
Speculation in cotton for future delivery has been fairly
active, generally at rising prices, owing to an active and
8,391
Boston
700
6,997
1,500
"300
38,081
17,688
28.03.3
1919..
1,315
612
705
Norfolk
"700
1920-.
Total
3,462,
1,059
Wilmington—__
154
500
700
244,736
387,783
146,842
194,636
13,180
80,033
145,622
56,444
2,518
2,000
__
Total
"275
"
Charleston
35,453
4,866
822
Stock.
68,666
38.705
16,000
"800
Norfolk
New York*___
Other ports*..
Si 848
6,734
3.808
.
Brunswick-__—
514
~
672
8,244
1,236
154
6,527
5,516
1,384
7,149
853
3,907
4,110
234
Mobile
Jacksonville—-
New
Tues.
13.207
Total.
Fri.
Thurs.
Man.
Salt
10,000
__
21350
2,129
Total.
2,000
27,815
13,223
a3,500
14,083
17,575
2,000
10,000
Mobile
*
Galveston
Texas City.
Houston....
wise.
6,316
2,285
4,800
_
Leaving
Coast¬
CornVt.
Charleston
391,706 bales.
of
18,452
Other
many.
at— Britain. France.
Sept. 30
Friday Night, Sept. 30 1921.
Cleared for-
Ger¬
For
public
will
pay
a
bull,
even
if
For some doubt
for
goods
on
the
22-cent cotton, let alone the predicted 25 to
unemployment is still widespread.
Millions
Oct.
1
men
are
of
THE
1921.]
Even if the estimate is cut down
out of work.
to
3,500,000 that is no small number.
Besides other mil¬
lions are working on short time.
Taking the country as a
whole, it is still suffering from the effects of the war.
Its
is not at all what it was before the war. And
believe that if cotton goods are put up very much the
buying
some
power
American
it
people will again go on a buyers' strike.
that there is no actual
contended
is
either present or
On
concerned.
Besides
scarcity of cotton,
potential, so far as the present Season is
contrary, it is argued that there is
the
plenty and will be throughout the season.
Besides, Europe
is still poor.
The German mark has fallen to a point less
than
three-quarters of a cent, as against
the mark in pre-war
times of about 24 cents.
other Continental currencies are still very
times.
other
of
And
low.
small in comparison with
stories come as to the condition
And gloomy
Exports of cotton, as a rule, from American
Germany.
ports have not been large; quite the contrary.
of not
The notion
few is that Europe, as far as possible, will play a
a
waiting
Southern hedge selling at times has been
Liverpool from time to time has also
Latterly, moreover, not a few have preferred
seller.
a
take
to
profits
after
course
has
And
heavy.
been
been
port
on
the theory that this would be the
great
so
advance.
an
received
Monday
next
ern
was
To-day
of continued South¬
hedge selling and pre-Bureau liquidation.
Trade buying
persistent.
Stop orders were not caught.
Crop news
bad.
was
with
Further
rains
occurred.
the crop 6.100,000 bales.
tober, but it ended at
prices
Dec.
for
o'clock.
11
at
spite^
prices, after falling, advanced in
wise
In other words, there
before the Bureau re¬
good deal of evening up
a
be
to
were
and
The
report
Oct.,
the December price.
Final
week ago
a
on
quotation for middling upland cotton in the
the past week has been:
Sept. 24 to Sept. 30—
Middling uplands
Tues.
Mon.
20.l<;5
Sat.
20.15
Wed. Thurs.
21 55
2 >.20
21.55
Fri.
21.30
NEW YORK
QUOTATIONS FOR 32 YEARS.
quotations for middling upland at New York on
Sept. 30 for each of the past 32 years have been as follows:
The
2' .30
1921_c._
1920
—25.50
1919
...32.40
1918
34.95
1913_c__
1912
1910....
1909
1908—
...12.00
13 75
13 30
9 30
11.80
—
—
1907
1906—
1904
1903
—
—
9.90
—
1902
1901
—
—
1897-c
10.60
—
1896
1895-—
.10.00
8.88
—
1894
8.25
—
1900—
...
1892—.
6.88
1899—
—
...
_
951,000
£67,000
47,000
277,000
904,000
202,000
176,000
7,000
71,000
87,000
122,000
1,000
18,000
22,000
71,000
107,000
13i,000
13,000
5,000
81,000
39,000
10,000
11,000
25,000
15,000
570,000
262,000
—
Stock at Genoa
Stock at Ghent
— —
Total Continental Stocks
Total European
341,000
163,000
1,537,000 1,213,000 1,245,000
stocks
365,000
18,000
205,000
80,000
165,000
*675,000
1,005,316
866,670
American cotton afloat for Europe
68,000
325,821
112,000
220,929
Egypt,Brazil,&c.,afloat for Eur'e.
India cotton afloat for Europe.
76,000
35,000
228,0^0
88,000
_
_
Egypt.....
Stock in Alexandria,
23,000
182,053
36,000
91,000
758,000
995,000 1,103,000
1,407,344
816,826
920,155
Stock in U. S. interior towns.... 1,147,941
U. S. exports to-day
39,658
19,584
Stock in Bombay, India
Stock in U. S. ports
844,200
799,810
13,125
-.5,804,690 4,548,568 3,992,188 3,379,886
Total visible supply..
totals of American and other descriptions are
Of the above,
as
follows:
American—
.bales.
Liverpool stock.
Manchester stock
Continental stock
—
Amei ican afloat for
_
Europe.
U* S. port stocks _ —
U, S. interior stocks
U. S. exports
518,000
51,000
475,000
325,821
220,929
1,407,344
816,826
920,155
19,584
39,658
East Indian, Brhzil,&c.—
Liverpool stock..
_____
384,000
352,000
1,000
12,000
11,000
13,000
95,000
72,000
68,000
112,000
76,000
35,000
228,000
88,000
995,000 1,103,000
—
— ....
Continental stock._
India afloat for Europe
—
__
—
...
Egypt, Brazil, &c., afloat
%tock in lexandria, Egypt
Stock in Bombay, India
—
.
-3,944,690 2,763,568 2,780,188 2,285,886
...
Manchester stock
68,000
190,000
1,147,941
London stock
572,000
50,000
71,000
9,000
298.000
*150,000
182,053
205,000
844,200 1,005,316
799,810
866,570
13,125
508,000
to'day......
Total American
...
117,000
12,000
32,000
43,000
23,000
36,000
91.000
758,000
100,000
19,000
24,000
*13,000
18,000
80,000
165,000
*675,000
1891
5-44
1890—
NEW
.....1,860,000 1,785,000 1,212,000 1,094,000
.3,944,690 2,763,568 2,780,188 2,285,886
—
Total visible supply
-5.8M.690
Middling uplands, Liverpool..
I4.72d.
Middling uplands, New York.—
21.30c.
Egypt, good sakel, Liverpool
30.2"d.
Peruvian, rough good, Liverpool.
15-50d.
Broach, fine, Liverpool
13.5">d.
631
8.00
7.62
...
—
—
8.69
4,548.568 3,992,188 3,379,886
19.17d.
*
good, Liverpool
19.68d.
23.43d.
25.00c.
56.00d.
31.20c.
32.50d.
33.13d.
32.00d.
16.35d.
.....
Tinneveliy,
28.50d.
18.20d.
28.50d.
24.50d.
18.45d.
24-75d.
17.60(1.
14.3f)d.
33.35c.
Estimated.
^
Continental imports for past week have been 91,000 bales.
The above figures for 1921 show an increase over last week
8 38
9.12
of
L50,293 bales, a gain of 1,256,122 bales over 1920, an
of 1,812,502 bales over 1919 and a gain of 2,524,804
excess
bales
1918.
over
10.38
INTERIOR TOWNS the movement—that is,
receipts for the week since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
AT TILE
YORK.
The total.sales of cotton
on the spot each day during the
indicated in the following statement.
For the convenience of the reader we also add columns which
week at New York
are
the
detail below:
v
,
glance how the market for spot and futures closed
days.
a
same
Futures
Spot
Closed.
Steady, 25 pts. adv.
Quiet, 10 pts. adv__
Steady, 130 pts. adv
Wednesday. Quiet, unchanged
Thursday
Quiet, 35 pts. dec__
Friday
Quiet, 10 pts. adv__
.
__
__
_
Towns.
Spot.
500
Steady
500
.560
Eufaula
Montgomery
Barely steady..
Steady
Steady
4,479
Selma
Firm...
3,811
2,381
8,829
3,000
Ark.,
Helena-
Little Rock..
Pine Bluff...
500
500
756
highest, lowest and closing prices at
week have been as follows:
New York for the past
Augusta
Columbus...
Week.
Miss.,Columbus
Clarksdale
October—
Range....
19.10-.65 19.62.85 19.45-120 21.03-.45 20.65-.97 20.50-.85 19.10-120
Closing...
19.60-.65 19.75-.76 21.03-.05 21.04
—120.70
—;20.80
20.75
-'21.78
120.80
-120.78
Range
Closing...
19.90
19.77
—
21.05
21.00
20.75-.78
Range....
19.55-.00 19.98-.24 19.90-123 21.00-.42 20.70-.05 20.65-.98 19.55-123
Closing...
19.98- 00 20 10-. 14 21.01-.05 21.05-. 10 26.87- .90 20.88- .90
January—
Range....
Closing...
February—
Meridian
Natc'iez
Vicksburg
December—
19.52-.Oo'19.98
.23^ 19.97
Yazoo City.
Mo., St. Louis.
N.C.,Gr'nsboro
108 20.73 .10 20.50 .77 20.40-.75 19.52-108
.82,20.56 .62 20.64-.70
Closing...
19.90
—
20.05
—
20.55
20.50
—120.40
1
■
Closing...
20.50
—
'
117,316
921
2,943
11,079
700
3,182
7,410
Closing...
19.82
—
20.15
20.15
—
19.90
20.00
—
—
I
May—
Range
Closing...
20,283
4181
2,844
69'
....
3' 3,272
760 12,961
1,035 11,352
5,277. 73,232
3,811
1,785] 10,290
52
70
1,690
79
183
76!
687
4,000
5.140
7,456
1,000
8.930
180
46,300
24,210
1,590
3,034
5,682
5,475
9,472
2,518
609
1,198
282
2,638
1,433
158
453
821
1,552
27,916
1,030
3,433
143
411
100
85
66
4,485
10
13
619
5,926
4,802
ljii
4,785
3,407
145
4,065
430
4,409
6,574
3", 125
30,178
1.6 96
1,186
2,600
~2,125
83
86
7,014
2,711
4,428 250,161
1,002
956
744
806
2,£67
1,378
b
2,524
3,627
4,060
3,000
32,074
3,697
9,771
7,943
31,603,
3,000
Houston
132,502
5,412
I
Fort Worth..
4,214
15",984
3,238
5,626
3,800
7,654
5,089
2,300
1,000
5,500!
4,000!
612,160 92,961266,276108.623
5,971
2,164 11,679
10,594
San Antonio.
2,816
31,233
1,417
7,500
4,731
24,852
12,540
27,528
"V, 074
2,539
1,346, 18,015
38]
210
1,473
1
2,634
1,193
10,833
3,449
4,892
13
Paris
19.10-.58 19.55-.80 19.60-.32 19.84-.25 19.50-.87 19.42-.82 19.10^32
19.55-.57 19.70
20.03-.08 19.90- 98 19 60- 64 19.75-.82
1.4741
2,197
1~673
n
375
5,966
2.694
4,700
2,531
7,531
62,553
1,032
6.695
10,563
Brenham
Aust
285
3,366
30,627
3,156
89,115
Dallas
—
182
1,316
1,200
3,692
Honey Grove
Range....
1,358
5,974
6,975
1,363
17,898
17,749 208,587
400
10.149
540
Tex., Abilene..
68 20 27
April—
19.67
9.647, 20.703
263:
3,699
Oct.
648
13.037
10.038
9,863
10,006
Stocks
Week.
3,905
2,544
372
1,029
20,307
Nashville
I
68 20.08 .37 20.04-.35 19.38-^68
19.81 .85 19.95-.97 20.35-.40 20.35r.40 20.22-.23 20.20-.32
19.38 .85 19.80 .05 19.85
Range
1~148
1,023
1,670
Oklahoma
S.C., Greenville
Tenn.,Memphis
March—
4,319
29,342
11,394
3,596
20,849
4,770
Greenwood..
Range
353
6,532 24,795
11,380117,153
717, 18,697
1,928 12,745
2,265'
6,411
7.3341 46,066
347
4,061
3,000 35,936
3,583 34,673
1,527: 15,268
2,000
8,752
1021
9,863
1,324 12,346
110
Raleigh
Okla., Alius
2,600
32,769
394
8,000
8,694
3,240
3,000
1,364
3,235
10,961
Chlckasha
19 98 .00 20.12 .17 20.72 .83 20.78
2.500
4,263
200
655
Greenwood..
November—
3,474
11,000
5,442
1,424
La., Shreveport
Seasno.
2,000
28,370
6,632
2,228
_
Rome
Tuesday, Wed'day, I Thwsd'y, Friday,
24.\Sepl. 26.|Sept. 27. Sept. 28.'Sept. 29. Sept. 30.
4,034
3,421
15,657
33,806
78,948
11,346
9,341
5,827
11,033
17,804
.
Macon
Saturday,' Monday,]
3,655
15,766
Receipts.
Week.
6,391
4,893
27,649
16,671
7,837
38,547
3,147
Atlanta
286!
5,808
1,541
20,107
2,094
Ga., Albany...
Athens
Sept.
Season.
1,899
Ala.Birm'g'm.a
Ship¬
Sept.
3 >.
ments.
Stocks
Week.
Receipts.
Week.
Contr't.j Total.
Firm
Ship¬
ments.
Total
FUTURES.—The
Movement to Oct. 1 1920.
Movement to Sept. 30 1921.
SALESi
Market
Closed.
Market
Saturday
Monday
Tuesday
—
—
Stock at Havre
Stock at Rotterdam.
Stock at Barcelona
6.50
...
1893
10.7.5
1898.
& SALES AT
MARKET
1075
1905-c.
11.45
10.35
—
1916
1914
14.20
—
—
1911
1917— ...25.20
show at
Total Great Britain
Stock at Bremen
Total East India, &c___.
Total American
New York market each day for
on
160,000
19,000
33.000
64,000
Stock at Manchester
Stock at Hamburg
1918.
789,000
12,000
103,000
1920.
860,000
902,000
1,000
closed at 21.30c*
rise for the week of 140 points.
a
The official
Spot cotton
respectively.
39%,
was
Japanese interests sold Oc¬
very near
118 to 145 points higher than
middling,
1915
bales.
—
1919.
12,000
79,000
1921.
September 39—^
Stock at Liverpool
Stock at London
and let America shoulder the burden of car¬
game
rying the cotton.
very
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.
But
moreover
The buying
Europe is incredibly
of
power
value for
par
a
1483
CHEONICLE
760
3,598
14,220
1,137
3,700
473,366
8,052;
13,598!
4,646
1,027
2,565
900
5,200
2,777 19,242
800
3,499
89.367270,910
2,152
916
2,985
3,423
186
15,601
3,449
10,973
June—
Range
Total, 41 towns308,585 1,292,150198,638
Closing...
19 37
—
19 53
—
19 85
—
19 65
—
19.35
July—
—
18.9fP.22 19.23-.43 19.27-.85 19.45-.90 19.02-.40 18.90-.25 18.90-190
Range
Closing
...
19.22
—
19.35
—
19.68
—
19.45
August—
—
-j 19.02 ~19.20-.25
Range
.
Closing—
121c.
—j 19.52
j20c.
19.00
—
19.10
—
19.40
—
19.15
-518.72
—
—
18.75-.85 18.75-.85
18.95
—
119c.
THE VISIBLE SUPPLY OF COTTON
to-night, as made
up by cable and telegraph, is as follows.
Foreign stocks, as
well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
a
Last year's Ugure3 are tor Hugo,
Okla.
1147941200,686'
736,239132,358920,155
b Last year's figures are for Clarksville
The above totals show that the interior stocks have in¬
creased during
bales
the week 109,947 bales and are to-night 227,786
same time last year.
The receipts at
have been 107,899 bales more than the same week
more
all towns
than at the
last year.
OVERLAND
MOVEMENT FOR
SINCE AUG. 1.—We
overland movement for
THE
WEEK AND
statement showing the
the week and since Aug. 1, as made
give below
a
up
from telegraphic reports Friday night.
The results for
Aug. 1 in the last two years are as follows:
the week and since
Since
Since
Aug. 1.
Week.
Week.
Aug. 1.
3.433
32,652
20,248
1,258
4.279
8,085
23,362
Via
St. Louis
Via
Mounds,
Via
Rock Island
Via
Louisville
1,427
10.266
924
Via
Virginia points
&c__
4,617
8,423
28,785
55,928
5.112
130.321
32,692
1,310
9.647
5,821
___
&c_____
154
Closing Quotations for Middling Cotton on—
Week ending
September 80.
3,161
Galveston
New Orleans.
Mobile
21.00
22.00
21.75
21.75
20.75
21.00
20.75
20.50
19.50
1.
Baltimore
19.50
20.50
19.00
20.00
20.00
19.88
19.88
20.00
21.00
21.00
20.75
20.75
19.50
______
Norfolk
21.00
19.00
20.00
_.
___.
Savannah
Friday
Tuesday. Wed'day. Thursd'y,
Saturday. Monday.
-1920-
-1921-
Seplcmber 30—
Shippedr—
[Vol. 113.
CHRONICLE
THE
1484
19.63
20.50
20.63
20.50
20.50
•
.30,089
Deduct shipments—
Overland to N. Y., Boston, &c_.
Between interior towns
834
89,884
13,464
259,302
17.921
2,056
20.727
1.052
3,822
19,747
494
3.771
8,920
40,534
3.104
.13,236
64,052
4.257
40,704
.16,853
16.853
195,250
9.207
49,180
_
_
Inland, &c., from South
_
Total to be deducted.
Leaving total net overland *_
101
21.00
21.00
21.00
Philadelphia
20.40
20.50
21.80
21.80
21.45
21.55
Augusta
19.75
19.75
20.75
20.75
20.38
20.50
Memphis
Via other routes,
20.00
20.00
20.50
21.00
21.00
21.00
20.65
20.75
>22.00
22.00
21.75
21.75
20.00
20.00
20.75
20.75
20.75
20.75
19.75
19.90
20.90
21.00
20.80
20.80
19.90
21.00
21.00
20.85
20.85
—
Houston
Little Rock
_.
Dallas
Fort
Worth
NEW
-
'
~
-
ORLEANS CONTRACT MARKET.—The
ing quotations for leading
cotton markets for
*
clos¬
the New Orleans
the past week have been as follows:
contracts in
Including movement by rail to Canada,
Saturday, Monday, Tuesday, Wed'dav, Thursd'y, Friday.
Sept. 24. Sept. 26. Sept. 27. Sept. 28. Sept. 29 Sept. 30.
The foregoing shows the week's net
overland movement
against 9,207 bales for the week last
year, and that the season to date the aggregated net over¬
land exhibits an increase over a year atro of 146,070 bales.
lias been 16,853 bales,
In
Aug. 1.
Week.
Aug. 1.
1,032,400
159.041
195.250
594,000
9,207
68,000
630,734
49,180
629,000
.289,343
1,821,650
236.248
-109,947
marketed
Interior stocks in
excess.
30,703
68,328
-
1,369,128
1,852,353
206,321
27,090
296,661
44,396
These figures are consumption; takings not available.
Movement into
Since Aug.
Bales.
1919—Oct.
1918—Oct.
4
402.041
1917—Oct.
1,264,944
_1.926.688
-_-_2.178.454
3
5—
5._
May
July
19.20-. 25 19.30—37 19.95-.97
18.90-.95 19.00 — 19.55-60 19.20—25 19.00
•
■
_
20.70
—
—
,
20.25
20.51-53 20.31 —
20.75-.80 20.55-63
20.47-.50 20.27-.35
20.05 — 19.77-.84
19.65-.70 19.40-44
—
20.46-.51
20.28-.30
19.85-89
19.41-.42
18.90-.95
—
Tone—
Steady
Steady
Steady
Very sty.
Spot
Options.
Steady
Steady
CROP.—The
Steady
Steady
Steady
Steady
Steady
Steady
Commercial
Co.
of Egypt,
date of Alex¬
Inc., Boston office, has the following under
andria, Sept. 2:
The weather continues favorable and the crop progresses satisfactorily
Picking in some districts of Upper Egypt has started and the first arrivals
expected to be on the market within the next few days.
Reports re¬
ceived this week from Beni-Suef state that tbe condition and the boiling
of the
Bales.
1—
_282,333
338,521
3
4
March
19.70-.75 19.87-.90 20.86-. 90
19.64-.68 19.81-83 20.65- 70
19.50 — 19.60-.64 20.31—35
,
—
are
sight in previous years:
Week—
December;
EGYPTIAN
304,576
_
1919—Oct.
1918—Oct.
1917—Oct.
19.35-.40 19.60
60,214
Came into sight during week.. .399,290
Total in sight Sept. 30
'j;
Nor. spinners' takings to Sept. 30
'
19.18
October
1.308,914
Week.
Receipts at ports to Sept. 30-----205,490
Net overland to Sept. 30
16,853
Southern consumption to Sept.30a 67,000
Total
Since
Since
Sight and Spinners'
Takings.
;:
September
January
-1920-
-1921-
a
19.75
19.75
-
plants is about normal but that the opening is distinctly below normal,
bolls having been badly attacked by the pink boll worm; the pro¬
portion of bolls attacked being 35%.
The final yield in these districts is
expected to be about 10% below average.
the top
RECEIPTS FROM THE PLANTATIONS—The follow¬
WEATHER REPORTS BY TELEGRAPH.—Advices to
us
by telegraph from the South this evening indicate that
rain has
whole
been
the
quite general during the week, but
precipitation has been light
gathering of the
and is
crop
or
has, consequently, made good
approaching completion in
reports condition very poor, and no
top
The
progress
localities.
some
crop
the
on
moderate.
Texas
expected.
ing table indicates the actual movement each week from the
plantations.
The figures do not include overland receipts
nor Southern consumption;
they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Slocks at Interior Towns.
Reccipls at Ports.
Week
Receipts from Plantations
ending
1920.
24,820
1920.
1919.
1920.
1921.
1919
1921.
1921.
1919
56.951
TEXAS.—General.—Cotton made very poor progress on
Aug.
account of
damage by weevil and
No top
very poor.
Condition
Rainfall.
——Thermometer
2.09 in.
high 88
low 72
mean 80
day
0.06 in.
high 96
low 62
mean 79
Brenham_______
____2 days
1.64 in.
high 95
low 69
mean 82
Brownsville._____
3 days
0.32 in.
high 98
low 72
mean 85
Ouero
_____2 days
0.09 in.
high 96
low 71
mean 83
Dallas
.1 day
0.10 in.
high 95
low 68
mean 81
Henrietta
dry
high 100
low 61
mean 80
Kerrville
_2 days
0.08 in.
high 91
low 62
mean 76
Lampasas
dry
high 95
low 66
mean 80
Longvlew
2 days
0.99 in.
high 93
low 69
mean 81
Luling
1 day
0.75 in.
high 94
low 69
mean 81
Nacogdoches.
2 days
0.32 in.
high 96
low 66
mean 81
Palestine
dry
high 94
low 68
mean 82
Paris
___2 days
1.78 in.
high 98
low 65
mean 81
San Antonio
dry
high 96
low 68
mean 82
Taylor
dry
low 70
Weatherford___________
1 day
0.02 in.
high 95
low 65
mean 80
Ardmore, Okla_
2 days
1.59 in.
high 97
low 46
mean 72
Altus
2 days
0.70 in.
high 96
low 45
mean 71
Muskogee.
.2 days
0.69 in. high 100
low 41
mean 71
Oklahoma City
1 day
0.76 in.
high 93
low 44
me in 69
Brinkley, Ark
_3 days
0.96 in.
high 97
low 54' mean 76
Eldorado.
3 days
4.29 in.
high 99
low 57
mean 78
Little Rock
_3 days
1.38 in.
high 94
low 55
mean 75
Pine Bluff
____3 days
2.30 in.
high 99
low 59
mean 79
Alexandria, La_
3 days
2.23 in.
high 96
low 69
mean 83
Amite
2 days
2.00 in.
high 95
low 66
mean 81
New Orleans.
4 days
1.48 in.
;_
mean 82
Shreveport
1 day
0.10 in.
high 94
low 69
mean 82
Okolona, Miss
4 days
1.54 in. high 102
low 60
mean 81
Columbus,
2 days
2.78 in. high 102
low 68
mean 85
Greenwood
__3 days
1.06 in.
high 99
low 60
mean 80
Vickshurg
1 day
0.40 in.
high 93
low 69
mean 81
Mobile, Ala.—Generally clear and hot in the interior. Little cotton remains
in the fields.
Ginning and marketing rapid.
2 days
0.70 in.
high 96
low 69
mean 82
Decatur3 days
1.45 in.
high 92
low 61
mean 77
Montgomery
__1 day
0.08 in.
high 97
low 69
mean 83
Selma
2 days
0.10 in.
high 95
low 67
mean 81
Gainesville, Fla_
1 day
0.71 in.
high 96
low 59
maen 78
Madison
3 days
0.42 in.
high 97
low 67
mean 82
Savannah, Ga
2 days
0.16 in.
high 92
low 69
mean 80
Athens..
_.l day
0.30 in.
high 96
low 62
mean 79
Augusta.
2 days
1.25 in.
high 92
low 65
mean 78
Columbus
__3 days
0.57 in. high 100
low 67
mean 83
Charleston, S. C
2 days
1.22 in.
high 91
low 68
mean 80
Greenwood
2 days
1.83 in.
high 87
low 61
mean 74
Columbia
;
_1 day
0.06 in.
_:
low 64
Conway
dry
high 94
low 63
mean"78
Charlotte, N. C
2 days
0.36 in.
high 90
low 60
mean 75
Newbern—
1 day
0.40 in.
high 95
low 57
mean 76
Weldon
2 days
1.19 in.
high 95
low 56
mean 76
Dyersburg, Tenn_
1 day
0.15 in.
high 92
low 63
mean 78
Memphis...
__3 days
0.26 in.
high9 1
low 57
mean 74
3 days
_____
1
__
________
—______
____
_,
____
_____
86,944
746,904
32,599
66,856 1,099,238
72,104 1,074.165
842,646
74,894
808,327
694.551
84,050
34,840
50,756 1,048,597
794.609
658,319
58,482
91,711
37,386
39,517 1,015,473
794,244
633,334
£8,587
105,024
66,096
33.572
987,684
785.583
623.050
7,773
49,821
19.
Rain.
Galveston, Tex
Abilene
5.
12.
army worms.
expected.
crop
26..
19,751
14,524
21,122
37,021
14,532
Sept.
2_.
9_. 107,817
76.219
48.173
629,161
142,0f0
77,434
58,231
987,0^0
983,«69
786,364
16-
821,889
666,314
23-
16-,78?ll28,999 77,822 1,03 *,994
851,827!
717,820
5,490159,0411118.0181,147,941
920,155
799,810
30- 20
The above statement shows:
1.
23,288
107,193 77,000 54,284
13^,839112,959 95,384
222.912 158,937 129,328
315,437 227,369 200,008
57,435
77,235
That the total receipts
plantations since Aug. 1 1921 are 1,063,103 bales;
in 1920 were 690,948 bales, and in 1919
were
568,686
bales.
2. That although the receipts at tbe outports the
past week were 205,490 bales, the actual movement from
plantations was 315,437 bales, the balance going to increase
stocks at interior towns.
Last year receipts from the planta¬
tions for the week were 227,369 bales and for 1919 they
were 200,008 bales.
from the
COTTON.—
WORLD'S SUPPLY AND TAKINGS OF
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
The
gone
out of sight, for the like
Week
1920.
1921.
Takings.
Season.
Cotton
____
period.
and
Week.
Season.
Week.
Season.
_
_
___
The
following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
sScpt. 30 1921.
r
New
_
Nashville
Shreveport
Vicksburg
Feet.
...Above
zero
of gauge.
5.6
6 9
Above
zero
16.4
11.1
5.6
16.5
8 9
Above
zero
of gauge.
of gauge.
.Above
zero
of
Above
zero
of gauge.
gauge.
"Quotations for middling cotton at
MARKETS.—Below
are
the
9.2
-
-
45,000
4,956,257
1,369,128
17,000
7,000
26,000
166,000
65,000
25,000
25,000
15,000
4,000
50.000
6,086,687
8,324,603 4,795.498
6,606,385
5,804.690
-
-
304" 576
240,000
61,000
Sept. 29
Alexandria receipts to Sept. 28__
Other supply to Sept. 28 *
Other India shipm'ts to
1,852,353
620.000
61.000
611,000
Bombay receipts to Sept. 29
5,804,690 4,548.568
4,548,468
246.930
2,057,817
1,590,817
467,000
Deduct—
Visible supply Sept
.
30
-
281.997
241,997
Of which other
*
Embraces
a
This
2,519,913
1,990,913
40.000
Total takings to Sept. 30_a
Of which American
529.000
172,930
74.000
receipts in Europe from Brazil, Smyrna. West Indies, &c.
total
the
embraces
estimated consumption
by
Southern mills'
594,000 bales in 1921 and 629.000 bales in 1920—takings not being avail¬
able—and the aggregate amounts taken by Northern and foreign spinners,
1,925,913 bales in 1921 and 1,428,817 bales in 1920, of which 1,396,913 bales
bales American,
6 Estimated.
and 961,817
Oct. 1 1920.
Feetf
,
Orleans
Memphis
6~,lil"250
399*290
30—
American in sight to Sept.
Total supply
4.447.922
5,654,397
Visible supply Sept. 23
Visible supply Aug. 1
MOVEMENT.—The receipts of
the week ending Sept. 8 and for
from Aug. 1 for three years have been as follows:
BOMBAY
COTTON
India cotton at Bombay for
the
season
10.1
18.2
other
closing quotations of middling
principal cotton markets for
1920.
1921.
1919.
September 8.
Since
Since
Receipts at—
Week.
Aug. 1.
Week.
Aug. 1.
Since
Week.
Aug. 1.
cotton at Southern and other
each
day of the week:
Bombay
.
21,000
151,000
15,000
117,000
7,000
180.000
Oct.
11992200
1
1921.]
THE
For the Week.
Since
CHRONICLE
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week's sales, stocks, &c., at that port:
August 1.
Exports
from—
Great
Conii-
Britain,
nenl.
Japand
,
Great
China.
Japan &
Britain.
Total.
Continent.
1485
China.
Total.
_
Sept. 9.
■
_
,
^
Sales of the week.
Of which American...
Bombay—
1921
22,000
21,000
5.000
43,000
25.000
7,000
81,000
161,000
30,000
218.000
18,000
2,000
2,000
_
73,000
75,000
8,000
23,000
190,000
221,000
..
14,000
1,000
20,000
..
8,000
5,000
38,000
3,000
46.000
5,000
2,000
7,000
13,000
22,000
57,000
118,000
Other India-
14,000
1,000
7,000
1919....
2,000
3,000
21,000
Actual
export
Forwarded
____________
Total stock.
Of which American
—
-.-.
Total
imports
Of which American..,
88,000
51,000
9,000
43,000
975,000
591,000
27,000
Amount afloat
Total all—
1921
36,000
21,000
57,000
1,000
77,000
25,000
5,000
33,000
12,000
119,000
1
161,000
33,000
4,000
76,000
80,000
10,000
30,000
203,000
243,000
164,000
spot cotton have been
Spot.
Monday.
12:15
{
P.M.
1
43.905
211,437
1
20,319
31,319
45.125
150,059
24,000
48,000
Tuesday.
Wednesday.
Good
Large
business
Good
Good
demand.
doing.
Mid.Upl'ds
week
Since Aug.
49.000
follows:
as
doing.
demand.
demand.
Large
business
1919.
1920.,
Receipts (cantars)—
This
Saturday.
f
Market,
1921.
49,000
1,000
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
ALEXANDRIA RECEIPTS AND SHIPMENT.
Alexandria, Egypt,
September 7.
14.000
107.000
The tone of the
239,000
3,000
1919—..
540.000
Sept. 30.
84,000
39.000
7.000
56,000
992,000
51*,000
81,000
41,000
7,000
55,000
914,000
6,000
54.000
108,000
57,000
.
Sept. 23.
964,000
580,000
37,000
32,000
110.000
15.000
Of which American.
1920...
Sept. 16.
83,000
47,000
Thursday.
Friday.
14.84
14.59
15.05
15.21
14.72
20,000
14,000
15,000
14,000
20,000
Steady
24@47 pts.
Quiet
3@8 pts.
30@43 pts.
2@7 pts.
Steady
9@16 pts.
advance.
advance.
advance.
decline.
Sales
HOLIDAY
Since
Exports (bales)—
Week. Aug.
To Liverpool
To Manchester
I,231
750
3.500
7,750
12,500
5,043
805
14,909
2,555
"375
14,348
33,464
375
—
To Continent and India.
To America
Total exports
Futures.
Since
Week. Aug. 1.
1.
Since
Week. Aug.
2,535
1,607
1,775
"145
1,020
1,194
101
14,170
21,702
to-night
MARKET.—Our
from
Manchester
working
leave
those
at
loss.
a
for
We
give
previous weeks
Manufacturers
prices for
of
this and
to-day and
last
year
for
1920.
8% lbs. Shirt¬
ings, Common
Cot'n
Mid.
325 Cop
to Finest.
Upl's
Twist.
d.
16%
@
19
15
9
@17 0
12
16%
d.
8.
d.
s.
d.
d.
Cot'n
8% lbs. Shirt¬
J
Mid.
ings, Common
to
Finest.
Upl's
d.
a.
d.
70
39
6
@42 0
@41 0
@
18%
15 6
@17 0
69
38
6
@
18%
15 6
@16 6
8.54 52%
8.47 50
@
16 %
@
67
38
d
10%
@
18
15 3
@16 6
9.61 46%
@
64
37 6
2
17%
@
1912 15 10c@17 0
11.20 46
@
63
9
21
@
21
17 712C@13 9
12.56 46
@
16
21
@
24
177%c@18 9
13.33!44
23
21%
@
25 %
18 0
c@l'G
30
23
@
26
18 3
c@19 9
36 6
@39 0
20.96
58
36 0
@39 6
21.65
@
56
35 0
@37 0
21
14/ 0 46
@
56
35 0
@37 6
21.35
14.72 41%
@
52
32
@34 6
on
a
previous
page,
Bales.
—
-
-
20,325
___
Bremen—Sept. 27—Atlantic City, 6,930; Carmarthenshire,
4,595; Tomalva, 4,487
Hamburg—Sept. 27—Atlantic City, 150; Tomalva, 250—
Rotterdam—Sept. 27—Carmarthenshire, 2,8C0; Tomalva,
—
To Gothenburg, &c.—Sept. 28—Bullaren,
o,341
To Antwerp—Sept. 28—Steadfast, 650
...
—
__
To
Ghent—Sept. 28—Steadfast, 2.128
Barcelona—Sept. 27—Salvation Lass, 875
To Genoa—Sept. 26—Fagarnes, 5,471
To Japan—Sept. 24—Rosan Maru, 3,124
Sept. 28—Chicago
To
,
4,206
HOUSTON—To Barcelona—Sept. 24—Mar Rojo, J ,475
TEXAS CITY—To Ghent—Sept. 28—Steadfast, 1,200...
To
Oporto—Sept. 19—Wilcox, 1,200
Santander—Sept. 19—Wilcox, 50
Japan—Sept. 24—Rosan Maru, 2,692
NEW ORLEANS—To Liverpool—Sept.
23—Tatjana, 734--.Sept.
24—Jeff Davis, 298...
To Havre—Sept. 29—Schoodic, 2,441
To Antwerp—Sept. 29—Schoodic, 50
To Ghent>—Sept. 29—Schoodic, 2,120--.-...
To Genoa—Sept. 26—Monginevro, 2,583_/---__--_
MOBILE—To Bremen—Sept. 23—Claverack, 3,095—_
SAVANNAH—To Bremen—Sept. 24—Progress, 6,759
To Japan—Sept.
23—Mevliile Dollar,
2,C00; Toba Maru,
To
-
To
—
—
II.375
To
China—Sept. 23—MelviLe Dollar, 234; Toba Maru, 1,325-Bremen—Sept. 23—Willcasino, 3.C00
To Rotteidam—Sept. 23—Coldwater, 4,554
WILMINGTON—To Havre—Sept. 23—Missouri, 5,500To Bremen—Sept. 28—Cliffwood, 6,100
NORFOLK—To Liverpool—Sept. 29—Certo, 400
Sept. 30—
Rexmore, 1,100
To Bremen—Sept. 27—Birk,
7,603—Sept. 29—Mount Sew¬
ard, 1,101..
To
Japan—Sept. a0—Glasgow Maru. 1,500
LOS ANGELES—To Japan—Sept.
21—Apus, 1.488
—■
To China—Sept.
21-—Apus, 202
SEATTLE—To Japan—Sept. 17—Silver Plate, lol.—
CHARLESTON—To
—
—
-
—
—
Total
our
Galveston
are as
11,618 20,325
many.
1,032
Mobile.
South.
16,412 10,150
6,346
1,200
2,170
Mon.
p. m.p. m. p.
d.
I
d.
September
October
November
December.
__
__
HOLI¬
April
May
DAY.
____
Charleston
3,095
6,759
3.000
5,500
__
1,500
7",330
1,032
2,441
50
2,120
2,583
3,095
6,759
13,375
1,559
3,000
4,554
5,500
6,100
1,500
8,704
1,500
1,488
202
131
Total.
72,181
1,250
4,475
5,142
2",692
8,226
:::: 13", 375
1,559
3,095
21,693
202
11,600
11,704
1,690
4,554
6,100
8,704
7,554
1,500
1,488
_
Seattle
131
14,250 28,266 44,070 18,074
Tues.
4
m.|p. m.
12%!
Thurs.
Wed.
4
12%
p. m. p. m
4
p. m. p. m
12%
4
p. m. p. m
FrI.
—
_______
June
12%
4
p. m. p. m.
d.
d.
d.
d.
d.
d.
d
d.
d.
\ d.
14.7914.57 14.5414.51 15.00 15.02 15.1615.05
14.54 14.32 14.3214.29 14.80 14.77 14.8314.75 14.56 14.68
14.3114.08 14.1214.10 14.66 14.58 14.61 14.51 14.33 14.43
14.1813.98 14.0414.00 14.54 14.45 14.51 14.41 14.
14.29
13.9113.77 13.8213.80 14.37 14.28 14.34 14.24 14.04 14.09
13.7013.57 13.6313.60 14.17 14.06 14.11 14.01
13.5013.38 13 46 13.42 13.98 13.85 13.9013.79
13.2813.18 13.2713.24 13.78 13.64 13.70! 13.59
13.0813.01 13.1013.08 13.60 13.45 13.5013.39
_____
13.81 13.88
13.60 13.67
13.40 13.45
13.21 13.25
12.9012.84 12.9212.91 13.42 13.27 13.31 13.21 13.01 13.06
12.7512.71 12.7912.76 13.27 13.12 13.1513.05 12.8 12.90
12.4512.41 12.47,12.44 12.95 12.80 12.8712.73 1 '.55 12.62
July____
August
12 2012 .40
BREADSTUFFS
14,654 26,516
131
1,761
147,591
Friday Night, Sept. 30 1921
especially as wheat
sceptical than ever
present prices being sustained
They
Flour remains for the most part dull,
has been declining
Buyers are more
as
to the likelihood of
that wheat will continue to decline and that there is
nothing for it but flour prices to follow in its wake
Domestic
buyers are taking supplies only from hand to mouth
New
export business is small
On old business, it is true, there
are fair
sized shipments " They included 21,600 sacks on
Tuesday, some of it for Italy and some for Greece
Mills
have shown more anxiety at time to got business
They
have lowered quotations somewhat
Though flour has not
declined in anything like the same proportion as contract
wheat at the West
On the other hand, Canadian wheat is
now a little
higher than American, and it is not selling very
freely it seems, although there is some export business in it.
Exporters here are buying low grades from time to time,
including soft winter
St
Louis reported cancellations^ of
orders for future shipments, but a better demand for im¬
mediate loading
Later in the week prices here fell
Mill
offerings were larger
Consumers hereabouts seem well
supplied
Exports took a few lots of low grade and winter
straights, for immediate shipment
Clearances increased,
however.
On the 28th inst
they were 26,465 sacks from
New York, including
22,766 for Hamburg
^
Wheat# has declined with cash business light and
increase in the world's visible supply.
907,000 bushels.
Also
the
German
a
big
It amounts to 19,mark
dropped to
.0723^, or a new "low."
In the United States the visible
supply increased last week 4,990,000 bushels, as against
increase in the same week last year of 1,478,000 bushels.
This raises the total to 51,159,000 bushels,
against 26,543,000 bushels a year
ago.
And the increase in the Canadian
visible supply was even
greater.
It was 6,702,000 bushels,
as against an increase in
the same week last year of only
1,169,000 bushels.
This lifted the Canadian total to 15,791,000 bushels, against 9,293,000 bushels a year ago.
In
other words, supplies show a very
large increase over those
an
held at this time last
year.
And there is talk in European
cables that Europe wanted to resell some wheat rather
than buy more.
Whether this was mere bluff or not is hard
to
determine;
suspect that it is.
Export business has
But what is clear enough is that stocks are
New low records have been reached on the
some
not been bad.
decline.
Japan. China.
2,583
2,441
Savannah
Otal
30.
Sept.
accumulating.
4,475
Los Angeles.
50
2,692
100
City—
Norfolk
7,330
4,475
1,200
1,200
Europe-
North.
Houston
Wilmington
650
2,128
875
5,471
follows:
Ger- -Other
Britain. France,
York—
100
Orleans.
4.C31
3,311
foregoing shipments for the week,
usual form,
Great
New
16,012
400
147,591
arranged in
Texas
Sat.
12%| 12% 12%j
19.17
0
68
Liverpool—Sept. 23—Oaronia, 100—
100
Liverpool—Sept. 27—Dramatist, 11,618
11,618
Havre—Sept. 22—Kentucky, 5,819—Sept. 28—Steadfast,
The particulars of the
given
24
to
24.82
GALVESTON—To
Maru,
are
22.49
NEW YORK—To
-
decline.
27.19
@40 6
the
exports of cotton from the United States the past week have
reached 147,59x bales.
The shipments in detai|l as made
up from mail and telegraphic returns, are as follows:
New
n
argue
-
Quiet
7@15 pts.
27.10
@40 0
SHIPPING NEWS.—As shown
To
prices of futures at Liverpool for each day
;
.
decline.
d.
d!
s.
@
19
.
st'dy
Sept. 1922—
d.
8.49 54
26
14,506
Very
below:
March.
1921.
5
To
1
February
Twist.
To
<
P. M.
Quiet
Steady
Bare, st'dy
St'dy 6 pts.
Steady
11 @21 pts. dec.
to
7 36@51 pts. 7pts.dec.to
advance.
3 pts. adv.
pts. adv. < advance.
January
32s Cop
To
4
report received by
that the market
comparison:
Aug.
-
states
continues firm for both yarns and cloths.
are
•
•
f
Sept.
MANCHESTER
cable
Market,
The
1.266 108,245
7.111
Note.—A cantar is 99 lbs
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ending Sept. 7 were
43,905 cantars and the foreign shipments 14.348 bales.
1-
J
\
opened
15,645
56J28
•:
Market
1.
It is true that later
on
export sales were reported
of
3,200,000 bushels.
And Southwestern country offerings
were light.
Winnipeg prices showed more steadiness. The
market in
Chicago had something of an oversold appear¬
Sterling at one time advanced somewhat.
The
Shipping Board reduced Atlantic freight rates.
Some un¬
favorable crop reports came from Kansas.
Northwestern
Canadian crop estimates were in some cases reduced 35,000,000 bushels.
Not that much attention was paid to this
ance.
Canadian
news.
Winnipeg,
even
Still
if
it
seemed
to
have
Chicago disregarded it.
some
effect
Later
on
in
re-
THE
I486
eeipts at Canadian points both West and Northwest fell
below those of last year.
Choice wheat met with a ready
sale.
On Thursday sales for export were reported of 2,000,000 bushels.
There were further reports of rains in
Canada, but a reduction in Canadian freight rates was re¬
as a bearish factor.
The world's production in
garded
1921 of wheat is estimated at
2,519,002,000 bushels.
This estimate is based upon informa¬
tion received from twenty-three countries.
In twenty of
these countries estimates were available for 1920 and the
five-year average of 1909-1913.
They showed a production
for 1921 of approximately 2,490,609,000 bushels compared
with 2,384,143,000 bushels in 1920, and 2,330,150,000
bushels for the five-year average.
These twenty countries
Estimates of the rye production
about 7% of the total crop placed
the amount this year at about 163,940,000 bushels, compared
with 167,701,000 bushels in 1920.
Reports from the princi¬
pal rye-producing countries, including Germany, Russia and
Austria, were not available.
Additional figures from Wash¬
ington as to the crop of other countries include: Netherlands,
15,136,000 bushels; Italy, 5,118,000 bushels; Switzerland,
1,550,000 bushels; Poland, 129,384,000 bushels; France,
44,564,000 bushels.
To-day prices again declined and closed
little by a rally in wheat.
in nine countries, producing
6 to 8e. lower for the week.
DAILY
be incorporated in the above figures^ were as
follows:
Production of wheat, Netherlands,
7,523,000
bushels; Italy, 188,126,000 bushels; Switzerland, 3,574,000
bushels; Egypt, 41,410,000 bushels.
To-day prices declined
again.
They closed 7^ to 9c. lower than a week ago.
DAILY
CLOSING
PRICES
OF
WHEAT
Sat.
Mon.
IN NEW YORK.
Tues.
Thurs.
Wed.
Fri.
cts.136% 135
134
132
132
131%
CLOSING PRICES OF WHEAT FUTURES/IN CHICAGO.
Sat.
Man. Tues. Wed.
Thurs.
Fri.
September delivery in elevator _cts_123% i21%
December delivery in elevator.i26
124 %
May delivery in elevator..- —
129% 12814
Indian
corn
119 % 117% 118% 116%
123% 121
12314 120%
127% 124% 127% 12>%
declined with wheat but not so sharply.
The
drop, too, it seems, checked country selling.
Offerings from
Illinois and Iowa at times were light.
A moderate export
was reported.
But the dominant features were
liquidation, hedge selling, large receipts and increasing sup¬
plies.
It is true that the visible supply figures showed an
increase for the week of only 238,000 bushels.
In the same
week last year'it was 1,818,000 bushels.
Still the total is
now up to 12,486,000 bushels, against 5,105,000 bushels a
year ago.
And new low records on this crop were reached
early in the week.
On Wednesday September dropped to
49 cents.
That is the lowest for any delivery since December
1912.
There was quite a steady demand, it is true, for Sep¬
tember but it was against sales of December by leading ele¬
vator interests at the West.
The cash market has been dull
business
depressed.
That has been an outstanding factor.
It
against the market for all deliveries. The crop has been
made.
It is mostly harvested.
On the other hand, the
price has got down to a point that would lead many to take
the bull side but for the dulness of cash trade, domestic and
and
told
Besides there is no outside speculation.
To-day
prices declined.
They ended 3 lA to 5%c. lower for the week.
foreign.
DAILY
CLOSING
PRICES
OF
Sat.
No. 2 yellow----
cte. 70%
CORN
IN
NEW
Man.
Tues.
69%
61%
YORK.
Wed.
Thurs.
69
66%
Fri.
68
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
Mem. Tues.
Wed.
Thurs.
Fri.
September delivery in elevator_cts_ 52%
December delivery in elevator
52%
May delivery in elevator——
56%
51
51%
56%
50%
51%
56%
49
50%
55%
48%
47
50%
49%
55%
55%
the downward trend of other
grain markets, though the depression was not quite so marked
as in the others.
But there was an increase in the visible
Oats
naturally followed
week of 671,000 bushels. That, it is true,
by comparison with an increase in the same
week last year of 3,806,000 bushels.
But this is only half
the story.
For the total visible stock is now up to 65,081,000
bushels, against 25,200,000 bushels last year.
This is said
to be by far the largest visible supply on record.
And the
cash demand is slow for home and foreign account.
The
supply last
looks
small
supply is simply piling up.
Latterly there has been a moder¬
ate cash trade, but no export business.
Prices are low but
speculation is light.
The time will come when oats will
attract attention, but evidently that time has not
yet
arrived.
In the ordinary course of things prices, it is
believed, will continue to decline until they are reined up
by the natural economic laws.
Meantime not only is the
American stock big but Canada has a visible supply of
7,276,000 bushels, against only 508,000 bushels a year ago.
The oats crop in 13 countries this year totaled 1,719,852,000
bushels.
Twelve of these countries produced 1,715,718,000
bushels, against 2,209,407,000 bushels in 1920 and 1,653,862,000 as the average for 5 years i.e., 1909-1913.
In addi¬
tion, the crop in the Netherlands was 18,621,000 bushels;
Italy, 37,892,000 bushels; Switzerland, 3,036,000 bushels;
Poland, 139,173,000 bushels; Hungary, 19,347,000 bushels;
Belgium, 30,251,000 bushels.
To-day prices fell. They
closed 2 to 3c. lower tljan on last Friday.
,
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
No. 2 white
cts.
DAILY CLOSING PRICES
48%
Man.
48
Tues.
48
Wed.
47%
Thurs.
^8
The
following
are
Tues.
IN CHICAGO.
Wed. Thurs.
Fri.
100
103%
98%
97
95%
101% 101% 100
FUTURES
,
closing quotations:
GRAIN.
Oats—
Wheat-
No. 2 red.
No.
1
No. 2 white
No. 3 white
$131%
-
Nominal
spring
47 %
45
;
Barley—
Corn—
No. 2
yellow
Feeding—61 @6/
69 @7
$0.63
Malting
Rye—-
— -
-
_
_—- -
105
No. 2—
FLOUR.
Spring patents..$7 90® $8 40 Barley goods—Portage barley
No. 1
$6 50
Winter straights, soft
6 10®
6 40
Nos. 2.3 and 4pearl
Hard winter straights
6 50
7 00®
7 30
Nos. 2-0 and 3-0-_
6 50®
Clear
5 75®
6 25
Nos. 4-0 and 5 0—
6 75
Rye flour
6 50 @
7 00
Oats goods—Carload
Corn goods, 100 lbs.,
Yellow meal
175®
1 90
spot delivery
6 05@
6 30
Nominal
Cornflour
WEATHER BULLETIN FOR WEEK
27.—-The influences of weather
in the weather bulletin issued
on
ENDING SEPT.
the crops as summarized
by the Department of Agri¬
27 were as follows:
culture for the week ending Sept.
CORN.—There
further deterioration in corn by molding, sprouting
and the cribbed corn was unfavorably affected by high
was
and rotting in Iowa,
in central Missouri, where heavy
It was too wet for corn in shock
temperature.
There was some damage
rain fell and there was some flooding.
parts of Illinois, Indiana and Minnesota.
Drying weather is badly
needed in the Central Mississippi Valley States.
Corn matured nicely
in more southern districts, and cutting made satisfactory progress under
favorable weather conditions in mast parts of the country.
Rain is needed
in
for lats
corn
in the Southeastern
States.
COTTON.—Unseasonably warm weather prevailed throughout the
belt, with rather extensive rains in the northern portion, but only
light, local showers in the southern.
Under these weather conditions cotton
bolls continued to open very rapidly in all sections of the belt and picking
and ginning made good progress.
Little or no improvement in the con¬
dition of the crop was reported from any section, while general deteriora¬
tion occurred in the northwestern portion of the belt and very poor progress
was reported in Texas Cotton is fairly good in parts of Eastern and South¬
ern North Carolina, Tennessee, locally in Northern Alabama, some northern
and eastern count'es of Arkansas, Northern and Western Oklahoma, and
in a few sections of Texas, mostly in the western half of the State; elsewhere
the crop is generally very poor to poor, with very little prospect of a top
crop.
Picking is well advanced in Texas and about completed in much of
the central and southern portions of the State.
Practically all cotton has
been gathered also in the southern half of Georgia, mast sections of Florida,
and in many localities of Southern Alabama.
Weevil activity continues
marked, with the pest spreading farther toward the northeastern limits of
cotton
the belt.
SMALL GRAINS—The absence of material rainfall in the Rocky Moun¬
and most of the far Northwestern districts was favorable for small
tain
grain thrashing, which made rapid progress, but stack thrashing was some¬
what checked by wet grain in portions of the northern Great Plains.
The
seeding of winter wheat for the most part made rather slow progress in the
interior valleys on account of frequent rains and wet soil, out <apid advance
was
made in the Great Plains States.
Rainfall in the Northeast was
beneficial for fall seeded grains, but it continues dry in some sections, par¬
ticularly in New York and New Jersey.
It continues too dry also in the
Central Rocky Mountain and Western Plateau States, but recent rains
have been beneficial in the far Northwest.
The seeding of winter wheat is
beginning later than the average in most sections
A good yield of buck¬
wheat is being secured in Pennsylvania and New York.
The weather was
in Arkansas and Louisiana, while this
while this work was begun in the lower Sacramento Valley of California.
favorable for the harvesting of rice
The statement of the movement of breadstuffs to
indicated below
are
prepared by
us
the New York Produce Exchange.
since Aug. 1 for
the week ending last Saturday
each of the last three years have been:
Wheat.
Flour.
Receipts at—
market
from figures collected by
The receipts at Western
lake and river ports for
Corn.
Barley.
Oats.
and
Rye.
bush.56lbs.
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs.
99,000
41,000
Minneapolis..
3,458,000
118,000
1,445,000
663,000
305,000
117,000
Duluth
3,691,000
442,000
221,000
423,000
273,000
792,000
49,000
753,000
285,000
Chicago
217,000
753,000
406,000
76,000
99,000
37,000
Detroit
St.
5,140,000
287,000
42,000
Milwaukee
Toledo
34,000
56.000
15~4,660
1,192,000
525,000
658,000
ii.ooo
IYOOO
53,000
Louis
Peoria
27,000
270,000
250,000
7,000
5,000
2,866,000
127,000
265,000
746,000
315,000
200,000
1,018,000
1,368,000
1,004,000
1,017,000
1,200,000
Kansas City..
Omaha
-
-----
44,000
308,000
338,000
'21
534,000
13,318,000
8,100,000
Same wk.
*20
300,000
10,334,000
5,928,000
4,571,000
6,292,000
wk.
'19
448,000
16,007,000
2,432,000
4,596,000
Indianapolis..
Total
Same
wk.
Since Aug. 1—
3,934,000 119,192,000
-
59,365,000
71,196,000
3,744,000 152,783,000
1921
25,1.50,000
23,689,000
2,055,000
1920
1919
Total
Fri.
47%
Mon.
101
104%
RYE
987,000
56,514,000 6,230.000 4,156,000
52,121,000 7,488,000 6,770,000
52,249,000 18,761,0001 7,707,000
receipts of flour and grain at the
1921 follow:
seaboard ports for
the week ended Sept. 24
OF OATS FUTURES IN CHICAGO.
Sat.
September delivery in ek)vater_cts_ 35
December delivery in elevator
37%
May delivery in elevator
42
Mon.
Tues.
Wed.
Thurs.
34%
34
33%
33%
3?%
41%
37%
41%
36%
40%
36%
41
Fri.
3'%
36%
40%
Rye has dropped sharply.
It has shown the most depres¬
sion of anything on the grain list next to wheat, although
receipts have continued light.
Yet, significantly enough,
there was an increase in the visible supply last week of
560,000 bushels, against an increase in the same week last
year of 295,000 bushels.
Total visible supply in sight now is
5,426,000 bushels, against 3,889,000 bushels a year ago.
Eastern interests have bought to some extent, but export
trade has been very small.
With the home demand sluggish
and Europe indifferent, the price has been left to drift
steadily downward, though late in the week it was braced a
OF
.
No. 2 red—..
DAILY
PRICES
Sat.
a little more than three-fifths of the wheat crop.
Revised and preliminary estimates received too late at Wash¬
to
CLOSING
September delivery in elevafcor.cts_ 102%
December delivery in elevator
105%
produce
ington
[Vol. 113.
CHRONICLE
New
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels.
Receipts at—
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
.
Newport News
New Orleans.*
46,000
33.000
17,000
1,000
224,000
10.000
136,000
218,000
85,666
887,000
8,000
105,000
2,489,000
wk.
'21
Week 1920
Since J an. 1*20
*
94,000
60,000
2,79l",666
30Q.660
3.000
32,000
1,394,000
57,000
25,000
Since Jan.1'21
on
2,153,000
1,626,000
....
Boston
Total
63,000
142,000
945.000
693,000
323,000
Galveston
Montreal
101,000
205,000
82.000
40,000
York--.
PhiladeJphia
Baltimore
640.000
9,300.000
3,363,000
18,457,000196,115,000 70,838.000
580,000
339,000' 1,169,000
36,752,000 13,052,000 jL8,818,000
257,000
15,156,000
633,000
87,000'
736,000
20.260,000 7,326,00039,962,000
502,000
9,209,000
17,904,000165,485,000
Receipts do not include grain passing
through bilLs of lading.
through New
Orleans Ior foreign ports
Oct. 1
1921.]
THE
CHRONICLE
The exports from the several seaboard ports for the week
ending Sept. 24
Exports from-
shown in the annexed statement:
are
Wheat.
Corn.
Flour.
Oats.
Bushels.
Bushels.
Barrels.
Busltels.
New York
Philadelphia
909.186
264.000
—
Rye.
Baltimore
Newport News.
Peas.
Barley.
64,891
69,174
2O;666
638,000
2,572",666
40"666
285~66t
7,928,186 3.015,000 283,783
6,647,375
105,405 191,090
Week 1920
204,000 268,000
eral
Flour.
Wheat.
Corn.
Exports for Week,
and
Since
Week
Since
Week
Sept. 24
July 1
Sept. 24
1921.
1921.
1921.
1921.
Barrels.
Bushels.
Bushels.
Bushels.
1,628,242
1,000
1
2,654,948
1,620,662
224,479
165,773
So. & Cent. Amer.
West Indies..
4,955,238
318,000
1,000
Other Countries..
12,285
Bushels
25,079,107
943,000 7,858.875
69,233,016 2,052,000 20,034,114
1,278,400
1,233,000
20,000
247,300
250,304
1,500
131,455
Brit.No.Am.Cols.
283,783
191,090
....
Total 1920
..
"7", 196
3.856,642
7,928,186
31,619,763
6,647,375i
95,590,523 3,015,000 29,3S0,485
95,466,612
75,405
744,004
world's
shipment of wheat and corn for the week
endingSept. 24 1921 and since July 1 1921 and 1929 are
shown in the following:
;
Wheat.
DOMESTIC
1920.
Since
Sept. 24.
July
Bushels.
1921.
Since
1.
July
Bushels.
Week
1.
Bushels.
Since
•July 1.
Bushels.
9.253.000 126,118,000 113,516,000
1920.
-
Since
Sept. 24.
July 1.
210,000
Bushels.
289.000
9.953,000
Bushels.
30,595^000
808,000
14.544,000
712,000
32,260,000
862,000
7,058,000
47,903.000
635,000
1,010,000
Argentina
3,875,000
220,000
Ruas. & Dan.
broadened.
1,112,000
of
130,666
35,837,000
3,825~666
£.337,000
91,046,000
principal points of accumulation
Sept. 24 was as follows:
at
864",000
38,198,000
lake and
at
seaboard ports
GRAIN
fered.
STOCKS
Corn,
Oats,
Rye,
Barley
bush.
bush.
bush.
bush
973,000
j.
—....—
Baltimore
Newport News....
17,000
52,000
1,796,000
1,000
442,000
1,031,000
7,000
235,000
36,000
18",000
3,914,000
Boston
Philadelphia..
275,000
373,000
1,503,000
328,000
New Orleans
146,000
757,000
822^666
3,878,000
Galveston
Toledo
160,000
2,,346"666
5,997,000
1,172,000
Detroit..
137,000
24,000
_.
19,000
3,922,000
,332.000
480,000
Chicago
,003,000
318,000
afloat....
Milwaukee
Duluth
St. Louis
2,924,000
_.
Kansas City.......
Peoria
.10,312,000
205,000
Indianapolis
5,000
39,000
185",000
530,000
3,060,000
53",000
i83~666
1,175,000
259,000
668,000
1,234,000
4,000
45,000
68,000
~
6.666
River
and
Total Sept. 24 1921
270,000
476,000
2,056,000
1,093,000
300,000
On Lakes
Canal
106,000
168,000
18,150,000
506,000
Omaha
On
119",000
1.345,000
688,000
5,864,000
26,000 17,620,000
137.000
838,000
,798.000
3,221,000
52,090
950.000
5,010.000
2,986,000
Minneapolis....
310,000
2,000
135,000
5,099,000
3,045,000
1,404,000
_v-
Buffalo
30,000
20,000
>
382,000
831,000
2,300,000
433,000
37,000
1,915,000
220,000
30,000
252.000
204,000
18,000
60,000
51.159,000 12,486.000 65,081,000
5,426,000
12,248,000 64,410,000
4,866,000
5,105,000 25,200,000
3,889,000
2,050,000 20,260,000 15,137.000
Total Sept. 171921
Total Sept. 25 1920
be
taken
American
Canadian
Total Sept. 24 1921.
Total Sept. 17 1921.
Total Sept. 25 1920.
Total Sept. 27 1919.
is
It
Or¬
broad variety
for small lots.
This is
cases
understood
that
these
willing to accept business
are
three months.
on a
orders
being
are
com¬
are
Converters
receiving orders for the
are
re-entering the market
increasing quantities of goods, and bag manufacturers
buying. Small lots for
immediate delivery are in
demand, and jobbers are report;ng a steady request for spring lines from retailers which
for
and bleachers are also evident in the
is
most
encouraging.
have
Print
been
in
cloths
strong
of
practically all con
Sheetings have
demand.
steady and prices well maintained.
Some of the sheet¬
ing mills are understood to have accepted orders that will
them
carry
well
into
the coming
Tire fabrics have
year.
also been in demand and ducks have sold
In the gray goods division,
on
steady basis.
a
38^-inch, 64 x 64's are quoted
at 9%.c, and the
39-inch, 68 x 72's at lO^c, with the 80 x
80's at 14c.
Four-yard, 56 x 60 brown sheetings are listed
at lV/2c, and the
three-yard at 12c.
WOOLEN GOODS.—-In the dress
goods division interest
has centred in the
opening of the spring 1922 season show¬
ing
by the Amoskeag Company.
This opening has been
postponed from time to time by various of the
larger com¬
panies, who did not feel that the time had been reached for
it.
However, the trade generally looks on the opening as a
constructive measure, giving as it does a
criterion for the
basis of future values.
From the prices which are
quoted
the
on
opening lines
new season
par
shown
the
value
in
dress
goods for
will
be well maintained.
All prices are on a
with the spring 1921
season, and in a few cases have
been advanced.
It is expected that other
companies
will follow
the lead of the
Amoskeag Company in their of¬
ferings, and, while trading in this direction has not
gone far
enough to justify a feeling of optimism over the
result, the
429,000
769,000
2,812,000
263,000
1,427,000
3,695,000
......
.15,791,000
399,000
trade
generally
feels
that
the
movement
will
benefit
327,000
ders
the
industry. There is still complaint of the lack of or¬
by clothing manufacturers in the men's wear section.
The retailers have not
and
the
210,000
15,000
508,000
151,000
2,280.000
272,000
1,565,000
12,486,000 65,081,000
5,426,000
4,003.000
429.000
7,276,000
399,000
2,017,000
.05,9-50,000
12,915,000
.55,258,000 13,104,000
.35,836,000
5,315,000
.87,875,000
2,065,000
72,357,000
5,825,000
6,020,000
5,328,000
5,188,000
4,040,000
22,540,000 15,409,000
4,160,000
back to
.
.
399,000
402,000
2,017,000
1,980,000
741,000
6,620,000
GOODS TRADE.
York, Friday Night, Sept. 30 1921.
While therd have been
no
developments of startling im
portance In the trade during the week, the general attitude
in
spectacular
better,
the
and
situation
there
than
rise of cotton and
tion of the cotton goods market.
the
requirements,
after he has
71,648,000
25,708,000
9,089,000
9,293,000
6,192,000
.
New
be
to them for their
be a hand-to-mouth affair.
The orders which have been
placed are too small to satisfy
the clothing
manufacturer, who contends that they are badly
below what the fall
consumption will warrant.
However,
the retailer is still reticent.
From all reports he wants to
wait for the fall
buying of the consumer to commence
7,276,000
7,238,000
THE DRY
to
come
situation continues to
429,000
856,000
is
more
there
the
confidence
has
been
being
since
consequent demoraliza
Retail circles
are
weather, and predict that they
long-delayed arrival of customers
as soon
as
can
a
keeping
expect
cool
sweeps
the country.
ported
by all retailers throughout the country to be
spell
Trading, however, in fall goods, is
a*d the uncommonly
the
warm
weather
is
re¬
more
blamed
and,
an idea of how values will
be received, to come
the manufacturer for his last-minute
requirements.
There can be little doubt that the fall
season,
in earnest
commence
dull,
apparently decreased.
further advance orders for export in this field.
The demand
for future business is
fairly strong, and those mills which
as
soon
as
the
which
will
weather
changes, will
the crucial test for the trade
generally.
serve as
than
but in most
advance and
any
pleted without complaint from either party to the transac¬
tion, but that there is a noticeable falling off in demand for
even
Summary—
the
pay has
three weeks ago
some
business
.51,159,000
.15,791,000
Total Sept. 17 1921.
Total Sept. 25 1920.
Total Sept. 27 1919.
on
willing to
raised
understand
entire
Total Sept. 24 1921.
eye
not
being done in export trade, mostly in
several sheeting mills bad orders on
hand, be¬
fore the advance, sufficient to
keep them running for some
3,419,000
2,904,000
Ft. William & Pt. Arthur. 11,948,000
Other Canadian
849,000
an
was
as
3,208,000
Montreal
expressed
that
could
by the majority of dealers
little
a
4,003,000
Canadian—
uncer¬
as an indication that the
advance has been well established and assimilated.
There
46,169,000
5,055,000
the
recorded advance, and a few
agents
remaining indifferent to any orders of¬
being received in fair quantities
are
of constructions,
the
Note.—Bonded grain not included above: Oats, 14,000 bushels New
York; total,
14,000 bushels, against 10,000 in 1920; barley, New York, 5,000 bushels; Buifalo,
89,000; Duluth, 30,000; total, 124,000 bushels, against 6,000 bushels In 1920: and
wheat, 86,000 New York, 74,000 Baltimore, 156,000 Buifalo, 4,000
Philadelphia,
26,000 Boston, 1,244,000 Chicago; total, 1,590,000 bushels in 1921.
appears
are
consumer
would not
26,-543,000
81,083,000
Total Sept. 27 1919
GOODS.—Following
the
been
bush.
States—
New York
to
The clamor
the
structions
Wheat,
United
announced.
was
to follow
should
COTTON'
larger mills
uext
10, .560,000 152,337,000 151,885,000
granary
market
satisfied with the
are
7,774,000
India
Oth. countr's
Total
surprise when it
a
expected
weeks, there has been a distinctly
market,
and trading generally has
As yet there is little indication that
all factors
stronger tone
sheetings,
Corn.
1921.
Week
Australia
buying
opening of
goods section by one
of
idea
time.
Exports.
...
the
the
tainty of the last few
is
1
North Amer.
lias been
dress
suit, and the gen¬
be vastly
improved, as it
opportunity to give dealers and manufactur¬
the
an
fair
a
ders
The
week
the
has done enough
gauge on
This opening had been
deferred, with
retarding it still further, and was some¬
talk
of
tone
that
Total
the
in
a
future values.
The prices at which the
opening displayed goods is well maintained, being on a
par
with the prices offered for the previous
season, and, in fact,
establishes a slight advance in a few lines.
July 1
1921.
Kingdom. 103,725
Continent
of
season
he
as
Since
July 1
Barrels.
United
Week
Sept. 24
1921.
July I to—
Since
soon
larger houses.
will afford
ers
below:
as
1922
as
him to have
thing in the nature of
The destination of these exports for the week and since
July 1 1921 is
The feature
spring
Other companies are
271,000 292,891 385,174
133,499 128,000 611,514
quantities, intend¬
ing to re-enter the market
pessimistic
3,373,000
week.
Total
it
as
fall trading to enable
of the
6,000
The
clothing manufacturers are being
is generally estimated that the re¬
tailer has purchased in the
very lowest
the
2,380,000
Montreal
45,000
condition.
public.
24^666 48~6OO
8,000
New Orleans...
Galveston
this
sharply affected,
Bushels. Bushels. Bushels.
170,783
60",666
1,000
363,000
19,000
for
1487
FOREIGN
DRYGOODS.—Burlap prices have been well
maintained and the demand has been
steady.
There is still
a
showing of more strength on the part of li'eavies, owing
to
the small
supply still available
ent
spot
ies
at
lightweights
6.20c.
are
Advices from
be
in this country.
At pres¬
obtainable at 4.50c, and the heav¬
strong and steady, and
this country to be normal.
Calcutta
show
that
the shipping from
market
to
that port to
There has been little change in the linen situation.
In
fact, trading continues to be limited, but prices have been
slightly stronger, so that the importer and dealer are en¬
couraged.
is
All of the advices from
linen-producing countries
discouraging, and the tariff situation is
linen
men
for
Permanent
still
before
the
final disposition, with the enactment of the
Tariff now held in abeyance at Washington.
a
[Vol. 113.
Iim
tfate
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ITEMS.
NEWS
Special Session of Legislature.—
24 issued a proclama¬
tion callilng the Alabama Legislature into special session on
Oct.* 4.
The following is a list of the subjects enumerated
by the Governor in his message to receive legislative atten¬
Alabama.—Governor Calls
Governor Thomas E. Kilby on Sept.
tion:
Boulder,
Boulder
County,
Colo —Bonds
Called.—
Mayme Graham, City Recorder, has called for payment
with interest closing on Oct. 10, the following bonds:
Alley Paving Dist. No. 2, bond No. 3.
|
Alley Paving Dist. No. 4, bond No. 18.
Improvement Dist. No. 6, bond No. 31.
Improvement Dist. No. 6, bond No. 107.
Paving Dist. No. 11, bond No. 108.
i
Storm Sewer Dist. No. 1, bonds Nos. 40 and 41.
BOND
;
.
PROPOSALS
AND
NEGOTIATIONS
To provide for raising money to match funds appropriated by the
United States Government for the building and maintenance of highways
this week have been
Alabama, and to amend the act creating the State
Highway Commission and to amend Sections 1408 and 1409 of the Code of
1907, providing for the issuance of bonds by municipalities for roadimprovement purposes, v
2. To provide for exemption of soldiers, sailors and marines from payment
of poll taxes.
.
.
ADAMS COUNTY (P. O. Decatur), Ind.—BOND SALE.—The $18,000
4M% John W. Heller, Hartford Township bonds offered on Sept. 21—
V. 113, p. 1270—were sold to the Peoples State Bank of Berne, Ind. at
par and accrued interest.
Date Aug. 15 1921.
Due $900 each six months
from May 15 1922 to Nov. 15 1931, incl.
There were no other bidders.
X.
and bridges in the State of
v
„
To revise laws relating to
4.
,water fronts and river
provide for the development of ports
To
2.
systems.
'
J
„
thb observance of Sunday, and to
,
•
regulate
ADAMS COUNTY SCHOOL DISTRICT NO.
43, Wash.—BOND
SALE.—It is reported that the State of Washington has purchased $3,000
6% school bonds at par,
r
the exhibition of motion pictures.
manufacture and sale of non-alcoholic cereal
appropriate money to the State Training School for
5.
To permit the
6.
To
building purposes.
beverages.
Girls for
.
governing the printing and use of fertilizer tags.
bringing of suits against unincorporated associations.
9. To amend the Act which provides for the employment of convicts in
mining coal on University coal lands and abolishes the system of leasing
7.
To amend the law
8.
To authorize the
convicts.
■
.
towns to provide means to secure adequate
and wholesome water.
11. To provide that advice of the Judges of the Supreme Court of Ala¬
bama may be furnished to the Governor and the Legislature concerning
the constitutionality of bills proposed to be introduced in the Legislature
or bills pending therein.
'
12. To provide for the substitution of tax records of counties which have
been lost, stolen or destroyed and for the assessment and collection of taxes
for any year when such assessment and collection depends upon substituted
10.
To
enable
cities and
supplies of pure
,
records*
\
1■'*
;
13. To amend Chapter
an(j Jjjstdclistixj ££
14.
To
•
4
*■
**
>■
"■■■■■
,,
„
,
boycotting
of county funds.
within the waters of the State
the jurisdiction of the State.
amend the statutes of the State providing for change of venue.
provide penalties for failure to comply with Sections 7654 of the
provide for the deposit and keeping
15. To further protect salt water shrimp
of Alabama and within the waters subject to
16.
To
17.
To
Code.
of the special session
(
Offered in the
& Co., Inc.,
7% two-year
Treasury gold notes of the Government of the Argentine
Nation at 99% and interest, to yield over 7.20%.
Further
details concerning this offering will be found on a preceding
page in our Department of "Current Events and Discus¬
Argentine
(Government
of)—Notes
States.—A syndicate headed bv Blair
this week offered and quickly sold $50,000,000
United
sions."
County,
N.
Y.—BOND
Oct.
*13,000
OFFERING.—Elmer
D.
x3,000
1 from
1922 to 1941 incl.
public improvement (fire apparatus) bonds.
Denom. $1,300.
Due $1,300 yearly on Oct. 1 from 1922 to 1931 incl.
public improvement (automobiles, Bureau of Police) bonds.
Denom. $300.
Due $300 yearly on Oct. 1 from 1922 to
5%
4%
incl.
1931
Prin. and semi-ann. int. (A. & O.) will be paid by
value of the bonds bid for,
payable to William J. Brennan, City Treasurer, required.
The legality
1
Date Oct.
1921.
Cert, check for 2% of the par
mailed checks.
of the above issues will be determined by Messrs. Reed, Dougherty &
Hoyt,
attorneys, N. Y. City, and the Hon. John J. McM an us .attorney, Albany,
N. Y., and legal opinions will be furnished purchasers.
Bids will be opened
at 12 o'clock noon on the day of sale.
The Comptroller reserves the right
to reject any or
as
or
all bids.
thereafter*
soon
as
Bonds will be ready for delivery Oct. 14 1921,
possible.
Purchaser to pay accrued interest.
bonds will be purchased by the Comptroller for the Firemen's
Pension Fund,
x These bonds will be purchased by the Comptroller for
the Water Debt Sinking Fund.
These
ALBERT LEA,
to
Freeborn County, Minn.—BOND SALE.—According
$75,000 6% bonds were sold to the Northwestern
newspaper reports,
Trust Co. of Minneapolis.
j
(P. O. Fort Wayne), Ind.—BOND OFFERING —
Kampe, County Treasurer, will receive bids untiJ 10 a. m. Oct. 3
for $23,000 5% McDuffee road in Eel River Township bonds.
Denom.
$575.
Date Sept. 30 1921.
Int. M. & N.
Due $575 each six months
from May 15 1922 to Nov. 15 1941, incl.
ALLEN COUNTY
E.
G.
receive bids until
Road, Pleasant Township,
Due $750 each
BOND OFFERING.—The above named official will also
10
a.
m.
Oct. 8 for $15,000 5%
Smith No. 1
Denom. $750Date Oct. 5 1921.
Int. M. & N.
six months from May 15 1922 to Nov. 15 1931 incl.
bonds.
Bremerton,
Wash.—Commission Form of Government
Adopted.—Commission government was adopted by the
special election held on Sept. 20.
The voters gave the proposition a majority of 17 votes.
In
all only 1,092 ballots were cast.
A special election will be
voters of Bremerton at a
of
Albany
purchase of the following registered bonds aggregating $252,000:
$100,000 5% water supply system improvement ''First Series) bonds.
Denom. $1,000.
Due $5,000 yearly on Oct. 1 from 1922
;
to 1941 Incl.
96,000 5H% public improvement (motorization of the apparatus of the
Fire Dept.) bonds.
Denom. $1,000 and $600.
Due $9,600
yearly on Oct. 1 from 1922 to 1931 incl.
40,000 5% % public improvement (extension of the river front improve¬
ment) bonds.
Denom. $1,000.
Due $2,000 yearly on
the
*
18. To appropriate money to defray the expenses
hereby called.
held
ALBANY,
Gunn, City Comptroller, will receive sealed bids until 11a.m. Oct. 11 for
,
••••.
176 of the Code of 1907, regulating
follows:
as
on
Nov. 14 to elect three commissioners to
the present
take the place
councilmen.
relative to the bonds of the City of Baltimore
I have to advise you that the State of Maryland
bonds are not legal for investment by the savings banks of this Common¬
wealth for the reason that no provision is made for the bonds of the State of
Maryland by the statutes, whereas the law provides that the bonds of cities
in the State of Maryland may lie legal for investment if they comply with
the provisions of these statutes.
I
In reply to your inquiry
and the State of Maryland,
George W. Page, State Bank Commissioner of Maryland
according to the "Sun" was at loss to understand why
Baltimore city stock should have a higher standing in the
Bay State than Maryland bonds, and was inclined at first
to think there was an error in the published list.
Bankers
called attention to the fact said the "Sun" that the laws
covering savings bank investment do not
authorize investment of
these funds in the bonds of any
Southern State, and permit such investment in bonds of
cities of only two strictly Southern States, Maryland and
Kentucky.
As New York, Connecticut and other New
England States practically copy Massachusetts' list of
investments, this means that Southern securities have only a
restricted market in the North.
*
Pasco, Wash.—Proposed New Form of Government Rejected.
—At
a special election held Sept. 19, the residents of Pasco
rejected a proposition to adopt a commission form of govern¬
ment by a vote of 75 for to 235 against.
A proposition to
bond the city for $10,000 to build a natatorium was also
rejected, the vote being 61 for to 225 against.
AMERY,
bonds sold
V.
113,
p.
BOND CALLS AND REDEMPTIONS.
Gunnison
County School District No. 4 (P. O.
Colo.—Bonds
Called.—J. S. Brooks, Secre¬
tary, has called for payment bonds, numbered 7 to 14 both
Gunnison),
cease
III.—BOND
ELECTION.—An
Oct. 1 1921.
election
provide
Polk
was
County,
Wis.—CORRECTION —The amount of 6%
$24,500 (not 825,000 as newspaper reports made us say in
1381).
These bonds are sewer bonds and were purchased at
$1,500.
Orange
County, Calif.—BOND
OFFERING.—Sealed
bids or proposals will be received by Edward B. Merritt, City Clerk, until
8 p. m. Oct. 13 for the following 6% bonds:
$75,000 municipal bldg. bonds.
Donoras. 60 for $1,000 and 30 for $500.
Due $2,500 yearly on Oct. 15 from 1922 to 1951, incl.
50,000 water works bonds.
Denom. $1,000.
Due $2,000 yearly on Oct.
15 from 1922 to 1946, incl.
;
30,000 sewer
extension
bonds.
Denom. $1,000.
Due $1,000 yearly
on Oct.
15 from 1922 to 1951, incl.
ANAHEIM,
5,000 fire pump bonds.
Denom. $1,000.
Due $1,000 yearly on Oct.
15 from 1922 to 1926, incl.
Int. A. & O.
Bonds are payable at the office of City Treasurer.
Prin.
and interest on all of the bonds are payable in gold coin of the United States
Proposals or bids will be received for the purchase of the "Municipal Build¬
ing Bonds,''
"Water Works Improvement Bonds," "Sewer Extension
Bonds and Fire Pump Bonds," or for either of said series of bonds separately,
and the Board of Trustees of the City of Anaheim reserves the right to reject
any and all bids.
No proposals for bonds will be entertained at less than
their par value, together with the accrued interest to the date of delivery.
The bonds will be ready for delivery on or after Oct. 25 and will be delivered
at the City Treasurer s office or at any designated place upon the payment
by the purchaser of all expenses incurred for the delivery and payment
equivalent to a transfer at the office of the City Treasurer, all bids shall be
filed with the City Clerk "Proposals for the purchase of bonds."
With
each proposal or bid must be submitted a certified check payable to the order
of the City Treasurer, for an amount equal to 5% of the total amount bid.
ARUNDEE SCHOOL DISTRICT, Merced County, Calif .—DESCRIP¬
TION OF BONDS.—The 86,000 6% new
Bank of
Denom.
school bond, recently sold to the
Italy of San Francisco—V. 113, p. 1271—are described as
$600.
Due yearly from 1921 to 1930, incl.
follows:
County, N. J.—BOND SALE.—The
City Sinking Fund has taken over at par the $50,000
memorial
playground and golf course bonds offered on Sept. 27—V. 113, p. 1270.
Due $1,000 yrly. from 1923 to 1972, incl.
ASBURY
PARK,
Monmouth
ASHEVILLE, Buncombe County, No.,Caro.—BOND
OFFERING.—
received until 4 p. m. Oct. 6 by the Board of Commission¬
bonds:
$550,000 School bonds.
Due yearly on June 1 as follows: $10,000, 1924
to 1929, incl.
20,000 1930 to 1941, incl.;
$25,000, 1942 to
1951, incl.
a
40.000 Sewer bonds.
Due yearly on June 1 as follows: $1,000, 1923
to
1958, incl., and 2,000, 1959 to 1960, incl.
90,000 Street bonds.
Due yearly on June 1 as follows: $5,000, 1924
to 1929. incl. 6,000 1930 and $9,000, 1931 to 1936, incl.
39,500 Refunding bonds.
Due yearly on June 1 as follows: $1,500,
1923:
$1,000, 1924 to 1939, incl.;
$2,000, 1940 to 1950, incl.
62,000 Funding bonds.
Due yearly on June 1 as follows: $7,000, 1924
to 1928, incl.;
$9,000, 1929 to 1931, incl.
Due $1,000 yearly on June 1 from 1924 to 1948.
25,000 Water bonds.
Sealed bids will be
ers.
for the following 6%
incl.
(with exception of one $500bond), $1,000. Prin. and semi-ann.
(J. & D.) payable in New York City in gold.
Each bid must be accom¬
panied by a certified check for 2% of the face amount of the bonds bid for,
drawn to' the order of the City of Ashville or to Gallatin Roberts, MayorCommissioner of Public Accounts and Finance, upon an incorporated bank
or trust company, or cash in like amount.
These bonds are to be prepared
under the supervision of the United States Mortgage & Trust Company
of New York City, which will certify as to the genuineness of the signatures
of the city officials and the seal impressed thereon.
Purchaser will be
furnished approving opinion of Chester B. Masslich, Esq., New York.
or said
Bids are desired on blank forms, which will be furnished by the City <
Denom.
Interest to
County,
Oct. 25, the vote on the issuance of $95,000 bonds to
of completing a memorial park along the river front.
the purpose
int.
inclusive.
Madison
on
funds for a new city hall to be erected on what is known as the Easton
Park Site and to vote on the Issuance of a bond Issue to provide funds for
Ear by the Wells-Dickey years Minneapolis.each year thereafter.
>ue $1,000 yearly for 20 Co.,
Denom. $1,000 and
and $1,500
Massachusetts.—Ineligibility of Stale of Maryland Bonds
as
Savings Bank Investments Explained by Commissioner of
Banks.—In reply to an inquiry, made by George W. Page,
State Bank Commissioner of Maryland, as to the reason for
the omission of the State of Maryland bonds from the list of
bonds which, in the estimation of the Massachusetts Com¬
missioner of Banks, are eligible for investment by Massa¬
chusetts savings banks, Joseph C. Allen, Commissioner of
Banks, according to the Baltimore "Sun" dated Sept. 25,
sent the following explanation.
'
of Massachusetts
ALTON,
will be held
Oct.
1
receive
Trust Company.
Bonds will be delivered on or about Oct. 13 at the office
of the United States Mortgage & Trust Company in New York City, and
Financial
premium of $1,500 from the bank to whom $1,000,000 in city
a
bearing 6% interest, payable semi-annually, will be sold at par
with accrued interest from July 1 1921.
The transfer of the bonds which
are redeemable in 1936 and not later than 1941, will be at the option of the
warrants
be paid for on delivery.
must
1489
CHRONICLE
THE
1921.]
Statement.
buyer who will take up $500,000 in warrants upon their delivery and the
remainder in installments of $250,000 a month until the entire amount has
been funded.
This plan will bring the final payment about Feb. 1, 1922,
Estimated value of taxable property.
—$56,000,000 00
Assessed value of taxable property last assessment 1920
54,650,315 00
Value of municipal property
4,851,395 17
Bonds outstanding.
—$2,778,700 00
Bonds authorized (incl. bonds now offered)
826,500 00
,
by which time it is expected that the city ill be able to operate
— -—
on a
cash
basis
—
debt
Floating
Total
gross
debt
3,621,344 33
—
public
funds
(except for
duducted below)
Sinking
bonds
utilities
—
_
—
$61,915 70
1
i
Uncollected special assessments which, when
collected will be applicable to and are
pledged to the payment of street improve¬
ment bonds included in the above debt—-
259,049 72
included in above out¬
works bonds,
standing debt....
Water
699,000 00
bonds, included in above out¬
standing debt___-___—20,000 00
Total amount of deductions.Market House
debt
Net
1,039,965 42
$2,581,378 91
There is no civil division whose territorial limits are
approximately
co¬
terminous with those of the City of Asheville.
The City of Asheville has
defaulted in the payment of any part of either principal or interest
never
The present City tax rate is 80 cents per $100.
Population
28,504.
Estimated population
now,
30,000.
A small
Temporary notes is outstanding issued in anticipation of bonds
authorized, and to be paid from their proceeds.
of any
1920
debt.
census,
amount of
now
Henderson
ATHENS,
County,
Wofford, Mayor, will receive sealed
Tex.—BOND
OFFERING.—T. B.
bids until 2 p. m. Oct. 8 for $100,000
Cert, check for 5%
6% street impt. bonds, it is stated.
Int. semi-ann.
of bid, payable to the Mayor, required.
ATLANTA,
Fulton
County,
Ga.—BOND
SALE.—On
28 the
Sept.
6% 1-10-year serial street impt. bonds, dated Sept. 1 1921—V. 113, p 1270
at 102 30 and interest, a basis of about 5 55%.
Other bidders were:
J. H. Hilsman & Co., Atl $139,306 55 Weil. Roth & Co., Cin..$137,073 30
Jno W. Dickey, Augusta 138,336 29 Hanchett Bond Co. Inc.,
Chicago
133,237 65
Robinson-HumphreyCo.,
Atlanta..
138,229 70
,
ATTLEBORO, Bristol County, Mass.—TEMPORARY LOAN.—A tem¬
loan of $50,000, dated Sept. 22 1921, and due March 22 1922, which
was offered on Sept. 21 was awarded to F. S. Mosely & Co. on a 5.09%
porary
discount basis.
O.
Kosciusko) will receive bids until 12 m. Oct. 3 for $10,000 6%
serial school bonds.
Int. J. & D.
year
BATES UNION SCHOOL DISTRICT, Sacramento County, Calif.—
BOND OFFERING.—Sealed bids will be received until 2 p. m. Oct. 3 by
Hall Clerk, Board of County Supervisors (P. O. Sacramento)
$20,000 6% school bonds.
Denom. $1,000.
Date Oct. 1 1921.
Int.
semi-ann. payable at the County Treasurer's office.
Due $2,000 yearly
from 1923 to 1932, incl.
Cert, check or cash for 10% of the amount of
bid, required.
Purchaser to pay accrued interest.
Bonded Debt, none.
The taxable property of this district, exclusive of operative property of
Harry W.
for
public utilities, as shown by the last equalized assessment book of Sacra¬
mento County,
is the
of $5,314,775.
sum
BEATRICE, Gage County,
Neb.—MUNICIPAL LIGHT BONDS
DEFEATED.—The Omaha "Bee" of Sept. 22 says: "At a special election
here to-day Beatrice voters defeated a proposition to issue $150,000 bonds
for a municipal light plant by a vote of 1,138 to 290At the same time a
franchise was granted the electric company for a term of 25 years by a
vote of 992 to 386Under the terms of the franchise vote the city commis¬
sioners have the power to fix the rates for electric current."
BELMAR, Monmouth County, N. J.—BONDS NOT SOLD.—The
of 5% coupon (with privilege of registration) Belmar Park bonds
to exceed $20,000 which was offered on Sept. 27—V. 113, p. 1270—
was not sold as no bids were submitted.
issue
not
BETTSVILLE VILLAGE SCHOOL DISTRICT (P. O. Bettsville),
County, Ohio.—NO BIDS.—The $5,000 6% bonds offered on
Seneca
Sept. 19—y. 113, p. 1271—were not
sold
as no
bids were submitted.
BEVERLY, Essex County, Mas*.—TEMPORARY LOAN.—A tem¬
porary loan of $100,000 dated Sept. 23 1921 and due Feb. 16 1922 which
was offered »n Sept. 22 was sold to Arthur Perry & Co. on a 5% discount
basis.
^
Washington
BLAIR,
County,
Neb.—BOND SALE.—The State of
interest paying date thereafter.
(P. O. Boone), Iowa.—BOND SALE.—An issue
$120,000 5j^% funding bonds, maturing 1941, has been sold to Schanke
City.
BOONE COUNTY
of
& Co. of Mason
BRAZORIA COUNTY COMMON SCHOOL DISTRICT NO. 15, Tex.
—BONDS REGISTERED.—On Sept. 19. $20,000 6% 1-20 year bonds were
registered with the State Comptroller.
BRIGHTON, Monroe County, N. Y.—BOND OFFERING.—Raymond
Wood, Town Clerk, will receive sealed bids until 8 p. m. Oct. 5 for
$6,000 6% water bondsDenom. $100.
Date Oct. 1 1921.
Prin. and
semi-ann. int. (A. & O.) payable at the Union Trust Co. in Rochester, N. Y.
Due $400 yrly on April 1 from 1926 to 1940, incl.
Cert, check for $500,
payable to B. H. Howard, Supervisor, required.
Purchaser to pay accrued
A.
nterest.
BROWNING, Glacier County, Mont.—BOND
SALE.— The $60,000
6% 10-20 year (opt.) tax-free coupon water bonds,
offered on June 20—V. 112, p. 2218—have been sold.
Financial Statement.
dated July 1
1921
.
$575,000
Assessed valuation, 1921
Estimated true valuation-___—
Bonded debt, this Issue only—
—
— - —
—
—
Less water bonds
—
Net debt
________
1,000,000
60,000
60,000
None
County, Minn.—BONDS VOTED.—The Duluth
"Herald" of Sept. 21 said: "The $600,000 village bond issue voted at a
special election yesterday carried by a vote of 142 to 4.
This issue of bonds
was voted for the purpose of taking up a part of the village indebtedness.
If sold it will put the banks in such condition that they will again start
cashing village warrants which they have refused to do for the past seven
months on the ground that they now hold as many warrants from the village
as they can carry."
BUHL,
Louis
St.
BUNCOMBE COUNTY (P. O. Asheville), No. Caro.—BOND OFFER¬
ING.—The Board of County Commissioners will receive bids until 12 m.
Oct. 8 for the following 6%
and
$150,000 road
from
150,000 road
those embodied in Mr.
summarized
are
bridge
1932 to
bonds:
funding bonds.
Due $15,000
yearly
Oct.
1
1941, incl.
and bridge
1932
bonds.
Due $15,000
1941, incl.
Denom. $1,000.
Date Oct. 1 1921.
at the Hanover National Bank, N. Y.
yearly on
Oct.
1
from
Clark's original offer made several months ago and
Woodard's letter accompanyine the bid."
SCHOOL
was
DISTRICT,
given in V. 113, p. 1382.
Grayson County, Tex.—BOND
recently by the patrons of this
been sold to the Deffenbough
SALE.—The issue of $2,000 in bonds voted
district to complete their new building has
Lumber Company of Denison.
CAMBRIDGE, Furnas County, Neb.—BOND OFFERING—R. C.
Wood, Village Clerk, will receive sealed bids until 12 m. Oct. 13 for $25,000
6% funding bonds.
Denom. $1,000.
Date Mar. 1 1921.
Int. semi-ann.
Due Mar. 1 1941 optional Mar. 1 1931.
Certified check for $250, requirod.
CAMPBELL COUNTY SCHOOL DISTRICT NO. 10 (P. O. Hilight),
Wyo.—BOND OFFERING.—Additional information is at hand relative to
bonds—V. 113, p. 1271—
Proposals for these bonds will be received until 3p.m. on that day by
the offering on Oct. 12 of the $10,000 6% funding
Int.
W.
McDonough,
Clerk.
annually payable locally
required.
or
Denom.
$1,000.
Date Nov. 1 1921.
at State Treasurer's office.
Cert, check
for $300
CAMPBELL-SAN
Clara
TOMAS
UNION
SCHOOL
Calif.—BOND SALE.—Reports
County,
DISTRICT, Santa
that $155,000 6%
say
school bonds have been sold to Blyth, Witter & Co. of San Francisco.
CASA
GRANDE, Pinal County, Ariz.—BOND SALE.—The $30,000
light system and $90,000 water extension 6% 10-20-year (opt.) bonds,
offered unsuccessfully on July 15—V. 113, p. 553—have been sold at par to
Claude Fisher of Phoenix.
CAZENOVIA,
Madison
County,
novia National Bank of Cazenovia
N.
was
Y—BOND SALE.—The
Caze-
the successful bidder at par for an
issue of $8,000 5% park bonds
Denom. $500.
Date Sept. 1 1921.
Int.
M. & S.
Due $500 each year from Sept. 1 1922 to Sept. 1 1937, incl.
CEDARBURG, Ozaukee County, Wise.—BOND SALE.—On Sept. 22
$85,000 6% water works and sewerage bonds were sold to the First Wiscon¬
sin Company and the Second Ward Securities Co., jointly, for $88,52.5
equal to 104.14.
Denom. $1,000.
Date Sept. 15 1921.
Int. annually.
CENTERVILLE,
Appanoose
County,
Iowa.—BOND
SALE.—Re¬
ports say that $28,000 sewer bonds have been sold.
CHAGRIN FALLS, Cuyahoga County, Ohio.—BOND OFFERING.—
C. A. Vincent, Village Clerk, will receive sealed bids until 12 m. Oct. 15
for $3,195 96 6% coupon street improvement bonds
Denom. 1 for $195 96
and 10 for $300 each
Prin. and semi-ann. int. (A. & O.) navable at the
Chagrin Falls Banking Co. in Chagrin Falls, Ohio.
Due $19596 on Oct. 1
1922 and $300 yearly on Oct. 1 from 1923 to 1932 incl.
Cert, check for 6%
payable to the Village Treasurer, required.
of the amount bid for,
CHANDLER, Maricopa County, Ariz.—BOND SALE.—An issue of
$92,000 6% street impt. bonds has been sold.
CHATEAUGAY,
Franklin
County,
N.
OFFERING.—
Y.—BOND
Sealed bids will be received by the Town Clerk until 4 p. m. to-day (Oct. 1)
$14,000 coupon or registered Federal highway bridge Ixmds not to
exceed 5% interest annually.
Denom. $500.
Date Aug. 1 1921.
Prin.
and semi-ann. int. (F. & A.)
payable at the First National Bank in ChateauCert,
gay, N. Y.
Due $1,000 yearly on Feb. 1 from 1924 to 1937, incl.
check for 5% of the amount bid for, payable to the Town, required.
CHATTANOOGA,
Tenn.—BOND OFFERING.—Alex W. Chambliss,
Mayor, will receive sealed bids until 11 a.m. Oct. 4
Paving District No. 245 bonds.
Date Sept. 15 1921.
payable at
incl.
any bank in Chattanooga.
Cert, check for $150, payable to
BUTTE, Silver Bow County, Mont.—FURTHER INFORMATION —
Record-Herald
of Sept. 24 had the following to say in
reference to City of Butte selling its $1,000,000 6% 15-20 year (opt.) fund¬
ing bond issue on Sept. 21 to the Metals Bank & Trust Co. of Butte:
"Clear sailing ahead under careful guidance is seemingly assured the
municipal craft Butte, long endangered by the shoals of finance, through
the sale of $1,000,000 funding bond issue to the Metals Bank & Trust Co.
of Butte, the highest bidder, at the meeting of the City Council.
Under
the terms of its offer, presented by President J. A. Woodard, the city will
for $5,454 12 6%
Prin. and ann. int.
Due $1,363 53 from 1922 to 1925,
F. K. Rosamond, City Treasurer,
required.
CHAVES COUNTY (P. O. Roswell), N. Mex.—BIDS.—The following
were also received on Sept. 5 for the $14,000 6%
10-15 year (opt.)
bids
bridge bonds, awarded
Benwell, Phillips & Co
p. 1174.
95.57 (Bosworth, Chanute & Co
95.301 Keeler Bros. & Co
Sidlo, Simons, Fels & Co
94.281
All the above firms are located in Denver, Colo.
as
stated in V. 113,
Anfonides & Co
CLARK
COUNTY
(P.
O.
94.27
^91.57
Ind.—BOND SALE.—
Township bonds offered on
Jeffersonville),
The $21.400 6% Perry Spurgeon et al., Monroe
Sept. 24—V. 113, p. 1271—were sold to the Huryville State
Huryville -at par and accrued interest.
Date June 15 1921.
bonds every six months from May 15 1922.
Bank of
Due one
(P. O. Brazil), Ind.—BOND OFFERING.—Thomas
County Treasurer, will receive bids until 10:30 a. m. Oct. 3
5% highway bonds:
$17,200 McClain Catterlin et al., Posey Township bonds. Denom. $430.
CLAY COUNTY
W. Swinehart,
for the following
„
_
Date
Aug. 4 1921.
3,000 Thomas F. Donharn et al, Posey Township
Date Aug. 4 1921.
27,000 Warren O. Rector et al., Perry Township
Date June 7 1921.
,
^
A.„n
Denom. $150.
bonds.
,
^
bonds.
Denom. $450.
_
14,000 John Rector et al.. Clay and Vigo County bonds.
Denom. $350.
Date Aug. 18 1921.
<c
Int. M. & N.
Due Jan. 20 of each issue, each six months from May 15
1922 to Nov. 15 1931, incl.
Cert, check for $500 for each issue bid for,
payable to the above Treasurer, required.
Purchaser to pay accrued int.
.
,
„
(P. O. Henrietta), Tex.—ADDITIONAL DATA.—
which are to be submitted to a vote of the
already stated in V. 113. p. 1382, will bear 5A%
interest and mature serially from 1 to 30 years incl.
CLAY COUNTY
The $2,000,000 road bonds,
people
on.
Oct.
18,
as
CLEARFIELD COUNTY (P. O.
Prin. and semi-ann. int. payable
The County will furnish the ap¬
proving opinion of Storey, Thorndike, Palmer & Dodge of Boston and will
also furnish the bond forms.
The bonds will be delivered at the Hanover
National Bank and the purchasers will be required to pay for the bonds at
the bank on or about 10 days from date of sale.
B. A, Patton Is chairman.
were
practically
President
The notice of the sale of these bonds
to
The "Montana
in
are
for
Nebraska during August purchased $24,993 95 7 % paving bonds at part
Date Dec. 1 1920.
Int. annually . Due Dec. 1 1940 optional 2 years fxom
date on any
The Metals Bank's terms of acceptance
by Mayor Cocking.
Thos.
AYERS SEPARATE SCHOOL DISTRICT, Attala County, Miss.—
BOND OFFERING.—E. W. Sullivant, Clerk Board of County Supervisors
i-20
Both the offer of the successful bidder and that of Senator Clark
termed practical demonstrations of fai h in the essential stability of Butte
CALAMUS
Trust Co. of Georgia of Atlanta was the successful bidder for the $136,500
(P.
bidders, three as active competitors, came into the field to purchase
the city's funding bond issue which will transfer its form of indebtedness from
a floating to a bonded one.
They were the bank of W. A. Clark & Brother
of Butte, represented by J. K. Heslet;
the Elston Allyn Co. of Chicago,
whose agent was George Osborne; Ferris & Hardgrove of Spokane, repre¬
sented by E. B. Sherwood and the Metals Bank & Trust Co. of Butte,
represented by President Woodard.
Mr. Heslet repeated the offer author¬
ized by Senator W. A. Clark several mouths ago in which he agreed to take
the entire issue at par on the condition that the city's affairs be so managed
that another funding bond issue would not be necessary.
Senator Clark,who
was to have reached San Francisco from Hawaii, he explained, did not reach
port on schedule time and he was therefore unauthorized to make any new
offers which later market conditions might warrant.
E. B. Sherwood of Ferris & Hardgrove opened the bidding with an offer
to take the issue with delayed monthly deliveries of $250,000 each with a
premium of $500; Mr. Osborne of the Elston Allyn Co. raised his offer
by $50 and President Woodard of the Metals Bank made it $600.
Bidding
became spirited at this point and all three in turn offered further advances,
Mr. Woodward increasing his own bid twice in succession.
The top figure
offered by Ferris & Hardgrove was $1,425, that of Elston & Allyn, $1,435,
and that of the Metals Bank, $1,500.
Four
16,144 33
.>r
— _—
—Grant
H.
Clearfield), Pa .—BOND OFFERING.
Thompson, County Controller, will receive
sealed bids until
Oct. 10 for $225,000 5H% tax-free bonds.
Denom. 175.for $1,000
80 for $500 and 100 for $100 each.
Date Oct. 15 1921.
Int. semi-annually.
Due $30,000 Oct. 15 1926 and $10,000 yrly on Oct. 15 from 1927 to 1946,
inch
Cert, check for 1% of the amount bid, required.
Purchaser to pay
10
a. m.
accrued
interest.
CLEVELAND,
Bradley
County,
Tenn .—BOND
OFFERING.—
L. L. Woollen, Mayor, will receive sealed bids for the purchase of $100,000
6% coupon paving bonds until Oct. 12,
Deonm. $500.
Int. semi-ann.
Due 1941.
DISTRICT (P. O. Clifton Heights),
County, Pa .—BOND OFFERIAG.—H. D. Fisthyler. District
CLIFTON HEIGHTS SCHOOL
Delaware
Secretary, will receive sealed bids until 8 p. m. Oct. 10 at the I ublic School
Bldg., Diamond Street above Baltimore Ave. in Clifton Heights for $75,000
1490
THE
CHRONICLE
tax-free
(optional) bonds at either 5%, 5H% or 514% interest.
Due in
30 years or $15,000 In 10 years: $15,000 in 15 years; $15,000 in 20 years;
$15,000 in 25 years and $15,000 in 30 years.
Cert, check for 1% of the
amount bid for, required.
[Vol. 113.
Other
Bidders:
Field-Richards & Company.
Provident Savings Bank & Trust Co
Harris Forbes & Co
Amount.
$212,654
210,660
211,825
210,356
25
00
00
90
209,731 00
W.
CLINTON COUNTY (P. O. Frankfort),
IncL—BOND OFFERING.—
J. Marcus Smith, County Treasurer, will receive bids until 10 a. m. Oct. 4
for $8,160 John C. Hali et al., Gravel Road No. 369;
Kirklin Township
bonds.
Denom. $408.
Date June 15 1921.
These bonds were first
offered on July 23—V. 113, p. 316—together with four other
issues.
CLYDE, Sandusky County, Ohio.—BOND SALE.—'The $5,000 6%
special assessment Mcpherson Highway sidewalk bonds offered on Sept. 26
113, p. 1271—were sold to the Clyde Savings Bank Co. at par and
accrued interest.
Date Sept. 1 1921.
Due $1,000 yearly on Sept. 1 from
—V.
1
COLORADO
SPRINGS, El Paso County, Colo.—BOND SALE.—
Recently $474,292 82 6% district paving bonds were sold to the W. S.
Straton Estate at par.
COLQUITT COUNTY (P. O. Moultrie), Ga.-BOND SALE.—Accord¬
ing to newspaper reports, $100,000 5% road bonds have been sold.
Comanche
County,
Tex.—BOND
OFFERING.—
bonds:
optional after 5 years.
J. R. Eaves, Mayor, is offering for sale the following 6%
$20,000 sewer extension bond*.
Due in 30
20,000 street bonds.
Due in 30 years.
15,000 water bonds.
Duo in 30 years.
years
CONDON,
INDEPENDENT
Gilliam
SCHOOL
DISTRICT
Ore.—BONDS DEFEATED.—Water
on Sept. 18 by a vote of 47
County,
bonds amounting to $60,000 were defeated
"for" to 79 "against.
CONEJUS COUNTY SCHOOL DISTRICT NO. 10 (P. O. Antonito),
Colo.—BONDS
DEFEATED.—At
a
recent
election
the
"for
to
bonds
These
recently voted.
were
Prin. and semi-ann. int. (A. & O.) payable at the Chase National
Bank, N. Y.
Due yearly as follows: $1,000 1922 and 1923, $1,500 1924 to
1930, incl., $2,000 1931 to 1935, incl.. $2,500 1936 to 1940, incl., $3,000
1941 to 1943, inch, $3..500 1944 to 1947 incl., $4,000, 1948 and 1949, and
$4,500 1950 and 1951.
1921.
Financial Statement.
Estimated actual value
Assessed valuation for taxation in 1921
Total bonded debt, this issue only
■„
__$2,500,000
950.000
or at the City Treasurer's office,
option of holder.
Due yearly on Feb. 1 as follows: $20,000
1933;
$40,000,1934 to 1937 incl., and $20,000, 1938: optional any interest-paying
date afte» Feb. 1 1931.
Cert, check for $ *,000, payable to F. T. True,
City Treasurer, required.
The legality will be approved byCharles B.
Wood of Chicago.
These bonds are part of an authorized issue of $300,000,
$100,000 of which were sold during March 1921—V. 112, p. 1186.
at
COURTLAND
UNION
HIGH
SCHOOL
County, Calif.—BOND OFFERING.—Until 2
DISTRICT, Sacramento
Oct. 3 Harry W. Hall.
p. m.
Clerk Board of County Supervisors (P. O, Sacramento) will receive sealed
bids for $80,000 6% bonds.
Denom. $1,000.
Date Oct. i 1921Int.
semi-ann. payable at the County Treasurer's office.
Due yearly as follows:
$1,000, 1925 to 1929. incl.; $2,000, 1930 to 1934, incl.; $3,000, 1935 to
1939, incl.; $4,000. 1940 to 1944, incl.; and $6,000, 1945 to 1949, incl.
Cert, check or cash for 10%, required.
The taxable property of this school
district, exclusive of operative property of public utilities, as shown by the
last equalized assessment book of the County of Sacramento, is reported
as $4,428,510.
The total amount of other bonded indebtedness which is a
ien upon said property is the sum of $110,000.
CRAWFORD
on
(P. O. Meadville), Pa .—BONDS VOTED.—
Sept. 20, $1,500,000 road bonds were voted by 6,761
1
to 3,411.
CRESCENT.
Logan County, Okla.—BONDS
$60,000 6% light and water bonds
were
VOTED.—On Sept. 20
voted by 2 to 1 majority.
1921.
Due serially from
1930
EL RENO SCHOOL DISTRICT (P. O. EI
Reno), Canadian County,
SALE—The $214,000 high school bldg. bonds recently
voted—V.
112,
2334—have been sold
p.
at
par and
interest.
ENNIS, Ellis County, Tex.—BOND ISSUE MAY BE VOTED UPON.—
The City Secretary has written us the
following: "The voters of Ennis will
be called on to vote on some amendments to the
City Charter, and If these
amendments carry we expect to call an election sometime this winter or
next spring to vote on street
paving bonds, sanitarium and some others,
amounting to
total of $250,000.
a
ERIE, Erie County, Pa.—BOND SALE.—The $200,000 5M%
coupon
bonds offered on Sept. 23—V. 113, p. 1174—were sold to M. M. Freeman &
Co. of Philadelphia at $204,358 (102.179).
The
received:
Bidder:
Second
DAYTONA,
Volusia County, Fla.—BOND SALE.—On Sept. 19
Sawyers & Co. were awarded the $450,000 6% coupon bonds—
1075—at 95.25 and interest, a basis of about 6.45%.
Date
Nov; 1 1919.
Due yearly on Nov. 1 as follows: $5,000, 1924 and 1925;
$8,000, 1926 to 1928, incl.; $12,000, 1929 to 1931, Inlc.; $15,000, 1932
to 1934, incl.; $18,000. 1935 to 1937. incl.; $21,000. 1938 to 1940, incl.:
$24,000, 1941 to 1943, incl.; $27,000, 1944 to 1946, incl.; $30,000, 1947 and
$35,000. 1948.
B.
(State of)—BOND SALE.—The $500,000 4)4%
State Highway bonds offered
on
Sept. 28—V. 113,
p.
(opt.)
1174—were
sold to Barr and Schmeltzer and the Chase Securities Corporation both of
New York jointly at 92.18.
DateJan. 11921.
Due in 40 years from date,
optional at 105 after one year.
The following is a list of bids received:
Harris, Forbes & Co.. Laird & Co
$455,905
91.181
Eldredgo & Co
452,600
90.52
Graham, Parsons & Co., Kissel, Kinnicutt & Co., Wm.
R. Oompton Co
458.186 77 91.637
West & Co., Parker & Co.
451,925
90.385
Redmond & Co
450,100
447,985
450,495
460,900
Remick, Hodges & Co
90.02
460.600
Estabrook
452,550
90.51
452,720
450,150
90.544
Co
Eastman, Dillon & Co
E. H. Rollins & Sons, Equitable Trust Co. ofN.Y
$200
ESSEX
Louis
90.03
County,
Minn.—BOND
an
SALE.—The First
issue of $200,000 street
PASS, Maverick County, Tex.—BONDS REGISTERED.—
On Sept. 23 $40,000 6% serial street impt. bonds were
registered with
the State Comptroller.
Cuyahoga
County, Ohio.—BOND SALE.—
The following five issues of 6% coupon special assessment bonds
aggre¬
gating $209,500 which were offered on Sept. 24—V. 113, p. 1272—were
sold to the Detroit Trust Co. and Stacy and Braun, jointly at $213 705
(102.484) a basis of about 5.68%.
$55,000 street improvement
61,000 street improvement
49,000 street improvement
38,500 street improvement
bonds.
bonds.
bonds.
bonds.
Denom.
$1,000.
Due
Denom. $1,000.
Due
Denom. $1,000.
Due
Denom. 1 for $500 and
Oct
1
1Q31
Oct
1
1931
Oct
1
1931
38 for $1 000
Due Oct. 1 1931.
6,000 stree improvement bonds.
Denom. $1,000.
Due
Date Oct. 1 1921.
The following bids were also received:
(P.
O.
Salem),
Pa
Pa
Mas a.—TEMPORARY
LOAN.—
loan of $100,000 dated Oct. 1 1921 and due Oct. 1 1922 which
offered on Sept. 23 was sold to tho Andover National Bank on a 4.743%
discount basis.
Atchison County, Mo.—BONDS VOTED.—At a
water-works bonds were voted by 278 to 80.
recent
election $35,000 6%
FAIRFIELD COUNTY
(P. O. Bridgeport), Conn.—BOND SALE.—
Barnes & Co. and Goodwin Beach & Co.
we
learn from
a
special telegram
to us, have jointly purchased at 113.025, a basis of about 4.68% an issue of
$250,000 5)4% coupon (with privilege of registration) 30-year bridge
fronds.
Denom. $1,000.
Date Oct. 1 1921.
Prin. and semi-ann. int.
(A. & O.) payable at the First National Bank of Boston in Boston
Bridgeport, Conn.
Due Oct. 1 1951.
or
at the
First National Bank in
FAIRMONT, Martin County, Minn.—DESCRIPTION OF BONDS.—
Additional information is at hand relative to the sale of the $200,000 6%
10-year (aver.) water and light refunding bonds, awarded on Sept. 19 to
tie Drake-Ballard Co. of Minneapolis at 97.60. a basis of about 6.32%—
V. 113, p. 1383—Denom. $1,000.
Date Oct. 1 1291.
Int. A. & O.
FAIRPORT,
Monroe County, N. Y.—BOND SALE.—The $11,500
registered surface drainage bonds offered on Sept. 28—V. 113,
1272—were sold to Sherwood & Merrifield of New York at 100.01 for
6s. a basis of about 5.99%.
Date July 1 1921.
Due $1,150 yearly on
coupon or
p.
Jan.
1 from 1922 to 1931 incl.
FELL TOWNSHIP
SCHOOL DISTRICT (P. O. Simpson), Lacka¬
County, Pa.—BOND OFFERING.—Albert Wassel, Secretary of
Directors, will receive sealed bids until 6 p. m. Oct. 4
for $20,000 5)4% coupon school bonds.
Denomination $1,000.
Date
Sept. 1 1921.
Semi-annual interest (M. & S.) payable at the Liberty
Discount & Savings Bank in Oarbondale, Pa.
Due Sept. 1 1941. Certified
check for $500 required.
wanna
FERNDALE (P. O. Detroit), Wayne County,
Mich.—BOND OFFER¬
ING.—J. C. Graves, Village Clerk, will receive sealed bids until 7 p. m.
Oct. 10 for $170,000 6% 30-year bonds, $110,000 being for water works
extension and $60,000 for sewer system extension.
Interest A. & O.
Certi¬
fied check for 2%
required.
COUNTY
(P. O. Preston), Minn.—BOND SALE.—On
Sept. 21 the Wells-Dickey Co. of Minneapolis, was awarded $53,844 22
5)4% road bonds for $54,445 70 (101.11) a basis of about 5.38%.
Denom.
$1,000, except one for $844 22.
Date Oct. 1 1921.
Int. A. & O.
Due
Oct.
1
1936.
FRANKFORT,
Franklin
County,
Ky.—BOND
SALE.—Halsey,
Stuart & Co., Inc., of Chicago were the successful bidders on Sept. 26 for
the $75,000 6% storm, water and sanitary sewer bonds—V. 113, p. 1272—
at 105.18, a basis of about 5.55%.
Date Jan. 1 1921.
Due Jan. 1 1941.
FRANKLIN, Merrimack County, N. H.—BOND SALE.—The $80,000
5% coupon water works refunding bonds offered on Sept. 26—-V. 113, p.
1272—were sold to the Franklin Savings Bank at 98.80, a basis of about
5.19%.
Date Oct. 1 1921.
Due yrly. on Oct. 1 as follows: $6,000 from
1922 to 1926, incl. and $5,000 from 1927 to 1936, incl.
FRANKLIN
COUNTY
(P.
tax-free
Denom.
and Aug. 15 from 1922 to 1931,
issue of $55,062 31 6%
Co., of Kansas City.
,
O. Ottawa), Kans.—BOND SALE.—An
road bonds has been sold to Stern Bros. &
$500.
Date Aug. 15 1921.
Due Feb. 15
inclusive.
Financial Statement.
valuation
Assessed
$45,018,040
Total bonded debt, inclusive
(Bonded indebtedness less than
-
14
72,562
of 1%.)
Population (1920 Census), 21.946.
GARFIELD
COUNTY SCHOOL DISTRICT NO. 39, Colo.—BOND
SALE.—An issue of $12,000 6% 10-20-year (opt.) school bonds was sold
the Bankers Trust Co., Denver.
Denom. $500Date Sept. 1 1921.
Prin. and semi-ann. int. (M. & S.) payable at the County Treasurer's office;
to
interest
also payable at Bankers Trust Co.,
Denver.
Due Sept. 1 1941;
optional Sept. 1 1931.
GLENDORA,
Los
Angeles County, Calif.—BONDS VOTED.—On
Sept. 19 $60,000 6% water extension bonds were voted by 329 to 60.
GRAND FORKS,
Grand Forks County, No. Dak.—BOND SALE.—
been awarded at par to a local
An issue of $16,000 6% auditorium bonds has
EAGLE
each.
COUNTY
500
A temporary
92.18
improvement bonds.
CLEVELAND,
Company
was
92.12
1174—were not sold as no bids were received.
DULUTH/ St.
Erie.
3,270
3,186
3,520
1,898
3,664
2.634
4,112
90.099
DILLONVALE, Jefferson County, Ohio.—BONDS NOT SOLD.—
The $30,000 6% fire department bonds offered on Sept. 19—V.
113, p.
National Bank of Duluth has been awarded
of
Pa_.._
89.597
The National City Co., Hannahs, Ballin/& Lee__
Chase Securities Corp., Barr & Schmeltzer
Geo. B. Gibbons & Co
&
Bank
of Erie, Pa
J. If. Holmes & Co. of Pitstburgh, Pa
Biddle & Henry of Philadelphia. Pa
Edward B. Smith & Co. of Philadelphia,
Graham, Parsons & Co. of Philadelphia,
Mellon National Bank of Pittsburgh, Pa
Reilly, Brock & Co. of Philadelphia, Pa
Remick, Hodges & Co. of New York
p.
DELAWARE
Premium Bid.
National
Trust
FILLMORE
CROSBY COUNTY (P. O. Crosby ton), T ex.—BONDS VOTED.—On
Sept. 19 $12,000 6% bridge bonds were voted.
"
}'
EAST
1
ELMIRA, Chemung County, N. Y.—BOND OFFERING.—Harry
Moseson, City Clerk, will receive sealed bids until 8 p m. Oct. 3 for $81,000
5% New Main Street Bridge registered bonds.
Denomination $1,000.
Date Aug. 1 1921.
Semi-annual interest (F. & A.) payable at the City
Chamberlain's office.
Due $32,000 in 1937, S40.0OC in 1938 and $9,000
in 1939.
Certified check for 2% of the amount bid for.
payable to the
city required.
Legality approved by Caldwell & Raymond, of N. Y. City.
COUNTY
election held
coupon
Date Oct.
Board of School
COZAD, Dawson County, Neb.—BOND SALE.—An issue of $5,500
6% paving bonds was purchased during August at par by the State of
Nebraska.
Date May l 1920,
Due May 1 1940 optional at any interest
paying date.
Int. annually.
-
113,
(J. & J.) payable at
Bank, N. Y.
Certified
National
EDGE WOOD, Allegheny County, Pa.—BOND SALE.—The $50,000
5}2% bonds offered on Sept. 12—V. 113. p. 874—were sold to Lyon,
FAIRFAX,
payable at the National Park Bank, N. Y.,
V.
Hanover
75,000
COUNCIL BLUFFS, Pottawattamie County, Iowa.—BOND OFFER¬
ING.—The city of Council Bluffs will sell at public auction at the City Coun¬
cil chamber at 11 a. m. Oct. 6 $200,000 5Yi% water-works-extension bonds.
Denom. $1,000.
Date Feb. I 1921.
Prfn. and semi-ann. int. (F. & A.)
Geo.
the
Singer & Co. of Pittsburgh.
to 1951, incl.
Population estimated. 2,000.
a
Principal and semi-annual interest
Odessa and Austin, and
check for 1% required.
Erie
COULEE CROUCHE DRAINAGE DISTRICT, St. Landry Parish,
La .—BOND SALE.—'The Hibernia Securities Co., Inc.. of New Orleans
has been awarded $75,000 5% tax-free bonds.
Denom. $500.
Date April
At
(P. O. Odessa), Tex.—BOND OFFERING.—'T. 3.
sealed bids until 8a.m. Oct. 10 for $97,special road bonds.
Denom. $1,000Date
serial
following bids were also
1174.
COTTONWOOD, Idaho County, Idaho.—BOND SALE.—On Sept. 5
$20,000 street impt. bonds were sold to a local contractor.
1
30-year
•Jan. 1 1921.
declined
voters
the issuance of $22,000 6% high school bonds by a vote of 10
54 "against."
The above corrects the report given in V. 113,
to approve
p.
514%
Okla.—BOND
(P. O. Con¬
cordia), EI Pa so County, Tex.—BONDS VOTED.—An issue of $40,000
6% school bonds has been sanctioned by a vote of 31 to 0.
CONCORDIA
ECTOR COUNTY
P***?88# County Judge, will receive
000
r,
1922 to 1926, incl.
COMANCHE,
L
Slay ton & Co.__.._
Prudden & Company
firm, it is reported.
HAMILTON COUNTY (P. O. Webster City), Iowa.—BOND SALE.—
On
of
Sept. 1 $24,000 6% funding bonds were sold to the White-Phillips Co.,
Davenport at par.
Denom. $1,000.
Date Sept. 1 1921.
Interest
M. & N.
Due Nov. 1 1931.
HAMMOND, Lake'County, Ind.—BOND OFFERING.—H. Broertjes,
City Comptroller, will receive sealed bids until 1 p. m. Oct. 20 for $375,000
6% coupon water works betterment and extension bonds.
Denomination
$1,000.
Date Oct. 15 1921Principal and semi-annual interest payable
at the City Treasurer's office.
Due $10,000 from 1922 to 1926, and $13,000
from 1927 to 1951.
Certified check for 2% of the amount bid for required.
HANCOCK COUNTY
(P. O. Greenfield), Ind.—NO BIDS.—No
were received on Sept. 21 for the $13,600 5% Jasper E. Allen et al..
bids
Oct.
1
1926.
Sugar Creek Township bonds which were offered on that date—V.
1272.
113,
p.
OCT. 1
HAMILTON
following bids
on
THE
1921.]
COUNTY
were
CHRONICLE
(P.
O.
Cincinnati),
Ohio.—BIDS.—The
8ept. 23 for four issues of 6% bonds offered
received
on
that date, three issues of which mention was made in V. 113, p. 1075.
Price Bid for Price Bid for Price Bid for Price Bid for
$116,000
$226,500
Clough
$12,500
Clough
Cincinnati-
Cincinnati-
Road
Road
Brookville
Brookville
bonds.
bonds.
Bidder—
Season good & Mayer. _,
Western Bank & Tr. Co }$ 119,204
00
Road bonds.
$12,847 00 $232,740 00
$15,000
Road bonds.
$15,415 00
]
Prudden & Oo
R. M. Grant & Co__
118.540 40
12.773 75
None
231,460 35
231,492 06
230,350 50
15,328 50
118,556 64
117,972 00
Breed, Elliot & Harrs'n!
Sidney Spitzer & Co— J
118,378 00
12,756 25
231,143 25
15,307 50
Stacy and Braun
118,024 20
12,718 13
230,452 43
15,261 75
Harris, Forbes & Co__-)
National City Co_-__f
118,169 20
12,733 75
230,735 55
15,280 50
118,563 60
12,767 50
231,505 65
15,321 00
Halsey, Stuart & Co__\
S.
Hill & Co
Hayden, Miller &
Weil, Roth & Co
/
Tucker, Robison & Co__
None
116,707 60
118,475 25
12,576 25
12,776 45
227,881 65
119,886 00
Parish
COUNTY
KING
DRAINAGE
SALE.—Drainage bonds to the
and interest.
par
DISTRICT
amount
NO.
7,
Wash.— BOND
of $33,770 59 have
been sold at
y
COUNTY
(P. O. Algona), Iowa.—BOND SALE.-Re¬
cently $75,000 6% funding bonds were sold to Schanke & Oo. of Mason.
Due serially from 1923 to 1932 inclusive.
LAUREL, Cedar County, Neb.—BOND OFFERING.—Geo. A. Wright
Village Clerk, will receive sealed proposals until 8p.m. Oct. 18 for the sal©
of $23,000 6% 20-year municipal light and power bonds.
Date Sept. 1
1921.
Prin. and semi-ann. int. payable at the Oounty Treasurer's office.
Cert, check for 5% of the amount bid, payable to the village of Laurel,
required.
LAWRENCE TOWNSHIP SCHOOL DISTRICT (P. O. Clearfield),
Clearfield County, Pa.—BOND OFFERING.—Edgar T. Henry, Secre¬
Directors, will receive bids until 10 a. m. Oct. 6 for
$18,000 5K% school bonds.
Denom. $1,000.
Date Oct. 1 1921.
Int.
semi-annually.
Due Oct. 1 1951.
Purchaser to pay accrued Interest.
Bids will be received by the above Secretary at the Oounty National Bank
tary Board of School
12,878 75
234,087 75
15,454 50
119.643 56
National Bank
Richards,
the $25,000 6% school bonds—Y. 112, p. 2662.
Denom.
Date Oct. 1 1921.
Principal and semi-annuaul interest payable
Due $1,000 yearly on Oct. 1 from 1924 to
1948, inclusive.
Certified check for 2% of the amount of bonds bid for required.
Legal
proceedings and preparation and sale of bonds under supervision of Bruce
Craven, Trinity, and legality approved by Caldwell & Raymond, N. Y.
New York.
in
None
Co..)
Fifth-Third Nat Bank. \
Atlas
None
j
;
for
15
$1,000.
KOSSUTH
E. H. Rollins & Sons
N.
Oct.
1191
12.892 63
233,614 37
15.471 51
15,091 50
None
15.328 75
&
Lamson
Provident Savings Bk.
& Trust Oo_
l
A. B. Leach & Co.. Inc.
in Clearfield.
LEARNED SEPARATE ROAD DISTRICT (P. O. Learned), Hinds
County, Miss.—BOND ELECTION.—On Oct. 4 an issue of road bonds,
000, will be voted upon.
not to exceed $20
HAPPY VALLEY IRRIGATION DISTRICT (P. O. Olinda), Shasta
County, Calif.—BOND SALE.—-The $100,000 6% bonds offered on
Sept. 19—V. 113, p. 1175—have been sold at 96, as follows:"
$45,000 bonds to the Mercantile Trust Co., San Francisco.
55,000 bonds to Wm. Plotts of Whittier.
Denominations $1,000, $500, $250, $150 and $100.
Date July 1 1921.
Interest J. & J.
HARDIN COUNTY
(P. O. Kenton), Ohio.—BOND SALE.—The
$125,500 6% Marysville-Kenton I. C. H. No. 288, Section "C" bonds
offered on Aug. 5—V. 113, p. 439—were sold to the Kenton Savings Bank
and Trust Co. of Kenton at par and accrued interest.
Date Aug. 1 1921.
Denom. S1.C00 and $500.
Due $12,550 yrly. on Aug. 1, from 1922 to
1931, incl.
HARDIN COUNTY (P. O. Kenton), Ohio.—BOND SALE.—The $79,250 6% bridge bonds offered on Sept. 28—V. 113, p. 1272—were sold to
the State Industrial Commission at par.
Date Oct. 1 1921.
HARRISBURG, Dauphin County, Pa.—BONDS NOT YET SOLD.—
being offered without
success on Sept. 13—V. 113, p. 12r2—have not yet been sold.
Speaking
of the city's inability to dispose of this issue, the Harris burg "Patriot" of
The $800,000 5% city bonds, which were reported as
Sept. 14 has the following to say:
Complaints from financial houses that the interest rate on the city's
$800,000 bond issue is too low, is considered the reason that no bids have
been entered for all or a part of the issue.
The purpose of the flotation is
to make the first part of the extensions of the City Water Department.
The rate of interest as advertised by the city is 5%.
City officials will
make another attempt to float the issue at 5%, but if that is found to be
impossible, the city will probably re-advertise for bids at a higher rate."
HARTFORD
DISTRICT
SCHOOL
NO.
1
Hartford), Hart¬
ford County, Conn.—BIDS.—The following bids were also received on
Sept. 23 for the $285,000 4H % coupon bonds, awarded as stated in V. 113,
(P. O.
1384:
p.
Price Bid.
Bidder—
Price Bid.
Bidder—
Putnam &Co
Harris, Forbes & Co
National City Co
____93.150
.90.137 Estabrook& Co... 90.59
R.M. Grants Co
-93.085 R, L. Day & Co.
Prince & Whitely
93.077 Goodwin Beach & Co...
Rutter & Co
Kissel, Kinnicutt & Co.
(93.03
\
H. L. Allen & Co.
Successful Bid.
/90.772
F. R. Oooley & Co..
Blodget&Co
M
Merrill, Oldham & Co..
94.17
Eldredge & Co
J 91.61
Thomson, Fenn & Co—
Guaranty Oo. of New York...90.25
—
—
June
—
— ...
1
1921.
LEXINGTON, Davidson County, No. Caro
BOND OFFERING.—
Paul R. Roper, Town Clerk, will receive sealed bids until 2 p. m. Oct. 3
for the following 6% bonds:
$200,000 street impt. bonds.
Due yearly on Oct. 1 as follows: $14,000
1923 to 1932, incl., and $15,000 1933 to 1936, incl.
50,000 water and electric light bonds.
Due yearly on Oct. 1 as follows:
$1,000 1923 to 1950, incl., and $2,000 1951 to 1961, incl.
Denom. $1,090.
Date Oct. 1 1921.
Prin. and semi-ann. int. (A. & O.)
payable in gold at the U. S. Mtge. & Trust Co., N. Y.
These bonds are to
prepared under the supervision of the United States Mortgage & Trust
Company of New York City, which will certify as to the genuineness of the
signatures of the Town officials and the seal impressed thdreon.
Legality
be
will
be
approved by Chester B. Masslich of New York City, and J. L.
Morehead of Durham, whose approving opinions will be furnished to the
purchaser without charge.
All bids must be on blank forms which will be
furnished by the above Clerk or said Trust Company, and must be accom¬
panied by a certified check upon an incorporated bank or Trust Company,
payable to the order of the Town Treasurer or a sum of monev for or equa I
to 2% of the par value of the bonds bid for.
Bonds will bo delivered to the
purchaser at the office of the United States Mortgage & Trust Company in
New York Company in New York City on or about Oct. 10 and must then
be paid for in New York funds.
The notice of this offering was already
given in V. 113, p. 1384.
It is given again because additional data has
to
come
hand.
i
LIBERTY SCHOOL TOWNSHIP (P. O. Fulton), Fulton County,
Ind.—BOND
OFFERING.—James M.
Mills, Township Trustee, will
receive bids until 3 p. m. Oct. 7 for $50,000 6% bonds.
Denom. $500.
Date
Sept, 7 1921.
Int. J. & J.
Due $1,500 each six months from July 1
1 1930, incl., and $2,000 each six months from July 1 1930
July 1 1936. incl., payable at the Fulton State Bank in Fulton, Ind.
1922 to Jan.
to
—
—
.
——
LEXINGTON, Dawsoh County, Neb.—BOND SALE.—An issue of
$10,000 7% paving bonds was sold at par to the State of Nebraska during
August.
Date June 1 1920.
Int. annually.
Due June 1 1940.
Optional
COUNTY SCHOOL DISTRICT NO. 59, Wash.—BOND
20. Glenn & Co. of Portland, were awarded the $46,000
building and equipment bonds, recently voted—V. 113, p. 655—at
Int. annually.
LINCOLN
SALE.—On Aug.
6%
par.
—
—
—
HAY SPRINGS SCHOOL
DISTRICT NO. 3
—
—
—
(P. O. Hay Springs),
Sheridan County, Neb.—BOND SALE.—On Sept. 22
the Omaha Trust
awarded the $40,000 6% school building bonds—V. 113,
p. 1175—at 95.
Total bonded debt (including this issue), $57,000: sinking
fund, $3,370; tax levy value (1-5 approximate), $249,700.
Other bidders:
Peters Trust Co., Omaha
94.851 An tonides & Co.
(Denver 90.80
Co., of Omaha,
was
U. S: Trust Co., Omaha...
Burns,
Omaha
Brinker
&
HEMPHILL COUNTY
94.75 Amer. Bank & Tr. Co.I
Co.,
Benwell, Phillips & Co., Denv.90.55
.93.00[Keeler Bros., & Co., Denver..90.505
Canadian), Tex.—BOND DESCRIP¬
bonds recently voted—V. 113, p. 1273—
Denom.
$1,000.
Interest
annually, payable at Canadian, Chicago, or New York.
Due in 30 years:
optional after 10 years.
These bonds will not be offered for sale until
1922.
J. E. Stephens is County Judge.
(P. O.
TION.—The $50,000 5M% road
are
described
as
follows:
Coupon bonds.
HENNEPIN
COUNTY
COMMON
SCHOOL DISTRICT NO.
91
(P. O. Maple Plain), Minn.—BOND OFFERING.—R. B. Roberts, District
Clerk, will receive sealed bids until 2 p. m. Oct. 1 for $2,000 6% steam
heating plant bonds.
Interest semi-annually.
Due $500 in 1924 to 1927,
inclusive.
,
HEWITT
McLennan
troller
on
INDEPENDENT
SCHOOL
DISTRICT
(P.
Sept. 21 registered $22,000 6% 20-40 year bords.
County, Okla —BOND
OFFERING.—
The City Clerk will receive sealed bids until 8 p. m. Oct. 20 for the $30,000
sewer system extension and $15,000 convention hall 6%
bonds, recently
voted—V. 113, p. 1075.
HURON COUNTY (P. O. Norwalk), Ohio.—BOND OFFERING.—
W. H. Griffin, County Auditor, will receive bids until 12 m. Oct. 5 for
$16,000 6% fair ground bonds.
Denom. $500.
Date Oct. 1 1921.
Int.
semi-annually.
Due $1,000 each six months from April 1 1922 to Oct. 1
1923, incl., and $2,000 each six months from April 1 1924 to Oct. 1 1926,
HODDENVILLE,
incl.
Hughes
Purchaser to pay accrued interest.
ISHPEMING, Marquette County, Mich .—BOND OFFERING.—R. H
Olds, City Recorder, will receive sealed proposals to-day (Oct. 1) for $35,000.
5% street bonds.
Date Oct. 1 1921.
Due $5,000 yearly from 1922 to
1928, inclusive.
(P. O. Rensselaer), Ind.—BOND OFFERING.—
Biggs, County Treasurer, will receive bids until 1 p. m. Oct. 6 for
$15,200 5% Felix R. Erwin et al. Road Improvement No. 3286, Union Town
bonds.
Denom. $760.
Date Sept. 15 1921.
Int. M. & N.
Due $760
each six months from May 15 1922 to Nov. 15 1931, incl.
BOND OFFERING.—The above official will also receive bids unt.l 1p.m.
Oct. 12 for $7,625 32 6% d-tch bonds.
Interest M. & N.
Due semi¬
annually from May 15 1922 to Nov. 15 1931, inclusive.
John T.
COUNTY
(P.
O.
Portland),
Ind.—BOND OFFERING.—O.
Roy Morrow, County Treasurer, will receive sealed bids until 10 a. m.
1 for $8,400 6% J. J. Kidder et al., Pike Township bonds.
Denom.
$420.
Date Sept. 1 1921.
Int. M. & N.
Due $420 each six months from
May 15 1922 to Nov. 15 1931, incl.
JAY
Le
Oct.
JEFFERSON AND MADISON COUNTIES JOINT SCHOOL DIS¬
NO. 16 (P. O. Card well), Mont.—BOND SALE.—An issue of
$3,500 6% funding bonds has been sold to the State Land Board at par.
TRICT
KENMORE, Summit County, Ohio.—BOND OFFERING.—B. O.
Sours, City Clerk, will receive sealed bids until 12 m.
Oct. 10 for $45,000
6% water works bonds.
Denomination $1,000.
Date 8ept. 1 1921.
Principal and semi-annual interest payable at the National City Bank in
New York City.
Due Sept. 1 1936.
Certified check for 2% of the amount
bid for, payable to the City Treasurer required.
KERNERSVILLE GRADED
ville),
Griffin,
SCHOOL
DISTRICT (P. O.
Kcrners-
OFFERING.—James
Secretary Board of Trustees, will receive sealed bids until 2 p.
Forsyth
County,
No.
are ready for delivery.
Successful bidders will be furnished with the ap¬
proving opinion of Charles & Rutherford, St. Louis, and Oliver & Oliver,
Attorneys of the District, Cape Girardeau, Mo.
Tho successful bidders
will be required to take up and pay for their bonds on or before Oct. 12 1921
at or through some bank in St. Louis to be named by them.
Proposals
should be addressed to the Board of Supervisors of the Little River Drain¬
age District and marked on the outside "Proposals for Bonds."
Mail bids
forwarded to John H. HImmelberger, President Board of Supervisors, caro
Secretary Chamber of Commerce, 511 Locust St., St. Louis, Mo., will
be coasidered provided they are received not later than 11a.m., Oct. 6 1921.
Official circular says: "There is no litigation pending or threatened involving
the organisation of the district or the inclusion of anv land.
This district
has always paid promptly the interest on its bonded debt and has matured
and paid $673,000i of bonds as well as accumulated a surplus of over $165,000
in the sinking fund."
Total bonded debt (incl. this issue), $6,427,000.
Aggregate assessed benefits, $14,061,188.
Population (est.), 20,090.
LOCKLAND,
Hamilton
County,
Ohio.—BOND
Milev, Village Clerk, will receive sealed bids until 12
OFFERING.—Ray
m.
Oct. 24 for $5,000
Shepherd Ave. Improvement bonds and $5,000 sewer bonds.
Denomina¬
tion $500.
Date Aug. 1 1921.
Interest semi-annually.
Due $500 of
each Issue yearly from 1922 to 1931, inclusive.
Certified check for 5% of
the amount bid for, payable to the Village Treasurer reqiured.
LOCUST
GROVE
SCHOOL
DISTRICT, Tulare County, Calif.—
BOND OFFERING.—Until 2 p.
m. Oct. 3 sealed bids will be roceived for
6% school bonds by Geo. R. Prestidge, County Clerk (P. O.
Visalia).
Principal and semi-annual interest (M. & S.), payable at the
County Treasurer's office.
Due $1,000 yearly on Sept. 15 from 1925 to
$12,000
1936, inclusive.
Certified check for 5%, payable to the Chairman Board
County Supervisors, required.
of
ISANTE COUNTY (P. O. Cambridge), Minn.—BOND OFFERING.—
F. A. Norell, County Auditor, will receive sealed bids, it is reported, until
Oct. 17 for $64,883 76 highway bonds.
JASPER COUNTY
1926; $30,000, 1927; $32,000, 1928; $34,000, 1929; $37,000, 1930; $40,000,
1931; $42,000, 1932; $44,000, 1933; $47,000, 1934; $50,000, 1935; $52,000,
1©36; $56,000, 1937: $59,000, 1938; $63,000, 1930; $36,000, 1040, and $70,000, 1941.
Cashier's check for 2% of the amount of bonds bid for, payable
to the District Treasurer, required.
The bonds have been prepared and
O.
Hewitt),
Tex.—BONDS REGISTERED.—The State Comp¬
County,
LITTLE RIVER DRAINAGE DISTRICT, Mo.—BOND OFFERING.—
Bids will be received until Oct.. 6 for $750,000 6% bonds.
Denom. $1,000.
Date April 1 1921.
Prin. and semi-ann. int. (A. & O.) payable at the First
Trust & Savings Bank, Chicago.
Due yearly on April 1 as follows: $28,000,
Caro.—BOND
J.
m.
LONG BEACH, Nassau County, N. Y.—BOND SALE.—The follow¬
ing four issues of 6% bonds aggregating $240,000 offered cm Sept. 23—
V. 113, p. 1273—were sold to Watkins <fe Co. of New York at 100.68, a
basis of about 5.92%:
$125,000 water-works bonds.
Denom. $5,000.
Due $5,000 yearly on
Oct. 1 from 1925 to 1949, inclusive.
75,000 electric-light bonds.
Denom. $3,000.
Due $3,000 yearly on
Oct. 1 1925 to 1949, inclusive.
30,000 fire bonds.
Denom. $1,500 yly. on Oct. 1 from 1925 to 1944, incl.
10,000 sidewalk bonds.
Denom. $500.
Due $500 yearly on Oct. 1
from 1925 to 1944, inclusive.
LORAIN SCHOOL
DISTRICT (P. O. Lorain), Lorain County,
Ohio.—BOND OFFERING —E. Bruell, Clerk of the Board of Education,
will receive sealed bids until 12 m. Oct. 20 for $675,000 6% school bonds.
Denom. $1,000.
Date day of sale.
Int. F. & A.
Due $25,000 each six
months from Aug. 1 1931 to Aug. 1 1944, incl.
Oert. check for $500
r6Quir6(i
LOS BANOS, Merced County, Calif.—BOND SALE.—Tho $22,532.60
8% fire protection bonds offered on Aug. 24—V. 113, p. 876—have been
by H. Gould, contractors, of Sacramento.
Date Aug. 3 1921.
Due $2,253.26 yearly from 1922 to 1931, inclusive.
taken
LUVERNE,
Rock
County,
Minn.—CERTIFICATE
Sept. 23 Gates, White & Co., were awarded $100,000 6%
Denom. $1,000Date'July 1 1921.
certificates at 95.60.
LYNN
Bay County, Fla.—BOND SALE.—According to
Graves, Blanchet & Thornburgh, have acquired $15,000
HAVEN,
newspaper reports,
6% bonds at
par.
McCRACKEN,
of $55,000 electric
Rush County, Kans.—BONDS VOTED.—An issue
light and water works impt. bonds has been voted.
O. Brltton), So. Dak.—BOND SALE.—
Merchants' Bank of Britton purchased $101,drainage bonds at par.
Denom. $1,000.
Date Sept. 1 1921.
& S.
Due Sept. 1 1930.
MARSHALL COUNTY (P.
On Sept. 21 the Farmers and
000
7%
Int. M.
f
SALE—On
street impt.
Int. J. & J.
NASHVILLE, Jenn.—BOND SALE.—On Sept. 23 the following 6%
113, p. 1176—were sold to Stern Bros. & Co. of Kansas City,
O. Stanton), Tex.—BOND OFFERING.—The
of $60,000
MARTIN COUNTY (P.
[Vol. 113.
CHRONICLE
TITE
1492
Commissioners Court of Martin County solicits bids on an issue
bonds—V.
20-year serial road bonds.
Denom. $1,000.
Date Mar. 1 1921.
Int. semi-ann. payable at Stanton, Austin or New York.
Cert, check for
1% required.
Bids to be addressed to O. G. Oden, County Judge.These
bonds were registered on July 7 with the State Comptroller—V. 113, p. 318.
Mo.
5)4%
.
Clara County, Calif.—BOND OFFERING.—
Cuthbertson, Town Clerk, that he has now for
Santa
MAYFIELD,
$58,000 street impt. bonds, issued for the purpose of providing means for
payment of not exceeding two-thirds of the estimated cost of
I
certain street imptovements at 100.10, a basis of about 5.97%.
Due yearly on Sept. 1 as follows: $11,000, 1922 and 1923; $12,000,
1924 to 1926, incl.
46,000 general impt. bonds, issued for the purpose of providing means for
the payment of the city's shares of the cost of certain street im-
We are advised by 8. M.
sale the following bonds:
fire
$1,000 6%
"6,000 6%
Denom. $500.
Denom. $300.
bonds.
bonds.
water
Srovements at 101.70, a basis of about 5.81%. to 1941, incl.on
Due yearly
ept. 1 as follows: $4,000, 1927 and $3,000, 1928
Date Sept. 1
Austin,
has purchased $65,000 6% electric light bonds.
Date May 15 1921.
Due
May 15 1951.
These bonds were registered on Aug. 29 with the State
MEMPHIS, Hall County, Tex.—BOND SALE —3. L. Arlitt of
Comptroller.—V. 113,
1176.
p.
NEVADA
MERCER, Mercer County, Pa .—BOND ELECTION.—At a special
meeting of the Town Council held Sept. 12 a resolution was passed to submit
to the voters of the town at the November election a proposal for a $20,000
bond Issue.
The bonds will bear 5)4% interest and will mature in 19o6.
These bonds will be issued for the following purposes:
of $35,000
$7,300 for paving off the floating debt of the town.
2,700 for building sewers.
10,000 to be held as a reserve fund toward building a sewage disposal plant
P-
NEW
(State
are advised
and the Continental
the following houses
soldiers' bonus bonds at 103 033,
acquiring the $10,000,000 5)4% coupon
reported in V. 113. p. 1385:
Chicago, 111.
National Bank of Republic, Chicago, III.
Wells-Dickey Co of Minneapolis, Minn.
Michigan Trust Co of Grand Rapids, Mich.
The list of the other bids received is as follows:
a
Estabrook & Co—
—
Illinois Trust Co
Remick, Hodges & Sons..—
R. L. Day & Co.
Merrill, Oldham & Co.
.•*.
Stacy & Braun—
Blodget & Co
First National CoDetroit Trust Co
Harris, Small & Lawson
Michigan Trust Co-
Smith-Moore & Co_
—
102.34
-
(101.55
—
—
—
;
Watling. Lerehen & Co
Redmond & Co
NORTH
Kean, Higbie & Co
yearly
NORTH CAROLINA (State of)—NOTE SALE—With reference to
the State of North Carolina, the
"Raleigh News & Observer" of Sept. 29 says:
"Five million dollars of North Carolina short term notes have been sold
at
par on the New York market at 5 95, according to telegram received
yesterday from State Treasurer, B. R. Dacy, who went to New York
Monday to confer with bankers over the loan
Negotiations have been
in progress for several weeks.
"The loan is without strings, and the money will be deposited in North
Carolina banks subiect to check as needed.
The entire amount will be
(P. O. Midland), Tex.—BOND OFFERING.—
an issue of $117,000 5)4% 30serial road bonds.
Denom. $1,000.
Date Aug. 1 1921.
Int. semiann. payable at Midland, Austin or at the Chemical National Bank, N. Y.
Cert, check for 1 %, required.
Bids to be addressed to J. M. De Armond,
County Judge.
apportioned among the several building enterprises now in process, road
building, expansion at the various educational and custodial institutions, etc.
"The basis of apportionment has not been worked out by the Council of
State, but the major share will probably go to the State Highway Com¬
mission for road construction.
The State University will also come in for a
large share, building operations there having advanced to the stage that
will require considerable cash money.
New buildings at other State
institutions will also require considerable funds.
"Floating of a loan at less than six per cent, interest is looked upon by
members of the administration as a favorable omen of the return of normal
conditions.
Financial conditions have improved considerably since June
when two million dollars worth of State notes were sold on the New York
MITCHELL COUNTY (P. O. Osage), Iowa.—BOND SALE.—Schanke
City have been awarded $34,000 6% funding bonds, matur¬
& Co. of Mason
ing serially from 1937 to 1941, incl,
MONROE GRADED SCHOOL DISTRICT (P. O. Monroe), Union
County, No. Caro.—BOND OFFERING.—W. B. Love, Chairman Board
market for 5)4%-
of School Trustees, will receive sealed bids until 12 m. Oct. 10 for $100,000
4
'Although financial conditions have improved, it is expected that several
more of improvement must come before the State will be able to
General Assembly bearing not more than
5% interest.
The demand for money is still brisk, and is commanding high
rates for industrial and commercial uses."
6% coupon (with privilege of registration) bonds.
Denom. $1,000.
Date
1 1921.
Prin! and semi-ann. int. (A. & O.) payable in gold at the
National Park Bank N. Y. Due yearly on Oct. 1 as follows: $2,000, 1924
to 1933, incl.;
$4,000, 1934 to 1943, incl., and $5,000, 1944 to 1951 incl.
Cert, check on an incorporated bank or trust company, or cash, for 2%
of the amount of bonds bid for payable to the Board of Trustees, required.
Purchaser to pay accrued interest.
Successful bidders will be furnished with
months
Oct.
market bonds authorized by the
Jannirlgs
NORTH VERNON,
County, In&.—BOND SALE.—The
$25,000 6% water works improvement bonds offered on Sept. 23—V. 113,
p. 1295—were sold to T. D. Sheerwin & Co. of Indianapolis.
Date Sept. 15
1921.
Due $12,500 on Sept. 15 1926 and $12,500 on Sept. 15 1931.
the
opinion of Reed, Dougherty & Hoyt of N. Y. that the bonds are valid
and binding obligations of this district and the bonds will be printed under
the supervision of the U. S. Mtge. & Trust Co., N. Y., which certify as to
the genuineness of the signatures and the seal on the bonds.
NORWALK, Huron County, Ohio.—BOND OFFERING.—L. Snook ,
City Auditor, will receive sealed bids until 12 m. Oct. 8 for $30,000 6%
light bonds.
Denom. $500.
Date March 1 1921.
Int. payable semi¬
annually.
Due each six months as follows: $2,500 from March 1 1928 to
Sept. 1 1929, incl., and $5,000 from March 1 1930 to Sept. 1 1931, incl.
Cert, check for 2% of the amount bid for, payable to the City Treasurer,
required.
Purchaser to pay accrued interest.
SCHOOL
DISTRICT, Macon County, Ga.—BOND
SALE.—The Trust Company of Georgia of Atlanta, has purchased $100,000
6% school bonds.
Denom. $1,000.
Date Sept. 1 1921.
Prin. and ann.
int. (Jan. 1) payable in New York.
MONTGOMERY COUNTY
(P. O. Dayton), Ohio.—BOND OFFER¬
Q. Kilmer, Clerk of the Board of County Commissioners, wilj
a. m. to-day (Oct. 1) for $55,000 6% East Park
Sanitary Sewer District No, 1 bonds,
Denom. $1,000.
Date Dec. 1 1921.
Prin. and semi-ann. int. (J. & D.) payable at the County Treasurer's office.
Due $3,000 Dec. 1 1923 and $4,000 yearly on Dec. 1 from 1924 to 1936, incl.
Cert, check for $1,000 drawn uopn any solvent bank in Montgomery County,
required.
The approving opinion of D. W. and A. S. Iddings, Davton,
Ohio and Squirer, Sanders and Dempsy, Cleveland. Ohio, will be furnished
to the successful bidder.
Purchaser to pay accrued interest.
ING.—F.
NOVATO
receive sealed bids until 9
O.
Novato),
election
Marin
Novato
at
County,
the
citizens
OAKDALE UNION HIGH SCHOOL DISTRICT, Stanislaus County,
Calif.—PRICE PAID.—The price paid for the $60,000 6%
V.
113, p. 1385—was 100 43, it is stated.
National Bank of Los Angeles.
Mooreland), Woodward
school bonds—
The purchaser was the Citizens
Ohio.—BOND SALE.—The $5,750 6%
impt. bonds offered on Sept. 5—V. 113, p. 877—were sold to the
Savings Bank Co. at par and accrued interest.
Denom. 1 for
$250 and 11 for $500 each.
Date Aug. 1 1921.
Int. (A. & O.).
Due
serially.
OAK HILL, Jackson County,
APPROVED.—School building bonds to the
$53,000 were approved on Sept. 2 by the Attorney General.
street
Oak
MULTNOMAH COUNTY
DRAINAGE
DISTRICT No. 1, Ore.—
OFFERING.—Sealed bids will be received until 2 p.m. Oct. 29
BOND
by the Board of Supervisors at the office of said Board in the Gordon
Building 4th and Stark Streets, Portland, for the purchase of $200,000
bonds at not to exceed 6% interest.
Denoms. not less than $100
Prin.
and semi-ann. int. payable in gold at the fiscal agency of the State of
Oregon in New York City.
Due yearly as follows; $8,500 in 5 years,
$9,000 in 6 years, $9,500 in 7 years, $10,000 in 8 years, $11,000 in 9 years,
$11,500 in 10 years, $12,000 in 11 years, $13,000 in 12 years, $13,500 in
13 years. $14,500 in 14 years, $15,000 in 15 years, $16,500 in 16 years,
$17,500 in 17 years, $18,500 in 18 years, and $19,500 in 19 years.
Cert,
check for 5% of the amount of bonds bid for, required.
"The above
sale is conditional upon the prior validation! of the proceedings for the
authorization of said bonds by the Circuit Court of the State of Oregon
for Multnomah County, in which Court special proceedings for said purpose
are now pending and also subject to the certification thereof by the Secre¬
tary of State."
D. C. Powell is Secretary.
Hill
OCEAN BEACH, Suffolk County, N. Y.—BONDS NOT SOLD.—The
two issues of
—V. 113, p.
OHIO
6% bonds aggregating $18,500 which were offered on Sept. 24
1275—were not sold.
COUNTY
(P.
O.
Rising
$8,160 5% Harry Vinup et al., Cass
Sun), Ind.—BOND SALE.—The
TownshiD bonds offered on Sept. 20
Richard J. Cutter at par and
—V. 113, p. 1176—were sold to Chris E. and
accrued interest.
Date Aug. 1 1921.
Due
May 15 1922 to Nov. 15 1941, incl.
$204 each six months from
There were no other bids received.
OKLAHOMA CITY, Oklahoma County, Okla—BOND ELECTION.
—On Nov. 15 $6,999,400 20-year water, sewer,
fire and park bonds will be
voted upon.
OKEENE,
Blaine
County,
Okla.—BONDS
woiks impt., $45,000
recent election $20,000 water
DEFEATED.—At
a
and $40,000 elec¬
sewer
tric light bonds were defeated.
MUSCATINE COUNTY (P. O. Muscatine), Iowa.—BOND SALE.—
Geo. M. Bechtel & Co. of Davenport, have been awarded
$65,000 6%
(P.
bond
NUNN, Weld County, Colo.—BOND SALE.—The Bankers Trust Co.
Denver, recently purchased $40,000 6% 15-year water bonds.
Int.
payable in New York.
Assessed value 1920 $224,890.
Bond¬
ed debt this issue only.
Okla.—BONDS
1926.
the
of
ELECTION.—At
funding bonds.
Due yearly on Nov. 1 as follows, $8,000, 1922 to
incl., $9,000. 1927; $6,000 1928 and $10,000, 1931-
VOTED.—At
semi-ann.
,
MOORELAND SCHOOL DISTRICT (P. O.
DISTRICT
SCHOOL
Calif.—BONDS
voted $35,000 school bonds by 241 to 28, it is stated.
the regular November election, $35,000 6% water impt. bonds will be voted
County,
on
the sale of $5,000,000 short term notes by
MIDLAND COUNTY
amount of
school bonds.
Denom. $1,000.
Date Oct. 1 1921.
Prin.
payable at the District Treasurer's office.
Due $1,000
Oct. 1 from 1922 to 1931 incl.
Cert, check for $500 required.
$10,000 6%
and semi-ann. int.
yoar
upon.
BEND, Coos County, Ore.—BOND OFFERING.—'The City
11 for $8,591 43 6% street impt.
the
The Commissioners Court solicits bids on
Colo .—BOND
County,
NORTH CANTON SCHOOL DISTRICT (P. O. North Canton),
Stark County, Ohio.—BOND OFFERING.—J. T. Warburton, Clerk of
Board of Education, will receive sealed bids until 12 m. Oct. 12 for
SCHOOL DISTRICT NO. 1, Dry Wells Township,
County, No. Caro.—BOND OFFERING.—Sealed proposals will
be received until 11 a. m. Oct. 11 by E. C. Powell. Chairman, Board
of School Trustees CP. O. Middlesex), for $37,000 6% coupon (with privilege
of registration) school bonds.
Denom.| $1,000.
Date Oct. 1 1921.
Prin.
and semi-ann. int. (A. & O.) payable at the Hanover National Bank, N. Y.
Due yearly on Oct. 1 as follows: $1,000, 1922 to 1944, incl., $2,000 1945
to 1951, incl.
Cert, check or cash on an incorporated bank or trust com¬
pany for 2% of the amount of bonds bid for. payable to the Board of Trus¬
tees, required.
Purchaser to pay accrued interest.
Successful bidders
will be furnished with the opinion of Reed. Dougherty & Hoyt of New York
City, that the bonds are valid and binding obligations of Middlesex School
District No. 1 in Dry Wells Township; and the bonds will be printed under
the supervision of the United States Mortgage & Trust Company, which
will certify as to the genuineness of the signatures and seal on the bonds.
MIDDLESEX
County,
Cert, check for 3% of the amount bid for, payable
Purchaser to pay accrued interest.
Education, required.
bonds, it is stated.
Nash
Montrose
Oct. 13 for $56,000 6% coupon bonds. Denom. $1,000.
Int. semi-annually.
Due $4,090 yearly on Oct. 1
Clerk will receive sealed bids until Oct.
submitted an alternative bid for $5,000,000
5% 20-year bonds and $5,000,000 5)4% 20-year bonds at par.
The successful syndicate also
MONTROSE,
m.
1921.
p.
—
Curtis & Singer—
MONTEZUMA
1
NORTHAMPTON, Hampshire County, Mass.—BOND OFFERING.—
George W. Clark, City Treasurer, will receive sealed proposals until 7:30
m.
Oct. 4 for $32,000 5% coupon concrete bridge bonds.
Denom.
$1,000.
Date Oct. 1 1921.
Prin. and semi-ann. int. (A. & O.) payable
at the Hampshire County Trust Co. of Northampton. Mass.
Due $4,000
yearly on Oct. 1 from 1922 to 1929 incl.
These bonds will be engraved
under the supervision of and certified as to theii genuineness by the Old
Colony Trust Co. of Boston, Mass.
This trust company will further certifythat the legality of this issue has been approved by Messrs. Ropes, Gray,
Boyden & Perkins of Boston, a copy of whose opinion will accompany the
bonds when delivered, without charge to the purchasers.
All legal papers
incident to this issue, together with an affidavit certifying to the proper
execution of the bonds, will be filed with the Old Colony Trust Co., where
they may be inspected.
—
-
Co.
Oct.
following also submitted bids on Sept. 19 for the
tax-free coupon bonds, awarded as stated in V. 113, p.
1385—Lincoln Trust Co., James Wachob, Omaha Trust Co.. C. W. McNear
& Co., First Trust Co., and the Bankers Trust Co., Denver.
Whittlesey, McLean & Co—
Nicol, Ford & Co
Guaranty Co. of N. Y—
Kissell, Kinnecutt & Co- i. —
Halsey, Stuart & Co
Eldredge & Co
Hannahs, Ball in & Lee
Ames. Emerich & Co
Marshall Field, Glore, Wardf 101.35
&
V
Neb.—BIDS.—The
—
5%% 30-year bonds—— .100.03
Sept. 6 with the State Comptroller.—V. 113,
$165,000 5)4 %
|
White. Weld & Co
E. H. Rollins & Sons
For
j
on
NORFOLK SCHOOL DISTRICT (P. O. Norfolk), Madison
1
;■*:
Chase Securities Corp
—
William R. Compton Co
registered
was
to the Board of
Co
/
County, Tex.—BOND SALE.—An issue
bonds has been sold to the local
1274.
Date
Blair & Co—
—
Comal
works extension
from 1932 to 1945. incl.
Price Bid.
Ha I lgarten &
—
water
proposals until 12
Bidder—
Price Bid.
Bidder—
National City Co—
6%
NILES CITY SCHOOL DISTRICT (P. O. Nllssl, Trumbull Coi^TtTT
Ohio.—BOND OFFERING.—M. G. Kennedy, Clerk, will receive sealed
basis of 5.25% as
Northern Trust Company,
Bankers Trust Co—
~
say
that Seheeline
the $200,000 block of
SALE.—Reports
NEW MADRID COUNTY DRAINAGE DISTRICT NO
23, Mo.—
BOND SALE— The Liberty Central Trust Co. and Lewis W. Thomson &
Co., both of St. Louis, purchased $100,000 6% tax-free bonds.
Date
Aug. 1 1921.
Due yearly from 1922 to 1911, incl.
' ■ ;'
:
that together with the Harris Trust & Savings dank,
& Commercial Trust & Savings Hank were associated
in
County,
Minn.—NO
BIDS RECEIVED.—
Sept. 14 for the $160,000 6% refunding bonds.—
of)—BOND
BRAUNFELS,
This issue
DATA.—We
of)—ADDITIONAL
(State
on
populace at par.
1923.
MICHIGAN
Itasca
Banking & Trust Co. of Reno has been awarded
6% Nevada State highway bonds on a 5.48% basis.
...
in
1921.
NASHWAUK,
No bids were received
V. 113, p. 1176.
i
1
OLEAN, Cattarangus County, N. Y.—BOND OFFERING.—E. W
Stone, Clerk of the Board of Water Commissioners, will receive sealed pro¬
posals until 1pm Oct. 8 for $45,000 5)4 % coupon or registered water
Oct.
works
1
1921.]
bonds.
THE
Denora.
S1.000.
Date Oct.
1
1921.
Int.
A.
&
CHRONICLE
O.
1493
Due
Oct. 1 1948.
PICKENS COUNTY (P. O. Carrollton), Ala.—BOND SALE.—Re¬
ports say that the $100,000 6% 30-year road bonds, dated
Sept. 1 1921,
offered on
Apg. 29—V. 113, p. 981—have been sold.
OLMSTEAD COUNTY (P. O. Rochester), Minn.—BOND
OFFERING.
—Amiel L. Galbe, County Auditor, will
receive,sealed bids until 2 p. m.
Oct. 4 for $137,817 76 6% trunk highway reimbursement bonds.
Denom.
$1,000, one for $817 76.
Date Aug. 1 1921.
Int. semi-ann.
Due on
Aug. 1 from 1931 to 1935, incl.
Cert, check for 2% payable to the
PIERCE, Pierce County, Neb.—BOND SALE.—The Bankers Trust
Co., of Denver, has purchased the
following bonds: I
$27,000 6% 10-20-year (optional) intersection paving bonds.
55,000 7% 6-20-year serial paving district bonds.
Denom. $1,000.
Date July 1 1921.
Interest semi-annually, payable
locally.
$2,000 yrly. on Oct. 1 from 1926 to 1947 incl. and $1,000 on
Cert, check for 2% of the amount bid for, required.
Legality approved
by Clay and Dillon of New York City.
County
Treasurer, required.
ORANGE
COVE
JOINT
UNION
SCHOOL
DISTRICT,
Fresno
County, Calif.—BOND SALE.—An issue of $20,000 6% bonds, maturing
1927 to 1930, incl., has been sold.
Assessed value 1921, $1,066,390.
Tax rate (per $1,000), $5 30.
ORANGETOWN UNION FREE SCHOOL DISTRICT
NO. 8
Pearl River), Rockland County, N. Y.—BOND
(P. O.
OFFERING.—James B.
Education, will receive sealed bids until
8 p. m. Oct. 4 for $245,000 6% coupon or registered school bonds.
Denom.
$500.
Date Nov. 1 1921.
Principal and semi-annual interest (M. & N.)
payable at the First National Bank of Pearl River, N. Y.
Due yearly on
Nov. 1 as follows: $7,000 in 1922, 1923 and
1924: $8,000 in 1925 and 1926:
$9,000 in 1927 and 1928: $10,000 in 1929; $1,100 in 1930 and
1931; $12,000
in 1932; $13,000, 1933; $14,000,1934; $15,000,
1935; $16,000, 1936; $17,000,
1937; $18,000 in 1938, 1939 and 1940; and $17,000 payable in
1941.
Certi¬
fied check for 2% of the amount bid for,
payable to the Board of Education,
required.
The opinion of Hawkins, Delafield & Longfellow, of New
York,
will be furnished the purchaser that the bonds are
binding and legal obliga¬
tions of the city.
Bonds are to be prepared under the supervision of the
U. S. Mtge. & Trust Co., which will
certify as to the genuinenass of the
signatures of the officials and seal impressed thereon.
Purchaser to pay
Moore,
Clerk
of the
Board
of
PIKE COUNTY (P. O.
Petersburg), Ind.—BOND SALE.—The $20.850 5% Herman Bryant et al., Patoka
Township bonds offered on Sept.
27—V. 113, p. 1275—were sold to the First National Bank of Winslow at
par and accrued interest.
Date Sept. 15 1921.
Due one bond each six
months from May 15 1922 to Nov. 15 1941, inclusive.
PINE
GROVE
CONSOLIDATED
SCHOOL
County, Miss.—BONDS DEFEATED.—An issue
has
been defeated.
DISTRICT,
Tippah
of $1,500 school bonds
•
PINEHURST, Dooly County. Ga.—BOND SALE—The Trust Com¬
of Georgia, of Atlanta has been awarded $10,000 6% water works
pany
bonds.
PITTSBURG COUNTY (P. O. McAlester), Okla.—BOND ELECTION
MAY BE FIELD.—An election may be held for the
purpose of voting upon
the issuance of $300,000 6% court house bonds.
PLAINSBURG
BOND
SCHOOL
DISTRICT,
Merced
County,
Calif.—
DESCRIPTION.—The
$7,500 6%
new
school bonds, recently
of San Francisco (V. 113, p. 1275) are in
of $750 and mature yearly from 1922 to 1931, Inclusive.
awarded to the
denom.
Bank of Italy
accrued interest.
Financial Statement.
Total outstanding bonds.
$3,280 00
_
Sinking funds and bond cash
account
None
Floating and Temporary indebtedness
None
Net Debt including bonds to be issued
Assessed
$248,280 00
Valuation.
POCAHONTAS INDEPENDENT SCHOOL DISTRICT (P. O. Poca¬
hontas), Pocahontas County, Iowa.— BOND SALE.—First National
Company of Mason City was awarded $25,000 6% school bonds on Sept. 20
at par, less an allowance of $745 for expenses.
This bid is equal to 97.02.
Denoms. $1,000 and $500.
Date Oct. 1 1921.
Int. A. & O.
Due yearly.
PORTALES CONSOLIDATED SCHOOL DISTRICT NO. 1
(P. O.
Portaleg), Roosevelt County, N. Mex.—BOND OFFERING.—W. B.
Oldham, Clerk Board of Education, will receive sealed bids until 3 p. m.
Real property including improvements,
40% of actual value. __$1,600,000 00
Tax Rate.
Fiscal year (1921) $1 81 per thousand.
On New School—1st year $3 09
per thousand.
Oct 8 at his office, in the rear of the Security State Bank Bldg.,
Portales,
for the purchase of $80,000 6% 10-30 year
(opt.) high school bldg. and equip¬
ment bonds.
Denom. $1,000.
Bonds will bear date as may be determined
bv the Board.
Int. semi-ann. Cert, check for 5%,required.
Official
circular states that no previous issues of bonds have ever been contested
OREGON (State of).—BIDS.—The
following is a complete list of the
received on Sept. 20 for the $1,000,000 tax-free
gold coupon State
highway bonds, awarded as reported in V. 113, p. 1385:
Bidder—
Maturity,
Int.Rate. % of Par
Ralph Schneeloch Co
1
Stacy & Braun
I
and that the principal and interest of all bonds
previously issued have
always been promptly paid at maturity and that, there is no controversy
or litigation pending or threatened
effecting the corporate existence or the
Kissel, Kinnicutt & Co...
and
bids
...
_
[Serial 1926-1946
Eldredge & Co
|Oct.
Anglo & London Paris National Bank.I
Security Savings & Trust Co., Portland]
1
...
White, Weld & Co
Blodget & Co
Lee, Higginson & Co
1925
514%
6%
100.641
100.51
boundaries of said district or the title of its present officials to their
respec¬
tive offices, or the validity of its bonds
Total indebtedness, including
this issue, $124,300.
Cash on hand, $3,318 69
Assessed value of real
personal
$3,000,000.
PORTER
[Serial 1926-1946
5H%
100.52
|
property, equalized 1921, $1,907,833.
population (estimated), 2.500
Real value (est.)
The notice stating
Present
that this district had voted $80,000 bonds was given under
velt County School District No. 1" in V. 113, p. 1177.
COUNTY
(P.
caption " Roose¬
O.
Valparaiso), Ind.—BOND SALE.—The
$30,800 4)4 % Charles Sheffield et al., Washington Township bonds offered
Sept. 21—V. 113, p. 1275—were sold to the Citizens Savings & Trust
Co. of Valparaiso at par and accrued interest.
Date Mar. 16 1921.
Due
on
Merchants Loan & Tr. Co. of Chicago I
Freeman, Smith & Camp Co.
..1
William R. Compton Co
$1,540 each six months from May 15 1922 to Nov. 15 1931, incl.
Halsey, Stuart & Co., Inc
Hallgarten & Co
Serial 1926-1946
Oct. 1 1925
First National Co
5 H%
100.279
6%
100.07
PORTSMOUTH
CITY SCHOOL DISTRICT (P. O. Portsmouth),
Scioto County, Ohio.—BOND SALE.—The $400,000
6% coupon schoolbonds offered on Sept. 23 (V. 113, p. 981) were sold to the
Northern Trust Co. and Taylor, Ewart & Co., both of Chicago, jointly at
extension
A.M.Wright
'/Serial 1926-1946
J Oct. 1 1925
^
John E. Price & Co
Bankers Trust Co
5 *A%
6%
100.87
100.05
107-31,
a basis of about 5.55%.
Date Sept. 1 1921.
Due yearly on Sept. 1
follows; $10,000, 1941 to 1946. inclusive: $15,000, 19 '7 and 1948; $20,000,
19.54, inclusive: $22,000, 1955; $26,000, 1956 and 1957; $28,000,
1958 and 1959; and $30,000, 1960 and 1961.
The following is a list of the bids received:
as
1949 to
Guaranty Co. of New York....
Serial
1926-1946
5)4%
100.147
Serial
1926-1946
5H%
100.1435
100.0347
Poor & Co., R.M. Grant & Co
28,520 00
Alternate bid, if bonds will be refunded to bear interest at 5K% will
pay
a premium of $280 00 furnish all
legal proceedings in reference thereto and
(State of).—BOND OFFERING.—Wo are unofficially in¬
formed that H. C. Brumbaugh,
Secretary World War Veterans State Aid
Commission (P. O. 312 U. S. National Bank
Bldg., Portland), will receive
print the new bonds free of charge
Richards, Parish & Lamson, Fifth-Third National Bank
$25,160 00
Alternate bid, If bonds are refunded by issuing 5J4% bonds, will pay
a premium
of $1,280 00 and agree to have Attorneys prepare necessary
legislation.
E.
H.
Rollins & Sons
Ames, Emerich & Co.
Name—
Lumbermens Trust Co., Portland
Harris Trust & Savings Bank
National City Co
Continental & Commercial Tr. & S. Bk
—....
Oct.
1
1925
OREGON
bids until 11
at
not
for 5%
1
Premium.
Northern Trust Co
a. m. Oct. 10 for $5,000,000 Soldiers'
bonus bonds, Series 1,
exceeding 6% int.
Denom. $1,000.
Int. A. & O.
Cert, check
required.
These bonds were mentioned in V. 113, p. 871.
,
Taylor. Ewart & Co
__$29,261 00
___
A. T. Bell & Co
$25,126 80
_
Seasongood & Mayer, Prudden & Co
_\
Kountze Bros., New York
Halsey, Stuart & Co., E. II Rollins & Sons_
Harris.
Forbes &
Co., The National City
25.011 75
_
OWEN
COUNTY
(P.
O.
Spencer),
Ind.—BOND OFFERING.—
John R. Greene, County Auditor, will receive bids until
12 m. Oct. 3 for the
following 5% coupon highway bonds.
$9,600
15,950
15,850
15,900
J. C. Moore et al., Harrison Township bonds.
Denom. I $480.
bonds.
Denom. $797 50.
Millard Hann et al., Taylor Township bonds.
Denom. $792.50.
J. A. Ralston et al., Jackson Township bonds.
Denom. $795.
Date Oct. 1 1921. .Int. M. & N.
months from May 15 1922 to Nov.
for each issue bid for,
required.
Due
one
15 1931,
bond of each issue, each six
Cert, check for $500
incl.
PADUCAH,
McCracken
County,
Ky.—BOND
ELECTION .—On
Nov. 8 $60,000 20-year hospital and $600,000
40-year sewer 6% bonds will
be voted upon.
Wynn Tully is Commissioner of Public Finance.
PAINTED POST, Steuben
County, N. Y.—BOND SALE.—The $65,000 6% sewer bonds offered on Sept. 26—V.
113, p. 1385-—were sold to
Sherwood & Merrifield of New York at 101.78.
PAULLINA, O'Brien County, Iowa.-—BOND SALE.—On Sept. 20
Geo. M. Bechtel & Co. of
Davenport were awarded $27,000 6% electric
light iimpt. bonds at par and accrued interest,
less $270.
This bid is
equal to 99.00.
Denom. $500.
Date July 1 1921.
Int. J. & J.
Due
July 1 1931 optional $1,500 each year beginning July 1 1925.
PAWHUSKA, Osage County, Okla.—BONDS VOTED.—Reports
a bond issue,
amounting to $366,000, has been voted.
PAWNEE CITY, Pawnee County, Neb.—CORRECTION.—The
that
say
cor¬
rect amount of
6% bonds sold at 94 was $75,000 (not $50,000 as stated in
The bonds are issued for electric lighting
purposes and
purchased by the Omaha Trust Co. of Omaha.
Bonds are in denom.
of $500, dated July 1 1921, and due in 20
years; optional after 5 years.
Int.
semi-annually, payable locally.
Total bonded debt (incl. this issue-,
$141,000.
Assessed value, $1,900,275.
last week's issue).
were
PEND ORIELLE SCHOOL DISTRICT NO.
29, Wash .—BOND SALE.
Sept. 16 $5,000 bonds were sold to the State of Washington at par or
6s.
Denoms. $250 to $1,000.
Int. annually (Oct. 1).
—On
1920.
Prin. and
ann.
offered
on
Co. of N.
Sept.
Y.
as
payable in New York
Braun, Kauffman, Smith,
Stacy &
Spitzer & Co
Due $14,500 yearly on
Financial
Total
Less
sinking
Less
water
fund
debt
$17,119,000
-.$1,880,000
$190,000
260,000
I
450,000
Net
bonded
debt
Population 1920 (U. S. Census), 31,035.
;
|
1,430,000
PERTH
19,280 00
20,680 00
Emert
&
Co.,
Sidney,
19,120 00
________
Oct.
J.
Graham,
17 for the
City Chamberlain, will receive sealed bids until 12
m.
following 5)4% school bonds aggregating $265,000:
$85,000 Series A bonds.
$1,400 in
192.3
Due yearly on Oct. 1 as follows: $1,300, 1922;
and 1924; $1,500, 1925: $1,600, 1926; $1,700 in
1927 and
1928; $1,800, 1929; $1,900, 19.30; $2,000, 1931; $2,100,
$2,200, 1933: $2,300, 1934: $2,400, 1935; $2.6'0, 1936:
$2,700, 1937; $2,800, 19.38; $3,000, 1939; $3,100, 1940; $3,200,
1941: $3,400,
1942; $3,600,
1943: $3,800. 1944; $3,900, 1945;
$4,100, 1946; $4,300, 1947; $4,500, 1948; $4,700, 1949; $4,900,
1950, and $5,100 in 1951.
89,000 Series B bonds.
Duo yearly on Oct. 1 as follows:
$1,300, 1922;
$1,400, 1923; $1,500, 1924 and 1925; $1,600, 1926; $1,700, 1927;
$1,800, 1928 and 1929: $2,000, 1930; $2,100, 1931: $2,200, 1932;
$2,300, 1933; $2,400, 1934: $2,500. 1935; $2,700, 1936; $2,800,
1937; $2,900, 1938: $3,100, 1939: $3,200, 1940; $3,400, 1941: $3,600,
1942; $3,800,
1943; $3,900,
1944; $4,100, 1945: $4,300, 1946;
$4,500, 1947; $4,800, 1948; $5,100, 1949; $5,300, 1950; and $5,400
1932;
in 1951.
91,000 Series C bonds.
Due yearly on Oct. 1 as follows: $1,400 in 1922
1923; $1,500 in 1924; $1,600 in 1925: $1,700 in 1926 and 1927;
1928; $2 000, 1929; $2,100, 1930 and 1931; $2,200, 1932;
$2,300, 1933; $2 500, 1934: $2,600, 1935: $2,700, 1936; $2,800.
1937; $3,000, 19.38; $3,100,
1939; $3,300, 1940; $3,400, 1941;
$3,600, 1942; $3,800, 1943; $4,000, 1944: $4,200, 1945; $4,500,
1946; $4,700, 1947; $4,900, 1948; $5,200, 1949; $5,400, 1950; and
and
$1 800,
113, p. 1077—have been
Denom. $500.
Date Oct. 1
Statement.
Hayden,
POUCHKEEPSIE, Dutchess County, N. Y.—BOND OFFERING.—
Jesse
payable at the U. S. Mtge. & Trust Co., N. Y.
Oct. 1 from 1922 to 1931, incl.
valuation 1921
bonded debt
24,160 00
20,312 00
National Bank of Commerce of St. Louis, W. IT. Silverman Co.,
Federal Securities Co., Ballinger-Schouman Co
i
—18,000 00
Elston, Allyn & Co., Breed, Elliott & Harrison, Provident
Savings Bank & Trust Co
16,961 00
W. E. Button & Co., The DeWeese-Talbott
Co., A. E. Aub & Co. 16,125 00
N. S. Hill & Co____
13,060 00
int.
Assessed
Co.,
Miller & Oo.___
12—V.
7s.
__________
If bonds made
PENSACOLA, Escambia County, Fla.—BOND SALE.—The $145,000
coupon funding bonds,
sold to R. M. Grant &
_
$5,500 in 1951.
_
Denom. $1,000 and $100 each.
t
.
,
,
.
Date Oct. 1 1921.
Principal and semi¬
(A. & O.) payable at the Fallkill National Bank in Poughkeepsie.
Certified check for 2% of the amount bid for payable to the
city required.
Bonds will be prepared under the supervision of the IJ. S.
Mortgage & Trust Co.
which will certify as to the genuineness or the
annual interest
signatures and the seal impressed thereon; legality approved by Hawkins,
Delafield & Longfellow, of New York, a copy of whose opinion will be
furnished the purchaser.
Purchaser to pay accrued interest.
AMBOY, Middlesex County, N. J .—BOND OFFERING.—
Garretson, City Treasurer, will receive sealed bids u?itil 3 p. m.
following two issues of 6% coupon or registered bonds, not to
rwpRYOR, Mayes County, Okla.—BOND SALE.—An issue of $31,500
5% water extension bonds has been taken at 90 by a contractor.
Date
$80,000 school bonds.
Date Oct. 1 1921.
Due yearly on Oct. 1 as follows:
$4,000 from 1923 to 1937 incl., and $5,000 from 1938 to 1941 incl.
12,000 water bonds.
Date Sept. 1 1921.
Due $1,000 yearly on Sept. 1
Ind
BOND OFFERING.—
Webb, County Treasurer, will receive bids until 10 a. m. Oct. 5
for $21,400 4H% coupon John H. Strain et al., Washington Township
bonds.
Denom. $1,070.
Date Aug. 15 1919.
Int. M. & N. payable
Ferd.
Oct. 14 for the
June
15
1921.
Int.
J.
&
D.
exceed the amounts stated:
from 1923 to 1934 incl.
Denom. $1,000.
Prin. and semi-ann. int. payable at the
City Treasurer's
The bonds will be
prepared and certified as to genuineness by the
U. S. Mtge. & Trust Co., N. Y.
The
office.
legality of same will be approved
by Caldwell & Raymond of N. Y., whose approving opinion will be fur¬
nished purchasers without charge.
Cert, check for 2% of the amount
bid for required.
Due serially.
PUTNAM COUNTY (P. O. Greencastle),
O.
G.
at the
above treasurer's office.
RANDOLPH,
Cedar
Due each six months.
J!.'®
Neb.—BOND SALE.—The State of
the following 6% bonds:
$15,000 paving.bonds.
I$25,000 paving bonds.
Date Nov. 1 1920.
Due May 1 1940, optional at any interest-paying
County,
Nebraska purchased at par during August
date.
Interest semi-annual,
STEVENS COUNTY
(P. O. Morris), Minn.—BOND SALE.—The
Northwestern Trust Co. of Minneapolis recently purchased $35,000 6%
highway bonds at 102 89, a basis of about 5 70%.
Due yearly on Aug. 1
as follows: $3,000, 1931 and $4,000 1932 to 1939, incl.
RAVINIA-PLA1N CENTER CONSOLIDATED SCHOOL DISTRICT
NO. 1 (P. O. Ravinla), Charles Mix County, So. Dak.—BOND OFFER¬
ING.—Further details are at hand relative to the offering on Oct. 6 of the
Proposals
$25,000 6% 20-year coupon funding bonds—V. 113, p. 1386.
for these bonds will be received until 2 p. m. on that day by E.
Clerk Board of Education.
Denoms. not less than $50 each.
J. Sharon.
Prin. and
payable at such place as may be agreed upon by the successful bidder
and the Board of Education*
Each bid shall be sealed and accompanied
by a certified check in the sum of not less than $500, certified by any Na¬
tional bank of the United States or any State bank of South Dakota.
The
Successful bidder will be allow ed a reasonable time to aiscertain the legality
of the issue, but will be required to pay the amount of his bid as soon as
said bonds are ready for delivery, which payment will be made at the office
of the Board of Education at Ravinia, South Dakota.
int.
RICHLAND COUNTY (P. O. Columbia), So.
Caro.—BOND SALE.—
Sidney Spitzer & Co., of New York, have purchased and are now offering
to investors, to yield from 6% to 5 65%, according to maturity, $300,000
6% gold tax-free hospital bonds.
Coupon bonds registerable as
pal.
Date July 1 1921.
Principal and semi-annual interest
payable at the Hanover National Bank, New York.
Due serially
to 1960, inclusive.
♦
Financial
to princi¬
(J. & J.)
from 1922
$100,000,000
28,399,385
2,350,000
Population (1920 Census), 78,122.
RICHLAND COUNTY SCHOOL DISTRICT NO. 60 (P. O. Fairview),
Mont.—BOND SALE.—On Sept. 12 the $1,800 6% coupon school bonds—
V.
113,
1921.
P. 982—were sold to the State of Montana
Due Sept. 1 1936.
Optional Sept. 1 1931.
at par.
Date Sept. 1
probably be offered for sale in Jan. 1922.
Roanoke County, Va .—BOND OFFERING—P.
Clerk, will receive sealed bids until 2.30 p. m. Oct. 15 for
ROANOKE.
Tucker, City
following 414% coupon bonds.
t
Date Jan. 1 1920.
$100,000 sewer and drain bonds.
1 1950.
Jan.
,
.
w
Date^March 1 1918.
H.
the
_
T
.
Int. J. & J.
■
50,000 market impt. bonds.
Denom.
$1,000.
Thomson, N
Int. at office of City Treasurer.
Cert, check
bonds bid for, required.
Legality approved by
for 1%
Jno C.
Y.
$2,000 yrly. on Oct. 1 from 1926 to 1936,
incl.
4
Total bonded debt-Valuation 1920
*
-
—$34,000 00
— 20.000 00
50,000 00
15,000 00
$119,000 00
$56,432,085 00
Population, 1920, 52,498.
To be refunded by issue described above.
ST. PAUL, Minn.—CERTIFICATE SALE.—On Sept. 26 the Merchants
bidding for the account of Eldredge Sc
was awarded the $600,000 6 % 3-year tax-free coupon
(with privilege of registration) certificates of indebtedness, dated Sept. 1
1921 (V. 113, p. 1276) at 100-41 and Interest—a basis of about
5.86%
Co., of New York,
bidders were:
.
...$602,250 OOlHornblower & Weeks__l I
601,620 00|Eastman, Dillon & Co__J$601,806 60
Wells-Dickey Co
Bond & Goodwin
Calif.—OPTION NOT EXERr
CISED.—In V. 113, p. 1544—we stated that an option expiring Aug. 4 on
the remaining $1,866,000 school bonds had been granted on April 4 to
Blyth, Witter & Go
and the Anglo & London Paris National Bank, both
of San Francisco.
We are now advised by J. S. Dunnigan, Clerk of the
Board of Supervisors, that the firms did not exercise their option.
On
April 4, $2,366,000 bonds were offered of which $500,000 were sold
to the above firms with an option on the remainder until Aug. 4 1921.
SAN FRANCISCO (City and County),
,
SAN LUIS OBISPO SCHOOL DISTRICT, San Luis Obispo
County,
OFFERING.—Sealed bids will be received until 2 p. m.
Oct. 3 by F. J. Rodrigues, Clerk.
Board of County Supervisors (P. O.
San Luis Obispo) for $15,000 6% school bonds.
Denom. $1,000.
Date
March 7 1921.
Int. M. & S.
Due March 7 as follows: $7,000 1938 and
$8,000 1939.
Cert, check for 10% of bid payble to the County Treasurer,
required.
Calif.—BOND
SANTEE
BRIDGE DISTRICT,
Charleston,
Williamsburg and
Berkeley Counties, So. Caro.—PRICE PAID.—The price at which C. M.
& Co. of Chicago, acquired the $225,000 6%
tax-free bridge
bonds—V. 113, p. 1386—was 102 and interest, a basis of about 5.85%. The
bonds were acquired on Sept. 7.
McNear
SARCOXIE, Jasper County, Mo.—BOND OFFERING.—Sealed bids
received until 8p.m. Oct. 3 by the Board of Aldermen for $12,000
works impt. bonds.
Denom. $500.
will be
5-10 year (opt.) water
SCOTT COUNTY (P. O. Benton), Mo.—BOND SALE.—Smith, Moore
St. Louis, have been awarded $106,000 5% road bonds. Denom¬
Date Sept. 1 1921.
Principal and semi-annual interest
(M. & S.) payable at the American Exchange National Bank, N. Y.
Due
yearly on Sept. 1 as follows: $3,000 1925, $10,000 1926 to 1930, incl., $7,000
1931 to 1936, incl., and $11,000 1937.
& Co., of
ination $1,000.
Financial
$20,683,277
648,500
indebtedness, including this issue
Population, 1920 Census
COUNTY
*
This bid was rejected because it required payments to be made at
A bid of $25,512 for $25,000 was received from H.
Spears Sc Sons Co., of Chicago.
office in Chicago.
00
00
00
00
its
C.
SUMNER
COUNTY (P. O. Wellington), Kans.—BOND SALE.—,
Sept. 22 the $44,500 6% 1-20 year serial Road District No. 2 bonds—
p. 1277—were sold to Vernon H. Branch of Wichita.
Denoms.
$1,000 aDd $500.
Date Oct. 1 1921.
V. 113,
SWEETWATER
COUNTY
(P.
O.
Green
Wyo.—BOND
River),
SALE.—The $300,000 6% 10-20-year (optional) road bonds, dated Aug. 1
1921, offered on Aug. 24—V. 113, p. 878—were sold to the Rock Springs
National Bank of Rock Springs, at par and accrued interest.
The bonds
were then resold to Bosworth, Chanute Sc
Co., and Keeler Bros Sc Co.,.
both of Denver.
are
advised by our Denver correspondent that
above bonds
defect
the reoffering of the
Sept. 21—V. 113, p. 1277—was made to cure the technical
The sale of these bonds on Aug. 24 still
on
first advertisement.
in
stands.
TANGIPAHOA
La.—BOND
PARISH
ROAD
OFFERING.—Sealed
DISTRICT NO. 1 (P. O. Amite),
be received by F. C. Weist,
bids will
Secretary of the Police Jury, for $325,000 5% road bonds until 11 a. m.
Oct. 25.
Interest sem-annually.
Certified check for $10,000, payable to
the Parish Police Jury, required.
Issue approved by "Wood & Oakley,
Chicago, and Kemp & Buck, Amite, La., attorneys.
A like amount of bonds was reported sold in V. 113, p. 558TEXAS (State of).—BONDS REGISTERED
—
The following 6% bonds
have been registered with the State
Amount.
Place and Purpose of
Comptroller:
Issue.
Bee Co. Common Sch Dist rict No. 23
Mt. Pleasant (street repair)
Mt. Pleasant (water works)
$3,000
1,990
1,990
Due
district during
July 1 1940 optional July 1 1925.
THREE
Three
Maturity.
Serially
5 years
5 years
Nebraska.
Neb.—BOND
$10,000 5M%
Date July 1 1921.
Int. semi-annually.
SCHOOL DISTRICT (P.
Oak County, Tex.—BOND OFFERING.—J.
INDEPENDENT
RIVERS
Rivers),
Live
THIEF RIVER FALLS.
will receive sealed bids
Pennington County, Minn.—PRICE
—The price paid for the
by the
a
DoteRea.
Sept. 19
Sept. 21
Sept. 21
SCHOOL DISTRICT NO. 34,
the month of August sold
COUNTY
THAYER
SALE.—This
school house bonds at par to the State of
$225,000 6% tax-free coupon
Drake-Ballard Co. of Minneapolis—V. 113, p.
O.
M.
until
PAID.
paving certificate
1277—was 98 50
basis of about 6.195%.
THROCKMORTON COUNTY COMMON
SCHOOL DISTRICT NO.
10-20 year bonds
5, Tex.—BONDS REGISTERED —An issue of $7,000 6%
registered on Sept. 21 with the State Comptroller.
THURSTON COUNTY SCHOOL DISTRICT NO. 21 (P. O. White
Hall), Neb.—BOND SALE —The Omaha Trust Co. of Omaha, was the
on Sept. 20 for the $10,000 6% school bonds—V. 113,
p. 1277—at 95.
successful bidder
Bidder—
Mellon
National
Bank
of Pittsburgh
Lyon Singer Co., Pittsburgh
J. H. Holmes & Co., Pittsburgh
23,409
(P. O. Sheridan), Wyo.—LEGALITY UP¬
the legality of the $300,000 6% 10-20-year
1.177 00
9o0 00
-
TOWNSHIP SCHOOL DISTRICT (P.
O. Proctorville
No. 3) Lawrence County, Ohio.—BONDS NOT SOLD.—
UNION
R. F.
D.
The
NOT SOLD.—
22—V. 113, p. 1177—
received were rejected.
Premium Offered.
$1,678 08
CREEK, Allegheny County, Pa .—BONDS
TURTLE
The $94,000 5% or 53^% bonds offered on Sept.
were not sold as all the following bids which were
16—V. 113, p. 558—were
school bonds offered on Aug.
$3,500 6%
not sold.
VALLEY
SCHOOL DISTRICT NO. 1 (P. O. Glasgow),
B. Friedland, Clerk Board of Trustees,
until 8_p. m. Oct. 10 for $21.72638 6% funding
10 1921.
Interest semi-annual.
Due Oct. 10 1941,
COUNTY
Mont.—BOND OFFERING.—A.
will receive sealed bids
Date
bonds.
Oct.
optional Oct. 10 1931.
Clerk,
required.
Certified check for $1,000, payable to the
above
COUNTY (P. O. Evansville), Ind.—BOND OF¬
FERING.—Walter Smith, County Treausrer, will receive bids until 10 a. m.
Oct. 5 for $9,200 43^% Edward Spahn et al., Knight Township bonds and
$8,800 414% Joseph Eisterhold et al.. Union Township bonds.
Due 1-20
of each issue, each six months from May 15 1923 to Nov. 15 1932, incl.
Int. M. & S.
BOND SALE.—The $11,800 4^% Owen-Smith et al., Perry Township
bonds offered on Sept. 22—V. 113, p. 1277—were sold to Albert M. Rhemlander (P. O. R. R. 8—Evansville, Ind.) at par and accrued interest.
Date Sept. 22 1921.
Due $590 each six months from May 15 1922 to
Nov. 15 1931. incl.
VANDERBURGH
_
FOREST
WAKE
Forest),
Wake
GRADED
No.
County,
SCHOOL DISTRICT (P. O. Wake
Caro.—FINANCIAL STATEMENT.
receipt of the following financial statement issued
nection with the offering on Oct. 7 of the $25,000 6% school bldg.
details of which have already appeared in V. 113, p. 1277.
We are now in
Financial
Statement.
Assessed valuation of property 1921
Total bonded
SHERIDAN
were:
First Tr. & Savs. Bk.,Ch*$78,052 50|First Wis. Co., Milwaukee$76,805
Taylor, Ewart & Co., Chic 77,452 001 P. W. Chapman & Co., Ch 76,782
Schanke &Co..MasonCity 77,077 501 Hill. Joiner & Co., Chicago 75,753
Citizens Nat. Bk.,Stev. Pt 77,025 00|Prudden & Co., Chicago._ 75,610
was
Trust & Savings Bank of St. Paul,
Other
STEVENS POINT, Portage County, Wis.—BOND SALE.—On Sept.
the Wells-Dickey Co., of Minneapolis,
were awarded, it is reported,
Cunningham. Secretary Board of Education,
Nov. 1 for $8,000 5% school bonds.
Debt Statement, Sept. 1 1921.
% Funding bonds, due October, 1921--.
% Jail bonds, Serial 1922-1925
4Vi% Almshouse bonds, Serial 1918-1930
5
% Refunding bonds, Serial 1921-1923-------
*3
Wash.—BOND
113, p. 1177—
S25,000 sewer and $50,000 pavement 6% 3-19-year serial bonds at 103.68.
>ther bidders
Due
ROCKINGHAM COUNTY (P. O.
Portsmouth), N. H.—BOND
SALE.—The New Hampshire National Bank of Portsmouth was the suc¬
cessful bidder at par for an issue of $34,000 5% coupon refunding bonds
of 1921 which was offered on Sept. 15.
Denom. $1,000.
Date Oct. 1
1921.
Prin. and semi-ann. int. (A. Sc O.) payable at the First National
Bank of Boston.
Due $3,000 yrly. on Oct. 1 from 1922 to 1925, incl.,
and
21
,ft._
Due March 1 1948.
Int. M. & S.
of the amount of
SALE.—The $1,400 school bonds offered on Sept. 10—V.
have been sold to the State of Washington at par for 6s.
Wo
RICHMOND, Henrico County, Va.—BOND AUTHORIZED—H. C.
Cofer, City Comptroller, advises us that $3,000,000 sewer b°mte have
been authorized and are to be issued as follows: $7,500.000,1922; $750,000,
1923; $750,000, 1924 and 1925.
He also advises that the bonds are to be
dated either Jan. 1 or July 1 of each year and sold under the direction or the
Committee on Finance, at such time as they may designate.
The first
block will
STEVENS COUNTY SCHOOL DISTRICT NO. 141,
.
On
Statement.
Estimated real value
Assessed valuation
Total bonded debt (including this issue)
[VOL. 113.
CHRONICLE
THE
1494
Assessed valuation 1920
Bonded debt outstanding
Population
estimated,
in con¬
bonds,
Statement.
760,000
25,000
including this issue
3,000.
WARRENTON, Warren County, No. Caro .—BONDS NOT SOLD.—
Sept. 26 of the $75,000 6% gold bonds—V. 113, p.
HELD.—It is reported that
No sale was made on
(optional) highway bonds, which were sold on June 22 to the Sheridan
1387
National Bank of Sheridan, for the account of the Harris Trust & Savings
Bank of Chicago—V. 113. p. 106—has been upheld by the State Supreme
WASHINGTON COUNTY (P. O. Hudson FalU),. N. Y.—BOND
OFFERING.—Hiram J. Stevens, County Treasurer, will receive sealed
proposals at his office in the Farmers National Bank Building, Granville,
Court.
The purchaser will now fulfill its contract.
SMITHFIELD,
Cache County, UtaHi.—ADDITIONAL DATA.—
is required with each bid that is submitted for the
purchase of the $35,000 6% water bonds on Oct. 3—V. 113, p. 1386.
A certified check for 5%
SMITHFIELD TOWNSHIP, Johnson County, No. Caro.—BOND
OFFERING.—J. W. Stephenson, Chairman (P. O. Smithfield), will receive
bids until Oct. 26 for $15,000 6% coupon bonds.
Prin. and int. payable at
the National Bank of Commerce, N. Y.
SOUTHERN BOULEVARD DISTRICT, Lassen County, Calif.—
OFFERING.—N. V. Wemple, Secretary of the Boulevard Com¬
BOND
(P. O. Susanville) will receive sealed bids until 12 m. Nov. 7 for
$60,000 6% bonds.
Denom. $1,000
Date May 1 1921.
Int. M. & N
Due $2,000 yearly on May 1 from 1925 to 1954 incl.
Cert, check for 5%
of bid, payable to the Boulevard Commission, required.
Purchaser to
mission
accrued interest.
pay
STAMFORD
UNION
Hobart), Delaware
FREE
SCHOOL DISTRICT
NO.
4
(P.
O.,
County, N. Y.—BOND OFFERING.—E. A. Ackley
Clerk of the Board of Education, will receive sealed bids until 2 p. m. Oct. 4
for
$15,000 5% school bonds.
Denom. $500.
Date Nov. 1 1921.
Semiint. payable at the National Bank of Hobart.
Due $500 yearly on
1957, incl.
Cert, check for 10% of the amount bid for
ann.
Nov. 1 from 1928 to
required.
COUNTY
(P.
O.
Knox),
Ind.—BOND OFFERING.—
A. N. Carlson. County Treasurer, will receive sealed bids until 2 p. m.
Oct. 8 for $3,200 5% Joseph J. Cannon ct al.. Center Township bonds.
Denom. $160.
Date Aug. 15 1921.
Int. M. & N.
Due $160 each six
months from May 15 1922 to Nov. 15 1931, incl.
STARKE
ft. YV, until
ment bonds.
11 a. m. Oct. 25, for $285,000 5% registered
Denomination $1,000- Date Nov. 1 1921.
highway improve¬
Interest M. & N.
1923 to 1942, inclusive.
WASHINGTON COUNTY RURAL HIGH
SCHOOL DISTRICT
NO. 1 (P. O. Cambridge), Ida.—BOND OFFERING.—-H. F.
Clerk, will receive sealed bids at once for the purchase of $13,000 6 % 20year bonds, recently voted.
WAYNE, Wayne County, Neb.—BOND SALE.—During August the
State of Nebraska purchased at par the following 6% bonds:
Due
$15,000 yearly on May 1 from
$35,000 paving bonds.
15,000 paving bonds.
,
.
Date July 10 1920.
Due July 10 1940, optional at any interest paying
date.
Int. semi-ann.
WAYNE SCHOOL TOWNSHIP (P. O. Richmond), Wayne County
,
Ind.—BOND
OFFERING.—Jonathan O. Edgerton,
15 for $25,000 6% bonds.
will receive bids until Oct.
Township Trustee,
Denomination $500.
J.) payable
six months
15 1921.
Principal and semi-annual interest (J. &
at the Dickinson Trust Co. in Richmond.
Due $1,000 each
from July 1 1922 to July 1 1934, inclusive.
Date Oct.
WESTMORELAND
COUNTY (P. O. Greensburg), Pa .—BOND
OFFERING.—Weber A. Arter, County Comptroller, will receive sealed
proposls until 10 a.m. Oct. 18 for the following two issues of tax-free road
bonds, aggregating $750,000:
'
$375,000 5% bonds.
Due Sept. 1 1931.
< aoo *
nun
375,000 53-3% bonds.
Due on Sept. 1 as follows: $37,000 1932 to 1940,
inclusive, and $42,000 1941.
Oct. 1
THE
1921.]
Denomination $1,000.
Interest M. & S.
Certified
These two issues
Date Sept. 1 1921.
check for $15,000, payable to County Treasurer required.
were offered without success on Sept. 14—V. 113, p. 1387.
Cuyahoga
PARK.
WEST
County,
Ohio.—BOND
OFFERING.—
Stephen Hendrickson, City Clerk, will receive sealed proposals until 12 m.
Oct. 24 for the following eight issues of 6% coupon special assessment bonds
aggregating $35,808 70.
$3,818 16 bonds.
Denom. 1 for $818 16 and 10 for $300 each.
Date
July 1 1921.
Due $300 yearly on July 1 from 1922 to 1930, incl.,
and$l,118 16 on July 1.-1931.
3,895 84 bonds.
Denom. 1 for $895 84 and 10 for $300 each.
Date
July 1 1921.
Due $300 yearly on July 1 from 1922 to 1930, incl.,
and $1,195 84 on July 1 1931.
2,528 70 bonds.
Denom. 1 for $528 70 and 10 for $200 each.
Date
July 1 1921.
Due $200 yearly on July 1 from 1922 to 1930, incl.,
and $728 70 on July 1 1931.
*5,190 96 bonds.
Denom. 1 for $690 96 and 9 for $500 each.
Date
Aug. 15 1919.
Due $500 yearly on Aug. 15 from 1920 to 1923,
incl.. and $1,190 96 on Aug. 15 1924.
*3,619 16 bonds.
Denom. 1 for $519 16 ; 2 for $500 and 7 for $300 each.
Date Sept. 1 1920.
Due $300 yearly on Sept. 1 from 1921 to
1927 incl.; $500 on Sept. 1 in 1928 and 1929 and $519 16 on
.'■*
Sept. 1 1930.
*6,693 64 bonds.
Denom. 1 for $193 64 and 13 for $500 each.
Date
Sept. 1 1920.
Due yearly on Sept. 1 as follows: $500 in 1921 and
1922: $1,000 in 1923; $500 in 1924; $1,000 in 1925; $500 in 1926;
$1,000 in 1927; $500 in 1928 and 1929, and $693 64 in 1930.
*2,400 00 bonds.
Denom. 1 for $500: 1 for $300 and 8 for $200 each.
Date Sept. 1 1920.
Due $200 yearly on Sept. 1 from 1921 to
1928 incl.; $300 on Sept. 1 1929 and $500 on Sept. 1 1930.
*7,662 24 bonds.
Denom. 1 for $162 24, and 15 for $500 each.
Date
Sept. 1 1920.
Due yearly on Sept. 1 as follows: $500 in 1921 and
1922; $1,000 in 1923; $500 in 1924; $1,000 in 1925; $500 in 1926;
$1,000 in 1927,1928 and 1929 and $662 24 in 1930.
Int. payable semi-ann.
Cert, check for 5% of the amount bid for,
payable to the City Treasurer, required.
The successful bidder will be
required to receive and pay for such bonds awarded at the office of the
Clerk in the town hall of said city.
Purchaser to pay accrued interest.
*Although it seems that this maturity is in error as part of this issue seems
to be past due, the offering of these bonds has come to'us officially.
BOND OFFERING.—Sealed bids will also be received by the above
mentioned Clerk until 12 m. Oct. 18 for the following 6% coupon special
assessment bonds aggregating $7,948 33.
$1,472 07 bonds.
Denom.
1 for $272 07 and 4 for $300 each.
Due
$272 07 on Aug. 1 1922 and $300 yearly on Aug. 1 from 1923
to 1926, incl.
3,235 62 bonds.
Denom. 1 for $735 62 and 5 for $500 each.
Due $500
yearly on Aug. 1 from 1922 to 1925, incl. and $1,235 62 on
Aug. 1 1926.
'
3,240 64 bonds.
Denom 1 for $740 64 and 5 for $500 each.
Due $500
yearly on Aug. 1 from 1922 to 1925, incl. and $1,240 64 on
Aug. 1 1926.
Date Aug. 1 1921.
Int. payable semi-ann.
Cert, check for 5% of the
amount bid for, payable to the City Treasurer, required.
Purchaser to
pay accrued interest.
.
_
,
.
WEST VIRGINIA
(State of).—BOND SALE.—Recently $15,000,000
5% tax-free highway bonds were sold to Watkins & Co., Redmond & Co.
and the National City Co., all of New York.
Coupon bonds in the denom.
of $1,000 each,
as
with privilege of registration
principal and interest.
interest (J. & J.) payable in gold at
the office of the
at
State
to principal only, or botn
Principal and semi-annual
the National City Bank, New York, or
Date July 1
1921.
These
Treasurer.
bonds
the bonds which
are
offered unsuccessfully on Aug. 10 (V. 113, p. 759) and are part of the
were
authorized issue
bonds
are
of $50,000,000'
112,
V.
p.
district
any county,
West Virginia,
municipal corporation thereof, and free from
or
all Federal income taxes.
The above firms and institutions,
Co.,
Bankers Trust
Wm.
E. H. Rollins & Sons, are
R.
together with Harris, Forbes & Co.,
Compton Co,Eastman, Dillon & Co. and
now
offering the bonds in
an
advertisement to the
E. H. Rollins & Sons, are now offering the bonds in an advertisement ap¬
pearing on a previous page of this issue to the investing public at 98% and
interest
maturities
all
for
follows:
as
Amounts, Maturities and Price.
MaAmount,
Yield.
1927
1929
750,000
1932
750,000
1933
5.41%
5.36%
5.32%
5.29%
5.27%
5.25%
5.23%
1928
1930
1931
1
Amount,
turity.
$750,000
1934
750,000
1935
750.000
1936
750,000
750,000
750,000
1937
1938
1939
V'v::r:
Ma-r
Ma- Approx.
Approx
turity.
$750,000
750,000
750,000
750,000
750,000
Approx.
Yield. Amount. turity \
1940
5.22% $750,000
1941
750,000
5.20%
1942
750.000
5.20%
1943
750,000
5.19%
1944
750,000
5.18%
1945
750.000
5.17%
1946
750,000
Yield.
5.17%
5.16%
5.16%
5.15%
5.15%
5.15%
5.15%
-
_.$1,489,834,833
Total bonded debt
28,500,000
Sinking fund
..$2,500,000
Net bonded debt (less than 1 % % of assessed valuation)...
_
26,000,000
Population, 1920 Census, 1,463,610.
WEYMOUTH,
Norfolk
County,
Mass.—TEMPORARY LOAN.—
loan of $50,000 dated Sept. 19 1921, and due May 17 1922
which was offered on Sept. 16 was sold to Arthur Perry & Co. of Boston on a
5.125% discount basis.
A temporary
COUNTY
WHEELER
$57,000
dated Jan.
5H%
10-40
1921, offered
8. P. Britt of Wheeler.
1
WHITE
O.
Wheeler), Tex.—BOND SALE.—
(opt.) coupon bridge construction bonds,
July 25—V. 113, p. 445—have been sold to
(P.
year
on
COUNTY
(P. O. Monticello), Ind.—BOND OFFERING.—
County Treasurer, will receive sealed bids until 10 a. m.
coupon tax-free George W. Kassabaum et al..
bonds.
Denom. 1 for $750 51 and 9 for $625
each.
Date Sept. 6 1921.
Prin. and semi-ann. int. (J. & D.) payable
at the County Treasurer's office.
Due $1,375 51 on Dec. 1 1922 ana $1,250
yearly on Dec. 1 from 1923 to 1926, incl.
E.
B.
Steely,
15 for $6,375 51 6%
Ditch in Union Township
Oct.
WILMINGTON,
New
Castle
County,
Del.—BOND
SALE.—The
$600,000 5% sinking fund bonds offered on Sept. 27—V.113, p. 1387—were
sold to a syndicate composed of Barr and Schmeltzer: Keane, Higbie & Co.,
and Watkins & Co. all of New York at 98.599, a basis of about 5.08%.
Date Oct. 1 1921.
Due $79,000 April 1 1947; $143,000, Oct. 1 1947;
$146,000, April 1 1948; $149,000 Oct. 1 1948 and $83,000 on April 1 1949.
The following bids were received
Bidder—
Price Bid.
Bidder—
Price Bid.
Wm. R. Compton Co
Hannahs, Balljn & Lee
196.70
&
Co
Eastman,
98.36
Graham
Geo.
93.63
Harris, Forbes & Co
Laird & Co__
Dillon & Co
B. Gibbons & Co
Barr
95.68
Keane,
Remick,
97.597
Watkins
Hodges &
City
.■■■■
,
&c.
Gates, White & Co., St. Paul, par and Interest plus $76 50 premium.
WOODVILLE SCHOOL DISTRICT (P. O. Woodville), Sandusky
County, Ohio.—BOND SALE.—The $90,000 6% bonds offered on Sept. 22
113, p. 1178—were sold to W. L. Slayton & Co. of Toledo, Ohio, at
100.62, a basis of about 5.94%.
Date Aug. 1 1921.
Due $5,000 each six
months from April 1 1931 to Oct. 1 1939, incj.
—V.
WRIGHT COUNTY (F. O. Clarion), Iowa—BOND SALE.—Re¬
cently an issue of $68,000 5)4% funding bonds, maturing serially 1934 to
1941, incl., was sold to Schanke & Co. of Mason City.
YAKIMA COUNTY (P. O. Yakima), Wash.—BOND SALE.—During
current year $108,000 6% bonds were sold at par.
Denomination
the
Interest J. & J.
$1,000.
COUNTY SCHOOL DISTRICT NO. 49, Wash.—BOND
OFFERING.—Lillian Busch,
County Treasurer, (P. O. Yakima) will
YAKIMA
receive sealed bids until 2
p.m. Oct. 8 for $85,000 coupon new high school
bonds at not exceeding 6% interest.
Denom. $1,000.
Prin. and
int. payable at the office of County Treasurer.
Due yearly
as follows:
$8,500, 1932 to 1941, incl., optional any time after 1 year.
Cert, check for $850 payable to the County Treasurer, required.
Bonded
debt (excluding this issue) Sept. 23 1921, $95,000.
Assessed value 1920
$3,797,125.
The notice stating that this district had voted $85,000 bonds
bldg.
semi-ann.
was
given under caption ''Toppenish School District" in V. 113, p. 879.
YOUNGSTOWN, Mahoning County, Ohio —BOND OFFERING.—
A. H. Williams, City Auditor, will receive sealed bids until 12 m. Oct. 10
for the purchase of the following 6% bonds aggregating $102,340;
$5,000 storm emergency bonds.
Date Sept. 1 1921.
Due $2,000 yearly
on Oct. 1 from 1922 to 1926 incl. and $1,000 in 1927.
3,045 Cooper St. sewer bonds.
Date Aug. 15 1921.
Due $609 yearly
on Oct. I from 1922 to 1926 incl.
1,695 Indianola Ave. sewer bonds.
Date Sept. 1 1921.
Due $339 yearly
on Oct. 1 from 1922 to 1926 incl.
:
;e
Due $2,212 yearly
11,060 Hunter St. paving bonds.
Date Oct. 1 1921.
on Oct. 1 from 1922 to 1926 incl.
20,635 Sherwood Ave. paving bonds.
Date July 1
yearly on Oct. 1 from 1922 to 1926 incl.
14,810 Cypress St. paving bonds.
Date Sept. 1 1921.
on Oct.
1 from 1922 to 1926 incl.
5.110 Harry St.
on
paving bonds.
Due $4,127
1921.
Due $2,962 yearly
Due $1,022 yearly
Date Oct. 1 1921.
Oct. 1 from 1922 to 1926 incl.
paving bonds.
Date Sept. 1 1921.
Due $3,380
yearly on Oct. 1 from 1922 to 1926 incl.
20,005 Market St. repaying bonds.
Date Oct. 1 1921.
Due $4,001 yearly
on Oct. 1 from 1922 to 1926 Incl.
4,080 Edwards St. paving deficit bonds.
Date Oct. 1 1921.
Due $816
yearly on Oct. 1 from 1922 to 1926 incl.
Prin. and semi-ann. int. payable at the office of the Sinking Fund Trus¬
tees*
Certified check for 2% of the amount bid for required.
16.900 Dearborn
St.
CANADA,
its
Co
Co
conoerns are
Purchaser
Toronto in Burford.
accrued interest.
GLENGARY AND STORMONT COUNTIES (P. O.
Cornwall),
Ont .—DEBENTURE SALE.—An issue of $350,000 6%
debentures was recently sold to United Financial Corporation at 99.62,
a basis of about 6.53%.
The following bids were received:
United Financial
Corp
99.621 A. E. Ames & Co_
199.39
Dyment, Anderson & Co
99.531 W. A. Mackenzie & Co___-J
R. C. Matthews & Co
99.52{Wood, Gundy & Co,-.99.27
KEMPTVILLE, Ont.—DEBENTURE SALE.—The $25,000 6% 30
on Sept. 15—V. 113, p- 984—were sold to
MacKay and MacKay Company at 93.90.
installment debenture offered
KITCHENER,
Ont .—DEBENTURE
SALE.—Wood,
Gundy
have purchased $30,000 6% 30-installment debentures at 96.83,
on about 6.45%.
The following is a list of tenders received:
.96.83
Gundy & Co—
Securities
Dominion
Corp.,
Aemilius Jar vis & Co_
National City Co., Ltd___
k. E. Ames & Co—
-
— -
& Co.
which is
— -
-95.53
95.12
95.00
._94.75
Harris, Forbes & Co., Ltd--—96.28 C. H. Burgess & Co
Canada Trust Co
—95.67 R. C. Matthews & Co., Ltd— .-94.33
-94.26
—
MacKay & MacKay
95.55 Brent, Noxon & Co
Bell, Gouinlock & Co
95.63 Dyment, Anderson & Co— -.94.09
Ltd
96.71
-
Bath,
OFFERING—Percy
A.
OAKVILLE,
Ont.—DEBENTURE
Town Treasurer, will receive sealed tenders until 6 p. m, Oct. 3 for the
purchase of the following debentures issued for local improvements.
$4,000 00 30-year 6% instalments.
38,100 00 10-year 6% instalments,
24,100 00 20-year 6% instalments.
OTTAWA, Ont.—BIDS.—'The following bids were also received on
Sept. 22 for the four issues of 6% coupon debentures aggregating $1,808,759 71, awarded as stated in V. 113, p. 1388:
Canada American
Canada
and U. S. Funds.
Name—
Bid.
Only.
—
—
Daly &
Co., and Bank of Nova Scotia 1,740,388 59
R. A. Daly & Co
1,817,803 51
Nesbitt, Thomson & Co., Ltd.,
and Rene T. Leclerc
1,763,775 86
Harris,
Forbes
&
Co.,
Ltd,,
and National City Co., Ltd— 1,748,528 01
Do
do
1.906,251 86
E,
Ames
&
Co.,
Matthews
A,
&
96.22
100.50-61
97.513
96.67
105.39
and R. C.
Co
do
Do
105.27
__$1,904,081 35
Miller & Company.
Hanson Bros, and R. A.
1,756,124 80
-
97.09
105.213
95.00
1,743,812 00
A. E. Jarvis & Co-—-
103.938
Company
96.44
Financial
Corp., Ltd
C. H. Burgess & Co., McLeod,
Young, Weir & Co
1.745,126
Wood, Gundy & Co
1,923,724
Do
do
1,759,706
Do
do
1,748,854
McLeod, Young, Weir & Co
Dominion
Securities Corp
Housser, Wood & Co
Dominion Securities Corp. and
Housser, Wood & Co
1,700,381
Canada Bond Corporation
„
—
and Parsons who
of Philadelphia.
WINGATE, Union County, No. Caro.—BOND OFFERING.—Until
3 p. m. Oct. 10, A. C. Small, Town Clerk, will receive sealed bids for
$10,000 6% coupon or registered electric-light bonds.
Denom. $1,000.
Date Aug. 11926. Principal and semi-annual interest (F. & A.) payable at
the Hanover National Bank, New York.
Due $500 yearly on Aug. 1 from
1923 to 1942, inclusive.
Certified check for 2% of the amount of bonds bid
for, payable to town, required.
The bonds will oe prepared under the super¬
vision of the U. S. Mtge. & Trust Co., New York, which will certify as to
Interest payable at the Bank of
—
* 98.599
97.317
of New York except Graham
and Municipalities.
DUNDAS,
&
Schmeltzer
A
1921.
to pay
United
Parsons
Higbie & Co
Provinces
BURFORD TOWNSHIP (P. O. Burford), Brant County, Ont.—
OFFERING.—Allan D. Muir, Township Treasurer, will
receive sealed tenders until Oct. 8 for $56,000 6% coupon 30-year high
school debentures.
Denomination $1,000 and odd amounts.
Date Dec. 1
DEBENTURE
Guaranty Trust Co., E. H. Rol¬
lins & Son, United Financial
Corp., and Nesbitt, Thomson
Successful bid.
All the above
are
Co
and
and
Clark Williams & Co
*
■
& Trust Co., Minneapolis, par and interest less $235
printing bonds, &c.
•;1.
Wells-Dickey Co., Minneapolis, par and interest less $460printing bonds, &c
Magraw, Kerfoot & Co., St. Paul, par and interest less $700 printing bonds,
97.71
Kissel, Kinnicut & Co
J
Blodget & Co
97.41
Guaranty Co. of New York—97.071
National
bonds, &c.
Minnesota Loan
97.82
,
Estabrook
$10,000 1925, $5,000 1926 and $10,000 1927.
Other bidders were:
Harris Trust & Savings Bank, Chicago, par and interest less $140 printing
Wood,
Financial Statement (Officially Reported).
Assessed valuation for taxation, 1919
The
SCHOOL DISTRICT (P. O. Winona), Winona County,
WINONA
Minn.—-BOND SALE.—On Sept. 23 the $50,000 3%-year (average) coupon
113, p. 1278—were sold to the First Trust & Savings Bank, of
Chicago, for $50,425 (100.85) and interest for 6s, a basis of about 5.745%.
Date Oct. 1 1921.
Due on Dec. 1 as follows;
$10,000, 1923, $15,000 1924,
bonds—V.
legal investment for savings banks in New York State, New
a
Rhode Island, and exempt from all taxation by the State of
by
the genuineness of the signatures of the town officials and the seal im¬
pressed thereon.
Validity of the bonds will be approved by Reed, Dough¬
erty & Hoy t. of New York.
It is stated that the
866).
Jersey, Pennsylvania, Ohio, Connecticut, New Hampshire, Vermont and
or
1495
CHRONICLE
Do
do
96.482
106.356
97.288
96.688
105.778
104.522
96.8131
00
Delivery in fifteen days.
Delivery in one week.
1.874,670 00
Gundy & C9-,°P.behaLf
& Co.. Philadelphia and
tenders Wood,
Graham,
Parsons
price of 106.356, payable in
94.59
94,291
1,866,'l 68 00
do
Do
Successful
Boston.
85
00
00
00
Canada and United States.
^
olf Blodgett & Co.,
themselves.
at the
ONTARIO
(Province
of).—BOND SALE.—The syndicate
was first offered
on Aug. 4—V.
113, p. 446—was sold to a local
buyer at 94.
Denom. 5 for $5,000 and 10 for $1,000 each.
Date Sept. 15
1921,
Int. M. & S.
Due in ten years.
which
composed
Trask & Co., K. H.
Rollins & Sons and Clark Dodge & Co., which on Sept. 20 purchased $10.000,000 6% coupon or registered gold bonds has been awarded an additional
$5,000,000 6% coupon or registered gold bonds at a private sale.
These
bonds are dated Sept. 15 1921 and mature Sept. 15 1943.
Principal and
semi-annual interest (Mar. 15 and Sept. 15) payable at the option of the
holder at the agency of the Bank of Montreal, New York, in United States
gold coin, or at the office of the Treasurer of Ontario, Toronto, or Bank of
of Lee,
Higginson & Co., Bankers Trust Co., Spencer
Montreal,
SHAWINIGAN
99 and interest to
Ames
and
was
Denom.
Due
on
Oct.
in
an
in
the following
in
1
96.179.
Principal and semi-annual interest
1921.
The maturities of the
being offered by this syndicate
advertisement appearing on a previous page
United
of this issue
are
shown
(accrued interest to be added and payment to be made
States
funds):
Yield.
Approx.
Yield.
Approx.
Approx.
Amount. Due. Price.
$157,000 1925 97.00 6.93%
166,000 1926 97.00 6.75%
Yield. Amount. Due. Price.
Amount. Due. Price.
$265,000 1934 98.00 6.23% $448,000 1943 99.00 6.08%
475,000 1944 99.00 6.08%
281,000 1935 98.00 6.22%
503,000 1945 99.00 6.08%
176,000 1927 97.00 6.64%
for
316,000 1937 99.00 6.10%
335,000 1938 99.00 6.10%
566,000 1947 99.00 6.08%
210,000 1930 96.50 6.53%
an
298,000 1936 98.50 6.16%
187,000 1928 96.50 6.65%
198.000 1929 96.50 6.59%
355,000 1939 99.00 6.69%
376.000 1940 99.00 6.09%
399,000 1941 99.00 6.09%
600,000 1948 99.00 6.07%
423,000 1942 99.00 6.08%
714,000 1951 99.00 6.07%
223,000 1931 96.50 6.49%
236,000 1932 97.00 6.39%
250,000 1933 97.50 6.31%
1388.
On the
SASKATCHEWAN SCHOOL DISTRICTS, Sask.—DEBENTURES
AUTHORIZED.—'The following, according to the "Financial Post
of
Toronto, is a list of authorizations granted by the Local Government Board
from
Date July
$1,000.
New York City, or Toronto, at the holder's option.
SALE.—Wood, Gundy & Co. were
issue of $265,500 6% debentures
Sept. 15,
Denom. $1,000.
Date Oct. 1 1921.
Int. A. & O.
1 1926.
The list of bids received for this issue was already
p.
syndicate composed of the Guaranty Co. of New York: the
bonds and the prices at which they are now
Sask.—DEBENTURE
reported in Y. 113,
a
J.) payable at the agency of the Canadian Bank of Commerce in
(J. &
Due Oct. 1 1943.
the successful bidders at 101.27
offered
sold to
National City Co. and Harris, Forbes & Co., all of New York, at
found on a previous
successful bidder for the
$10,000,000 6% coupon (with privielge of registration) gold bonds payable
in Canada as reported in V. 113, p. 1387, has purchased an additional
$5,000,000 6% coupon (with privilege of registration) gold bonds at 96-64,
a basis
of about 6.28%.
Date Oct. 1 1921.
Prin. and semi-ann. int.
(A. & O.) payable in Canadian gold at the Provincial Treasurer's office
in Toronto or at the Bank of Montreal in Montreal, at the option of the
REGINA,
96.57
TORONTO, Ont.—BOND SALE.—An issue of $10,000,000 6% coupon
Aemilius, Jarvis & Co., and others and was the
purchaser.
97.67
§7.11
(with privilege of registration) gold bonds, which was offered on Sept. 29,
-The Canadian Syndicate which is composed of A. E.
Wood, Gundy & Co., Dominion Securities Corp., and
Co.,
Roya
The following tenders were
Versailles, Vidricaire & Boulais.98.25 [Credit Canadien, Inc.
Royal Bank of Canada
—97.801 A. E. Ames & Co__
Rene T. Leclerc
-97.751 Dominion Securities Corp
of this issue.
page
SALE.—The
Que.—DEBENTURE
purchased $79,100 6 % 5-installment debentures
basis of about 6.60%.
also received:
short period.
a
on a
Coupon bonds of $1,000 denomin¬
offering of these bonds by the syndicate may be
The
98.35, which is
The syndicate offered these bonds
yield about 6.10% and disposed of the
^fontreal, in Canadian gold.
to investors at
FALLS,
Securities Corporation has
at
ation, registerable as to principal only.
entire issue in
[VOL. 113.
CHRONICLE
THE
1496
Sept. 3 to Sept. 10:
'
School Districts.—Prair ie Grove, $5,400;
day
an
635,000 1949 99.00 6.07%
674.000 1950 99 00 6.07%
issue of $5,000,000 6% coupon (with privielge of
registration) gold bonds which was offered on that date, was sold to the
Denom. $1,000.
NationalCity Co. of Canada at 95.42.
Date July 1 1921.
Principal and semi-annual interest (J. & J.) payable in Canada.
■
_
same
534,000 1946 99.00 6.08%
Spring Burn Bowmore, $5,000;
same as
Boyle, $5,000; Lark Hill, $3,000; Metropole, $600
Rural
Telephones.—Richard, $4,600;
Speers, $1,400;
Alida, $600;
Adessa, $1,300; Shallow Lake, $1,100; Battlevale, $350; Oak Hill, $7,000;
Due the
the above $10,000,000 bonds.
Pretty Lake, $1,000;
WENTWORTH
DEBENTURE SALES.—The following we learn from the same source
a list of 8% debentures amounting to $117,300 reported sold in the same
period:
Schools.—Guildford, No. 4390, $3,200, 15 years, 8%, Waterraan-Waterbury Co., Regina;
Schmitzburg, No. 503, $1,600, 8 years, 8%, J. J.
Gossen; Hepburn Tessier, No. 2437, $2,000, 10 years, 8%, A. & W. Featherstone, Tessier; Biggar, No. 2497, $12,000, 10 years, 8%, Various, Biggar.
Rural Telephones.—Georgina, $8,200, 15 years, 8%, W. Pert, Regina;
Walpole, $500, 15 years, 8%. N. Elaschuk, Regina;
Pasqua District,
$1,600, 15 years, 8%, W. Boyle, Pasqua.
is
SASKATOON
SCHOOL
SALE.—On Sept.
6
an
DISTRICT
NO.
Ont.—DEBENTURE
97.43
Wood, Gundy & Co
Zimmerman & Maloch
Aemilius Jarvis & Co—
A. E. Ames & Co
WINDSOR ROMAN
Sask.—DEBENTURE
10-year school debentures
-
—
R. C. Matthews & Co
We specialize in
Edward E. Hall & Co.
(Established
1866)
City of Philadelphia
CATHOLIC SEPARATE SCHOOL DISTRICT
Sugar Engineering Corp.
WOOLWORTH BLDG.,
3i/2s
NEW
LANE
80 MAIDEN
TORE
4 Vis
Are
your
Holdup
4y2s
and
APPRAISALS
Bonds,
Fire,
Automobile,
Liability policial properly
written?
REPORTS
Advice
given
on
policy contracts, fflrc
5s
protection and loss adjustments.
sy2s
desired.
Biddle &
Prompt
coverage
procured
DESIGN
wherever
Henry
United States and Canadian
104 South Fifth Street
Municipal Bonds.
Philadelphia
Private Wire to New York
^Doueoso^
Call Canal 8437
TWDDELL
Ground Floor
89
Muller & Son
H.
Adrian
AUCTIONEERS
OFFICE
York Stock
Exchange
Regular Weekly Sales
Of
BOYLE, BROCKWAY & GRAHAM, INC
MATTERS
Stocks
Union
Arcade
end
At the
Pittsburgh, Pa.
Exchange Sales Rooms
1446
Veaey Street
GEORGE W.
We maintain
a
of out-of-town
addition
our
to
Represent You
Pittsburgh
Certified
35
is
at
your
ST., NEW
YORK
disposal.
MELLON NATIONAL BANK
PITTSBURGH, PA.
Accounting,
Income Tax Returns
Telephone Sector 5441
complete banking service, both domestic and
of the financial and industrial affairs
District
NASSAU
Estate
MUNICIPAL
knowledge
Pittsburgh
MYER, JR.
Public Accountant
tndita, Investigations,
completely organized department for the service
banks, firms and individuals.
a
Bonds
EVERY WEDNESDAY
FINANCIAL
Connecticut Securities
In
Street
Pine
Singer Building
Liberty Street,
New York
Telephone Cortlandt 3183
HARTFORD
A Bank to
STREET
WILLIAM
63
No.
Corner
BALLARD & COMPANY
the
NEW YORK
INVESTIGATIONS
Tsl. John 4878
4s
of
— —
96.66
-96.69
.96.43
Insurance Brokers
3s
In
96.67
97.30 Nesbitt, Thomson & Co
-97.21 Bell, Gouinlock & Co
97.14 R. A. Daly & Co
FINANCIAL
foreign,
issue
FINANCIAL
NEW LOANS
Members New
SALE.—An
(P. O. Windsor), Ont.—DEBENTURE OFFERINO.—Damine Gourd,
Secretary-Treasurer of Board, will receive sealed tenders until 1 p. m.
Oct. 10 for $225,000 6% school building and site bonds.
Date Oct. 1
1921.
Due in 30 equal annual installments at the Provincial Bank of
Canada in Windsor.
Purchaser to pay accrued interest.
13,
issue of $35,000 6H%
COUNTY,
of $80,000 6% 20-installment debentures has been sold to the Dominion
Securities Corporation at a price of 97.61, the money costing the county
about 6.29%.
Other bids received were as follows:
Albion, $24,500.
BONDS
Underwriting and distributing entire Issues of
City, County, School District and Road District
Bonds of Texas
Dealers' Inquiries and offerings
lelidted
Circulars
on
request.
HAROLD G. WISE
&
Capital and Surplus
-
-
§11,000,000.00
HOUSTON
COMPANY
Ertabllsbed 1918
TEXAS
Oct. 1
THE
1921.]
CHRONICLE
XXXIII
^financial
(engineers
i
STONE & WEBSTER
INCORPORATED
VALUATIONS
REPORTS
rhay be over emphasized in
advertising for bank accounts: up
to
a
certain point "service" is
stract
EXAMINATIONS
ON
INDUSTRIAL
AND
PUBLIC
The element of service in the ab¬
generally standardized.
pretty
SERVICE
PROPERTIES
Some of the distinctive service ad¬
vantages at
respondents
New York
Boston
the disposal of
our cor¬
are:
Chicago
A
twenty-four-hour Transit
Department.
Private
telephone
New York and to
wires
to
the local
telegraph office.
No
OJROAMJtZATIOlNr
ENGINEERS
telegraphic
for
>
Direct collection service.
Public Utility
All
Specialists
Electric
Gas and
charge
transfers of funds.
items, cash and collec¬
tion, wherever payable in the
UnitedStates, receivedat par.
Management and Operation,
Counsel and Reports,
Accounting and Purchasing,
Utilities
Public
Valuation and Rates,
Design and Construction of
oentral station and industrial
power
plants and
THE
Relations,
gas
plants.
WILLIAM A. BAEHR Organization
People* Gaa Building
Chicago
PHILADELPHIA
NATIONAL
BANK
PHILADELPHIA, PA.
THE
i. G. WHITE ENGINEERING
CORPORATION
Head Office: 71, LOMBARD ST.,
LONDON, E.C.3
'
Constructor*
Engineers
Capital Subscribed
Capital paid
Buildings—Industrial Units
Public
Utilities
42 EXCHANGE
-
Deposits, &c.
Reports—Valuations—Estimates
PLACE, NEW YORK
-
Advances, &c.
-
-
THIS BANK HAS OVER 1,500 OFFICES IN
Colonial and Foreign Department:
,
&
end
Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Dresel
Bldg„
/
1,731,987,765
755,395,865
ENGLAND & WALES.
17, CORNHILL, LONDON, E.C. 3.
undertaken.
CO.
Affiliated
ICining Engineers
£ 1J
50,000,000
The Agency of Foreign & Colonial Banks is
H. M. CHANCE
~
70,688,980
up
Reserve Fund
$ i5
$353,444,900
-
PHILADELPHIA
Banks:
THE NATIONAL BANK OF SCOTLAND LTD.
Auxiliary
LONDON & RIVER PLATE BANK, LTD.
I
LLOYDS AND NATIONAL PROVINCIAL FOREIGN BANX LIMITED.
Classified Department
LOST:—Notice is hereby
issued
F27421
No.
McKenna
for
Crucible
the
been
lost.
in
duplicate Certificate and all persons are warned
Certificate.
against negotiating said lost
JOHN
York
City
from
of
firm.
out-of-town
York
Replies
City
held
Proficient
Address
references.
able for
con¬
CAPITAL TO
INVEST
vited
a new
Box E-8,
Address
man.
Financial Chronicle, 90 Pine Street,
in California, will soon be avail¬
He is a man of broad
connection.
INVESTMENT
care
Times
of
are
references
F. Maddox, California
BOND SALESMAN
hard and perhaps
in
you
have been
long time.
New York
MEN
business
a
Young man, 31, now covering central counties
of Pennsylvania for a New York
by
a
New York Stock Exchange and
only
House,
experienced
men
apply, giving in confidence past
Box
Address
nections.
small factory
in or near New York City which
manufactures staple articles for
general use, we have a moderate
capital and might buy you out.
B.
13
con¬
Kiernan
Advertising Agency, 135 Broadway, New York.
you
Experienced
sale
man
electric
power
and
are
willing to work
need apply.
constantly
Exceptional opportunity for the right man.
Answer
Box
F-10, Financial Chronicle, 90
Pine
will
be
care
Very
change.
acquainted with officers of financial institu¬
January 1, 1921
$25,000,000.
A-l
reference
ability
to
as
personality.
with
BANKER
recent
experience
Oriental
in
Banking, backed by many
Foreign Exchange
wishes to join
Executive
ability,
capacity for hard work and good references.
Banking,
domestic
in
years
Institution.
progressive
strictly confidential.
writing only, W. &
D. H. Furman,
Columbia Trust Company, 34th
St. and 5th Ave., New York
B.,
Only those with
companies.
travel
as
Stock Exchange
a
Address Box H-10, Financial
Chronicle, 90 Pine Street, New York City.
and
Chronicle, 90 Pine
Address Box 1-18, Financial
Address in
stocks of seasoned
good experience and who
hard
treated
to take charge of whole¬
selling of preferred
a
communications
All
WANTED
have
making
tions whose investment holdings
were
If
considering
is
house,
Would You Like to Retire?
WANTED
Salesmen
Bond
Wanted
Investigation of ability in¬
given.
Wire for appoint¬
National
completion.
and
A MANUFACTURER?
well
Investment
for a number of years as
Exceptional opportunity for
City.
need
ENGINEER
EXECUTIVE
Bank, Sacramento. California.
YOU
ARE
opening for customers' man controlling
accounts.
right
Financial Chron¬
experience in management of projects from incep¬
tion to
CUSTOMERS' MAN—Large Consolidated House
The
in
Box 1-16,
been engaged
mation project
CUSTOMERS' MEN WANTED.
an
with foreign bond
French.
Excellent
icle, 90 Pine Street, New York City.
ment to George
active
Took
(including
work
routine
City. '
60 Pine Street, New York City.
has
all
Cashier's duties) in connection
AN
practice of
strictly
of
engagement.
seeks
2years,
charge
directing executive officer of a large land recla¬
Box H-14, care of Financial Chronicle,
fidential.
for
who has
retiring
accountant
an
New
or,
of large international banking
Bond Department
house
entire
Chronicle, 90 Pine Street, New York
Christian, will purchase New
practice
practice,
ex¬
Financial
1-17,
Address
ences.
(N. Y.)
years'
Excellent refer¬
securities department.
Public Accounting Practice
O. P. A.
ten
ing business and establishing unlisted
OPPORTUNITIES
BUSINESS
trader,
perience in Unlisted Bonds and Stocks,
desires connection.
Capable of initiat¬
transactions.
McKKNNA.
H.
Well-known
has
made for a
been
has
Young Lady—Assistant to Manager of Foreign
stock of
of America
Company
Unlisted Securities Trader
H.
of John
name
of preferred
shares
19
Steel
Executive's Assistant
that Certificate
given
the
Application
POSITIONS WANTED
POSITIONS WANTED
LOST
Street,
V.
New York City.
college
STATISTICIAN-CORRESPONDENT,
graduate, experienced correspondent and finan¬
City.
writer, thoroughly familiar with securities
cial
and
Street, N. Y.
Address
connection.
desires
analyses,
Chronicle, 90 Pine
Box H-16, care of Financial
Street, New York.
CONNECTIONS
WANTED
YOUNG
bookkeeper, steno¬
MAN, experienced
typist, ledger clerk, cost accountant
and
secretary,
seeks
position.
Exceptional
reference.
Address Box G-ll, care ©f Financial
grapher,
PARTNER
SOUGHT
CASHIER
EXPERIENCED
Bond Men,
now
large brokerage house, seeks
conducting profitable unlisted department of
large, prominent and well-regarded New York Investment House,
of their
use
wires
over same,
paying the firm
and for office space,
a
with
formerly
Best of
position.
Address Box H-l, care of Financial
references.
have arranged to take
New York City.
Chronicle, 90 Pine Street,
City.
New. York
Street,
Pine
90
Chronicle,
rental for the
and desire to
secure
a
position
that
permit him to Require knowledge of
and
Unlisted
trading.
Address
Box
Bond
TRADER.—Young
desires
man
will
partner in this connection with
extraordinary and
Address
Box
one
that
$5,000 to $20,000.
will
bear
strictest
Proposition
investigation.
E-6, Financial Chronicle, 90 Pine St.,
care
Financial
of
90
Chronicle,
Pine
New York.
H-2,
Street,
New York City.
.
STATISTICIAN.
STATISTICIAN, thoroughly familiar with gath¬
and
ering
compiling data
railroad, public
on
utility and industrial securities,
as
with
Statistician
Street,
JUNIOR
buy or sell many bonds and
by referring to the Trading
Department (Pages XII, XIII, XIV, XV, XVI and XVII)
unlisted
and
inactive
In the advertisements
on
Box
1-3,
these pages,
securities
consider
out
best
or
unlisted
or
inactive stocks.
make
of
of references.
handling unlisted and
engagement.
Will
desires
town
position.
Can
Address Box H-6,
furnish
care
of
Financial Chronicle, 90 Pine Street. New York
City.
SUCCESSFULBONDandUNLISTEDTRADER
geeks
engagement
of
Trading
with
New York
Stock Ex¬
Capable of taking entire charge
change House.
Department.
Financial
care
Always turn to the Financial Chronicle
Trading Department when you wish to buy
sell bonds
to
of Financial Chronicle.
TRADER experienced In
of
New
or
care
inactive
dealers and brokers
list the bonds and stocks they wish to buy or sell and indi¬
cate the class of securities they
specialize in.
From time
to time virtually- every
security having any degree of salability in the United States is bought or sold through this
department, the advertisers in which are prepared to furnish
quotations on thousands of securities.
wishes
New York investment house.
90 Pine Street. New York City.
stocks
of the Financial Chronicle.
compiling 'data,
with
Address
considerable
with
STATISTICIAN,
experience
locate the houses that will
investment
an
N. Y. City.
connection
can
desires position
Box G-7, Financial Chronicle, 90 Pine
house.
Connecticut
Bankers, Brokers and Security Dealers
Assistant
Address
Chronicle,
90
Box H-4.
Pine
Street.
York City.
TRADER
In
Bonds
Unlisted
and
Securities,
aggressive,
thorough knowledge of markets, now with
ent house, desires
or
promin¬
connection with Stock Exchange
banking house.
Address Box H-5, Financial
Chronicle, 90 Pine Street, New York.
Oct. 1
THE
1921.]
CHRONICLE
Cotton
yfamcfed
jffnantfai
Paul Schwar*
Che*. O.Oorn
Frank ▲. Kimball
August Schierenberg
Corn, Schwarz & Co.
COMMISSION MERCHANTS
10
New York
William Street
OF
MEMBERS
in
New York Cotton
Exchange
New Orleans Cotton Exchange
New York Produce Exchange
New York Coffee Exchange
"I'll
Specializing—
serving BANKS,. BANKERS
BUSINESS
and
transmission
of
parts
MEN
funds
of
the
in
to
—SHAKESPEARE
all
Assurance
world.
'HOSE bankers
I
Bankers
Geo. H. McFadden & Bro.
ments with
COTTON MERCHANTS
can,
PHILADELPHIA
NEW YORK
Broad Street
of
25
Worth Street
Dealers in
have assured themselves
payees
of accurate,rapid service.
the
This
equipment.
CORRESPONDENTS.
Hibbert, Finley & Hood,
N. V.
necessary
to
McFadden's Cie
Import en Export,
voor
Inc., Lima, Peru.
.
Kardos &
32
& Co.
Hentz
William Street
NEW YORK
SI
Burke
who
Broadway, New York
in
Boston
Pittsburgh
Baltimore
Brooklyn
Direct Private Wires
seeking
are
an
ad¬
connection
vantageous
v:
Philadelphia
Henry
bankers
out-of-town
Rotterdam.
Soclete d'Importation et de Commission, Havre.
Pachiri & Co., Milan.
Baltic Cotton Co., Copenhagen.
Reinhart & Co., Alexandria, Egypt.
Geo. H. McFadden South American Company,
Company has 40
years' experience to offer
Correspondence invited
Liverpool.
their business
charge
in this Company's
remit by
or
furnish
We
have put
draw
all parts
on
order
abroad.
Egyptian and
Foreign Cottons
|
drafts
out-
JL side New York who
whereby they
world,
money
American,
FOREIGN
owd
the
us
principals,
as
their
make arrange¬
can
assurance
the
'
67
make
doubly sure."
NewYork.
Business
brought here is always
Chicago
considered
Connecting All Offices
Congress Street
its
on
own
particular merits.
BOSTON, MASS.
COMMISSION MERCHANTS
AND
BROKERS
METROPOLITAN
Member* of
AMERICAN
New York Stock Exchange
New York Ootton Exchange
MFG.
TRUST
CO.
OF
COMPANY
NEWYORK
THE CITY OF
60 wall street
New York Ooffee & 8ugar Exchange
New York Produce Exchange
Chicago Board of Trade
Associate Members of
Liverpool Ootton Association
716 fifth avenue
bn
(
CORDAGE
MANILA, SISAL, JUTE
Hubbard Bros. & Co.
W. H. Goadby & Co.
COFFEE EXCHANGE BUILDING
If embers Now York 3tock Exchange
Woo* Street* Brooklyn, N.Y.CIty
HANOVER SQUARE
NO. 74
BROADWAY
NEW YORK
NEW YORK
COTTON MERCHANTS
CHARTERED 1854
Liberal
Advances
Made
on
Cotton
Consignments
GWATHMEY A CO.
United States Trust Company of New York
475
FIFTH
AVENUE.
NEW
YORK
Capital,
Surplus and Undivided Profits,
MEMBERS
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE
NEW YORK COFFEE EXCHANGE
NEW YORK PRODUCE EXCHANGE
NEW ORLEANS OOTTON EXCHANGE
ASSOCIATE MEMBERS
LIVERPOOL OOTTON
ASSOCIATION
WALL STREET
45-47
11-34 EXCHANGE PLACE. NEW YORK
$2,000,000*00
$15,020,679*60
-
This Company acts as Executor, Administrator, Trustee, Guardian, Cora*
mlttee, Court Depositary and in all other recognized trust capacities.
It receives
deposits subject to check and allows interest on dally balances.
It holds and manages securities and other property,
real and personal, tof
Trustee under corporate mort¬
Registrar and Transfer Agent for corporate bonds and stocks.
estates, corporations and individuals, and acts as
8tephen M. Weld & Co.
COTTON MERCHANTS
and
gages,
as
EDWARD
WILLIAM
M.
KINGSLEY, 1st
WILFRED J.
82-92 Beaver
Street, New York City
PHILADELPHIA,
UTICA. N. Y..
WELD A CO..
BOSTON.
FALL RIVER,
PROVIDENCE,
WORCESTER,
CHARLES A.
EDWARDS,
WILLIAM
C.
LEE,
WILLIAM
G.
GREEN,
ROBBERT.
Asst.
JOHN
J.
LYMAN
PHELPS
LEWIS CASS LEDYARD
LYMAN
PAYNE
J.
GAGE
WHITNEY
A.
ALTON S. KEELER, Asst. Secretary
STEWART.
Chairman
of
the
Board
EDWARD W. SHELDON
CHAUNCEY KEEP
CORNELIUS
ARTHUR CURTISS JAMES
WILLIAM
WILL7AM
WILLIAM
OGDEN
KINGSLEY
BiEWART TOD
M
N, BLIS8L
WILLIAM
VINCENT
SLOAXB
MILLS
COTTON MERCHANTS
Successors to
WILLIAM RAY A CO.
COTTON
L. F. DOMMERICH & CO.
BROKERS.
New York
18 Cotton Exchange
Order* for future delivery contract* executed on
FINANCE ACCOUNTS OF MANUFACTURERS AND
the New York and Liverpool Ootton Exchange*.
MERCHANTS, DISCOUNT AND GUARANTEE SALES
Hopkins, Dwight & Co.
COTTON
General
and
COTTONSEED
COMMISSION MERCHANTS
Soon 10
Cotton Exchange Building
NEW
YOR
Offices,
254
Fourth
OIL
NEW YORK
Etfablhhei Over 83 Years
IB.
HENRY W. d« FOREST
Member* New York Cotton Exchange
STEINHAUSER A CO.
Seeeetaf*
THOMAS H- WILSON, Asst. Secretary
Assistant Secretary
JOHN
FRANK
44 Beaver Street, N. Y.
PELL, Vice-President
W.
ROBERT S. OSBORNE, Asst. Secretary
Secretary
Assistant Secretary
WILLIAM ROOKIE FELLER
ROBERT MOORE & CO.
Asst.
President
WILLIAMSON
FREDERIC
TRUSTEES
LIVERPOOL.
NEW BEDFORD
SHELDON,
W.
Vice-Pres.
Secretary
Avenue
A8TOB
Jltmmlal
fimmtal
Mid-West
high in the
min-producing States, Municipal
bonds from this section
at
are
low prices. For 27
have specialized in City,
County and School District bonds
In the principal agricultural States,
very
before
never
Jflnattdal
Mexican Govt. Bonds
Mexican RR. Bonds
Seven Per Cent
(Guaranteed by the Mexican Government)
All
Dated Oct. 1,1921.
Due Oct. 1, 1923
Interest payable April 1 and Oct. 1
Bought—Sold—Quoted
Denomination $1,000
New York
Detroit
tive
and
individual
to
institutions
de¬
siring a high grade, readily mar¬
ketable, short term investment.
1N. y. Coffee & Sugar Exchange
Members .*
.<■
present an attrac¬
opportunity
investors
New York Stock Exchange
New York Cotton Exchange
New Orleans Cotton Exchange
Bolger, Mosser & Willaman
Chicago
These notes
A. A. Housman & Co.
list
Treasury
Gold Notes
Issues
attractive offerings.
Send for our
Government
!
such
had
have
Argentine
and
i
avail¬
years we
and
[VOL. 113
~
Municipals7""
While money rates are
able
<
:
THE CHRONICLE
XXXVI
New York Produce Exchange
Chicago Board of Trade
Price
'
99% and Interest
Associate Members of
MUNICIPAL BONDS
Broad
20
Our
list
current
offers
to
to
exceptionally
average
Street, New York
Branch
8
Offices:
?5W. 33rd Street, New York City
good
111
Liberty Building, Philadelphia
returns.
Woodward Bldg., Washington
Company
Broadway, New York
So.
105
Amsterdam, Holland
Correspondence Invited
7.!
over
Ames, Emerlch
Telephone Rector 6330
unusual
diversify
In
high grade Municipal Bonds ana
opportunities
Yielding
;
Liverpool Cotton Association
1st Wis.
La
Natl
Salle
St.,
Bank
Chicago
Milwaukee
Bldg.,
MORTGAGE TRUST COMPANY
We Offer
Affiliated with
National
First
St.
Louis Union
Bank
Central Bond & Mortgage
Trust Co.
Broadway & Locust—St. Louis
South
208
Co.
—
GERMAN BONDS
LaSalle Street
and
CHICAGO
Mark
Exchange
Investment Bankers
Radon, French
&
Co.
Write
"Foreign
for circular,
Private Wires to the East and Southwest.
Exchange and Foreign Bonds"
INVESTMENT
Listed
and
Unlisted Securities
SECURITIES
WOLLENBERGER ft CO.
trs purchase and underwrite entire issues sf
tentff and stocks of established corporations.
la
securities
the
of
municipalities,
Correspondence
79
So. LaSalle Street
CHICAGO
Investment Bankers
cor-
vsratlsns.
105
Incorporated
public
utilities, and well established industrial
Investment BanKers
Dodge & Ross
Wt offer high-grade investment opportunities
Underwriters and Distributers of Investment
Securities
Invited
Public Utility
and
WEST MONROE STREET
CHICAGO!
Industrial Issues
Bought
Hord, FitzSimmons & Co.
Sold
111 W. MONROE ST.,
Quoted
F. H. PRINCE & CO.
CHICAGO
BANKERS
BOSTON, MASS.
High Grade Bonds
187 SOUTH LA
SALLE STREET
HIGH-GRADE
CHICAGO
Member* ef New Yerk ft Better* Sleek Bxshaafiei
EMERY, PECK ft R0CKW00D
INVESTMENT SECURITIES
ft
Vxatlnental
Commercial
Bank
C. F. Childs & Company
Building
CHICAGO
Specialists
Railway Exchange Building
Government Bonds
MILWAUKEE
WE OFFER
Amer.
Power &
AT
CHICAGO
MARKET
Atlas Powder Co. Conv.
NEW YORK
108 So. La Salle St.
Light Co. 8s
180 Broadway
Established 1870
Dominick & Dominick
Members New York Stock Exchange
7^8
DeLaval Separator Co. S. F. 8s
Pf later & Vogel Leather Co. S. F. 7s
Stevenson
&
Wisconsin River Power Co. 1st M. 5s
RUTTER, LINDSAYS CO., Inc.
The Rookery,
Bros.
Perry, Inc.
So.
La
Sidle
St.,
INVESTMENT SECURITIES
118 Broadway
Investment Securities
108
CHICAGO.
Wlggtne Bloak
NEW YORK
CINCINNATI
CHICAGO
McClellan &
Telephone Randolph 5620.
FIRST NATIONAL
BANK
RICHMOND, VA.
Capital and Surplus
C.
-
$3,000,000.00
John M. Miller, Jr., President
W. M. Addison, Vice-President
Rc
Burnett,
Vice-President
Alex F. Ryland, Vice-President
S. P. Ryland, Vice-President
Jas. M. Ball, Jr., Cashier
Correspondence
W. G. SOUDERS & CO.
ENGINEERING
SECURITIES
141
New York
Grand Rapids
Municipal Bonds
,
v
Long Maturity
P. W.
Chapman & Co., Inc.,
INVESTMENT
SECURITIES
118 South La Salle St.,
Members New York Stock Exchange
Yorar
Exempt from
Federal
Yielding from
CHICAGO
118
Broadway
NEW YORK
Incoma
$%%
to
Tasee."
7%.
Send for List
THE HANCHETT BOND CO.
Incorporatad
SEAS0NG00D, HAAS & MACDONALD
New
CITY
Detroit
*
Milwaukee
*
YORK
CHICAGO
City 3Vis Registered
■
BROADWAY
NEW
WANTED
Broadway
MANAGEMENT
.
INVESTMENT
l*Ara
10
&
Campion
808 South La Salle Street,
Invited
„
N. Y.
INVESTMENTS
1810
39 South La Salle Street
CHICAGO
@FedFRASER